Market Overview - The Hang Seng Index rose 1.74% and the Hang Seng Tech Index increased by 3.08% on the first trading day of May [1] - Despite a seemingly positive outlook for US stocks, there was a significant outflow of $8.9 billion from the US stock market, marking the largest outflow since December 2023 [1] - The US Chamber of Commerce urged the Trump administration to implement a tariff exemption mechanism to prevent economic recession and harm to small businesses [1] Trade Relations - The Chinese Ministry of Commerce noted a shift in the US stance regarding tariff negotiations, indicating a willingness to engage in talks [2] - The FTSE China A50 index futures reacted positively, rising over 0.9%, and the offshore RMB appreciated significantly against the USD [2] - New tariff adjustments confirmed that auto parts from Canada and Mexico will be exempt from a 25% tariff starting May 3 [2] Automotive Sector - Xpeng Motors reported a record delivery of over 30,000 vehicles for six consecutive months, with specific models achieving significant sales milestones [3] - Leap Motor's delivery volume for April reached 41,039 units, a 173% year-on-year increase, leading to a stock price increase of over 7% [3] - Xiaomi's automotive division also saw a rise in deliveries, contributing to a stock increase of over 6% [3] Technology Sector - Major US tech companies like Meta, Microsoft, and Apple reported strong earnings, unaffected by tariff issues, and reaffirmed aggressive AI investment plans [4] - The upcoming US non-farm payroll report is anticipated to influence market expectations regarding Federal Reserve interest rate decisions [4] - President Trump's recent sanctions on countries purchasing oil from Iran are viewed as a bargaining chip rather than a definitive policy change [4] Berkshire Hathaway - Berkshire Hathaway's annual shareholder meeting is set to take place, where Warren Buffett will discuss market perspectives and investment strategies, including significant cash reserves [5] Nuclear Energy Development - There is a global surge in the development of small modular reactors (SMRs) driven by climate change initiatives and demand for clean energy [6] - China's advancements in SMR technology are notable, with significant projects like the BEST project aimed at demonstrating fusion energy generation [6] Company Performance - China State Construction International reported a 5.5% year-on-year revenue increase in Q1 2025, with a notable rise in technology-related income [7] - The company’s new contract value decreased by 29.1% year-on-year, but adjusted figures show a strong performance when excluding high baseline effects from previous major projects [8] - The technology segment's revenue contribution increased to 20%, indicating a positive trend in the company's business model and market positioning [8]

Group 1 - China FAW's April sales exceeded 238,700 units, a year-on-year increase of 3.5%, with self-owned brand passenger cars reaching 42,300 units, up 15.7%, and new energy vehicle sales hitting 19,200 units, a remarkable growth of 207% [1] - The 2026 Honda CR-V SUV features a larger 9-inch touchscreen, wireless Apple CarPlay and Android Auto, and a new hybrid model, the CR-V TrailSport Hybrid, which combines TrailSport design with hybrid technology, producing 204 horsepower and 247 lb-ft of torque [1] - Genesis showcased the G70 Track Day Special Concept car, inspired by the Nürburgring racetrack, featuring a low and aggressive stance, enhanced aerodynamic design, and practical performance elements [1] - The 2026 Leap C10 model is set to launch this month with a starting pre-sale price of 129,800 yuan, offering both pure electric and range-extended versions, improved performance, and a maximum power output of 220 kW, achieving 0-100 km/h in just 5.9 seconds [1]

Market Overview - The Hong Kong stock market experienced a collective rise during the holiday, with the Hang Seng Index increasing by 1.74%, the Hang Seng China Enterprises Index rising by 1.92%, and the Hang Seng Tech Index climbing by 3.08% [1][2]. Technology Sector - Tech stocks saw significant gains, with Xiaomi Group rising over 6%, Alibaba and JD.com increasing by over 3%, and Tencent up by over 2% [2]. - Notable individual performances included Tencent Holdings at 487.80 HKD (+2.22%), Alibaba at 122.00 HKD (+3.83%), and Xiaomi at 53.10 HKD (+6.31%) [3]. Robotics and AI - Robotics stocks surged, with Horizon Robotics increasing by over 14%, and other companies like Shengye and Jinli Permanent Magnet rising by over 11% and 5%, respectively [4][5]. Healthcare and Biotech - The healthcare outsourcing sector was active, with Kanglong Chemical and WuXi AppTec both rising over 7%, and WuXi Biologics increasing by over 5% [6]. New Energy Vehicles - New energy vehicle companies saw substantial increases, with Leap Motor rising over 7%, Xiaopeng Motors and Xiaomi both up over 6%, and Li Auto and BYD increasing by over 3% [7]. Consumer Goods - Beer stocks performed well, with Hong Kong San Miguel rising over 4%, and Qingdao Beer and Budweiser APAC both increasing by over 2% [8]. - Home appliance stocks also strengthened, with Quan Feng Holdings rising over 7%, and Hisense and Techtronic Industries increasing by over 4% [9]. Gambling Sector - The gambling sector saw broad gains, with Galaxy Entertainment and MGM China both rising over 2% [10]. Restaurant Sector - The restaurant sector faced declines, with Yum China dropping over 7% and other companies like Chaogao and Cafe de Coral decreasing by over 1% [11]. Local Consumption - Local consumption stocks weakened, with Chao Yue Holdings falling over 6% and Chow Tai Fook down over 1% [13]. Stock Performance - Hong Kong Exchanges saw a peak increase of 3.46% during trading, reaching 352.6 HKD, marking a new high since early April [13]. - Standard Chartered Group's stock initially rose over 4% post-earnings but closed up only 0.71% at 113.6 HKD, with a total market value of 269.225 billion HKD [15]. Future Outlook - Huatai Securities noted that the market has largely priced in the impact of tariffs on earnings expectations, with a 1.5% downward adjustment in profit expectations for core offshore Chinese stocks [17].

Market Overview - Hong Kong stocks experienced a strong start in May, with all three major indices rising collectively. The Hang Seng Index increased by 1.74% to close at 22,504.68 points, with a total trading volume of HKD 133.73 billion. The Hang Seng China Enterprises Index rose by 1.92%, and the Hang Seng Tech Index surged by 3.08% [1] - For the week, the Hang Seng Index gained 2.38%, the China Enterprises Index rose by 1.86%, and the Tech Index increased by 5.24% [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) continued its upward trend, closing up 6.31% at HKD 53.1, contributing 91.5 points to the Hang Seng Index. The company is expected to report strong revenue growth and significant margin expansion in Q1, with adjusted net profit projected to increase by 43% year-on-year to RMB 9.3 billion [2] - Other blue-chip stocks included WuXi AppTec (02359) up 7.07%, WuXi Biologics (02269) up 5.7%, while China National Pharmaceutical Group (01099) and Bank of China Hong Kong (02388) saw declines [2] Sector Performance - Major technology stocks saw significant gains, with Xiaomi up over 6%, Alibaba rising nearly 4%, and Tencent increasing over 2%. The automotive sector also performed well, with several companies reporting high year-on-year sales growth in April [3][4] - The AI sector remained active, with companies like GDS Holdings (09698) and Kingsoft (03888) seeing substantial increases in their stock prices [4][5] - Consumer electronics stocks generally rose, with companies like Hong Teng Precision (06088) and KANAT (02276) experiencing notable gains [6] Automotive Sector Highlights - Several automotive companies reported impressive April delivery figures, with Li Auto delivering 33,939 vehicles (up 31.6% year-on-year), Xiaopeng Motors delivering 35,045 vehicles (up 273%), and NIO delivering 23,900 vehicles (up 53%) [4] - The overall retail sales of new energy vehicles in China reached 728,000 units in April, marking a 24% increase year-on-year [4] AI Industry Developments - The domestic AI large model sector is witnessing rapid advancements, with several companies releasing new models. For instance, Xiaomi launched its inference-focused open-source model, Xiaomi MiMo, while Alibaba introduced its Qwen3 model [5] - Analysts predict that the AI industry in China is poised for significant growth, with expectations for a "golden development period" by 2025 [5] Gold Sector Performance - The gold sector faced pressure, with several gold stocks declining as international gold prices fluctuated. The price of gold fell below USD 3,230 per ounce, influenced by reduced market risk appetite and profit-taking by investors [7] - Analysts suggest that the market's focus may shift from "credit logic" to "interest rate logic," indicating potential for gold prices to stabilize in the short term [7]

Market Performance - The overall performance of the Asia-Pacific market is strong, with the Hong Kong Hang Seng Index opening up by 0.33% and the Hang Seng Tech Index rising by 0.48%. By midday, the Hang Seng Index increased to a gain of 1.69%, while the Hang Seng Tech Index saw a rise of over 3% [1]. Automotive Sector - The automotive stocks in Hong Kong are mostly performing well. By midday, Xiaopeng Motors (09868.HK) surged by 7.96%, Li Auto (02015.HK) increased by 4.46%, Leap Motor (09863.HK) rose by 6.02%, and Geely Automobile (00175.HK) gained 1.96%. Notably, Xiaopeng Motors reported a total of 35,045 new vehicle deliveries in April, marking a year-on-year growth of 273% [2]. Currency Exchange - The offshore RMB against the US dollar reached a peak of 7.2525, the highest level since April 4. As of 12:04, it was reported at 7.2608 [3][4]. Japanese Market - The Japanese stock market opened higher, with the Nikkei 225 index showing an intraday increase of over 1.5%. By 12:07, the index had a gain of 0.89% [6][7]. South Korean Market - The South Korean stock market initially tested lower but then rebounded, with the KOSPI index turning positive [8].

Group 1 - Leap Motor (09863.HK) saw its intraday gain expand to over 6% [1]

Core Insights - In April, BYD reported sales of 380,089 units, marking a year-on-year increase of 21.34% and a month-on-month increase of 0.71% [1] - The competition among new energy vehicle manufacturers has intensified, resembling a "Three Kingdoms" scenario, with key players being Leap Motor, Xpeng Motors, and Li Auto [1][9] - Leap Motor achieved a monthly delivery of 41,039 units, becoming the first new energy vehicle manufacturer to surpass the 40,000 mark in monthly deliveries [3][5] Sales Performance - BYD: 380,089 units, YoY +21.34%, MoM +0.71% [2] - Geely New Energy: 125,563 units, YoY +144%, MoM +5% [2] - Leap Motor: 41,039 units, YoY +173.50%, MoM +10.63% [2] - Xpeng Motors: 35,045 units, YoY +273.10%, MoM +5.54% [2] - Li Auto: 33,939 units, YoY +31.61%, MoM -7.46% [2] - Aion: 28,301 units, YoY +0.67%, MoM -16.96% [2] - Xiaomi: over 28,000 units, previously over 29,000 in March [2][9] - NIO: 23,900 units, YoY +53.01%, MoM +58.92% [2][15] - Avita: 11,681 units, YoY +122.62%, MoM +11.51% [2] - Lantu: 10,019 units, YoY +150.29%, MoM +0.07% [2] Competitive Landscape - The competition among new energy vehicle manufacturers is not yet stable, with opportunities for each participant to capture more market share [14] - Leap Motor and Xpeng Motors have shown significant year-on-year growth rates, with Leap Motor at 173.50% and Xpeng Motors at 273.10% [5][7] - Li Auto's performance has been inconsistent, with a decline in month-on-month growth rates observed in recent months [9][12] Strategic Developments - NIO plans to launch nine new models across its three brands in 2025, aiming to cover various market segments [18] - Leap Motor's CEO expressed confidence in maintaining a leading position in the market [5] - Li Auto is focusing on user-centric strategies to navigate the competitive landscape [12]

Group 1 - The automotive stocks have collectively risen, with notable increases in companies such as Xpeng Motors, Li Auto, and Leap Motor, reflecting positive market sentiment [1] - In April, several automakers reported significant year-on-year growth in vehicle deliveries, with Leap Motor leading the new forces with a 173% increase, followed by Xpeng Motors at 273% and NIO at 53% [1] - The overall retail sales of new energy vehicles in China for April reached 728,000 units, marking a 24% increase year-on-year, while the cumulative retail sales for the year reached 3.148 million units, up 33% [1] Group 2 - Recent analysis indicates that the impact of increased tariffs by the U.S. on Chinese automotive exports will be minimal, as exports to the U.S. are projected to be only 116,000 units in 2024, accounting for less than 2% of total exports [2] - The 2025 Shanghai Auto Show, along with local consumption promotion policies and increased travel demand during the May Day holiday, is expected to boost automotive consumption [2]

A股上市的乘用车整车企业一季度经营情况浮出水面，业绩分化显著。 比亚迪以营收、净利润双增长的绝对优势领跑，上汽集团、广汽集团、长安汽车、长城汽车等车企受新 能源转型慢或合资品牌销量下滑等影响，业绩面临一定压力，广汽集团甚至出现亏损。 虽然新势力车企暂未公布一季度业绩，但是头部新势力车企借助核心卖点相继"突围"。"两三年内不赚 钱的新能源车企必被淘汰。"有受访人士直言。 小鹏汽车董事长何小鹏之前在接受中国证券报记者专访时表示："最终能够在竞争中留下来的车企，必 须具备多项能力，没有明显短板。其中，有两项核心能力尤为关键，一是AI技术的深度应用，二是强 大的规模化销售能力。" 近年来，在新能源高端品牌问界销量拉动下，赛力斯业绩出现好转，2024年净利润扭亏为盈。但 今年 一季度，赛力斯新能源汽车销量54552辆，同比下滑42.47%， 其中赛力斯汽车销量45135，同比下滑 46.31%。赛力斯汽车旗下的核心品牌为问界。 赛力斯一季度实现营收191.47亿元，同比下滑27.91%；实现归母净利润7.48亿元，同比增长240.6%。公 司表示，业绩下滑主要由于新产品上市过渡期销售回款减少、支付供应商货款增加。 广汽 ...

Group 1 - The core point of the article is that Leap Motor (09863.HK) has achieved a 3.23% increase in stock price and has delivered over 40,000 vehicles in April, marking the second consecutive month of sales leadership [1] Group 2 - Leap Motor has secured the sales champion title for two months in a row, indicating strong market performance [1] - The delivery figure of over 40,000 units in April reflects significant growth and demand for the company's vehicles [1]