There was HKD8.5 billion, HKD2.6 billion and HKD1.1 billion Southbound Trading net inflow to TRACKER FUND (02800.HK), HSCEI ETF (02828.HK) and XIAOMI-W (01810.HK).

There was HKD734.1 million, HKD248.8 million and HKD240.2 million Southbound Trading net outflow from CNOOC (00883.HK), BABA-W (09988.HK) and YOFC (06869.HK).

For Southbound Trading of Shanghai-Hong Kong Stock Connect, TRACKER FUND (02800.HK) was the most active stock with highest net inflow of HKD6.8 billion, while CNOOC (00883.HK) was the most active stock with highest net outflow of HKD1.4 billion.

For Southbound Trading of Shenzhen-Hong Kong Stock Connect, TRACKER FUND (02800.HK) was the most active stock with highest net inflow of HKD1.8 billion, while BABA-W (09988.HK) was the most active stock with highest net outflow of HKD259.5 million.

At close, Southbound Trading net outflow totaled HKD0 , representing 47.27% of the total transaction amount of HKD115.16 billion.
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Web Site: www.aastocks.com

BYD COMPANY (01211.HK) sold 11,184 passenger vehicles in Singapore in 2025, representing an 80.6% YoY growth, rendering the company to be the annual overall brand sales champion, according to data from the Land Transport Authority of Singapore. BYD officially tapped into the Singapore passenger vehicle market in 2022 and climbed to the top of the sales rankings within just two years.
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GAC GROUP (02238.HK) announced that automobile production numbered 193,800 units in March 2026, up 2.6% YoY, while sales aggregated 176,900 units, up 1.68% YoY.

The total production year to date amounted to 394,800 vehicles, down 3.99% YoY, and total sales reached 379,900 vehicles, up 2.38% YoY.
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Spot USD/CNY sank 196 bps to close at 6.8936 today (2nd). As of 4:47 pm, USD/CNY in the night session slid 229 bps. USD/CNH plummeted 218 bps to 6.8989, 53 bps below USD/CNY.
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The HSI faded 177 points or 0.7% to close at 25,116. The HSCEI dropped 47 points or 0.6% to close at 8,456. The HSTECH slipped 77 points or 1.6% to close at 4,679. Total market turnover for the day amounted to $243.628 billion.

Automaker BYD COMPANY (01211.HK) lost 0.8%, while XIAOMI-W (01810.HK) cascaded 3.6%. CHERY AUTO (09973.HK) reported a 15% YoY increase in total sales last month, boosting its share price by 15.3%. GWMOTOR (02333.HK) posted an 8% YoY incline in sales during the same period, while GEELY AUTO (00175.HK) reported roughly flat YoY total sales for the same month. The two stocks swelled 7.3% and 6.4%, respectively.

SERES (09927.HK) reported a 21% YoY increase in NEV sales for March, but its stock price sagged 3.6%. Autonomous driving stocks PONY-W (02026.HK) and HORIZONROBOT-W (09660.HK) tumbled 7.6% and 4.1%, while HESAI-W (02525.HK) mounted 3.7%.

For techs, TENCENT (00700.HK) waned 1.5% to $489.2, while BABA-W (09988.HK) cascaded 2.4% to $118.5. KUAISHOU-W (01024.HK), BILIBILI-W (09626.HK) and MEITUAN-W (03690.HK) shed 2.1-2.8%, while JD-SW (09618.HK), BIDU-SW (09888.HK) and NTES-S (09999.HK) ebbed 0.7-0.9%. XD INC (02400.HK) shrank 5.3%.

Handset component stock SUNNY OPTICAL (02382.HK) advanced 5.2% although multiple brokers cut their target prices on it successively. LENS (06613.HK) descended 9.4%, while electronics stock FIT HON TENG (06088.HK) sank 9.5%.
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The China Automobile Dealers Association (CADA) released the latest Auto Consumption Index saying that the Auto Consumption Index stood at 74 in March, slightly higher than the previous month.

Following the market rebound, the auto market is expected to maintain its recovery momentum in April, with sales projected to inch up from March.
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Recently, the Ministry of Human Resources and Social Security of China (MOHRSS), the Cyberspace Administration of China (CAC), the Ministry of Industry and Information Technology (MIIT) and two other authorities launched administrative guidance to standardize the publication of recruitment-related information on online platforms.

The authorities required online platforms including KANZHUN (BZ.US), Douyin, KUAISHOU-W (01024.HK) and WB-SW (09898.HK) to further strengthen their primary responsibility for information and content management. The companies must ensure proper qualification verification, clear information disclosure, thorough content review, adequate risk prevention and effective handling and control measures.

The move aims to continuously enhance compliance operations, technical security algorithm and rights protection level, and strengthen governance of the online recruitment space, safeguarding the legitimate employment rights of job seekers.
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JPMorgan released a research report with the following investment ratings and target prices for Chinese banks:

Stocks | Investment Ratings | Target Prices (HKD)
MINSHENG BANK (01988.HK) | Overweight → Neutral | HKD4.4 → HKD4
CEB BANK (06818.HK) | Neutral → Underweight | HKD3.1 → HKD2.7
BANK OF CHINA (03988.HK) | Overweight | HKD5.5
CCB (00939.HK) | Overweight | HKD9.5
ICBC (01398.HK) | Overweight | HKD7.35
BANKCOMM (03328.HK) | Overweight | HKD7.85
ABC (01288.HK) | Overweight | HKD6.1
PSBC (01658.HK) | Neutral | HKD5.5
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ZHONGJI INNOLIGHT (300308.SZ) has confidentially submitted an application for a Hong Kong listing, with a goal to raise at least USD3 billion, Bloomberg reported, citing people with the knowledge of the matter.

ZHONGJI INNOLIGHT recorded net profit of RMB10.797 billion last year, representing a YoY upsurge of more than 100%.
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GEELY AUTO (00175.HK) rebounded nearly 6.5% in the half-day session to close at HKD23.4, with turnover of HKD2.175 billion, making it the best-performing blue chip. M Stanley said in a recent report that GEELY AUTO management attended its China investor conference, where the group reiterated its 2026 overseas sales target of 640,000 units, of which about 300,000 units will be internal combustion engine vehicles. The company has completed 180,000 units in 1Q26, indicating solid progress. Management noted that overseas capacity expansion will prioritize utilization of existing plants to avoid large-scale new capital expenditure. It also set a target to reduce average cost per vehicle by about RMB7,000 to RMB8,000 to offset rising memory and raw material prices. The company maintained strong pricing discipline in 1Q26, with significant improvement in per-vehicle profitability. Profit per vehicle in overseas markets may reach RMB13,000 to RMB15,000, about three times that of the domestic market.

The broker said overseas sales growth and margin expansion remain GEELY AUTO s long-term core strategy. Cost inflation is manageable, and no price war emerged in 1Q26, supporting profitability.

In 2026, the group will see intensive progress in product and technology deployment. The Galaxy and Lynk & Co brands will accelerate model iterations, launching multiple heavyweight new models during the year. On April 13, the group will officially launch its iHEV technology, which will first be applied to five core models, delivering fuel efficiency exceeding global peers in the same class, alongside a new autonomous driving solution.

M Stanley maintained its Overweight rating on GEELY AUTO with a TP of HKD25. (wl/a)~

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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

The market focused on a televised speech by US President Donald Trump regarding Iran, in which he mentioned that extremely severe strikes on Iran could be launched in the next two to three weeks. Brent oil futures rose. Hong Kong equities fell in line with external markets. The HSI opened down 39 pts before losses widened, falling 276 pts or 1.1% to 25,017 at midday. The HSCEI dropped 83 pts or 1% to 8,421, while the HSTECH declined 104 pts or 2.2% to 4,651. Half-day turnover totaled HKD116.197 billion.

Among oil stocks, PETROCHINA (00857.HK) and CNOOC (00883.HK) rose 1% and 0.8%, respectively, while CHINA COAL (01898.HK) gained 3.5%. Gold miners ZIJIN MINING (02899.HK) fell 1.7%, LINGBAO GOLD (03330.HK) dropped 2.5%, and CHINA GOLD INTERNATIONAL (02099.HK) declined 2.8%. Resource plays JIANGXI COPPER (00358.HK) and MMG (01208.HK) slipped 2.1% and 1.8%. Aluminum producers CHINA HONGQIAO (01378.HK) and CHALCO (02600.HK) rose 1.8% and 1.9%. Airline stocks CHINA SOUTHERN AIRLINES (01055.HK), CHINA EASTERN AIRLINES (00670.HK) and AIR CHINA (00753.HK) fell 3.6% to 4.9%.

In the auto sector, BYD (01211.HK) dropped 2.2% and XIAOMI (01810.HK) fell 4.1%. CHERY AUTOMOBILE (09973.HK) reported a 15% YoY increase in total sales last month, GREAT WALL MOTOR (02333.HK) posted an 8% YoY growth over the same period, and GEELY AUTOMOBILE (00175.HK) recorded broadly flat YoY total sales for the month. The three stocks rose 5.6% to 7%. SERES (09927.HK) reported a 21% YoY increase in March new energy vehicle sales, but its shares fell 2.8%. Autonomous driving stocks PONY AI (02026.HK) and HORIZON ROBOTICS (09660.HK) slid 7.4% and 3.8%.

Among tech names, TENCENT (00700.HK) fell 1.7% to HKD488.4, while ALIBABA (09988.HK) dropped 3.5% to HKD118.4. KUAISHOU (01024.HK), BILIBILI (09626.HK) and MEITUAN (03690.HK) declined 2.8% to 3.1%. JD.COM (09618.HK) and BAIDU (09888.HK) fell 1.4% and 1%, while NETEASE (09999.HK) edged down 0.5%. PING AN HEALTHCARE AND TECHNOLOGY (01833.HK) and XD INC (02400.HK) dropped 3.3% and 4.2%. SUNNY OPTICAL (02382.HK) rose 5.6% despite multiple brokers cutting its TP. LENS TECHNOLOGY (06613.HK) and COWELL E HOLDINGS (01415.HK) fell 8.9% and 3.3%, while FIT HON TENG (06088.HK) slid 7.5%.

AI-related stocks ZHIPU AI (02513.HK) and MINIMAX (00100.HK) retreated 13.4% and 9.2%, while INSILICO MEDICINE (03696.HK) fell 5%. Cloud service providers KINGSOFT CLOUD (03896.HK) and GDS HOLDINGS (09698.HK) dropped 4.5% and 4.2%. Chipmakers SMIC (00981.HK), HUA HONG SEMICONDUCTOR (01347.HK) and BIREN TECHNOLOGY (06082.HK) declined 4.7% to 5.2%. Fiber optic maker YOFC (06869.HK) rose 5.1%. Robotics stocks UBTECH ROBOTICS (09880.HK) gained 3.2%, while DOBOT (02432.HK) and ROBOSENSE (02498.HK) fell 3.7% and 4.1%.

In financials, HSBC (00005.HK), HKEX (00388.HK) and AIA (01299.HK) slipped 1.4% to 1.5%, while STANDARD CHARTERED (02888.HK) dropped 1.9%. Among consumer stocks, POP MART (09992.HK) fell 2.1%, MIXUE GROUP (02097.HK) declined 2.6%, and TOPSPORTS (06110.HK) tumbled 6% after Nike earlier projected a decline in sales in the mainland China market. In pharmaceuticals, HANSOH PHARMA (03692.HK), INNOVENT BIOLOGICS (09969.HK) and GENSCRIPT BIOTECH (01548.HK) rose 3.9% to 4.2%, while LUYE PHARMA (02186.HK) advanced 5.5%.

Elsewhere, property developer LONGFOR GROUP (00960.HK) fell 3.7%, developer SHK PROPERTIES (00016.HK) dropped 2.8%, and GUANGDONG INVESTMENT (00270.HK) declined 3.3%. (fc/w)~


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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

BABA-W (09988.HK) released Qwen3.6-Plus, Qwen’s new-generation large language model (LLM), which features native multimodal understanding and reasoning capabilities with significantly enhanced overall performance.

In authoritative evaluations including the agent programming SWE-bench series review and real-world agent task Claw-Eval, Qwen 3.6 outperformed models like GLM-5 and Kimi-K2.5 with 2-3 times the parameter size, becoming the strongest domestic model in coding capability at the moment and approaching the world’s strongest coding models in the Claude series.
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Volcano Engine, the cloud services platform under ByteDance, announced at the AI Innovation Roadshow ?Wuhan that the Seedance 2.0 API has entered public beta for enterprise users.

According to the introduction, Volcano Engine has established industry-leading copyright and portrait rights protection mechanisms for Seedance 2.0, covering various modalities involved in video generation and the entire creative process before and after production. It detects and defends against infringement and deepfake activities, effectively safeguarding the rights and interests of copyright holders and creators.

In addition, Volcano Engine stated that as of March this year, the Doubao large model under ByteDance recorded average daily token usage exceeding 120 trillion, doubling over the past three months and representing a 1,000-fold increase compared with its launch in May 2024.

Currently, the number of enterprises on Volcano Engine with cumulative token usage exceeding 1 trillion has increased from 100 at the end of last year to 140.

Tan Dai, President of Volcano Engine, said that token usage is a core indicator for measuring the pace of AI development. The recent rapid growth in Doubao s usage has been primarily driven by the surge in AI video creation and the accelerated adoption of AI agents. (hc/w)~

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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

Qianwen AI Glasses under ALIBABA-W (09988.HK) have completed their first OTA upgrade, officially integrating with the Taobao Instant Commerce and Alipay platforms. The first batch of "AI task handling" functions has gone live simultaneously, including mobile top-up, QR code bike rental, parking fee payment and food delivery ordering.

The OTA upgrade covers Qianwen AI Glasses G1 and Quark AI Glasses G1, and will be rolled out to users starting today.

It is reported that Qianwen AI Glasses S1 will debut later this month. (ta/a)~


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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

CLSA said in a research report that the revenue downtrend in China s banking sector since 2023 has likely passed. Based on positive signs in net interest margin (NIM) and wealth management fee income in the fourth quarter of last year, the broker expects the decline in NIM to narrow significantly this year and stabilize on a QoQ basis starting from 2H26. Together with a recovery in fee income, this should support pre-provision profit growth of China s banking sector returning to a normal low- to mid-single-digit range.

The broker believes that moderate revenue growth and stable dividend payouts will become the new normal for the sector. It raised the TP for BANK OF CHINA (03988.HK) to HKD6.7 from HKD3.9, CHINA CONSTRUCTION BANK (00939.HK) to HKD10.9 from HKD10.4, BANK OF COMMUNICATIONS (03328.HK) H shares to HKD9.3 from HKD9.2, and INDUSTRIAL AND COMMERCIAL BANK OF CHINA (01398.HK) to HKD7.5 from HKD5.2, all with an Outperform rating.

Meanwhile, CLSA lowered the TP for POSTAL SAVINGS BANK OF CHINA (01658.HK) to HKD6.3 from HKD6.7, while maintaining an Outperform rating. It also trimmed the TP for BANK OF COMMUNICATIONS (601328.SH) A shares to RMB9.3 from RMB9.4, and PING AN BANK (000001.SZ) to RMB12.7 from RMB13. All the above stocks are rated Outperform. The top picks are CHINA MERCHANTS BANK (03968.HK) (maintaining TP at HKD70 and Outperform), BANK OF CHINA and CHINA CONSTRUCTION BANK. (ss/w)~


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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

G Sachs published a research report noting that the share price of GCL Technology (03800.HK) has fallen 28% since early February, while polysilicon prices declined 22% over the same period. The current share price corresponds to a forecast 2027 price-to-book ratio of 0.5x (versus 1x for peers), which it considers unreasonable. The market is not only valuing the company based on lower granular silicon prices, but is also beginning to underestimate its long-term production growth potential.

The bank added that while price trends are important, it believes that overall capacity utilization and cost reduction progress will be key for GCL Technology entering 2026. Despite severe oversupply in the industry, it expects accelerated downstream adoption of granular silicon to significantly improve the company s output and earnings outlook. It believes the recent share price pullback offers an attractive entry point.

Based on better-than-expected performance in 2H25 and faster-than-expected cost reductions indicated by GCL Technology s management guidance, G Sachs raised its TP from HKD1.2 to HKD1.3 and upgraded the rating from Neutral to Buy. (hc/w)~


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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

G Sachs published a research report stating that after MINISO (09896.HK) announced its 2025 results, management disclosed at a non-deal roadshow held on April 1 that membership programs, intellectual property (IP) business, and channel upgrades are key development priorities for this year. The broker maintained a Buy rating on MINISO, with a US share TP of USD21.3 for MINISO (MNSO.US) and an H-share TP of HKD42.

The broker noted that management reiterated its optimistic view on the IP business, believing that the trendy toy category has significant growth potential. With the large-store/flagship store model delivering solid performance (accounting for a double-digit percentage of sales in China in 2025 and expected to reach 30% in 2026), the company plans to further promote this strategy in China and introduce it to overseas markets. (hc/w)~



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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

Interbank rates in mainland China were mixed. The Shanghai Interbank Offered Rate (SHIBOR) overnight rose 0.1 bps to 1.2710%.

The one-week SHIBOR fell 1.7 bps to 1.4040%.

The one-month SHIBOR edged down 0.45 bps to 1.4885%.

The three-month SHIBOR dipped 0.45 bps to 1.4995%. (mn/w)~

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To further eliminate potential safety hazards posed by overaged home appliances and to bring more green and smart home appliance and furnishing products into households, JD Blackboard News stated that JD.com-SW (09618.HK), together with more than 100 brands including Haier and Midea Group (00300.HK), has officially launched a "RMB10 billion dual-subsidy" plan for home appliances and furnishings.

JD.com plans to jointly invest RMB10 billion in dedicated subsidies with participating brands over the coming year to lower the threshold for consumers to replace old products. At the same time, leveraging its supply chain advantages in large-scale bulk procurement, the company will help partner brands reduce costs and improve efficiency.(ta/w)~

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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

BofAS published a research report maintaining a constructive view on China s real estate sector, but noted that the recovery momentum has shifted from policy stimulus to a slower, self-sustaining recovery, with the process likely to be uneven. However, it expects April transaction volumes to be significantly higher than 4Q last year and the first two months of this year, implying a longer recovery cycle rather than a rapid cooling as seen last year.

Given improving supply-demand dynamics, including a decline in secondary home listings, the likelihood of a sharp correction in home prices in 2026 is low. Secondary home prices in Shanghai, Shenzhen and Beijing are expected to stabilize in 2H. In light of the uneven recovery, investors may remain cautious in the near term.

The broker prefers China Resources Land (01109.HK) for its long-term growth potential in investment properties. It is also positive on China Overseas Land & Investment (00688.HK) and C&D International (01908.HK), which are expected to benefit from upgrading demand, citing better earnings visibility for FY2027. BofAS lowered its TP on C&D International from HKD18.6 to HKD17.2 and maintained a Buy rating. It cut its TP on China Overseas Property (02669.HK) from HKD4.6 to HKD4.4 and maintained an Underperform rating.

The broker reduced its TP on Onewo (02602.HK) from HKD20 to HKD19 and maintained a Neutral rating. It also lowered its TP on Poly Property Services (06049.HK) from HKD37 to HKD36 and maintained a Neutral rating. (hc/w)~



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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.