Mini Program: Quick News Brief on A-Share Pre-Market Highlights
Important News
Li Qiang presided over the 19th special study session of the State Council.
On April 20, the State Council held its 19th special study session on the theme of "Coordinating Energy Security and Green, Low-Carbon Transition to Accelerate the Construction of a New Energy System." Li Qiang pointed out that securing energy security hinges on further optimizing and adjusting the energy structure, strengthening energy technology innovation, accelerating the construction of a new energy system, and driving a green and low-carbon transformation in energy production and consumption patterns. It is essential to fully tap the supply potential of renewable energy, adhere to a nationwide coordinated approach, and swiftly advance the development of clean energy bases such as wind and solar power in the northwest, hydropower in the southwest, and offshore wind in the eastern regions. Distributed photovoltaic systems and decentralized wind power should be vigorously promoted, while biomass, geothermal, and marine energy should be developed in accordance with local conditions to facilitate integrated and collaborative development of new energy sources. The construction of a new power grid must be accelerated, with active exploration of new architectures, technologies, and services. Greater investment is needed in optimizing transmission corridor layouts, strengthening backbone networks, building a new distribution system, and improving energy storage and charging infrastructure. Artificial intelligence should be leveraged to empower the digital and intelligent transformation of the grid, solidifying network foundations and enhancing system coordination and regulation capabilities to create a new power grid that is safe, reliable, green, low-carbon, resilient, and intelligent—better meeting the diversified energy demands of high-quality development. (Xinhua News Agency)
2. The Supreme People's Court: Actively drafting guidelines for properly handling disputes involving artificial intelligence in accordance with the law.
Today, the Supreme People's Court released "The Situation of Intellectual Property Judicial Protection in Chinese Courts," providing a comprehensive overview of the overall work of intellectual property judicial protection by courts in 2025. In 2025, courts across China accepted 552,600 new intellectual property cases and concluded 539,600. Courts strengthened judicial proceedings in emerging fields, properly handling civil cases involving cutting-edge issues such as AI-generated content and AI model parameters; they concluded 908 cases related to data ownership and transactions, a 25.6% year-over-year increase. The Supreme People's Court is currently drafting guidelines on the lawful and proper adjudication of disputes involving artificial intelligence, aiming to promote the healthy and orderly development of AI in a beneficial, secure, and fair direction. In 2025, courts accepted 11,066 new first-instance foreign-related intellectual property cases, up 34.1% year-over-year. (CCTV News)
3. Zheng Zhanjie presided over a symposium with private enterprises to hear opinions and suggestions on accurately understanding the current economic situation and actively responding to changes in the external environment.
On April 20, Director Zheng Zhanjie of the National Development and Reform Commission chaired a symposium with private enterprises, engaging in in-depth discussions with executives from companies such as Hailiang Group, XPeng Motors, Wanyang Group, Tianqi Lithium, and LuTai Textile, representing sectors including metal materials, new energy vehicles, industrial park services, mineral resources, and textiles. He listened firsthand to their views and recommendations on the current economic situation and strategies for proactively responding to complex external environmental changes. Moving forward, the National Development and Reform Commission will implement the decisions and arrangements of the CPC Central Committee and the State Council, effectively enhancing macroeconomic policies, actively expanding domestic demand, accelerating the cultivation and growth of new drivers of growth, promoting standardized development of industrial parks, further strengthening the resilience of industrial and supply chains, and continuously consolidating the favorable trend of stable economic growth. Meanwhile, it will continuously deepen regular communication between government and enterprises, leverage its coordinating role, and provide targeted support to help businesses overcome difficulties, thereby promoting the healthy and high-quality development of the private economy.
Individual stock news
1. CATL: Shareholder inquiry-based transfer price set at CNY 410.34 per share
CATL announced that on April 17, 2026, its shareholder Ningbo United Innovation New Energy Investment Management Partnership (Limited Partnership), which holds more than 5% of the company’s shares, plans to transfer 58 million A-shares, representing 1.27% of the company’s total share capital, via a book-building transfer. Based on the book-building subscription results on April 20, 2026, the preliminary determined price for this transfer is RMB 410.34 per share. This book-building transfer will not be conducted through centralized bidding or block trading and does not constitute a reduction through the secondary market. Shares acquired by the transferees through this book-building transfer may not be transferred for six months following the transfer.
2. Tianqi Lithium: Expected net profit for the first quarter to increase by 1,530.31%–1,818.01% year-over-year
Tianqi Lithium announced that it expects its net profit for the first quarter of 2026 to range from RMB 1.7 billion to RMB 2 billion, representing a year-over-year increase of 1,530.31% to 1,818.01%. The company also anticipates a significant rise in revenue for this reporting period, driven by multiple favorable factors including the growth of the new energy industry and increased downstream demand. The average selling price of the company’s primary lithium products during this period has risen markedly compared to the same period last year.
3. Tianfu Communications: Net profit for the first quarter was RMB 492 million, up 45.79% year-over-year.
Tianfu Communications announced that its revenue for the first quarter of 2026 was RMB 1.33 billion, representing a 40.82% year-over-year increase; net profit was RMB 492 million, up 45.79% year-over-year.
4. Yongding Co., Ltd.: First-quarter net profit was RMB 159 million, a year-over-year decrease of 45.19%.
Yongding Co., Ltd. announced that its revenue for the first quarter of 2026 was RMB 1.246 billion, representing a 41.92% year-over-year increase. Net profit amounted to RMB 159 million, a 45.19% year-over-year decrease. Non-recurring profit after deducting non-recurring gains and losses was RMB 161 million, down 44.66% year-over-year.
5. Invek: Net profit for the first quarter was RMB 8.6576 million, a year-over-year decrease of 81.97%.
Yingweike (002837.SZ) announced that it achieved revenue of RMB 1.175 billion in the first quarter of 2026, representing a 26.03% year-over-year increase; net profit attributable to shareholders of the listed company was RMB 8.6576 million, a year-over-year decrease of 81.97%. Based on the Q1 2026 net profit of RMB 8.6576 million compared to the Q4 2025 net profit of RMB 123 million, the sequential decline in net profit for Q1 is 93%.
6. China Mobile: First-quarter net profit amounted to RMB 29.3 billion, a 4.2% year-over-year decline.
China Mobile (600941.SH) announced that for the first quarter of 2026, it achieved revenue of RMB 266.5 billion, a year-over-year increase of 1.0%; net profit attributable to shareholders of the listed company amounted to RMB 29.3 billion, a year-over-year decline of 4.2%. In the first quarter of 2026, the company remained focused on its three core businesses: communication services, computing power services, and intelligent services. The company’s Q1 net profit of RMB 29.3 billion represents a 34% sequential increase compared to Q4 2025 net profit of RMB 21.742 billion.
7. Hebang Biology: Net profit increased by 1287% year-over-year in the first quarter, driven by higher production and sales of methionine.
Hexiang Biology (603077.SH) announced that it achieved a revenue of RMB 1.388 billion in the first quarter of 2026, a year-over-year decrease of 19.58%; net profit attributable to shareholders of the listed company amounted to RMB 174 million, representing a year-over-year increase of 1,286.79%. The change in performance was primarily driven by price increases in the company’s products—dichloromethane, glyphosate, methionine, and ammonium chloride—along with increased production and sales volume of methionine. The company’s Q1 net profit of RMB 174 million marks a sequential turnaround from a net loss of RMB 629.5 million in Q4 2025.
8. RIGOL: Net profit increased by 512% year-over-year in the first quarter, with sales revenue from core large customers in the optical communications sector rising by 148% year-over-year.
Prizm Precision Electronics (688337.SH) announced that for the first quarter of 2026, the company achieved revenue of RMB 232 million, representing a 38.00% year-over-year increase; net profit attributable to shareholders of the listed company amounted to RMB 23.15 million, up 512.01% year-over-year. During the reporting period, sales revenue from major customers increased by 194.17% year-over-year. In the optical communications sector, sales revenue from core major customers grew by 147.71% year-over-year, driving rapid growth in related product lines and becoming a key driver of the company’s revenue expansion. The company’s Q1 net profit was RMB 23 million, compared to RMB 45 million in Q4 2025, resulting in a 49% quarter-over-quarter decline in net profit.
9. Han's Laser: First-quarter net profit increased by 177% year-over-year, primarily due to strong demand for specialized processing equipment in the AI server PCB market.
Han's Laser (301200.SZ) announced that for the first quarter of 2026, revenue reached RMB 1.955 billion, representing a 103.69% year-over-year increase; net profit attributable to shareholders of the listed company was RMB 323 million, up 176.53% year-over-year. The performance growth was primarily driven by strong demand for specialized processing equipment in the AI server PCB market and an increased proportion of sales of high-value-added innovative equipment. The company’s Q1 net profit of RMB 323 million represents a 2% sequential decline compared to Q4 2025 net profit of RMB 333 million.
10. WanHua Chemical: First-quarter net profit increased by 21% year-over-year; main product prices rose year-over-year in March due to factors such as rising international crude oil prices.
Wanhua Chemical (600309.SH) announced that it achieved a revenue of RMB 54.052 billion in the first quarter of 2026, representing a 25.50% year-over-year increase; net profit attributable to shareholders of the listed company amounted to RMB 3.718 billion, up 20.62% year-over-year. The performance improvement was primarily driven by higher product prices and increased gross margins. The advantages of the diversified raw material transformation for the first-phase ethylene unit became evident in the first quarter. In March, influenced by rising international crude oil prices and shifts in the global chemical industry’s supply-demand dynamics, the company’s key products experienced year-over-year price increases, leading to higher gross margins. Based on Wanhua Chemical’s Q4 2025 net profit of RMB 3.37 billion, the Q1 2026 net profit increased by 10.32% quarter-over-quarter.
UCloud: Net profit of RMB 2.74 million in the first quarter, turning a profit year-over-year.
UCloud (688158.SH) announced that for the first quarter of 2026, the company achieved revenue of RMB 439 million, representing a 16.77% year-over-year growth; net profit attributable to shareholders of the listed company amounted to RMB 2.74 million, marking a turnaround from loss to profit compared to the same period last year. In Q1 2026, AI-related revenue accounted for more than 40% of total revenue. From the beginning of 2026 through the date of this report, the company added new nodes in multiple regions globally, including Denver, USA; São Paulo, Brazil; Ho Chi Minh City, Vietnam; and Almaty, Kazakhstan. Additionally, the company’s data centers in Wulanchabu, Inner Mongolia, and Qingpu, Shanghai, have been progressively deployed and are operating efficiently. The company’s Q1 net profit was RMB 0.03 billion, compared to RMB 0.1 billion in Q4 2025, indicating a 72% quarter-over-quarter decline in net profit.
12. Shengyang Co., Ltd.: The company’s liquid-cooled energy storage system products have not yet been delivered and have not generated any revenue.
Shengyang Co., Ltd. announces that recently, there have been no significant changes in the company’s core business or operational fundamentals. The company has noted market discussions regarding its liquid cooling, sodium-ion battery, and solid-state battery businesses; the following clarifications are provided: To date, the company’s liquid-cooled energy storage system products are in the stage of market promotion and application implementation, with projects won but not yet delivered, and no revenue has been generated. The company’s sodium-ion battery and solid-state battery products have completed third-party verification and testing and are currently in the pilot application phase under typical scenarios; no revenue has been generated yet, and a considerable period is still required before mass production can be achieved. These businesses are subject to multiple factors, including industry policies, market demand, competitive landscape, technological capabilities, customer acceptance, and project implementation progress. There is uncertainty regarding whether these businesses will proceed smoothly, generate stable revenue, or achieve profitability in the future. They are not expected to have a significant impact on the company’s operating performance in the near term.
13. Tiantong Co., Ltd.: Clarification regarding false claims that the company is involved in optical modules, commercial aerospace, lithium niobate crystals, and related areas.
Tiantong Co., Ltd. hereby issues the following clarification: Recently, false statements regarding the company’s involvement in optical modules, commercial aerospace, and lithium niobate crystals have circulated on online platforms such as Eastmoney Stock Forum and other stock discussion boards, drawing significant market attention. To prevent misinformation from misleading investors, after verification, the company clarifies as follows: 1. The company’s core business has not changed; it does not manufacture optical modules. 2. The company’s core business has not changed; it does not produce commercial satellites. 3. Regarding lithium niobate crystals, the company is involved in the “Large-Size RF Piezoelectric Wafer Project,” which is one of its raised-funds investment projects. In December 2025, the company re-evaluated the project’s feasibility and extended its construction period to December 2029. As such, the project is currently still under construction, with limited production capacity and sales volume, resulting in minimal impact on the company’s operating performance.
14. Yango Group: Affected by multiple factors, the current price of potash fertilizer is more likely to rise than fall.
On April 20, Yanguo Co., Ltd. stated at its earnings briefing that the potash market is currently influenced by multiple factors, including global supply chain fluctuations, geopolitical tensions, and seasonal changes in agricultural demand, resulting in a price trend that is more prone to rises than declines. On the supply side, production capacity in major potash-producing regions remains constrained by resource endowments and transportation conditions, compounded by low port inventories and supply chain uncertainties stemming from conflicts in the Middle East, leaving overall supply in a tight balance. On the demand side, spring planting preparations and the optimization of domestic agricultural planting structures are driving increased fundamental demand for potash. Although potassium chloride prices have fluctuated due to international market price volatility, domestic supply-demand dynamics, and transportation costs, the company has ensured stable market supply and reasonable price fluctuations through continuous optimization of production and inventory management. (E Company)
15. Luxshare Precision: Progress with 800G and 1.6T optical modules is progressing smoothly with both domestic and international customers.
Luxshare Precision announced that, in the fields of communications and data centers, the company’s CPC copper interconnect products are expected to begin bulk delivery to its first customer in the third to fourth quarter of 2027, followed by gradual deployments with other customers. Progress on 800G and 1.6T optical modules with domestic and international clients is proceeding smoothly and will serve as key growth drivers in the future. The microchannel thermal management products entered mass production last year, with customer deployments scheduled for this year. The development of diamond-copper technology is accelerating the deployment of thermal management solutions for core clients.
16. Gotion High-Tech plans to launch its fifth-generation LFP battery for all scenarios in mid-May.
According to Gotion High-Tech, the company plans to launch its fifth-generation lithium iron phosphate battery for all scenarios in mid-May, covering applications in passenger vehicles, commercial vehicles, energy storage, and low-altitude aircraft. The new fifth-generation lithium iron phosphate battery achieves a maximum energy density of 205 Wh/kg; the ultra-fast charging version can charge from 10% to 70% SOC in under 4.5 minutes; and the ultra-long-life version supports over 10 years of warranty for automotive use and up to 30 years of service life for energy storage applications. Gotion High-Tech will host the 2026 Global Technology Conference in Hefei on May 16, where this technology will be officially unveiled.
17. Verisilicon: As of April 20, 2026, new orders amounted to RMB 4.516 billion, with AI computing-related orders accounting for over 85%.
VeriSilicon (688521.SH) announced that, from January 1 to April 20, 2026, the company secured new orders totaling RMB 4.516 billion, maintaining a strong growth momentum. The vast majority of these orders were for one-stop chip customization services, with AI computing-related orders accounting for over 85% and data processing orders accounting for 84.77%, primarily driven by cloud-based AI ASICs and IP. Following consecutive record-breaking new orders in the second, third, and fourth quarters of 2025, this latest order growth provides strong support for the company’s future revenue.
18. Kunlun Wanwei: Its controlled subsidiary Aijieke Xin has introduced external investors, including a wholly-owned subsidiary of Changxin Technology and Caiyun Shares, with an overall valuation of approximately RMB 4.054 billion.
Kunlun Wanwei (300418.SZ) announced that the company has agreed to allow its controlled subsidiary, Aijiekexin, to increase its capital through new share issuance and has waived its preemptive subscription rights. Aijiekexin raised a total of RMB 550 million in this round, with external investors contributing RMB 450 million and core management contributing RMB 100 million. Post-investment, Aijiekexin’s overall valuation is approximately RMB 4.054 billion. The company’s equity stake in Aijiekexin decreased from 58% to 48.6451%, resulting in the loss of consolidation control; subsequent accounting will be conducted under the equity method for long-term equity investments. The company will still exert significant influence over Aijiekexin’s operational decisions. The introduction of investors such as Changxin Xinyu and Caisun Technology aims to strengthen capital resources, support the development of AI chip business, and facilitate future independent listing. Changxin Xinyu is a wholly owned subsidiary of Changxin Technology Group Co., Ltd.
19. Jinfu Technology: The acquired company has recently initiated an expansion of its liquid cooling capacity, with production expected to be gradually ramped up starting at the end of May.
Jinfu Technology (003018.SZ) has released an investor relations activity record announcement, stating that the company entered the liquid cooling business through the acquisition of 51% equity stakes in Zhuohui Metal and Lianyi Thermal. The acquired companies have already been integrated into the supply chains of leading liquid cooling manufacturers such as Qihong Electronics, Baode Technology, and Shuanghong Electronics, ultimately serving end customers including top-tier North American tech firms. Currently, the core production lines of the acquired companies are nearing full capacity; the company has recently initiated capacity expansion plans, with production capacity expected to be gradually ramped up starting from the end of May, based on expansion progress and customer order volumes. In the medium to long term, the company will orderly advance further capacity expansion in line with order acquisition and customer demand rhythms. In terms of customer expansion, in addition to core clients, the company has initiated business cooperation with several other customers, recently adding Delta and BYD Electronic as new partners with small-batch shipments underway; Foxconn is currently in the sampling and testing phase. On the product front, the acquired companies will accelerate capacity expansion and continue to develop new liquid cooling product applications, including manifolds, liquid cooling solutions for optical modules, and other high-growth potential areas to expand sales scale.