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HSBC (0005): delivered a solid performance in the first quarter of 2026, with reported pre-tax profit of US$9.4 billion. While this represents a slight year-on-year decrease of 1% due to losses from the sale of businesses and increased provisions, excluding one-off items, pre-tax profit at constant exchange rates reached US$10.1 billion, meeting market expectations. Benefiting from strong wealth management business and improved net interest income, the Group's quarterly revenue increased by 6% year-on-year to US$18.6 billion. The average return on tangible equity (RoTE) was impressive, reaching 18.7% excluding one-off items, far exceeding the medium-term target. Looking ahead, the Group has raised its 2026 net interest income guidance for banking operations to approximately US$46 billion, reflecting an improved interest rate outlook; while slightly adjusting its full-year loan loss ratio forecast to approximately 45 basis points to address macroeconomic uncertainties. The Group reiterated its long-term target of maintaining a RoTE of 17% or higher from 2026 to 2028 and continues to drive organizational simplification and AI technology investments.

Doubao's "Paid Subscription" Ushers in the Second Half of Large-Scale Model Commercialization

Doubao's official launch of its paid subscription model marks a turning point in China's large-scale model industry, shifting from "explosive growth" to "value realization." This move by Doubao not only alleviates the heavy pressure of computing power costs but also establishes an industry pricing benchmark, signaling the end of the era of burning money for "free traffic." Key implications for the industry include: First, the focus of competition will shift from "model parameters" to "commercial ROI," with only products that truly solve productivity pain points having bargaining power; second, the market will undergo accelerated reshuffling, further squeezing the space for second-tier manufacturers lacking ecosystem support and profitability.

In summary, resources will concentrate on leading companies with sustainable revenue-generating capabilities, and a healthy transformation of business models is essential for the long-term development of the industry.