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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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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ALIBABA-W (09988.HK) has released Qwen3.6-Plus, the new-generation large language model under its Qwen series, featuring native multimodal understanding and reasoning capabilities with significantly enhanced overall performance.

In authoritative evaluations including the intelligent agent coding SWE-bench series and real-world agent tasks such as Claw-Eval, Qwen 3.6 outperformed models including GLM-5 and Kimi-K2.5, which have two to three times the parameter size. It has become the strongest domestic model in coding capability and is approaching the world s leading coding models in the Claude series.

In real-world test scenarios such as front-end web development and repository-level complex tasks, Qwen 3.6 can autonomously decompose tasks, plan execution paths, test and refine outputs until completion. This demonstrates a new breakthrough in multimodal agentic coding, enabling true "vibe coding" where AI can generate code driven by a single sentence instruction. (ta/a)~


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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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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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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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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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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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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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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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Citi issued a research report noting that it recently held an investor meeting with management of CHINA LESSO (02128.HK). The group s 2025 results fell short of expectations. Coupled with the recent surge in oil prices, the broker has turned more cautious on its gross margin outlook and therefore lowered its earnings forecasts for 2026 to 2027 by 30%. The TP was cut from HKD7 to HKD6.2, while the Buy rating was maintained. However, the broker prefers companies with higher yields or better earnings growth prospects in China s infrastructure sector, such as ZOOMLION (01157.HK) > HANGCHA GROUP (603298.SH) > CHINA STATE CONSTRUCTION INTERNATIONAL (03311.HK).

The broker said that although the recent conflict between the US and Iran has driven oil prices sharply higher, management expects gross margin in 1Q26 to remain flat HoH compared with 2H25, supported by raw material restocking. Demand momentum had already been recovering in the three months before the conflict (i.e., from last October to this January). Overseas pipeline business will be the key growth driver. (ec/u)~

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Markets are awaiting a televised address by US President Donald Trump regarding the Iran issue. Trump said extremely severe strikes against Iran would be launched within the next two to three weeks, prompting Brent oil futures to rise. In Hong Kong, the HSI opened down 39 pts or 0.2% at 25,254. The HSCEI opened down 27 pts or 0.3% at 8,477. The HSTECH opened down 23 pts or 0.5% at 4,732.

Among oil stocks, PETROCHINA (00857.HK) opened down 0.9% at HKD10.45, while CNOOC (00883.HK) opened up 0.1% at HKD27. Zijin Mining (02899.HK) opened up 0.9% at HKD36.72, and CMOC (03993.HK) opened up 1.9% at HKD17.79.

XPENG (09868.HK) delivered a cumulative 62,700 electric vehicles in 1Q26, with its shares opening 0.4% higher. LI AUTO (02015.HK) delivered 41,000 vehicles last month, up 12% YoY, with its shares opening flat at HKD71.2. Among other automakers, BYD (01211.HK) opened flat at HKD104.7. XIAOMI opened down 1%. GEELY AUTO (00175.HK) opened up 1%.

Among tech stocks, TENCENT (00700.HK) opened down 0.1% at HKD496, BABA (09988.HK) opened down 1.4%, BILIBILI (09626.HK) and NEW ORIENTAL (09901.HK) opened down 1.7% and 2.1%, respectively. KUAISHOU (01024.HK), MEITUAN (03690.HK), JD.COM (09618.HK) and BAIDU (09888.HK) opened down 0.5% to 0.9%, while NETEASE (09999.HK) opened down 0.3%. Among chip stocks, SMIC (00981.HK) opened flat at HKD52.85 and HUA HONG SEMICONDUCTOR (01347.HK) opened flat at HKD83.65. AI stocks ZHIPU (02513.HK) and MINIMAX (00100.HK) opened down 2.6% and 3.7%, respectively.

Among financial stocks, HSBC (00005.HK) opened up 0.8% at HKD131.3, HKEX (00388.HK) opened flat at HKD400.4, and AIA (01299.HK) opened flat at HKD87.5. (fc/w)~

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Bank of East Asia (00023.HK) announced that it has increased its acquisition of floors at the Bank of East Asia Financial Tower in Lujiazui, Shanghai. The relevant properties will be held by the Group for the long term.

Co-Chief Executives Adrian Li Man-bridge and Brian Li Man-bun stated that this strategic increase in holdings of core property assets in Lujiazui reflects the Group s firm confidence in the long-term prospects of China s economy and the development potential of Shanghai as an international financial center. It also demonstrates, through concrete action, the Group s long-term commitment to the mainland market.

Following this acquisition, the Group will hold in aggregate approximately 85% of the total gross floor area of the building, amounting to over 78,000 square meters. (ha/j)~

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The China Foreign Exchange Trade System announced on Thursday (2nd) that the central parity rate of RMB against USD was raised by 145 points MoM to 6.8880 per USD. (mn/j)~

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Ng Qiang, Chairman of Hong Kong China Travel Service (00308.HK), said that driven by acquisitions related to its ice and snow businesses during the period (including operations of ski resorts and hotels) and the development of new projects such as Qinghai Heidushan, revenue is expected to record double-digit growth this year. Over the next five years, the Group targets a CAGR of over 10% in both revenue and profit.

Regarding the HKD64 million YoY decline in travel permit revenue last year, management said this was mainly due to demand for travel permit applications returning to normal levels after the pandemic. The Group will further implement digitalization measures to enhance service efficiency, and expects travel permit revenue to remain stable over this year and next year. (ec/j)~



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Bloomberg, citing sources, reported that Stellantis is in talks with LEAPMOTOR (09863.HK) to produce electric vehicles in Canada, although negotiations remain at an early stage.

If the discussions ultimately lead to an agreement, it would mark the first major investment by China s auto industry in Canada since Canadian Prime Minister Mark Carney reached an agreement with President Xi Jinping in January this year to lower tariffs on China-made electric vehicles. However, US government officials have repeatedly warned Carney that Canada could face retaliation risks if it is used as a backdoor for exporting Chinese vehicles to the United States.

The report said cooperation discussions between the two companies are focused on Stellantis idled assembly plant in Ontario. The facility was originally slated to produce a new Jeep SUV, but Stellantis moved production back to the United States after US President Donald Trump announced tariffs. The move triggered dissatisfaction from the Canadian government, which threatened to claw back subsidies worth several million US dollars. Stellantis subsequently held talks with Canadian Industry Minister Melanie Joly, including the possibility of collaborating with LEAPMOTOR on vehicle production.

Melanie Joly confirmed in a statement that discussions are ongoing, stressing that any new investment must prioritize Canada s supply chain, labor and parts suppliers. The statement did not mention LEAPMOTOR or any Chinese company by name. (mn/a)~

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The State Tobacco Monopoly Administration issued a notice on proposed revisions to certain e-cigarette regulatory policy documents (consultation draft), stating that the e-cigarette industry has been incorporated into regulation in accordance with the law, with a scientifically sound and rational industry layout, stable and orderly market operations, and more efficient resource allocation. It aims to achieve total volume management under a dynamic balance of supply and demand, implement relevant national tobacco control requirements, effectively safeguard public health and safety, and place the development of the e-cigarette industry on a law-based and standardized track.

To achieve a balance between supply and demand in the e-cigarette market, total volume management will be implemented for relevant e-cigarette manufacturing enterprises, with production capacity and scale verified in accordance with laws and regulations. The tobacco monopoly administrative department under the State Council will comprehensively consider factors including tobacco control requirements, approved production capacity, market demand, enterprise orders, and legal compliance, and will determine annual production scales by category as the upper limit for annual production and transaction volumes of corresponding product categories. Provincial-level tobacco monopoly administrative departments will organize e-cigarette wholesale enterprises within their respective administrative regions to conduct business activities within the annual domestic sales targets of the respective province (region or municipality). (ta/j)~

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According to mainland media reports, Zhipu AI (02513.HK) has launched its first native multimodal coding foundation model, GLM-5V-Turbo. The model is designed for visual programming and deeply integrates visual and textual capabilities from the pre-training stage, with in-depth adaptation to Claude Code and Longxia scenarios.

GLM-5V-Turbo can natively process multimodal information including text, images and videos, and excels in complex tasks such as programming, long-horizon planning and operational execution. The model is capable of understanding design drafts, screenshots and web interfaces, and generating fully executable code accordingly, truly enabling it to interpret visual content and produce code.

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Naodong Jiguang (06681.HK) announced that it has recently officially become a strategic cooperation partner of the Beijing Frontier Brain-Computer Interface Research Institute. Its subsidiary, Zhejiang Naodong Jiguang Medical Technology, signed a strategic cooperation agreement on-site with the Beijing Frontier Brain-Computer Interface Research Institute on March 27.

Under the agreement, both parties will jointly advance the research and development as well as clinical validation of key products in the brain-computer interface field. The Group will collaborate with the institute and other strategic partners to promote joint R&D in key areas including multimodal neurological disease databases, large-scale neuroelectrophysiology models, and closed-loop neuromodulation brain-computer interface products, aiming to build an innovative ecosystem integrating medicine and engineering and fostering industry-academia collaboration. (ca/j)~

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