Spot USD/CNY shed 100 bps to close at 6.8977 today (25th). As of 4:54 pm, USD/CNY in the night session dropped 66 bps. USD/CNH lost 97 bps to 6.9009, 32 bps below USD/CNY.
~


AASTOCKS Financial News
Website: www.aastocks.com

ALI HEALTH (00241.HK) and Novartis announced a digital chronic disease partnership in the field of Chronic Spontaneous Urticaria (CSU).

Both parties will focus on Novartis's global first oral targeted urticaria drug, and leverage Alibaba Health's digital platform capabilities to provide integrated services ranging from disease education and medication guidance to full-cycle health management.
~



AASTOCKS Financial News
Website: www.aastocks.com

The HSI climbed 272 points or 1.1% to close at 25,335. The HSCEI added 83 points or 1% to close at 8,582. The HSTECH ascended 92 points or 1.9% to 4,922. Total market turnover for the day amounted to $350.933 billion.

POP MART (09992.HK) announced at midday that its annual net profit surged 3.09x, but revenue from sales of THE MONSTERS and other IPs missed HSBC Global Research’s earlier expectations. The stock sank 22.5% to close at $168.3, with turnover spiking to $24.46 billion.

MEITUAN-W (03690.HK) soared 13.9% to $90, while BABA-W (09988.HK) and JD-SW (09618.HK) leaped 4.6% and 4.9%. XIAOMI-W (01810.HK) reported a 24% YoY decline in adjusted net profit for 4Q25, in line with forecast, denting its share price by 0.5%. Citi Research and UBS lowered their target prices for the company.

SENSETIME-W (00020.HK) narrowed its full-year loss to RMB1.766 billion, with 2H25 EBITDA turning positive for the first time, yet its stock price faded 1.6%. PA GOODDOCTOR (01833.HK) reported a 1.61x YoY increase in full-year adjusted net profit, and its share price rallied 10.9%.

In addition, TENCENT (00700.HK) shed 1.7%, while BIDU-SW (09888.HK) and NTES-S (09999.HK) ebbed 0.5%. KUAISHOU-W (01024.HK) ticked up 0.5%.
~



AAStocks Financial News
Website: www.aastocks.com

The current energy supply in Hong Kong remains stable, and the government will remain vigilant, closely monitoring geopolitical changes, international energy price trends, and local fuel supply conditions to ensure the stability of Hong Kong's energy supply, said Tse Chin-wan, Secretary for Environment and Ecology.

Tse added that around 80% of Hong Kong's petroleum products come from Mainland China, and the authorities will maintain communication with relevant Chinese units to support a stable supply of major raw materials to Hong Kong.
~



AAStocks Financial News
Web Site: www.aastocks.com

POP MART (09992.HK) announced its 2025 results today. During the earnings conference call, Chairman and CEO Wang Ning stated that the Company will launch a line of IP-centric small appliances in April, which will be available on e-commerce platforms such as JD.

XINBAO (002705.SZ) serves as the core contract manufacturer for POP MART’s small appliances, Chinese media quoted insiders as saying.

It is reported that the two companies primarily collaborate under an OEM model, with product categories currently including electric kettles, coffee machines, electric toothbrushes and hair dryers. At this stage, the Company has entered a large-scale stocking phase.
~



AAStocks Financial News
Website: www.aastocks.com

HESAI-W (02525.HK)'s 4Q25 revenue was lower than expected, according to a report from BofA Securities. It grew by 39% YoY to RMB1 billion, 19% below the broker's forecast. In contrast, the gross margin remained solid at 41%.

During the period, HESAI-W's net profit grew by 4% YoY but sank by 40% QoQ to RMB153 million, falling short of BofA Securities' expectations by 9%, mainly due to a one-time gain from the sale of equity investments in 3Q25.

BofA Securities has reiterated a Buy rating on HESAI-W but reduced its target price from HKD250 to HKD234.
~



AAStocks Financial News
Web Site: www.aastocks.com

In February 2026, the mobile phone shipments in the China market reached 16.789 million units, down 14.6% YoY, the China Academy of Information and Communications Technology (CAICT) released a analysis report on the operation of China's mobile phone market saying.

Of which, 5G mobile phone shipments amounted to 15.931 million units, down 11.4% YoY, accounting for 94.9% of the mobile phone shipments during the same period.
~

AASTOCKS Financial News
Website: www.aastocks.com

Shen Dou, Executive Vice President of BIDU-SW (09888.HK) and President of Baidu AI Cloud Group, said at the Boao Forum for Asia Annual Conference 2026 that embodied AI is now meeting bottlenecks in three areas, namely ontology, data, and models, pending breakthroughs.

He noted that China has the most comprehensive supply chain system, the largest scale of engineering talent, globally leading cost control capabilities, and abundant demand. He believed that future costs will drop drastically, allowing embodied AI to become a standard industrial category.

Shen also mentioned that the cost of robots will nosedive in the future and may be charged by token.
~



AASTOCKS Financial News
Website: www.aastocks.com

TENCENT (00700.HK) announced the official launch of the desktop version of its AI-native application, Yuanbao Pai. In a large-screen desktop environment, users can participate in screen sharing while interacting with Pai friends or Yuanbao in a separate window.

The desktop version of Yuanbao Pai also supports multi-device message synchronization, file dragging, and screenshot functions, allowing users to complete information transfer within Yuanbao Pai on the desktop version.
~



AASTOCKS Financial News
Website: www.aastocks.com

Despite the short-term risks posed by the Gulf War, JP Morgan (JPM.US) CEO Jamie Dimon is a little optimistic about the prospects for long-term stability in the Middle East.

He believed the conflict highlights a shift in mindset in the region, which may create conditions for a lasting resolution to long-standing tensions.

He noted that Saudi Arabia, the UAE, Qatar, the US, and Israel all desire permanent peace in the Middle East, while criticizing Iran as a terrorist threat involved in regional proxy conflicts and supporting armed militia groups.

However, he also stated that Israel should play a role in easing tensions and assist in establishing some form of a long-term Palestinian state.
~



AASTOCKS Financial News
Website: www.aastocks.com

HESAI-W (02525.HK)'s 4Q25 results were in line with expectations, but its share price declined due to market concerns over factors such as 1Q26 revenue guidance, visibility of AD Lidar demand recovery in 2Q26, average selling price competition and higher costs, Citi Research published a research report saying.

Using a projected PEG multiple of 1.2x as the valuation basis, Citi Research slashed its target prices for HESAI-W's H-shares/ US stock from $296.9/ US$38.1 to $257.5/ US$33, based on a CAGR of 44% in net profit for 2026-2028, with rating at Buy.

The broker also reduced its 2026/ 2027 revenue forecasts for the Group by 28-31% to RMB4.66 billion/ RMB6.54 billion, and raised its gross margin forecasts by 1.9-3.9 ppts to 39.2%/ 38.9%, respectively.
~

AASTOCKS Financial News
Website: www.aastocks.com

The HKD was soft this morning (25th), with a peak/trough of 7.8209/7.8294, and the spot USD T/T rate last printed at 7.8294.

The balance of the banking system of Hong Kong is expected to be HKD53.773 billion this Friday (27th).
~



AASTOCKS Financial News
Website: www.aastocks.com

TSMC (TSM.US) is amid capacity bottlenecks, while a few years ago, he would have described TSMC's capacity as unlimited, said Natarajan Ramachandran, Product Sales Director for the Physical Layer Products Division at Broadcom (AVGO.US), Reuters reported.

He noted that TSMC plans to increase capacity by next year, but its capacity has already met a bottleneck, or in some sense, a blockage in the supply chain this year.

He warned that the shortage phenomenon is not limited to semiconductors but has also spread to multiple related supply chains.

Despite the presence of many suppliers in the industry today, there are indeed supply constraints in the laser field, and printed circuit boards (PCBs) have unexpectedly hit a bottleneck.
~


AASTOCKS Financial News
Website: www.aastocks.com

HESAI-W (02525.HK) last traded at HKD164, down 8%, with a volume of 574,600 shares, involving HKD93.475 million.

The company announced its full-year results for the year ended December 2025 after the market bell yesterday. Its net revenue reached a record high of nearly RMB3.028 billion, up 45.8% YoY.

Regarding the 1Q26 net revenue, HESAI-W's guidance estimated it to grow by around 24-33% YoY to RMB650-700 million.
~



AAStocks Financial News
Web Site: www.aastocks.com

Shaokai Fan, Head of Asia-Pacific (ex China) and Global Head of Central Banks at the World Gold Council (WGC), said that, in recent months, new central banks or those long absent from the market have begun entering the gold market, according to Cailian Press.

He specifically mentioned the central banks of Guatemala, Indonesia and Malaysia, suggesting that this trend may continue until the end of the year.

Some central banks are purchasing gold from small domestic producers to support local industries, Fan added.

The WGC predicted in January 2026 that central bank gold purchases would decrease by 13 tons YoY to 850 tons this year. Last year, central bank purchases accounted for about 17% of the total demand in the global gold market.
~

AASTOCKS Financial News
Website: www.aastocks.com

In February 2026, China saw the installation volume of new energy vehicle (NEV) power batteries drop by 19.2% YoY to 27.3 GWh, according to an insight report released by the China Passenger Car Association (CPCA).

In 2M26, the average battery capacity per NEV was 62 kWh, up 29.2% YoY. XIAOMI-W (01810.HK), BYD COMPANY (01211.HK), and Tesla (TSLA.US) were the main contributors to the power battery installation volume.
~



AAStocks Financial News
Web Site: www.aastocks.com

SpaceX plans to submit its IPO prospectus to US regulators later this week or next week, The Information reported, citing sources.

It is understood that this IPO aims to raise over USD75 billion, and SpaceX may go public in June, with individual investor allocation possibly exceeding 20%, though the exact proportion has yet to be finalized.
~



AAStocks Financial News
Web Site: www.aastocks.com

Regarding the signing of a strategic collaboration agreement with Eli Lilly (LLY.US) to advance novel medicines in oncology and immunology, INNOVENT BIO (01801.HK) announced that it had obtained early clearance from the Federal Trade Commission, and hence, all the conditions precedent to the effectiveness of its strategic collaboration agreement with Eli Lilly had been satisfied. This agreement became effective on March 24 (Hong Kong time).

INNOVENT BIO also noted that certain media reports had incorrectly interpretated the effectiveness of the strategic collaboration agreement as an acquisition of the company. INNOVENT BIO clarified that it is not engaged in, nor has any intention of pursuing such transaction.
~



AAStocks Financial News
Web Site: www.aastocks.com

Siemens recently held its first technology summit RXD (Real Meets Digital) in China, launching 26 locally developed new products for the mainland market and collaborating with BABA-W (09988.HK) to advance cloud-based industrial simulation capabilities.

Alibaba Chairman Joseph Tsai and Unitree Robotics Chairman and CEO Wang Xingxing attended the conference, engaging in a dialogue with Roland Busch, Chairman, President, and CEO of Siemens AG, on the future of AI manufacturing.

Siemens China Chairman, President and CEO Xiao Song stated that Siemens is deepening its cooperation with Alibaba Cloud infrastructure providers to organically integrate Siemens' global technological advantages with local innovation in mainland China, empowering multiple areas such as industrial infrastructure and AI applications, China Business Network reported.

At the same time, Siemens is also ambitiously scouting cooperation prospects with humanoid robot manufacturers such as Unitree Robotics and Galbot.
~



AASTOCKS Financial News
Website: www.aastocks.com

The Baltic Dry Index sank for the fourth consecutive trading day, down 48 points or 2.4%, to 1,989, marking a new low since March 12.
~



AASTOCKS Financial News
Website: www.aastocks.com