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ZTO Express(2057): delivered solid performance in the first quarter of 2026. During the period, the company achieved total revenue of RMB 13.282 billion, a year-on-year increase of 22.0%. In terms of profitability, adjusted net profit reached RMB 2.377 billion, a year-on-year increase of 5.2%. Business scale continued to expand, with parcel volume reaching 9.668 billion pieces in the first quarter, a year-on-year increase of 13.2%. Looking ahead, the company maintains its guidance for full-year 2026 parcel volume growth of 10% to 13% year-on-year, with a total volume expected to reach 42.37 billion to 43.52 billion pieces. In summary, the company has maintained stable business growth while optimizing its cost structure, demonstrating strong long-term investment potential.

Structural divergence between strong manufacturing and flat services in US

S&P Global's May manufacturing PMI surged to 55.3, far exceeding market expectations of 53.8 and surpassing the previous reading of 54.5, marking a 48-month (4-year) high. This reflects the continued strong production and demand momentum at US factories. On the other hand, the services PMI dipped slightly to 50.9, slightly below market expectations of 51.1 (previous reading 51.0), indicating a slight slowdown in consumer spending on services, showing a structural divergence between strong manufacturing and flat services. The report points out that due to strong concerns about future supply chains and prices, companies are frantically building safety stocks, leading to an 11-month high in inventory.

Hong Kong Stock Connect saw a net outflow of HK$6.105 billion on Thursday, with Matrix Partners China (02477) experiencing the largest inflow at HK$1.241 billion, followed by SMIC (00981) with a net inflow of HK$806 million. The Tracker Fund of Hong Kong (02800) recorded the largest net outflow at HK$2.475 billion, followed by Alibaba-W (09988) with a net outflow of HK$1.527 billion.