Wall Street News Breakfast FM-Radio | April 25, 2026

Wall Street News Breakfast FM-Radio | April 25, 2026

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Huajian Morning Voice

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Market Overview

Expectations for US-Iran talks heating up, Intel shares surging after earnings, and the US Justice Department dropping its criminal investigation into Powell pushed S&P to close up 0.8%, Nasdaq up 1.6%, both reaching record highs. However, market breadth was poor, with 62% of S&P components declining; gains were highly concentrated in tech and semiconductor sectors, while defensive sectors like healthcare suffered.

Philadelphia Semiconductor Index rose 4.32%, marking a record 18-day winning streak, up 10.02% for the week. Intel surged 28% during trading, AMD jumped 14%. Healthcare sector fell about 1%, Eli Lilly dropped about 4% due to weak initial sales of its new weight-loss drug.

US Justice Department dropped criminal investigation into Powell, rate-cut expectations rose, 2-year US Treasury yields fell 4.5 basis points. Dollar dipped 0.32%, weekly gains narrowed to nearly 0.4%.

Spot gold rose 0.29%, down 2.52% for the week. Spot silver rose 0.36%, down 6.43% for the week. After news of Trump sending a special envoy, WTI crude fell over 3% at one point, but still up 16% for the week.

In Asia, the ChiNext fell over 1%, chip stocks surged, Hua Hong and SMIC soared, optical communication giant IPO jumped 950% on its debut, New Yisheng plunged over 10%.

Key News

China

China Ministry of Finance: Fiscal revenue in Q1 hit a three-year high.

Crackdown on financial fraud! CSRC: Advancing organic linkage between discovery, punishment, delisting, investor protection; strengthening AI large model application for financial fraud supervision.

DeepSeek V4 Preview launched: Reduced memory and computing needs, Agent abilities lead domestic open source, surpasses Sonnet 4.5 experience.

Fund single stock holding cap raised to 25%, Taiwan stocks surged, TSMC stock hit a record high.

Optical communication testing leader LianXun Instruments IPO jumped 950% on debut, breaking A-share record for new stock first-day gains.

Kweichow Moutai Q1 revenue and net profit both grew; “iMoutai” revenue hit 21.5 billion yuan, accounting for 40%.

Sugon Q1 revenue up 24% to 3.2 billion yuan, R&D expenses surged 52% to 590 million yuan.

ZTE Q1 revenue up 6%, dragged by exchange losses, net profit down 46.6%.

Overseas

US-Iran talks possible, Iranian foreign minister visits Pakistan to negotiate, no meeting with US scheduled; Trump’s envoys to Pakistan on Saturday. Iran: still retains most missile capability; one detained Hormuz vessel suspected of cooperating with US military. White House extends shipping waiver to ease oil crisis; US Treasury imposes new financial sanctions on Iran.

US Justice Department dropped criminal investigation into Powell, 2-year US Treasury yield drops further.

Opus 4.6 suffered intelligence downgrades for a month, Anthropic finally admits fault: three bugs stacked, users lost quota needlessly.

Wafer capacity down 58%, storage output down 18%! Samsung labor crisis escalates, 18-day strike countdown begins.

Key material crisis is dragging down equipment and chip makers. Middle East supply crisis spreading to semiconductors: critical photoresist solvents PGME and PGMEA in shortage, Japanese material giants sound the alarm.

 

Market Recap

US & EU markets: S&P 500 up 0.80% to 7165.08, hitting a new closing high after one session, up 0.55% for the week. Dow down 0.16% to 49230.71, down 0.44% for the week. Nasdaq up 1.63% to 24836.599, new closing high after one session, up 1.50% for the week. Europe STOXX 600 down 0.58% to 610.65, down 2.54% for the week.

A-shares: Shanghai Composite closed at 4079.90, down 0.33%. Shenzhen Index closed at 14940.30, down 0.69%. ChiNext closed at 3667.79, down 1.41%.

Bonds: US 10Y benchmark yield down 2.37 basis points to 4.3007%, up 5.27 basis points for the week. 2Y US Treasury yield down 5.54 basis points to 3.7783%, up 7.01 basis points for the week.

Commodities: Spot gold up 0.29% at $4707.77/oz, down 2.52% this week. Spot silver up 0.36% at $75.7085/oz, down 6.43%. WTI June crude down 1.51% at $94.40/barrel, up 14.30% this week. Brent June crude closed at $105.33/barrel.

 

Key Details

Global Highlights

China

China Ministry of Finance: Fiscal revenue in Q1 hit a three-year high. China’s economy had a strong start in Q1, fiscal revenue hit a 3-year high for the same period. National revenue was 616.13 billion yuan, up 2.4% y/y. Central government income 249.91 billion, up 2.7%. Local income 366.22 billion, up 2.1%. 80% of regions saw growth; income grew in East, Central, West, and Northeast China.

Crackdown on financial fraud! CSRC: Advancing organic linkage between discovery, punishment, delisting, investor protection; strengthening AI large model application for financial fraud supervision. CSRC launched a special campaign against listed financial fraud till 2026. Two previous rounds investigated 263 cases, fined over 3.3 billion yuan, forced delisting for 18 companies. This round focuses on early detection, strong prevention, optimized mechanisms, and AI-based supervision – aiming for a market where “dare not, cannot, and don’t want to commit fraud.”

DeepSeek V4 Preview launched: Reduced memory and computing needs, Agent abilities lead domestic open source, surpasses Sonnet 4.5 experience. DeepSeek launched and open-sourced its new model series DeepSeek-V4 Preview, with Pro and Flash versions. V4-Pro leads in Agent capabilities, world knowledge, and reasoning among open-source models, comparable to top closed-source. V4-Flash is smaller, faster, lower-cost. Both support 1M tokens long context, use innovative attention mechanism, greatly reducing computation and memory needs.

  • DeepSeek V4: A structural breakthrough in attention mechanism. DeepSeek calls this release a “preview,” technical report titled “Towards”—a journey. The logic for CSA and HCA is now public; sparse training mechanisms under varying tasks will be tested by the open-source community.
  • First Deepseek V4 evaluations! Arena.ai shows V4 Pro’s coding ability ranks in open source top 3; Vals AI reports its code capability leaps 10x, beating Gemini 3.1 Pro. Killer price: Flash edition output only $0.28/1M tokens, just 1% of Claude Opus. Netizens comment: “GPT-5.5 sorry, DeepSeek V4 is the real shock moment.”

Fund single stock holding cap raised to 25%, Taiwan stocks surged, TSMC stock hit a record high. Taiwan’s regulator raised fund single-stock cap from 10% to 25%, TSMC surged 4.8% to all-time high, PCB stocks also rose. JPMorgan expects $6B inflow, index to hit 40000—but TSMC’s 44% weighting is a looming risk.

Lighting up the market! LianXun Instruments IPO jumped 950% on debut, breaking A-share record for new stock first-day gains. Optical communication testing leader LianXun debuted on STAR Market, soared 950.2% intra-day, setting a record for new IPOs with >1 billion fundraising. Single lot profit nearly 389,000 yuan, making it the “IPO king” of the year. It’s one of few firms mastering 1.6Tbps optical module testing and SiC power device testing, riding AI compute demand; IPO proceeds to next-gen optical/HBM storage testing, accelerating domestic substitution.

Kweichow Moutai Q1 revenue and net profit both grew; “iMoutai” revenue hit 21.5 billion yuan, accounting for 40%. Q1, Moutai operating income 53.909B yuan, up 6.54%; net profit 27.243B yuan, up 1.47%. “iMoutai” platform generated 21.553B in liquor pre-tax income, 40% of main business, over 70% of direct sales—platform direct sales remain a major growth certainty.

Sugon Q1 revenue up 24% to 3.2 billion yuan, R&D expenses surged 52% to 590 million yuan. In Q1 2026, Sugon revenue 3.199B yuan, up 23.71%; net profit 228M yuan, up 22.19%; non-recurring net profit up 53.3% y/y. R&D expense 592M yuan, up 51.7%, 18.5% of revenue; heavy investment led total cost to slightly exceed revenue, with profit supported by 184M yuan in affiliate investment returns.

ZTE Q1 revenue up 6%, dragged by exchange losses, net profit down 46.6%. ZTE Q1 2026 report: revenue up 6.13% to 34.988B yuan; net profit down 46.58% to 1.31B yuan. Combined impacts of FX volatility, increased impairment, and reduced policy gains hurt profits. Operating cash outflow 1.979B, turning negative. Non-current liabilities due in a year up 48.53%, raising short-term debt pressure. Assets remain stable overall.

Overseas

US-Iran talks possible? Iranian foreign minister visits Pakistan to negotiate, no meeting with US scheduled; Trump’s envoys to Pakistan on Saturday. Iranian FM arrived in Pakistan Friday to discuss pre-conditions for US-Iran talks, with direct US talks possible if progress is made; Trump sends Witekoff and Kushner to talks, since Iranian Speaker not involved, Vance not attending but on standby. White House confirms their departure Saturday, saw progress from Iran. Trump says Iran plans to propose terms to US, Iran hasn’t replied yet. Iran says FM will visit Russia and Oman too, no US meeting in Pakistan, will convey views via Pakistan. News of Trump sending envoys sent oil prices down over 3%. US deploys three carriers in Middle East for the first time in decades; Defense Secretary says Iran could still reach a deal, but “no nuclear bomb possible.”

Iran: still retains most missile capability; one detained Hormuz vessel suspected of cooperating with US military. Iran’s defense ministry says its offensive capability remained until the ceasefire, only partial missile capability used. Iranian media says detained ship had repeated US port visits, ignored warnings, violated maritime regulations.

Trump reiterates huge win against Iran, Lebanon-Israel ceasefire extended three weeks; Israeli media says Iran’s Speaker resigned from negotiating group, Iran denies internal split. Trump emphasized “huge win” against Iran, no hurry or pressure. Iranian Foreign Ministry says negotiations have fundamentally changed—core issue is ending the war, not nuclear. Iran denies internal division, saying “There are no ‘hardliners’ or ‘moderates,’ we are all ‘Iranians,’ all ‘revolutionaries.’”

International oil prices fall short-term, White House extends shipping waiver to ease oil crisis. To ease energy shortages from Middle East conflict, the Trump administration extended a shipping waiver 90 days to mid-August, allowing foreign ships to carry US coastal oil, refined oil, and fertilizer. Oil prices fell on this news. Hormuz Strait blockage cuts global supply by 13 million barrels per day; waiver helps US refiners access seaborne oil, stabilizing supply chains.

US Treasury imposes new financial sanctions on Iran. US Treasury also sanctioned multiple Iran-linked “wallets,” freezing about $344 million crypto assets.

US Justice Department dropped criminal investigation into Powell, 2-year US Treasury yield drops further. DOJ suddenly dropped its criminal investigation into Powell’s Fed renovation overspending, sending it to Fed Inspector General. This removes obstacles to Trump nominee Wosh becoming Fed chair. News sent 2-year Treasury yield down to 3.8%. Swap contracts show wider Fed easing ahead by end of 2026.

Trump pressures Fed again: hints at alternative investigation into Powell’s renovation suspicions. Media asked if agencies other than DOJ could investigate Powell’s renovation spending, Trump said “yes, it’s simple.” This means Trump hasn’t given up targeting Powell, but leaves room for alternative investigators—affecting confirmation of Trump’s nominee Kevin Wosh for Fed chair.

Besant: doesn’t rule out becoming Fed chair, AI is the core of US economy. US Treasury Secretary Besant says no interest in running for president or elected office after leaving Treasury, but doesn’t rule out becoming Fed chair. AI is the heart of US competitiveness, “in a year, maybe 18 months,” this tech will transform our lives.

Opus 4.6 suffered intelligence downgrades for a month, Anthropic finally admits fault: three bugs stacked, users lost quota needlessly. Anthropic explains user-observed “dumbing down” wasn’t model deterioration, but three independent engineering changes overlaid: reasoning intensity lowered, caching bug caused model forgetfulness, prompt compression reduced code quality. All fixed between April 10-20. Anthropic will reset quotas for all subscribers, introduce improved workflow.

Wafer capacity down 58%, storage output down 18%! Samsung labor crisis escalates, 18-day strike countdown begins. Samsung Q1 profit expected to surge 700%, union demands 15% operating profits as bonus, up to $400,000 per person. Recent gatherings saw wafer output plunge 58%, memory chips output down 18%. Union warns, if talks fail, 18-day strike starts May 21.

Ignored key material crisis is dragging down equipment and chip makers. Helium, naphtha/PFAS supply crisis hits materials chain for semiconductors: squeezes equipment makers’ high-profit services, delays new equipment like ASML etc. Advanced nodes reliant on specialty gases and fluorine are impacted first, yield falls and capacity delays are “hidden strikes.” Auto chips may end up “made but not usable.” If lasts 6 months, global capacity may structurally fall, hitting AI, auto, electronics.

Research Highlights

If Hormuz reopens, how long for Middle East oil output to recover? Goldman’s report gives a cautious answer: Gulf production cut of 14.5M barrels/day—even if unblocked, only 70% recovered after 3 months, 88% after 6 months. Tanker capacity halved, complex well repairs, irreversible reservoir change—all create lingering “scar effect,” meaning recovery takes far longer than markets expect.

JPMorgan warns: Oil supply gap masked by “apparent demand drop,” bigger shock coming. JPMorgan says global oil books “have big problems.” April apparent demand collapsed 4.3M barrels/day, worse than 2008 crisis peak—but it’s not demand faltering, just the statistical mirror of supply cutoff. Inventory drawdown fastest since 2017, buffer mechanisms failing; Western consumers haven’t felt true pain yet, market cleanup cost far tougher than numbers show.

Philadelphia Semiconductor Index surges, record 18-day upward streak, how overbought?. Friday, boosted by Intel earnings, the index soared over 4.3%—adding fuel to an overstretched run. Financial blog Zerohedge points out, semiconductor surge is internally weakening; AI secondary and high-beta stocks drive rally, MAG7 and Nvidia lagging, a late-stage sign.

SemiAnalysis CEO: “Biggest capability jump in two years,” supply chain “extremely short,” public frustration building. Patel notes Anthropic’s new Mythos model achieves “biggest jump in two years,” reaching L6 engineer level in two months, “execution cost extremely cheap.” Explosive demand causes full supply chain shortage: DRAM prices may triple, TSMC capex in 2028 hits $100B, CPUs extremely short. Amid wild tech growth and capital frenzy, US public resistance is an ignored macro variable.

China Macro

State Council: Vigorously cultivate marine biopharma, new materials, drive quality marine economy. Meeting called for strengthening marine capability, efficient marine development, high-quality economic growth, accelerate marine power. Focus on marine tech, digital/intelligent upgrades, grow marine industries, consolidate advantages, cultivate marine biopharma, new materials, orderly marine energy/resource development.

Unauthorized overseas listing—CSRC handles first case. Heilongjiang CSRC plans administrative penalty on Zhongneng GrainScience for NASDAQ listing without filing—3M yuan fine, implicated law firms and individuals penalized. First case since “Trial Measures for Overseas Listing of Domestic Enterprises” took effect.

China Companies

Top 3 trends in Q1 fund holdings: AI, price chains, new energy; Zhongji Xuchuang, New Yisheng in top holdings. Q1 fund net inflow ~500B, continued shift to AI chains, price chains, and new energy. Mixing A/H stocks, electronics, power equipment, telecom have highest absolute allocation; electronics >20% for three quarters but still under-allocated. Shifts in top holdings reflect changing economic dividends—Zhongji Xuchuang, New Yisheng remain top 3 in Q1.

Goldman bullish on New Yisheng: FX “black swan” dragged quarterly profit, expansion and upgrades support future performance. Optical module leader New Yisheng revenue in Q1 jumped 106% to 8.338B yuan, but FX loss cut profit by ~12% from expectations. Goldman believes it’s just non-operating disturbance—real story ahead: 1.6T high-speed, silicon photonics rise, Thailand factory phase 2. Inventory/prepayments leap—“pre-arming” signal; structural performance shift coming.

“Thailand Battle”: How Chinese autos break Japanese dominance? In Jan 2026, Chinese brands achieve 47.34% share in Thai market, overtaking Japanese for first time after 60+ years. Chinese firms open breakthrough via smart experience, brand image, local build. From infotainment to accurate nav, home after-sales to battery warranty, Chinese autos shed “cheap” label, tearing into Japan’s garden.

Pony.ai Beijing Auto Show: Robotaxi cost to drop below 230,000 yuan, debuts L4 unmanned light truck. April 24, Pony.ai announced 2027 Robotaxi cost will drop below 230,000 yuan, lower than some L2 passenger cars. Debuted first all-auto L4 unmanned light truck, aims for 50% cost drop for city deliveries. Tech-wise, World Model 2.0 builds data loop by self-learning, strengthens “fault-tolerant operation” safety.

EVE Energy Q1 revenue up 62%, net profit up 31.35%, storage shipment over 20GWh. Benefiting from storage shipment surge and steady battery expansion, EVE Energy Q1 revenue up 61.6%, net profit only up 31.4% due to material costs. Supplier payment increase turned operating cash flow negative. Company is pre-stocking and hedging to cope with supply chain pressure; focus shifting from battery to storage.

Luoyang Molybdenum Q1 net profit up 97% to 7.76B; gross margin surge for copper, cobalt, tungsten. Q1 2026, Luoyang Moly revenue 66.4B, up 44.34%; net profit 7.76B, up 96.65%. Copper contributed 15.8B, margin 63.69%; cobalt margin soared to 86.27%, showing “volume for price” control. New consolidated gold contributed 1.2B. Company completed $1.2B zero-coupon convertible, optimized debt; FX loss brought 1.36B other comprehensive loss.

Eastmoney.com Q1 revenue up 44%, three business lines explode, net profit up 38%. Q1, all three lines saw double-digit growth: fee and commission net income 2.867B (+46.45%), net interest income 1.101B (+53.60%), major income (mainly financial e-commerce) 1.063B (+31.05%). Self-investment income under pressure, down 30% y/y, showing market fluctuation risk.

Overseas Macro

Azerbaijan sovereign fund reduced gold for the first time, sold over 22 tons in Q1. Azerbaijan Oil Fund is one of the biggest sovereign gold buyers. Policy caps gold at 39% portfolio. By end-2025, gold hit 38%; reduction necessary to keep compliance. Turkey and other emerging market sellers created a temporary weakening in sovereign gold buying.

Overseas Companies

Intel quadrupled in 9 months! From “AI reject” to “record high”. Intel Q1 earnings beats Wall Street. Results crushed forecasts, Intel soared 20% post-market close to $80, “slapped” Wall Street! Jump driven by Musk and Google big orders and AI inference-driven datacenter demand. Logic shifted from “survival” to “counter-attack,” “admission” upgrades spark new value re-rating.

Google plans up to $40B investment in Anthropic: partner and rival. Google to invest $10B in Anthropic PBC at $350B valuation, possibly up to $30B more. Anthropic accelerated fundraising alongside Claude Code success. As part of agreement with Google and Broadcom, Google Cloud will support Anthropic compute for next five years.

Nvidia mired in 8-year “mining misleading” lawsuit, facing class-action turning point. Nvidia faces eight-year securities fraud suit—whether CEO Huang misled investors about crypto mining in 2017-18. The case qualified for class action, a key turn; company has appealed. Focus on “misleading statements” and “loss model standards,” which may reshape US class action rules.

Report: Samsung SSD price up 10%, retail prices to follow in weeks. Samsung and Kingston price hikes over 10%, retail prices rise. AI demand drives Q2 NAND contract price jump over 70%, supply gap widens. Industry signals clear, full price rise ahead—beware fake SSDs in high-price environment.

Report: Apple plans big chip/memory upgrade for iPhone 18. iPhone 18 series hardware upgrade, likely at same price. All iPhone 18 models to use Apple’s first 2nm chip; all include 12GB RAM, meaningful for on-device AI; new modem and wireless modules.

Eli Lilly falls behind? New oral weight-loss drug Foundayo off to slow start, Novo Nordisk wins with 5x scripts. Foundayo saw 3,707 prescriptions in its second week, vs. 18,410 for Wegovy oral; huge gap. Lilly stock down 8%, Novo up 4%. Analysts say Novo Nordisk’s oral drug will stay ahead due to competitive edge.

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Risk warning & disclaimerThe market carries risks; investments must be cautious. This article does not constitute personal investment advice and does not account for individual users' special investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions herein fit their own situations. Any investments based on this text are at your own risk. ```