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Topsports (6110): Topsports' revenue decreased by 4.7% year-on-year to RMB 25,739.9 million. Affected by a heavy promotional atmosphere online, the gross profit margin dropped to 38.0%. However, thanks to disciplined expense control, the profit attributable to equity holders of the company only edged down by 1.5% to RMB 1,266.8 million, with the corresponding net profit margin ticking up slightly to 4.9%. Looking ahead, amidst a challenging macro environment of cautious consumer spending, the company will prioritize operational efficiency to anchor its core business.

PCE show sticky nature of inflation

US PCE rose 3.8% year-on-year in April, a three-year high, while core PCE also accelerated to 3.3%. Although the data met expectations, it confirmed the extremely sticky nature of inflation. As the Fed's preferred inflation indicator, the rebound in core PCE has completely shattered any hopes of interest rate cuts this year, and even triggered market concerns about a resumption of rate hikes in the second half of the year. Influenced by expectations of "high interest rates lasting longer," US Treasury yields fluctuated at high levels.

Hong Kong Stock Connect saw a net inflow of HK$7.609 billion on Thursday, with SMIC (00981) seeing the largest inflow at HK$4.174 billion, followed by Pop Mart (09992). Alibaba-W (09988) recorded the largest net outflow at HK$1.303 billion, followed by Xiaomi Group-W (01810).