There was HKD4.1 billion, HKD619 million and HKD615.3 million Southbound Trading net inflow to TRACKER FUND (02800.HK), POP MART (09992.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 HKD1.3 billion, while CIG (06166.HK) was the most active stock with highest net outflow of HKD120 million.

For Southbound Trading of Shenzhen-Hong Kong Stock Connect, TRACKER FUND (02800.HK) was the most active stock with highest net inflow of HKD2.8 billion, while BABA-W (09988.HK) was the most active stock with highest net outflow of HKD607.5 million.

At close, Southbound Trading net outflow totaled HKD0 , representing 43.58% of the total transaction amount of HKD103.75 billion.
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Spot USD/CNY sank 66 bps to close at 6.8263 today (17th). As of 4:51 pm, USD/CNY in the night session dropped 19 bps. USD/CNH lost 47 bps to 6.8244, 19 bps above USD/CNY.
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IONCHI, an ultra-fast charging joint venture established in China by BMW and Mercedes-Benz, announced that SERES (09927.HK) had joined as a new shareholder.

Following the transaction, SERES, BMW, and Mercedes-Benz will each hold a 33.3% stake in IONCHI.
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TIGERMED (03347.HK) forged a strategic cooperation agreement with INSILICO (03696.HK). Both parties will engage in long-term strategic collaboration focused on clinical research of innovative drug products, leveraging AI to accelerate and enhance the efficiency of drug R&D.

Under the cooperation, TIGERMED will capitalize on its comprehensive end-to-end service capabilities in the clinical research field to provide one-stop customized service support for INSILICO innovative drug products.

The service scope will fully cover core areas including clinical monitoring, data management and statistical analysis, medical affairs and writing and translation, pharmacovigilance, regulatory affairs, quality control and auditing.
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The actual sales revenue in China's game market amounted to RMB97.172 billion, up 2.54% QoQ and 13.38% YoY, according to a quarterly report on China's game industry for 1Q26 released by the Game Publishing Committee of China Audio-Video and Digital Publishing Association.

Of which, the actual sales revenue of China's mobile game market amounted to RMB67.623 billion, up 0.36% QoQ and 6.28% YoY, while actual sales revenue of China's PC game market was RMB24.976 billion, up 11.17% QoQ and 39.38% YoY.
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The three major A-share indices opened mixed. The ChiNext Index remained strong, hitting a fresh near 11-year high. The Shanghai Composite Index settled at 4,051, down 4 points or 0.1%, with turnover of RMB1.01 trillion. The Shenzhen Component Index closed at 14,885, up 89 points or 0.6%, with turnover of RMB1.41 trillion. The ChiNext Index settled at 3,678, up 52 points or 1.4%, with turnover of RMB684.3 billion.

Banking stocks deteriorated, with ICBC (601398.SH) and CCB (601939.SH) down 0.3% and 0.4%, respectively. Ping An Insurance (601318.SH) subsided 1%. Meanwhile, CATL (300750.SZ) retreated 2.2%, and BYD (002594.SZ) shed 1.7%.

Leading pharmaceutical stock APPTEC (603259.SH) closed down 5.9%.
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Morgan Stanley released a research report with investment ratings and target prices for Chinese telecoms, as listed below:

Stocks | Investment Ratings | Target Prices

CHINA TELECOM (00728.HK) | Equalweight | HKD5.5 → HKD5
CHINA MOBILE (00941.HK) | Equalweight | HKD85 → HKD80
CHINA UNICOM (00762.HK) | Equalweight | HKD8 → HKD7
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Stocks | 1Q26 Net Profit Forecasts (RMB) | YoY Changes
CHINA MOBILE (00941.HK) | 28.079 billion | -8.3%
CHINA UNICOM (00762.HK) | 5.055 billion | -14.7%
CHINA TELECOM (00728.HK) | 7.33 billion | -17.3%
CHINA TOWER (00788.HK) | 3.926 billion | +29.8%
-----------------------------------------------------------
Stocks | 1Q26 Revenue Forecasts (RMB) | YoY Changes
CHINA MOBILE | 260.859 billion | -1.1%
CHINA UNICOM | 103.354 billion | 0%
CHINA TELECOM | 134.143 billion | -1.0%
CHINA TOWER | 25.137 billion | +1.5%
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Morgan Stanley has issued a report predicting Chinese telecom stocks to log a YoY decrease of 1.4% in 1Q26 service revenue.

Taking into account the impact of value-added tax, Morgan Stanley forecasts net profit to decline by 10-12% for CHINA TELECOM (00728.HK) and CHINA UNICOM (00762.HK) and to drop by about 5% for CHINA MOBILE (00941.HK) in 2026. In contrast, CHINA TOWER (00788.HK) is anticipated to record a 30% increase in net profit due to lower depreciation charges.

Morgan Stanley has lowered its target prices for Chinese telecom stocks by 6-13% to reflect the impact of value-added tax. CHINA UNICOM's target price slipped from HKD8 to HKD7. CHINA TELECOM's target price decreased from HKD5.5 to HKD5. CHINA MOBILE's target price slid from HKD85 to HKD80. All of their ratings remain Equalweight. The broker believes the current dividend yield of 5-6% for Chinese telecom stocks can provide certain downside protection for share prices.
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AAStocks Financial News
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Audi officially entered into a strategic cooperation agreement with SAIC MOTOR (600104.SH) to further deepen collaboration. The agreement focuses on the full value chain layout of future models under the AUDI brand, with core coverage in vehicle R&D segment, and the establishment of an Audi Innovative Technology Center in Shanghai.

Based on the next-generation Advanced Digitized Platform, the two parties will jointly develop future AUDI brand models. The initial plan covers four models, which will be gradually launched in the China market in the coming years.
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PONY-W (02026.HK) and GAC Commercial Vehicle signed a strategic cooperation agreement in Guangzhou yesterday (16th), under which they will advance the large-scale commercial deployment of Robotrucks across logistics scenarios in the Greater Bay Area and nationwide through deep collaboration.

The two sides will also engage in cooperation on the development of key technologies surrounding L4 autonomous truck vehicle platforms, drive-by-wire chassis systems, and autonomous driving system integration.
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Tencent Cloud held the "We Tech Academy AI" event at The University of Hong Kong (HKU) yesterday (16th), officially announcing the launch of the 2026 "AI CAN DO IT" Tencent Cloud Hackathon Game Development Challenge.

According to the introduction, this year's global competition is hosted by Tencent Cloud and features five major regions: Hong Kong/ Macau, East China, North China, South China and Southeast Asia.

Participating teams will undergo campus selection and regional roadshows, with winners invited to compete in the grand finale at the 2026 Tencent Global Digital Ecosystem Summit to be held in September, vying for a token prize pool totaling several million HKD.

In addition, the "AI CAN DO IT" Hackathon offers a token prize pool totaling several million HKD, with the top single award worth up to HKD100,000. The competition will provide participants with top-notch technology platforms, extensive resource support and authoritative industry recognition.
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Citi has issued a report expecting the Chinese banks under its coverage to see a 6.3% YoY increase in their 1Q26 revenue, compared to the 3% and 1.5% growth in 4Q25 and 2025, respectively.

The broker attributed this achievement to steady credit growth driven by government-related lending in China, easing NIM pressure, strong fee income growth stimulated by wealth management businesses, and a lower base of trading gains compared with the same period last year.

Given that Chinese banks may use their solid revenue growth to increase provisions, leading to earnings growth lagging revenue growth, Citi envisioned a YoY growth of 3.1% in 1Q26 earnings, with large Chinese banks and regional banks likely to outpace joint-stock banks, owing to their better loan growth and NIM trends.

Citi expects better performance from large Chinese banks like ABC (01288.HK), CCB (00939.HK), and BANK OF CHINA (03988.HK). Banks that could deliver disappointing 1Q26 results include CM BANK (03968.HK), MINSHENG BANK (01988.HK), and CEB BANK (06818.HK). The broker's top picks for Chinese banks are BANK OF CHINA, CCB, and CQRC BANK (03618.HK).
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AAStocks Financial News
Web Site: www.aastocks.com

The market overreacted to the impact of AI disruption to the game industry, and believing that core creative leadership remains in human hands, Daiwa released a research report saying. The broker reiterated its Positive rating on China's online game sector, with top picks including TENCENT (00700.HK), BILIBILI-W (09626.HK) and NTES-S (09999.HK).

Daiwa was bullish on TENCENT, BILIBILI-W and NTES-S, believing that they possess comprehensive capabilities, vision advantage and live-operation strength.

The table below shows Daiwa's ratings and target prices for the relevant stocks:

Stock | Rating | Target Price

Bilibili (BILI.US) | Buy | US$32
BILIBILI-W (09626.HK) | Buy | $250
NetEase (NTES.US) | Buy | US$165
NTES-S (09999.HK) | Buy | $257
TENCENT (00700.HK) | Buy | $710
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Supported by the rally in CPO-concept stocks in the A-share market, CIG (06166.HK), a company specializing in connectivity and data transmission equipment, saw its share price open 5.44% higher today and climb to a peak of HKD125.9. It last traded at HKD125, up 37.62%, with a volume of 13.9238 million shares and a turnover of HKD1.531 billion.
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A report by Standard Chartered Global Research said China's economy grew 5% YoY in 1Q26, beating street consensus of 4.8%, on the back of stabilising domestic demand and robust exports. Exports advanced 14.7% YoY, underpinned by China's sustained competitiveness, tariff reductions, and strong demand for its new energy and AI-related products.

Meanwhile, the bank viewed the Central Political Bureau meeting in July as a key event to watch for potential additional policy actions. It maintained its full-year GDP growth forecast at 4.6% and, as rising commodity prices are driving faster-than-expected domestic reflation, it expected no rate cut this year.
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Set to announce its 1Q26 results on April 29, BOC HONG KONG (02388.HK) is expected to report soft trends for its revenue and pre-provision operating profit (PPOP), while its operating profit may see a mild YoY decline of 1%, UBS wrote in its research report.

UBS attributed the expected dull performance to weak net fee income, mark-to-market (MTM) losses on trading assets, and a high comparison base in 1Q25.

The broker has kept a Neutral rating for BOC HONG KONG, with a target price of HKD43.5.
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Harnessing data to track POP MART (09992.HK)'s online sales in China (Tmall/Taobao, Douyin), sales in March this year charted YoY surge of 106% and an MoM increase of 5%, Deutsche Bank said in a report.

However, comparing February and March sales with the average level in 2H25, there is a slide of about 20%, implying that sales may hit snags when the base becomes higher starting from 2Q26. In 1Q26, POP MART's e-commerce growth is expected to rally 86% YoY, in line with the 85% YoY growth observed in 4Q25.

POP MART is scheduled to announce its 1Q26 operational update in May. Based on recent discussions with investors, the market expects omni-channel revenue in China to grow 80-100% YoY. For overseas sales, a persistent QoQ decline compared with 4Q25 is anticipated, although the exact magnitude remains unclear.

Under Deutsche Bank's base case, overseas markets are expected to maintain YoY growth of 100%, equivalent to a QoQ drop of 10%. A steeper QoQ slump than this base case would pose downside risks to full-year forecasts.

The broker reiterated its Sell rating and TP of HKD157 on POP MART, as it believed the growth slowdown in 4Q25 has already raised concerns over the 2026 outlook.
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LENS (06613.HK) recorded a loss in 1Q26 due to higher operating expenses and foreign exchange losses, BofA Securities issued a research report saying. The broker expected the impact of exchange rate risks and weak orders from Android customers to persist in the short term.

However, the Company will benefit from specification upgrades for iPhone from 2026 to 2027, while expansion into multiple new businesses should support long-term upside.

The broker lowered its 2026-2028 earnings forecasts by 14-24%, and trimmed its target price for LENS' H-shares to $24 from $28, with rating reiterated at Buy. The stock is currently trading at its 2026-2027 projected PE ratio of 20x, below its historical average.

BofA Securities downgraded LENS' A-shares from Buy to Underperform due to relatively high valuation. The shares are currently trading at a projected PE ratio of 30x, close to the historical average, and at a premium to major Apple suppliers' average of 21x. The broker chopped its target price for LENS' A-shares to RMB27 from RMB33.
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China's National Data Administration announced that it is soliciting public opinions on the "Implementation Plan for Promoting the Construction of High-Quality Industry Data Sets (Draft for Comments)".

The plan proposes that high-quality industry data sets covering key sectors and validated through practical applications will be established by the end of 2028, creating typical application scenarios in which data drives AI innovation and development, fostering innovative data enterprises and professional talent with leading advantages, and forming standards and tools for the construction of high-quality industry data sets.

At the same time, the plan propounds promoting the upgrade of business models from basic data package sales to application programming interface (API) calls, model-based solutions and full-stack services. It will explore new data set trading models such as Token transactions, and build a Token-based, quantifiable and priceable value system for data sets.
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