MORGAN STANLEY RATING AFFIRMED AT ‘A+’/‘F1’ BY FITCH; OUTLOOK REMAINS STABLE

Key News 1. The People's Bank of China (PBOC) will conduct 300 billion yuan of outright reverse repurchase operations with a term of 3 months on May 6. 2. The PBOC and two other departments: Focus on providing financial services to enterprises purchasing artificial intelligence equipment and software services to promote the development of "AI + industry". 3. The PBOC and the General Administration of Customs: Further optimize the "non-batch-one-license" management of import and export permits for gold and gold products. 4. Four departments will support local governments in carrying out commercial reserve storage of frozen pork. 5. Yi Huiman, former vice chairman of the Economic Committee of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), has been expelled from the Party and dismissed from public office. 6. A State Council accident investigation team will be established in response to the explosion at the Liuyang fireworks factory. Individual Stock News 1. Wuliangye: Net profit in 2025 was 8.954 billion yuan, a year-on-year decrease of 71.89%; net profit in Q1 2026 was 8.063 billion yuan. 2. Seres: Sales of new energy vehicles in April 2026 increased by 5.22% year-on-year. 3. BYD: April sales reached 321,100 vehicles, compared to 380,100 vehicles in the same period last year. 4. Dongyangguang: A subsidiary signed a framework contract for the procurement of computing power services, with an estimated total amount of RMB 16 billion to 19 billion. 5. SMIC: The Shanghai Stock Exchange's Mergers and Acquisitions Review Committee is scheduled to hold a review meeting on May 11 to consider the company's issuance of shares to purchase assets and related party transactions. 6. CATL: Completed the H-share placement at a placement price of HKD 628.20, raising approximately HKD 39.2 billion. 7. Saiwei Electronics: Plans to acquire a 10% stake in CompoundTek to consolidate and enhance its competitiveness and market position in the silicon photonics foundry field. 8. Giant Interactive: Received an administrative regulatory measure decision letter from the Chongqing Securities Regulatory Bureau, issuing a warning letter to Chairman Shi Yuzhu. 9. Jiangxi Copper: Plans to spin off Jiangxi Copper Foil for listing on the Hong Kong Stock Exchange. 10. Hongban Technology: Its subsidiary successfully bid for 100% equity in Jiangxi Zhihao, which will facilitate the rapid expansion of the company's PCB production capacity. 11. Kelan Software: Under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure regulations.

Italy's services PMI for April was 49.8, below the expected 47.6 and the previous reading of 48.8.