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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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