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China Telecom (728): In the first quarter of 2026, China Telecom achieved operating revenue of RMB 132 billion, of which service revenue was RMB 122.7 billion. Notably, despite continued user expansion, with mobile users reaching 441 million, operating revenue did not increase accordingly due to factors such as increased VAT (Value Added Tax), instead declining by 2.6% year-on-year. Profit attributable to shareholders was RMB 7.4 billion, a decrease of 17.1% year-on-year. Looking ahead, the company will fully implement its "Cloud Transformation, Digital Transformation, and Intelligentization" strategy, aiming to transform into a leading AI service provider, with token services as its core business.
The US S&P Global Composite PMI preliminary reading for April rose to 52.0
The US S&P Global Composite PMI preliminary reading for April rose to 52.0, indicating resilience in the economy after the geopolitical shock in March. The manufacturing PMI climbed to 54.0, a near four-year high, with significant growth in output and new orders, though this was partly driven by panic buying due to concerns about supply chain disruptions caused by Middle East conflict. While the services sector returned to expansion (51.3), overall demand remained weak.
Hong Kong Stock Connect saw a net inflow of HK$8.598 billion on Thursday, with the Tracker Fund of Hong Kong (02800) seeing the largest inflow at HK$3.66 billion, followed by Southern Hang Seng Technology (03033). Geely Automobile (00175) recorded the largest net outflow at HK$651 million, followed by Alibaba-W (09988).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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