A-share CRO names opened higher. Wanbang Medicine hit the 20% limit-up in the opening auction; Shuangcheng Pharmaceutical opened up more than 9%; Meinova and Pharmaron also advanced.

CITIC Securities says early-May dollar strength and rising rate expectations correspond with an acceleration of global K-shaped market divergence, driven by tightening expectations that damage non-AI demand. The firm judges the K-shaped split has reached a cyclical extreme; even overseas tech is contracting internally, and pricing across equities, bonds, commodities and FX already reflects early recession-trade signals. If tightening materializes, carbon‑based demand could suffer further; if not, divergence may partially converge. Compared with volatile offshore markets, China’s A-share market shows greater resilience: some non-AI sectors have attracted early (left-side) institutional flows and a few low-valuation pockets have begun to repair, but catalysts are still required.

烏克蘭總統澤連斯基：烏克蘭在克拉斯諾達爾和雅羅斯拉夫爾地區對俄羅斯石油精煉廠進行了襲擊。