Stock | Buy-Sell turnover (HKD)
TENCENT (00700.HK)│48.774 billion
XIAOMI-W (01810.HK)│22.434 billion
POP MART (09992.HK)│9.446 billion
BABA-W (09988.HK)│7.879 billion
MEITUAN-W (03690.HK)│7.084 billion

KUAISHOU-W (01024.HK)│6.581 billion
CHINA LIFE (02628.HK)│3.937 billion
HUA HONG SEMI (01347.HK)│884 million
SHANDONG MOLONG (00568.HK)│581 million
DZUG (01635.HK)│427 million

XXF (02473.HK)│381 million
XUNCE (03317.HK)│361 million
DRINDA (02865.HK)│209 million
GOLDWIND (02208.HK)│141 million
XTALPI (02228.HK)│-873 million

YOFC (06869.HK)│-2.223 billion
ZIJIN MINING (02899.HK)│-4.693 billion
SMIC (00981.HK)│-6.218 billion
CHINA MOBILE (00941.HK)│-13.923 billion
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AAStocks Financial News
Web Site: www.aastocks.com

Net inflows from southbound trading have slowed YTD in 2026, while the HSTECH came under pressure amid escalating geopolitical risks, BOCI recently published a research report saying.

As of 21 April 2026, the average daily turnover of Hong Kong stocks reached $272.5 billion, higher than $254.2 billion in the same period last year and the 2025 average of $249.7 billion. As of 21 April, the HSI mounted a total of 3.34%, while the HSTECH sank 8.24%.

Looking ahead, the broker expected strong demand from mainland Chinese investors for Hong Kong equities via southbound trading to persist in 2026, mainly supported by a broader selection of high quality techs and high-end manufacturing stocks, attractive valuations of Hong Kong stocks and high dividend yields.

Southbound trading will become an important driver of the long-term potential re-rating of the Hong Kong market. Investment behavior data shows that southbound investors are focusing on the internet, new consumption and semiconductor sectors.

BOCI recommended investors to pay attention to actively traded stocks for the southbound link, including TENCENT (00700.HK) as it consolidates core competitiveness amid the AI wave, with continued strategic execution and flexible shareholder return plans; XIAOMI-W (01810.HK) as it actively invests in AI, robotics and chips, with potential short-term results and long-term development of its 'Human x Car x Home' AI ecosystem; POP MART (09992.HK) as it continuously enhances efficiency, optimizes its supply chain and IP monetization, laying a foundation for long-term growth; BABA-W (09988.HK) as it firmly increases investment to achieve medium- to long-term goals for its cloud business and quick commerce; KUAISHOU-W (01024.HK) as it steps up AI investment, strengthening the advantages of Kling and enhancing commercialization and integration of its content ecosystem; HUA HONG SEMI (01347.HK) as it may enter a cycle of rising average selling prices in 2026, with pricing upside for 12-inch products.
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AASTOCKS Financial News
Website: www.aastocks.com

BIDU-SW (09888.HK) issued a letter to all employees today (28th) announcing a major adjustment in its ranking system. The company will fully integrate the professional and management channels below the middle management level.

The existing rank labels (T, P, E, Band, M) will be unified into a numerical ranking system ranging from Level 5 to Level 12, which will officially take effect on 1 May.

The AI era requires inter-disciplinary talent who possess both professionalism and leadership and can work independently, according to the notice. Based on this judgement, the company decided to integrate the existing professional and management channels below middle management into a single career development pathway.
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AASTOCKS Financial News
Website: www.aastocks.com

Tencent Cloud has announced adjustments to the pricing plans for CodeBuddy and WorkBuddy, which are scheduled to take effect on May 15.

According to the announcement, the Enterprise Flagship Edition will be renamed as the SaaS Enterprise Edition, with the price increased from RMB78 per user per month to RMB198, an increase of more than 1.5 times.

The Enterprise Exclusive Edition will be renamed as the Dedicated Cloud Enterprise Edition, with the price doubled from RMB158 per user per month to RMB316.
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AAStocks Financial News
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The Alibaba DAMO Academy, in collaboration with Guangdong Provincial People's Hospital and other institutions, developed a colorectal cancer screening AI model, DAMO COCA, as announced by the Alibaba DAMO Academy.

The model accurately identified five cases of previously missed diagnosis of colorectal cancer from non-contrast CT scans of 27,000 individuals, achieving a sensitive of 86.6% and a specificity of 99.8% each.

This marks the first time internationally that a method for opportunistic colorectal cancer screening has been proposed that requires no bowel preparation and is 'insensitive' for patients.

This marks the third cancer screening AI model released by the Alibaba DAMO Academy, following those for pancreatic cancer and gastric cancer, signifying the official success of the Alibaba DAMO Academy's original 'non-contrast CT + AI' multi-cancer screening technology pathway, according to the introduction.
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AASTOCKS Financial News
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In order to assist merchants and individual developers in delivering commercialized services through agentic AI like Open Claw, Alipay launched today (28th) a new payment collection function that allows users to make real-time payment collection on a per-call basis. This marks another milestone for Alipay in the field of smart payment.
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AAStocks Financial News
Web Site: www.aastocks.com

The Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) announced the inclusion of MABWELL-B (02493.HK) in the list of securities eligible for Southbound Stock Connect, effective today (28th).
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AAStocks Financial News
Web Site: www.aastocks.com

Shenzhen Party Secretary Jin Lei recently visited Huawei and BYD COMPANY (01211.HK) for research and meetings, gaining a detailed understanding of their business operations and development, listening to opinions and suggestions, and holding discussions with company executives on further deepening cooperation, optimizing services, and consolidating and enhancing Shenzhen's industrial development strengths, according to Shenzhen Special Zone Daily.

Jin emphasized that authorities at all levels should unwaveringly expand and strengthen industrial pillars, accelerate the development of new quality productive forces, and continuously forge new drivers and advantages for high-quality development.
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AAStocks Financial News
Web Site: www.aastocks.com

BYD COMPANY (01211.HK) officially launched its second-generation Denza D9 yesterday (27th), increasing its presence in the luxury business vehicle segment.

The new model comes in a total of six variants, including plug-in hybrid and pure electric versions, with prices ranging from RMB359,800 to RMB459,800.

Compared with the previous generation, the new vehicle achieves breakthroughs in ways such as driving range, energy replenishment and intelligent.
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AASTOCKS Financial News
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LI AUTO-W (02015.HK) announced its official entry into the United Arab Emirates (UAE) and Saudi Arabia markets, and the launch of its Asia-Pacific regional layout, significantly accelerating its global expansion pace.

At its green intelligent manufacturing base in Beijing, LI AUTO-W recently completed a signing of a cooperation agreement with Al Fahim Motors from the UAE and Mohamed Yousuf Naghi Motors of Saudi Arabia, bringing its Li L series models into the Middle East market.
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AASTOCKS Financial News
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LEAPMOTOR (09863.HK) plans to launch a second brand in 2027, with product pricing above RMB300,000, Chinese media quoted multiple independent sources as saying. Based on the current plan, the brand will adopt an independent sales network distinct from LEAPMOTOR's existing channels.
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AASTOCKS Financial News
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TF International Securities' analyst, Ming-Chi Kuo, said in a post on social media platform X that AI startup OpenAI is collaborating with MediaTek and Qualcomm (QCOM.US) to develop smartphone processors, with LUXSHARE PRECISION (002475.SZ) being the exclusive system joint design and manufacturing partner. Mass production is expected in 2028.

Users' objective is not to use a bundle of apps, but to accomplish tasks and fulfill various needs through their smartphones, fundamentally overturning the current perception of mobile phones, the post added.

The post estimated that OpenAI may bundle subscription services with hardware sales and establish a new AI agent ecosystem in collaboration with developers.

Smartphone-related stocks elevated. LUXSHARE PRECISION closed up 9%. BYD ELECTRONIC (00285.HK) mounted 3%, while SUNNY OPTICAL (02382.HK) and Q TECH (01478.HK) advanced 5.4%. COWELL (01415.HK) spiked 13.4%.
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AASTOCKS Financial News
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In 1Q26, China's insurance industry recorded premium income of RMB2.31 trillion, up 6.2% YoY, while claim payouts grew by 7.5% YoY to RMB89 million, a relevant official from the Insurance Association of China said at a press conference.
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AAStocks Financial News
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1) List of Major Net Buys Among H-shares by Southbound Capital Last Week

Stock│ Net Inflow Amount Last Week (USD)
CNOOC (00883.HK)│202 million
CCB (00939.HK)│174 million
CHINA MOBILE (00941.HK)│136 million
POP MART (09992.HK)│118 million
HSCEI ETF (02828.HK)│105 million
ICBC (01398.HK)│102 million
CIG (06166.HK)│64 million
HUA HONG SEMI (01347.HK)│54 million
XIAOMI-W (01810.HK)│37 million
TRACKER FUND (02800.HK)│23 million

2) List of Southbound Capital Major Net Sells Among H-shares Last Week

Stock│ Net Outflow Amount Last Week (USD)
BABA-W (09988.HK)│-287 million
TENCENT (00700.HK)│-156 million
YOFC (06869.HK)│-47 million
GEELY AUTO (00175.HK)│-41 million
CSOP HS TECH (03033.HK)│-33 million
SMIC (00981.HK)│-23 million
AKESO (09926.HK)│-21 million
3SBIO (01530.HK)│-20 million
MEITUAN-W (03690.HK)│-18 million
TIANQI LITHIUM (09696.HK)│-5 million
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AASTOCKS Financial News
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ZHAOJIN MINING (01818.HK)'s 1Q26 revenue was RMB4.46 billion, up 47% YoY, BofA Securities issued a research report saying. Net profit after tax amounted to RMB1.19 billion, up 80% YoY but down 21% QoQ. Overall performance was largely in line with the broker's expectations.

Therefore, BofA Securities kept rating at Buy on ZHAOJIN MINING on the gradual recovery in gold production, with spot gold prices remaining above US$4,700 per ounce, and undemanding valuation, with a target price of $44.
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AASTOCKS Financial News
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GWMOTOR (02333.HK)'s 1Q26 revenue amounted to RMB45.1 billion, up 12.7% YoY, with average selling price per vehicle at RMB167,000, according to CLSA's research report.

The Company's 1Q26 sales volume rose 4.8% YoY to 269,100 units, with overseas sales accounting for 48.3%, as sales in Brazil and Southeast Asia doubled in particular, the report noted.

The broker forecasted the Company's flexible multi-powertrain platform architecture to further strengthen its overseas growth momentum, enabling it to swiftly adapt to demand in different markets.

Therefore, CLSA kept ratings at Outperform on GWMOTOR's H-/A-shares, with target prices of $15/ RMB23, respectively.
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AASTOCKS Financial News
Website: www.aastocks.com

Citi has published a research report highlighting the differences in China's AI model approaches. For instance, TENCENT (00700.HK)'s Hunyuan large model HY 3.0 focuses more on real-world application scenarios, while BABA-W (09988.HK)'s Qwen 3.6-Max model excels in more complex coding and reasoning tasks.

The report also underscored that the advanced architecture demonstrated by DeepSeek-V4 is pointing to a broader trend, indicating that the technological gap is narrowing. China's leading models are becoming viable alternatives to top global competitors, a trend that is further intensifying competition.

Citi has maintained Buy ratings on BABA-W and TENCENT.
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AAStocks Financial News
Web Site: www.aastocks.com

Daiwa issued a research report updating its forecasts for MEITUAN-W (03690.HK) across its food delivery, Instashopping, in-store, hotel and travel segments. The broker kept its revenue forecasts for 1Q26/ 2026 largely unchanged, as food delivery losses narrowed faster than expected.

However, the normalization of growth in the physical store business, price hike pressure from competitors and recent fines imposed by regulators on MEITUAN-W and other e-commerce platforms will set a cap for the Group's long-term profitability, posing a key overhang.

Therefore, Daiwa reiterated rating at Buy on MEITUAN-W, but chopped its target price from $120 to $110. The broker also raised its 2027 EPS forecast by 5% to reflect a faster recovery in delivery segment's unit economics.
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AASTOCKS Financial News
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ZIJIN MINING (02899.HK)'s 1Q26 results were in line with expectations, with a recurring net profit of RMB18.9 billion during the period, up 88% YoY, representing 24% of Goldman Sachs' 2026 forecast, Goldman Sachs published a research report saying.

Mined gold/ copper output of the Group reached 23%/ 22% of the broker's full-year forecasts, with progress broadly in line with predictions.

Goldman Sachs believed that ZIJIN MINING's current valuation is attractive, and kept ratings at Buy on both the A-/ H-shares of ZIJIN MINING. The broker also dropped its target prices for ZIJIN MINING's H-/ A-shares from $52/ RMB50 to $51/ RMB49.
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AASTOCKS Financial News
Website: www.aastocks.com

Based on data from the National Charging Infrastructure Monitoring and Service Platform, as of end-March 2026, the total number of EV charging infrastructure (connector) in mainland China reached 21.481 million, representing a YoY increase of 46.9%, according to the National Energy Administration (NEA).
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AASTOCKS Financial News
Website: www.aastocks.com

The automobile and glass industries are being reshaped into new cyclical dynamics by structural forces, CLSA wrote in its research report.

In the automobile sector, structurally higher fuel prices are driving a global shift in demand structure toward electric vehicles, with energy efficiency becoming a structural driver of car purchases. Cost-competitive Chinese automakers, including BYD COMPANY (01211.HK), GEELY AUTO (00175.HK), and CHERY AUTO (09973.HK), are expected to be the primary beneficiaries.

In the glass industry, demand has remained resilient despite adjustments in the real estate market. The accelerated pace of cold repair operations has pushed operating capacity down to historical lows, while higher profitability thresholds for furnace restarts have strengthened supply discipline. This enhances earnings visibility for industry leaders like XINYI GLASS (00868.HK), KIBING GROUP (601636.SH), and CSG A (000012.SZ).
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AAStocks Financial News
Web Site: www.aastocks.com

DeepSeek's V4 model, particularly its V4-Pro version, performed on par with Claude Sonnet 4.6 in the Artificial Analysis Intelligence Index, while being priced significantly lower than GPT-5.5, highlighting the growing polarization between open-weight models and closed frontier models, Citi's research report said.

Although the pricing for the V4-Pro and V4-Flash is substantially lower than comparable models, DeepSeek acknowledged that its reasoning capabilities still lag closed-source models by 3-6 months. That said, closed frontier models maintain a notable competitive advantage in long-term workflows, where reliable performance remains critical.

Considering that models of DeepSeek, MINIMAX-W (00100.HK), Kimi, and GLM are expanding the industry's TAM by lowering experimentation and deployment costs, Citi values MINIMAX-W at HKD1,330 per share.


Given MINIMAX-W's relatively short trading history and the rapidly evolving AI landscape with considerable uncertainties, Citi has given the company a Buy/ High Risk rating.
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AAStocks Financial News
Web Site: www.aastocks.com

XPENG-W (09868.HK) is set to disclose a more advanced, automotive-grade, anthropomorphic robot in 3Q26, Chairman and CEO He Xiaopeng revealed at the 2026 Beijing Auto Show. The carmaker is also aiming to mass-produce robots in China by the end of 2026 and to kick off deliveries in more countries next year.

Regarding flying cars, He also disclosed that XPENG-W is developing a second-generation flying car, which is intended to suit not only China but also overseas markets like Europe and the US.

When asked about comparisons between XPENG-W's VLA and Tesla (TSLA.US)'s FSD, He said that both Tesla's FSD in the US and the advanced driver assistance systems of XPENG-W, NIO-SW (09866.HK), and Huawei in China are excellent.
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AAStocks Financial News
Web Site: www.aastocks.com

As agentic AI and multimodal applications, such as text-to-video and text-to-image, continue to be popularized, token usage has increased significantly, CLSA issued a research report saying.

However, the broker expected supply of mainstream high-end chips to remain tight, leading to a shortage of computing power in the China market. Domestic AI chips are expected to benefit, with their advantages currently more suited to inference rather than training scenarios.

CLSA was optimistic about the acceleration of the substitution process for domestic AI chipsets, believing this will provide strong growth momentum for AI chips, advanced logic, advanced packaging and memory manufacturers.

For stocks, the broker's target prices for SMIC (00981.HK)'s H-/ A-shares are $93.3/ RMB152, while that of HUA HONG SEMI (01347.HK)'s H-/ A-shares are $129.5/ RMB177.5, respectively.

CLSA's target prices for BIREN TECH (06082.HK)/ CHANG ELEC TECH (600584.SH) are $46.3/ RMB67, and the broker set target prices of $449/ RMB333.5 for GIGADEVICE (03986.HK)'s H-/ A-shares. The above stocks are rated at Outperform.
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AASTOCKS Financial News
Website: www.aastocks.com

Onsemi announced that it further expanded its strategic cooperation with NIO-SW (09866.HK), accelerating NIO-SW's transition from a 400V to a 900V high-voltage architecture based on its EliteSiC M3e technology.

The collaboration covers multiple new models, including the flagship SUV ES9 debuted at the 2026 Beijing International Automotive Exhibition.

The technology enhances switching performance and reduces losses by optimizing body diode characteristics, enabling longer driving range, stronger acceleration performance and shorter charging time for NIO-SW's vehicles.
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AASTOCKS Financial News
Website: www.aastocks.com

SMIC (00981.HK) opened 4.51% higher today, and peaked at $69.5. It last printed at $68.8, escalating 7%, with 69.2982 million shares traded, involving $4.713 billion.

HUA HONG SEMI (01347.HK) opened 1.76% higher today, and peaked at $112.7. The stock mounted 3.42% to last at $111.8, with a trading volume of 15.6258 million shares, involving $1.727 billion.

On 24 April, preview versions of DeepSeek V4-Pro and V4-Flash models were officially launched and open-sourced simultaneously, CLSA published a research report saying.

Moreover, Texas Instruments and Intel reported 1Q26 results and provided 2Q26 guidance that beat expectations, confirming smooth progress in China's advanced process capacity expansion. The broker believed that overall demand for analog chips is recovering and, if demand remains strong, prices are likely to continue rising.

Driven by the development of domestic AI large models and the trend of AI chipset localization, local wafer foundries are expected to be the primary beneficiaries. Therefore, CLSA reiterated ratings at Outperform on SMIC and HUA HONG SEMI, with target prices of $93.3/ $129.5, respectively.
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AASTOCKS Financial News
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Macau's gaming tax revenue for 3M26 grew by 15.9% YoY to MOP25.8 billion, according to the Budgetary Execution Data released by the Macao Financial Services Bureau on the Central Account for March 2026.
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AAStocks Financial News
Web Site: www.aastocks.com

In 1Q26, China's industrial enterprises above designated scale recorded total profits of nearly RMB1.7 trillion, representing a YoY increase of 15.5%, according to data released by the National Bureau of Statistics (NBS). In March alone, profits of industrial enterprises above designated scale swelled 15.8% YoY.

In 1Q26, among industrial enterprises above designated scale, state-controlled enterprises posted total profits of RMB619.61 billion, up 10.1% YoY, while joint-stock enterprises recorded total profits of RMB1.31 trillion, up 20.9% YoY.
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AASTOCKS Financial News
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Guangzhou Pengyan Technology, a subsidiary wholly owned by Guangzhou Xiaopeng Automotive Technology under XPENG-W (09868.HK), was recently established with a registered capital of RMB600 million, Chinese media reported, citing Qichacha information.

The business scope of the newly established company covers the R&D of intelligent robots, manufacturing of service consumer robots, and production of wearable smart devices and virtual reality equipment.
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AAStocks Financial News
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COFOE MEDICAL (01187.HK), a leading Chinese provider of home care medical devices that is already listed on the A-share market, kicked off its IPO from today (27th) until Thursday (30th), offering 27 million H-shares globally, with 10% allocated to the Hong Kong public offering and 90% to the international placement.

The maximum offer price is $39.33 per share, while the entry fee for a board lot of 100 shares is $3,972.67. The shares are expected to be listed on 6 May. Huatai International and BNP Paribas are its joint sponsors.

The Company introduced 12 cornerstone investors, including LENS (06613.HK) and SINOHEALTH TECH (02361.HK), etc.. The cornerstone investors have subscribed for a total of approx. US$48.49 million and will subscribe for 9.6543 million offer shares at the maximum offer price, representing approx. 35.76% of its share offering.

Based on the maximum offer price of $39.33, the net proceeds from the listing are estimated to be approx. $1.007 billion.
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AASTOCKS Financial News
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Shanghai Electric Power Transmission & Distribution Engineering recently won the bid for the high- and low-voltage switchgear supply project for the hyperscale data center in Lahti, Finland, operated by global data center operator DayOne, SH ELECTRIC (02727.HK) said.

This marks SH ELECTRIC's first large-scale entry into the high-end European market and a historic breakthrough in the developed Nordic countries.
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AASTOCKS Financial News
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BIREN TECH (06082.HK) announced that China Mobile is set to release its self-developed Jiutian 35B general-purpose large model. Leveraging strong language understanding, complex reasoning and industry scenario adaptation capabilities, the model is expected to become a benchmark among large models developed by SOEs.

BIREN TECH's efficient completion of the Jiutian 35B large model pre-adaptation further validates the maturity and responsiveness of the BIRENSUPA ecosystem.

The powerful alliance between domestic GPU and SOE large model established a full-stack localization solution that will provide critical support for China Mobile's convergence of computing and networking industry, as well as the large scale output of its AI capabilities.
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AASTOCKS Financial News
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POP MART (09992.HK) has announced the launch of its first home appliance product, THE MONSTERS Lifestyle Series Refrigerator, marking its cross-industry entry into the home appliance sector.

This product is available in two variants: the Home edition and the House of the Monsters edition, with 999 units each released globally. They will go on sale at 10 pm this Thursday (30th) at a price of RMB5,999 across multiple channels, including JD.com, Tmall, and Douyin.
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AAStocks Financial News
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PONY-W (02026.HK) announced at the 2026 Beijing International Automotive Exhibition that the total vehicle cost of its 2027 Robotaxi will be reduced to below RMB230,000.

The Company also unveiled the industry's first fully automotive-grade, fully redundant L4-level unmanned light truck at the same event.
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AASTOCKS Financial News
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WERIDE-W (00800.HK) and LENOVO GROUP (00992.HK) announced a further upgrade of their global strategic partnership.

Based on their existing cooperation, the two parties plan to deploy 200,000 Robotaxis and other autonomous vehicles worldwide over the next five years, fully accelerating the large-scale commercial implementation of L4 autonomous driving.
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AAStocks Financial News
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At this year's Beijing Auto Show, GAC GROUP (02238.HK) held a dedicated global launch event for the unveiling of its strategic direction of entering global markets.

The carmaker has now set a target to tap into 120 countries and regions globally, establish more than 2,000 overseas outlets, and achieve annual sales of 1 million vehicles by 2030.
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AAStocks Financial News
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