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Hengrui Pharmaceuticals (1276): delivered a steady performance in the first quarter of 2026, achieving double-digit growth in both revenue and profit. Total operating revenue reached RMB 8.141 billion, a 12.98% increase compared to the same period last year. Net profit attributable to shareholders rose by 21.78% to RMB 2.282 billion, while net profit after deducting non-recurring gains and losses grew by 16.59% to RMB 2.172 billion. Notably, net cash flow from operating activities surged by 41.66% to RMB 786 million, primarily driven by an increase in cash received from the sale of goods and services. Looking ahead, the company aims to achieve over 30% growth in annual innovative drug revenue.

China's latest guidelines on energy conservation and carbon reduction mark a formal shift

China's latest guidelines on energy conservation and carbon reduction mark a formal shift in energy policy from "total energy consumption control" to the more complex realm of "dual carbon control." This is not merely an environmental directive, but a strategic layout for reshaping new productive forces. Market logic is undergoing a fundamental transformation: traditional fossil fuels will be relegated from being the primary power source to "supply guarantee and peak shaving"; incremental value is rapidly shifting towards the entire green supply chain of "generation, transmission, storage, and utilization." Especially against the backdrop of explosive growth in AI computing power demand, the synergy of "green electricity + computing power" will become a core competitive advantage. Investors should focus on leading companies in long-term energy storage, ultra-high voltage equipment, and those with green electricity premium capabilities. Industry profits are rapidly redistributing from high-carbon to low-carbon and smart sectors, and new power systems will usher in a long-term, certain growth premium.

Hong Kong Stock Connect saw a net inflow of HK$4.89 billion on Wednesday, with CNOOC (00883) experiencing the largest inflow at HK$475 million, followed by Geely Automobile (00175) with a net inflow of HK$332 million. Alibaba-W (09988) recorded the largest net outflow at HK$1.062 billion, followed by Tencent Holdings (00700) with a net outflow of HK$1.028 billion.