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Dolphin Research

China Mobile Q1 2026 First Take: revenue grew at a low single-digit pace, while profit declined on GPM compression and higher costs.

With capex cut sharply in the quarter, after-tax cash operating profit still rose about 5%.

Connectivity remains the core biz., accounting for nearly 90% of revenue.

Mobile subscribers increased by 3.76 mn QoQ in the quarter.

As the leading domestic operator, the QoQ add underscores its competitive position.

Behind China Mobile's steady print, the market is focused on three areas.

They are: a) capex, b) dividends, and c) the VAT policy shift.

a) Capex: Q1 capex was RMB 30.4bn, down RMB 6bn YoY.

Given the full-year plan of RMB 136.6bn, the remaining three quarters imply ~RMB 106.4bn in total, or ~RMB 35.2bn per quarter.

As the 5G heavy investment cycle winds down, capex continues to contract.

b) Dividends: The company paid RMB 19.7bn in Q1.

Payouts are typically concentrated in Q2–Q3.

Assuming a RMB 35.0bn dividend in Q2, the payout ratio would remain around 76%.

c) VAT change: Effective Jan 1, 2026, data, SMS and MMS will be reclassified from 'value-added telecom services' to 'basic telecom services'.

The applicable VAT rate will rise from 6% to 9%.

Overall, revenue and subscriber counts continue to grow, with capex trimmed and a high payout maintained.

While there are limited near-term growth drivers, it remains a solid dividend play. $CHINA MOBILE(00941.HK) $China Mobile(600941.SH) $CHINA MOBILE-R(80941.HK)

Retail and Solar Demand Drive China's Silver Imports to Record High

Wallstreetcn

China imported approximately 836 tons of silver in March, nearly triple the average of about 306 tons for March over the past decade. This surge was driven by heavy purchases from retail investors and stockpiling by solar manufacturers ahead of the April 1 cancellation of export tax rebates. Analysts note that a decline in silver prices will weaken retail buying momentum, while policy controls on industrial demand suggest there is no long-term support for such large-scale silver imports

Wallstreetcn

The Nasdaq Golden Dragon China Index initially fell 0.3%. Among popular Chinese concept stocks, EHang Intelligence, Tiger Brokers, VNET Group, and NIO initially dropped more than 2%, while Beike, Baidu, and Li Auto rose over 1%, and ZAI LAB gained 4.3%

Warsh's Fed Confirmation Hearing Starts Tomorrow. 3 Huge Things Investors Should Listen For

Motley Fool

The Senate confirmation hearing for Kevin Warsh, President Trump's nominee for Federal Reserve chair, is set for tomorrow. Investors should pay attention to three key topics: 1) Warsh's stance on potential rate cuts amid rising inflation, 2) his commitment to maintaining Fed independence from political influence, and 3) his plans for reducing the Fed's balance sheet, which has ballooned to nearly $9 trillion. The hearing could significantly impact the stock and bond markets, making it essential for both institutional and individual investors to tune in.

Envicool 2025 Revenue Grows 32%, Net Profit Rises 15%: AI-Driven Data Center Cooling Demand | Financial Report Insights

Wallstreetcn

In 2025, Envicool achieved revenue of 6.068 billion yuan, a year-on-year increase of 32.23%; net profit attributable to shareholders was 522 million yuan, up 15.30% year-on-year. Liquid cooling business has become the core engine as it enters AI data centers; its products were included in NVIDIA's MGX ecosystem and custom CDU products were developed for Google, further binding relationships with leading manufacturers

JPMorgan: GPU Leasing Prices Surge Across the Board in March, DRAM and NAND Price Hikes Slow in Q2

Wallstreetcn

AI infrastructure demand continues to heat up, with GPU leasing prices rising across the board in March. B200 surged 23.5% in a single month, while its premium ratio over H100 recovered to 2.07x, reflecting the market's urgent demand for next-generation computing power. On the storage front, DRAM and NAND contract prices rose sequentially by 96% and 88% respectively in Q1, with growth expected to slow sequentially to 61% and 73% in Q2

Eli Lilly Announces $7 Billion Acquisition of Kelonia: Pioneering the 'In Vivo CAR-T' Frontier and Leading Gene Therapy Revolution

Wallstreetcn

'In vivo CAR-T' technology eliminates the need to extract and modify immune cells, achieving gene modification via a single infusion. It has the potential to disrupt the complex processes of traditional cancer immunotherapies and improve patient accessibility. Kelonia's first indication for its 'in vivo CAR-T' technology targets multiple myeloma, a market valued at approximately $23.5 billion in 2023 and projected to reach $33.2 billion by 2030

Bank of America: Buy US Treasuries Lagging in the Rebound Amid US-Iran Tensions

Wallstreetcn

Bank of America notes that US Treasuries continue to reflect the impact of the Middle East war, while other asset classes have largely priced this in. Strategists recommend buying mid-curve bonds and executing steepener trades, expecting a rebound as market bets on Federal Reserve rate cuts increase. Meanwhile, strategists predict that as markets refocus on macroeconomic fundamentals, changes in Fed leadership, and US Treasury supply, yields at the mid-curve will decline, resulting in a steeper yield curve

Warsh Nomination Hearing Transcript Revealed: Pledges Strict Independence of Monetary Policy, States Fed's Independence Primarily Depends on Itself (Full Text Included)

Wallstreetcn

Warsh stated that the implementation of monetary policy must maintain strict independence, arguing that politicians commenting on interest rates is not the true threat to the Fed; rather, it is the Fed's own discipline and rigorous conduct that upholds its independent status. He warned against the expansion of the Fed's functional boundaries, asserting it should 'stick to its duties.' Describing inflation as a choice, he called price stability the Fed's 'shield,' vowing full responsibility without excuses or evasion. Additionally, to comply with ethical standards for the Federal Reserve Chair, Warsh plans to divest a BlackRock fund tracking Canadian equities

Morgan Stanley: Why the Win/Loss Ratio for Buying Memory Is Better Than Buying CPUs

Wallstreetcn

AI agents are driving CPU demand growth of 30%-40%, but Morgan Stanley believes that 'buying CPU stocks when the CPU sector is booming' is unwise, as Intel's new products have defects and AMD's stock price is actually driven by GPUs. However, memory not only benefits from the acceleration in CPU demand but also from the growth in HBM and enterprise SSD demand, making it a potentially superior investment target

Google Plans Dedicated Inference Chips: A Decade in the Making, TPU Challenges NVIDIA's Dominance Across the Board

Wallstreetcn

Google is set to unveil its next-generation TPU (inference chip) at the Google Cloud Next conference and has already secured major orders from giants like Meta and Anthropic. Analysts note that while NVIDIA's position in training is unquestionable, Google may hold an advantage in inference

China Mobile: Tax Reform Skimming? Payouts Need to Be More Generous

Dolphin Research

China Mobile (600941.SH/00941.HK) released its Q1 2026 results after the HK close on Apr 20 (Beijing time), for the quarter ended Mar 2026. Highlights: 1) Operating metrics — revenue held up.

Total revenue was RMB 266.4bn (+1% YoY). The company’s telecom service revenue dipped slightly YoY this quarter.

Product sales and other businesses posted double-digit YoY growth for a second consecutive quarter. Operating profit was RMB 29.0bn (-11% YoY)...

Kuwait Announces Force Majeure on Crude and Refined Product Exports; Strait of Hormuz Blockade Triggers Chain Reaction

Wallstreetcn

The Kuwait Petroleum Corporation (KPC) has formally invoked force majeure due to the Strait of Hormuz blockade, suspending some crude oil and refined product shipments, causing significant disruption to global oil supply chains. Brent crude prices surged nearly 4%, approaching $94 per barrel. Kuwait's oil and gas infrastructure has suffered multiple strikes, with production dropping to early-1990s historical lows; restoring capacity will take time. Prospects for US-Iran negotiations remain uncertain as Iran expresses reservations about participating in the second round of talks

IPO Alert: Cerebras Public Debut Could Threaten Nvidia's AI Chip Dominance

Tip Ranks

Cerebras Systems has filed for an IPO of its Class A common stock, targeting a mid-May debut on Nasdaq under the ticker 'CBRS.' The company reported $510 million in revenue for 2025, a 75% increase from the previous year, and a GAAP net income of $237.8 million. Cerebras aims to challenge Nvidia in the AI chip market with its innovative Wafer-Scale Engine technology. The IPO filing highlights increasing competition in AI hardware, coinciding with other tech firms preparing for public listings.

Weekend US-Iran Maneuvers Trigger 7% Oil Surge and Decline in US Stock Futures at Monday Open

Wallstreetcn

Within a 72-hour window over the weekend, the Strait of Hormuz shifted from 'fully open' to closed again; the US detained an Iranian cargo ship, Trump threatened to destroy Iran's infrastructure, while Tehran refused to confirm attendance at new negotiations. On Monday, Brent crude surged as high as 7.9%; S&P 500 futures fell 0.7%. US stocks that recently hit record highs face profit-taking pressure, and markets have returned to a state of high uncertainty

US Market Early: Major Indices Dip Slightly, Most Hot Chinese Concept Stocks Decline

Wallstreetcn

The Dow Jones Industrial Average fell 0.1%, the S&P 500 Index dropped 0.2%, and the Nasdaq Composite declined 0.3%. Most hot Chinese concept stocks declined, with Pinduoduo down about 2%, Baidu down about 2%, and Bilibili down about 1%. Some semiconductor stocks also fell, with Nvidia dropping approximately 1%

Hedge Fund CIO Predicts: After This Rally Peaks, Interest Rates Will Return to Zero and the Fed's Balance Sheet May Expand Sharply Again

Wallstreetcn

As the Nasdaq Index continues to hit record highs, some professional capital is betting on a generational market top. Eric Peters forecasts that the S&P 500 could rise another 35%–40% over the next 3–6 months, driven by AI infrastructure, energy exports, and foreign capital inflows, while positioning early in gold and U.S. Treasuries in anticipation of interest rates returning to zero or even negative levels. However, he simultaneously warns that selling pressure from the baby boomer generation combined with the employment disruption caused by AI could trigger a severe bear market after the peak, with risks accumulating behind the current euphoria

CHINA MOBILE Q1 Revenue Edges Up, Net Profit Slides as Cloud Computing and Compute Leasing Emerge as New Growth Engines | Financial Report Insights

Wallstreetcn

CHINA MOBILE reported first-quarter revenue of 266.5 billion yuan, a 1.0% year-over-year increase, reflecting moderate growth momentum, while core telecommunications service revenue declined by 1.1%. Net profit narrowed by 4.2% year-over-year to 29.3 billion yuan, signaling persistent profitability pressures. The primary driver of overall revenue growth came from 'other business income,' which surged 12.7% year-over-year to 46.6 billion yuan, indicating that emerging businesses such as computing power and intelligent services are becoming significant revenue supplements

JPMorgan Chase: Sell USD on Rallies, Corporate FX Settlement and Safe-Haven Demand Resonate, RMB Bullish in Medium Term

Wallstreetcn

JPMorgan Chase believes that sustained selling of USD by Chinese enterprises, combined with the enhanced safe-haven attributes of the RMB, jointly support its medium-term appreciation. Corporate FX settlement momentum is robust and extends beyond current USD earnings; massive stockpiles of USD savings accumulated over recent years are being accelerated into conversion, providing sustained upward pressure on the RMB. During the Middle East conflict, the RMB consistently held below the 7.0 level against the USD, while diversification of the petrodollar system and a rising share of RMB settlement in energy trade significantly boosted its safe-haven appeal

Warsh to Face Senate Hearing Tomorrow: Can Shifting from Hawk to Dove Convince Congress? Independence and Inflation Expectations in Focus

Wallstreetcn

Kevin Warsh, Trump's nominee for Federal Reserve Chair, is set to testify before the Senate Banking Committee on Tuesday, facing a major test of his political career. The hearing will focus on the Fed's independence and inflation expectations, with Warsh needing to balance promises of rate cuts with defending the Fed's autonomy. Failure to effectively support Fed independence could spark market concerns about inflation, pushing rates higher. Democratic lawmakers will focus their questioning on Warsh's shift in policy stance, particularly his calls for rate cuts after Trump's return to the White House

ZEEKR Completes the Last Piece of Its Large Vehicle Strategic Portfolio

Wallstreetcn

A new variable in the market

Market Has 'Abandoned April Rate Hike'; Bank of Japan Turns to Wait-and-See: Is the Real Window in June?

Wallstreetcn

The Bank of Japan is inclined to hold interest rates steady in April while continuing to monitor developments in the Middle East. With US-Iran negotiations shrouded in uncertainty and Japan heavily reliant on energy imports from the region, surging oil prices are escalating inflationary pressures. Against this backdrop, market focus has shifted to April's policy statement, where the central bank may use this window to issue forward guidance signaling a rate hike as early as June

Major Hearing Tomorrow Night: Will Warsh Turn Hawkish? Deutsche Bank Reveals Five Key Points

Wallstreetcn

Deutsche Bank believes that although Warsh previously supported interest rate cuts, he is not a structural dove. Given inflation exceeding expectations, stabilizing employment, and escalating geopolitical risks, he is expected to avoid strongly advocating for interest rate cuts in the near term. Additionally, he is likely to support reforming bank regulation before gradually reducing the balance sheet, push for canceling detailed forward guidance, and maintain distance from government calls for interest rate cuts. The Justice Department's investigation and the 'hot potato' of Powell's tenure are key focal points of the hearing

MU debuts 24Gb GDDR7 memory; DeepSeek's first external round sparks AI capital frenzy | Daily News Recap

Dolphin Research

Apr 20 ｜ Dolphin Research Focus: 🐬 Macro/Industry. 1) Ibrahim Azizi, chair of Iran's Islamic Consultative Assembly Committee on National Security and Foreign Policy, told Al Jazeera that Iran will continue talks with the U.S., but stressed it is 'not at any cost' and will not accept arbitrary U.S. demands.

The current U.S.-Iran temporary ceasefire expires on Apr 22. The two sides held a first round in Oman earlier, and the region sits at an inflection point between war and peace.

The restart signals a pragmatic stance by Tehran. Yet core differences remain, leaving limited room for maneuver...

Wallstreetcn

Pre-market US stocks: semiconductor shares broadly declined, with ASML down about 1%, Broadcom down about 2%, and TSMC down about 1%. Chinese concept stocks mostly fell, with XPeng down about 2%, Bilibili down about 1%, and JD.com down about 1%

Huawei Pura New Product Launch Event: Pura90 Pro Equipped with Kirin 9030s Chip

Wallstreetcn

Huawei held the Pura series new product launch event on April 20, unveiling the Pura90 Pro and Pro Max, both powered by the Kirin 9030s chip. The Pura90 Pro Max debuted a long-distance voice enhancement technology supporting audio capture from up to 10 meters away, featuring a 200MP telephoto sensor capable of 20x optical high-definition video recording. During the event, Richard Yu introduced five color schemes. Market risks exist; invest with caution

America's 'Open Strategy': Replacing the Gulf to Make the World Buy American Oil?

Wallstreetcn

As US-Iran tensions escalate, the US attempts to reconstruct the global energy market by controlling energy supplies through the Strait of Hormuz, attracting capital back to the US. Brian McCarthy from investment research firm Macrolens predicts a 90% probability of a ceasefire agreement being reached. With oil prices falling to $80 per barrel, the market reflects that the war is nearing its end. Analysts point out that the US strategic intent is to increase uncertainty in Asian energy supplies, drive capital from gold to the US dollar, and consolidate the US financial bubble