【Market Overview】Driven by the continued strength of U.S. stocks, the Hong Kong market rebounded as anticipated last week, with the index climbing back above the 26,000-point level. The weekend brought several significant developments: U.S.-Iran negotiations are expected to resume as early as next week in Islamabad. Former U.S. President Trump stated he anticipates receiving Iran's response to the latest U.S. peace proposal "soon." Russian President Putin remarked that he believes the conflict in Ukraine is nearing its conclusion. Any successful outcome from these developments would provide a positive boost to the market. The key event this week is the potential visit to China by former President Trump. Although not officially confirmed, the likelihood is high barring unforeseen circumstances. If the visit proceeds, the market is likely to price it in advance, potentially favoring sectors where regulatory easing is anticipated. The market continues to focus intently on the AI theme. After over a year of intensive negotiations, Apple and Intel have reached an agreement for the latter to produce chips for Apple devices. The proportion of CPU usage continues to rise. ByteDance has raised its 2026 capital expenditure plan for AI infrastructure by 25% to 200 billion yuan, and other major tech firms are likely to follow suit. Notably, Alibaba and Tencent are scheduled to release their Q1 financial reports on May 13th; it will be important to monitor whether their capital expenditures exceed expectations. Related Hong Kong-listed stocks in sectors such as IDC, servers, optical modules, liquid cooling, and semiconductors are expected to benefit. Last week saw a flurry of news regarding commercial aerospace, and this week is set to begin a period of intensive launch activities. Additionally, the satellite sector received another stimulus: Galaxy Aerospace signed a Memorandum of Understanding with the Turkish satellite communications company Profen to jointly promote the implementation and application of inclusive satellite communication solutions locally. The Secretary of the Zhejiang Provincial Party Committee conducted a research visit to LandSpace, making related beneficiaries worth watching. The robotics theme gained traction last week. The 2nd Hangzhou International Humanoid Robot and Robotics Technology Exhibition is scheduled for May 14-16, 2026, at the Hangzhou Grand Convention and Exhibition Center. Furthermore, on May 12th, AGIBOT, in conjunction with the Hong Kong Chinese Friendship Association, will host the "First Hong Kong Embodied AI Industry Summit & AGIBOT APC2026 (Hong Kong)" in Hong Kong, which may provide new catalysts. On the 8th, WHO spokesperson Christian Lindmeier stated that the Hantavirus outbreak has triggered a response under the International Health Regulations. WHO is working closely with authorities in Cape Verde, Spain, the Netherlands, South Africa, the United Kingdom, Argentina, and the European Centre for Disease Prevention and Control to monitor whether this new virus will escalate.
【Stock of the Week】BEIGENE (06160) BEIGENE reported Q1 2026 revenue of $1.513 billion, a 35% year-over-year increase. Product revenue reached $1.487 billion, up 34% YoY. GAAP net profit surged to $230 million from $1 million in Q1 2025. Adjusted net profit attributable to shareholders reached $375 million. The company raised its full-year 2026 revenue guidance from $6.2-$6.4 billion to $6.3-$6.5 billion, maintained its gross margin guidance at approximately 80%, and increased its GAAP net profit guidance from $700-$800 million to $750-$850 million. Zanubrutinib sales slightly exceeded expectations, with room for further market share growth: Global sales of Zanubrutinib reached $1.095 billion in Q1 2026, a 38% YoY increase. U.S. revenue was $761 million (up 35% YoY), and European revenue was $182 million (up 57% YoY). Management reiterated Zanubrutinib's sustained progression-free survival (PFS) advantage over ibrutinib in the ALPINE trial and compared it to competitors acalabrutinib (whose efficacy curve crossed with ibrutinib's after 33 months) and pirtobrutinib (with a shorter 18-month follow-up and a higher HR of 0.845). The company emphasized that sustained benefit beyond 3 years in indolent CLL is key. Zanubrutinib demonstrated a 6-year PFS rate of 74% (77% adjusted for COVID impact) and an overall survival (OS) rate of 84% (87% adjusted) in treatment-naïve CLL patients, significantly outperforming other BTK inhibitors. As long-term data drives differentiation, Zanubrutinib still has room for market share expansion. Key catalysts to watch: In H1 2026, an interim analysis for the Phase III trial of Zanubrutinib in 1L MCL is expected. The Phase III clinical trial for CDK4 inhibitor in 1L HR+HER2- BC has initiated its first site. BGB-B2033 (GPC3/41BB bispecific) has commenced a potential registrational study in HCC, with cumulative enrollment exceeding 200 patients, including 45 first-line patients. In Q2 2026, Sotorasib is anticipated to gain U.S. approval for R/R MCL. In June 2026, the PD-1/VEGF/CTLA-4 trispecific antibody is expected to enter the clinical stage. The company will present updated data on pipelines including the CDK4 inhibitor, B7H4 ADC, and BGB-B2033 (GPC3/41BB bispecific) at the 2026 ASCO meeting.
【Industry Observation】The commercial aerospace sector is now entering a period of intensive event-driven catalysts. Three major landmark events are set to occur consecutively in May and June. Guojin Securities anticipates the market reaction will unfold along the chain from launch vehicles (high elasticity) to satellites (strong growth) to applications (stable cash flow). Countdown to three major catalysts, raising the industry's growth ceiling: 1. May 16th: SpaceX Starship V3 test flight. This next-generation launch vehicle, a potential industry disruptor, has undergone 11 previous flight test iterations. This test involves the first production-ready V3 version closer to mass production, carrying significant meaning for substantive commercial validation. A sharp reduction in launch costs (estimated at a tenfold decrease compared to Falcon 9, with over a fivefold increase in payload capacity) marks the starting point for large constellations, space-based computing, and the direct-to-cell commercial ecosystem. 2. Late May: First flight of the Long March 10B. This represents a leap from 0 to 1 for China's large reusable launch vehicle, with its inaugural flight expected from Wenchang, Hainan, simultaneously testing sea-based net recovery technology. Developed by China Academy of Launch Vehicle Technology, it is a practical commercial rocket with a 5-meter diameter, 70-meter height, and 7 YF-100N reusable engines. In its recoverable first-stage configuration, its LEO capacity exceeds 16 tons, targeting low-orbit cargo and large commercial satellite launches. The globally首创井字型海上阻拦索 (grid-type海上阻拦索) significantly reduces landing precision requirements and effectively削减死重 (dead weight). Previous tests have shown good results, indicating a high probability of successful recovery. 3. June Expectation: Potential SpaceX IPO, which could redefine valuation benchmarks for commercial aerospace, with a target valuation reaching $1.75 trillion and fundraising of $75 billion. The public market pricing of the world's strongest space infrastructure company is expected to trigger strong valuation reassessments across the entire industry chain. Hong Kong stocks to focus on: APT SATELLITE (01045), Junda股份 (02865).
【Market Data】Hong Kong Exchanges and Clearing data shows the total open interest for HSI futures (May) is 116,716 contracts, with a net open interest of 36,013 contracts. The HSI futures settlement date is May 28, 2026. With the Hang Seng Index at 26,394 points, the concentration zones for bull and bear warrants are偏离中轴 (deviating from the central axis). The Hong Kong market appears hesitant, showing a stronger tendency to follow U.S. market movements. Over the past five weeks, AI-related themes have dominated, U.S. stocks have repeatedly hit new highs, and global capital is undergoing portfolio reallocation. The outlook for the Hang Seng Index this week is positive.
【Closing Remarks】Considering institutional views over the weekend, neither foreign nor domestic capital appears pessimistic about Hong Kong stocks: International investment banks place greater emphasis on the valuation repair of Chinese assets and a recovery in Hong Kong IPO and refinancing activities, though they caution about valuation divergence following recent gains in the tech/semiconductor chain. Domestic securities firms, however, highlight structural opportunities driven by southbound capital flows, policy expectations, low valuations, and assets in hard tech/dividend-paying sectors. This week, the Hong Kong market is unlikely to experience a one-sided surge but rather a process of "identifying the main theme amidst volatility": the index level may fluctuate due to external factors like interest rates, geopolitics, and profit-taking, but capital remains willing to purchase undervalued assets with compelling narratives. The hard tech and information technology sectors in Hong Kong logically align with the AI hardware and domestic computing power themes. However, the more popular a theme becomes, the greater the need for caution against equating "undervalued" directly with "immediate price increase."
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