Daily focus ： Real-Time Quote

Hesai Technology(2525): achieved a significant financial milestone in 2025, with full-year net revenue reaching RMB 3.028 billion, a year-on-year increase of 45.8%. The company successfully returned to profitability, recording a GAAP net profit of RMB 436 million, becoming the world's first LiDAR company to achieve full-year profitability. Although the gross profit margin slightly decreased to 41.8% due to product mix adjustments, the company's operating leverage improved significantly thanks to strong revenue volume and strict cost control, and it recorded positive operating cash flow for the third consecutive year. In terms of business performance, total LiDAR shipments exceeded 1.62 million units in 2025, a surge of 222.9% year-on-year. Among them, ADAS shipments exceeded 1.38 million units, covering all of the top ten OEMs in China, and ranking first in the automotive main LiDAR market with a market share of over 40%.

Powell's Dovish Stance

The S&P 500 fell 0.39% to 6343.72 points, opening higher but closing lower overall. The Dow Jones Industrial Average rose 0.11% to 45216.14 points. The Nasdaq Composite fell 0.73% to 20794.641 points. Powell's dovish stance has led the market to renewed bets on a possible rate cut this year. He indicated that the Fed's interest rates are in a "favorable position," and the impact of Iranian-related oil price shocks can be ignored, but attention should be paid to changes in inflation expectations. Powell stated that it is not yet time to determine the economic impact of the Iranian conflict; energy price shocks are often short-lived, and monetary policy transmission is too slow to immediately offset supply-side price pressures. The usual practice is to ignore such shocks, but the key premise is to closely monitor inflation expectations; long-term inflation expectations remain stable.

Hong Kong Stock Connect saw a net outflow of HK$2.467 billion on Monday, with Tencent Holdings (00700) experiencing the largest inflow at HK$608 million, followed by Xunze (03317). The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$3.85 billion, followed by Southern Hang Seng Technology (03033).