Pre-market report on A-shares: S&P, Nasdaq continue to hit new highs! Storage, optical communication continue to pressure short positions. Silver surges 7% in a single day.

Pre-market news 1. S&P, Nasdaq continue to reach new highs! Storage, optical communication continue to pressure short positions, Qualcomm, Micron and other stocks hit new highs Type: Market Sentiment impact: Positive Driven by the continued momentum of artificial intelligence, the three major U.S. stock indexes closed slightly higher, with the S&P 500 and Nasdaq reaching new highs. Trading volume related to AI remains high, with storage and optical communication concept stocks performing particularly well. Qualcomm rose over 8%, Western Digital rose over 7%, Micron Technology rose over 6%, all reaching historic closing highs, and optical communication concept stock Lumentum rose over 16%. 2. Is the silver bull market back? Suddenly surged by 7% in a single day, industrial demand supports continuous decline in gold-silver ratio Type: Market Sentiment impact: Positive Silver prices recorded a significant increase of over 7% in a single day, marking one of its strongest performances in recent times. The decline in oil prices and weakening of the U.S. dollar eased the macro pressures that had previously suppressed precious metals. Better-than-expected employment data and industrial demand driven by AI and photovoltaics have contributed to the structural support of silver prices. The potential follow-up effect of speculative long positions and CTA programmatic strategies with low positions on the funding side may further amplify future volatility. 3. Central Bank: Continue to implement moderately loose monetary policy to maintain stable operation of financial markets Type: Macro Sentiment impact: Positive The central bank released the first quarter 2026 China monetary policy implementation report, stating that it will continue to implement moderately loose monetary policy. Enhance the forward-looking flexibility and targeting of policies, grasp the strength, pace, and timing of policy implementation. Expand and enrich the functions of the central bank in macro-prudential and financial stability, improve the toolbox for macro-prudential and financial stability management, maintain the stable operation of financial markets, and resolutely guard against the bottom line of no systemic financial risks. 4. U.S. President Trump will visit China from the 13th to the 15th, high-level interactions between China and the U.S. at a critical moment are closely watched Type: Macro Sentiment impact: Positive U.S. President Trump will visit China from May 13th to 15th. This is the second face-to-face meeting between the leaders of China and the U.S. since their meeting in Busan in October last year, and it is also the first visit to China by a U.S. President in 9 years. Against the backdrop of profound adjustments in Sino-U.S. relations and the world order, the situation in the Gulf and the Middle East is at a critical juncture of war and transition, making President Trump's visit to China highly anticipated. Investment Calendar China and the U.S. will hold economic and trade negotiations in South Korea Institutional Viewpoints 1. Huatai: This week marks a relatively dense window of macro events, which may cause chip loosening. It is recommended to moderately reduce positions and prepare for rotation. 2. Tianfeng: The focus continues to be on technology and growth, with industry allocation focusing on core areas such as communication and computers. 3. Soochow: With the landing of Sino-U.S. financial reports, the direction of the computing power main line may see a narrowing of short-term odds, so it is important to find sectors that have already improved in prosperity. Positive and negative outlook 1. Beijing-Shanghai High-Speed Railway announced a 20% increase in ticket prices for some EMU trains on the Beijing-Shanghai line and the Hezhou-Hefei line Type: Market hot topic CICC: Beijing-Shanghai High-Speed Railway, as a high-speed rail "cash cow," has now entered the value allocation range. The basic fundamentals may see upward catalysts, with incremental business in the short and medium term. An increase in benchmark cars or short-term structurally driven ticket price increases is expected, maintaining a "outperform the industry" rating. 2. Guangzhou will cultivate 40 clusters and open 450 artificial intelligence application scenarios this year Type: Policy focus Guosen: From a mid-term perspective, areas of high prosperity such as technological growth trends are still important directions. Policy support and industrial breakthroughs resonate, and AI technology remains the main line of A-shares, with AI applications, computational hardware, and upstream energy electricity sectors worth noting. 3. Six major green hydrogen projects at home and abroad have landed intensively, with hydrogen equipment orders scheduled until 2028 Type: Market hot topic Huabao Securities: With the implementation of relevant policies, the entire market supply and demand of hydrogen energy "production, storage, transportation, and use" are expected to see double increases. In the medium to long term, the improvement of hydrogen energy infrastructure will help increase the scale of the entire industry chain, focusing on hydrogen station construction, hydrogen energy storage and transportation, and core components of fuel cells. Announcement Express Positive announcements 1. Beijing-Shanghai High-Speed Railway: Announced a 20% increase in ticket prices for some EMU trains on the Beijing-Shanghai and Hezhou-Hefei high-speed lines 2. Shenzhen Xunjiexing Technology Corp.: Intends to raise no more than 130 million yuan through a simplified procedure private placement, for the HDI production line technology upgrade and enhancement project, etc. 3. BeOne Medicines Ltd.: Net profit for the first quarter was 1.608 billion yuan, turning a loss into a profit year-over-year Negative announcements 1. Kente Catalysts Inc.: Shareholder Fuji