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Zhihu (2390): The company's total revenue for the first quarter of 2026 was RMB 651.6 million, a slight decrease year-on-year, with gross profit margin also slightly declining to 59.6%. However, net loss narrowed by 15.6% year-on-year to RMB 8.5 million, while adjusted net profit under non-GAAP increased by 147.2% to RMB 17.2 million, demonstrating a certain degree of financial resilience. Looking ahead, the company will continue to promote high-quality growth and steadily explore AI-related commercialization opportunities to unleash the unique value of the community in the AI era.

The S&P 500 and Nasdaq ended their nine-day winning streak

Escalating tensions in the Middle East pushed oil prices higher, renewed concerns about US inflation, and strong macroeconomic data reinforced expectations of a Federal Reserve rate hike, putting pressure on US stocks and bonds. The S&P 500 and Nasdaq ended their nine-day winning streak. The S&P 500 fell 0.74%, the Dow Jones Industrial Average plunged 620 points, and the Nasdaq fell 0.89%. Meanwhile, the Federal Reserve's Beige Book on Wednesday showed that economic activity in 10 of the 12 Fed districts showed "slight to moderate" growth. Energy costs were the primary source of inflationary pressure, and their impact has spilled over to shipping, packaging, groceries, and fertilizers, while consumer confidence weakened. Most Fed districts continued their pattern of "low hiring and low layoffs," with manufacturing hiring showing relatively strong activity.

Hong Kong Stock Connect saw a net inflow of HK$18.682 billion on Wednesday, with the Tracker Fund of Hong Kong (02800) seeing the largest inflow at HK$7.534 billion, followed by the Hang Seng China Enterprises Fund (02828). Lenovo Group (00992) recorded the largest net outflow at HK$874 million, followed by Yangtze Optical Fibre and Cable (06869).