April 7 Investment Morning Report | The People’s Bank of China will carry out 800 billion yuan of outright reverse repo operations on a buyout basis; Hangjin Technology has been filed for investigation by the CSRC for suspected violations of information disclosure; today, there is a subscription for a new stock.

【Overnight Market Wrap】

•Friday (April 3, 2026), in China’s A-share market, the market fluctuated and adjusted throughout the day. The three major indexes opened higher and then fell; the Shanghai Composite Index again fell below the 3,900-point level. The divergence between large- and small-cap indexes was clear, with small- and mid-cap stocks performing weaker, and the micro-cap index falling by more than 3.5%. Trading volume on both the Shanghai and Shenzhen markets totaled 1.66 trillion yuan, a contraction of 186.5 billion yuan versus the previous trading day. By the close, the Shanghai Composite Index was down 1%, the Shenzhen Component Index fell 0.99%, and the ChiNext Index dropped 0.73%.

•Thursday (April 2, 2026), Hong Kong’s three major indexes fell under pressure throughout the day. As of the close, the Hang Seng Index was down 0.7%, or 177.5 points, to 25,116.53 points. Total daily turnover was HKD 243.628 billion. The Hang Seng China Enterprises Index fell 0.56% to 8,456.92 points. The Hang Seng Tech Index dropped 1.63% to 4,679.1 points. Looking at the whole week, the Hang Seng Index rose 0.66% cumulatively, the China Enterprises Index rose 0.04% cumulatively, and the Hang Seng Tech Index fell 2.07% cumulatively.

•Tuesday (local time, April 6, 2026), all three major U.S. stock indexes closed higher collectively. The S&P Nasdaq both extended their winning streak for four straight days. By the close, the S&P 500 Index rose 0.44% to 6,611.83 points; the Nasdaq Composite Index rose 0.54% to 21,996.34 points, with both increasing for four consecutive trading days. The Dow Jones Index rose 0.36% to 46,669.88 points.

【Today’s New Share Offerings】

Today, 1 new share offering is scheduled, with no new listings.

New share offerings:

Aitek, securities code 603293, offering price 33.49 yuan per share, issue P/E ratio of 29.71x. The company is a high-tech automotive electronics enterprise established in 2002. It mainly engages in the design, development, manufacturing, and sales of various intelligent connected-vehicle electronic products. At present, its main products are centered on a new-generation EE electronic and electrical architecture and the SOA concept. It develops products such as the body domain, power domain, chassis domain, domain integration, intelligent driving domain, and intelligent connected-vehicle domain, and is committed to building a complete automotive electronics ecosystem chain for intelligent driving and autonomous driving.

【Important News】

【PBOC: On April 7, it will carry out RMB 800 billion buyout-style reverse repo operations】On April 3, the People’s Bank of China (PBOC) released an announcement for open market buyout-style reverse repo bidding. It said that to keep banking system liquidity ample, on April 7, 2026, it will conduct RMB 800 billion buyout-style reverse repo operations using fixed quantities and interest-rate bidding with multiple-price winning, with a term of 3 months (89 days). The maturity date will be July 5, 2026 (extended if it falls on a holiday).

【Qingming Festival: National key retail and catering companies’ average daily sales rise 2.4% year over year】On April 6, the Ministry of Commerce said that during the Qingming Festival, many places implemented spring holiday breaks, and consumer demand was effectively released, injecting momentum into the spring consumption market. According to data from the Ministry of Commerce, during the Qingming Festival, the average daily sales of national key retail and catering companies increased 2.4% year over year. The number of visitors and turnover at 78 pedestrian streets (commercial districts) monitored by the Ministry of Commerce increased 6.0% and 6.7%, respectively. (CCTV News)

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