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Hesai (2525): Net revenue for the first quarter of 2026 reached RMB 680.6 million, up 29.6% year-over-year. The company successfully turned a profit during the period, recording a net income of RMB 18.3 million; non-GAAP net income was RMB 47.7 million, soaring by 452.9% year-over-year. Due to an increased proportion of lower-margin products, the gross margin dropped to 39.1%. Looking ahead, the company has added a "Strategic Growth Initiatives" (SGI) segment. The new business is expected to generate revenue starting in the second quarter, with an estimated full-year contribution of approximately RMB 100 million in net revenue. Net revenue for the second quarter is projected to be between RMB 850 million and RMB 900 million, representing a year-over-year growth of 20% to 27%. Driven by this dual-business engine, the overall financial performance for the year is expected to strengthen quarter by quarter.

Electricity consumption in the high-tech equipment manufacturing industry saw a YoY increase of 10.1%

The National Energy Administration announced that total electricity consumption in April reached 820.5 billion kilowatt-hours, a year-on-year increase of 6.0%. Among this, electricity consumption in the high-tech equipment manufacturing industry saw a significant year-on-year increase of 10.1%, almost double the overall industrial electricity consumption growth rate (5.5%). This confirms that high-value-added industries such as semiconductors, high-end equipment, and new energy vehicles are experiencing capacity expansion and high operating rates, significantly improving the quality of the industrial structure. Data from the Administration for Market Regulation shows that the number of individual businesses in the "four new economies" nationwide has exceeded 40 million.

On Tuesday, Hong Kong Stock Connect saw a net inflow of HK$1.266 billion. Alibaba-W (09988) saw the largest inflow at HK$1.19 billion, followed by China National Offshore Oil Corporation (00883). Yangtze Optical Fibre and Cable (06869) recorded the largest net outflow at HK$459 million, followed by Hua Hong Semiconductor (01347).