Financial Morning Report: Details of US-Iran Ceasefire Agreement Revealed, Trump Claims Iran "Regime Change" Achieved | April 7, 2026

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【Top Headlines】

Iran responds with 10 clauses to the U.S. ceasefire proposal; U.S. officials say it demands too much

Xinhua News Agency, Tehran, April 6 According to a report by the Iranian Islamic Republic News Agency on April 6, Iran has responded to Pakistan regarding a proposal from the United States to end the war.

The report says the response includes 10 clauses. The core content includes: emphasizing that the war must be permanently ended based on Iran’s concerns; and putting forward a series of demands, such as ending regional conflicts, drafting a security and safe passage agreement for the Strait of Hormuz, post-war reconstruction, and lifting sanctions.

Details of the U.S.-Iran ceasefire agreement revealed: Iran gives up nuclear ambitions in exchange for lifting sanctions and unlocking frozen assets

According to Reuters, the United States and Iran have now received a framework plan aimed at ending hostilities. Just one day earlier, U.S. President Trump had threatened that if Iran refused to reach an agreement, it would let Iran experience “hell on earth.” However, Iran has clearly stated that as part of the interim ceasefire agreement, the country will never reopen the Strait of Hormuz.

This peace plan includes a “two-step” strategy: first implement an immediate ceasefire, and then finalize a comprehensive agreement. A source familiar with the proposal revealed on Monday that Pakistan Army Chief of Staff Asim Munir had held an “all-night long” discussion with U.S. Vice President Vance, envoy Witkoff, and Iran’s Foreign Minister Aragchi.

Trump issues another threat: If Iran does not “surrender” before 20:00 on the 7th, it will be attacked for its civilian facilities

Local time on April 6, at a press conference held at the White House, U.S. President Trump said that if Iran fails to “surrender” before 20:00 on April 7, Eastern Time, he will launch strikes on Iran’s civilian infrastructure.

Trump said an agreement he can accept must be reached before the final deadline on April 7. He claimed that he would destroy Iran’s bridges and power plants, “a plan has already been put in place,” and once it is launched, “every bridge inside Iran will be completely destroyed, and every power plant inside Iran will be completely paralyzed.” He also said that if the United States is willing, “the entire destruction process only takes a few short four hours.” However, he claimed he “does not want this to happen.”

Trump: Iran’s “regime change” has been achieved; the current leadership is “more reasonable and understanding”

Local time in the morning of April 6, at an event at the White House, U.S. President Trump talked to the media about Iran. He said that Tuesday (April 7), Eastern Time in the U.S., would be the final deadline, “unchangeable.”

Trump once again emphasized that “Iran cannot have nuclear weapons,” saying that during his first term he tore up Iran’s comprehensive nuclear deal, assassinated Suleimani, the commander of the “Quds Force” (Sanctuary Brigade) affiliated with Iran’s Islamic Revolutionary Guard Corps at the time, “thereby avoiding Israel being erased from the map.”

Trump: The “tolls” for the Strait of Hormuz should be collected by the United States

According to Xinhua News Agency, at a press conference held at the White House on April 6, U.S. President Trump claimed that the “tolls” for the Strait of Hormuz should be collected by the United States, not Iran.

When asked how to reopen the Strait of Hormuz, Trump said that reopening the Strait must become part of the plan to end the conflict. “A deal must be reached that I can accept, and one of the terms of that deal is to ensure the free passage of oil and all kinds of goods.”

He again claimed that the United States has militarily defeated Iran, so “the winner gets the spoils,” and said that the “tolls” should be charged by the United States, not Iran, for ships passing through the strait. “Why don’t we charge? We’re the winners.”

Strong U.S. employment data: Citigroup pushes back expectations for when the Fed will cut rates

Citigroup postponed its expected timing for the Fed to cut rates, citing unexpectedly strong U.S. job growth and continued inflation risks. According to a report the firm released recently, the Wall Street brokerage currently expects the Fed to cut rates by a total of 75 basis points in September, October, and December, instead of the previously expected June, July, and September. Citigroup said, “We still believe that signs of weakening in the labor market will lead to rate cuts starting later this year. But the cadence of the data that is about to be released suggests that the start time for rate cuts will be later than we previously expected.” With medical workers’ strikes ending and temperatures rising, U.S. March employment growth rebounded more than expected; however, the absence of clear signs of an end to the conflict with Iran is increasing downside risks for the labor market. Citigroup said that weak hiring will push up the unemployment rate during the summer, similar to what has happened in recent years.

Ministry of Commerce and 6 other departments: Support eligible e-commerce companies to raise and finance through listings inside and outside the country

On April 6, six departments including the Ministry of Commerce jointly issued the “Guiding Opinions on Better Serving the Real Economy and Promoting High-Quality Development of E-Commerce” (hereinafter referred to as the “Opinions”). The “Opinions” coordinate efforts to promote and regulate, improve efficiency and fairness, and enhance vitality and order. It proposes 5 areas and 16 measures to build a framework system for high-quality development of e-commerce.

China’s AI large-model usage up more than 31% month-over-month; it surpasses the U.S. for five straight weeks

Based on the latest OpenRouter data calculations, last week (March 30 to April 5), the total number of calls for global AI large models was 27 trillion Tokens, up 18.9% month over month. Among the listed AI large models, China’s AI large models’ weekly call volume rose to 12.96 trillion Tokens, up 31.48% from the prior week; the U.S.’s AI large models’ weekly call volume was 3.03 trillion Tokens, up 0.76% month over month. China’s AI large models’ weekly call volume has grown for five consecutive weeks and has surpassed the U.S. for five consecutive weeks.

New rules for A-shares! Starting today, officially implemented! Matters a lot for short-term trading

To implement the short-term trading regulatory system under the Securities Law and facilitate the entry of medium- to long-term funds into the market, the CSRC formulated and issued the “Several Provisions on the Regulation of Short-Term Trading” (hereinafter referred to as the “Provisions”), effective April 7, 2026.

Industry insiders believe that for ordinary investors, the new rules mean the market’s rules of the game will be fairer and more transparent. Behaviors that attempt to use gray areas for insider trading and short-term speculation will be subject to stricter constraints.

Ministry of Industry and Information Technology and the police urgently remind Apple users

Recently, monitoring by the Network Security Threats and Vulnerability Information Sharing Platform (NVDB) of the Ministry of Industry and Information Technology found that attackers used vulnerability exploitation tools targeting Apple’s terminal products to carry out cyberattack activities, which could lead to serious harms such as information theft and system control. The affected scope includes Apple terminal products such as iPhones and iPads running iOS 13.0 to 17.2.1.

【Topic Company】

The foldable iPhone is coming—Foxconn is already in trial production!

On April 6, the reporter learned from people in the industry chain that Foxconn has already entered trial production of Apple’s foldable iPhone.

In 2025, the reporter learned from supply-chain companies that the shipping target guidance Apple provided to its suppliers is that the first foldable-screen phone will be launched in the second half of 2026—a large foldable iPhone.

On March 12, according to Orange News, Apple’s first foldable-screen phone, iPhone Fold, has been confirmed to be released this September together with the iPhone 18 Pro series. It will be Apple’s most expensive phone product.

OpenAI calls on U.S. state attorneys general to investigate Musk: anti-competition, obstructing the AGI process

Beijing time on April 7, according to Reuters, OpenAI urged the U.S. attorneys general of California and Delaware to consider launching an investigation into Elon Musk (Elon Musk) and his affiliates’ “improper and anti-competitive behavior.” The lawsuits between the two sides are scheduled to go to court later this month.

Musk sued OpenAI and its CEO Sam Altman and others starting in 2024, accusing them of violating OpenAI’s founding mission during the process of restructuring the company into a for-profit entity. Musk participated in founding OpenAI in 2015, but left in 2018 and founded a competitor, xAI, launching his chatbot (14.200, -0.38, -2.61%) Grok.

【Industry Hotspots】

Space computing power draws attention; an industrial ecosystem is gradually being built

Global first achievement! China’s sodium-ion batteries have made a major breakthrough

The most difficult “pig cycle” is coming; breeding companies take multiple measures to “weather the winter”

China’s “chip” steadily moves toward the world; semiconductor industry revenue and profits both grow

Computing power buildout drives up demand for gas turbines; twenty stocks receive active institutional ratings

【Market Strategy】

CITIC Securities: “Narrow the scope of positioning” and stick to China’s manufacturing strengths. In its strategy research report, CITIC Securities believes that the possibility of TACO still exists, but investors’ patience with market liquidity has already been exhausted. It expects that the war may be approaching the end of this month, but the likelihood of the Strait of Hormuz being “weaponized,” as well as intermittent disruptions across supply chains, is increasing. Among the five fundamental indicators (dividends, going abroad, AI, PPI, and domestic consumption), only PPI, domestically made AI, and consumption are not fully priced. After the war calms down, the most important fundamental factor will be the transmission from oil → PPI → corporate earnings. Domestically developed AI is a relatively independent industrial change, while trades around domestic consumption are likely to lag behind PPI trades. Of course, the “PPI → corporate earnings” trade will only be triggered once the war ends and oil prices top out. As the market cools down, positioning should gradually narrow in scope, continuing to focus on China’s manufacturing strengths.

CITIC Securities CICC: Keep a close eye on Middle East developments and seize China’s advantage assets. For the A-share market, while over the past month overall market expectations have leaned toward panic, signals now show that this mid-cycle adjustment is close to ending. Moreover, the long-term logic of this bull market—reform of the capital market—has not changed, so left-side positioning can wait for bullish signals, grasp China’s advantage assets, and plan entry opportunistically. Although the global economy and markets face dual pressure from inflation and recession, China’s economy is relatively positioned to benefit. A-shares are expected to lead global stock markets, so it is recommended to keep grasping China’s advantage assets.

【New IPOs Today】

Stocks available for subscription today include A-share main board company Eteq on the SSE and Hengdao Technology on the NEEQ. Eteq’s issue price-to-earnings ratio is 29.71 times; the subscription code is 732293; the subscription price is 33.49 yuan per share. The company is a provider of intelligent automotive electronics solutions. Hengdao Technology’s issue price-to-earnings ratio is 14.99 times; the subscription code is 920177; the subscription price is 21.80 yuan per share. The company is a high-tech enterprise focused on the R&D, design, manufacturing, and sales of hot runner systems for injection-molding molds and related components.

【Stock Exchange Announcements—Quick Updates】

○ Bozhong Precision Engineering (688097) As of March 31, 2026, the company’s total outstanding orders amount to 270k yuan, up 163.78% year over year. Of these, orders in the consumer electronics industry are 129.6k yuan, up 88.52% year over year; orders in the new energy industry are 30.3k yuan, up 144.13% year over year; semiconductor industry, automotive industry, and other outstanding orders are 6.63B yuan.

○ Dongyue Silicon Materials (300821) The company expects net profit attributable to shareholders of listed companies for Q1 2026 to be 183 million yuan—203 million yuan, up 397.02%—451.34% year over year.

○ Yunnan Germanium Industry (002428) Its controlling subsidiary, Yunnan Xinyao, plans to implement the “High-Quality Indium Phosphide Monocrystalline Slice Construction Project.” The project’s total planned investment is 189 million yuan. Yunnan Xinyao will expand production capacity based on existing capacity, ultimately reaching production capacity of 450k slices per year (equivalent to 4 inches) of high-quality indium phosphide monocrystalline slices.

○ Xingfa Group (600141) The company’s wholly-owned subsidiary, Inner Mongolia Xingfa Technology Co., Ltd., plans to invest 1.26B yuan to build a 100k tons/year battery-grade lithium iron phosphate project in Wuda Industrial Park of Wuhai City, Inner Mongolia.

○ Eoptics Electronics (300327) Plans to raise funds through a directed share issue to its controlling shareholder, to YQN Electric, with an amount not exceeding 1.0 billion yuan. After deducting issuance expenses, the funds will be used for R&D and industrialization projects of high-end industrial-grade (including automotive-grade) analog and mixed-signal chips, high-end industrial-grade (including automotive-grade) master controller SoC (including intelligentization) R&D and industrialization projects, and replenishment of working capital.

○ Qiangyi Co., Ltd. (688809) It is expected that in Q1 2026, the net profit attributable to shareholders of listed companies will be 106 million yuan—121 million yuan, a year-over-year increase of 654.79%—761.60%.

○ Shandong Zhanggu (002598) Due to false record-keeping in the 2024 annual report, the company will be subject to other risk warning measures, and its stock abbreviation will be changed to “ST Zhanggu.”

○ Hangjin Technology (000818) On April 3, 2026, it received a filing notification letter issued by the China Securities Regulatory Commission. Due to the company’s suspected illegal and non-compliant information disclosure activities, the CSRC has decided to file the case against the company.

○ *ST Guodian (688287) On April 3, 2026, it received a filing notification letter issued by the China Securities Regulatory Commission to the company.

○ ECT Digital (600850) Because the CSRC has filed a case against it for suspected illegal and non-compliant information disclosure, and a warning letter was issued because the disclosure of its satellite internet business by its subsidiary was inaccurate.

○ Xianhe Shares (603733) The company received a notice from Wang Minglong, one of its actual controllers. On April 3, 2026, he received a filing notification letter issued by the China Securities Regulatory Commission.

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