Daily focus ： Real-Time Quote

KuaiShou (1024): In the first quarter of 2026, the company experienced a situation of "growing revenue without growing profit". Total revenue slightly increased by 3.4% year-over-year to RMB 33,716 million, while profit plummeted by 27.0% to RMB 2,905 million. This profit shrinkage was primarily due to an 11.1% rise in cost of sales, driven by higher bandwidth, server hosting, and depreciation costs. Additionally, increased investments in AI and employee benefits lifted R&D expenses by 9.8%, which, along with higher promotional expenses, squeezed overall profitability.

AI and chip stocks have paused their upward momentum after several days of gains

AI and chip stocks have paused their upward momentum after several days of gains, with sector rotation emerging. NVIDIA retreated 1%, and the Philadelphia Semiconductor Index collectively fell 1.4%. Market focus is now on the Personal Consumption Expenditures (PCE) price index, to be released tonight, for key clues on whether the Federal Reserve will raise interest rates by 25 basis points before the end of the year to prevent energy inflation.

Hong Kong Stock Connect saw a net outflow of HK$7.717 billion on Wednesday, with SMIC (00981) experiencing the largest inflow at HK$1.982 billion, followed by Xiaomi Group-W (01810). Alibaba-W (09988) recorded the largest net outflow at HK$1.858 billion, followed by the Tracker Fund of Hong Kong (02800).