China's Ministry of Commerce has issued an order to block U.S. sanctions imposed on five Chinese companies concerning Iranian petroleum transactions. The British Royal Navy reports that shipping traffic through the Strait of Hormuz has plummeted by over 90% due to military actions involving the U.S., Israel, and Iran. Berkshire Hathaway reported a net profit of $10.11 billion for the first quarter of 2026, with its cash reserves reaching a record $397.38 billion.

On May 2nd, the Ministry of Commerce issued a blocking order to counter U.S. sanctions against five Chinese enterprises. The sanctions, which include designations on the Specially Designated Nationals List (SDN List), asset freezes, and transaction prohibitions, were imposed on Hengli Petrochemical (Dalian) Refining Co., Ltd., Shandong Shouguang Luqing Petrochemical Co., Ltd., Shandong Jincheng Petrochemical Group Co., Ltd., Hebei Xinhai Chemical Group Co., Ltd., and Shandong Shengxing Chemical Co., Ltd., citing their alleged involvement in Iranian petroleum-related transactions.

On May 2nd, it was learned from the Traffic Management Bureau of the Ministry of Public Security that on the second day of the May Day holiday, traffic flow on the nation's major expressways and national/provincial trunk roads decreased compared to the first day of the holiday but remained high. Areas around some tourist attractions experienced concentrated traffic, with queuing and slow traffic occurring on sections near major and medium-sized cities and key scenic spots during certain periods. As of 5:00 PM, traffic in major cities and on key expressways and trunk roads nationwide was generally safe and smooth.

It was learned on May 2nd from China State Railway Group Co., Ltd. that on May 1st, the national railway system handled 24.844 million passenger trips, setting a new single-day record for passenger volume, with safe and orderly transport operations. On May 2nd, the national railway was expected to handle 19.7 million passenger trips, with plans to add 1,222 extra passenger trains.

SCO Deputy Secretary-General Kopelev said on May 2nd in Cholpon-Ata, Kyrgyzstan, that as a founding member of the Shanghai Cooperation Organisation, China plays a vital role in system-building and continuously promotes the implementation of initiatives aimed at strengthening multilateral cooperation. Kopelev noted that this year marks the 25th anniversary of the SCO's founding. Over the past 25 years, the SCO has developed into the world's largest regional cooperation organization in terms of geographical coverage and population.

On May 2nd, it was learned from Shanghai Guotou Xiandao Company that the three major guiding industry mother funds in Shanghai achieved a "good start" in the first quarter of 2026: new investment decision amounts reached 8.2 billion yuan, including 8 billion yuan for sub-funds and 200 million yuan for direct investment projects. To date, cumulative investment decisions have exceeded 50 billion yuan, with sub-funds accumulating 369 project approvals and over 300 investment decisions, facilitating the IPO listings of two invested projects.

According to Maoyan Professional data, as of 9:25 PM on May 2nd, the single-day box office for the second day of the 2026 May Day holiday period surpassed 164 million yuan, exceeding the box office performance of the previous day.

On May 2nd, the "Three峡领航号," the world's largest 16-megawatt floating offshore wind power platform, completed its installation in the waters off Yangjiang, Guangdong, marking a new breakthrough for China in the field of deep-sea floating wind power technology. The "Three峡领航号" consists of three parts: a 16-megawatt ultra-large-capacity wind turbine, a semi-submersible floating platform, and a new mooring system.

On May 2nd, in the first round of the WorldSSP class race at the 2026 World Superbike Championship (WSBK) Hungarian round, French rider Valentin Debise, representing Chinese motorcycle manufacturer "Zhang Xue Motorcycles," won the championship. This was his third victory with "Zhang Xue Motorcycles." With this win, "Zhang Xue Motorcycles" accumulated 99 points, ranking third in the manufacturers' championship standings.

According to a report from Iran's Fars News Agency on May 2nd, senior official Sardar Asadi of the Khatam al-Anbia Central Headquarters of the Iranian Armed Forces stated that the possibility of renewed conflict between Iran and the United States is significant, but Iran is fully prepared.

Iranian Deputy Foreign Minister Garibabadi said on May 2nd that Iran has presented a plan to mediator Pakistan aimed at permanently ending the war, stating that the "ball is now in the U.S. court," and that Iran is prepared for "two scenarios."

Iranian media disclosed on May 2nd the contents of the latest negotiation proposal, totaling 14 points focused on "ending the war," which Iran recently conveyed to the United States via mediator Pakistan. Reports indicated that Iran is awaiting a formal response from the U.S. According to Tasnim News Agency, the U.S. had previously presented a 9-point proposal in response, to which Iran's latest proposal contains 14 points.

According to a report from Iran's Press TV on May 2nd, Deputy Speaker of the Iranian Parliament Ali Nikzadeh stated that the parliament will approve a "Strait of Hormuz Management Law." Under this law, Israeli vessels will "permanently" be prohibited from passage; vessels from "hostile countries" must pay "war reparations" to obtain passage permits; and other vessels must obtain authorization from Iran to pass through.

The British Royal Navy stated on May 1st that since the U.S. and Israel launched military actions against Iran, shipping traffic through the Strait of Hormuz has significantly decreased. The daily number of vessels passing through the strait has dropped from approximately 130 before the conflict to fewer than 10, a decline of over 90%.

It was learned on May 2nd from the German Kiel Institute for the World Economy that an analysis by the institute shows that the U.S. plan to increase tariffs on cars imported from the EU will significantly impact the German economy. The short-term output loss for the German automotive sector is estimated at 15 billion euros, with potential long-term losses reaching up to 30 billion euros.

Egypt's Ministry of Petroleum and Mineral Resources announced on May 2nd the discovery of a natural gas field in the Nile Delta region. The ministry stated in a declaration that the field is expected to have a daily production of approximately 50 million cubic feet. The well is located less than 2 kilometers from the nearest pipeline infrastructure, meaning connection to the grid could be achieved within weeks.

ExxonMobil's latest disclosed financial report shows that the company's first-quarter revenue reached $85.14 billion, a year-on-year increase of 2.4%. GAAP net profit was $4.18 billion, a decrease of 45.8% compared to the same period last year. Adjusted earnings were $4.9 billion, exceeding market expectations. This is its first full quarterly report since the outbreak of conflict in the Middle East.

Berkshire Hathaway released its first-quarter 2026 performance report on May 2nd. The report shows that Berkshire achieved a net profit of $10.11 billion in the first quarter, compared to $4.603 billion in the same period last year. First-quarter operating profit was $11.35 billion, an increase of 18% year-on-year. Cash reserves reached a record $397.38 billion in the first quarter.