GMT EIGHT - OPPORTUNITIES IN CHINA

Ship tracking data shows that on Saturday, a fleet of oil tankers left the Persian Gulf and passed through the Strait of Hormuz. According to Marine Traffic data, the fleet is composed of four liquefied petroleum gas carriers, several product tankers, and chemical tankers. Additionally, more oil tankers are sailing from the Persian Gulf.

ASCLETIS-B(01672): The stock price is on the verge of breaking previous highs, why is off-exchange capital choosing to adopt a wait-and-see approach?

Since October last year, Hong Kong stock market has experienced a deep correction in the pharmaceutical sector. The main reasons for this correction in the early stage were the cooling market sentiment and BD trading stage lower than expected; while in the later stage, it was due to the systemic decline of the Hong Kong stock market leading to further declines in the sector.

Federal Reserve Governor Waller: The U.S. economy faces a "tricky combination" and may maintain interest rates at the current level for a longer period of time.

Federal Reserve Governor Waller said on Friday that the current economic environment is posing greater challenges to interest rate decisions, and the central bank may need to maintain interest rates unchanged for a longer period of time.

Iranian parliament speaker Kalibaf: US President Trump made seven false claims in one hour. They have not been able to win wars or negotiations with these lies. If the blockade continues, the Strait of Hormuz will no longer remain open. Passage through the Strait of Hormuz will be conducted according to designated routes and authorized by Iran. The decision to keep the strait open or closed, as well as related regulations, will be determined by the actual situation on the ground, not by social media.

Netflix stock fell 11%, marking the biggest drop since April 2022.

The message states that the United States is urging the G20 and others to take coordinated action to ensure the supply of fertilizers.

Two informed sources revealed on Friday that the United States is urging members of the G20 as well as the International Monetary Fund and the World Bank to take coordinated action to ensure the supply of fertilizers. The current conflict in the Middle East has caused disruptions in the food trade supply chain. The sources, speaking on condition of anonymity, said that U.S. Treasury Secretary Scott Benett believes that fertilizers are crucial to the agricultural supply chain and is pushing for cooperation between G20 member countries and global financial institutions. Institutions such as the International Monetary Fund have issued warnings that the supply chain disruptions caused by this conflict, especially the early season fertilizer supply delays, could leave an additional 45 million people in a situation of food insecurity.

OpenAI achieves another major collaboration.

According to sources, OpenAI has agreed to pay over $20 billion to chip startup Cerebras over the next three years to use servers powered by chips produced by the company. Additionally, the agreement may also give OpenAI equity in Cerebras. This development comes as OpenAI is striving to meet growing demands to stay ahead in the artificial intelligence race. Furthermore, OpenAI is also aiming to significantly reduce computing costs and decrease dependence on Nvidia chips through diversified hardware deployment.

TSMC, SMIC, and other semiconductor manufacturers respond to the impact of overseas helium supply shortages.

Recently, helium production in some overseas regions has stalled or been subject to export controls, attracting market attention to the potential impact on semiconductor production. Some semiconductor manufacturers have responded to the tightening of overseas helium supply. In the field of wafer foundry, management of TSMC stated at an earnings conference on April 16th that due to factors such as the Middle East situation, the prices of certain chemicals and gases may rise, which could affect the company's profitability. However, it is currently too early to quantify the impact. When a journalist called the securities department of SMIC as an investor, the staff stated that the company has multiple channels for helium supply and that the current supply is normal. In the area of memory chips, regarding the impact of the Middle East conflict on helium supply, a Samsung Electronics representative told journalists that Samsung has been advancing supply chain diversification and has ensured sufficient inventory, expecting minimal short-term impact. SK Hynix responded to journalists saying they could not comment on current conflict-related matters. A semiconductor industry insider told journalists that the overall raw material supply for the domestic semiconductor manufacturing company is currently stable, attributing it to advance contingency plans for tight helium supply and multiple pathways and alternative supply options for electronic specialty gases. Another industry source mentioned that factories located in regions heavily reliant on imported raw materials may be more affected by fluctuations in helium supply from the Middle East, while efforts have been made in recent years in China to promote domestic production of gases and other semiconductor upstream raw materials.

Alibaba Cloud's domestic short message service prices have increased.

Alibaba Cloud has announced that due to a significant increase in the overall cost of SMS services, there will be price adjustments for domestic SMS service products starting from May 20, 2026, Beijing time. This includes pay-as-you-go domestic SMS and domestic SMS general package.

Northern Rare Earth: Net profit in 2025 was 2.251 billion yuan, a year-on-year increase of 124.17%.

Northern Rare Earth announced that its operating income in 2025 was 42.563 billion yuan, a year-on-year increase of 29.11%. Net profit was 2.251 billion yuan, a year-on-year increase of 124.17%. The company plans to distribute a cash dividend of 0.13 yuan per share to all shareholders based on a total share capital of 3.615 billion shares, totaling 4.7 billion yuan in cash dividends, accounting for 20.88% of the company's net profit for the year.

Ministry of Finance: Adjust the scope of value-added tax and consumption tax refund goods for Pingtan Comprehensive Experimental Zone. Goods sold from the mainland to Pingtan related to production are treated as exports through the "second line", and value-added tax and consumption tax refunds are implemented in accordance with current tax policies.

Investment Association: Fund managers whose fund performance has lagged behind the benchmark by more than 10 percentage points in the past 3 years, and whose fund profit rate is negative, should have their performance-based salary reduced by no less than 30%.

The China Securities Investment Fund Association has revised the "Guidelines for Performance Evaluation and Compensation Management of Fund Management Companies in 2022" to form the "Guidelines for Performance Evaluation Management of Fund Management Companies". The guidelines have been reviewed and approved by the association's board of directors and are now being published. The guidelines point out that fund management companies should establish a tiered performance compensation adjustment mechanism based on the performance benchmark comparison of actively managed equity funds by fund managers in the past three years, as well as the different situations of fund profit margins. If the performance of fund products in the past three years is lower than the performance benchmark by more than ten percentage points and the fund profit margin is negative, the fund manager's performance compensation should decrease significantly compared to the previous year, with a decrease of no less than thirty percent. If the performance is lower than the performance benchmark by more than ten percentage points but the fund profit margin is positive, the fund manager's performance compensation should decrease. If the performance significantly exceeds the performance benchmark and the fund profit margin is positive, the fund manager's performance compensation can be reasonably and moderately increased.

Today, southbound funds saw a significant net buy of 17.01 billion yuan. In terms of the Shanghai-Hong Kong Stock Connect, the Yingfu Fund and China Mobile received net purchases of 1.261 billion Hong Kong dollars and 0.913 billion Hong Kong dollars respectively. The top seller was Cambridge Technology with a net sales amount of 0.12 billion Hong Kong dollars. In terms of the Shenzhen-Hong Kong Stock Connect, the Yingfu Fund and Hang Seng China Enterprises received net purchases of 2.814 billion Hong Kong dollars and 1.289 billion Hong Kong dollars respectively. The top seller was Alibaba-W with a net sales amount of 0.608 billion Hong Kong dollars.

CSRC: Hu Bo controls the use of the Weibo account "Captain Jack Macro Strategy" to fabricate information. Hu Bo has been fined 800,000 yuan and is prohibited from participating in the securities market for 3 years.

According to the relevant provisions of the Securities Law of the People's Republic of China, I have conducted a case investigation into Hu Bo's suspected fabrication and dissemination of false information, and have informed the parties of the facts, reasons, grounds for administrative penalties, and the rights enjoyed by the parties under the law. The parties did not make any statements or defense arguments, nor did they request a hearing. The case has now been investigated and concluded. It has been found that since August 2023, Hu Bo has controlled and used accounts such as "Captain Jack Macro Strategy" and "Captain Jack Macro Strategy Gossip" on Sina Weibo to fabricate and disseminate false or misleading information regarding capital market supervision dynamics and regulatory policies, causing disruption to the securities market. The above illegal facts have been proven by evidence such as questioning transcripts of Hu Bo and other related persons, media platform data, information release device information, and screenshots of WeChat group information. Hu Bo's actions violate Article 56(1) of the Securities Law, constituting the offense of fabrication and dissemination of false information as described in Article 193(1) of the Securities Law. Based on the facts, nature, circumstances, and social harm of the party's illegal activities, in accordance with Article 193(1) of the Securities Law, I have decided to impose a fine of 800,000 yuan on Hu Bo.

CSRC: Strictly crack down on malicious violations such as manipulating the stock market through "fictional writing" by 2025, investigating and handling 19 related cases.

Summary of the enforcement situation of the China Securities Regulatory Commission in 2025. The capital market is highly sensitive to information, and false information disrupts the order of information dissemination, affecting the stable operation of the market. Cracking down on the fabrication and dissemination of false information has always been a key focus of our enforcement. In 2025, the CSRC cracked down severely on malicious violations such as manipulating the stock market through false information, handling 19 related cases. For "internet celebrity" Jin, who manipulated 32 stocks through "grabbing hats", more than 83 million RMB was fined and market access was prohibited. Promptly addressed the illegal actions of a "financial internet celebrity" utilizing AI to create false information about the capital market, self-media account manipulation of listed companies and financial institutions with false information. In 2025, the CSRC continuously optimized the mechanism for discovering and screening clues according to changes in market conditions and the evolution of illegal activities, rigorously investigating and penalizing cases of malicious market manipulation, handling 19 cases of market manipulation for profits exceeding billions of RMB. Yu, who controlled a large number of accounts for consecutive transactions and matched trading, was fined over 1 billion RMB for market manipulation. He, who engaged in "capping the daily limit" type of manipulation, was fined 2.84 billion RMB. Peng, who developed and used programmatic trading tools, was fined 4 billion RMB for market manipulation through continuous transactions, false declarations, and cancellations.

Hang Seng China High Dividend Yield Index announces quarterly review results.

Hang Seng Index Limited announced today the annual index review results of the Hang Seng China High Dividend Yield Index as of March 31, 2026. The changes will take effect from April 27, 2026. The number of constituent stocks will remain at 50. Among them, six companies including China Resources Power, New China Life Insurance, Anta Sports, Wanwu Cloud, Taopu, and Haier Smart Home will be newly added; six companies including Xinyi Glass, Yanzhou Coal Mining, China Hongqiao, China Coal Energy, Chow Tai Fook, and China Life Insurance will be removed.

Report: In the first quarter, the actual sales revenue of the Chinese gaming market was 97.172 billion yuan, an increase of 13.38% year-on-year.

The Game Committee of the China Audiovisual and Digital Publishing Association released the quarterly report on the Chinese game industry for the first quarter of 2026. In the first quarter of 2026, the actual sales revenue of the Chinese game market was 97.172 billion yuan, an increase of 2.54% compared to the previous quarter and an increase of 13.38% compared to the same period last year. In this, the actual sales revenue of the Chinese mobile game market was 67.623 billion yuan, an increase of 0.36% compared to the previous quarter and an increase of 6.28% compared to the same period last year. The actual sales revenue of the Chinese client game market was 24.976 billion yuan, an increase of 11.17% compared to the previous quarter and an increase of 39.38% compared to the same period last year. The actual sales revenue of Chinese independently developed games in the overseas market was 6.331 billion US dollars, an increase of 6.23% compared to the previous quarter and an increase of 31.76% compared to the same period last year.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 2 trillion yuan, an increase of 104.1 billion yuan from the same time the previous day.

Shipping Index for European Futures continuous main contract rose by 6% during the day to 2118.00 points.

Early morning closing of commodity futures

Combined shipping index for European futures rose by 4.85%, stainless steel rose by 2.34%, nickel rose by 2.06%, platinum fell by 1.94%, and lithium carbonate rose by 1.84%.

National Development and Reform Commission: This year, we will focus on the infrastructure in the field of "artificial intelligence +" and carry out a series of actions to expand effective investment.

The State Council Information Office held a series of thematic press conferences on the morning of April 17th with the theme of "Starting the '14th Five-Year Plan'". Wang Changlin, Deputy Director of the National Development and Reform Commission, stated that this year will focus on areas such as "artificial intelligence + infrastructure, urban renewal, national water network, and new energy system to carry out a series of actions to expand effective investment, promote the optimization of supply structure, and expand market demand. In terms of institutional innovation, we will comprehensively carry out "soft construction" work in central investment projects, promote the formation of long-term mechanisms for project construction, implementation, and operation and maintenance. At the same time, we will also leverage the role of the National Venture Capital Fund to guide and promote social capital to support technological innovation and the development of emerging industries.

Guangdong: "Opinions on Supporting Zhongshan to Participate in the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area to Accelerate High-Quality Development" officially released.

The official WeChat account of the Guangdong Provincial People's Government announced today that the "Opinions of the CPC Guangdong Provincial Committee and Guangdong Provincial People's Government on Supporting Zhongshan in Accelerating High-Quality Development in Participating in the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area has been officially released. It mentions accelerating the construction of the strategic pivot for integrated development on both sides of the Pearl River Estuary. Deepening the development of the Shenzhen-Zhongshan integration. Advancing the integration of the east and west banks of the Pearl River Estuary with high standards, actively promoting integrated planning, business environment, industry, transportation, innovation, public services, and social governance. Supporting the two cities of Shenzhen and Zhongshan to strengthen overall planning, deepening the mechanism for cross-city land and spatial planning consultation. Speeding up the construction of the Shenzhen-Jiangmen Railway, supporting the planning and research of the Shenzhen-Zhongshan intercity railway. Promoting the quality and efficiency enhancement of the "Shenzhen-Zhongshan Port", accelerating the layout of cross-Pearl River Estuary low-altitude air routes. Planning and constructing the Shenzhen-Zhongshan Economic Cooperation Zone, establishing a cooperation model of "Shenzhen headquarters + Zhongshan base", "Shenzhen chain leader + Zhongshan supporting", and "Shenzhen research and development + Zhongshan transformation", exploring a high-quality development path of regional industrial cooperation.

A-share opening express | A-share differentiation, Growth Enterprise Board continues to rise! Style switch in progress, "new king" and "old god" competing

On April 17, the three major A-share indexes opened with mixed gains and losses, with the ChiNext Index continuing its upward trend. The market style is changing, with a showdown between the "new king" and the "old god."

The Growth Enterprise Market Index rose by 1.00%, currently at 3662.708 points; the Shanghai Composite Index fell by 0.16%, currently at 4049.067 points; the Shenzhen Component Index rose by 0.44%, currently at 14861.816 points.

The stock market has already ignored the war! From "TACO trading" to the AI investment frenzy, is a new bull market unfolding?

Under the strong leadership of technology stocks, the S&P 500 index and the Nasdaq reached new highs again. The Nasdaq 100 index, which covers the world's top technology companies and is known as the "barometer of technology stocks," has risen for 12 consecutive trading days.

"Animal spirits" have returned in a more aggressive stance: retail investors are ignoring the Middle East's gunpowder and are sweeping the US stock market with their strongest offensive of 2020.

The Iran conflict once caused oil prices to skyrocket to record levels and triggered intense fluctuations in global financial assets. However, for investors, all of this seems like a distant memory - even though the war has not completely subsided.

Pre-market report of A-shares | First quarter performance skyrockets! Technology stock batch reported good news, 90 billion computing power leader exploded.

On the evening of April 16, technology stocks received a series of positive news, with first-quarter performances exploding collectively.

Aluminum prices rise but fail to conceal decline. Alcoa Corporation's (AA.US) Q1 revenue and profits both fall below expectations, maintaining annual production forecast.

In the first quarter, the revenue of American Aluminum Industry was $3.19 billion, a decrease of 5.3% year-on-year, which was $80 million lower than expected. Adjusted earnings per share were $1.40, lower than the expected $1.55.

WTI crude oil surpasses $94 per barrel, dropping 1.71% intraday.

Broadcom Inc. (AVGO.US) has set a record for its longest winning streak in nearly two and a half years, with stock prices approaching historical highs.

Broadcom stock continues to show strong performance

Shenzhou 21 astronauts successfully completed their third spacewalk.

According to the China Manned Space Engineering Office, at 01:36 on April 17, 2026 Beijing Time, after about 5.5 hours of extravehicular activities, the crew members Zhang Lu, Wu Fei, and Zhang Hongzhang of Shenzhou-21 closely cooperated to successfully complete tasks such as installing space debris shielding devices and inspecting external equipment facilities with the support of the space station robotic arm and ground research personnel. Extravehicular astronauts Zhang Lu and Wu Fei have safely returned to the Tianwen experimental module, and the extravehicular activities have been successfully completed. As of now, astronaut Zhang Lu has conducted a total of 7 extravehicular activities, breaking the record for the number of individual extravehicular activities by Chinese astronauts. In order to further deepen the verification of technologies related to astronauts' long-term residence in orbit and fully utilize the comprehensive benefits of Shenzhou-22 emergency resupplying materials to the space station, after careful deliberation and evaluation, it is planned to extend the crew's in-orbit stay by about 1 month. During the upcoming space journey, the astronaut crew will continue to conduct relevant scientific experiments and technological tests, and celebrate Chinese Aerospace Day and International Labor Day in orbit.

US Stock Market Move | Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose more than 3%, Aliyun announced price increase.

On Thursday, Alibaba (BABA.US) rose more than 3%, to $138.18.

The Dow Jones opened up 0.1%, the S&P 500 rose 0.1%, and the Nasdaq rose 0.1%.

Oracle rose 4.1% and announced a partnership with AWS to expand in the field of cloud networking. Paint manufacturer PPG rose 8.6% and announced a 20% price increase for all products globally. Abbott Laboratories fell 3.8% as its performance guidance fell short of expectations. Allbirds fell 15.0% as the sneaker manufacturer shifted its focus to AI, with a surge of over 8 times in trading yesterday. American TV shopping giant QVC Group plummeted 67.8% and officially filed for bankruptcy protection.

Congo launches the "national trusteeship" model: Nearly 10,000 tons of cobalt will be extracted by 2026, shifting the global cobalt price "center of volatility" upwards?

The Democratic Republic of the Congo's national mining regulatory authority said on Thursday that the country has established strategic reserves of cobalt and other key minerals.

The US has launched an action codenamed "Economic Wrath" against Iran.

On April 16th, local time, US Secretary of Defense Esper said in a press conference that the US Department of the Treasury is initiating an operation codenamed "Maximum Economic Pressure" to impose "maximum economic pressure" on Iran.

In the United States, the initial claims for unemployment insurance for the week ending April 11th were 207,000, lower than the expected 215,000. The previous value was revised from 219,000 to 218,000.

Sichuan launches a special research on the cost and benefit of leading enterprises in the pig industry.

In order to understand the production and operation of leading pig enterprises in Sichuan Province, explore the establishment of a special cost-profit investigation mechanism for leading pig enterprises, and serve the high-quality development of the pig industry, from mid-March to early April 2026, the Cost Investigation and Supervision Bureau of Sichuan Province conducted special investigations at several leading pig enterprises such as New Hope Liuhe, Dekang Group, and Southwest Wen's. The investigation included discussions, field visits, and other forms to have in-depth exchanges on topics such as optimizing pig production capacity, industrial chain layout, intelligent breeding, cost reduction and efficiency improvement, understand the transmission of rising prices of feed raw materials to pig breeding and the difficulties faced by enterprises in production and operation; The establishment of a special cost-profit investigation mechanism for leading pig enterprises, explaining the purpose of the investigation, the scope, and the setting of investigation indicators, and listening to the intentions, actual needs, and opinions of the enterprises. Sichuan Province will take this special investigation as an opportunity to solidly promote the special investigation of the cost-profit of leading pig enterprises, strengthen data analysis, timely reflect the operation of the pig industry, and provide high-quality data support for pig market regulation, stable industry development, and ensuring the supply of people's livelihood.

Ganfeng Lithium: It is expected that the net profit for the first quarter of 2026 will be between 1.6 billion and 2.1 billion, turning losses into profits year-on-year.

Ganfeng Lithium announced that it is expected to have a net profit of 16-21 billion yuan in the first quarter of 2026, compared to a loss of 356 million yuan in the same period last year. During the reporting period, benefiting from the rapid development of the global new energy industry and strong growth in demand for lithium salt from downstream customers, the company's sales prices of lithium salt products have increased significantly compared to the same period last year. In addition, with the release of production capacity of the company's lithium resource projects, the company's cost structure has been continuously optimized. In addition, with the continuous growth of the power battery and energy storage market, the production and sales volume of the lithium battery sector have significantly increased, resulting in a year-on-year increase in the company's operating performance.

Ministry of Industry and Information Technology: During the "13th Five-Year Plan" period, key core standards for the automotive industry will be developed at an accelerated pace.

Today, it was learned from the Ministry of Industry and Information Technology that during the "13th Five-Year Plan" period, China will promote and lead the high-quality development of the automobile industry through a series of standardization measures. On the 16th, the new National Automobile Standardization Technical Committee was established in Beijing. The relevant person in charge of the Ministry of Industry and Information Technology stated that during the "13th Five-Year Plan" period, China will accelerate the development of key core standards for the automobile industry, fully leveraging the leading role of standards. In addition, during the "13th Five-Year Plan" period, the leading role of standards in the automobile industry will also help improve the level of product quality. This includes accelerating the revision of standards such as extreme environmental adaptability of automobiles, cycle life of power batteries, energy consumption limits for new energy vehicles, and electromagnetic environmental adaptability. Furthermore, standards must also guide the innovative application of key technologies. Acceleration of the construction of standard systems in frontier areas such as solid-state batteries and automotive artificial intelligence, promotion of standards such as megawatt-level charging, intelligent chassis, and wide-angle car seats.

Live pig futures contracts rose 4% intraday, now at 11,145.00 yuan.

Hong Kong stock market midday report: Hang Seng Index up 1.38%, Hang Seng Technology Index up 2.98%

Hong Kong stocks closed at midday, with the Hang Seng Index up 1.38% and the Hang Seng Technology Index up 2.98%. The Hang Seng Stock Connect ETF rose 1.42%, while the Hong Kong Stock Connect Technology ETF increased by 2.01%. In terms of sectors, the semiconductor products and equipment and durable consumer goods sectors saw the biggest gains, while hotel and resort REITs and construction materials sectors saw the biggest losses. In terms of individual stocks, Sige New Energy rose by 83.53%, Longpan Technology by 22.31%, Birun Technology by 21.41%, Dipu Technology by 19.43%, and Tianshu Zhixin by 14.66%. On the other hand, Guoxia Technology fell by 14.96%, Guoquan by 14.15%, Lanshi Technology by 14.14%, Guofu Quantum by 11.56%, and Xuanzhu Biotech-B by 7.88%.

Spot silver's intraday increase has expanded to 2.00%, now trading at $80.54 per ounce.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan, a decrease of 120.4 billion yuan compared to the previous day.

Hedge fund Elliott disclosed a position in Da Jin Industrial, causing the stock price to soar 14%, the largest increase since 2009.

Daikin Industries encountered strong buying in the Tokyo stock market, with its stock price surging 14% in Thursday's early trading, marking the largest intraday gain since 2009.

The Shenzhen Component Index rose by 1.00% to close at 14643.858 points; the Shanghai Composite Index rose by 0.39% to close at 4042.724 points; the ChiNext Index rose by 1.62% to close at 3572.072 points.

Ignore the noise of war! "Wall Street Number Crunchers" are calling for technology stocks to dominate. The clarion call for a new bull market has sounded.

After going through a series of initial violent sell-offs, it seems that the investment power of Wall Street institutions is now keeping these war-related noises at bay.

Two-week surge of 200%! Avis Budget Group, Inc. (CAR.US) epic short squeeze followed by another showdown between the bulls and bears: the short interest ratio of outstanding shares has risen to 58%

Although Avis stock price surged over 200% in the 10 trading days up to Tuesday, causing short sellers to suffer nearly $2.5 billion in market value losses, short positions are still continuing to rise.

Spot silver rose 2% intraday and is now trading at $80.51 per ounce.

The direction of foreign exchange trading has changed! The halo of the US dollar as a safe haven is fading, and expectations of depreciation are regaining control of the market.

Due to the US-Iran ceasefire weakening the safe-haven demand that previously supported the US dollar, international investors are increasing their efforts to hedge against the risk of US dollar depreciation. As of April 10, investors' hedging ratio against the US dollar rose to 63%, the highest level since the same period in 2024.

Federal Reserve Beige Book: US-Iran war exacerbates uncertainty, labor market enters "hire and fire" mode

The latest release of the Fed's Beige Book shows that the US-Iran war has quickly become a major source of uncertainty facing business operations, affecting key decisions such as hiring, pricing, and capital expenditures.

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Market news: Several oil tankers attempted to cross the Strait of Hormuz in the Persian Gulf but turned back.

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Regarding the implementation of the new national standard and whether hidden door handles are compliant, NIO responded that all models currently on sale can be used normally with hidden door handles and are completely compliant. The mandatory national standard "Technical Requirements for Vehicle Door Handle Safety" will officially be released on February 2, 2026, and will gradually take effect for new models from January 2027 to January 2028, and for existing models (including facelifted models) from January 2029. The implementation time requirement for the "prohibition of hidden handles" in the new national standard is that all new models announced before December 31, 2027 can use hidden handles, and existing models or facelifted models produced before December 31, 2028 can also use hidden handles. NIO has been deeply involved in the entire process of developing the new national standard with relevant departments, always prioritizing user safety. They strongly support the standardized management of handles inside and outside the vehicle and continuously constrain themselves with requirements higher than industry standards. For the design of future models, NIO will carefully study the new regulatory requirements to ensure that all models comply with the new regulations. The safety of current models on sale has already been rigorously tested and is fully worthy of user trust. (NIO)

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