GMT EIGHT - OPPORTUNITIES IN CHINA

Bank of America's Hartnett: This round of US stock market rise is supported by fiscal policy and AI. Once financing costs rise, the market may reverse.

Bank of America's Hartnett believes that the ongoing rise in US stocks is being driven by large-scale government fiscal spending and AI investments, forming a self-reinforcing "prosperity cycle".

Building a leading competitive advantage in the "Nephrology Flagship" sector, valuation restructuring of CONSUN PHARMA (01681) is underway.

When Kangchen Pharmaceutical went public and entered its thirteenth year of development, the market also focused on the new vitality of this long-established pharmaceutical company.

Zhongtai: Wealth management continues to exert force, maintaining China Merchants Bank (03968) with a "buy" rating.

China Merchants Bank (03968) is gradually accumulating a "moat" in the retail and wealth management sector.

According to the draft declaration, the Organization of the Petroleum Exporting Countries and partner countries will increase their daily oil production target by 188,000 barrels from June.

Zhongtai: Bank of China (03988) continues to show good performance, maintaining a "Buy" rating.

As a state-owned major bank, the company operates steadily, with stable asset quality and significant advantages in overseas business. The company has a high valuation safety margin, high dividend yields, and low valuation. We maintain our "hold" rating.

14 new drugs of Class 1 have been approved for clinical trials in China! From CF PHARMTECH (02652), Jiangsu Hengrui Pharmaceuticals (01276), and others.

Last week (April 27th to May 2nd), 14 first-in-class innovative drugs obtained Investigational New Drug (IND) approval for clinical trials in China. These products include small molecules, peptides, antibodies, antibody-drug conjugates (ADCs), and so on.

Ministry of Transport: On May 2, the total inter-regional population flow in the whole society was 297.665 million person-times.

On May 2, 2026, the total number of cross-regional personnel movements in the whole society was 29.7665 million, a decrease of 11.8% from the previous month and an increase of 1.7% year-on-year.

Chinese Railways: The national railway is expected to transport 18.55 million passengers today.

During the holiday period, the demand for family visits, tourism, leisure and other travels is very strong, and railway passenger flow remains high.

Chen Maobo: Hong Kong's GDP growth accelerates in the first quarter, marking the strongest quarterly growth in nearly 5 years.

Hong Kong is actively promoting the development strategy of mutual promotion between "AI+" and "Finance+" in order to accelerate the upgrading and transformation of various industries, strengthen the dynamism and resilience of the Hong Kong economy, and better cope with possible unfavorable factors.

First-quarter scan of the sci-tech innovation board's PCB sector: over 70% of companies see double growth in revenue and net profit. AI computing power drives expansion of high-end production capacity.

The first quarterly report of 2026 shows that the A-share sci-tech innovation board PCB sector has generally seen high revenue growth. In the wave of AI, there is a strong demand for infrastructure, pushing the printed circuit board industry to an unprecedented opportunity.

Finger Research Institute: Key real estate companies acquired a total of 192.31 billion yuan in land from January to April, with state-owned enterprises continuing to dominate.

From January to April 2026, the total land acquisition amount of the top 100 enterprises reached 192.31 billion yuan, with many plots sold at high premiums. In terms of land acquisition enterprises, state-owned enterprises are still the main force.

Position approaching 20 billion US dollars! "Stablecoin leader" Tether "eases up" on hoarding gold, still bought 6 tons in the first quarter.

The slowdown in gold purchases is due to the departure of two precious metal traders hired from HSBC in March, the abandonment of the plan for a "global best gold trading platform," and the significant volatility in the gold market in the first quarter. JPMorgan Chase pointed out that Tether's gold purchases last year ranked second only to the Polish central bank, which had a substantial impact on global gold prices.

"AI shovel" dominates the market, who will be the next winner? Goldman Sachs and SemiAnalysis debate the "core difference"

The winners of the first phase of the AI industry chain have already been rewarded to the extreme by the market. If Agentic AI continues to increase the value of tokens, the next round of incremental profits will either remain in the hardware layer or be redistributed to model labs, cloud providers, and enterprise software layers.

New stock news | Proya Cosmetics (603605.SH) once again submits listing application to the Hong Kong Stock Exchange, covering skin care, makeup, personal care and other fields.

According to the disclosure on April 30, 2026 by the Hong Kong Stock Exchange,Perfect Cosmetics Co., Ltd. has once again submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation and UBS as its joint sponsors.

What considerations led Trump to claim that the US-Iran conflict is "over"?

One is to avoid the 60-day deadline of the War Powers Act, to prevent Republican lawmakers from openly voting for war before the election in order to maintain party unity; the other is to raise the legal threshold to deter the Democratic Party from filing a lawsuit. This move essentially resets a new space for them to use force again without congressional approval.

New stock news | Proya Cosmetics (603605.SH) re-files to Hong Kong Stock Exchange

According to the disclosure on April 30, 2026 by the Hong Kong Stock Exchange, P&G Cosmetics Co., Ltd. once again submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CITIC Securities and UBS serving as its joint sponsors.

Shenzhen real estate new policies implemented: the number of second-hand house transactions at agency stores doubled, and customers from other cities are starting to enter the market.

On the evening of April 29th, the new real estate policy in Shenzhen officially took effect, targeting the relaxation of purchase restrictions in the core areas of Futian, Nanshan, and Baoan Xin'an, and simultaneously increasing support for provident fund loans. The implementation of the new policy coincided with the May Day holiday, with the policy benefits quickly spreading to the frontline market. "Compared to previous holidays, the proportion of customers staying in Shenzhen to view properties during this May Day is significantly higher," said Cai Xintao, a broker from LeYouJia in Shenzhen. Data from LeYouJia Research Institute showed that on the first day of the May Day holiday, the number of viewings of new properties in Shenzhen increased by 31% compared to the same period last year, while viewings of second-hand properties increased by 58%; the number of signed contracts for second-hand properties at LeYouJia stores increased by 114% compared to the same period last year. Data from the Shell Research Institute also showed that on May 1st, the number of signed contracts for second-hand properties at Shell's partner stores increased by 67% compared to the same period last year, demonstrating the immediate impact of the new policy.

GF Securities: The operating prosperity of banks in the first quarter has significantly rebounded. Focus should be on the sustainability of performance.

From the first quarter report of the bank in 26 years, it can be seen that the operating prosperity of the bank has obviously rebounded, and the growth rate of industry revenue and profit has been more prominent in the leading companies in the sector, while small and medium-sized banks have shown a more differentiated feature.

Buffett's off-site interview: unprecedented gambling sentiment in the market, lack of ideal investment environment, waiting for no one to answer the phone, Powell is more at ease (full text attached)

Buffett gave an interview during the Berkshire Hathaway shareholders meeting in 2026, comparing the current market to a "church with a gambling annex" and warning that a collapse of trust in currency would be tragic. Facing a $380 billion cash reserve, he admitted that valuations are too high, targets are scarce, and the best time to buy is when "no one else is picking up the phone".

Bitcoin broke through $79,000, rising 1.02% intraday.

The Berkshire Hathaway shareholders' meeting is coming! Warren Buffett stepped backstage for the first time in sixty years, what will the debut of the "new king" look like?

In the first shareholder letter issued by Abel, investors generally believe that the disclosure of its future strategy is still insufficient. The market is expecting more clear directions to be provided at this conference.

Kexilhasawei's operating profit in the first quarter increased by 18%, net profit increased by 120%, and cash reserves reached a record high.

In the first quarter, Berkshire's operating profit reached $11.346 billion, an increase of approximately 18% from $9.641 billion in the same period last year.

EB SECURITIES: Maintains "buy" rating on PetroChina (00857) as 26Q1 performance hits new high.

In the first quarter of 2026, the company's upstream business was affected by the decrease in oil and gas sales prices and a reduction in crude oil sales volume, achieving an operating profit of 41 billion yuan, a year-on-year decrease of -11.0%.

Berkshire Hathaway's (BRK.A.N) fixed income securities investments had a fair value of $17.669 billion at the end of the first quarter of 2026, compared to $17.816 billion in the same period last year. Among them, the fair values of investments in US Treasuries, foreign bonds, and corporate bonds were $3.88 billion, $12.391 billion, and $1.19 billion respectively.

Berkshire Hathaway (BRK.A.N) had an operating profit of $11.346 billion in the first quarter, an 18% increase year-on-year.

Cui Dongshu: In 2026, the replacement of old cars with new cars will shift to "proportional subsidies + upper limit". The average subsidy for passenger cars will decrease by 21%-30%.

The new energy update direction is clearer: By 2025, there is no clear priority direction for new energy, and all gasoline vehicle users can choose flexibly; by 2026, it is specified that diesel and natural gas truck users will be actively promoted to prioritize the updating of new energy trucks, which have lower energy consumption and maintenance costs. Plus, over 80% of major cities will open up road rights, highlighting the advantages.

Ministry of Commerce Announcement No. 21 of 2026 announces the trade ban on five Chinese companies by the United States for implementing sanctions related to Iranian oil production.

According to the relevant provisions of the National Security Law of the People's Republic of China, the Foreign Relations Law of the People's Republic of China, the Anti-Foreign Sanctions Law of the People's Republic of China and its implementing regulations, and the Measures for Blocking Improper Extraterritorial Application of Foreign Laws and Measures, the working mechanism of the "Blocking Measures" has conducted a comprehensive assessment in accordance with the law and confirmed that the sanctions imposed by the United States on companies such as Hengli Petrochemical Refinery Co., Ltd. based on their involvement in Iranian oil transactions constitute an improper extraterritorial application. In order to safeguard national sovereignty, security, and development interests, and protect the legitimate rights and interests of Chinese citizens, legal persons, or other organizations, the Ministry of Commerce, based on Article 2, 4, 6, 7 of the "Blocking Measures" and the decisions of the working mechanism, hereby issues the following injunction: Recognizing, not enforcing, and not complying with the US's sanctions on companies such as Hengli Petrochemical Refinery Co., Ltd., Shandong Shouguang Luqing Petrochemical Co., Ltd., Shandong Jincheng Petrochemical Group Co., Ltd., Hebei Xinhai Chemical Group Co., Ltd. and Shandong Shengxing Chemical Co., Ltd. based on being listed on the "Specially Designated Nationals List", freezing assets, and prohibiting transactions under Executive Orders 13902 and 13846. This injunction shall take effect from the date of publication.

Global crude oil inventories hit bottom! Three energy giants warn: the market has yet to feel the real impact.

The actual blockade of the Hormuz Strait has caused widespread impact on the global supply chain, driving up prices of commodities such as oil, aluminum, and helium. The increase in gasoline and diesel prices has further escalated logistics transportation costs.

U.S. stock indexes hit new highs, but the decline in individual stocks far exceeds the gains? Goldman Sachs: Momentum is crowded, and a reversal will trigger a sharp pullback.

For investors who expect the betting market to shift immediately, Goldman Sachs believes it is too early: before AI trading becomes fully mature, it may be difficult for the market breadth to return to normal.

Guotai Haitong: The U.S. Q1 economy is showing an upward K-shaped pattern with "inflation without stagnation", and the threshold of interest rate sensitivity has increased, causing a bottom upshift in U.S. bond yields.

A vivid description of the overall performance of the U.S. economy in the first quarter is that the opening of the "K" has slightly widened, but the overall "K" shape has moved upward.

April PMI shows that companies are increasing precautionary stockpiling, CMSC: pay attention to the input effects of the Middle East situation and the implementation of policies to expand domestic demand.

In April, the manufacturing PMI recorded 50.3%, down 0.1 percentage points from March. The service industry PMI recorded 49.6%, down 0.6 percentage points from March; the construction industry PMI recorded 48.0%, down 1.3 percentage points from March.

AI CPUs increase demand for DDR5 memory, storage chips "super cycle" continues until 2027.

As the demand for general-purpose DRAM outside of HBM increases, the end of the "super cycle" for memory chips may be delayed from the previously expected 2026 to 2027.

The dream of the "super app" by Walt Disney Company (DIS.US) has been reignited by the new CEO.

According to informed sources, Disney's top management is discussing integrating its various mobile applications and plans to build its streaming platform into the core entrance of Disney's entire business ecosystem.

From intelligent toilets to chip card plates: How TOTO became the most underestimated "hidden champion" in the AI boom.

In the global AI arms race, names like NVIDIA, TSMC, and Samsung frequently appear in the headlines; but deep within the semiconductor manufacturing industry, there is another group of lesser-known suppliers quietly enjoying the dividends of this technological feast.

Taking action on the foreign exchange market for the second time before the holiday? The market even speculates that "Japan not only raised the yen, but also lowered oil prices."

Just before the "Golden Week" holiday in Japan (May 3rd to 6th), Japan seemingly intervened in the foreign exchange market twice in less than 48 hours.

Fundraising Doubles! AI chip new darling Cerebras (CBRS.US) increases IPO scale to $4 billion, fastest roadshow starting next week.

According to sources, artificial intelligence (AI) chip manufacturer and data center operator Cerebras Systems Inc. is planning to raise up to 4 billion US dollars through its IPO.

Seize the "embodied intelligence" high ground! Meta (META.US) acquires ARI to boost its humanoid Siasun Robot & Automation layout, engaging in a head-to-head competition with Tesla, Inc. and Alphabet Inc. Class C.

Meta recently announced its acquisition of the robot artificial intelligence (AI) startup company Assured Robot Intelligence (ARI), marking a significant step for this social media giant in the field of embodied intelligence.

Nickel smelting costs have double "boosted", CICC optimistic about short-term nickel prices and revaluation of nickel and cobalt companies.

Zhongjin recently published a research report, stating that two recent changes, Indonesia's modification of the HPM calculation formula and the suspension of production for maintenance at the Huafie project, have led to an accelerated increase in nickel smelting costs, which is expected to support a rise in nickel prices.

GameStop Corp. Class A(GME.US) The gamble of the $100 billion market value of the leader: Taking over eBay (EBAY.US), is it just the first step in his astronomical compensation package?

The Game Relay Station is brewing a bold plan that could overturn traditional M&A logic.

China Securities Co., Ltd.: How do you view the UAE's withdrawal from OPEC?

On April 28th, the United Arab Emirates announced that they will withdraw from OPEC and OPEC+ starting from May 1, 2026. How do you view the impact of this event?

The US military uses AI technology to clear mines in the Strait of Hormuz.

The U.S. Navy is working with Domino Data Lab to conduct mine sweeping operations in the Strait of Hormuz using artificial intelligence technology. According to the contract between the two parties, Domino Data Lab is training underwater drones to identify new types of sea mines through artificial intelligence technology. Domino Data Lab has stated that their technology can reduce the training time for underwater drones from 6 months to just a few days.

Key compromise reached in US cryptocurrency legislation: stablecoin revenue provisions break the ice, "Clear Act" set to accelerate.

After months of intense gamechasing, the legislation for the structure of the cryptocurrency market in the United States has finally made a major breakthrough.

Retail investors once again attract the attention of stocks? GameStop Corp. Class A (GME.US) plans to acquire eBay, with the CEO aiming for a market value of one trillion yuan.

Insiders said that GameStop's market value at the close of last Friday was about $11 billion, and quietly built up a position in eBay stock before the potential takeover bid was made.

Apple Inc. (AAPL.US) Service business grows strongly, showing strong profitability resilience against rising memory costs. Stock price rises more than 3%.

Apple's quarterly performance and latest revenue guidance both exceeded market expectations, boosting investor confidence.

Exxon Mobil Corporation (XOM.US) CEO warns that oil prices still have room to rise, and the impact of the closure of the Strait of Hormuz has not fully manifested yet.

ExxonMobil CEO Darren Woods said that oil prices may still face further upward pressure in the future.

Overnight US stocks | Nasdaq and S&P 500 indices hit new all-time highs again, SanDisk (SNDK.US) rose by 8.25%

As of the close, the Dow Jones fell 152.87 points, a decrease of 0.31%, to 49499.27 points; the Nasdaq rose 222.13 points, an increase of 0.89%, to 25114.44 points; and the S&P 500 index rose 21.11 points, an increase of 0.29%, to 7230.12 points.

Trump plans to raise EU car tariffs to 25%, European car companies such as Volkswagen may be affected.

Trump said on Friday that he plans to increase the import tariffs on European Union cars and trucks to 25%, because the EU failed to fulfill the promises made in the trade agreement reached between the two sides.

Trump says hostilities between US and Iran have ended, sparking controversy by refusing congressional authorization.

Trump announced that the US-Iran "hostilities have ended" and refused to seek authorization from Congress based on the War Powers Resolution, sparking widespread controversy within the US over the legality of his military actions.

Due to the AI boom depleting inventory, Apple has raised the starting price of the Mac Mini by $200.

Due to demand-driven inventory shortages and tight processor supply for artificial intelligence, Apple has raised the starting price of its Mac mini desktop computer from $599 to $799. The company has discontinued the entry-level configuration with the M4 processor and 256GB storage space; the computer's current starting configuration still has the same chip, but with storage increased to 512GB. Apple CEO Tim Cook said the shortages are related to the supply capabilities of system-level chips, and demand for Mac mini and Mac Studio for running artificial intelligence is higher than expected.

Inventory growth drives US manufacturing PMI to four-year high, economists warn future is not optimistic.

The manufacturing sector in the United States showed a significant expansion in April, but the growth momentum primarily came from companies hoarding inventory in advance to cope with rising costs and supply chain uncertainties.

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BYD Company Limited (01211.HK) sold approximately 1.0216 million new energy vehicles in the first four months.

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Cui Dongshu: From January to March, China's market share in the global new energy passenger car market reached 61%.

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MANYCORE TECH (00068) has entered into a strategic cooperation framework agreement with Jin Yong. The agreement covers strategic cooperation on global business expansion, establishing a venture capital fund, and cooperation in capital markets.

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May Day box office surpasses 500 million.

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