Daily Buzz: 30 April 2026

Oil Prices Surge on Signs of Prolonged Standoff in Iran War

Oil prices surged about 8 percent after President Donald Trump rejected the latest peace proposal from Ian and said the US naval blockade against Iranian ports is more effective than bombing the country and will continue until Tehran agrees to give up its nuclear ambitions. "They are choking like a stuffed pig, and it is going to be worse for them," he said, referring to loss of Iran's revenue from oil exports. Iran has refused to end its blockade of the Strait of Hormuz, a vital oil traffic waterway, until the US lifts its blockade. Resumption of peace talks in the two-month war remains in limbo. Global benchmark Brent crude futures were trading up 8 percent at US$120.25 a barrel late afternoon in New York.

Cambricon Posts Profit Surge on AI Demand

AI chip startup Cambricon, often called "China's Little Nvidia," posted a 185 percent surge in first-quarter profit on escalating demand for AI computing power. The company reported net of 1 billion yuan (US$146 million), with revenue surging 160 percent to 2.89 billion yuan. Beijing-based Cambricon, which is listed on the Shanghai STAR market, makes core processor chips and general-purpose graphics processing units used in AI technologies. Founded by brothers Chen Tianshi and Chen Yunji in 2016, the company is aiming to more than triple AI chip output this year.

Quartet of 'Mag 7' Post Higher Revenue and Profits

Four of the so-called "Magnificent 7" titans of the AI industry reported first-quarter gains in profit and revenue, easing some investor concerns that massive investment in artificial intelligence is a deep pit with no profit at the bottom. The earnings generally beat analysts' expectations.

Alphabet, owner of Google and YouTube, reported revenue rose 22 percent to US$109.9 billion and net income surged 81 percent to US$62.6 billion. Revenue from Google Cloud increased 48 percent. Alphabet updated its capital expenditure forecast for 2026 to up to US$190 billion from a low of US$175 billion earlier.

Microsoft reported an 18 percent increase in revenue to US$82.9 billion, with a 23 percent rise in net income to US$31.8 billion. Cloud services delivered a 40 percent gain in revenue.

Meta, which operates Facebook, WhatsApp and Instagram, reported revenue rose 33 percent to US$56.3 billion and net income increased 61 percent to US$26.8 billion. However, daily active users fell 5 percent from the end of 2025, which the company blamed on restricted Russian access to WhatsApp and the war in Iran. Capital expenditure in the quarter totaled US$19.8 billion, with the company predicting capex of up to US$145 billion this year.

Amazon, the world's biggest online retailer, said net sales in the first three months of the year rose 17 percent to US$181.5 billion, delivering a 77 percent surged in net income to US$30.3 billion. Revenue from the company's cloud segment rose 28 percent, its fastest growth in more than three years. Amazon said capex in the quarter reached US$44.2 billion and could top US$200 billion this year. Revenue from its online, still a principal business sector, rose 12 percent.

The remaining three members of the Mag 7 are Tesla and Nvidia, which have already reported earnings, and Apple, which reports results in New York later today.

SAIC Motor Profit Notches Up, Driven by Overseas Sales

Shanghai-based SAIC Motor net profit nudged up 0.1 percent in the first quarter to 3.03 billion yuan (US$443 million). The automaker reported operating revenue of 138.5 billion yuan, up 0.6 percent from a year earlier. Overall wholesale vehicle volume rose 3 percent to 973,000. Overseas sales were a significant driver of growth, increasing by almost half to 325,000 vehicles. The European market proved particularly successful, delivering a 20 percent increase.

Top Business

Sinopec Posts Profit Surge on Oil Prices, PetroChina Revenue Drops

China Petroleum & Chemical (Sinopec), Asia's largest oil refiner, said first-quarter profit rose 27 percent to 17.7 billion yuan US$2.6 billion) despite a 3.9 percent drop in operating revenue to 706.7 billion yuan. Against a backdrop of a 70 percent rise in oil prices on the back of the Iran war and the closure of the Strait of Hormuz, the company said higher crude prices boosted inventory values and improved margins for refined products. Sinopec cautioned about uncertainty ahead, with its traditional business model challenged by the shift to renewable energy sources. Sinopec said production of oil and gas rose 0.4 percent to 131 million barrels of oil equivalent in the quarter. Sales of refined oil products rose 0.6 percent to 43.4 million ton, and sales of chemical products totaled 20.1 million tons. The company reported capital spending of 25.2 billion yuan.

PetroChina, Asia's largest oil and gas producer, reported net profit grew 1.9 percent to 48.3 billion yuan, but revenue decreased 2.2 percent to 736.4 billion yuan. Domestic output reached 423.3 million barrels, up 1.2 percent growth from a year ago.

China's Five Biggest Banks Post Profit Growth

China's five biggest banks reported stronger-than-expected profit gains for the first quarter with higher net interest margins for most of them and the rate of non-performing loans dropping.. Banks continued to steer more lending to technology and green energy programs as well as upgrading their operations with new technologies.

Industrial and Commercial Bank of China, the largest bank in the world by assets, reported its first-quarter net profit rose 3.9 percent to 88 billion yuan (US$12.9 billion) from a year earlier on an 8.5 percent gain in operating income to 221.9 billion yuan. Net interest margin, a key gauge of bank's profitability that compares interest earned on loans against the interest a bank pays out on deposits, edged up 0.01 percentage point to 1.29 percent. ICBC's non-performing loan ratio was flat at 1.3 percent. Assets totaled 55.7 trillion yuan, up from 53 trillion yuan at the end of 2025.

Agricultural Bank of China, the world's second-largest bank by assets, posted a net profit of 75.6 billion yuan in the first quarter, up 4.8 percent from a year earlier. Operating income jumped 10.5 percent to 206 billion yuan. The net interest margin fell to 1.26 percent from 1.28 percent, while the non-performing loan ratio decreased 0.02 percentage point to 1.25 percent. Assets totaled 51 trillion yuan. The bank has been expanding from its origins as a rural lender into broader services that include technology, aged care and green finance nationwide.

China Construction Bank, reported first-quarter profit rose 3.7 percent to 86.8 billion yuan on an 11 percent increase in operating income to 206 billion yuan. Its net interest margin was 1.36 percent while non-performing loan ratio was 1.31 percent. Assets totaled 47.13 trillion yuan.

Bank of China, the world's fourth-largest bank, which was originally founded primarily to handle foreign exchange and international finance, posted first-quarter profit of 60.9 billion yuan, up 3.9 percent from a year earlier. Operating income rose 8.4 percent to 179 billion yuan. The net interest margin remained flat at 1.26 percent, and the non-performing loan ratio fell to 1.22 percent from 1.23 percent. Bank assets stood at 39.5 trillion yuan.

Bank of Communications, posted first-quarter net profit of 26 billion yuan, up 3.1 percent, with operating income rising 4.9 percent to 69.6 billion yuan. The net interest margin rose to 1.23 percent from 1.20 percent at the end of last year, and the non-performing loan ratio increased 0.02 percentage point to 1.30 percent. Assets totaled 16.3 trillion yuan.

Geely Profit Falls Despite Strong Overseas Sales

Chinese automaker Geely Auto said first-quarter profit fell 27 percent from a year earlier to 4.2 billion yuan (US$614 million), on a revenue gain of 15 percent to 3.8 billion yuan. The company reported a 1 percent rise in auto sales to a record 709,358, with electric and hybrid models comprising 52 percent of sales. Global sales of its Zeekr brand surged 86 percent, outpacing other Geely Auto models. However, the value of revenue derived overseas, expressed in yuan, was lowered by a weaker Chinese currency. Research and development in the first quarter rose to 4.5 billion yuan from 3.3 billion yuan. Hangzhou-based parent Geely Holding Group's portfolio includes Zeekr, Geely Auto, Geely Galaxy and Lynk & Co. In 2010, the group acquired a majority stake Volvo Cars. The Swedish carmaker on Wednesday reported first-quarter operating profit dropped 16 percent to 1.6 billion kronor (US$172.4 million).

Economy & Markets

Fed Leaves Rates Unchanged, Powell to Remain on Board

In a double blow to US President Donald Trump, the Federal Reserve left interest rates unchanged on Wednesday, and Jerome Powell, whose term as chairman of the central bank ends in weeks, said he will remain as a member of the bank board under a term that doesn't end until January 2028. The vote to keep rates steady was split 8-4, the largest dissenting vote since 1992. Trump's demand for interest rates to drop lower and faster led to a much publicized vendetta against Powell. He threatened to fire Powell if he chooses to remain on the Fed board. Trump's pick to succeed him as Fed chair is Keven Warsh, whose path to Senate confirmation was smoothed by the recent decision of the Justice Department to drop its criminal probe of Powell over costs associated with Fed headquarters renovation.

China Leads Global Mineral Output

China's Ministry of Natural Resources said the country ranks first globally in reserves of 14 key minerals, including rare earths, tungsten, tin and molybdenum. In 2025, China also led the world in production of 17 metals and minerals, including coal, zinc, gold and several critical materials used in high-tech manufacturing. Total mining output value reached last year hit 32.7 trillion yuan (US$4.8 trillion), accounting for more than 23 percent of gross domestic product, the ministry report said. Reserves of resources have expanded significantly in recent years on mining exploration projects. Officials added that China has evolved into a leading global smelter, refiner and seller of resources.

China Suspends Self-Driving Permits After Baidu Fiasco

China has suspended issuing new licenses for autonomous vehicles after dozens of Baidu Apollo Go robotaxis froze in their tracks after a system malfunction in Wuhan last month, stranding passengers and creating traffic jams, Bloomberg reported. The incident triggered a high-level review involving three national departments and officials from cities that have robotaxis or trials of the driverless cabs. The temporary suspension prevents robotaxi companies from adding new vehicles, starting new trial operations or expanding to new cities, according to media reports.

China's Map to Net-Zero Emissions

A new report outlining China's energy transition roadmap projects a steady decline in carbon emissions after 2030. The China Energy Transition Report 2026, released in Shanghai, forecasts carbon emissions peaking at 11 billion tons by 2030 before falling to 9.7 billion tons by 2035 and reaching net-zero by 2060. The report forecasts non-fossil fuels will account for 75 percent of national energy use by 2060, while electrification of end-use sectors will exceed 81 percent. It also highlights policy priorities that include carbon pricing thresholds, coordinated development of carbon and power markets and a decarbonization path for industry. Experts at the launch event said the convergence of energy transition and digital technologies, particularly AI, are recasting economic structures.

Corporate

Chalco Posts Rise in Profit, Decline in Revenue

Aluminum Corp of China (Chalco), one of the world's biggest producers of the metal, said first-quarter profit rose 15 percent to 75.7 million yuan (US$11 million) despite a 10 percent decline in revenue to 4.3 billion yuan. The company said new contracts in the period rose 35 percent to 11.4 billion yuan and it has deepened its presence in key markets such as Southeast Asia and

Africa. Research and development spending was flat at about 123 million yuan. In its stock exchange filing, the company gave no figures on ore extraction or refining activities, or on market prices in the period.

Sany Heavy Posts Flat Profit Growth

Sany Heavy Industry a leading Chinese manufacturer of construction machinery, reported a 14 percent rise in first-quarter revenue to 24 billion yuan (US$3.5 billion), with profit edging up 0.5 percent to 2.5 billion yuan. The company has strong overseas operations, and statement of earnings in yuan was hurt by a lower yuan value in the quarter. Sany Heavy gave no update on either domestic production or overseas sales figures for its excavators, cranes and concrete machinery.

Ping An Insurance Posts Decline in Q1 Profit

Ping An Insurance, China's most valuable insurance company, reported first quarter net profit fell 7.4 percent to 25 billion yuan (US$3.7 billion) on a 7 percent decline in revenue to 238.5 billion yuan. The company's retail customers totaled 251 million in the period. Profit from life and health insurance, the company's biggest business segment, rose 6.4 percent, and profit from property and casualty fell 13.4 percent. As of March 31, over 290,000 customers had become entitled to home-based senior care services, and the company's health and senior care services covered 165,000 paying corporate clients. Ping An's asset management arm reported 9 trillion yuan under management. Ping An Bank delivered a 3 percent rise in net income to 14.5 billion yuan on a 4.7 percent increase in revenue to 35.3 billion yuan. Net interest margin dropped to 1.79 from 1.83 and the non-performing loans rate was flat at 1.05.

Wingtech Posts Wider Loss on Nexperia Battle

China's Wingtech Technology, which has been in a prolonged battle with its Netherlands subsidiary Nexperia, reported its 2025 loss widened to 8.7 billion yuan (US$1.3 billion) from 2.8 billion yuan a year earlier. In the first quarter, the company turned to a loss of 189.3 million yuan from year-earlier profit of 261.4 million yuan. The company's control over Nexperia remains constrained by a legal battle in the Netherlands, triggered when that nation took control of Nexperia, citing governance issue amid national security concerns related to US policy.

Robotic Leasing Platform Secures New Investment

Agibot-backed robotics leasing platform ShareBot completed a fourth funding round that raised investment of several hundred million yuan. Investors included Chia Tai Robot under the CP Group and Changxin Shares, as well as publicly listed companies including Mercury Intelligent and Lens Technology. The new capital will be used to build out a nationwide network, upgrade management and dispatch sys,tems and expand global service capabilities. As of mid-April, ShareBot had dispatched more than 4,000 robots, with services covering over 100 cities.

Midea Posts Profit Growth, Robotic Business Gains

Midea, a leading Chinese electrical appliance manufacturer that is turning its focus to embodied robots, posted first-quarter profit of 12.7 billion yuan (US$1.8 billion), up 2 percent from a year earlier. Revenue rose 2.5 percent to 131 billion yuan. Midea produces air conditioners and other home appliance units. It expanded its scope in 2016-18 with the acquisitions of Toshiba's home appliance unit, German robotics company Kuka and the Eureka floor care brand. Midea is moving quickly into new technologies, pledging investment in AI and robotics of 60 billion yuan over the next three years. In the first quarter, revenue from its robot business revenue jumped 12 percent to 8.2 billion yuan.

Labubu-Themed Fridges Demand Surges

Pop Mart International's new Labubu-themed mini-fridges are priced at near a 50 percent premium on the resale market even before the limited-edition products officially go on sale. The fridges, with livery of the company's Monster series of collectible toys, are priced at up to 8,888 yuan (US$1,300) on the secondary market, Yicai reported. Pre-orders for the 121-liter capacity appliance exceed supply by about 19 times. It is Pop Mart's first entry into home appliances as the company seeks new revenue as its Labubu doll craze fades.

TSMC Offloads Remaining Arm Stake

Taiwan Semiconductor Manufacturing, the world's largest contract chipmaker, sold its remaining stake in UK-based semiconductor and software design company Arm Holdings, according to a stock exchange filing. Subsidiary, TSMC Partners sold 1.1 million Arm for about US$231 million.

The Taiwan chipmaker has been steadily paring its holding after investing about US$100 million in Arm's 2023 initial public offering.

SenseTime Unveils Open-Source AI Model

SenseTime on Wednesday released its open-source SenseNova U1 series, a unified multimodal model designed to integrate understanding, reasoning and generation within a single architecture. Built on the company's proprietary NEO-unify framework, the model processes text and visual inputs as a combined data structure, enabling faster information flow and more efficient output generation. SenseNova U1 can handle images and language within a unified reasoning system, improving both comprehension and generation performance, the company said. In benchmark tests for image generation, the lightweight U1 Lite model achieved results comparable to leading closed-source systems such as Qwen-Image 2.0 Pro and Seedream 4.5, while offering faster response times.