Barclays cut Pinduoduo (PDD.O) PT to $89 from $165.

越南最高領導人：我們必須增強防範危機的能力。

CITIC Securities says April industrial firms posted new highs in both profit and revenue growth. Price gains and margin improvement—anchored by a stronger-than-expected PPI recovery—are the main drivers, while a weak volume recovery is dragging. State-owned and joint-stock firms led profit gains; foreign-funded firms’ profit growth slowed marginally. By sector, upstream profits surged, midstream profit share rose and downstream profits ticked up; coal, nonferrous metals, computer & communications and chemical raw materials outperformed, with coal showing marked margin recovery. Firms’ inventory restocking intentions are rising, but the report flags risks from shifts in external demand and from raw-material price increases weighing on production expansion and medium-to-long-term profits.