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Wall Street Insights Breakfast FM-Radio | April 3, 2026
Huajian Good Morning Audio News
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Market Overview
Trump delivered a speech to the entire United States, offering no ceasefire timeline, and issued further threats of strikes against Iranian infrastructure, causing U.S. stocks to open lower. However, later news about a draft agreement for the Iran–Hormuz Channel Protocol pushed the S&P 500 and the Nasdaq to barely close higher, in the black for the day. On Good Friday, U.S. stocks were closed for the holiday. This week marked the first week of gains for U.S. stocks since the outbreak of the Iran war.
On Thursday, the S&P 500 rose 0.11%, the Nasdaq rose 0.18%, and the Dow Jones dipped slightly by 0.13%. For the week, the S&P 500 gained 3.36% in total, and the Nasdaq rose nearly 4% in total. The “Magnificent Seven” technology giants collectively outperformed the broader market, but Tesla fell by more than 5%, with its Q1 deliveries coming in below expectations. Globalstar, a company that provides low-Earth-orbit communications satellites, surged 13%, and reports said Amazon is in talks to acquire it.
On Thursday, the yield on the 10-year U.S. Treasury note edged down slightly to 4.30%, while the 2-year yield was largely flat at 3.80%. U.S. Treasury yields fell overall this week.
The U.S. dollar rose by nearly 0.5%, reversing yesterday’s slump and briefly returning to 100 intraday. Bitcoin fell more than 4% from its day high at one point, rebounded after dropping to $66,000, and finished down 1.7% on the day in U.S. stock trading. Ethereum fell 3.2%.
Gold fell 1.84%, and silver fell about 3%. The U.S. announced tariffs on steel, aluminum, and copper, and LME copper briefly jumped 3.8% from its day low.
WTI crude oil was up nearly 15% at one point intraday. The settlement price surpassed $110 for the first time since 2022. Spot Brent crude price surged above $140, reaching the highest level since 2008 and jumping sharply versus more than $128 the day before.
In the Asian session, the ChiNext fell by more than 2%, and technology stocks fell across the board. Oil and gas shares rose against the trend. The Hang Seng Index briefly fell below 25,000. AI large-model stocks were hit hard, and Zhipu fell 15%.
Headlines
Market Close Summary
U.S. and European stock markets: The S&P 500 rose 0.11%, to 6,582.69 points. For the week, it gained 3.36% in total. The Dow fell 0.13%, to 46,504.67 points, up 2.96% for the week. The Nasdaq rose 0.18%, to 21,879.182 points, up 4.45% for the week. Europe’s STOXX 600 index closed down 0.18%, at 596.63 points.
A-shares: The SSE Composite Index closed at 3,919.29 points, down 0.74%. The SZSE Component Index closed at 13,486.94 points, down 1.60%. The ChiNext index closed at 3,172.65 points, down 2.31%.
Bond market: The yield on the U.S. 10-year benchmark Treasury note fell 1.37 basis points to 4.3049%. For the week, it fell 12.29 basis points. The 2-year U.S. Treasury yield fell 0.47 basis points to 3.7963%, down 11.56 basis points for the week.
Commodities: WTI May crude futures closed up 11.40%, at $111.54 per barrel. Brent June crude futures closed up 7.78%, at $109.03 per barrel. Spot gold fell 1.84%, at $4,670.80 per ounce. Spot silver fell 2.79%, at $72.9814 per ounce.
Headline Details
Major Global Developments
China
Foreign media said Iran has approached China seeking security guarantees. If these guarantees can be provided, the U.S. and Iran may reach a ceasefire agreement. Ministry of Foreign Affairs: China supports all efforts conducive to peace. Ministry spokesperson Mao Ning said that since the outbreak of the Iran war, China has been actively working to promote peace and stop the fighting. China supports all efforts conducive to peace. We are also willing to strengthen communication and coordination with all parties, and continue to play a role in restoring peace in the Middle East.
Wang Yi: The U.S. and Israel’s attack on Iran violates international law; the UN Security Council must not legitimize unauthorized military action, or the consequences will be endless. Wang Yi said in calls with Saudi Arabia’s foreign minister that the problem of access through the Hormuz Strait is a spillover manifestation of this war; as long as fighting continues, the strait will not be safe. The top priority is to focus on achieving a ceasefire and stopping the war as quickly as possible. In a call with Germany’s foreign minister, he said that the sovereignty and security of Gulf countries should be respected; civilians and non-military targets must receive necessary protection; safety of shipping lanes and also energy and infrastructure should be guaranteed.
Shanghai’s secondhand home transactions returned to 30,000 units after 5 years in a single month, and multiple new home projects plan to gradually reduce discounts. In March, Shanghai’s secondhand homes (including commercial properties) accumulated 31,215 signed contracts online, setting a record highest since March 2021. Analysts say the hot transaction pace in the secondhand home market in March cultivates a large number of prospective new home buyers. Secondhand home sellers are very likely to enter the market later to buy new homes, providing strong support for April transactions. As supply continues to be delivered steadily in April, market transactions are expected to further break through, and the level of market heat will inevitably exceed that of March.
Overseas
Trump claims on his own: He says the war against Iran has achieved “overwhelming victory,” and that in the next two to three weeks there will be extremely forceful strikes. U.S. President Trump made a speech, claiming on his own that the war against Iran has achieved “rapid, decisive, overwhelming victory.” Once the conflict ends, the Hormuz Strait will naturally be opened. In the next two to three weeks, the plan is to carry out extremely forceful strikes against Iran.
Iran and Oman are drafting an agreement to jointly manage the Hormuz, and the UAE said it is willing to participate in security guarantees for the strait’s navigation routes. Iran’s deputy foreign minister said that navigation activities of vessels transiting the Hormuz should be carried out under Iran and Oman’s joint supervision and coordination, and that the agreement arrangements aim to ensure safe passage. After his remarks, the three major U.S. stock indexes turned upward in the short term, and Brent oil briefly gave back more than half of its gains.
Two of the U.S.’s most advanced electronic warfare aircraft flew to a base in Greece, and the U.S. defense secretary demanded that the army chief of staff “resign and retire immediately.” Two U.S. Air Force EA-37B electronic warfare aircraft flew to the Souda Bay base on Crete, Greece, on Thursday afternoon. The U.S. Central Command previously confirmed that the EA-37B was deployed for the first time in the “epic fury” operation against Iran.
Iran warns that if it dares to launch a ground war, it will leave no survivors. Iran says it struck advanced enemy aircraft; the U.S. denies it. Trump released a video showing a bombed bridge to exert pressure to reach an agreement. Iran’s foreign minister said it will not surrender. The Israeli military said that the head of Iran’s oil department was killed in an airstrike; a missile unit commander of Iran was killed as well. The UN secretary-general warned that war could consume the entire Middle East, saying the world is on the edge of a wider war. Macron said that “liberating” the Hormuz Strait via military action is “unrealistic.”
Hamas suffered severe injuries, and his wife was killed; just as Trump’s remarks ended, an Iranian missile headed straight for Israel, and the U.S. military sent attack aircraft to surge into the Middle East!
Trump loudly claimed that it had achieved “overwhelming victory” over Iran, vowed to destroy Iran’s navy and strike oil facilities at any time, while also threatening to blockade the Hormuz Strait; Iran immediately fired missiles at Israel in retaliation. The news shocked global markets: international oil prices jumped by more than 5%, while gold and silver both plunged. At the same time, the U.S. military increased the deployment of A-10 attack aircraft, aiming at the choke point of the Hormuz Strait.
Trump threatens Europe: If it does not participate in joint escort, it will stop providing weapons aid to Ukraine. Last month, Trump used cutting off weapons aid to Ukraine as leverage to pressure European allies to join the Hormuz escort operation—this diplomatic game across two fronts exposes the fractures in relations with allies. NATO Secretary General Rutte urgently mediated, and only then was a joint statement by the UK, France, and Germany on March 19 arranged to step in. However, weapons supply remains uncertain, and Trump even said it is considering leaving NATO, as the transatlantic alliance faces an unprecedented trust crisis.
Iran: The U.S. and Israel know nothing about Iran’s capabilities; it will fight until the enemy surrenders. A spokesperson for Iran’s Hatem Al-Anbia Central Command said that the U.S. and Israel’s understanding of Iran’s military strength and equipment is not comprehensive, and that Iran’s powerful capabilities of strategic significance to Iran are unknown to them. The enemy will face “actions that are more destructive, broader in scope, and more damaging.” Iran’s highest leader’s foreign affairs adviser said the enemies of the Iranian people in the Hormuz Strait will forever be closed off.
Technology infrastructure becomes the “new battlefield,” and Iran strikes an Amazon Middle East data center again. Iran said on Thursday that in its 90th round of military action it carried out a strike on an Amazon cloud computing center located in Bahrain, which is linked to espionage activities. In early March, Amazon had already reported that data centers in the Gulf region, including Bahrain, were attacked. On Tuesday, Iran warned that if senior commanders are assassinated, it will strike 18 U.S. companies, including several technology giants.
Bahrain’s foreign minister said the UN Security Council may vote on Friday on opening the Hormuz Strait; Britain’s foreign minister said 40 countries call for unconditional restoration of passage. On Thursday, when Wang Yi spoke by phone as scheduled with Bahrain’s foreign minister Zayeni, he said that UN Security Council action should help ease the situation, stop the fighting and resume talks, but should not endorse illegal war-making, nor fan the flames. Britain’s foreign minister said that on Thursday the 40 countries attending called for the immediate and unconditional reopening of the Hormuz Strait. The secretary-general of the International Maritime Organization said at the meeting that the strait is “not navigable,” and that urgent diplomatic engagement, pragmatic and neutral solutions, and coordinated international actions are needed.
Bypassing the Hormuz Strait entirely, Gulf countries are considering building new pipelines. Iran’s threats to the Hormuz Strait are heating up further. Gulf oil-producing countries are moving the “build-and-divert” plan from strategic assumptions to practical agendas. Saudi Arabia’s 1,200-kilometer east–west oil pipeline can reroute an average of 7 million barrels of crude per day, which has become the benchmark reference. Abu Dhabi also has a second pipeline plan to Fujeirah Port. However, the cost of new lines is as high as $5 billion to $20 billion, and security risks and multi-country political games are just as thorny.
With the main shipping route of the Hormuz Strait blocked, ships are being mass diverted to “pay for passage” around Iran’s Larak Island. According to China Central Television, Iran’s parliament has passed a bill to levy transit fees on ships passing through the Hormuz, while the U.S., Israel, and sanctioning countries will directly ban ships. At the same time, tankers are mass-diverting around Iran’s Larak Island to “take the back road.” The lifeline of millions of barrels of crude oil daily worldwide is facing a triple shock of costs, compliance, and supply-chain disruptions.
Spot supply shortage! Spot Brent price surged above $140; the U.S. oil spot premium hit a historic high, and the futures settlement price broke above $110 for the first time in four years. Global spot Brent crude oil benchmark jumped to $141.37 per barrel on Thursday, the highest since 2008. WTI crude oil rose the most in a single day by 13.8%, and the settlement price surpassed $110 for the first time since 2022. Trump’s tough remarks shattered market expectations that the war would end, combined with restricted transport through the Hormuz Strait. The near-month spread hit a historic record, and signals of supply tightness surged rapidly.
Report: OPEC+’s meeting on Sunday may increase production to respond to extreme volatility in the Hormuz Strait. OPEC+’s eight core member countries are scheduled to hold a meeting on Sunday, when they may discuss further raising oil production quota levels. Reporting citing insiders said that the actual impact on supply would be limited, and it would be more of a symbolic stance—laying groundwork in advance for potential easing of export restrictions through the Hormuz Strait.
Official announcement: The U.S. imposes a 25% tariff on derivatives of steel, aluminum, and copper, and a 100% tariff on patented drugs, but “exemptions” apply for compliance with the agreement. A White House notice says, based on Section 232 of the 1962 Trade Act, a 50% tariff is maintained for products made entirely of imported steel, aluminum, and copper, while products with steel, aluminum, or copper content not exceeding 15% are exempt. Based on the same act, a 100% tariff applies to patented imported drugs and pharmaceutical ingredients. If the drugs originate in countries/regions such as the European Union that have signed trade agreements with the U.S., a 15% treaty tariff applies. If companies sign Most-Favored-Nation pricing agreements with the U.S. and also sign return-to-production agreements, tariff-free treatment applies before 2029.
Trump’s 2027 budget is coming into view: “big defense spending + big cuts,” and U.S. deficit risk is back. The budget draft plans to raise defense spending from less than $1 trillion in the current fiscal year to $1.5 trillion, while also updating the ten-year deficit forecast—currently estimated at about $1.6 trillion. The government also plans to issue a “tariff dividend” of $2,000 per person to taxpayers, but the proposal has met resistance inside Congress. Election-year politics further increases the difficulty of deep government layoffs. Funding authorizations for most government agencies run through September 30. If large cuts are pushed through forcefully, it could trigger a government shutdown crisis one month before midterm elections.
AI hits white-collar workers! U.S. company layoffs surged in March, with the tech sector among the hardest-hit. In March, U.S. companies announced layoffs of 60,620 people, up more than 25% month-over-month from February. The tech industry led all sectors by a layoff scale of 18,720 people, with a year-over-year increase of more than 24%. AI was listed as the top reason for layoffs, accounting for one quarter of all layoff announcements across the industry. Pressure on white-collar roles rises.
Microsoft and Google release new AI models on the same day: voice, image, and local open-source capabilities move together. Microsoft and Google today simultaneously released a new generation of AI models. Microsoft launched MAI-series models covering voice transcription, voice generation, and text-to-image capabilities, and will accelerate integration into products ecosystems such as Copilot. Google, meanwhile, introduced Gemma4 open-source models that support local operation and have reasoning, code generation, and multimodal capabilities, using the Apache 2.0 license. The two companies are continuously upgrading their AI capabilities, with expanded application scenarios.
Nvidia gives robots a lobster brain! Embodied intelligence’s Harness is here. Nvidia open-sourced the robot control framework CaP-X, enabling large models to write Python code on the spot to control robots. Successful code is automatically stored in a cross-modal skills library. CaP-Agent0 based on this framework matched or even surpassed human experts in multiple tasks. Nvidia’s head of robotics management, Jim Fan, said the era of agentic robots has arrived. CaP-X marks that the robotics field has officially entered its own “Harness” era.
Report: SpaceX’s IPO target valuation exceeds $2 trillion, only below five companies in the S&P 500. SpaceX is expected to become the largest-scale listing in history, having raised its IPO target valuation to more than $2 trillion. If SpaceX’s valuation exceeds $2 trillion, it means its valuation rose by nearly two-thirds in just a few months. A market value of $2 trillion ranks it just behind Nvidia, Apple, Alphabet, Microsoft, and Amazon.
Miss two in a row! Tesla’s Q1 deliveries came in below expectations, and its stock price fell by more than 5%. Tesla’s total global deliveries in the first quarter were 3.58 million vehicles, below the 3.72 million average analyst expectation compiled by Bloomberg. It was one of the weakest quarters in recent years. Total vehicle production was 4.08 million, up 13% year-over-year, ahead of the 3.88 million expected. The gap between production and deliveries implies inventory accumulation, or reflects pressure on terminal demand.
“Lehman moment” for private credit? Blue Owl faces an epic run, and 41% of investors request withdrawals. More than $4 billion in redemption requests cannot be honored! Two private credit funds under Blue Owl faced large-scale requests for withdrawals. OCIC redemption requests accounted for 21.9%; OTIC, focused on technology, had redemption requests as high as 40.7%. The redemption requests were institution-led, and the redemption ratio among major institutions hit a record. Blue Owl decided to execute a tender offer with a 5% repurchase cap.
Selected Research Notes
High oil prices, private credit, an AI bubble… which one will be the last straw that breaks the back of the U.S. economy? With the Hormuz Strait blockade pushing Middle East oil prices toward $150, redemption pressure in the private credit market surges and “Lehman-style moment” alarms go off, and the hype over AI’s trillion-yuan investment wave has begun to cool. Consumption among low-income groups in the U.S. is on the verge of collapse. These five crisis signals are converging on the same triggering point, while the U.S. fiscal buffer space is near its limit—any time the dominoes may fall.
As the Middle East war escalates, gold takes another plunge—when will the king of safe havens return? Trump claims the conflict is escalating, and spot gold fell as much as 3% at one point. Since the outbreak of the Middle East conflict, gold prices have continued to trend downward, with March seeing a drop of about 12%, raising doubts about its safe-haven properties. Goldman Sachs believes this decline was driven by short-term factors such as reshaped inflation expectations, repricing of the interest-rate path, and forced position closures, rather than a structural malfunction. For gold’s safe-haven return, it needs actual interest rates to fall and speculative positions to be further digested.
Central bank gold buying: the end of an era? UBS said that the structural trend of official-sector gold buying has not changed. Even though the pace slows, central banks will remain net buyers of gold. As concerns in the market about a “low growth + high inflation” combination and geopolitical tensions intensify, gold’s medium-to-long-term uptrend is being reinforced. Maintaining the year-end target price of $5,600.
How high does the oil price need to go to trigger systemic market risk? UBS believes that once international oil prices break above $150 per barrel and continue to trade there, the U.S. and global markets will face significant systemic risks, and the probability of recession and sharp market adjustments will increase markedly. The danger of this threshold lies in triggering a complete negative feedback loop: “high oil prices → inflation rebounds → monetary policy tightens → financial conditions worsen → demand collapses → market panic.”
Compute power in short supply! SemiAnalysis provides an in-depth read: from GPUs to memory to fiber optics—AI supply chain across the board is tight, and prices move in lockstep upward. SemiAnalysis said that a surge in demand for compute power is driving the shortage; memory, GPUs, and AI servers’ prices are skyrocketing with little availability. H100 GPU annual rental prices jumped 40% within five months. The firm believes GPU rental prices will likely keep rising in the near term. Neocloud has started to take the negotiating power, but the stock prices of related companies such as CoreWeave and IREN have yet to reflect this change.
Aerospace events in quick succession! The U.S. is carrying out a crewed mission to orbit the Moon; China’s satellite “Xiong’an No. 1” is gearing up. The U.S. officially carries out its Artemis 2 crewed lunar-orbit mission, the first such mission in half a century. China’s first “made in Xiong’an” satellite, Xiong’an No. 1, has successfully rolled off after breaking through multiple key technologies, accelerating the formation of a commercial space industrial chain. In addition, Amazon is planning to acquire Globalstar to challenge SpaceX, while China is accelerating deployment of space compute power and commercial rockets.
Domestic Macro
“Qiushi” published two articles on “stabilizing expectations”—how will real-estate policies be implemented? The “Government Work Report” sets the tone of “focusing on stabilizing the real estate market.” In the first quarter, Qiushi published two articles emphasizing the importance of stabilizing market expectations for real estate. “Stabilizing the market” is the core policy goal for 2026. Policies combining demand-side measures with population policies will be a focus. On the supply side, the approach of “controlling incremental supply, destocking, and improving supply quality” will continue. At the same time, supporting policies related to urban renewal are also expected to be implemented faster.
Fujian: Explore and advance “compute power into the sea” to accelerate the cultivation of a new ocean industry track. Fujian is accelerating the construction of the Fuzhou–Xiamen marine economy demonstration zone. The meeting emphasized focusing on key areas such as digital oceans, expanding scenario applications such as Xinghai interconnection, and jointly building a “Marine Fujian” overall platform; exploring and advancing “compute power into the sea” to accelerate the cultivation of a new ocean track; deepening innovation-driven development and industrial clustering to build an advanced marine high-tech industrial cluster, and working to fully build a modern marine industry system.
Domestic Companies
The AI monetization capabilities of Alibaba and Tencent are undervalued by the market. A recent report from HSBC directly points to a market misjudgment: Alibaba and Tencent’s AI monetization capabilities are being systematically underestimated. The pullback in both companies’ stock prices is not driven by pessimism about AI prospects, but rather short-term concerns over operating expenses. If they can capture share in the advertising market, both companies could see up to an 11% upside in revenue in 2027. HSBC maintains a Buy rating, with implied upside of 44% and 51%, respectively, for the target prices.
Gold prices plunge, and Laopujin (Old Shop Gold) is awkward after the newly announced price increase. The quick drop in gold prices wipes out last year’s gains. After completing a 30% price increase, Laopujin finds itself in an awkward situation. Previously, it relied on a surge in gold prices to achieve rapid growth, but now the price concession versus the market gold price has widened to 1,500 yuan, and foot traffic at stores has shifted from crowded lines to empty showrooms. Although the founder insists the brand is no longer tied to gold prices, the market is watching whether its traditional craft can support the ambitions behind the price hikes.
Chinese photovoltaic companies are “trapped” in the Hormuz. Chinese PV companies heavily betting on the Middle East market are under multiple pressures: shipping routes are obstructed, shipping insurance costs rise by 3 to 5 times, and the risk of delayed delivery for projects under construction continues to climb. Iran, the world’s second-largest methanol producer, has its conflict situation pushing up the costs of auxiliary materials such as PV glass and encapsulation films. Several multi-gigawatt projects led by Saudi Arabia’s PIF and the UAE’s RTC energy storage projects are all at risk nodes.
Zhejiang state-owned capital invests RMB 90 million in Zhang Xue—recommended earliest by a “post-95s” investment manager. General manager of Zhejiang Venture Capital: He installs the engine with his eyes closed. I was moved by his obsession with technology. Beating Ducati and Yamaha, Zhang Xue’s WSBSK wins the WSBK championship. Two years after founding, valuation breaks 1 billion, and Zhejiang Venture Capital placed its bet of RMB 90 million early. What moved investors was Zhang Xue’s technical obsession of “installing the engine with his eyes closed.”
Overseas Macro
Trump confirms the removal of Bundy; Todd Blanch will serve as acting U.S. attorney general. Bundy became the second cabinet member removed during Trump’s second presidential term. Reports say Trump’s dissatisfaction with Bundy has persisted for months, including the view that she handled the “Epstein files” poorly and was not tough enough in targeting political opponents of Trump.
Terrorism threats escalate! The Paris headquarters of Goldman Sachs was threatened by a bomb; a U.S. bank has entered a heightened alert state. A failed explosive incident occurred near the offices of a U.S. bank in Paris, and the French headquarters of Goldman Sachs received a warning about an explosion attack. U.S.-backed institutions such as Citigroup have successively initiated remote-work contingency plans in France, and France has comprehensively upgraded security around the core area.
Report: Iraq begins exporting oil via Syria. Iraq’s National Oil Marketing Company (SOMO) has signed contracts to export approximately 650,000 tons of fuel oil per month via Syria by land routes from April to June. Iraq’s oil ministry said transport volume will be gradually increased to expand export capacity.
Export capacity cut by a fifth! Report: Under precision strikes by Ukrainian drones, Russian oil production is forced to reduce output. Ukraine attacks Russia’s energy infrastructure, reducing Russia’s oil export capacity by about 1 million barrels per day, accounting for one-fifth of total export capacity. Ust-Luga port is shut down, the pipeline system is severely backed up, and output cuts are imminent. Oil and gas revenue accounts for about one-quarter of Russia’s fiscal budget; a decline in production may offset some of the benefits from rising oil prices.
Overseas Companies
Anthropic executives: Cowork Agent’s potential exceeds Claude Code. Anthropic’s Chief Business Officer Paul Smith said that because engineers make up only 2% to 5% inside companies, Cowork has a lower operating threshold and is designed for all employees. It is also built to handle a broader range of work tasks, rather than being limited to programming scenarios. Its early adoption speed has already surpassed the latter.
The first yen bond issuance after the post-Buffett era! In the midst of the Iran war, Berkshire still moves. Under the dual pressure of turmoil from the Iran war and Japan’s rate-hike expectations, Berkshire, after Abel’s succession, is still preparing to issue a new round of yen bonds. This is the first yen bond financing in the post-Buffett era, marking the continuation and deepening of its Japan strategy. Market broadly speculates that the fundraising may be used to continue increasing holdings of core assets such as Japan’s major trading companies.
“The oil trading god” returns! Andurand bets on Middle East supply disruption; its flagship fund surged 31% in Q1. Pierre Andurand, known as the “oil trading god,” heavily bet on Middle East supply disruption. Its flagship fund jumped 31.1% in the first quarter, in line with Brent crude’s near-60% rise in March. Previously, his 2023 bullish oil call missed, he cleared his long positions in 2024, and the fund’s performance was also lackluster in 2025. Now back on the long side, he delivers a standout result.
Industry / Themes
1、AI in Healthcare | On April 2, the National Medical Products Administration officially released the “Implementation Opinions on ‘Artificial Intelligence + Drug Regulation’,” proposing that artificial intelligence be widely embedded into all stages of drug regulation. It calls for using digital and intelligent tools to drive transformations in the regulatory model, enhance compliance and scientific rigor, safeguard public medication safety, and support high-quality development of the pharmaceutical industry.
Commentary: The Securities Times said that the central government highly values the deep application of “AI+” in fields including medical care, health, and the pharmaceutical manufacturing industry. The implementation opinions for “AI + Drug Regulation” represent a strategic move to promote modernization of pharmaceutical regulation and improve regulatory science, driving the shift from “traditional regulation” to “smart regulation.” Many regions have already launched “remote monitoring + AI identification + algorithmic sensing” smart regulation pilot programs, actively promoting the deployment of AI models in core regulatory businesses such as review and approval, risk control, and decision support. Policy guidance encourages deep integration between AI technology and regulation, providing a standardized environment and institutional support for the development of innovative drugs and intelligent manufacturing, as well as full-chain digitalization. It is expected to accelerate new drug approvals, optimize the innovation ecosystem, and help upgrade the pharmaceutical industry overall.
2、Aluminum | According to CCTV Finance, a research report released on April 1 by UK Wood Mackenzie consultancy said that a previously attacked plant of UAE-based Global Aluminium has halted operations. At the same time, the smelting facilities of Bahrain Aluminium Company were also severely damaged in the earlier attack. The attacks on these two aluminum plants in the Gulf have continued to affect the global aluminum market. By the close on April 1, the three-month aluminum price on the London Metal Exchange stood at $3,531.50 per ton, at the highest level in four years.
Commentary: Analysts expect that if the Middle East conflict continues and shipping through the Hormuz Strait remains unable to resume for a long time, a clear supply–demand gap may emerge in the global aluminum market in 2026. On the one hand, the Middle East accounts for about 9% of global aluminum supply and is an important source for manufacturing in Europe, Asia, and the U.S. On the other hand, in the short term, other regions may not be able to quickly fill the gap. Goldman Sachs expects that in the second quarter of 2026, the global aluminum market will see a supply gap of about 0.9 million tons. Currently, LME aluminum inventory remains in a steady downtrend channel, and LME’s effective warehoused inventory available for use has fallen to the lowest level since May 2025, highlighting tight overseas supply. As the duration of the conflict lengthens, the supply–demand gap may further expand, and the aluminum price center may continue to rise.
3、Oilfield Services | According to China News Network Jingwei, Gulf countries are actively considering building new oil pipelines to bypass the Hormuz Strait. The purpose is to respond to the worsening shipping risks caused by regional conflict and to safeguard energy export security. Multiple officials and industry executives said the new pipeline may be the only way to reduce Gulf countries’ reliance on the Hormuz Strait. Saudi Arabia is evaluating whether to expand existing east–west crude pipelines or open new routes, and Abu Dhabi is also said to have long maintained “backup options” leading to Fujeirah Port.
Commentary: The China Securities Journal said that Saudi Arabia currently produces about 10.2 million barrels of crude per day and is researching how to export more crude through pipelines rather than via waters controlled by Iran, including assessing whether to further expand the capacity of east–west pipelines or open new routes. The pipeline was built through hard basalt formations in the Hijaz Mountains along Saudi Arabia’s Red Sea coast. If it involves complex multi-country routes that pass through Iraq, Jordan, Syria, or Turkey, the construction cost could rise to $15 billion to $20 billion.
4、Quantum dots | According to Xinhua News Agency, Fuzhou University, together with the Mindu Innovation Laboratory, achieved a breakthrough in ultra-high-definition integrated display technology. Led by Professor Li Fushan from the College of Physics and Information Engineering at Fuzhou University’s team, it successfully developed an ultra-high-resolution quantum dot display technology for augmented reality (AR) and virtual reality (VR). Supported by multiple technological innovations, the team’s red light device achieved an efficiency of 26.1%, with a lifetime exceeding 60,000 hours. The performance of green and blue light also improved significantly. Meanwhile, researchers combined the technology with chip circuits to develop an integrated display prototype that can control individual pixels, enabling dynamic image display and providing a new pathway for the development of high-end integrated display chips.
Commentary: The China Securities Journal said that thanks to the acceleration of localization of core materials and a significant drop in costs, quantum dot technology is rapidly penetrating mainstream consumer electronics from high-end markets. Consumer electronics products such as televisions, smartphones, laptops, and monitors are the core drivers of market growth. Particularly in the high-end TV market, about 70% of models have adopted quantum dot technology to meet consumers’ pursuit of vivid visual effects. Besides traditional consumer electronics, quantum dot technology is gradually entering emerging fields such as medical imaging, in-car displays, VR/VR devices, and industrial sensors, opening up new room for growth in the market.
5、Space compute power | According to China News Service, on April 3, the 2026 Space Compute Power Industry Conference will be held in Beijing. The conference will release a set of major achievements: relying on the compute power industrial development array, the industry’s first “Space Compute Power Professional Committee” will be established; the “Beijing Space Compute Power Innovation Center” will be launched; and the EDA Zone management committee will release a “list of key common technologies for space compute power.” In addition to Beijing, Shenzhen recently also hosted a seminar for the space intelligence compute network, exploring a new picture of aerospace compute power. The meeting reached a consensus: build a collaborative ecosystem and set up a coalition for production, education, research, and application for the space intelligence compute network.
Commentary: The China Securities Journal said that the space compute power track is moving from technology validation to large-scale deployment and value realization. Capacity release is a key variable driving value jump. Currently, the dual explosion of national-level low-earth orbit computing constellation plans and demand for commercial space applications provides clear and sustained order support for capacity release. Technological innovations such as recoverable rockets continue to reduce launch and manufacturing costs, removing obstacles to large-scale production. As utilization rates of leading companies’ capacity gradually climb, the compute-satellite industrial chain will accelerate completion of the perfect closed-loop conversion of “technology–orders–performance.”
6、Compute power | According to the National Radio and Television network (CNR), the General Office of the Ministry of Industry and Information Technology carried out a special campaign for “inclusive compute power” to empower small and medium-sized enterprises. The document mentions that by the end of 2028, a nationwide inclusive compute power service system should basically be in place—broad coverage, low cost, good services, a strong ecosystem, and strong talent support. It will cover at least 10 of the 15 industry categories applicable to the SME classification standards, further strengthening public service support for compute power applications for SMEs and significantly lowering the threshold for SMEs to obtain and use compute power.
Commentary: Orient Securities believes that as commercialization and deployment of large models enter deep water, current global demand for AI compute power is shifting from “training” to “inference.” The domestic compute power industrial chain is entering a valuation reshaping. Huawei has successfully built a complete closed-loop from bottom-layer chips, interconnection protocols, and the software stack. The official commercial use of Ascend 950PR marks another step up in the performance of domestic compute power. Meanwhile, as AI applications are progressively deployed and multimodal capabilities become more prominent, demand for compute power for AI Coding is increasing day by day. Also, driven by the “sovereign AI” strategy, domestic leading internet companies’ demands for compute power security are rising. Domestic compute power chips are entering a golden period of development.
7、Acetone thiameth? (Ace) | Based on Baichuan Yingfu data, on April 2, the domestic quotation for Anse methyl market was RMB 45,000 per ton, up 32.35% from the previous day.
Commentary: Research institutions believe that the rise in Anse methyl prices is due to sustained increases in key raw materials such as divinyl ketone, acetic anhydride, glacial acetic acid, etc., which pushes up overall manufacturing costs. Environmental regulation oversight and rising energy prices. Downstream demand grows rigidly; in sugar-free beverages, low-calorie foods, and the pharmaceutical sector, demand for Anse methyl is steadily increasing. Pay attention to top companies with strong cost control and sustained ability to raise prices.
8、Digital RMB | According to the People’s Bank of China, to implement the deployment in the Outline of the 15th Five-Year Plan regarding “steadily developing the digital renminbi,” the PBOC added 12 banks, including China CITIC Bank, China Everbright Bank, and Huaxia Bank, as banking institutions to operate digital RMB business and connected them to the PBOC-end digital RMB system. The newly added institutions will begin digital RMB business after completing business and technical preparation.
Commentary: CICC Securities says digital RMB is a digital form of fiat currency issued by the central bank, with characteristics including legal tender status, safety, high convenience, and programmability. Digital RMB plays an important role in promoting the internationalization of the renminbi and enhancing international financial discourse power, and it has many application scenarios both domestically and abroad, with broad development space. There are technical upgrade needs at the issuance layer, circulation layer, and scenario layer, including soft and hardware renovation demands. Providers of relevant technologies and products are expected to benefit.
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China, the U.S., and Japan’s March services PMI and composite PMI.
U.S. March nonfarm employment.
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