There was HKD475.3 million, HKD255.7 million and HKD229 million Southbound Trading net inflow to CNOOC (00883.HK), HUA HONG SEMI (01347.HK) and CIG (06166.HK).

There was HKD1.1 billion, HKD1 billion and HKD666.1 million Southbound Trading net outflow from BABA-W (09988.HK), TENCENT (00700.HK) and YOFC (06869.HK).

For Southbound Trading of Shanghai-Hong Kong Stock Connect, CNOOC (00883.HK) was the most active stock with highest net inflow of HKD355 million, while YOFC (06869.HK) was the most active stock with highest net outflow of HKD491.3 million.

For Southbound Trading of Shenzhen-Hong Kong Stock Connect, HUA HONG SEMI (01347.HK) was the most active stock with highest net inflow of HKD333.2 million, while BABA-W (09988.HK) was the most active stock with highest net outflow of HKD1 billion.

At close, Southbound Trading net outflow totaled HKD0 , representing 43.35% of the total transaction amount of HKD98.98 billion.
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CHINA RES LAND (01109.HK) announced the sale of a majority stake in its wholly-owned Chengdu MixC mall (valuation yet to be determined), marking another milestone in the Company's transformation process, Morgan Stanley published a research report saying.

The broker estimated that Chengdu MixC's gross floor area to be 287,000 square meters, with a valuation of approx. RMB7-8 billion, comparable in scale and value to the Mixc Qingdao sold in 2024.

Assuming a sale of a 70% stake at such valuation, Morgan Stanley expected the Company to record disposal gains of over RMB3 billion in 1H26, which would help enhance visibility on EPS and dividend growth.

Therefore, the broker rated CHINA RES LAND at Overweight, with a target price of $39.3, and maintained the stock as its top pick.
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ZIJIN MINING (02899.HK) recorded 1Q26 net profit after tax of RMB20.1 billion, nearly doubling YoY, or rising by 44% on a QoQ basis, mainly thanks to broad-based strength in commodity prices, Jefferies wrote in its research report.

The results were in line with Jefferies' expectations, accounting for 25% of its full-year forecast. Considering ZIJIN MINING is still actively expanding, the modest increase in its dividend plan is nevertheless a positive signal, while solid cash flow provides a foundation for growth and dividend payouts.

Jefferies has given ZIJIN MINING a Buy rating and a target price of HKD49.1.
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With the market awaiting developments in the geopolitical situation in Iran, the HSI last shed 325 points or 1.2% to 26,162 after midday today (22nd), with a turnover of $203.707 billion.

Two major optical communication concept stocks were speculated against the market trend, both ranking among the top 10 most active Hong Kong stocks by turnover.

CIG (06166.HK) opened 1.5% lower before hiking, and once ascended to an all-time high of $157.8 after midday. It rocketed 23.31% to last at $155, with 20.7474 million shares traded, involving $2.897 billion. CIG's A-shares closed up 6.8% at RMB172.18.

YOFC (06869.HK) opened 0.6% higher before its gain expanded, and peaked at $248, a historical high, after midday. The stock last printed at $247.4, soaring 17.25%, with 27.3965 million shares traded, involving $6.374 billion. Its A-share, YANGTZE OPTICAL FIBRE (601869.SH), shot up 8% to close at RMB412.
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Since its official launch for sale on 8 March, Qwen AI Glasses have accounted for 53% of the total share in China's AI glasses market in total online sales, ranking first in the online market, according to the latest data from Wellsenn XR, a vertical research and consulting firm specializing in the XR/AI smart glasses industry.

In 2026, the global AI glasses market entered a phase of rapid growth, Wellsenn XR added. The China market is expected to record growth of over 200%, while the overall industry will be at a stage of rapid scale-up, accompanied by rising user attention and product supply.
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Goldman Sachs has issued a report on Chinese financial stocks, in which it said preliminary 1Q26 results recently released by CICC (03908.HK) and CITIC SEC (06030.HK) showed revenue and profit significantly exceeding its expectations.

CICC expected YoY net profit growth to reach about 65-90%, above the CITIC SEC's previous forecast of 27-46%, while CITIC SEC anticipated YoY net profit growth of 57%, exceeding the broker's expectation of 25%.

Although some investors were constructive on Chinese brokers due to a recovery in Hong Kong's IPO market, Goldman Sachs held a different view. Within the financial sector, it preferred Chinese banks over brokers, mainly based on two factors: sustainability of earnings improvement and relative valuation.

In Goldman Sachs' estimation, the average pre-provision operating profit (PPOP) growth of the Chinese banks under its coverage will reach 8% in 1Q26, rebounding significantly from -3% in 1Q25. Valuations were also attractive, with A-share and H-share stocks trading at 4.8x and 4.0x P/PPOP, respectively, and at 0.7x/0.6x P/B.

In contrast, the three brokers (CICC, CITIC SEC, and GF SEC (01776.HK)) traded at an average H-share P/E ratio of 12x and P/B ratio of 1x, both above their historical median levels.

Among the four major Chinese banks, Goldman Sachs still favored CCB (00939.HK) and BANK OF CHINA (03988.HK) due to their stable and higher-quality earnings growth. It will closely monitor earnings trends at ABC (01288.HK), particularly against the backdrop of relatively optimistic 1Q26 guidance from management, as well as progress in capital replenishment in 2026 and its impact on balance sheet strengthening.

Earnings growth at CM BANK (03968.HK) will receive Goldman Sachs' attention as well. Given management's emphasis on a solid balance sheet, the likelihood of CM BANK raising provisions should be relatively low, and thus its earnings growth should theoretically outpace that of large state-owned banks.
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The A-share market has not been affected by tensions in the Middle East, HSBC Global Research published a research report saying.

Supported by strong earnings revision momentum, the ChiNext Index logged a 10-year new high. Materials and information technology stocks led A-shares in 2025 earnings performance. However, earnings performance in 4Q25 slightly deteriorated, with more misses.

Although the ChiNext Index has shown better earnings revision momentum YTD, it only began to lead the market in early March, the report noted. The CSI 800 Index's 2026 market earnings forecast has been slightly cut by 0.2% YTD.

Nevertheless, supported by upward revisions in the materials (17.7%) and energy (8.5%) sectors, consensus still indicates that earnings for 2026 will grow 17.9% YoY, led by information technology (+57.8%) and materials (+57.2%).
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Times Resources Group (Xiamen) (literal translation of "時代資源集團(廈門)"), a company wholly-owned by CATL (03750.HK), was recently established, with a registered capital of RMB30 billion, Chinese media quoted information from Qichacha as saying.

Its business scope covers mineral resources exploration, mining of non-coal mine mineral resources and geological exploration of metallic and non-metallic mineral resources, etc..
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The HSI dropped 350 points or 1.3% to close at 26,137 at midday. The HSCEI faded 138 points or 1.6% to 8,804. The HSTECH shed 111 points or 2.2% to 4,950. Total half-day turnover of the market amounted to $122.942 billion.

Leading dotcoms declined. NTES-S (09999.HK) waned 3.6% at midday after Goldman Sachs cut its target price to $250. BABA-W (09988.HK) cascaded 3.4%, while TENCENT (00700.HK), KUAISHOU-W (01024.HK), MEITUAN-W (03690.HK), JD-SW (09618.HK) and BIDU-SW (09888.HK) sagged 2.7-3%. BILIBILI-W (09626.HK) eroded 5.8%.

Battery stock CATL (03750.HK) stumbled 4.9% to close at $700 amid reports that Sinopec (Hong Kong) sold its stake in the company. For automakers, BYD COMPANY (01211.HK) and XIAOMI-W (01810.HK) lost 1.8% and 1.3%, while LEAPMOTOR (09863.HK), NIO-SW (09866.HK) and XPENG-W (09868.HK) slumped 2.3-3.3%. CHERY AUTO (09973.HK) rebounded 2.5%.

Robotics concept stocks weakened. DOBOT (02432.HK), UBTECH ROBOTICS (09880.HK), ROBOSENSE (02498.HK) and NEXTEER (01316.HK) descended 3.3-4.1%, while MINTH GROUP (00425.HK) plummeted 5.2%.
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CATL (03750.HK) showcased upgraded performance across its passenger vehicle battery portfolio at its Super Tech Day, including the Shenxing superfast-charging battery, Qilin and condensed-state batteries (targeting high-performance electric vehicles), the Freevoy extended-range battery, and the Naxtra sodium-ion battery, according to a report by JPMorgan.

Coupled with the provided updates on the charging and battery-swapping ecosystem, JPMorgan believes CATL's Tech Day has reinforced its confidence in the battery maker's technological leadership. The broker has maintained CATL as its top pick in China's battery sector.
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For the first quarter ended 31 March 2026, the retail sell-through of LI-NING POS (exclude LI-NING YOUNG) for the overall platform increased by mid-single-digit on a YoY basis, as announced by LI NING (02331.HK).

In terms of channels, offline channel (include retail and wholesale) registered a mid-single-digit increase, with retail (direct operation) increased by low-teens and wholesale (franchised distributors) increased by a low-single-digit; the e-commerce virtual stores business registered a high-single-digit growth.
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The darkest period for China's auto industry has passed, with a significant QoQ recovery in 2Q and a slower industry price war, according to CMSI's research report.

CMSI suggested that investment strategy should shift from stock game to structural excavation, and favored premiumization, overseas growth and incremental opportunities from HEV breakthroughs.

Among automakers, the broker's top pick is GEELY AUTO (00175.HK) on its huge earnings elasticity from premiumization, which also supports sales and brand strength in the mid- to low-end segments. Moreover, CMSI also preferred BYD COMPANY (01211.HK), XPENG-W (09868.HK) and LEAPMOTOR (09863.HK).

Among auto parts stocks, CMSI believed that MINTH GROUP (00425.HK) continues to advance new businesses such as humanoid robotics and liquid cooling, and investors should monitor 2Q orders and project implementation progress, which could provide mid- to long-term growth flexibility.

For FUYAO GLASS (03606.HK), the rationale behind its rising average selling prices continued to materialize, with strengthened global footprint and resilient profitability. The broker was also positive on WEICHAI POWER (02338.HK) in expanding into the new AIDC segment.
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ZIJIN MINING (02899.HK)'s 1Q26 net profit was RMB20.1 billion, benefiting from higher metal prices and output, Morgan Stanley issued a research report saying. Therefore, the broker rated ZIJIN MINING at Overweight, with an Attractive industry view and a target price of $55.

Mine-produced gold output during the period reached 23.5 tons, up 23% YoY but down 4.5% QoQ, the report added. Notably, unit production costs for gold and copper declined 5.8% and 3.4% QoQ respectively.

The broker believed that the cost savings may be stemmed from operational improvements, changes in sales mix and the 2.3% depreciation of USD against RMB in 1Q26.
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CATL (03750.HK) did not announce any ground-breaking technologies at its 2026 Tech Day, but rather a continuous improvement in its existing products to maintain its leading position, CLSA released a research report saying.

Nevertheless, the delay in the start-up of sodium-ion battery production to 4Q26, coupled with a potential lithium supply shortfall from 2Q26 to 3Q26, may pose upside risks to lithium prices, thereby creating downside risks to battery manufacturers' gross profit margins.

Therefore, the broker elevated its target prices for CATL's H-/ A-shares to $820/ RMB570 from $740/ RMB515, and reiterated ratings at High-Conviction Outperform.
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According to Citi's research report, the broker has kept DONGFANG ELEC (01072.HK) as one of its top picks in the power equipment sector, citing a high potential contribution from overseas gas turbine sales, strong domestic demand for nuclear power and hydropower equipment, and the profit contribution from coal-fired power equipment sales that is lower than that of its peers.

Citi has lifted its target price for DONGFANG ELEC by 20% from HKD45 to HKD54, with a Buy rating.
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During the April promotional campaign at LAOPU GOLD (06181.HK)'s SKP boutiques, same-store sales are estimated to record a double-digit decline due to the loss of entry-level price-sensitive customers after recent drop in gold prices, Citi Research issued a research report saying.

However, its core customer base remained stable. The broker expected smaller same-store sales declines at LAOPU GOLD's other stores, given different customer demographics and promotion schedules.

Citi Research believed that investors have been concerned about same-store sales performance for some time and that the current valuation is undemanding. Therefore, the broker kept rating at Buy on LAOPU GOLD.
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ZYBANK (01216.HK) announced that its Chairman and executive Director Guo Hao resigned from his positions as the Chairman, an executive Director, the Chairperson of the Strategy and Development Committee, and authorized representative under Rule 3.05 of the Hong Kong Listing Rules on the Hong Kong Stock Exchange by submitting a resignation letter to the board yesterday (21st) due to work transfer.

The resignation of Guo from the above positions took effect on the same day. Following his resignation, Guo no longer holds any position with ZYBANK.

Zhou Feng was elected as the Chairman of ZYBANK and the Chairperson of the Strategy and Development Committee at a board meeting. With effect from the same day, he no longer serves as the bank's Vice Chairman.

As Zhou ceased to be the President of ZYBANK due to work adjustment, the board has considered and approved to appoint Zhang as the President and the proposed appointment of Zhang as an executive Director of the third session of the board.
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GAC Aion's smart ecological factory, the world's only NEV 'Lighthouse Factory', has achieved a production rate of one NEV leaving the factory every 53 seconds, GAC Aion said.

The factory integrates AI, big data and industry-leading robotics technologies. It has independently developed an order configuration and production scheduling system tailored for customized products, and established a highly transparent production mode.
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China's Ministry of Finance (MOF) announced the issuance of the second tranche of 2026 RMB-denominated sovereign bonds in the Hong Kong Special Administrative Region today (22nd), with a total issuance size of RMB15.5 billion.

Detailed issuance arrangements will be announced through the Central Moneymarkets Unit (CMU) of the Hong Kong Monetary Authority.
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Sinopec (Hong Kong) sold 8.5 million CATL (03750.HK) H-shares at HKD708 per share, a discount of about 3.8% to yesterday's (21st) closing price of HKD736, Reuters reported. The deal raised around USD768.5 million (about HKD6.021 billion).

As the offering was entirely secondary, CATL didn't receive any proceeds from the deal. Sinopec (Hong Kong) has agreed to a 90-day lock-up period on its remaining stake in CATL.
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