HS#TENCTRC2610F

LEOCH INT'L

INTELLIMARK W27

TRANSTECH

METASPACEX

SHANDONG MOLONG

GLOBALSTRAT

EXTREME VISION

PT INTL DEV

TIAN TU CAPITAL

EPI (HOLDINGS)

TCEHY

513040

512380

KBAB

BABX

EBIZ

09988

00700

TCTZF

HSBC's latest report highlights a market misjudgment: the AI monetization capabilities of Alibaba and Tencent are systematically underestimated. The stock price corrections for both companies were not driven by pessimism regarding AI prospects, but by short-term concerns over operating expenses. If they can capture market share from the advertising market, their 2027 revenues could see an upside of up to 11%. HSBC maintains a "Buy" rating, with target prices implying upside potential of 44% and 51%, respectively

- The market may be misjudging the AI monetization potential of China's internet giants, Alibaba and Tencent, which a HSBC report states is systematically underestimated.  
- Despite significant AI investment plans and revenue forecasts, the companies' stock prices have dipped due to short-term concerns regarding increased operational costs rather than pessimism about AI's long-term returns.  
- The report suggests that by capturing 10% to 50% of advertising revenue from competitors, both Alibaba and Tencent could see substantial revenue growth by 2027, affirming HSBC's buy ratings with target prices of $180 and HK$750, respectively.

Wallstreetcn

Tencent

E Fund CSI HK Connect Internet ETF

Yinhua MSCI China A ETF

iShares MSCI China

KraneShares 2x Long BABA Daily ETF

Hwabao CSI HK Equities Internet ETF

Krne Csi China Internet

Invesco Golden Dragon China

BABA 2x Long Daily ETF - GraniteShares

iShares China Large Cap

Global X E-commerce ETF

BABA-W

Direxion FTSE China Bull 3X

TENCENT

Tencent Holdings Limited

Alibaba and Tencent's AI Monetization Capabilities Are Underestimated by the Market

03896

KPDD

BABA

Goldman Sachs pointed out in its China Internet report that cloud and data centers are the preferred sub-industries, benefiting from the growth of enterprises and AI agents. Recommended core investment targets include Alibaba and Kingsoft Cloud. E-commerce and mobile transportation are listed as the second sub-industry, recommending PDD and Manbang. Gaming and entertainment are the third sub-industry, recommending Tencent and Bilibili

AASTOCKS

KINGSOFT CLOUD

Kingsoft Cloud

KraneShares 2x Long PDD Daily ETF

BILIBILI-W

Global X Data Center & Dgtl Infrs ETF

Alibaba

Bilibili

Global X Cloud Computing ETF

iShares US Digital Infrastructure and Real Estate ETF

GraniteShares 2x Long PDD Daily ETF

Goldman Sachs: Cloud and Data Centers are the Preferred Sub-industries in China's Internet Sector, Recommending Alibaba and Kingsoft Cloud, etc

01810

00883

02513

01211

On April 2, all three major Hong Kong stock indices weakened intraday, with the HSI falling 1.01%, failing to return to the previous trading day's high. Hardware, retail, and internet content sectors declined across the board, led by leading stocks like Xiaomi Group, Alibaba, and Tencent Holdings. Market turnover was active, while YOFC and GEELY AUTO stood out by bucking the trend. Investors are focusing on changes in market volume and macroeconomic recovery guidance

- On April 2, 2026, Hong Kong's three major indices declined, reflecting cautious market sentiment.  
- The Hang Seng Index fell 1.01% to 25,037.41, unable to surpass its previous high, while the tech sector led the losses with Tencent dropping 1.33%.  
- Market participants are closely monitoring upcoming economic data to gauge recovery prospects, amidst a strong US dollar affecting performance.

Market Heartbeat

XIAOMI-W

GEELY AUTO

YOFC

CNOOC

MEITUAN

KNOWLEDGE ATLAS

POP MART

BYD COMPANY

Xiaomi Corporation

Hong Kong Stocks Intraday | Three Major Indices Collectively Weaken, Hardware and Retail Slump, XIAOMI-W Drops 3.87%

00857

00HSI

The Hang Seng Index's initial decline has expanded to over 220 points, currently reported at 25,064, down 229 points or 0.9%. Alibaba fell 3% to HKD 119, Tencent dropped 1.2%, and HSBC Holdings fell 1.5% to HKD 128.3. CNOOC rose 0.8%, and PetroChina increased by 1.4%. Airline stocks performed weakly, with China Eastern Airlines down 4.6% and China Southern Airlines down 4.3%

PETROCHINA

CHINA EAST AIR

CHINA SOUTH AIR

HSBC HOLDINGS

SINOPEC CORP

Hang Seng Index

The Hang Seng Index's initial decline has expanded to over 220 points, with Alibaba down 3%

09866

The Nasdaq Golden Dragon China Index initially closed up 0.3%. Among popular Chinese concept stocks, Li Auto initially closed up 3.1%, NIO rose 2.7%, Tencent rose 0.8%, Alibaba fell 1.3%, and BYD fell 2.2%

NASDAQ 100 Technology Sector Market-Cap Weighted Index

LI AUTO-W

Li Auto

NIO Inc

NASDAQ Golden Dragon China Index

NIO-SW

BYD Company

China Universal NASDAQ 100 ETF(QDII)

Roundhill China Dragons ETF

Bosera NASDAQ 100 ETF(QDII)

02800

In the Hong Kong Stock Connect, CNOOC saw a net outflow of HKD 2.881 billion, while Pop Mart and Alibaba experienced net outflows of HKD 715 million and HKD 604 million, respectively. Tencent and Xiaomi Group had net inflows of HKD 1.063 billion and HKD 11.5 million, respectively. In the Hong Kong Stock Connect (Shanghai), Tencent was the stock with the highest net inflow, while TRACKER FUND had the highest net outflow. The total net outflow for the southbound trading was HKD 0, with a total transaction amount of HKD 128.141 billion, accounting for 43.97% of the total market transaction amount

TRACKER FUND

Net outflow of CNOOC in Hong Kong Stock Connect amounted to HKD 2.881 billion

07200

513130

03033

The total short selling amount in the Hong Kong stock market reached HKD 43.96 billion, accounting for 24.5% of the total shortable stock turnover of HKD 179.34 billion. The previous day's figure was 18.5%. The top five stocks by short selling amount include TRACKER FUND with a short selling ratio of 14.6% and a short selling amount of HKD 2 billion; BYD Company Limited with a short selling ratio of 61.3% and a short selling amount of HKD 1.93 billion; Xiaomi Group-W with a short selling ratio of 55.4% and a short selling amount of HKD 1.9 billion; TENCENT with a short selling ratio of 29% and a short selling amount of HKD 1.8 billion; and Alibaba-W with a short selling ratio of 28.4% and a short selling amount of HKD 1.45 billion

FL2 CSOP HSI

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

CSOP HS TECH

China Merchants CSI HK Technology ETF(QDII)

FI CSOP HSI

China Southern Hang Seng ETF

TRACKER FUND-R

FI2 CSOP HSI

Huatai-PB CSI HK Equities Technology ETF

GF CSI HK Innovative Drugs Industry ETF(QDII)

The total short selling in the Hong Kong stock market for the day was HKD 43.96 billion, accounting for 24.5% of the total turnover of shortable stocks

00241

09888

Hong Kong stocks performed strongly today, with the Hang Seng Index closing up 505 points at 25,294 points, and the China Enterprises Index and Hang Seng TECH Index rising by 130 points and 106 points, respectively. Technology stocks generally rose, with Tencent, Alibaba, and Baidu all performing well. AI stock KNOWLEDGE ATLAS saw its annual net loss widen, but CICC expects significant revenue growth, leading to a 31.9% increase in its stock price. The overall market turnover reached HKD 291.421 billion

ALI HEALTH

BIDU-SW

Hang Seng China Enterprises Index

DAMAI ENT

Hang Seng TECH Index

"Hong Kong Stocks" The Hang Seng Index closed up 505 points, with AI and pharmaceutical stocks dancing, while airline and metal stocks surged

03088

513180

On April 1st, Hong Kong stocks rose across the board, with the Hang Seng Index closing up 2.04% at 25,294.03 points, and the Tech Index rising 2.29%. The internet and retail sectors led the gains, with Tencent and Alibaba making significant contributions, while popular stock KNOWLEDGE ATLAS surged over 31%. The market was buoyed by positive macro data and AI innovation, with active trading, but high-level pressure still needs attention

- On April 1, Hong Kong's three major stock indices rose as risk appetite improved, with the Hang Seng Index closing at 25,294.03, up 2.04%.  
- The technology and internet sectors performed well, benefiting from AI advancements, while the oil and gas sector faced losses due to falling international oil prices.  
- Market focus remains on economic data and potential policy shifts, influencing stock performance and investor sentiment.

CAM HS TECH

ChinaAMC Hang Seng Technology ETF(QDII)

GX HS TECH

ISHARESHSTECH

HSTECH ETF

Tianhong Hang Seng TECH ETF(QDII)

Hang Seng TECH ETF I

ZIJIN MINING

ISHARESHSI

Hong Kong stocks close | Hang Seng Index rises 2.04%, KNOWLEDGE ATLAS surges 31.94% to lead

600660

03606

Morgan Stanley released a report on the Chinese market, selecting 26 Chinese stocks with strong competitive advantages as the "best business models," including Tencent, Alibaba, and FUYAO GLASS, with most investment ratings being "overweight."

FYG;FUYAO GLASS

FUYAO GLASS

Morgan Stanley selects a list of 26 Chinese "best business model" stocks (table)

01070

On April 1, the Hong Kong stock market saw a collective rise in major indices during intraday trading, with the Hang Seng Index up 2.39% and the Hang Seng Tech Index up 2.64%. The internet content and retail sectors performed strongly, with leading stocks such as Tencent Holdings and Alibaba-W significantly boosting market sentiment. The oil and gas sector, influenced by international oil prices, saw a contrarian pullback. Individual stocks like TCL ELECTRONICS and HANSOH PHARMA were active with robust trading volumes, while the market is closely watching macroeconomic data and changes in consumer confidence

- At midday on April 1, Hong Kong stocks rose, with the Hang Seng Index up 2.39% to 25,379.55 points, though it remains below recent highs.  
- The market observed significant movements in innovative sectors, with notable gains from companies such as Zhiyuan and TCL Electronics, while the energy sector faced pressure, highlighted by a drop in CNOOC shares.  
- Investor focus is shifting towards macroeconomic indicators like manufacturing PMI and unemployment rates amidst ongoing fluctuations in exports and trade.

TCL ELECTRONICS

VanEck Retail ETF

CI-LEAP@EC2612A

LEAPMOTOR

WUXI APPTEC

SUN HUNG KAI CO

HANSOH PHARMA

SPDR S&P Retail ETF

Hong Kong Stocks Intraday | Hang Seng Index Rises 2.39%, Internet Retail Strong

XIACY

The short selling amount in the Hong Kong stock market reached HKD 21.03 billion in the first half of the day, accounting for 17.1% of the total shortable stock turnover of HKD 122.85 billion. The previous day was 18.5%. The main shorted stocks include Xiaomi Corporation (short selling ratio 41.4%, amount HKD 1.11 billion), BYD COMPANY (short selling ratio 41.5%, amount HKD 1 billion), Tencent (short selling ratio 15.1%, amount HKD 730 million), CSOP HS TECH (short selling ratio 20.8%, amount HKD 690 million), and Alibaba (short selling ratio 18.5%, amount HKD 660 million)

The short selling in the Hong Kong stock market for half a day reached HKD 21.03 billion, accounting for 17.1% of the total turnover of shortable stocks

HKXCY

GELYY

The Hang Seng Index closed at 25,276 points, up 488 points or 2.0%. The Hang Seng TECH Index reported 4,723 points, up 73 points or 1.6%. The China Enterprises Index rose 129 points or 1.5%, closing at 8,503 points. Hong Kong Exchanges and Clearing increased by 3.3% to HKD 401.4, Alibaba rose by 2.9% to HKD 122.4, and Tencent increased by 2.6% to HKD 496.4. Several stocks, including China National Pharmaceutical Group and BeiGene, performed outstandingly, while Geely reached a new high, closing at HKD 21.7, up 3.7%

Hong Kong Exchanges and Clearing (HKEX)

Geely Auto

HKEX

ICBC

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

LEADS BIOLABS-B

WH GROUP

"Half-Day Express" Hang Seng Index rises 488 points; Hang Seng TECH Index rises 73 points, HKEX rises over 3%, Geely, WH GROUP, ICBC, Bank of China, LEADS BIOLABS-B hit new highs

The Hong Kong stock market opened higher in the morning, with the Hang Seng Index rising by 569 points or 2.3%, reporting at 25,357 points. Technology stocks such as Tencent, Alibaba, and Baidu all opened higher, with increases ranging from 3.6% to 4.1%. AI stock Zhipu opened up 15%, while Nio rose by 6.6%. The overall market was influenced by the intention of the United States and Iran to end hostilities, with the Dow Jones Industrial Average rising by 1,125 points or 2.5%

Hong Kong Stocks: The Hang Seng Index opened high at 569 points, Zhizhu rose by 15%, and Nio increased by over 6%

GOOG

GOOGL

80700

HTCD

Below is Dolphin Research's Trans of Zhipu's FY2025 earnings call. I. Core financial highlights.1) Rapid revenue growth: FY2025 revenue reached RMB 724 mn (+132% YoY). The cloud open platform and API businesses accounted for 26.3% of total revenue.2) API ARR inflection: As of Mar 2026, API ARR reached $250 mn, up 60x over the past 12 months. Pricing per API call rose 83% vs. Dec 2025, with demand increasing after the price hike...

Zhipu (Trans): Tech-Driven, Focus on Advancing the Model Frontier

Patty

Current rate of return reached top 90% of users
Calculated based on  your Longbridge (Singapore) A/C

Rate Of Return

China tech should be well supported by the government. It is in the country’s interest that the local tech sector be vibrant and strong enough to stand up to the behemoths from US.

Heroic Lifesaver

Total asset size ranks among the top 2% of account holders
Calculated based on  your Longbridge (Singapore) A/C

Total Assets

Current rate of return reached top 3% of users
Calculated based on  your Longbridge (Singapore) A/C

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Trade Showcase

$ISHARESHSTECH(03067.HK)I keep investing regularly (DCA) into this ETF because I believe:❤️China’s tech sector will grow over the long term.❤️Prices are still relatively cheap after the past downturn.❤️It is an easy way to invest in the whole tech sector and not just one company.The ETF includes major companies like Tencent, Alibaba, Meituan, Xiaomi, BYD, and NetEase.I see this as one of the cheapest ways to invest in an entire sector, while also lowering risk compared to buying just one stock.

NTES ADR US

TENCENT-R

Tencent HK SDR 10to1

智谱

Conference Minutes

Alphabet - C

Alphabet

Today’s Key News Recap

0331 | Dolphin Focus: 🐬 Macro/Industry 1) NBS reported Mar Mfg PMI at 50.4%, up 140bps MoM and back in expansion. The non-manufacturing business activity index was 50.1%, up 60bps MoM, marking a second straight month of recovery.Production and new orders both stayed in expansion, while SME sentiment improved notably. This points to a rapid post-CNY rebound in manufacturing.2) Trump told aides he would be willing to halt military ops against Iran even if the Strait of Hormuz is not fully reopened. He would prioritize the goal of 'degrading Iran's naval and missile capabilities'...

HS#TENCTRC2610F(58501.HK)

HS#TENCTRC2610F Stock Performance Chart

Alibaba and Tencent's AI Monetization Capabilities Are Underestimated by the Market

Goldman Sachs: Cloud and Data Centers are the Preferred Sub-industries in China's Internet Sector, Recommending Alibaba and Kingsoft Cloud, etc

Hong Kong Stocks Intraday | Three Major Indices Collectively Weaken, Hardware and Retail Slump, XIAOMI-W Drops 3.87%

The Hang Seng Index's initial decline has expanded to over 220 points, with Alibaba down 3%

The Nasdaq Golden Dragon China Index initially closed up 0.3%. Among popular Chinese concept stocks, Li Auto initially closed up 3.1%, NIO rose 2.7%, Tencent rose 0.8%, Alibaba fell 1.3%, and BYD fell 2.2%