A股军工电子板块短线拉升，火炬电子涨停，鸿远电子、振华科技、宏达电子、宏明电子、成电光信等跟涨。

The State Council approved Regulations on Overseas Investment at its 83rd executive meeting on April 17, 2026; the rules were published and will take effect July 1, 2026. Framed under the PRC Foreign Relations Law and Foreign Trade Law, the regulations aim to advance high‑level opening and higher‑quality outbound investment, tighten outbound investment management, protect investors’ lawful overseas investment rights and safeguard national sovereignty, security and development interests. The rules apply to PRC onshore investors’ overseas investment. The State Council said China will proactively align with high‑standard international economic and trade rules, promote high‑quality Belt and Road cooperation, strengthen multilateral and bilateral investment cooperation mechanisms, participate in international investment rule‑making, advance cross‑border industrial and supply‑chain cooperation, and oppose unilateralism and protectionism to support an open world economy.

CITIC Securities says the Fed's internal dovish camp has clearly weakened. Board turnover is steady: over the next two years only Jerome Powell faces potential turnover when his term ends in 2028; regional Fed presidents face no formal departure pressure before 2028. New chair Wash was sworn in on May 22 and did not signal dovishness. Overall policy stance is dominated by neutral to neutral‑hawkish views; US economic data and geopolitical risks remain key watch points.