Two government departments have issued a joint notice to implement the 2026 "Model-Data Resonance" initiative, aimed at promoting high-level artificial intelligence empowerment for new industrialization. The action focuses on key industries including steel, petrochemicals, non-ferrous metals, building materials, industrial machinery, automotive, medical equipment, power equipment, shipbuilding, aerospace, home furnishings, pharmaceuticals, biomanufacturing, historical classics, electronic components, consumer electronics, new displays, software, information communications, and cybersecurity. Through this initiative, the goal is to develop a batch of highly promotable and technically feasible AI application scenarios, tackle industry-specific models and intelligent agents incorporating industrial technological principles, construct high-quality datasets of general and specialized industry knowledge, and cultivate collaborative innovation consortia. By the end of 2026, the aim is to establish a virtuous cycle promoting interaction between data, models, and scenario applications, thereby driving advanced AI integration into new industrialization.
In overnight U.S. trading, major indices declined. The Dow Jones Industrial Average fell 25.86 points to 49,141.93, a drop of 0.05%. The S&P 500 index decreased by 35.11 points to 7,138.8, down 0.49%. The Nasdaq Composite dropped 223.3 points to 24,663.8, a decline of 0.9%. Most leading tech stocks fell, with Broadcom and Oracle down over 4%. Precious metals, semiconductor equipment, and materials stocks led the declines, with Arm falling nearly 8%. Most popular Chinese ADRs declined, with the Nasdaq Golden Dragon China Index down 0.49%. Hong Kong's Hang Seng Index ADRs rose proportionally, closing at 25,801.93 points, up 122.15 points or 0.48% from the Hong Kong close. NYMEX WTI crude oil for the current month rose $3.25 to $99.62 per barrel, a gain of 3.37%. COMEX gold futures for the current month fell $84.10, or 1.79%, to $4,609.6 per ounce. Market Holiday Reminder: For the upcoming Labor Day holiday in 2026, the Hong Kong stock market will be closed from Friday, May 1, to Sunday, May 3, with normal trading resuming on Monday, May 4.
Meituan (03690) announced the early redemption of $1.4814 billion principal amount of its 2028 bonds. According to the terms of the zero-coupon convertible bonds due 2028, the company redeemed the full or partial holdings of the bonds at 101.28% of the outstanding principal amount on April 27. As of the announcement date, the company had received redemption notices for a total principal amount of $1.4814 billion, and the early redemption has been completed. Following this, a principal amount of $18.6 million of the 2028 bonds remains outstanding.
Datang Power Generation (00991) plans to invest RMB 5.1 billion to establish a joint venture for developing the Inner Mongolia Power Transmission to Jiangsu project. On April 28, 2026, the company signed a capital contribution agreement with Jiangsu Guoxin Group Corporation and Ordos New Energy Development and Utilization Co., Ltd. The joint venture will have a registered capital of RMB 100 billion, with Datang Power contributing RMB 5.1 billion for a 51% stake, Jiangsu Guoxin contributing RMB 3.4 billion for 34%, and Ordos New Energy contributing RMB 1.5 billion for 15%.
CGN Power (01816) intends to acquire equity stakes in Cangnan Nuclear Power and another company from its controlling shareholder, China General Nuclear Power Corporation, for a total transaction value of approximately RMB 8.347 billion. The acquisition, constituting a connected transaction, aims to expand the company's controlled nuclear power unit capacity and consolidate its market position in the nuclear power industry. The pricing is based on asset appraisal results, with Cangnan Nuclear Power's net asset appraisal value at approximately RMB 13.554 billion and the second company's at approximately RMB 3.389 billion.
CMOC Group (03993) management stated at a shareholders' meeting that, under the cobalt export quota mechanism in the Democratic Republic of Congo, the company remains the world's largest cobalt supplier. Arrangements for local cobalt exports are already in place, and the company expects its cobalt quota exports this year to proceed normally according to procedures. Management emphasized that the company's cobalt ore has high grade and low associated mining costs, making maintaining normal production the optimal strategy.
Alibaba's T-Head unveiled its first intelligent network interface card, the PanMai 920, at the 2026 Digital China Summit. This is China's first 400G intelligent network card with a built-in PCIe Switch, supporting up to 400Gbps throughput bandwidth. It is applicable for scenarios such as 10,000-card AI computing clusters, general computing clusters, and high-performance storage. The PanMai 920 has entered mass production and will be initially deployed in Alibaba Cloud data centers.
Sinopec (00386) reported first-quarter 2026 revenue of RMB 706.695 billion, down 3.9% year-on-year, while net profit increased 28.2% to RMB 17.006 billion.
CNOOC (00883) announced first-quarter 2026 revenue of RMB 116.079 billion, up 8.63% year-on-year. Net profit attributable to equity shareholders rose 7.06% to RMB 39.144 billion, with basic earnings per share of RMB 0.82.
Shenghong Technology (02476) reported first-quarter 2026 revenue of RMB 5.519 billion, up 27.99% year-on-year, and net profit of RMB 1.288 billion, an increase of 39.95%. The company stated it has a full order book and maintains high capacity utilization. Expansion projects are progressing as planned, and the company is confident in future profitability as these projects commence operations and ramp up.
JLMAG (06680) reported first-quarter 2026 revenue of approximately RMB 2.036 billion, up 16.05% year-on-year. Net profit attributable to shareholders was approximately RMB 193 million, an increase of 20.09%. Net profit after deducting non-recurring gains and losses was RMB 176 million, up 65.95%. Basic earnings per share were RMB 0.14.
SF HOLDING (06936) announced first-quarter 2026 revenue of RMB 74.142 billion, up 6.14% year-on-year. Net profit attributable to shareholders was RMB 2.526 billion, an increase of 13.05%. The performance change is attributed to the company's focus on value-driven operations, optimized business structure, and proactive response to external challenges, ensuring sustained high-quality growth and demonstrating strong operational resilience. First-quarter net profit was RMB 2.526 billion, compared to RMB 2.809 billion in the fourth quarter of 2025, representing a sequential decline of 10%.
China Pacific Insurance (02601) reported first-quarter 2026 revenue of RMB 92.547 billion, down 1.25% year-on-year. Net profit increased 4.3% to RMB 10.041 billion, with basic earnings per share of RMB 1.04.
BYD Company (01211) reported first-quarter 2026 revenue of RMB 150.225 billion. Net profit attributable to shareholders was RMB 4.085 billion. Basic earnings per share were RMB 0.448, and weighted average return on equity was 1.65%.
BYD Electronic (00285) announced first-quarter 2026 revenue of approximately RMB 38.183 billion, up 3.53% year-on-year. Gross profit was approximately RMB 1.991 billion, down 14.35%. Profit attributable to equity shareholders was RMB 27.83 million, a significant decrease of 95.53%. Earnings per share were RMB 0.01.
Tianjin Port Development (03382) reported that Tianjin Port Co., Ltd. achieved first-quarter 2026 operating revenue of RMB 2.632 billion, down 12.68% year-on-year. Net profit attributable to shareholders increased 28.29% to RMB 353 million. Earnings per share were RMB 0.12.
Pharmaron (03759) reported first-quarter 2026 revenue of RMB 3.578 billion, up 15.48% year-on-year. Net profit attributable to shareholders was RMB 335 million, an increase of 9.75%. Basic earnings per share were RMB 0.186.
Yankuang Energy (01171) announced first-quarter 2026 revenue of RMB 34.589 billion, up 1.83% year-on-year. Net profit attributable to shareholders surged 42.14% to RMB 3.955 billion. Basic earnings per share were RMB 0.396.
Sinotrans (00598) reported first-quarter 2026 revenue of approximately RMB 21.549 billion, down 9.35% year-on-year. Net profit attributable to shareholders was approximately RMB 681 million, up 5.65%. Basic earnings per share were RMB 0.095.
WH Group (00288) reported first-quarter 2026 (pre-biological fair value adjustment) revenue of $6.994 billion, up 6.71% year-on-year. Profit attributable to owners of the company was $396 million, an increase of 8.79%. Basic earnings per share were 3.09 US cents.
SUNMI TECH-W (06810), dubbed the "first AI commercial IoT stock," saw its Hong Kong IPO receive over 2,000 times oversubscription. The gray market performance was robust, with shares closing up 276% at HK$93.65. The public offering reportedly attracted over HK$210 billion in subscriptions, making it the most oversubscribed AI hardware tech IPO on the Hong Kong market this year. Global long-term funds such as Millennium, Schonfeld, Orix, QRT, Marshall Wace, North Rock, Weiss, and Jump Trading actively participated.
Industry leader Kingboard Holdings (01888) announced a 10% price increase for some products. On April 28, Guangdong Kingboard Laminates Holdings Ltd., a subsidiary of the CCL industry leader, issued a formal notice citing soaring copper prices and tight glass cloth supply, which have sharply increased the cost of CCL. The price of FR-4 CCL and PP semi-cured sheets will be raised by 10% effective immediately.
Comments