Pre-market news highlights: 1. A historic earnings night saw four major U.S. tech giants report results. Type: Corporate. Sentiment: Positive. In the early hours of April 30, Google, Microsoft, Meta, and Amazon released their Q1 2026 financial reports. Google reported quarterly revenue of $109.9 billion, with its Google Cloud backlog nearly doubling sequentially to over $460 billion. Microsoft posted quarterly revenue of $82.9 billion. Amazon Web Services (AWS) revenue grew 28% year-over-year, marking its highest quarterly growth rate in nearly four years. Google and others saw their stock prices rise in after-hours trading. While Meta's Q1 revenue grew 33%, its stock declined after hours due to concerns over capital expenditures.

2. Shenzhen's property market introduced significant measures ahead of the Labor Day holiday, adding home-purchasing eligibility in core areas and raising公积金 loan limits. Type: Industry. Sentiment: Positive. On April 29, the Shenzhen Housing and Construction Bureau announced further optimizations to housing purchase restrictions and adjustments to住房公积金 loan policies. Experts stated that these adjustments focus on precisely easing restrictions in core areas and significantly increasing住房公积金 loan quotas, demonstrating differentiated support for various homebuyer groups. Introduced just before the holiday, the move responds to the broader requirement proposed on April 28 to stabilize the real estate market. The next step is expected to further accelerate the overall recovery in first-tier cities.

3. Oil prices surged following remarks from former President Trump, who stated negotiations with Iran are being conducted by phone. Type: Macro. Sentiment: Negative. On April 29, former U.S. President Donald Trump stated that negotiations with Iran are being conducted via telephone and that the maritime blockade on Iran will continue until Iran agrees to a deal that alleviates U.S. concerns about its nuclear program. International oil prices rose sharply. WTI crude oil futures settled up 6.95%, a gain of $6.95. Brent crude oil futures increased by $6.77, a rise of 6.08%.

4. Can the pre-holiday rally continue on the last trading day before the Labor Day break? Institutional strategies are in. Type: Market. Sentiment: Positive. April 30 is the final trading day before the Labor Day holiday. Regarding trading strategies, institutions suggest following the market trend. If the market opens strong, hold positions firmly; if it opens slightly lower, there is no need to panic, as core sectors like non-ferrous metals, power equipment, and technology possess strong resilience, and blindly selling off is not advised. For the choice between holding stocks or cash, investors should plan rationally: those with heavy positions may choose to hold stocks over the holiday, while those with light positions might opportunistically hold cash to avoid holiday uncertainty risks.

Investment Calendar: Official April Manufacturing PMI release.

Investment Insight: Investment Insight: In this competitive world, even the most sophisticated analysis can seem meaningless in the face of unpredictable change. - Pat Dorsey, "The Little Book That Builds Wealth"

Institutional Views: 1. Founder Securities: It is acceptable to hold stocks over the holiday. Post-holiday opportunities are expected from sectors like computing power, semiconductors, advanced manufacturing, and new energy. 2. Guosen Securities: The logic of focusing on quarterly performance is expected to return in Q2. Pay attention to certain cyclical sectors and directions with improving景气度. 3. East Money Information: The A-share Q1 earnings season is gradually concluding. Key sectors to focus on include new energy, coal, helium, and electrolytic aluminum.

Positive and Negative Outlook: 1. U.S. chip stocks surged! Intel rose over 12% to a new high, with its stock price doubling within the month. Type: Market buzz. China Merchants Securities: Global memory supply is expected to remain generally tight throughout 2026. AI demand continues to outpace capacity expansion. Multiple segments of the domestic memory industry will benefit from the shortage and price increase trend. Focus on core areas like memory manufacturers and memory packaging/testing or foundry links. 2. May lithium battery production schedules continue to increase, with enterprise schedules up 67% year-over-year, indicating improving industry supply and demand. Type: Institutional hot take. Dongguan Securities: Preliminary lithium battery industry chain production schedules for May show continued sequential growth, indicating strong downstream demand. Simultaneously, industry efforts against internal卷 are progressing. The supply-demand dynamic is improving, promising both volume and profit growth. Lithium battery companies generally reported significant Q1 profit increases, with明显 improved profitability. 3. DeepSeek V4 release ignites demand; giants like ByteDance and Alibaba rush to secure Huawei's Ascend 950 chips. Type: Market buzz. Bank of China Securities: The DeepSeek V4 series, in collaboration with Huawei Ascend, will redefine the era of high-performance model cost-effectiveness. Agent capabilities are significantly enhanced. This combination is expected to accelerate the commercialization of domestic computing power and is an important验证 node for the domestic substitution logic.

Announcement Summary: Positive-leaning Announcements: 1. Cambricon: Q1 net profit was 1.013 billion yuan, up 185.04% year-over-year. 2. Ganfeng Lithium: Q1 net profit was 1.837 billion yuan, up 616.34% year-over-year. 3. Hongjing Technology: Q1 net profit was 30.2574 million yuan, up 39.75% year-over-year.

Negative-leaning Announcements: 1. Beautiful Ecology: The company's stock will be subject to delisting risk警示 starting April 30. 2. Tongcheng New Materials: Shareholder Yutong Investment plans to reduce its holding by no more than 1.86%. 3. PICC: Q1 net profit fell 31% year-over-year, with investment-side profits also declining.

Overseas Markets: The Federal Reserve held rates steady, and market focus was on tech giant earnings. The three major U.S. indices closed mixed, with the Nasdaq edging up and the Dow Jones falling for a fifth consecutive day. Sector-wise, optical communication and memory concept stocks strengthened, with Lumentum up 8.46% and Kuaishou Technology up 11.1%. Popular Chinese concept stocks were mixed.