Holiday Highlights Summary: Nine Departments Jointly Issue Action Plan to Improve Service Consumption and Benefit the People

The important market news influenced by the Qingming Festival holiday includes: 9 departments issued the 《Service Consumption Quality-Improvement and Benefits to the People Action Plan for 2026》; the PBOC will conduct an 800 billion yuan buyout-style reverse repo operation on April 7; the State Administration for Market Regulation held an administrative guidance meeting for takeaway delivery platform companies; the White House responded to rumors that Trump is seriously ill and hospitalized; Trump said an Iran deal could be reached before the July 7 deadline; Iran’s top leader’s adviser warned the United States that it may block the Strait of Hormuz; Iranian officials proposed opening the Strait of Hormuz on conditions that Iran’s past war losses will first be compensated using past ship tax; U.S. nonfarm payrolls rebounded in March.

Macroeconomy

9 departments jointly issue the 《Service Consumption Quality-Improvement and Benefits to the People Action Plan for 2026》

The 《Work Plan》 proposes 64 specific task measures across six areas, including improving policy support, innovating consumption scenarios, building platform carriers, expanding opening-up to the outside world, strengthening standards leadership, and optimizing the consumption environment. Focusing on traditional service consumption sectors such as food and lodging, elderly care and childcare, cultural and entertainment tourism, and sports and health, as well as new growth areas such as housekeeping services, online audio-visual services, inbound consumption, and performance services, it will coordinate efforts from both the supply and demand sides to create a batch of new consumption scenarios with broad impact and high visibility.

PBOC: On April 7, it will conduct an 800 billion yuan buyout-style reverse repo operation

On April 3, the People’s Bank of China released a public market buyout-style reverse repo tender announcement stating that, to keep ample liquidity in the banking system, on April 7, 2026, it will conduct an 800 billion yuan buyout-style reverse repo operation using a fixed amount, interest-rate tender, and multiple-price bid-award method. The term will be 3 months (89 days), with the maturity date being July 5, 2026 (to be postponed if it falls on a holiday).

A televised and video conference on advancing the nationwide “trade-in of consumer goods for upgrades” work held in Beijing

On April 3, the Ministry of Commerce held a televised and video conference to advance the nationwide “trade-in of consumer goods for upgrades” work, summarizing the progress and effectiveness in the first quarter and deploying key work to expand consumption in the next step. Deputy Minister of Commerce Sheng Qiuping attended the meeting and delivered remarks. Zhejiang, Henan, Chongqing, and Shenzhen made exchange statements on expanding consumption work. Jiangxi and Hunan provided explanations regarding slow progress in disbursing subsidies for “trade-in of consumer goods for upgrades.”

Wang Yi holds a phone call with Russia’s Foreign Minister Lavrov

Central Committee of the Communist Party of China Politburo member and Foreign Minister Wang Yi, on April 5, held a phone call with Russia’s Foreign Minister Lavrov as scheduled. They exchanged views on the current situation in the Middle East. Lavrov said the Russian side is highly concerned about the continuous escalation of the situation in the Middle East. Regarding the current fighting and the issue of the Strait of Hormuz, the Russian side holds that military actions must be stopped immediately, returning to the political and diplomatic track to resolve the root causes that led to the conflict. The UN Security Council should play a constructive role. The Russian side is willing to maintain close communication and coordination with China and continue to speak out to help promote a ceasefire and stop the fighting.

Global Markets

The White House responds to rumors that Trump is seriously ill and hospitalized

Local time on April 4, a report about Trump being seriously ill and hospitalized quickly sparked a wave of attention online. U.S. former Senator Walker Mitt posted on the social media platform X, saying that President Trump’s recent social media posts were made on his behalf by someone else, directly pointing out that “Trump’s health condition is worrying.” “He is now at Walter Reed Medical Center, and he may only have a few minutes left.”

Trump: A deal with Iran may be reached before July 7’s final deadline

Local time on April 5, U.S. President Trump said in an interview that the United States is currently engaged in “deep negotiations” with Iran and that it may reach an agreement before the final deadline of April 7 set by him. Two sources said the negotiations are conducted through mediators from Pakistan, Egypt, and Turkey, and there is also communication between Trump’s advisers and Iran’s foreign minister. Trump said that his envoy, Witkoff, and his son-in-law Kushner are holding intensive talks with Iran. Trump said it is very likely that an agreement will be reached, but if one cannot be reached, it will destroy everything there.

Iranian official proposes conditions for opening the Strait of Hormuz: first compensate Iran’s war losses using past ship taxes

On April 5, Mehdi Tabatabaei, deputy director in charge of news and communications at the Office of the President of Iran, issued a stern statement regarding the regional situation and the Strait of Hormuz passage issue. Tabatabaei launched fierce attacks on U.S. President Trump and his policies on social media, accusing him of resorting to insults due to “desperation and anger,” and saying that his insane actions have sparked a full-scale war across the region.

Iran’s top leader’s adviser warns the United States: may block the Strait of Mandeb as a countermeasure

On April 5, Welayati, Iran’s top leader’s foreign affairs adviser, warned the United States that if it “makes the same mistake again,” the resistance front led by Iran will use blocking the Strait of Mandeb as a countermeasure. In a post on social media that day, Welayati wrote: “Today, the unified command of the resistance front treats the Strait of Mandeb just like the Strait of Hormuz. If the White House again commits a foolish mistake, it will quickly realize that with just one move, global energy and trade flows will be cut off.”

Sources: U.S.-Iran mediators make final efforts to secure a 45-day ceasefire

A reporter with CCTV learned that, local time on April 5, four sources familiar with the negotiations said that the United States, Iran, and a group of regional mediators are discussing a possible 45-day ceasefire agreement that is expected to permanently end the war. The sources said the likelihood of reaching part of the agreement within the next 48 hours is very low. However, this final effort is the only chance to prevent the war from escalating sharply; otherwise, Iran’s civilian infrastructure will face large-scale attacks, and energy and water infrastructure in Gulf countries will suffer retaliation. The White House currently refuses to comment on this.

U.S. March nonfarm payrolls show a technical rebound as expected; labor force reduction eases downward pressure on unemployment rate

In the evening of Friday Beijing time, the U.S. Bureau of Labor Statistics disclosed a nonfarm payroll employment report for March 2026 that was overall better than forecasts made in advance. The report shows that nonfarm payroll employment increased by 178k in March, versus an expected increase of 65k; the unemployment rate fell to 4.3%, from a forecast of 4.4%. The latest report also revised employment numbers for the prior two months. February was revised from a decrease of 92k further down to a decrease of 133k; January was revised from an increase of 126k up to an increase of 160k. Combined, the two months were revised down by 7,000.

Financial Capital

Fund annual reports are fully disclosed—here comes the latest portfolio reallocation path from well-known fund managers

The 2025 fund annual reports have been fully disclosed, and the undisclosed overweight holdings in publicly offered funds have come to light. The latest portfolio composition and reallocation paths of well-known fund managers have become a focus of market attention. Judging from the disclosures, cyclical sectors and resources-oriented commodities are重点 allocated by some products, and information technology and AI industry-chain targets are also accelerating into core holdings.

The Gai Weidong family’s 19 billion yuan holdings exposed! Shows up among 9 companies

The Gai Weidong family’s holdings have been exposed. According to the disclosed annual reports of listed companies in 2025, Gai Weidong and his associates Wang Ping and Gai Guilian appear on the shareholder lists of 9 listed companies in total, with combined holdings exceeding 19 billion yuan. As of April 5, among the more than 1,200 listed companies that have disclosed their 2025 annual reports, among the companies whose annual reports have already been disclosed, Gai Weidong and his associates Wang Ping and Gai Guilian appear in the list of the top ten circulating shareholders of 9 listed companies. As of the end of 2025, their combined holdings were 19.07 billion yuan.

How will A-shares move after the holiday? Brokers assess: not bearish; wait for the attack horn

During the holidays, it is a good time to re-sort investment logic. From the latest strategy viewpoints of multiple securities research institutes, although investors’ wait-and-see sentiment is currently strong, there are no bearish signals in terms of fund flows, and the broader trend of residents’ funds entering the market will not change. Before the “shoes” of a geopolitical conflict land, it is expected that the market will continue a sideways trend. Waiting patiently for the signal of a counterattack may be the more稳妥 strategy for now.

Industrial Economy

The State Administration for Market Regulation holds an administrative guidance meeting for takeaway delivery platform companies

On April 2, the State Administration for Market Regulation held an administrative guidance meeting for takeaway delivery platform companies in Beijing, instructing three platform companies—Meituan, Taobao Flash Purchase, and JD.com—to strictly implement the soon-to-be-implemented 《Supervision and Administration Provisions for the Food Safety Main Responsibility of Network Catering Service Providers》. It aims to strengthen companies’ main responsibility for food safety and take effective measures to ensure consumers’ food safety.

Two departments: further strengthen the development of lithium-ion battery recycling systems for electric bicycles

Encourage supply and marketing cooperatives at all levels to rely on existing networks for recycling and utilization of renewable resources, guide supply and marketing cooperatives’ renewable resource recycling enterprises to standardize key links such as lithium battery recycling and storage, and strengthen cooperation with lithium battery comprehensive utilization enterprises to ensure standardized and comprehensive utilization of lithium batteries. Strengthen connections among transfer stations, sorting centers, and comprehensive utilization enterprises; encourage transfer stations and sorting centers to carry out categorized and graded utilization of renewable resources, and improve the level of high-value utilization of renewable resources.

CPCA: In March, the nationwide retail new-energy passenger vehicle market was 784k units, down 21% year over year

On April 3, data from CPCA showed that, based on preliminary statistics, from March 1 to March 31, retail sales of the nationwide passenger car market totaled 178k units, down 15% year over year from March last year, up 60% from the previous month. Cumulative retail sales since the beginning of this year were 65k units, down 17% year over year. From March 1 to March 31, nationwide passenger car manufacturers’ wholesale sales totaled 2.32 million units, down 4% year over year from March last year, up 53% from the previous month. Cumulative wholesale sales since the beginning of this year were 92k units, down 8% year over year.

Shipping through the Strait of Hormuz disrupted—global shipping costs surge sharply; freight rates are currently up 11 to 12 times

The Middle East conflict has led to disruptions in shipping through the Strait of Hormuz, causing global shipping costs to surge sharply. War-risk insurance premiums for vessels have risen rapidly. In addition, shipping companies also need to consider freight costs. Industry insiders say that freight rates have already increased by 11 to 12 times. Insurance and costly detours are being passed down layer by layer, continuously hitting global trade and supply chain security.

A megawatt-class hydrogen-fueled aircraft turboprop engine completes its first flight successfully

On April 4, an AEP100 megawatt-class hydrogen-fueled aircraft turboprop engine independently developed by the Hunan Power Machinery Research Institute of the AVIC AECC Group successfully conducted its first flight with a 7.5-ton-class unmanned cargo aircraft at Zhuzhou Lusong Airport. It is reported that this is the first-ever test flight of a megawatt-class hydrogen-fueled aircraft turboprop engine in the world.

Company Focus

MIIT connects with ZTE and Xiaomi Group on the “15th Five-Year Plan” development plan for electronic information manufacturing

To implement the deployments of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China and scientifically plan the development blueprint for the “15th Five-Year Plan” period in electronic information manufacturing, recently, the planning team for the “15th Five-Year Plan” in electronic information manufacturing under the Electronics Information Department of the Ministry of Industry and Information Technology has conducted special symposium research with ZTE Corporation and Xiaomi Group, respectively.

MIIT: Attackers use exploit tools targeting Apple’s terminal products to carry out cyberattack activities

Recently, the MIIT’s Cybersecurity Threat and Vulnerability Information Sharing Platform (NVDB) detected that attackers used exploit tools targeting vulnerabilities in Apple’s terminal products to carry out cyberattack activities, which could lead to serious harms such as information theft and systems being controlled. The affected scope includes Apple terminal products such as iPhones and iPads running iOS 13.0 to 17.2.1.

20CM limit-up on the open! A-share Q1 earnings report rally kicks off—12 listed companies see net profit year-on-year pre-increases of over 200% at most

As the Q1 earnings report rally gradually unfolds, the day after the release of performance pre-announcements, Fuxiang Pharmaceuticals and Boyi Shares hit the 20CM limit up; Wanbangde, Tianshan Aluminum, and Shandong Heida also hit limit-up; Oke Yi rose more than 19%; Dinglong Shares rose more than 17%. As of the time of this release, a total of 36 A-share listed companies have issued Q1 2026 performance pre-announcements. Among them, 12 individual stocks have net profit year-on-year pre-increase ceilings exceeding 200%.