There was HKD1.5 billion, HKD1.1 billion and HKD703.9 million Southbound Trading net inflow to SMIC (00981.HK), XIAOMI-W (01810.HK) and CNOOC (00883.HK).

There was HKD1.1 billion and HKD188.7 million Southbound Trading net outflow from TENCENT (00700.HK) and BABA-W (09988.HK).

For Southbound Trading of Shanghai-Hong Kong Stock Connect, PETROCHINA (00857.HK) was the most active stock with highest net inflow of HKD1.2 billion, while MEITUAN-W (03690.HK) was the most active stock with highest net outflow of HKD0 .

For Southbound Trading of Shenzhen-Hong Kong Stock Connect, SMIC (00981.HK) was the most active stock with highest net inflow of HKD1.1 billion, while TENCENT (00700.HK) was the most active stock with highest net outflow of HKD1.5 billion.

At close, Southbound Trading net outflow totaled HKD0 , representing 41.55% of the total transaction amount of HKD121.15 billion.
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With Shenzhen further easing home purchase restrictions in core areas, related sector stocks reacted positively, and the continuity of supportive policies is expected to alleviate market concerns that policies could be tightened as the property market begins to recover, HSBC Global Research said in a report.

The bank expects that clearly articulated policies since January will help release pent-up demand and accelerate the recovery in market sentiment, but investors should focus not only on short-term policy news but also on improvements in fundamentals.

Among Chinese property developers, HSBC Global Research's top picks are CHINA RES LAND (01109.HK), C&D INTL GROUP (01908.HK), and SEAZEN (01030.HK). All of them have been rated as Buy, with target prices of HKD37.7, HKD19.9, and HKD3, respectively.
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The HSI sagged 322 points or 1.2% to close at 25,789 at noon. The HSCEI shed 112 points or 1.3% to 8,693. The HSTECH dropped 48 points or nearly 1% to 4,862. Total market turnover amounted to $156.585 billion.

Chinese insurer CHINA LIFE (02628.HK) advanced nearly 5% at midday as its 1Q net profit fell 32.3%. CLSA said that its net profit was broadly in line with expectations, while Morgan Stanley and JPMorgan noted strong growth in its new business value.

Among Chinese banks, CCB (00939.HK) reported a 3.5% increase in 1Q net profit, but its stock price cascaded 1.6%. BANKCOMM (03328.HK) posted a 3.1% increase in 1Q net profit, but its share price waned nearly 3%.

BANK OF CHINA (03988.HK) recorded a 4.2% YoY hike in 1Q net profit, while ICBC (01398.HK) posted a 3.3% rise in 1Q net profit, but their share prices faded 1.5% and 1.9%. ABC (01288.HK) reported a 4.5% growth in 1Q net profit, but its share price lost 1.1%.

AI chip stock CAMBRICON (688256.SH) soared 17.3% at midday to break ceiling, as the Company’s 1Q net profit surged 185.04% YoY. Chip stock SMIC (00981.HK) swelled 6.4%, making it the best-performing blue chip. HUA HONG SEMI (01347.HK) also leaped 3.9%.
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GEELY AUTO (00175.HK)'s 1Q26 results were in line with market expectations, Citi's research report said.

During the period, GEELY AUTO's revenue increased by 15% YoY to RMB83.8 billion, new energy vehicle (NEV) sales rose by 9% YoY to 369,000 units, and total exports surged by 126% YoY to 203,000 units (of which NEVs accounted for 125,000 units, up 572% YoY).

Citi has kept a Buy rating on GEELY AUTO, with a target price of HKD30. The carmaker is expected to see multiple catalysts in 2Q26, including further capacity ramp-up of the Zeekr 8X, the launches of the Zeekr 009, the Lynk & Co 900, and the Lynk & Co 10 in May, as well as the sales of the Galaxy A7, the Galaxy M7, and the Xingyao 7. These catalysts should support continuous QoQ growth in gross margin in 2Q26 and 3Q26.
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POP MART (09992.HK) saw a sharp slowdown in sales in the US in March, a signal that highlighted the challenges facing the company in the region, Bloomberg reported.

According to Bloomberg Second Measure, which tracks credit and debit card transactions, POP MART's sales in the US fell by 45% YoY in March, compared with the growth of 41% in February and 130% in January. This figure, however, doesn't cover cash, gift cards, and many third-party retail transactions, meaning that it doesn't represent total sales.

That said, the sales data indicate weakening consumer interest, Melinda Hu, consumer analyst at Sanford C. Bernstein, stressed. If this trend continues, it may weigh on POP MART's overall growth.
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China's Non-Manufacturing Purchasing Managers' Index (PMI) stood at 49.4 in April, below the market consensus of 49.8, and down 0.7 ppts from the previous month, indicating a decline in the prosperity level of the non-manufacturing sector, according to data released by the National Bureau of Statistics (NBS).

The Composite PMI Output Index was 50.1, down 0.4 ppts from the previous month but remaining, above the tipping point, suggesting that overall production and business activities of Chinese enterprises continued to expand.
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In April, China's Manufacturing Purchasing Managers' Index (PMI) reached 50.3, slightly above the market forecast of 50.1, but down 0.1 ppt MoM, reflecting that the overall prosperity level of the manufacturing sector remained stable, according to data released by the National Bureau of Statistics.
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The HSI opened 103 points or 0.4% lower at 26,008. The HSCEI opened 47 points or 0.5% lower at 8,757. The HSTECH opened 33 points or 0.7% lower at 4,876.

Chinese insurer CHINA LIFE (02628.HK) reported a 32.3% decline in 1Q net profit, but its share price leaped 4%, making it the best-performing blue chip.
For Chinese banks, CCB (00939.HK) posted a 3.5% increase in 1Q net profit, boosting its share price by 0.6%. BANKCOMM (03328.HK) recorded a 3.1% incline in 1Q net profit, and its stock price added 0.5%.

BANK OF CHINA (03988.HK) posted a 4.2% YoY rise in 1Q net profit, while ICBC (01398.HK) reported a 3.3% increase, denting both stocks by 0.6% and 1.2%. ABC (01288.HK) reported a 4.5% hike in 1Q net profit, and its stock price opened flat at $6.17.

Financial HSBC HOLDINGS (00005.HK) slid 0.9%, while HKEX (00388.HK) lifted 0.5%. AIA (01299.HK)'s 1Q new business value was US1.757 billion, beating expectation, and its share price jumped up 1.9%. BOC HONG KONG (02388.HK)'s 1Q net operating income before impairment provisions declined by 0.7%, and its stock price opened flat at $44.08.
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Shenzhen Party Secretary Jin Lei recently visited Ping An Group and Tencent, according to a report from Shenzhen Special Zone Daily.

During his visits, Jin held in-depth exchanges with company executives to gain a detailed understanding of their operating conditions. He also solicited opinions and suggestions on better serving enterprises and promoting the high-quality development of Shenzhen's services sector.
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Alibaba Cloud announced that its large model service platform, Bailian, will, starting from 23:59:59 Beijing time on 29 April 2026, reduce the unit price for the implicit cache of the DeepSeek-V4-Pro model.

After the adjustment, the price will be only RMB1 per million tokens. This adjustment only involves the implicit cache portion, while the base inference pricing of the model remains unchanged.
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HKEX (00388.HK)'s 1Q26 EPS was $4.1, up 27% YoY/ 20% QoQ each, 11% ahead of the expectations of Goldman Sachs and the market, Goldman Sachs published a research report saying. The broker expected a positive share price reaction.

The beat was mainly driven by strong cash trading fees and custody & service fees income, alongside higher listing fee income and increased investment income from the derivatives and commodities segment.

Therefore, Goldman Sachs kept rating at Buy on HKEX, with a target price of $528.
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TIGERMED (03347.HK) opened 4.55% lower this morning (29th) and once bottomed at HKD39.78. It last traded at HKD40.76, down 7.36%, with a volume of 2.8713 million shares, involving HKD116 million.

According to a report from UBS, TIGERMED's 1Q26 revenue rose by 15.2% YoY to RMB1.8 billion, broadly in line with the broker's and the market's expectations. However, net profit for the period plunged by 70.4% YoY to RMB49.04 million, as a RMB195 million fair value gain recorded by the company's consolidated investment funds led to an increase in profit attributable to non-controlling interests, which dragged down profit attributable to shareholders.

Excluding one-off items, TIGERMED's net profit attributable to shareholders should have grown by 17.7% YoY to RMB120 million. UBS reiterated an Outperform rating on TIGERMED, with a target price of HKD56.1.
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The railway transport for the May Day holiday was officially kicked off today (29th), and will last for eight days until next Wednesday (6 May), China State Railway Group said.

China's nationwide railways are expected to record passenger traffic of 158 million, with an average of about 12,000 passenger trains scheduled daily. Friday (1 May) is expected to be the busiest day, with an estimated passenger traffic of 24 million.
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Based on a survey of 82,000 cultural and related industry enterprises above designated scale across China, in 1Q26, cultural enterprises recorded operating revenue of RMB3.56 trillion, representing a YoY increase of 6.4% on a comparable basis, as announced by the National Bureau of Statistics (NBS).

During the same period, total profits of cultural enterprises amounted to RMB257.2 billion, down 5.6% YoY. Operating profit margin was 7.23%, down 0.92 ppts from the same period last year.
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In the aspiration of a large number of inbound visitors during the Labor Day Golden Week, Macau government departments held a joint press conference yesterday to introduce response measures, according to the Macao Daily News.

The Macau Police estimated that there would be a total of 3.6-3.7 million crossings during the Labor Day Golden Week (May 1-5), averaging 720,000-740,000 per day, similar to the same period last year.

The busiest day is expected to be May 2, which may see around 210,000-220,000 inbound visitors and around 850,000 border crossings.
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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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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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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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