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The market continues to focus on undervalued sectors, as overall valuations are high and risk appetite is low, with capital flowing into undervalued opportunities. Huatai Securities pointed out that Strait control has led to supply disruptions in the petrochemical chain, which could drive improvements in chemical product profits. Guojin Securities warned that recession risks are increasing, and oil prices and geopolitical situations may trigger a comprehensive recession trading.

Midea Group’s 2025 annual financial report shows that the company’s total revenue reached 4585 billion yuan and its net profit was 439 billion yuan, both hitting record highs. The full-year cash dividends amounted to 440 billion yuan, and operating cash flow remained steady, ensuring future investments. Midea is accelerating its transformation into an “AI+” technology group, continuously strengthening its core competitiveness, and expects strong certainty in future growth.

Ask AI · How does Ms. Zhang build an asset allocation system from scratch?
On April 2, the third episode of China Securities Global Fund’s “Decade Commitment · Fund Investor Theater” was officially launched. This episode focuses on family asset allocation. We invited Ms. Zhang, a 10-year fund holder, to have a conversation with Qi XiuHua, a fund manager at China Securities Global Fund, and Yang Tiannan, the host of the podcast “Understanding the Rise.”

In this episode, we also want to draw on the real 10-year experience of an ordinary investor. With the professional perspective of a fund manager, we attempt to answer three questions: Why do ordinary people definitely need to do asset allocation? How can ordinary people do a good job of asset allocation? And what exactly should we do?
Ms. Zhang is an 80s-born professional woman. She began trying to invest ten years ago, and her investment reach gradually expanded from A-shares to Hong Kong stocks, overseas assets, and commodity assets.
Qi XiuHua is the deputy general manager of the fixed income department at China Securities Global Fund, with 15 years of experience in the industry,

Ask AI · Sig New Energy submits its IPO filing for the third time—can sponsor institutions’ adjustments ease the pressure from the “betting agreement”?
《Harbor Business Observation》Xu Huijing

Sig New Energy (Shanghai) Co., Ltd. (hereinafter referred to as “Sig New Energy”) has embarked on its path to a Hong Kong stock listing with three filing submissions within less than 14 months. With the sponsor institutions making adjustments twice, the time pressure driven by the betting agreement hangs over the process like a shadow.

The good news, however, is that the company has finally passed the hearing recently. Unless something unexpected happens, the company is expected to list on the Hong Kong Stock Exchange soon.

To briefly recap, the company’s listing journey began in February 2025. Its first filing named CITIC Lyon Securities and Paris Securities of France as joint sponsors. After the six-month validity period expired without passing the hearing, the prospectus was automatically invalidated. Within the same year, in September, it made the second filing. The sponsor institutions did not make any adjustments, and it still did not make progress; then in early March 2026, it was invalidated again. Only a few days later, on March 9, 2026, it made the third filing—jointly sponsored, and the arrangements

Ask AI · How many people died in this accident?
Xinhua News Agency, Taiyuan, April 2 (Reporter Yuan Xun) — A report from relevant departments in Xing County, Lvliang City, Shanxi Province said that at 9:15 p.m. on April 1, an roof collapse accident occurred at Zhongmei Guanjiayao Coal Industry Co., Ltd., leaving 4 people trapped. At 2:46 a.m. on the 2nd, the 4 trapped people were rescued and brought to the surface, and there were no vital signs. Zhongmei Guanjiayao Coal Industry Co., Ltd. is under Zhongmei Group Shanxi Co., Ltd., which is a subsidiary of China Coal Energy Group under China National Coal Group, with an annual production capacity of 1.5 million tons.

Bank of America analysts predict that due to the impact of the Iran conflict, the global economy will face a slowdown in growth and rising inflation, with international oil prices remaining at $100 per barrel throughout the year. Analysts warn that if the conflict intensifies, it could lead to a global recession. The Federal Reserve's interest rate cut expectations have been postponed until fall.

On April 2, a research report by CITIC Securities stated that the insurance sector has fallen 15% since the beginning of the year, mainly due to external factors, and that a 1x PB ratio is a reliable positioning indicator. The upturn in the fundamentals cycle has been established for 2025, and the trend has strengthened since the first quarter of 2026, including continued efforts to reduce liability costs on the liability side, more options on the asset side, and strict regulation promoting “anti-involution” to drive market share concentration. At the same time, expectations are high for the rollout of policies related to the “15th Five-Year Plan” to promote coordinated development between public medical insurance and commercial insurance, achieving win-win outcomes for patients, hospitals, doctors, innovative drugs, and insurance companies. It is expected that the adjustment period for the insurance sector will end, and investors should actively seize major opportunities during this period.

Ask AI: How can photovoltaic sheep achieve a win-win outcome for both ecology and people’s livelihoods?
The Hainan Prefecture integrated photovoltaic and energy storage demonstration base of the Huaneng Group Yellow River Company. Photo by reporter Cheng Huanning and Wang Feifei
The sheep of herder Sonam Tsering’s household forage beneath the photovoltaic panels.
Inside the meteorological station of the GuoNeng Gonghe photovoltaic power plant, staff carry out inspection work.
In Talan Beach, Gonghe County, Hainan Tibetan Autonomous Prefecture, the average annual sunshine duration exceeds 3,000 hours. This Gobi desert and sandy wasteland, once only barren, is now covered by stretch after stretch of photovoltaic panels, turning into a vast blue “ocean.” When the sunlight falls again, it is no longer only a natural gift of light and heat—it is “captured” by the photovoltaic panels, becoming a steady flow of energy surging endlessly across the plateau.
Just what kind of wealth has this beam of light brought to this land? The answer is more than one.
In recent years, relying on its resource endowments, Gonghe County has focused on green transformation, using the park as a carrier, industry as an engine, and integration as a path, developing clean energy

Ask AI · Shanghai second-hand home transactions explode, how do the new policies "Seven Measures" in Shanghai become a catalyst for market recovery?
After five years, Shanghai's monthly second-hand home transactions have returned to the 30k-unit mark, strongly confirming the "Golden March" market trend.
Monthly second-hand home transactions exceed 30k units, with transaction prices slightly increasing month-on-month
According to data from the Shanghai Real Estate Trading Center's "Online Real Estate," in March, Shanghai's second-hand homes (including commercial properties) totaled 31,215 online signed transactions, setting a new high since March 2021, nearly five years ago.
Li Gen, head of the Shanghai Lianjia Research Institute, stated that March's Shanghai second-hand housing market was full of a "small spring" vibe, and the transaction data confirmed a strong return of market confidence. The city's second-hand home transaction volume not only increased by 6% year-on-year compared to March last year but also surged by 37% compared to January this year.
In terms of transaction pace, after the release of the new "Seven Measures" in Shanghai, the second-hand housing market in March showed a weekly upward trend. From March 2 to March 8,

Ask AI · What damage was caused by this attack?
On April 1st, local time, the broadcaster's reporter learned that according to Iranian sources, Iran's Supreme Leader's foreign policy advisor and former Iranian Foreign Minister Kamal Kharazi was attacked by the United States and Israel that day, sustaining serious injuries, and his wife was killed. (Broadcaster's reporter Li Jiannan and Zhao Yuanfang)
©2026 China Central Radio and Television Station All rights reserved. Do not reproduce or use without permission.

This week, U.S. tech growth stocks finally saw a long-awaited rebound, after the industry's premium over the S&P 500 had almost been fully erased. According to Dow Jones market data, based on expected earnings over the next 12 months, the valuation gap between the S&P 500 index and the S&P 500 Information Technology sector narrowed to the lowest level since June 2020. Against the backdrop of Trump considering withdrawing from the Iran battlefield, could this be the turning point for tech giants to stabilize and rebound?

Tech Giants’ Market Value Evaporates by More Than $1 Trillion

Before the outbreak of the U.S.-Iran conflict, as concerns in the market about the sustainability of AI spending by large cloud service providers intensified, tech company stock prices have been under continued pressure over the past few months. Google, Amazon, metaverse platform companies, and Microsoft have all increased their capital expenditure plans by a combined 60% this year, and the expected total scale is set to reach $650 billion.

The Middle East fighting deals a further blow to risk appetite, First Financial reporter

XREAL Ltd. has submitted a listing application to the Hong Kong Stock Exchange, planning to raise funds through an IPO to support research and development, brand building, and production line upgrades. As a leading AR glasses company, its products are gradually evolving and compatible with multiple operating systems, aiming to further strengthen its market position. The company is expected to see significant revenue growth in 2025, with over 70% contribution from overseas markets.

Huaxi Securities research report points out that the maturity of the "OPC model" will promote the development of AI video tool SaaS and computing power leasing platforms, and will benefit short drama platforms with IP resources. It emphasizes investment opportunities including Hong Kong-listed internet giants, the gaming industry, and the film and cultural tourism industry.

Ask AI · How will this incident accelerate the development of energy substitution pathways?
On April 2, a research report from Huatai Securities stated that the Strait of Hormuz has been under control for more than a month, and the resulting disruption to oil supplies has led to a general reduction in load across Asia’s petrochemical industry chain. Rising costs and tighter supply have driven a widespread increase in product prices. The price spread between international diesel and jet fuel has surged, while in the ethylene and propylene chains, price increases have been held back due to demand shortfalls. The aromatic chain, in contrast, has shown differentiated performance depending on the resilience of product demand. Different Asian countries face different risks due to differences in strategic petroleum reserves and alternative energy levels, and China’s supply-chain disruption risk is relatively lower.
Meanwhile, the contraction in industry capital expenditures and carbon dual control will drive optimization of the supply landscape, and this supply disruption is expected to accelerate optimization of the regional petrochemical industry landscape in Asia. With subsequent uncertainty in the situation decreasing, downstream inventory replenishment demand is expected to be released, which could lead to improved profitability for chemical products. In the long term, this incident will accelerate the strategic pace of China’s energy self-reliance and controllability, and is expected to accelerate development across modern coal-based chemical industry, green hydrogen, new energy, and other petroleum-related sectors.

Richmond Federal Reserve President Barkin stated that despite rising oil prices, consumer spending has not significantly declined, and inflation expectations remain stable. He believes that the market still holds a short-term perspective, and interest rate hikes depend on inflation changes. The pricing power of goods and services sectors is diverging, and the process of inflation returning to target may be slow.

In 2025, China's new energy vehicle insurance underwriting volume reached 43.58 million vehicles, with premium income of 190 billion yuan, but there was still an underwriting loss of 5.6 billion yuan. High claim rates and repair costs are the main reasons, especially the high risk and payout levels of commercial vehicles. Despite rapid industry growth, underwriting losses remain a challenge.

The hydrogen energy industry is transitioning from pilot exploration to large-scale development, facing challenges such as high costs and insufficient technological adaptability. Lithium battery companies can assist in accelerating the hydrogen energy industry through technology transfer and management experience, achieving system integration, material reuse, and refined management, expanding application scenarios, and promoting the integrated development of hydrogen energy and lithium batteries to build a new industrial landscape.

The Housing and Urban-Rural Development Bureau has been renamed the Housing and Urban Renewal Bureau, reflecting the real estate industry's shift from incremental expansion to quality improvement of existing assets, promoting high-quality development. Urban renewal has become the core of stabilizing the market; through renovation of old communities and infrastructure upgrades, it accurately meets residents' needs and enhances urban governance and public service quality. This comprehensive strategy will boost economic growth and improve people's livelihoods, marking a new stage in the development of the real estate market.