Zhitong Hong Kong Stock Early Knowledge | The Ministry of Agriculture and Rural Affairs continues to adjust and optimize pig production capacity, Walmart resumes shipments from Chinese suppliers

【Today's Headlines】

Ministry of Agriculture and Rural Affairs: Continuously Adjust and Optimize Pig Production Capacity

The General Office of the Ministry of Agriculture and Rural Affairs issued a notice on the "Implementation Plan for the Grain Saving Action in Animal Husbandry." It mentioned the continuous adjustment and optimization of pig production capacity. The implementation plan for pig production capacity control will manage the "master switch" of the breeding sow inventory, guiding farms to optimize the sow inventory structure and reasonably control production capacity. The monitoring and early warning system for pig production capacity will be continuously improved, timely market information will be released, guiding farms to appropriately market their livestock and optimize breeding scale, promoting supply-demand matching. Related breeding concept companies include COFCO Joycome (01610), Dekang Agriculture and Animal Husbandry (02419), and WH Group (00288).

【Market Outlook】

U.S. Stocks Rose Overnight, Mixed Performance for Popular Chinese Stocks

Overnight, U.S. stocks closed higher, with the Dow Jones Industrial Average up 300.03 points, an increase of 0.75%, closing at 40,527.62 points; the Nasdaq rose 95.18 points, an increase of 0.55%, closing at 17,461.32 points; the S&P 500 index rose 32.08 points, an increase of 0.58%, closing at 5,560.83 points. Most large tech stocks rose, with Tesla up over 2%, Netflix up over 1%, and Apple, Microsoft, Nvidia, and Meta slightly up; Google and Amazon saw slight declines. Popular Chinese stocks had mixed performance, with the Nasdaq Golden Dragon China Index down 0.3%. XPeng fell over 6%, and Beike and others fell over 1%. The Hang Seng Index ADR declined, closing at 21,996.07 points, down 12.04 points or 0.05% compared to the Hong Kong close.

【Hot Topics Ahead】

China Securities Index Company: Will Release CSI Hong Kong Stock Connect Value Strategy Index and CSI Hong Kong Stock Connect Growth Strategy Index

China Securities Index Co., Ltd. announced that it will officially release the CSI Hong Kong Stock Connect Value Strategy Index and the CSI Hong Kong Stock Connect Growth Strategy Index on April 30, 2025, providing the market with richer investment targets.

Walmart: Resumes Shipments from Chinese Suppliers, U.S. Customers Bear Tariff Costs

According to the South China Morning Post, some manufacturers in Jiangsu and Zhejiang provinces have received notices from major U.S. retailers like Walmart, requesting them to resume shipments. Jiangsu and Zhejiang are major export provinces heavily impacted by the China-U.S. trade war. Reports indicate that a large stationery and office supplies exporter in Ningbo received a notice from Walmart on Monday to resume normal shipments to the U.S. The company stated that the costs of the new import tariffs would be borne by U.S. customers. Meanwhile, foreign media reported that Home Depot and Target have also begun urging Chinese suppliers to resume shipments and agreed to bear the tariffs. These U.S. retailers made this decision after meetings with Trump at the White House.

Tencent Announces Restructuring of the Hunyuan Large Model R&D System, Increasing AI Investment

Tencent has comprehensively reorganized its Hunyuan large model R&D system, primarily refreshing team deployment around three core areas: computing power, algorithms, and data, while increasing R&D investment. Following this adjustment, Tencent established two new departments: the Large Language Model Department and the Multimodal Model Department, responsible for exploring cutting-edge technologies in large language models and multimodal large models, continuously iterating on foundational models, and enhancing model capabilities. At the same time, it further strengthens the data capabilities of large models and the construction of platform foundations, with the Data Platform Department focusing on the full-process management and construction of large model data, while the Machine Learning Platform Department focuses on the construction of machine learning and big data integration platforms for AI model training and inference The big data business provides a comprehensive and efficient PaaS platform foundation to jointly support Tencent's mixed Yuan model technology research and development.

Vanke A: Shenzhen Metro Group intends to provide the company with a loan of 3.3 billion yuan

Vanke A announced that the company's largest shareholder, Shenzhen Metro Group Co., Ltd., intends to provide the company with a shareholder loan of no more than 3.3 billion yuan, to be used for repaying the principal and interest of bonds issued by the company in the open market. The loan term is 36 months, and the loan interest rate is the one-year loan market quoted rate published by the National Interbank Funding Center on the working day prior to each loan drawdown, minus 76 basis points, currently at 2.34%. This transaction has been approved by the company's 20th Board of Directors at its 16th meeting.

China Railway Construction: Subsidiary wins the general contracting project for three tunnel projects in the initial construction section of the China-Kyrgyzstan-Uzbekistan Railway

China Railway Construction announced that its subsidiaries, China Railway 11th Bureau Group Co., Ltd. and China Railway 12th Bureau Group Co., Ltd., won the general contracting projects for the ZJWZQ-2 and ZJWZQ-3 sections of three tunnel projects in the initial construction section of the China-Kyrgyzstan-Uzbekistan Railway, with a total contract amount of approximately 2.587 billion yuan. This railway is a landmark project of the "Belt and Road" cooperation promoted by the heads of state of China, Kyrgyzstan, and Uzbekistan.

Fosun Pharma (02196) releases first-quarter results, net profit attributable to shareholders of 765 million yuan, an increase of 25.42% year-on-year

According to Zhitong Finance APP, Fosun Pharma (02196) released its first-quarter results for 2025, with the group achieving operating income of 9.42 billion yuan, a year-on-year decrease of 7.26%; net profit attributable to shareholders of the listed company was 765 million yuan, an increase of 25.42% year-on-year; basic earnings per share were 0.29 yuan.

China National Heavy Duty Truck Group (03808): Jinan Truck's net profit for the first quarter is 430 million yuan, a year-on-year increase of 17.2%

According to Zhitong Finance APP, China National Heavy Duty Truck Group (03808) announced that its subsidiary, China National Heavy Duty Truck Group Jinan Truck Co., Ltd. (Jinan Truck), achieved total operating revenue of 12.908 billion yuan (RMB, the same below) for the three months ending March 31, 2025, a year-on-year increase of 13%; net profit was 430 million yuan, a year-on-year increase of 17.2%.

CITIC Securities (06066) releases first-quarter results, net profit attributable to shareholders of 1.843 billion yuan, an increase of 50.07% year-on-year

According to Zhitong Finance APP, CITIC Securities (06066) released its first-quarter results for 2025, with the group achieving operating income of 4.919 billion yuan, a year-on-year increase of 14.54%; net profit attributable to shareholders of the parent company was 1.843 billion yuan, a year-on-year increase of 50.07%; basic earnings per share were 0.2 yuan.

Guangfa Securities (01776) announces first-quarter results, net profit attributable to shareholders of approximately 2.757 billion yuan, a year-on-year increase of 79.23%

According to Zhitong Finance APP, Guangfa Securities (01776) announced its first-quarter results for 2025, with total operating revenue of approximately 7.24 billion yuan, a year-on-year increase of 46.29%; net profit attributable to shareholders of the listed company was approximately 2.757 billion yuan, a year-on-year increase of 79.23%; basic earnings per share were 0.33 yuan WH Group (00288) Q1 Revenue of $6.554 billion, Up 6% Year-on-Year

According to Zhitong Finance APP, WH Group announced its performance for the three months ending March 31, 2025, with revenue of $6.554 billion, an increase of 6.0% year-on-year; (before biological fair value adjustments) profit attributable to owners of the company was $364 million, up 20.9% year-on-year; basic earnings per share were 2.84 cents.

Anhui Conch Cement (00914) Q1 Net Profit Attributable to Shareholders of RMB 1.81 billion, Up 20.51% Year-on-Year

According to Zhitong Finance APP, Anhui Conch Cement (00914) released its Q1 2025 report, with operating revenue of RMB 19.051 billion, a decrease of 10.67% year-on-year; net profit attributable to shareholders was RMB 1.81 billion, an increase of 20.51% year-on-year; basic earnings per share were RMB 0.34.

AIA Group (01299) Q1 New Business Value Rises 13% to $1.497 billion

According to Zhitong Finance APP, AIA Group (01299) announced that in Q1 2025, the growth rate is presented on a constant exchange rate basis. New business value rose 13% to $1.497 billion, annualized new premiums grew 7% to $2.617 billion, new business value margin increased by 3.0 percentage points to 57.5%, new business contract service margin grew by 16%, and the shareholder capital ratio remained strong, comfortably exceeding 200%.

Prudential (02378) Q1 New Business Profit Rises 12%

According to Zhitong Finance APP, Prudential (02378) released its Q1 2025 results (on a constant exchange rate basis), with new business profit in the first quarter increasing by 12% year-on-year to $608 million based on traditional embedded value. The annualized premium equivalent sales in the first quarter increased by 4% to $1.677 billion. New business profit margin improved by 2 percentage points.

Chuangsheng Group-B (06628) Announces Encouraging Antitumor Activity of Novel Antibody-Drug Conjugate Targeting FGFR2b at AACR 2025

According to Zhitong Finance APP, Chuangsheng Group-B (06628) announced that it presented the latest preclinical research results of a novel humanized FGFR2b antibody ADC (TST105) at the 2025 American Association for Cancer Research (AACR 2025) annual meeting. This ADC utilizes glycosyltransferase-mediated site-specific conjugation technology, loaded with a novel topoisomerase I inhibitor as the payload, demonstrating significantly enhanced antitumor activity in preclinical gastric cancer and colorectal cancer models compared to ADCs loaded with MMAE.

China Petroleum Releases Q1 Results, Net Profit Attributable to Shareholders of RMB 46.809 billion, Up 2.3% Year-on-Year

According to Zhitong Finance APP, China Petroleum released its Q1 2025 report, stating that in the first quarter, the average realized price of crude oil for the group was $70.00 per barrel, a decrease of 7.2% from $75.41 per barrel in the same period last year; the average sales price of domestic natural gas was $9.01 per thousand cubic feet, down 3.9% from $9.38 per thousand cubic feet in the same period last year According to the International Financial Reporting Accounting Standards, the group achieved operating revenue of RMB 753.108 billion, a decrease of 7.3% compared to RMB 812.801 billion in the same period last year, mainly due to reduced market demand, decreased sales of refined oil, and a decline in the prices of certain products; the net profit attributable to shareholders of the parent company was RMB 46.809 billion, an increase of 2.3% compared to RMB 45.768 billion in the same period last year, mainly benefiting from increased domestic natural gas production and sales, effective control of major costs and expenses, and reduced tax expenditures.

Industrial and Commercial Bank of China released first-quarter results, net profit attributable to the parent down 3.99% to RMB 84.156 billion

According to Zhitong Finance APP, Industrial and Commercial Bank of China disclosed its first-quarter report for 2025, reporting revenue of RMB 212.774 billion, a year-on-year decrease of 3.22%; net profit attributable to the parent was RMB 84.156 billion, a year-on-year decrease of 3.99%; net profit excluding non-recurring items was RMB 83.868 billion, a year-on-year decrease of 3.69%. Basic earnings per share were RMB 0.23.

Midea Group released first-quarter results, net profit attributable to the parent up 38.02% to RMB 12.422 billion

According to Zhitong Finance APP, Midea Group released its first-quarter report for 2025, reporting first-quarter operating revenue of RMB 127.839 billion, a year-on-year increase of 20.49%; net profit attributable to shareholders of the listed company was RMB 12.422 billion, a year-on-year increase of 38.02%; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 12.750 billion, a year-on-year increase of 38.03%; basic earnings per share were RMB 1.64/share.

【Stock Highlights】

CRRC Corporation Limited (01766) first-quarter net profit attributable to the parent up 202.79% to RMB 3.053 billion

According to Zhitong Finance APP, CRRC Corporation Limited (01766) released its first-quarter report for 2025, reporting operating revenue of RMB 48.671 billion, a year-on-year increase of 51.23%; net profit attributable to shareholders of the listed company was RMB 3.053 billion, a year-on-year increase of 202.79%; basic earnings per share were RMB 0.11