★ Macro Developments ★ The Ministry of Industry and Information Technology announced the next phase will involve launching an "Artificial Intelligence + Software" special initiative, accelerating the development and application of intelligent programming, and orderly advancing computing power allocation and edge computing infrastructure construction. Vice Minister Ke Jixin stated at a State Council policy briefing on the 28th that the ministry will promote the extension of producer services towards specialization and the high-end of the value chain, while accelerating the innovative development of the software and information technology services sector. Specifically regarding AI-enabled information services, the "AI + Software" initiative will be implemented to foster new business models such as Model-as-a-Service and Agent-as-a-Service. Efforts will also focus on strengthening open-source ecosystem development, driving the intelligent upgrade of basic software and industrial software, improving the digital-intelligent transformation service system for manufacturing, and cultivating high-quality service providers through classification and tiering. The ministry will further implement the Industrial Internet innovation development project, orderly promote computing power layout and edge computing development, and enhance intelligent computing cloud service systems. The Industrial Data Foundation action plan will be executed, aiming to build a batch of high-quality industrial datasets. These measures are intended to "strengthen software services and chart a new digital-intelligent chapter," injecting fresh vitality into China's high-quality development of the service industry.
Suzhou: Q1 GDP Grows 5.8% Year-on-Year Suzhou's statistics bureau released data showing the city's gross domestic product reached 644.057 billion yuan in the first quarter, a 5.8% increase from the previous year calculated at constant prices. By sector, the primary industry added value of 3.151 billion yuan, up 3.3%; the secondary industry contributed 279.085 billion yuan, rising 7.5%; while the tertiary industry achieved 361.821 billion yuan, growing 4.5%.
★ Financial Institutions ★ Ping An Insurance: Q1 Operating Profit Increases 7.6% Ping An Insurance announced its first-quarter 2026 performance report on April 28, achieving operating profit attributable to shareholders of the parent company of 40.78 billion yuan, a 7.6% year-on-year increase. As of March 31, 2026, equity attributable to shareholders of the parent company stood at 10.1831 trillion yuan, up 1.8% from the beginning of the year. Total group assets exceeded 14 trillion yuan, reaching approximately 14.17 trillion yuan.
China Pacific Insurance: Q1 Net Profit Reaches 10.041 Billion Yuan, Up 4.3% China Pacific Insurance reported first-quarter 2026 insurance service revenue of 70.234 billion yuan, a 1.0% year-on-year increase. CPIC Life Insurance contributed 21.571 billion yuan in insurance service revenue, up 2.6%, while CPIC Property & Casualty Insurance generated 47.772 billion yuan, down 0.2%. The group achieved net profit of 10.041 billion yuan, increasing 4.3% year-on-year, with operating profit of 10.523 billion yuan, rising 3.6%.
China Merchants Bank: Q1 Net Profit Grows 1.52% China Merchants Bank announced first-quarter 2026 operating revenue of 86.94 billion yuan, up 3.81% year-on-year. Net profit attributable to shareholders reached 37.852 billion yuan, increasing 1.52%. The performance change was mainly attributed to steady business development, gradual growth in asset and liability scale, and stable improvement in operational efficiency.
★ Market Data ★ ChiNext Index Falls 1.43% as Coal Sector Bucks Trend On April 28, China's three major A-share indices opened lower collectively, maintaining volatile adjustments throughout the session, with the Shenzhen Component Index and ChiNext Index both declining over 1%. At market close, the Shanghai Composite Index dropped 0.19%, the Shenzhen Component Index fell 1.10%, and the ChiNext Index declined 1.43%. Sector performance showed coal continuing to strengthen, with Haohua Energy hitting the daily limit-up. Industrial gas concepts gained, with Huayi Group and Shudao Equipment rising by the limit. The power sector rebounded from early losses, with Huadian Energy and Huayin Power among limit-up gainers. Disperse dye concepts advanced, with Anoky rising over 13%. Natural gas concepts remained active, with Shuifa Gas and Delong Holdings hitting limit-up. Coal, shipping, petroleum, and gas supply sectors led gains, while tourism, electrical instrumentation, aviation, software services, and non-ferrous metals were among the biggest decliners.
Hong Kong Hang Seng Index Closes Down 0.95%, TECH Index Drops 2.28% The Hong Kong Hang Seng Index closed down 0.95% on April 28, with the Hang Seng TECH Index falling 2.28%. Battery leader Contemporary Amperex Technology declined nearly 7% as the company proposed placing approximately 62.385 million shares at a discount of about 7% to raise around 39.11 billion HKD. AI model leaders retreated, with Zhipu dropping over 12% and MINIMAX declining over 3%. WuXi AppTec surged over 13% after reporting first-quarter results far exceeding expectations, while SiEngine Technology soared over 383% on its debut trading day.
Margin Balance Increases 15.542 Billion Yuan Across Markets As of April 27, the Shanghai Stock Exchange margin balance stood at 1,373.867 billion yuan, increasing 9.327 billion yuan from the previous session. The Shenzhen Stock Exchange margin balance reached 1,326.205 billion yuan, up 6.215 billion yuan. The combined balance across both exchanges totaled 2,700.072 billion yuan, rising 15.542 billion yuan from the previous day.
★ Corporate Developments ★ Zhang Jianping Enters China Northern Rare Earth's Top Ten Shareholders in Q1, Holding Value Reaches 3.445 Billion Yuan China Northern Rare Earth's first-quarter 2026 report revealed Zhang Jianping became a new top-ten circulating shareholder, holding 72.2544 million shares representing 2% of total share capital. Based on quarter-end share price, the holding value reached 3.445 billion yuan. Currently, Zhang holds four stocks for the quarter: China Northern Rare Earth, Dongcai Technology, Western Materials and Sichuan Gold. Except for Dongcai Technology being an increased position, the other three were new entries in the first quarter.
China Northern Rare Earth: Q1 Net Profit Jumps 113.12% as Average Rare Earth Prices Rise China Northern Rare Earth announced first-quarter 2026 revenue of 11.859 billion yuan, up 27.69% year-on-year. Net profit attributable to listed company shareholders reached 918 million yuan, surging 113.12%. The performance change was mainly due to higher average prices year-on-year for key rare earth products including praseodymium-neodymium products during the quarter, resulting in increased gross profit.
BYD Company Reports Q1 Revenue of 150.2 Billion Yuan, Net Profit of 4.085 Billion Yuan BYD Company released first-quarter financial data showing revenue of 150.225 billion yuan, down 11.82% year-on-year. Net profit attributable to shareholders dropped 55.38% to 4.085 billion yuan, while non-GAAP net profit declined 49.24% to 4.148 billion yuan. Basic earnings per share for the quarter were 0.4480 yuan, down 56.89%, with weighted average return on equity at 1.65%, decreasing 2.72 percentage points.
Foxconn Industrial Internet: Q1 Net Profit Surges 102.55% Foxconn Industrial Internet announced first-quarter 2026 revenue of 251.078 billion yuan, up 56.52% year-on-year. Net profit attributable to shareholders jumped 102.55% to 10.595 billion yuan. The performance change was primarily attributed to continued strong demand for AI computing power, steady market share growth among major clients, and excellent performance in cloud service provider business, driving overall revenue growth.
Zhejiang Juhua: Q1 Net Profit Rises 46% on Refrigerant Price Increases Zhejiang Juhua reported first-quarter 2026 revenue of 6.018 billion yuan, increasing 3.75% year-on-year. Net profit attributable to shareholders grew 45.93% to 1.173 billion yuan. The performance change was mainly due to rising refrigerant product prices.
Shengyi Electronics: Q1 Net Profit of 445 Million Yuan Jumps 122.16% Shengyi Electronics disclosed first-quarter 2026 revenue of 2.411 billion yuan, up 52.62% year-on-year. Net profit attributable to shareholders surged 122.16% to 445 million yuan. During the reporting period, the company thoroughly implemented its "market leadership, dual-drive" strategy, precisely targeting mid-to-high-end markets through increased R&D investment and production expansion, while strengthening quality management foundations to consolidate competitive advantages.
Avic Shenyang Aircraft: Q1 Net Profit Falls Nearly 62% Avic Shenyang Aircraft announced first-quarter 2026 revenue of 2.612 billion yuan, down 55.23% year-on-year. Net profit attributable to shareholders dropped 61.69% to 165 million yuan. The performance change was mainly due to decreased revenue resulting from product structure adjustments and delivery schedule impacts.
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