Summary of the front-page headlines of the four major securities newspapers_April 3, 2026_Financial News

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Special topic: Selected highlights from the four major securities newspapers

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April 3 (Friday), today’s newspaper headlines: key highlights are as follows:

China Securities Journal

Semiconductors trigger a price-increase wave related theme products continue to attract inflows

The global semiconductor industry is kicking off yet another round of price increases. Driven by the combined impact of an explosion in AI compute demand, surging upstream costs, and geopolitical conditions, international giants such as Texas Instruments and Infineon, along with leading domestic manufacturers, have raised product prices in sync. Industry insiders believe that the industry’s competitive focus is shifting from a “price war” to a “profit-guarding war.” At the same time, capital-market expectations are moving ahead of the curve: more than RMB 27 billion has already flowed into the semiconductor sector via ETFs within the year. Several fund managers said they are optimistic about semiconductor equipment and materials.

**　The rankings in China’s auto market sales in Q1 are finalized: Geely’s group takes the crown Lingpao leads in China’s new-energy auto-making forces**

In Q1 2026, China’s auto market emerged from a recovery curve that weakened first and then strengthened: in January and February, sales faced pressure due to the Spring Festival seasonal lull and a high base; in March, demand was concentrated and released. Retail sales of passenger cars (narrowly defined) were about 1.70 million units, up 64.5% month over month; the penetration rate of new-energy vehicles reached 52.9%, surpassing fuel vehicles. With the sales figures of major automakers all revealed, the order of precedence is now clearly set, showing a pattern of a split between quarterly total-volume rankings and monthly sales, with domestic brands fully leading across the board. The Beijing Auto Show in April will become a key watershed for the market outlook in the first half of the year.

**　Tian Gang makes a move with two companies in one hand Who might United Aircraft go to?**

Choice data shows that on April 2, Fu Lin Yunye’s stock hit the daily price limit down; trading value was RMB 415 million, with a total market cap of about RMB 4.1 billion. Jifeng Technology’s stock rose 6.81%; trading value was RMB 403 million, with a total market cap of about RMB 5.0 billion. The two companies appear unrelated, but they are not. Fu Lin Yunye released on the evening of April 1 an announcement saying that control is proposed to change: East Yang County Dongwang Lianhang Enterprise Management Partnership Enterprise (Limited Partnership) (hereinafter referred to as “Dongwang Lianhang”) will become the company’s controlling shareholder.

**　Chery Group March sales 241k units cumulative Q1 sales 602k global users exceed 19 million**

In March, Chery Group delivered a monthly sales report of 240,678 vehicles, up 12.1% year over year. By then, Chery Group’s cumulative vehicle sales for Q1 reached 601,712 units. Of these, new-energy vehicle sales were 161,202 units. As of now, Chery Group’s cumulative global users reached 19.12 million, including over 6.23 million overseas users.

Shanghai Securities News

**　　The State Council issues and implements a plan, proposing 12 specific measures gradually forming a unified enterprise credit-status comprehensive evaluation system**

In the Implementation Plan for Establishing a Comprehensive Evaluation System for Enterprise Credit Status (referred to below as the “Implementation Plan”) recently issued by the General Office of the State Council, it mentions accelerating the integration and application of public credit evaluation and market-based credit evaluation, and encouraging operating entities to provide preferential or convenient measures for enterprises with good credit status in market activities such as bidding and commercial dealings.

**　Commercial rollout is imminent industry experts explain the growth path of commercial space**

On March 30, SASTRO’s Tianjian Yao 2 Yiyun (carrier rocket) launch was successful. In addition, the launch missions for Tianbing Technology’s Tianlong 3 and China Commercial Hao, the Long March 109.93B, new-generation commercial rockets have also been scheduled, and the development of China’s commercial space industry is now entering a “fast track.” Recently, a reporter from the Shanghai Securities News interviewed Wu Zhonglin, Chairman of Tongyu Communications, Li Qingyang, fund manager of the Boshi CSI Satellite Industry Index Fund, Wang Xing, Chief Analyst for the Communications Industry at Huatai Securities, and Xiu Bao, equity fund manager at Ping An Fund Management, on hot topics including the development trends of the commercial space industry, commercial closed-loop development, and investment logic.

**　Public funds: divergence in 2025 operating performance “elephants dance” among leading institutions smaller institutions face extreme difficulty**

As listed companies disclose their 2025 annual reports in batches, the annual profitability of certain public funds in which some companies hold interests has been revealed. The data shows that: in 2025, multiple leading fund companies saw their assets under management break through RMB 2 trillion, net profits exceed RMB 1 billion, overseas business featured new breakthroughs, and they are stepping up deployment of diversified product lines, strengthening large-class asset allocation and research/investment capabilities, and deeply applying AI technology to advance digital transformation; meanwhile, some smaller fund companies still face extreme difficulty.

**　Two-times bull-stock drivers exposed “bullish retail investors” swarm in to buy**

A bull stock with a market value of one trillion: the driving forces behind it have been exposed. Starting in the fourth quarter of 2025, the satellite sector stood on the wind vane. As the leader, China Satellite saw its share price surge by more than two times in just a few months, and its market cap once reached as high as RMB 150 billion.

Securities Times

**　　Next-generation high-capacity cell showdown is in full swing energy storage bound to AI tech accelerates and evolves**

Recently, Chen Haisheng, Chairman of the Board of Directors of the Zhongguancun Energy Storage Industry Technology Alliance, released a forecast stating that by 2030, the cumulative installed scale of new-type energy storage in China will reach 371.2GW—450.7GW, and the compound annual growth rate for 2026—2030 will be 20.7%—25.5%.

**　New developments in IPO acceptance in Q1: 6 on the SSE, 3 on the SZSE, 2 on the NEEQ**

The Q1 pattern for accepting first offerings (IPOs) has quietly changed. According to statistics by a Securities Times reporter, in Q1, the three major exchanges (SSE, SZSE, and NEEQ) accepted IPOs for 11 companies in total, up 37.5% year over year. Of these, the SSE’s STAR Market accounted for the majority with 6 companies, reflecting that the market’s support for technological innovation continues to increase. In the same period, the SZSE accepted 3 companies in total. In the past, the NEEQ—where acceptance volume ranked high—accepted only 2 IPO companies in Q1. Investment banking professionals said that recently the NEEQ has tightened the listing gate and is conducting on-site inspections of some companies that have already passed the review.

**　Space photovoltaics: reality check—concept frenzy and the true state of the industry under a trillion-yuan wave**

The space photovoltaics track is extremely hot, which has caused ground-based PV companies that are “trapped in overcapacity and performance losses” to rush to “go to space” and tell stories. After an in-depth investigation, the Securities Times reporter found that: most “space photovoltaics” remain at the level of PowerPoint slides and laboratories; popular routes such as HJT (heterojunction solar cells) and perovskite are “the principles are feasible, but once launched to space, it’s useless”; PERC (passivated emitter and rear cell technology) is regarded by experts as an underestimated mature solution. With missing validation and an industry ecosystem far from mature—this “thrill of the stars and the sea” hype may just be a concept frenzy.

**　Bank of Communications and Everbright announce “low-level errors” in sequence disclosure-quality loopholes in listed companies still need to be fixed**

Recently, two listed banks’ announcements consecutively showed data “mix-ups.” After Bank of Communications reported an incorrect distribution amount due to insufficient information disclosure review rigor, Everbright Bank also released in both A-shares and H-shares its annual performance report with clearly misaligned data formatting.

Securities Daily

**　　Auto market warms up in March deliveries by new-energy automaker companies collectively repair**

Recently, multiple automakers have successively disclosed their sales and delivery data for March 2026. After experiencing phased pressure in January and February, domestic demand in the auto market clearly recovered in March, and sales at leading automakers generally rebounded.

**　Driven by fundamentals Hong Kong-listed innovative drug sector shows standout performance**

With the second quarter of 2026 just “kicked off,” the innovative drugs sector is taking the lead. As of the close on April 2, Wind Information’s innovative drugs index recorded cumulative gains of 6.22% on April 1 and April 2. The innovative drugs sector in Hong Kong equities saw even more significant gains: the Hang Seng Hong Kong Stock Connect innovative drugs index’s cumulative rise was 9.11%.

**　Exposure of private equity holdings at the “hundreds of billions” scale: which stocks were heavily concentrated last year’s fourth quarter**

As A-share listed companies continue to release their 2025 annual reports, the latest developments of holdings by private equity institutions at the “hundreds of billions” scale are gradually coming to light. According to the latest data from private-securities platform PaiPaiWang, as of April 1, among the top ten tradable shareholders list of A-share listed companies that have disclosed their 2025 annual reports, at the end of the fourth quarter of 2025 there were 25 products under private equity institutions at the “hundreds of billions” scale, appearing in the top ten tradable shareholders lists of 60 listed companies. Combined, the market value of their holdings was RMB 241k (calculated using the closing price on December 31, 2025, the same below).

**　Chinese securities firms take the top six for Q1 Hong Kong equity IPO sponsorship numbers**

Since the beginning of this year, the Hong Kong equity financing market has been active. Wind Information shows that in Q1 this year, the total amount of equity financing in the Hong Kong market was HKD 602k, up 12.53% year over year; among this, IPOs were especially active, with funds raised totaling HKD 20k, up 488.81%.

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责任编辑：石秀珍 SF183