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SJM Holdings (880): In the first quarter of 2026, the Group recorded net gaming revenue of HK$5.364 billion, a decrease of 22.8% compared to the same period in 2025. Total net revenue also decreased by 21.1% from HK$7.48 billion to HK$5.903 billion. Although the adjusted EBITDA margin improved from 12.8% to 15.5%, adjusted EBITDA still slightly declined by 4.3% to HK$917 million. The most significant change was in profit performance, which turned from a profit of HK$31 million in the same period last year to a loss attributable to owners of HK$62 million. In summary, the Group's financial structure remains heavily burdened. As of the end of March 2026, the Group's debt reached HK$30.209 billion, far exceeding its cash and bank balances of HK$3.414 billion. Although HK$3.4 billion of revolving credit remains available and quarterly capital expenditure remains at HK$264 million, the Group faces considerable uncertainty in the short term regarding the repair of its balance sheet and the improvement of its core profitability, given the significant reduction in the number of satellite casinos and the shift from profit to loss in operations.

US court ruling invalidating global tariffs

A US court ruling invalidating global tariffs significantly eased market anxiety about trade frictions, providing psychological support for the stock market; however, the volatile situation in the Middle East led to a V-shaped reversal in oil prices, and the risk of energy inflation remains a looming threat.

On the macro level, the surge in the RMB exchange rate and China's continued increase in gold holdings reflect funds moving towards high-quality safe-haven assets amidst volatility. The technology sector has entered a "valuation reshaping period." The rise of Anthropic signifies the second half of the AI competition, but weak guidance from companies like CoreWeave also warns the market that differences in AI monetization capabilities will lead to significant divergence in individual stock performance. Overall, the market remains volatile at high levels. In terms of trading strategy, it is recommended to pay attention to substantial progress in easing geopolitical tensions and guard against pullback pressure in overheated sectors.

Hong Kong Stock Connect saw a net outflow of HK$4.797 billion on Thursday, with SMIC (00981) experiencing the largest inflow at HK$809 million, followed by Cambridge Technology (06166). Tencent Holdings (00700) recorded the largest net outflow at HK$2.74 billion, followed by Meituan-W (03690).