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Tencent (700): as China's largest online social media giant, boasts core businesses spanning games, social networks, fintech, cloud computing, and digital content, establishing a vast user network that provides a solid foundation for the company's overall performance and revenue. Looking ahead, short-selling activity in Tencent is gradually weakening, and its current valuation has fallen to a near five-year low, with limited downside potential. As the positive news of the official public release of AI Agent at the end of the year gradually unfolds, this will become a key catalyst for reshaping the company's valuation.

China's exports surged 19.4% YoY in May

China's exports surged 19.4% year-on-year in May, with a cumulative increase of 15.5% in the first five months, primarily driven by a recovery in global trade and easing tensions between China and the US. Exports to the US jumped 35.4%, boosted by the summit meeting. In terms of commodities, rare earths (+237.4%) and the electronics supply chain, including ICs, performed strongly, while automobiles remained at a high level. However, trade frictions between China and the EU dragged down exports to Europe to 7.6%, and labor-intensive products such as clothing continued to be sluggish. Strong exports provided robust support for aggregate demand, and with the prospect of substantial tariff reductions between China and the US, exports are expected to remain strong in the second half of the year.

On Tuesday, Hong Kong Stock Connect saw a net outflow of HK$8.614 billion. Among the top performers, Kingboard Holdings (00148) saw the largest inflow at HK$1.83 billion, followed by Kingboard Laminates (01888) with a net inflow of HK$1.23 billion. The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$11.42 billion, followed by Southern Hang Seng Technology (03033) with a net outflow of HK$2.6 billion.