GMT EIGHT - OPPORTUNITIES IN CHINA

Chip stocks frenzy is still accelerating.

In the past six weeks, the market value of the semiconductor sector has surged by approximately $3.8 trillion. The demand for AI computing power has spread from GPUs to memory chips and traditional CPUs, driving chips of all categories into a boom cycle. The leveraged ETF SOXL has gained over 1200%, attracting a swarm of retail investors.

Attracting global capital, Asia's new "super cycle" is unfolding.

Asian stock markets are experiencing a new round of uptrend driven by the AI wave. Morgan Stanley predicts that fixed asset investment in Asia will increase from $11 trillion in 2025 to $16 trillion in 2030. The core driving forces include AI infrastructure, energy security, and defense spending.

Cui Dongshu: In April, the price reduction scale of 13 passenger cars, with the promotion of new energy vehicles, rose to a high of 10.9%.

In April 2026, the number of models with reduced prices was 13, which was 1 fewer than the same period last year. Among them, there were 2 hybrid models, which was 2 more than the same period last year; and 4 electric models, which was 1 fewer than the same period last year.

Byte boosts again! Global AI investment continues to rise, computing power enters full-chain inflation.

According to reports, ByteDance is increasing its investment in artificial intelligence infrastructure, with the company planning to exceed 200 billion yuan in capital expenditure this year, an increase of 25% from the initial plan.

NIO Power's "Chargeable Partner" program has jointly built over 500 battery swapping stations, and the battery swapping model is widely recognized.

NIO Power's "charging partner" has jointly built over 500 battery swapping stations, and the battery swapping model is widely recognized.

Comparison between 2000 and 2026: What changes have occurred in the leading stocks of the Nasdaq index?

Artificial intelligence is driving a global technology stock surge, but it is also causing concerns about a bubble, with more and more people recalling the dot-com bubble of the early 2000s.

Bank of America's Hartnett: The material sector will be the next "darling of the bull market"

Bank of America strategist Hartnett pointed out that the materials sector currently accounts for only 2% of the S&P 500 market value, with valuations at a 30-year low. Geopolitical resource competition, AI capital spending, defense expansion, and the shortage of housing in the United States constitute multiple drivers. He proposed a "bubble barbell" strategy, recommending going long on AI chips and oversold cyclical assets simultaneously, with the materials sector as the optimal pairing.

Far exceeding expectations! The just concluded financial reporting season for US stocks was "amazingly strong".

The first quarter earnings season in the United States is the best in 20 years, catching Wall Street off guard with its strong performance.

Senior Fed official: If AI succeeds, rates will increase; if AI fails, there will be stagflation.

Chicago Fed President Goolsbee warned at a Hoover Institution conference at Stanford that the widespread market expectations for AI productivity could themselves push up interest rates and trigger stagflation if the technological dividend fails to materialize. He pointed out that when expectations are already fully priced in, businesses and residents may pre-emptively overspend on consumption and investment, leading to an overheated economy.

Guosen: Is the A-share calendar effect still effective?

"Emphasize balance in structure, focus on technology as the main theme in the medium term, and pay attention to the liquor real estate and resource industries."

When OpenAI and Anthropic enter the market to "steal business", Palantir's real competitor has arrived.

OpenAI and Anthropic are replicating the core model of Palantir and building competing products, causing Palantir's commercial contract bookings growth rate to drop from 137% to 45%. The company is essentially an AI "refinery" rather than a model developer, and the market controversy lies in whether it is just "expensive packaging".

Intel Corporation (INTC.US) receives a key endorsement from subcontracting: The industry shift behind Apple Inc. (AAPL.US) orders.

Apple or terminate TSMC's exclusive contract. It is reported that Apple has reached a preliminary agreement with Intel for chip manufacturing. This is Apple's strategic move to alleviate AI production capacity anxiety, and also the strongest endorsement for Intel's foundry business counterattack. The competition in the global advanced process industry is undergoing a historical reshaping.

Wall Street and traders jointly warned: The stalemate in the Strait of Hormuz is "depleting" global oil inventories.

Traders and oil company executives generally expect that oil prices need to soar to the level of "demand destruction" in order to rebalance the market.

Ministry of Transport: Accelerate the promotion of large-scale application of new energy heavy trucks and build zero-carbon transportation corridors.

On May 9th, Liu Wei, Secretary of the Party Group and Minister of the Ministry of Transport, presided over a departmental meeting. The meeting emphasized the need to continue to strengthen the guarantee of energy and material transportation, continue to implement large-scale equipment renewal actions in transportation, accelerate the promotion of the large-scale application of new energy heavy trucks, build zero-carbon transport corridors, and promote the integrated development of transportation and energy.

China Association of Automobile Manufacturers: The rumors circulating online about "New energy vehicle companies being summoned and investigated due to battery locking issues" are false information.

Today, reporters learned from the China Association of Automobile Manufacturers that the online rumor of "New energy vehicle companies being interviewed and investigated for battery lock issues" is false information. The relevant person in charge of the China Association of Automobile Manufacturers stated that the recent widespread rumors on the internet regarding "8 new energy vehicle companies being interviewed for battery lock issues" and "3 companies being investigated" have no official source and are seriously inconsistent with the facts. All industry regulatory dynamics and law enforcement measures should be based on official information from the competent authorities. At the same time, it is hoped that new energy vehicle companies will optimize their battery management systems, maintain the principle of transparency, ensure consumers' right to know and choose, establish smooth and efficient after-sales communication channels, actively address complaints and disputes related to battery lock issues, and safeguard their brand reputation through honest operation.

The Guizhou Maotai Sauce Fragrance Series Liquor Market Work Meeting is held.

According to news from Guizhou Moutai, on May 8th, Wang Li, the deputy secretary of the party committee and general manager of Moutai Group, presided over the Moutai sauce-flavored series of liquor market work meeting. The meeting emphasized that the second and third quarters are the traditional off-season for consumption. It is necessary to fully and scientifically utilize the mature channel investment model that has been applied, and make scientific investments based on market demand, effectively maintain the resilience of the channels, not exhaust resources for short-term gains, and not pursue short-term targets. At the same time, policies and resources should focus on key aspects of market maintenance and development, innovate product operation and promotion methods, avoid being stuck in the past, adapt to the situation, and implement precise strategies to promote consumption and sales, ensure that transformation measures are implemented and effective, and continuously create a new situation in the market work of Moutai sauce-flavored series of liquor.

Weight reduced by 22.5%! Roche's GLP-1 new drug approved for clinical use in China for the first time.

The official website of CDE shows that Roche (RHHBY.US)RO7795068 injection has been approved for clinical use, for the long-term weight management of obese or overweight adult patients based on controlling diet and increasing exercise.

According to CCTV: Li Qiang chaired an executive meeting of the State Council, emphasizing the need to effectively respond to risks and challenges, continuously advance the resolution of risks in areas such as real estate, local government debt, and small and medium-sized financial institutions, closely monitor the implementation of safety production responsibilities by all parties, and resolutely prevent the occurrence of major accidents.

State Council meeting: Strengthen the planning and construction of water networks, new generation power grids, computing power networks, new generation communication networks, underground urban pipe networks, and logistics networks.

Li Qiang presided over the State Council executive meeting. The meeting pointed out the importance of aligning thoughts and actions with the Party Central Committee's scientific judgment on the situation, further enhancing confidence, seizing opportunities in response to changes, promoting development by overcoming difficulties, consolidating and expanding the positive momentum of economic stability, and striving for a good start to the "14th Five-Year Plan". Macro policies should focus on using resources effectively and efficiently, insist on taking proactive measures, and continuously improve implementation efficiency. Strengthening the domestic circulation should focus on coordinated supply and demand, upgrading linkages, implementing and improving measures to expand and improve the service industry, and enhancing the planning and construction of water networks, new energy networks, computing power networks, new-generation communication networks, urban underground pipeline networks, and logistics networks. Guaranteeing people's livelihoods should focus on stabilizing employment and ensuring a social safety net, as well as doing well in education, healthcare, childcare, and rural work.

Li Qiang presided over the State Council executive meeting, and listened to a report on the construction of the national comprehensive transportation system.

Tiangong-10 is ready for launch with all systems prepared. Weather conditions during the launch window meet the requirements for liftoff.

Tianzhou-10's various systems are currently ready for launch, and the weather conditions for the launch window are also suitable for launch. On May 8th, the organization of the Tianzhou-10 cargo spacecraft launch mission conducted a comprehensive rehearsal for the entire area. The rehearsal was successfully completed, indicating that all systems are ready for launch. This is the most comprehensive simulation rehearsal of Tianzhou-10 mission, with the participation of the most systems and elements besides the actual ignition and launch itself. It is understood that the personnel, facilities, and equipment at the Wenchang Space Launch Center are in good condition, and the weather conditions for the launch window are suitable for launch. Tianzhou-10 is the 5th cargo mission since the space station application and development phase. On May 8th, the Tianzhou-10 cargo spacecraft and the Long March 7 Y11 carrier rocket combination were vertically transported to the launch area. Currently, the Chinese space station is operating stably, waiting for the arrival of Tianzhou-10.

China National Gold Group Gold Jewellery Association: Q1 gold consumption increased by 4.41% year-on-year, and the increase in gold ETF positions increased by 115% year-on-year.

According to the latest statistics from the China Gold Association, in the first quarter of 2026, domestic raw gold production was 81.065 tons, a decrease of 6.178 tons year-on-year, a decrease of 7.08% year-on-year; imported raw gold production was 55.165 tons, an increase of 1.578 tons year-on-year, an increase of 2.94% year-on-year.

The Hong Kong Insurance Authority releases consultation summary on enhancing risk-based capital system, final rules expected to come into effect by the end of this year.

On May 8, the Insurance Authority of Hong Kong published a consultation summary on the proposed amendments to the Risk-Based Capital regime in relation to the Insurance Industry (Valuation and Capital) Rules (Chapter 41R).

The People's Bank of China solicits public opinions on the "Regulations on National Unified Centralized Account Management System Operations."

According to the website of the central bank, in order to strengthen the construction of financial rule of law and improve the legal system of central banks, the People's Bank of China plans to formulate the "Administrative Measures for the National Unified Central Account Management System Business Processing" and is now seeking public opinions.

Ministry of Finance issues notice on the budget allocation for the regulation of the lottery market in 2026.

The Ministry of Finance issues a notice regarding the budget for regulating the lottery market in 2026.

The Ministry of Industry and Information Technology has launched the Artificial Intelligence Technology Ethics Review and Service Pilot Plan to accelerate the implementation of review work.

Recently, the Ministry of Industry and Information Technology issued a notice, officially launching the Artificial Intelligence Technology Ethics Review and Service Pilot Program.

Involving emerging fields, ecological protection, agricultural development, etc.! The State Administration for Market Regulation has approved the release of 402 important national standards and standard modifications.

Recently, the State Administration for Market Regulation (National Standards Commission) approved the release of 402 important national standards and standard amendments, which involve emerging industries, ecological protection, safety production, agricultural development, and people's daily lives.

Market news: Due to the increase in memory chip costs, ByteDance has raised its planned expenditure on artificial intelligence infrastructure by 25% to 20 billion yuan this year.

Ministry of Commerce: Asia-Pacific economic and trade cooperation enters a more complex deep-water zone. The scope of topics further expands to emerging areas such as digital economy, green and low-carbon, and resilience of industrial and supply chains.

The Ministry of Commerce held a special press conference on May 9th to introduce the preparations for the APEC Ministerial Meeting. At the meeting, Lin Feng, Director General of the Department of International Trade of the Ministry of Commerce, stated that there have been significant changes this year in both the topics discussed and China's role at the Ministerial Meeting held in Suzhou. Specifically, in terms of the topics discussed, Asia-Pacific economic and trade cooperation has entered a more complex phase, with discussions expanding into new areas such as digital economy, green and low-carbon development, and the resilience of industrial and supply chains, with the aim of fostering new economic growth drivers. Lin Feng pointed out that the current international situation is complex and severe, and the global economy urgently needs new growth drivers. Both globally and in the Asia-Pacific region, there are different views and perspectives on future development. Faced with difficulties and challenges, APEC economies have shown a spirit of seeking common ground while reserving differences and a pragmatic attitude in the preparations for this Ministerial Meeting. This reflects the confidence and expectations of all parties in the APEC mechanism, Asia-Pacific cooperation, and China's successful hosting of the event.

Middle Finger Research Institute: The average residential rent in 50 cities in April fell slightly, with core cities like Beijing, Shanghai, and Shenzhen continuing to see an upward trend in rent.

According to statistics from the China Index Academy, in April 2026, the total number of open rooms for the top 30 centralized long-term rental apartment companies was 1.457 million, a decrease of 0.3 thousand from March.

"CLARITY Act" Approaching "Clear Moment"! Cryptocurrency Regulation Bill to Face US Senate, Stablecoin Interest Dispute Is Not Over Yet

The United States Senate committee will review the long-awaited cryptocurrency bill next week.

Baidu officially released the Wenzhin large model 5.1.

On May 9th, Baidu officially released the Wenxin large model 5.1, which uses the "multi-dimensional elastic pre-training" technology. It has now been launched simultaneously on Baidu-Qianfan model plaza and the Wenxin official website, targeting enterprise users and developers for open experience.

China CSSC Industry Association: China's shipbuilding completion volume in the first quarter was 15.68 million deadweight tons, a year-on-year increase of 46%.

On May 9th, the China Shipbuilding Industry Association's statistical data showed that from January to March 2026, China's shipbuilding completion volume was 15.68 million deadweight tons, a year-on-year increase of 46.0%, accounting for 57.3% of the world's total.

In the first quarter, China's exports of automotive goods to countries along the Belt and Road reached a cumulative amount of $38.3 billion, a year-on-year increase of 31.6%.

According to the data compiled by the China Association of Automobile Manufacturers, the General Administration of Customs showed that from January to March 2026, the cumulative amount of automobile goods exported from China to countries along the "Belt and Road" reached 383.0 billion US dollars, a year-on-year increase of 31.6%, accounting for 58.0% of the total automobile goods exported.

AI is rewriting the simulation chip cycle: this time it's not just "restocking"

Morgan Stanley's latest research believes that the fundamentals of the simulation chip are moving from an "L-shaped bottom" towards recovery: channel inventory is becoming more streamlined, pricing pressures are easing, and mature processes and power-related product supplies are selectively tightening.

"Lumentum standing in the light" breaks into Nasdaq 100! AI data center rushes into the "optical interconnection era"

Lumentum joining the Nasdaq 100 index, known as the "global technology stock barometer", is an extremely important positive catalyst for the company's fundamental prospects and investment prospects in the optical interconnection industry chain.

Cui Dongshu: In April, China's car exports reached 939,000 units, an increase of 19% month-on-month and 51% year-on-year.

In April 2026, against a backdrop of high oil prices and tight transportation capacity, China's automobile exports achieved a strong breakthrough: total vehicle exports reached 939,000 units, totaling $16.1 billion, with an increase of 51% and 44% in quantity and value, respectively, compared to the same period last year. With new energy products as the core, China accurately captured the strong global demand for low-energy consumption vehicles, mitigating the impact of oil price fluctuations and forming a positive cycle of "high oil prices new energy advantages amplified accelerated exports".

"New bond king" Gundlach warns that US stock valuations are too high: recommends increasing cash and physical asset allocation, buying gold on pullback.

He stated that if the price of gold falls below $3,500 per ounce, he will "buy heavily". According to market sources, he believes that the $4,100 to $4,200 range can be considered as the first target for building a position.

BYD Company Limited, Xiaopeng, and Guangzhou Automobile AI debunk rumors.

BYD, XPeng Motors, and GAC Aion have successively released statements denying rumors of being "called in for questioning" or "under investigation."

Storage chip stocks continue to surge: AI algorithm construction shifts from "lacking GPU" to "lacking memory"

Storage chip stocks continue to soar, fundamentally due to the expansion of AI capital expenditure.

Baidu (09888) TextMind 5.1 officially launched: Pre-training costs only about 6% of models of the same size in the industry, and search capabilities ranked first in the domestic LMArena.

Baidu's new generation of large basic model Wenxin 5.1 officially launched today.

"TACO" ebbs, "NACHO" enters the stage? Wall Street no longer betting on Hormuz sudden opening, Citigroup warns oil prices could surge to $120 again.

Citibank stated that if the US-Iran negotiations remain difficult, oil prices may continue to rise.

Crazy sell: Microsoft's position worth 8 billion US dollars! Well-known technology hedge fund "clears warehouse after holding stocks for ten years"

Sir Christopher Hohn, the founder of TCI Fund, has significantly reduced his stake in Microsoft from 10% of the investment portfolio at the end of last year to just 1% at the end of the first quarter of this year, involving approximately $8 billion.

General Administration of Customs: China's goods trade import and export increased by 14.9% in the first 4 months.

In April, the total value of goods traded in China was 4.38 trillion yuan, an increase of 14.2%. Among them, exports were 2.48 trillion yuan, an increase of 9.8%; imports were 1.9 trillion yuan, an increase of 20.6%.

Wall Street giant BlackRock doubles down on betting on RWA! Plans to issue two tokenized currency-based funds targeting stablecoin cash pools.

BlackRock plans to launch two money market funds targeting investors who hold cash in stablecoins rather than bank accounts. With the passage of the "Genius Act," demand for native blockchain reserve assets is expected to accelerate.

"Big Short" bets on Latin American digital gold mines! Contrarian bottom fishing for e-commerce and fintech giant MercadoLibre (MELI.US)

Hollywood movie "The Big Short" prototype, globally renowned hedge fund manager Michael Burry chooses to buy after the stock price of MercadoLibre falls, aiming for a long-term return of 15%.

When buying winners and selling losers, momentum trading is taken to the extreme, and the stock market frenzy driven by AI reaches the "wake-up moment."

Momentum trading reaches new extremes, triggering warnings on Wall Street. The pause in the Iran war, strong US employment data, and a sharp rise in leaders in artificial intelligence computing power have all fueled momentum trading, which applies to various risky assets including junk bonds and cryptocurrencies.

HK Bull/Bear Outstanding Qty Ratio(63:37) | May 9th

As of May 9th, the latest bull-bear ratio of the Hang Seng Index is 63:37.

"The Big Short" Burry warns that AI bubble may be approaching its end The current market resembles the eve of the 2000 technology stock bubble.

Berry warned that the current frenzy of the US stock market for artificial intelligence (AI) is increasingly resembling the final stage before the bursting of the Internet bubble.

The AI market trend has spread from NVIDIA Corporation (NVDA.US) to the entire hardware industry chain, with Intel Corporation (INTC.US) and Micron Technology, Inc. (MU.US) stock prices doubling within the year.

The "diffusion market" of the AI industry chain is further heating up.

Latest

5 m ago

Geely Automobile: issued a total principal amount of 2 billion yuan in medium-term notes.

7 m ago

Geely Auto: issued 2 billion RMB worth of 2028 medium-term notes due.

11 m ago

Fuho Pharmaceutical (02696): The European Commission (EC) has approved two new indications for the injection of Surlitinib.

16 m ago

Bestore China (09987.HK) spent 11.13 million US dollars on May 8 to buy back 235,100 shares.

18 m ago

China Resources Materials: has moderately increased raw material inventory to improve raw material safety stock levels.

Seeking Coverage

Being Writer

Exploring Cooperation