Spot USD/CNY soared 323 bps to close at 6.8274 today (8th), notching a new high since March 2023. As of 4:47 pm, USD/CNY in the night session leaped 280 bps. USD/CNH swelled 242 bps to 6.8285, 11 bps below USD/CNY.
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This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

The HSI ended the first trading day after the Easter and Ching Ming holiday at 25,893, up 776 points or 3.1%. The HSCEI rose 220 pts or 2.6% to close at 8,677. The HSTECH grew 244 points or 5.2%, closing at 4,923. Total market turnover for the day increased to HKD372.437 billion.

US-Iran talks will be held on Friday (10th) in Pakistan's capital. Reports said Iran and Oman will charge fees on vessels passing through the Strait of Hormuz during the ceasefire period. Mirroring the international oil price slump, CNOOC (00883.HK) and PETROCHINA (00857.HK) fell 3.3% and nearly 2%. SINOPEC CORP (00386.HK), in contrast, rose 2.8%. Coal producer CHINA SHENHUA (01088.HK) also declined 2.1%.

Gold miners ZIJIN MINING (02899.HK) and LINGBAO GOLD (03330.HK) rallied 5.3% and 9.3%. CHINAGOLDINTL (02099.HK) surged 10.8%. Resource stocks JIANGXI COPPER (00358.HK) and MMG (01208.HK) advanced 8.7% and 10%. CMOC (03993.HK) leaped 10.6%, the best-performing blue chip. Aluminum stocks CHINAHONGQIAO (01378.HK) and CHALCO (02600.HK) climbed 1.9% and 4.7%.

China's State Administration for Market Regulation required MEITUAN-W (03690.HK), Taobao Instant Commerce, and JD-SW (09618.HK) to strengthen primary responsibility for food safety. MEITUAN-W rocketed 10.3%, while JD-SW ticked up 3.6%.

Among other tech stocks, TENCENT (00700.HK) shot up 3.8%. BABA-W (09988.HK) jumped 6.8%. LENOVO GROUP (00992.HK), BILIBILI-W (09626.HK), KUAISHOU-W (01024.HK), BIDU-SW (09888.HK), and NTES-S (09999.HK) advanced 2.2-5.8%. WEIMOB INC (02013.HK) soared 8.9%. SENSETIME-W (00020.HK) swelled 9.7%.

Moving against the market trend, pharma stocks were under hefty selling pressure. SBP GROUP (01177.HK) plunged 4.6%, making it the biggest loser among blue chips. CSPC PHARMA (01093.HK) and HANSOH PHARMA (03692.HK) dropped 4.1% and 2.9%.
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Following the US-Iran agreement to a two-week ceasefire, with Iran consenting to reopen the Strait of Hormuz, US President Donald Trump also secured an “off-ramp”, CLSA said in a report, deciding to add back risk. The broker noted that the 14-day ceasefire between the US and Iran may be insufficient to give Gulf exporting countries the confidence to restore production to pre-war levels, but it should at least allow the release of cargo stranded behind the strait, providing much-needed relief.

Both sides have adequate motivation to continue negotiations after the two weeks, though the broker expected each to test the other’s bottom line. Nevertheless, the broker decided to withdraw its defensive stance adopted after the outbreak of war and return to benchmark allocations: China market at benchmark, Taiwan region at 10% underweight, South Korea at 15% overweight, Australia at 20% underweight, India reduced to 10% overweight, Singapore at benchmark, Malaysia at 30% underweight, in line with other ASEAN markets (Thailand, Indonesia and the Philippines). Hong Kong was set at 20% overweight.

The two-week ceasefire mediated by Pakistan has taken immediate effect. However, Iran’s desired endgame extends beyond avoiding further attacks and includes some form of compensation, such as sanctions relief and UN resolutions, certain reparations, and the imposition of transit fees in the strait to raise funds. Iran clearly sensed Trump’s eagerness to disengage, but on certain red lines’ including nuclear enrichment and the presence of US regional bases, Trump (and/or Benjamin Netanyahu) may stand firm. Iran suffered tangible damage, while Trump faces political fallout, giving both sides incentives to seek a resolution. If negotiations fail, the US could take actions perceived as violating international law, or even pursue an invasion.

With the ceasefire in place, CLSA added cyclicality back into its allocation, as waiting until a final peace agreement is reached would be too late. However, Thailand, the Philippines and Vietnam remain the most exposed markets in its scorecard.
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LI AUTO-W (02015.HK) has announced progress in its supercharging network development. According to Chinese media reports, the carmaker added 19 Li Auto supercharging stations in March. As of the end of March, there were a total of 4,057 Li Auto supercharging stations and 22,400 supercharging piles across China, covering 289 cities in 31 provinces.
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According to a Citi report, 37% of the 2025 results delivered by the Chinese consumer companies under the broker's coverage beat forecasts, 43% were in line with expectations, and only 20% were worse than expected.

Looking ahead to 2026, most companies provided specific guidance rather than using general descriptions like "cautiously optimistic". However, investors' positive sentiment toward the sector has been disrupted by the Middle East conflict, as well as concerns over cost inflation and macro uncertainty, leading to divergent investor views.

Citi is upbeat about the bounce back of downstream dairy producer MENGNIU DAIRY (02319.HK), sportswear maker ANTA SPORTS (02020.HK), as well as casual dining ecosystem players HAIDILAO (06862.HK), CHINA RES BEER (00291.HK), and HAITIAN FLAV (03288.HK).

If risk appetite exceeds expectations, Citi estimates stronger performance from POP MART (09992.HK), LI NING (02331.HK), LAOPU GOLD (06181.HK), CTG DUTY-FREE (01880.HK), and EASTROC (9980.HK).
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Hong Kong bourse resumed trading after the Easter and Ching Ming holidays by surging 656 points at the open following news that the US and Iran agreed to a two-week ceasefire. At midday, the HSI closed at 25,821, up 705 points or 2.8%. The HSCEI climbed 199 points or 2.4% to 8,656. The HSTECH swelled 206 points or 4.4% to 4,885. Half-day turnover totaled HKD200.504 billion.

US-Iran talks were held on Friday (10th) in Pakistan s capital. During the ceasefire period, Iran and Oman were reportedly set to charge fees on vessels crossing the Strait of Hormuz. International oil prices slumped. CNOOC (00883.HK) tumbled 3.6%, rendering it the worst-performing blue chip. PETROCHINA (00857.HK) subtracted 2%. SINOPEC CORP (00386.HK) rallied 2.2%.

Gold miners escalated, with ZIJIN MINING (02899.HK) and LINGBAO GOLD (03330.HK) up 6.7% and 8.4%, respectively. CHINAGOLDINTL (02099.HK) surged nearly 10%. Resource stocks JIANGXI COPPER (00358.HK) and MMG (01208.HK) jumped up 9.1% and 10%, respectively. CMOC (03993.HK) leapfrogged 9.3%. Aluminum producers CHINAHONGQIAO (01378.HK) and CHALCO (02600.HK) hiked 2.7% and 5.4%, respectively. Airlines CHINA SOUTH AIR (01055.HK), CHINA EAST AIR (00670.HK) and AIR CHINA (00753.HK) mushroomed 5.4-8.1%.

China’s State Administration for Market Regulation required MEITUAN-W (03690.HK), Taobao Instant Commerce and JD-SW (09618.HK) to strengthen primary responsibility for food safety. Meituan ballooned 9.8%, the best-performing blue chip, while JD gained 2.4%. Among other techs, TENCENT (00700.HK) mounted 3.1% and BABA-W (09988.HK) added 4.5%. LENOVO GROUP (00992.HK), BILIBILI-W (09626.HK), KUAISHOU-W (01024.HK), BIDU-SW (09888.HK) and NTES-S (09999.HK) increased 1.8-6.5%. WEIMOB INC (02013.HK) jumped up 6.8% after launching a retail sector-specific AI Skill integrated into the Lobster ecosystem. SENSETIME-W (00020.HK) soared 9.2%.
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In March 2026, a total of 38 Chinese mobile game publishers were ranked among the global top 100 by revenue, according to a report by People's Financial News, citing data from Sensor Tower's Store Intelligence platform.

These Chinese publishers grossed a combined USD2.11 billion, accounting for 39.2% of the total revenue of the global top 100 mobile game publishers for the period.

Titles under Tencent, including Honor of Kings, Game For Peace, and Delta Force, secured the top three positions on the China App Store mobile game revenue chart for the period.
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Goldman Sachs released a report on Sunday (5th), stating that southbound capital saw a net inflow of US$3.2 billion into Hong Kong stocks last week, and listing the major net buys and sells of Hong Kong stocks by southbound capital last week:

1) Major Net Buys of Hong Kong Stocks by Southbound Capital Last Week

Stocks | Net Inflow Last Week
TENCENT (00700.HK) | US$352 million
XIAOMI-W (01810.HK) | US$260 million
HSCEI ETF (02828.HK) | US$180 million
GEELY AUTO (00175.HK) | US$55 million
XUNCE (03317.HK) | US$22 million
3SBIO (01530.HK) | US$14 million

2) Major Net Sells of Hong Kong Stocks by Southbound Capital Last Week

Stocks | Net Outflow Last Week
CNOOC (00883.HK) | -US$634 million
CSOP HS TECH (03033.HK) | -US$268 million
BABA-W (09988.HK) | -US$262 million
SMIC (00981.HK) | -US$168 million
POP MART (09992.HK) | -US$124 million

YOFC (06869.HK) | -US$117 million
TRACKER FUND (02800.HK) | -US$116 million
MEITUAN-W (03690.HK) | -US$77 million
UBTECH ROBOTICS (09880.HK) | -US$30 million
AKESO (09926.HK) | -US$19 million
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Morgan Stanley has issued a research report updating the risk-reward profile of CHINA OVERSEAS (00688.HK). The company's target price dropped from HKD13.5 to HKD12.5, but its rating remains Equalweight.

The broker based its decision to cut the target price on the inclusion of CHINA OVERSEAS' 2025 results and the introduction of 2028 forecasts.

Morgan Stanley has also lowered its core EPS forecast for CHINA OVERSEAS by 13% for 2026 and 2% for 2027 to reflect updated delivery and completion schedules for property development projects, a slowdown in rental income growth, a weaker-than-expected recovery in property development gross margin, and higher-than-expected selling and administrative expenses.
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BofA Securities has issued a research report initiating coverage on WUXI LEAD (00470.HK) with a Buy rating and a target price of HKD57, reflecting the broker's positive view on the company's order intake and sales growth in the coming years.

WUXI LEAD opened 4.95% higher today and once peaked at HKD46.36. It was last at HKD46.2, up 8.96%, with a volume of 1.5399 million shares, involving HKD69.8763 million.
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KNOWLEDGE ATLAS (02513.HK) released its new-generation open-source model GLM-5.1. According to data from OpenRouter, the company raised the price of its GLM model by a further 10%.

After the adjustment, the cached token pricing of GLM-5.1 in coding scenarios approached the level of Claude Sonnet 4.6 under Anthropic, marking the first time a Chinese large model has achieved price alignment with leading overseas vendors in a core application scenario.
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Stocks | Investment Ratings | Target Prices

H Shares
CHALCO (02600.HK) | Sell -> Neutral | HK$9 -> HK$12.5
CHINAHONGQIAO (01378.HK) | Neutral | HK$28 -> HK$34
JIANGXI COPPER (00358.HK) | Buy | HK$50 -> HK$45
MMG (01208.HK) | Buy | HK$13.5
CMOC (03993.HK) | Buy | HK$27
ZIJIN MINING (02899.HK) | Buy | HK$52
ZHAOJIN MINING (01818.HK) | Buy | HK$46 -> HK$43

A Shares
CHALCO (601600.SH) | Sell -> Neutral | RMB9.1 -> RMB12.5
JIANGXI COPPER (600362.SH) | Buy | RMB64 -> RMB60
CMOC (603993.SH) | Buy | RMB28
ZIJIN MINING (601899.SH) | Buy | RMB50
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After summarizing FY25 results of China's base metals sector (including copper, aluminum, and gold), Goldman Sachs expects most base metals and gold companies to deliver strong recurring profit growth of 42-114% YoY on rising metal/gold prices this year, according to the broker's research report. Among them, ZIJIN MINING (02899.HK) and CMOC (03993.HK) should record copper and gold production growth of 5-12%.

Goldman Sachs has maintained a Buy rating on copper and gold companies. It rated CHINAHONGQIAO (01378.HK) as Neutral while upgrading CHALCO (02600.HK)'s rating from Sell to Neutral, with a target price lifted from HKD9 to HKD12.5.
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After PING AN (02318.HK) announced its 2025 results, Morgan Stanley updated its risk-reward assessment and made slight adjustments to most key indicators on the company.

Morgan Stanley trimmed its forecasts for VNB for FY26E and FY27E by no more than 0.5%, mainly factoring in the bancassurance channel; meanwhile, it lowered its forecasts for OPAT for FY26E and FY27E by 0.5%, citing potential market volatility in the P&C segment.

As a result, Morgan Stanley axed its TP for PING AN by 6% to HKD89 from HKD95, primarily considering the impact of OPAT and a more sustainable and stable growth in DPS. It maintained an Overweight rating.

However, the broker continued to list PING AN as a top pick, expecting the company to achieve very healthy growth in VNB on the back of solid fundamentals, with the drag from the property sector gradually fading.
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The US and Iran agreed to a two-week ceasefire. Hong Kong bourse resumed trading after the Easter and Ching Ming holidays. The HSI opened up 656 points, or 2.6%, at 25,772. The HSCEI opened up 141 points, or 1.7%, at 8,598. The HSTECH opened up 137 points, or nearly 3%, at 4,817.

US-Iran negotiations were held on Friday (10th) in Pakistan's capital. During the ceasefire period, Iran and Oman will reportedly charge fees to vessels passing through the Strait of Hormuz. International oil prices tumbled. CNOOC (00883.HK) opened down 5.3%, rendering it the worst-performing blue chip. PETROCHINA (00857.HK) opened down 2.7%. SINOPEC CORP (00386.HK) opened up 0.7%. Gold miner ZIJIN MINING (02899.HK) opened up 4.2%. Resources stock CMOC (03993.HK) opened up nearly 7%.

China’s State Administration for Market Regulation required MEITUAN-W (03690.HK), Taobao Instant Commerce and JD-SW (09618.HK) to strengthen their primary responsibility for food safety. Meituan and JD each opened up 2.9%. Among other techs, TENCENT (00700.HK) opened up 3.1% and BABA-W (09988.HK) opened up 2.9%. BILIBILI-W (09626.HK), KUAISHOU-W (01024.HK), BIDU-SW (09888.HK) and NTES-S (09999.HK) opened up 2.9-5.9%.

Among financials, HSBC HOLDINGS (00005.HK) opened up 6.2%, HKEX (00388.HK) opened up 3.4%, and AIA (01299.HK) opened up nearly 5%.
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The People's Bank of China (PBOC) conducted a seven-day reverse repo operation of RMB500 million in the open market today (8th), with the operation rate unchanged at 1.4%. RMB500 million of reverse repos matured today.
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The Shenzhen Stock Exchange (SZSE) announced that, as the price stabilization period for ESTUN (02715.HK) in the Hong Kong market ended and its corresponding A-share listing completed for 10 trading days, it was included in the list of eligible securities under Southbound Stock Connect in accordance with relevant regulations, effective today (8th).
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CCB (00939.HK) held a working meeting with China Huaneng in Xiong'an yesterday (7th) and signed a strategic cooperation agreement.

During the 15th Five-Year Plan (FYP) period, the two parties will further promote the deep synergy between financial resources and the real economy, and continue to expand the breadth and depth of cooperation in areas including green finance, technology finance, and equity financing, with a view to achieving higher-quality development for both the bank and the enterprise.

On the same day, CCB also held a working meeting with Sinochem in Xiong'an. Looking ahead to the 15th FYP period, both parties will further comprehensively deepen bank-enterprise cooperation across areas such as technology finance, integrated commercial and investment banking, global capital markets, global treasury management, rural revitalization and public-private integration, jointly striving for high-quality development.
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Since the domestic refined oil price adjustment on March 23, international crude oil prices have fluctuated drastically, China's National Development and Reform Commission (NDRC) stated. To mitigate the impact of soaring international oil prices on the domestic market, the state continued to adopt regulatory measures on refined oil prices.

Based on the refined oil pricing mechanism, domestic gasoline and diesel prices should have been raised by RMB800 per tonne and RMB770 per tonne respectively, starting from midnight (8th). After regulatory adjustments, the actual upswing were RMB420 and RMB400 per tonne.
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UBTECH ROBOTICS (09880.HK) announced that UQI, its intelligent logistics subsidiary, recently inked a strategic cooperation agreement with Honda Trading (China).

Both parties will jointly explore the application potential of embodied intelligent humanoid robots and autonomous logistics vehicles in industrial manufacturing and warehouse logistics scenarios.

When conditions are ripe, they will advance demonstration applications and experience replication within Honda Trading's supply chain, jointly promoting the practical implementation of embodied intelligence in the industrial sector.
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