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Dongfang Electric (1072): demonstrated a steady growth trend in the first quarter of 2026. Total operating revenue for the period was approximately RMB 17.47 billion, representing a year-on-year increase of 5.57%; net profit attributable to shareholders of the listed company reached RMB 1.585 billion, a significant year-on-year increase of 37.41%. The performance growth was mainly due to increased operating revenue and a 0.45 percentage point increase in gross profit margin, leading to an increase in gross profit of approximately RMB 243 million. Furthermore, basic earnings per share also increased by 24.32% year-on-year to RMB 0.46, demonstrating strong overall financial performance. In summary, Dongfang Electric's business structure continued to optimize, supported by strong new orders.

Manufacturing Sector Holds Above Expansion Threshold, Non-Manufacturing Momentum Declines

The official manufacturing PMI for April was 50.3, with the production index rising to 51.5, indicating robust industrial production. New export orders climbed to 50.3, reflecting stronger external demand than domestic demand. However, backlog orders fell to 46.2 and new orders dropped to 50.6, indicating a weakening of domestic demand recovery momentum. The non-manufacturing PMI fell to 49.4, with both the service sector (49.6) and construction sector (48.0) falling below the expansion threshold. Although purchase prices (63.7) and ex-factory prices (55.1) remained near four-year highs, supporting PPI growth, the composite PMI fell to 50.1, reflecting a marginal slowdown in economic recovery momentum.

Hong Kong Stock Connect saw a net inflow of HK$12.192 billion on Thursday, with SMIC (00981) receiving the largest inflow at HK$1.49 billion, followed by PetroChina (00857). Tencent Holdings (00700) recorded the largest net outflow at HK$1.07 billion, followed by Alibaba-W (09988).