Mini Program: Daily Hong Kong Market News Brief
Important News
1. DeepSeek input cache pricing reduced to one-tenth of the launch price
According to the official DeepSeek website, starting today, the price for input cache hits across the entire DeepSeek model series has been reduced to one-tenth of the launch price. The DeepSeek-V4-Pro model is temporarily available at a 2.5-fold discount, valid until 23:59 Beijing Time on May 5, 2026. After combining this price reduction with the limited-time offer, the input cost (for cache hits) for the DeepSeek-V4-Pro model is now reduced to RMB 0.025 per million tokens.
2. Shanghai Stock Exchange: The after-hours fixed-price trading mechanism is now applicable to all A-shares and exchange-traded funds, expanding from科创板 stocks.
The Shanghai Stock Exchange has revised and issued the "Shanghai Stock Exchange Trading Rules (2026 Revision)." The main revisions to the Trading Rules include: first, expanding the scope of securities eligible for post-market fixed-price trading from STAR Market stocks to all A-shares and exchange-traded funds. Second, changing the trading mechanism during the closing phase of funds from continuous auction to closing auction, with the closing price determined through the auction process. Third, adjusting the price fluctuation limit for risk-alerted stocks on the main board from 5% to 10%. In addition, adaptive revisions have been made to align with the rule changes and operational needs, including optimizing provisions related to disciplinary actions and refining certain rule formulations. The revised Trading Rules will take effect on July 6, 2026, providing a transition period for market participants to make necessary adjustments and prepare technically. Moving forward, under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange will thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, focus on high-quality development as the core theme, continuously study and optimize trading systems, strengthen trading supervision, and effectively safeguard the legitimate rights and interests of investors. (Shanghai Stock Exchange)
3. Shenzhen Stock Exchange: Adjust the confirmation time for block trades of ChiNext stocks
The Shenzhen Stock Exchange has issued the "Notice on the Release of the Shenzhen Stock Exchange Trading Rules (2026 Revision)." To ensure proper technical preparations, the following matters are hereby notified: Adjust the confirmation time for block trades of ChiNext stocks and ChiNext depositary receipts from 15:00 to 15:30 to 9:30 to 11:30 and 13:00 to 15:30. Expand the scope of after-hours fixed-price trading. The eligible instruments for after-hours fixed-price trading will be extended from "ChiNext stocks and ChiNext depositary receipts" to include "A-shares and depositary receipts, as well as exchange-traded open-end funds." Adjust the price fluctuation limits for risk-alerted stocks on the Main Board. On June 27, 2025, the Shenzhen Stock Exchange issued the "Notice on Technical Preparations for Adjusting Price Fluctuation Limits for Risk-Alerted Main Board Stocks." Market participants may continue preparing their systems in accordance with that notice. In accordance with the above requirements, complete all relevant technical preparations by June 5, 2026.
4. China Securities Regulatory Commission announces approval for qualified overseas investors to participate in government bond futures trading
The China Securities Regulatory Commission recently announced that, after consultation with the People’s Bank of China and the State Administration of Foreign Exchange, qualified overseas investors will be permitted to participate in treasury futures trading, effective April 24, 2026, with trading purposes limited to hedging. Allowing qualified overseas investors to engage in treasury futures trading is one of the specific measures to implement the decisions and arrangements of the CPC Central Committee and the State Council to “expand high-level opening-up.” This move aims to continuously expand the range of assets available for qualified overseas investors, enrich interest rate risk management tools for foreign institutional investors, enhance the attractiveness of RMB bond assets, improve the stability of foreign institutional investment behavior, and promote the high-quality development of the bond spot and futures markets. In the next step, the China Securities Regulatory Commission will introduce additional measures to reform and develop the futures market, further advancing high-level institutional opening-up of the capital market.
5. Ministry of Finance: The stock market has been highly active, with stamp duty on securities transactions increasing by 78.1% in the first quarter.
On April 24, Wang Jianxun, Director of the Treasury Payment Center of the Ministry of Finance, stated at a Ministry of Finance press conference that securities transaction stamp tax increased by 78.1% in the first quarter, primarily due to heightened activity in the stock market and higher trading volumes. (E Company)
6. Central Bank: To conduct a 400 billion RMB MLF operation on April 27
To maintain adequate liquidity in the banking system, on April 27, 2026, the People’s Bank of China will conduct a 400-billion-yuan MLF operation with a one-year maturity, using a fixed-quantity, interest-rate-bidding, multiple-price-winning approach.
7. State Council Meeting: Strengthen, optimize, and expand the marine industry, and vigorously cultivate emerging industries such as marine biopharmaceuticals and new materials.
Premier Li Qiang presided over a State Council executive meeting, which emphasized enhancing ocean governance capabilities, efficiently developing and utilizing ocean resources to promote high-quality marine economic development, and accelerating the construction of a strong maritime nation. It stressed strengthening strategic scientific and technological capabilities in the marine sector, advancing marine technological innovation, and driving digital and intelligent transformation and upgrading in marine industries. The meeting called for strengthening, optimizing, and expanding marine industries, consolidating and enhancing the competitive position of traditional advantages, vigorously cultivating emerging industries such as marine biopharmaceuticals and new materials, and systematically developing marine energy resources. It also urged expanding the development space for the marine economy through comprehensive planning of major bays and the protection and utilization of islands, with a focus on fostering new drivers of economic growth. Furthermore, it emphasized active participation in global ocean governance, deepening open cooperation in marine affairs, and resolutely safeguarding national maritime rights and strategic security.
8. The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued opinions on strengthening service and management for new employment groups.
The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued guidelines on strengthening service and management for new employment groups. The primary goals are: by 2027, a coordinated working mechanism involving vertical and horizontal collaboration will be further improved; Party organizations and Party work will comprehensively cover new employment groups; labor employment practices will gradually become standardized; working conditions will significantly improve; and legitimate rights and interests will be effectively protected. Within another three to five years, the service and management system for new employment groups will be more robust, ideological and political guidance will be stronger, labor relations will be more harmonious, working environments will be more supportive, protection of legitimate rights and interests will be more comprehensive, occupational recognition will be significantly enhanced, and substantial progress will be made in the overall development of new employment groups. (Xinhua News Agency)
9. Central Bank: Continuously rectify "internal competition" among financial institutions and comprehensively advance the five major financial initiatives with high quality.
On April 24, 2026, the People’s Bank of China and the State Administration of Foreign Exchange held a system-wide warning education meeting and a promotion meeting for the study and practice of correct performance perspectives. Pan Gongsheng, Secretary of the CPC Committee and Governor of the People’s Bank of China, delivered a speech and gave a party class. Pan Gongsheng emphasized the need to promote high-quality development of the central bank’s endeavors. He called for a thorough analysis of performance perspective issues underlying economic and financial problems, strictly implementing rectifications from central inspections and audits, continuously addressing “internal competition” among financial institutions, and systematically advancing the five major financial initiatives with high quality. He also stressed the proactive and prudent resolution of risks related to local government financing platforms and small and medium-sized financial institutions, maintaining strong pressure against illegal financial activities in relevant sectors, and continuously improving the PBOC’s financial management and services at the county level. (People’s Bank of China)
10. Ministry of Commerce responds to U.S. passage of the Hardware Technology Control Multilateral Coordination Act and other bills
Jinshi Data, April 25: Question: On April 22, the U.S. House Committee on Foreign Affairs passed several export control bills, including the Hardware Technology Control Multilateral Coordination Act (abbreviated as the MATCH Act). What is China’s comment on this? A spokesperson for the Ministry of Commerce stated: China has noted the relevant developments. China has always opposed the overextension of national security concerns and the abuse of export controls. If these bills are ultimately enacted, they will severely undermine the international economic and trade order and significantly disrupt the stability of the global semiconductor industry chain and supply chain. China will closely monitor the legislative process, carefully assess the impact on its interests, and resolutely take necessary measures to firmly safeguard the legitimate and lawful rights and interests of Chinese enterprises. (Ministry of Commerce)
Individual stock news
1. Kweichow Moutai: Net profit for the first quarter was RMB 27.2 billion, up 1.47% year-over-year.
Kweichow Moutai announced that for the first quarter of 2026, it achieved revenue of RMB 53.909 billion, a 6.54% year-over-year increase; net profit attributable to shareholders of the listed company amounted to RMB 27.243 billion, up 1.47% year-over-year.
2. Moore Threads: Net profit of RMB 29.36 million in the first quarter, achieving a turnaround from loss to profit during the period.
According to Moore Threads' announcement, in the first quarter of 2026, the company achieved revenue of RMB 738 million, representing a year-over-year growth of 155.35%. The net profit attributable to parent company shareholders amounted to RMB 29.36 million, compared to a net loss of RMB 112 million in the same period last year. During the reporting period, the company focused on the research and development and innovation of full-function GPUs, enabling large-scale product deployment and driving rapid revenue growth.
3. ZTE: Net profit for the first quarter was RMB 1.31 billion, a year-over-year decrease of 46.58%.
ZTE announced that its revenue for the first quarter of 2026 was RMB 34.988 billion, a 6.13% year-over-year increase; net profit was RMB 1.31 billion, a 46.58% year-over-year decline.
4. CMOC Group: Net profit for the first quarter was RMB 7.76 billion, up 96.65% year-over-year.
CMOC Group announced that its revenue for the first quarter of 2026 reached RMB 66.403 billion, a 44.34% year-over-year increase; net profit amounted to RMB 7.76 billion, up 96.65% year-over-year.
5. CITIC Securities: Net profit for the first quarter was RMB 10.216 billion, up 54.60% year-over-year.
CITIC Securities announced that its revenue for the first quarter of 2026 reached RMB 23.155 billion, a 40.91% year-over-year increase; net profit amounted to RMB 10.216 billion, up 54.60% year-over-year. During the first quarter of 2026, the capital markets maintained a favorable development trend, with trading activity remaining at high levels. The company actively seized market opportunities, with all business segments working in synergy and progressing steadily, driving rapid growth in operating performance.
6. East Money: Net profit for the first quarter was RMB 3.738 billion, up 38% year-over-year.
East Money announced that for the first quarter of 2026, it achieved revenue of RMB 5.031 billion, a 44.34% year-over-year increase; net profit amounted to RMB 3.738 billion, up 37.67% year-over-year. The performance improvement was primarily driven by an increase in net income from securities handling fees and commissions.
7. Haisco: Net profit attributable to shareholders in the first quarter was RMB 555 million, up 1,089.85% year-over-year.
According to the announcement by Haisaike (002653.SZ), the company achieved a revenue of RMB 1.564 billion in the first quarter of 2026, representing a 75.33% year-over-year increase; net profit attributable to shareholders of the listed company amounted to RMB 555 million, up 1,089.85% year-over-year. The performance improvement was primarily due to the recognition of approximately RMB 500 million in revenue from the transfer of the HSK39004 project.
8. Zhongwu High-Tech: Net profit attributable to parent company for the first quarter was RMB 921 million, up 264.44% year-over-year.
According to the announcement from Zhongwu High-Tech (000657.SZ), the company achieved a revenue of RMB 7.007 billion in the first quarter of 2026, representing a 106.47% year-over-year increase; net profit attributable to shareholders of the listed company amounted to RMB 921 million, up 264.44% year-over-year. The performance growth was primarily driven by increased sales volume and higher prices for its products.
9. Goldwind Science & Technology: Net profit for the first quarter was RMB 907 million, up 59.65% year-over-year.
Goldwind Science & Technology announced that its revenue for the first quarter of 2026 reached RMB 15.485 billion, a 63.48% year-over-year increase; net profit amounted to RMB 907 million, up 59.65% year-over-year. The performance change was primarily driven by increased sales volume of wind turbines and components, higher gross profit and investment income, as well as increased fair value changes in losses.
10. Hengtong Optoelectronics: Net profit for the first quarter was RMB 1.105 billion, up 98.53% year-over-year.
Hengtong Optical Fiber announced that its revenue for the first quarter of 2026 reached RMB 17.791 billion, a 34.09% year-over-year increase; net profit amounted to RMB 1.105 billion, up 98.53% year-over-year. The revenue growth was primarily driven by increased demand and higher prices in the optical communication market, higher deliveries of marine communication and energy products, and growing demand from overseas markets.
11. Zhiwei Xuchuang: The 1.6T product is already in mass production and shipping, with expected quarter-over-quarter growth in shipment volume.
Zhongji Xuchuang has released an announcement regarding its investor relations activity record, stating that the company’s 1.6T products are already in mass production and shipment, with expected quarterly sequential growth in shipment volumes. The company is optimistic about sustained growth in AI computing demand and increased investment in AI infrastructure over the coming years. It has already received full-year orders from some customers for 2026. The company will further enhance the development of new products and strengthen its capacity to deliver high-end products, maintaining its competitive advantage and market share through technological innovation and scalable manufacturing capabilities. Shipment volumes of 1.6T products will continue to rise over the next three quarters. The company’s 2026 performance is expected to sustain its growth trajectory, primarily driven by ongoing demand growth in downstream AI computing and the ramp-up of high-speed products. The company will continue to improve its delivery capabilities and operational quality to promote steady performance growth. In 2026, significant demand and shipment volumes are anticipated for both 1.6T and 800G optical modules, and the company is actively preparing for the R&D and sampling of new products such as 6.4T NPO and 12.8T XPO. Currently, silicon photonics technology accounts for more than half of the 1.6T and 800G product mix.
12. XinYisheng: 1.6T and 800G are the main products for delivery this year, and the industry is expected to maintain extremely high enthusiasm and high growth trends through 2027.
At the conference call, XinYisheng stated that orders for 1.6T optical modules have increased significantly compared to last year and are expected to grow rapidly on a quarterly basis this year, with 1.6T and 800G serving as the primary products for delivery in 2024. The pace of capacity expansion this year is highly certain. The volume share of 1.6T modules will become noticeably higher in Q2, with even more significant growth anticipated in Q3 and Q4. From an order perspective, the outlook for this year is already very clear; capacity and raw material preparations are proceeding as planned, with production capacity expected to increase quarter-over-quarter. The industry is projected to maintain ultra-high sentiment and strong growth trends through 2027. Overall, the proportion of silicon photonics products this year has increased substantially compared to last year. The company anticipates higher capital expenditures in the future, with significant spending on fixed asset investments already occurring in Q1. Capacity expansion is an ongoing process, and meeting order delivery demands through continuous expansion remains the company’s primary focus over the next two years.
13. Chery Automobile signs agreement with CATL to develop vehicles compatible with battery swapping and battery swap networks.
On April 25, Chery Automobile Co., Ltd., CATL Co., Ltd., Chery Green Energy Ecology Technology Co., Ltd., and Time Electric Service Technology Co., Ltd. signed a strategic cooperation agreement in Beijing. Under the agreement, Chery Automobile will develop vehicles compatible with battery swap technology and swap networks, while CATL and Time Electric Service will be responsible for the development, iteration, and supply of swap batteries, and Chery Green Energy will provide comprehensive green energy solutions for all scenarios. (Jiemian)
14. The first PECVD SiCN equipment from Shengmei Shanghai has been successfully shipped.
On April 27, ACM Research Shanghai announced that its first plasma-enhanced chemical vapor deposition (PECVD) silicon carbonitride (SiCN) equipment has been officially shipped. The equipment is designed to support PECVD NDC (SiCN) processes in back-end-of-line metal interconnect applications for advanced IC processes at 55nm and below, with use cases including copper oxidation inhibition, copper diffusion barrier layers, and etch stop layers. (Securities Times)
15. Hengli Petrochemical: Important subsidiary added to the SDN List by the U.S. Department of the Treasury
According to the announcement by Hengli Petrochemical (600346.SH), the company recently became aware that the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added its key subsidiary, Hengli Petrochemical (Dalian) Refining and Chemical Co., Ltd., to the SDN list. The company clarifies that since its establishment, it has never engaged in any trade with Iran, and all crude oil suppliers have guaranteed that the origin of their crude oil is not subject to U.S. sanctions. Currently, the company’s production and operations are proceeding normally, with all production facilities operating stably at high capacity. Existing crude oil inventories are sufficient to meet more than three months of processing requirements, and crude oil procurement activities have not been affected in any way. The company firmly opposes these baseless allegations and illegal unilateral sanctions that disregard facts and violate international trade rules, and will take all necessary legal measures to safeguard the legitimate rights and interests of the company and its shareholders.
16. Furi Electronics: Revenue from smart pole products accounts for less than 0.1% of the company’s total revenue.
On April 24, Furi Electronics stated during its earnings briefing that its smart pole products, serving as IoT hardware platforms for smart cities, integrate functions such as lighting, display, safety monitoring, vehicle charging, and network communication (including traffic condition monitoring), and are designed as expandable comprehensive pole systems. These poles can function as foundational road infrastructure components within vehicle-road-cloud systems. To date, this business accounts for less than 0.1% of the company’s total revenue.
17. China Merchants Steam Navigation Co.: Plans to invest no more than RMB 3.814 billion to build eight new container ships.
China Merchants Steamship Company announces that its wholly-owned subsidiary plans to enter into agreements with affiliated companies under China Merchants Shipbuilding Industry Group to build four 8,200 TEU methanol-ready container vessels and four 1,800 TEU container vessels. The total projected investment for the project is expected not to exceed RMB 3.814 billion, with delivery scheduled for 2028.