GMT EIGHT - OPPORTUNITIES IN CHINA

State Council Meeting: Discussing Work Related to Technological Innovation.

Li Qiang presided over the State Council executive meeting to discuss matters related to technological innovation.

The Nasdaq 100 index futures continued to rise, reaching an intraday high of 1.1%.

Stellantis (STLA.US) restructures its brand investment logic: resources focus on profit core.

Insiders say that Stellantis will focus its funds on core automotive brands during the CEO-led transformation.

Zhaojin Mining (01818) reported a net profit attributable to shareholders of 1.189 billion yuan in the first quarter, an increase of 80.44% year-on-year.

Zhaojin Mining (01818) released its first quarter report for 2026, with an operating income of 4.46 billion yuan, a year-on-year increase of 46.67%; a net profit attributable to shareholders of 1.189 billion yuan, a year-on-year increase of 80.44%; and basic earnings per share of 0.32 yuan.

The Hong Kong Securities and Futures Commission is once again participating in global regulatory efforts to combat illegal activities by financial influencers.

The Hong Kong Securities and Futures Commission is collaborating with securities regulatory agencies around the world to combat illegal activities of financial influencers.

From NVIDIA's AI error correction to Cisco's aim at "quantum interconnection", the quantum craze is once again creating a huge wave! Technology giants are competing in the commercialization of quantum computing.

Quantum computing is becoming the most sought-after next-generation "grand technology narrative" after the AI super wave.

The resold ticket for the final World Cup match between the United States, Canada, and Mexico was priced at nearly $2.3 million.

The official FIFA ticket resale platform recently had 4 tickets for the 2026 FIFA World Cup final, with each ticket priced at close to $2.3 million. It is understood that these 4 tickets were for the World Cup final held on July 19 at the MetLife Stadium in East Rutherford, New Jersey. Each ticket was priced at $2,299,998.85, with seats located in section 124, lower tier behind the goal, row 45, seats 33 to 36. On that day, the lowest price for final tickets on the platform was $10,923.85. According to the United States, FIFA does not control the resale prices of tickets in the market, but charges a 15% commission from both the buyer and seller of each ticket. The FIFA World Cup in the United States, Canada, and Mexico is scheduled to be held in 16 cities from June 11 to July 19. Earlier this month, FIFA said that ticket sales data from the completed three rounds showed a record high number of successful ticket purchases from fans around the world. This event is expected to break the record of 3.5 million spectators set at the 1994 World Cup in the United States. The high ticket prices this year have been criticized by several fans' organizations, but FIFA President Infantino has stated that this is a result of high demand, "the United States has a dynamic pricing model, meaning prices will rise or fall based on the specific game."

Hong Kong stocks mid-day review: rebound near midday! Hang Seng Technology rose 0.34%, semiconductor stocks surged significantly

The three major stock indexes in Hong Kong rebounded near midday, with the Hang Seng Technology Index and the state-owned enterprise index rising by 0.34% and 0.09% respectively, while the Hang Seng Index continued to fall by 0.2%. Weighted technology stocks that had been declining continuously saw some recovery, with Baidu surging more than 2% in a straight line, Alibaba in the green, and Tencent, Xiaomi, and JD.com down by less than 0.6%. Semiconductor stocks showed a significant increase, with Huahong Semiconductor leading the gains, while oil stocks, brain-computer interface stocks, and robotics stocks all rose. Additionally, spot gold fell below $4700 again, with inflation prospects becoming a market focus. Gold stocks continued their weak trend, with Walc Nuclear Materials leading the decline by more than 12% after its performance, followed by a decline in nuclear power stocks, as well as lackluster performances in lithium battery stocks, Macau casino stocks, and aviation stocks.

Longitude and latitude have fallen 68%, previously announced the implementation of a stock "one for four" plan.

As of the deadline for submission, JWTD's stock has dropped by 68.20%. In terms of news, JWTD previously announced a detailed timetable for its stock split. The company will implement a "one-for-four" stock split plan, dividing each existing share into four new shares to adjust its stock price and liquidity.

DeepSeek-V4 preview version officially launched, providing a brand new experience with 1M ultra-long context memory.

DeepSeek-V4 has a million-word super long context, leading in Agent ability, world knowledge, and reasoning performance in both domestic and open source fields.

AI competition accelerates! OpenAI releases GPT-5.5 "smartest ever", Anthropic simultaneously promotes Mythos to the UK industry.

OpenAI has released GPT-5.5; meanwhile, British banks and businesses are seeking to adopt Anthropic's Mythos.

"Integrating computing and electricity" is becoming a new rule for AI infrastructure: SoftBank plans to build its own battery production capacity to complete the energy foundation closed loop.

Softbank is preparing to produce batteries for artificial intelligence data centers.

The Zhuque-3A remote-sensing satellite is undergoing final preparations before leaving the factory.

Zhuque-3 Y2 rocket is undergoing pre-launch preparations, and will once again challenge sub-orbital recovery and reuse.

The first batch of services for the third stage of Hong Kong's "Single Trade Window" will be launched on May 1st.

The first batch of services for the third phase of the Hong Kong Trade Single Window will officially launch on May 1st, replacing the "Road Cargo Information System" for the industry to submit and bundle road pre-arrival cargo information. User data from the "Road Cargo Information System" will be automatically transferred to the "Single Window" system, and users only need to log in with their original account to seamlessly use the "Single Window" service without the need for re-registration. The "Road Cargo Information System" will stop services from midnight on May 1st to switch systems, and the "Single Window" system is expected to be launched early in the same day. During the system switch, land border control stations will maintain normal cargo clearance services. Hong Kong Customs reminds the industry to plan in advance to submit road pre-arrival cargo information and complete related bundling arrangements to ensure smooth cross-border transportation during the system switch. Hong Kong Customs will continue to maintain close contact with the industry to assist with the smooth transition to the third phase of the "Single Window" service.

Stalemate in US-Iran negotiations: Oil prices rise for the fifth consecutive time, and Brent crude briefly surpasses $107, reaching a ten-day high.

Geopolitical risks have sharply risen, driving international oil prices higher for the fifth trading day in a row, with the dollar also hitting a 10-day high.

Performance Crushes Expectations, CPU Strategic Value Validated! Under the leadership of Chen Liwu, Intel Corporation (INTC.US) has embarked on a transformation from "survival" to "expansion".

Intel released first quarter results and second quarter guidance that far exceeded market expectations, indicating that the long-struggling chip maker is benefiting from the massive wave of artificial intelligence (AI) deployments.

The Nikkei 225 index opened at 59407.44 points in the morning, up 0.45%.

Tianxing Medical (01609) is now opening for IPO, with an offer price of 98.5 Hong Kong dollars per share. Institutional investors will subscribe for 37 million US dollars worth of shares.

Tianxing Medical (01609) will be listed for public offering from April 24th to April 29th, 2026. The company plans to globally issue 8.42185 million H shares, with 10% of the shares being offered in Hong Kong and the remaining 90% in the international market. The issue price per share is HK$98.50 and each lot consists of 50 shares. The trading of the shares is expected to begin at 9:00 am on May 5th, 2026 (Tuesday) on the Hong Kong Stock Exchange.

The probability of the Federal Reserve keeping interest rates unchanged in April is 99%.

According to CME's "FedWatch": The probability of the Federal Reserve raising rates by 25 basis points in April is 1%, while the probability of keeping rates unchanged is 99%. The probability of the Federal Reserve cutting rates by a cumulative 25 basis points by June is 2.6%, the probability of keeping rates unchanged is 96.4%, and the probability of raising rates by a cumulative 25 basis points is 1%.

"Big Short" Michael Burry: Establishing positions to go long on Microsoft.

The Federal Reserve is pushing Wall Street to support new capital regulations, but large banks are still seeking more exemptions.

Despite senior officials at the Federal Reserve showing clear support for new regulations and reducing public pressure on Wall Street, large banks continue to push for further relaxation of capital requirements.

After Intel released its financial report, the stock prices of AMD Semiconductor and Arm Holdings rose by 6% in after-hours trading.

US Stock Market Move | Q1 performance exceeds expectations but fails to alleviate concerns about AI impact, IBM's (IBM.US) initial trading falls over 8%

On Thursday, IBM (IBM.US) plunged more than 8% in early trading, with a cumulative decline of 22% so far this year, now trading at $230.59.

The Australian Society of Accountants: Strong Performance of Hong Kong Small and Medium Enterprises in 2025, with Business Growth Rate Reaching Nearly a 10-Year High.

The latest release of the "Asia Pacific Small Business Survey 2025-2026" by the Institute of Accountants of Australia shows that the operational performance of small and medium-sized enterprises in Hong Kong continues to improve, with many key indicators reaching historic highs, reflecting a significant improvement in the overall business environment and a significant increase in business confidence.

Stellantis is pushing forward with capacity adjustments in Europe, considering selling or sharing four factories.

Stellantis (STLA.US) is actively working to address the issue of excess production capacity. The company has identified four European factories that could potentially be sold or shared, including the Rennes factory in France.

China Telecom Corporation (00728) announced its first quarter financial results, with a net profit attributable to shareholders of 7.35 billion yuan, a decrease of 17.1% year-on-year.

China Telecom (00728) released its first quarter report for 2026, with the group achieving operating revenue of RMB 131.967 billion (same unit below), a decrease of 2.6% year-on-year; the company's net profit attributable to shareholders was RMB 7.35 billion, a decrease of 17.1% year-on-year; basic earnings per share were RMB 0.08.

How steep is the increase in memory prices? Japan's flash memory giant Kioxia has seen its market value rise from 43rd place to top ten in just half a year.

Kioxia Holdings Corp., the company that produces NAND flash memory as its core product, has made its debut into the top ten largest market value companies in Japan. The continuous rise in NAND flash memory prices has significantly boosted the company's stock price.

ByteDance launches 3D creation tool Seed3D 2.0 for large models.

On April 23, ByteDance officially released a higher precision new generation 3D large model - Seed3D 2.0. It is reported that the model adopts the MoE architecture, uses sparse expert routing to control the inference computing amount while expanding the model parameter quantity and resolution, enabling the model to generate richer texture details and more precise metal-roughness boundaries. Currently, the Seed3D 2.0 technical report has been published, and the API has also been launched on the Volcano Engine.

Wall Street veteran Adrian: The risk of war is far from over, but the US stock market will not return to its March lows.

As Trump's statements about the imminent end of the war repeatedly fluctuate, and peace talks evolve into a game of brinkmanship surrounding the key waterway of the Strait of Hormuz, Yadeini expressed that he anticipates this war will limit market gains until the conflict is resolved.

Hope for the resumption of the Strait of Hormuz is dashed! The US-Iran standoff escalates, US military says mine-clearing will take 6 months.

The game between the US and Iran for control of the Strait of Hormuz is still ongoing.

The US Department of State requires American citizens in Iran to depart immediately.

The Consular Affairs Bureau of the U.S. Department of State posted on social media on the 22nd, stating that as Iran has announced the partial reopening of its airspace, U.S. citizens in Iran should depart immediately. The post advised U.S. citizens to follow local media for the latest updates on the situation and consult commercial airlines for information on flights out of Iran. Additionally, U.S. citizens can travel overland to Armenia, Azerbaijan, Turkey, and Turkmenistan, but should avoid traveling to regions adjacent to Afghanistan, Iraq, or Pakistan.

Iran seizes two ships passing through the Strait of Hormuz, causing the price of Brent oil to rise by 3% and return to above $100.

After Iran detained a container ship, the United States maintained a naval blockade, causing the price of Brent crude oil to rise to above $100 per barrel.

Tesla: working hard to launch intelligent driver assistance technology in the Chinese market as soon as possible.

On April 23rd, Tesla announced that the company has obtained approval for its advanced driver assistance system in the Netherlands in April, which is crucial for approval in other EU countries. At the same time, the company is working hard to launch the advanced driver assistance system in the Chinese market as soon as possible.

HK Stock Market Move | Chongqing Sokon Industry Group Stock(09927) rose over 6% in early trading. The company plans to repurchase 1-2 billion yuan worth of A shares and plans to increase capital and expand shares in its subsidiary, Land Electric Technology.

Sally (09927) rose more than 6% in early trading, up 4.56% as of press time to HKD 83.7, with a turnover of HKD 62.3647 million.

The price is too expensive, I can't afford it! The largest customer Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR has given up on the latest lithography equipment from ASML Holding NV ADR (ASML.US) until 2029.

TSMC (TSM.US) stated that in order to save costs, they will postpone using ASML's most advanced chip lithography equipment for mass production until after 2029, which may pose a threat to the manufacturer of this expensive equipment.

AI storage demand continues to surge! SK Hynix's Q1 profits soar five times, revenue surpasses 5 trillion Korean won for the first time.

SK Hynix's first-quarter profit surged significantly due to the sharp increase in prices of artificial intelligence storage chips.

Texas Instruments Incorporated (TXN.US) continues its recovery momentum! Q1 performance is in full bloom, with data center revenue soaring by 90%. Q2 guidance surpasses market expectations.

Benefiting from the surge in data center and industrial equipment spending, Texas Instruments provided unexpectedly strong performance guidance. The company also announced strong first quarter earnings.

Tesla, Inc. (TSLA.US) Q1 profits exceed expectations, free cash flow unexpectedly turns positive, Musk announces plans to "significantly increase investment", with a target of producing one million Optimus vehicles per year.

Tesla (TSLA.US) announced its first quarter financial report for 2026 after the closing bell on April 22nd, Eastern Time, stating that global demand for electric vehicles is recovering and its performance exceeds analysts' average expectations.

Zhong International Xuchuang reclaims the top spot in public offering heavy positions. Technology stocks may be entering a "Darwinian moment."

With the completion of the disclosure of the first quarter reports of public offering funds, the data of the top ten stocks with the heaviest positions in the funds have officially emerged. Calculated by holding market value, the top ten stocks with the heaviest positions in active equity public offering funds in the first quarter are Jiashan Zhichuang, Ningde Times, New Yisheng, Tencent Holdings, Guizhou Maotai, Easte Precision, Zijin Mining, Alibaba Group-W, Wuhan Mingde, and Lixun Precision. "Technology" remains the core keyword in the allocation of public offering funds in the first quarter. Jiashan Zhichuang retains its position as the top stock with the heaviest position, and excellent performance funds all focus on technology themes, with many technology stocks being increased by public offering funds. In addition, the emerging forces of artificial intelligence in Hong Kong stocks have also risen rapidly, contributing significantly to the net value of heavily positioned funds. Several public offering fund managers emphasized in their first quarter reports that artificial intelligence is still the most important structural theme in current asset pricing. Whether it is the overseas computing power supply chain or domestic AI demand-driven, the high prosperity of the technology sector is still highly valued. Against the background of generally pressured technology trends in overseas markets, the structural changes in the A-share technology sector have become more and more evident. According to Tang Xiaobin of Guangfa Fund, if the period from 2023 to 2025 is a time of flourishing AI technology, valuation bubbles, and homogenized competition, then 2026 will officially enter the "Darwinian moment" of survival of the fittest.

Samsung Electronics: Net profit for the first quarter was 4.03 trillion Korean won, compared to market estimates of 3.04 trillion Korean won.

Intel's stock price rose 1.8% in after-hours trading after Musk announced that Tesla would adopt Intel's 14nm chip manufacturing technology.

Tesla has raised its capital expenditure forecast for 2026 to over $25 billion, up from the previous forecast of over $20 billion.

Tesla's first-quarter revenue increased by 16% year-on-year, driven by an increase in vehicle deliveries.

Tesla's revenue in the first quarter of 2026 increased by 16% year-on-year, mainly driven by the increase in car deliveries. Revenue from energy generation and storage businesses decreased by 12% year-on-year, while revenue from services and other businesses increased significantly by 42% year-on-year. Tesla is expected to begin mass production of Cybervan autonomous taxis, Tesla semi-trucks, and the large-scale energy storage battery Megapack3 in 2026. The company anticipates that profits from hardware business growth will be accompanied by increased profits from artificial intelligence, software, and fleet-related businesses. Car delivery volume and average selling price: the company stated that the increase in car deliveries and the rise in the average selling price of vehicles have both contributed to revenue growth. Service business and fully autonomous driving income: Gross profit from services and other businesses increased, combined with sales of FSD software and an increase in subscription users, supporting the company's profitability. Decline in energy business revenue: Lower revenue from energy generation and storage businesses has weighed on overall revenue growth. The current overall rating for Tesla stock in the market is a hold; institutional ratings are distributed as follows: 24 firms rating it as strong buy/buy, 21 as hold, and 9 as sell/strong sell. The average rating for the automotive industry as a whole is buy. The median target price for Tesla in the next 12 months on Wall Street is $420, which represents approximately 8.7% upside from the closing price of $386.42 on April 21. The stock's current 12-month forward P/E ratio is 176 times, compared to 215 times three months ago.

US Stock Market Move | Philadelphia Semiconductor Index rose for the 16th consecutive day to set a new record. Micron Technology, Inc. (MU.US) surged over 3.5%.

Philadelphia Semiconductor Index rose more than 1% in intraday trading, rising for the 16th consecutive trading day, setting a record for consecutive gains in history.

"Combining software and hardware" breaks through the AI competition! Alphabet Inc. Class C (GOOGL.US) Cloud Next conference unveiled the "full set" of AI intelligence agents, with self-developed TPU 8t/8i making a simultaneous appearance.

In the increasingly fierce competition in artificial intelligence (AI), Google is trying to regain the technological high ground through a strategy of "combination of software and hardware".

Tesla, Inc. (TSLA.US) is about to release its financial results. What the market cares about is not just the performance itself, but also AI, Robotaxi, Siasun Robot&Automation, and SpaceX.

Both long-term investors focusing on Tesla's growth prospects and speculators focused on short-term excess alpha returns generally believe that Tesla's first quarter financial data has taken a back seat in importance.

Jiangsu Hengrui Pharmaceuticals (01276) released its financial results for the first quarter, with a net profit attributable to shareholders of 2.282 billion RMB, an increase of 21.78% year-on-year.

Hengrui Pharmaceutical (01276) announced that in the first quarter of 2026, the group achieved operating income of 8.141 billion yuan (same unit), an increase of 12.98% year-on-year; net profit attributable to shareholders of the listed company was 2.282 billion yuan, an increase of 21.78% year-on-year; and basic earnings per share were 0.34 yuan.

NEW ORIENTAL-S (09901) The net profit attributable to shareholders in the third quarter increased by 45.3% year-on-year to 1.268 billion US dollars.

New Oriental Education & Technology Group Inc. (09901) announced that as of the third quarter ending on February 28, 2026, its net revenue increased by 19.8% year-on-year to $1.4173 billion. Operating profit increased by 44.8% to $1.803 billion. Net profit attributable to shareholders of New Oriental increased by 45.3% to $1.268 billion.

The net inflow of funds from the south today was 4.89 billion yuan. In terms of Shanghai-Hong Kong Stock Connect, CNOOC and Pinduoduo received net inflows of 355 million Hong Kong dollars and 331 million Hong Kong dollars respectively; Changfei Optic Fiber Cable had the highest net outflow amount of 491 million Hong Kong dollars; In terms of Shenzhen-Hong Kong Stock Connect, SMIC and Geely Auto received net inflows of 333 million Hong Kong dollars and 332 million Hong Kong dollars respectively; Alibaba-W had the highest net outflow amount of 1.008 billion Hong Kong dollars.

Brent crude rose by 1% during the day and is now at 99.49 US dollars per barrel.

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Nandu Power: Wholly-owned subsidiary Anhui Huabo Recycling Resources Technology Co., Ltd. ceases operation.

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According to sources and data from Reuters, the price of Urals crude oil at Russian ports has fallen below $100 per barrel, but is still close to the four-year high above $90 per barrel.

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Zhongji Xuchuang: The 1.6T product has already entered mass production and is expected to maintain a quarter-on-quarter increase in shipments.

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LiuGong: Net profit in the first quarter of 2026 was 606 million yuan, a decrease of 7.78% compared to the same period last year.

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Northern Copper Industry: Net profit is expected to increase by 29.01% in 2025 compared to the previous year, proposing a dividend of 1.4 yuan for every 10 shares.

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