In the flow of capital within the U.S. stock market, investment is accelerating towards targets related to power infrastructure and AI data centers. Tony Pasquariello, head of Goldman Sachs' hedge fund business, stated in a recent market assessment that the recent performance of Goldman's AI data center stock basket is a direct market reflection of a "capital expenditure supercycle." Citing Goldman's "Power Up America" thematic basket, he pointed out that the pursuit of power demand has evolved from a "long-term demand narrative" to a "strategic necessity," with capital inflows intensifying over the past two months. Hong Kong-listed data center sector companies involved include: GDS Holdings (09698), Alibaba (09988), Kingsoft Cloud (03896), and Yuegangwan Holdings (01396).
U.S. stock indices were mixed last Friday, with the Nasdaq Composite rising 1.63%. Overnight, the Dow Jones Industrial Average fell 79.61 points to 49,230.71, down 0.16%; the S&P 500 gained 56.68 points to 7,165.08, up 0.8%; and the Nasdaq Composite advanced 398.1 points to 24,836.6, up 1.63%. For the week, the Nasdaq rose 1.50%, the S&P 500 gained 0.55%, and the Dow fell 0.44%. Major tech stocks generally rose, with Amazon up over 3% to a record high, Microsoft and Meta up over 2%, while Apple saw a slight decline. Among chip stocks, Intel surged over 23%, Arm rose over 14%, and AMD climbed over 13%, all hitting new highs. Most optical communication concept stocks advanced, with Astera Labs up over 7% and Credo Technology gaining over 5%. Popular Chinese ADRs broadly increased, with the Nasdaq Golden Dragon China Index up 1.59%; Baidu rose nearly 6%. The Hang Seng Index ADR rose proportionally, closing at 26,072.76 points, up 94.69 points or 0.36% from Hong Kong's close. NYMEX WTI crude oil for the current month fell $0.97 to $94.88 per barrel, down 1.01%. COMEX gold for the current month added $1.40, or 0.03%, to $4,725.4 per ounce.
The U.S. government announced on the 24th that President Trump has signed a document extending the suspension of the Jones Act for 90 days. White House Assistant Press Secretary Taylor Rogers stated via social media that suspending the Jones Act allows more supplies to reach U.S. ports faster, helping maintain supplies of critical energy products, industrial raw materials, and agricultural essentials. The People's Bank of China, the China Securities Regulatory Commission, and six other departments have issued the "Administrative Measures for Online Marketing of Financial Products." To standardize online marketing activities for financial products, protect the legitimate rights and interests of financial consumers and investors, and promote the healthy and orderly development of internet financial business, the measures have been promulgated and will take effect on September 30, 2026.
QINGSONG HEALTH (02661) announced that its self-developed AI evidence-based medicine agent product "Zheng Yuanfang" has been officially integrated into the group's platform "Yilu Qingsong," which provides professional services for doctors and medical professionals. This achieves a product-level integration of the group's self-developed medical AI capabilities with its proprietary doctor service network. "Zheng Yuanfang" is an evidence-based medicine agent designed around evidence-based methodology. Customized for real clinical scenarios, it provides doctors with explainable, verifiable, and traceable medical decision support, elevating AI from a "medical Q&A tool" to an "evidence-based decision assistant."
HUAYAN ROBOTICS (01021) launched a seven-axis humanoid arm on April 25. As a leader in China's collaborative robot field, HUAYAN ROBOTICS officially released its highly anticipated seven-axis humanoid arm series products, based on its comprehensive capabilities深耕 in high-end collaborative robots. This is not just a new product launch but also a core strategic layout for HUAYAN ROBOTICS in the embodied intelligence track.
CHINA SHENHUA (01088) released its first-quarter results, with revenue of RMB70.397 billion, up 1.2% year-on-year; profit attributable to owners of the company of RMB11.885 billion, down 11.1% year-on-year; basic earnings per share of RMB0.591.
XINTE ENERGY (01799) announced that for the three months ended March 31, 2026, the group achieved revenue of RMB3.899 billion, operating costs of RMB3.134 billion, and net profit attributable to shareholders of the listed company of RMB228 million. As of March 31, 2026, the group's total assets were RMB85.545 billion.
DYNAGREEN ENV (01330) released its first-quarter report, with revenue of RMB895 million, up 8.08% year-on-year; net profit attributable to shareholders of the listed company of RMB207 million, up 11.66% year-on-year; basic earnings per share of RMB0.15.
CITIC SEC (06030) released its first-quarter report for the period ended March 31, 2026. The group achieved revenue of RMB23.155 billion, up 40.91% year-on-year; net profit attributable to parent company shareholders of RMB10.216 billion, up 54.6% year-on-year. Basic earnings per share were RMB0.67.
China Nonferrous Mining (01258) announced that for the three months ended March 31, 2026, the group estimated a profit attributable to owners of the company of approximately $201 million, up approximately 63% year-on-year. The main reason for the year-on-year increase in economic indicators was the rise in international copper prices and the increase in sulfuric acid sales volume and average selling price.
Chifeng Gold (06693) released its first-quarter report for 2026. The company achieved revenue of RMB3.554 billion, up 47.65% year-on-year; net profit attributable to shareholders of the listed company of RMB988 million, up 104.43% year-on-year; basic earnings per share of RMB0.52.
China Molybdenum (03993) released its first-quarter report for 2026. The group achieved revenue of RMB66.403 billion, up 44.34% year-on-year; net profit attributable to shareholders of the listed company of RMB7.76 billion, up 96.65% year-on-year; basic earnings per share of RMB0.36. The announcement stated that the increase in revenue was mainly due to rising prices of major products and the steady improvement in the company's production and operation management capabilities, leading to growth in the production and sales volume of major products and a year-on-year increase in profit.
Goldwind Science & Technology (02208) released its first-quarter report for 2026. Revenue was RMB15.485 billion, up 63.48% year-on-year; net profit attributable to shareholders of the listed company was RMB907 million, up 59.65% year-on-year; basic earnings per share were RMB0.2091. The change in performance was mainly due to an increase in the scale of wind turbine and component sales, an increase in gross profit and investment income, and an increase in fair value change losses during the period. The company's Q1 net profit was RMB907 million, compared to RMB190 million in Q4 2025, representing a quarter-on-quarter increase of 377%.
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