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Baidu (9888): The company's total revenue for the first quarter of 2026 was RMB 32.1 billion, a 2% decrease quarter-over-quarter; general revenue increased by 2% to RMB 26 billion. Operating profit was RMB 3.2 billion, net profit attributable to shareholders was RMB 3.4 billion, and non-GAAP net profit was RMB 4.3 billion. Looking ahead, management expects AI to create more value in subsequent quarters and accelerate the international expansion of its autonomous driving business. In summary, although traditional businesses declined and some of its businesses saw an 8% quarter-over-quarter decrease in revenue, the company is successfully driving a structural transformation of its core drivers thanks to the strong momentum of its full-stack AI and intelligent cloud solutions.

Japan and China reduce their holdings of US Treasury bonds

Trump announced that, at the request of three Middle Eastern (Gulf) countries, the planned military strike against Iran, originally scheduled for Tuesday, would be postponed, allowing a two- to three-day window for negotiations. However, he emphasized that no concessions would be made to Iran, and the US military was prepared to launch a full-scale strike if a satisfactory agreement was not reached. Meanwhile, US Treasury data showed that in the wave of US Treasury bond sell-offs triggered by the Iran conflict, overseas investors' holdings of long-term US Treasury bonds suffered a paper loss of $142.1 billion in March. Japanese holdings decreased by $47.7 billion (falling from a four-year high), while Chinese holdings decreased by $41 billion to a new low since 2008.

Hong Kong Stock Connect saw a net outflow of HK$7.876 billion on Monday. China Life Insurance (02628) saw the largest inflow at HK$1.34 billion, followed by Li Auto-W (02015). The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$5.3 billion, followed by Alibaba-W (09988).