[Today's Headlines] Three Departments: Support Insurance Companies to Initiate the Establishment of Private Securities Funds to Invest in the Stock Market and Hold Long-Term The General Office of the National Financial Regulatory Administration, the General Office of the Ministry of Science and Technology, and the General Office of the National Development and Reform Commission issued the "Implementation Plan for the High-Quality Development of Science and Technology Finance in the Banking and Insurance Industries," promoting pilot projects for science and technology finance policies. The pilot for equity investment by financial asset investment companies will be orderly expanded to regions with strong economic strength, a large number of technology enterprises, significant R&D investment, and active equity investment, supporting eligible commercial banks to initiate the establishment of financial asset investment companies. Deepen the pilot reform of long-term investment of insurance funds, supporting insurance companies to initiate the establishment of private securities funds to invest in the stock market and hold long-term. Carry out pilot projects for merger loans for technology enterprises, study the expansion of pilot banks, regions, and enterprises, and support technology enterprises, especially "chain leader" enterprises, in industrial integration to facilitate capital circulation. Conduct comprehensive pilot projects for the financial ecosystem of intellectual property, develop intellectual property financial services, and study the expansion of internal evaluation pilots for intellectual property. [Market Outlook] U.S. Stock Indexes Mixed; Trump Tariffs to Take Effect on Wednesday Overnight, the Dow Jones Industrial Average fell 11.80 points, a decrease of 0.03%, closing at 41,989.96 points; the Nasdaq rose 150.60 points, an increase of 0.87%, closing at 17,449.89 points; the S&P 500 index rose 21.22 points, an increase of 0.38%, closing at 5,633.07 points. Newsmax (NMAX.US), a right-wing media outlet affiliated with Trump allies, has surged 2,240% in two days since its listing, closing up 180% today, with a market value of $30 billion. Tesla (TSLA.US) rose 3.5%, and NVIDIA (NVDA.US) rose 1.6%. The Nasdaq China Golden Dragon Index rose 0.5%, Alibaba (BABA.US) rose 0.4%, and NetEase (NTES.US) rose over 3%. The Hang Seng Index ADR fell, closing at 23,169.94 points, down 36.9 points or 0.16% compared to the Hong Kong close. Trump's tariffs will take effect on Wednesday, and traders are waiting for Trump to clarify the details of the tariffs. [Hot Topics Ahead] Hang Seng Index Company: Will Announce the Results of the Hang Seng Index Series Review for Q1 2025 on May 16 According to Zhito Finance APP, on April 1, the Hang Seng Index Company announced that it will announce the results of the Hang Seng Index series review for the first quarter of 2025 on May 16, 2025 (Friday). Changes to the constituents of the Hang Seng Index series will take effect on June 9, 2025 (Monday). Insiders: Trump Will Not Announce Any Details About Pharmaceutical Tariffs on Wednesday According to four informed sources, pharmaceutical companies are lobbying President Trump to gradually impose tariffs on imported drugs, hoping to mitigate the impact of the tariffs and allow time for production shifts. Trump has indicated that after imposing tariffs on other industries, he will soon announce tariffs on the pharmaceutical industry, which has previously been exempted. However, insiders understand that Trump will not announce any specific details about pharmaceutical tariffs on Wednesday. Nevertheless, the largest multinational pharmaceutical companies now expect that tariffs on medical products in the U.S. are inevitable and hope to ensure that the tariffs are gradually increased to 25%, rather than being raised to 25% from day one National Development and Reform Commission: In January-February, over 1.07 million cars were replaced, driving new car sales to reach 116.5 billion yuan According to the National Development and Reform Commission, in January-February, over 1.07 million cars were replaced, driving new car sales to reach 116.5 billion yuan; domestic passenger car retail sales increased by 1.2% year-on-year, with a significant increase of 26% in February. The number of applications for home appliance replacements exceeded 20 million, and the retail sales of home appliance products in units above the limit reached 153.7 billion yuan, a year-on-year increase of 10.9%. Consumers purchased energy-efficient home appliances, with sales of level 1 energy-efficient appliances accounting for 80% of total home appliance sales. The effect of subsidies for new mobile phone purchases was particularly remarkable, with retail sales of communication equipment in units above the limit increasing by 26.2% year-on-year. Sales volume and sales revenue of mobile phones priced below 6,000 yuan reached 44.22 million units and 11.26 billion yuan, respectively, equivalent to an average daily sales volume and sales revenue of about 750,000 units and 1.9 billion yuan, with year-on-year increases of 8.8% and 19.3%. The replacement of electric bicycles reached 1.17 million units, driving new car sales to reach 3.5 billion yuan. Lao Pu Gold (06181): The Stock Exchange grants listing approval for the implementation of full circulation of H shares Lao Pu Gold (06181) announced that the Stock Exchange has granted listing approval for the company to implement full circulation of H shares on April 1, 2025. The company has applied for approval to convert 40.3889 million unlisted shares into 40.3889 million H shares for listing and trading. After the conversion and listing are completed, the converted H shares will account for approximately 23.99% of the company's total issued shares. BYD Company (01211) sold approximately 1,000,800 new energy vehicles in the first quarter, a year-on-year increase of 59.81% According to Zhitong Finance APP, BYD Company (01211) announced that in March 2025, the production of new energy vehicles was approximately 395,100 units, a year-on-year increase of 33.36%. The sales volume was 377,420 units, a year-on-year increase of 24.78%. Li Auto-W (02015) delivered 36,674 new cars in March, a year-on-year increase of 26.5% According to Zhitong Finance APP, Li Auto-W (02015) announced that in March 2025, Li Auto delivered 36,674 new cars, a year-on-year increase of 26.5%. In the first quarter of 2025, a total of 92,864 vehicles were delivered, a year-on-year increase of 15.5%. As of March 31, 2025, Li Auto's historical cumulative delivery volume reached 1,226,736 vehicles. Nio-SW (09866) delivered 42,100 vehicles in the first quarter, a year-on-year increase of 40.1% According to Zhitong Finance APP, Nio-SW (09866) announced that the company delivered 15,000 vehicles in March 2025, a year-on-year increase of 26.7%. The deliveries included 10,200 high-end smart electric vehicles under the Nio brand and 4,820 family smart electric vehicles under the Le Dao brand. The company delivered 42,100 vehicles in the first quarter of 2025, a year-on-year increase of 40.1%. As of March 31, 2025, the company's cumulative vehicle delivery volume reached 713,700 units XPeng Motors (09868): In Q1 2025, XPeng Motors delivered a total of 94,008 new cars, a year-on-year increase of 331% In Q1 2025, XPeng Motors (09868) delivered a total of 94,008 new cars, a year-on-year increase of 331% and a quarter-on-quarter increase of 2.7%, exceeding the upper limit of the Q1 delivery guidance and setting a new record for quarterly deliveries! Among them, 30,350 new cars were delivered in January, 30,453 in February, and 33,205 in March. XPeng Huitian secures a 1.26 billion yuan syndicated loan According to reports from XPeng Huitian, recently, XPeng Huitian signed an agreement with China Construction Bank, Agricultural Bank of China, CITIC Bank, Bank of China, and Industrial Bank, with the five banks jointly providing a 1.26 billion yuan syndicated loan to support the construction of XPeng Huitian's flying car manufacturing base. China Construction Bank, Agricultural Bank of China, and CITIC Bank are the joint lead banks for this syndicated loan. XPeng Huitian stated that this is currently the largest syndicated loan for flying car production globally. UBTECH (09880): Company executives collectively buy company stock for further increase UBTECH (09880) announced today that the company's directors, supervisors, and senior management collectively purchased H shares of the company with their own funds on April 1. According to the directors, supervisors, and senior management, they are confident in the company's business development and prospects, believing that the current H share price does not reflect the value of the group, and they fully recognize the long-term value of the group. In compliance with applicable laws and regulatory requirements, they may further increase their holdings of the company's shares at an appropriate time. Within 12 months of this announcement, the total amount of H shares expected to be purchased will not exceed 50 million yuan. [Stock Highlights] Shiyou Group (01093): Entering the sprint phase of innovative transformation in 2025 The weak performance in the fourth quarter of last year was in line with expectations, with deepening destocking effects and ongoing centralized procurement being the main reasons. In 2024, Shiyou Group (01093) will see its annual R&D expenses exceed 5 billion yuan for the first time, a figure that is 2.6 times that of five years ago. The company expects to have over 50 new drugs/new indications submitted for market approval by the end of 2028. Currently, Shiyou Group has over 200 innovative drugs and formulations under research, including more than 90 macromolecules, 60 small molecules, and 50 new formulations, with over 160 clinical trials ongoing, nearly 60 of which are in Phase III. Specifically, the DP303c injection has initiated Phase III clinical trials in China for the treatment of HER2-positive advanced breast cancer in second-line and above; the semaglutide injection has completed the enrollment of all subjects in the Phase III clinical trial for weight management in China, which is expected to play an important role in the treatment of metabolic diseases. Numerous clinical research results of products have been presented at international academic conferences, such as the research results of SYS6002 injection for advanced solid tumors showcased at ASCO-GU (American Society of Clinical Oncology Genitourinary Cancers Symposium) and ASCO (American Society of Clinical Oncology) conference, enhancing the company's international reputation and influence. In North America, several innovative drugs from Shiyou Group, including JMT106 injection and SYH2039 tablets, have obtained clinical trial approvals, with CPO301 and CRB-701 receiving fast track designation from the U.S. FDA The management indicated that the company is expected to return to growth this year, benefiting from a low base and approximately RMB 1.5 billion in incremental sales from new drugs launched after 2021. On the other hand, the company has authorized AstraZeneca (AZN.US) and BeiGene (06160) for YS2302018 and SYH2039, both of which are produced from its independently developed AI (artificial intelligence) small molecule drug design platform. This means that while AI technology is still accelerating its empowerment of the pharmaceutical and healthcare industries, expected to drive industrial upgrades, Shiyao Group has already taken the lead in reaping the benefits. 【Disclaimer】This VIP information product is for communication and discussion purposes only and does not constitute any investment advice. Unauthorized reproduction is strictly prohibited. For more quality information and data products, please log in to the【智通财经】APP for inquiries.