Hang Seng Tech Index Refines Disclosure Requirements; Trump Delays Iran Strike by 10 Days; SMIC Reports 16.2% Revenue Growth for 2025

Stock News
03/27

Hang Seng Indexes announced enhancements to the disclosure of thematic requirements for the Hang Seng Tech Index. According to its index compilation methodology, constituents eligible for inclusion must have businesses highly aligned with any of six technology themes: i) Network, ii) FinTech, iii) Cloud, iv) E-commerce, v) Digital, or vi) Intelligent. To improve transparency, the methodology document now includes related sub-themes under each category to more clearly define their scope. The index's compilation methodology remains unchanged.

WTI crude futures settled at $93.79 per barrel, up 3.84%. Overnight, U.S. stocks closed lower: the Dow Jones Industrial Average fell 469.38 points to 45,960.11, down 1.01%; the S&P 500 dropped 114.74 points to 6,477.16, down 1.74%; and the Nasdaq Composite declined 521.75 points to 21,408.08, down 2.38%. Major tech stocks broadly declined, with META down nearly 8%, AMD down over 7%, Intel and TSMC down over 6%, and NVIDIA down over 4%. Tesla and Google fell over 3%. U.S. memory and optical communication concept stocks fell sharply. The Nasdaq Golden Dragon China Index dropped 2.55%. The Hang Seng Index ADR fell 41.42 points to 24,815.01. COMEX gold futures fell 3.85% to $1,376.90 per ounce.

U.S. President Donald Trump stated on social media that, at the request of the Iranian government, he is delaying the "destruction" of Iranian energy facilities by 10 days, extending the deadline to 8:00 Beijing Time on April 7. Trump mentioned that related negotiations are progressing "very smoothly."

Reports suggest Japan is considering shorting crude oil to support the yen. Analysts globally have expressed confusion and skepticism about this unconventional idea, which involves using foreign reserves to short oil futures to indirectly alleviate yen depreciation pressures.

SMIC (00981) released its 2025 annual results, reporting revenue of $9.327 billion, a 16.2% year-on-year increase. Net profit attributable to owners was $685 million, up 39%, with basic earnings per share of $0.09. Monthly capacity in 8-inch equivalent wafers exceeded 1 million units. The company maintained its position as the world's second-largest pure-play foundry. Capacity utilization rose to 93.5%, and gross margin improved to 21%. R&D investment was $774 million, accounting for 8.3% of revenue. For 2026, SMIC expects revenue growth to exceed the industry average, with capital expenditure roughly flat compared to 2025.

Haier Smart Home plans to repurchase A-shares worth 3-6 billion yuan, at a price not exceeding 35 yuan per share, for employee持股 plans. The repurchase period is 12 months.

XPeng AeroHT's power battery for its terrestrial aircraft has entered mass production. The battery, developed with CALB, features an energy density of 310 Wh/kg and offers approximately 10 times the continuous power output of electric vehicles. It is the first power battery to meet both automotive regulations and airworthiness certification requirements.

CNOOC (00883) reported 2025 revenue of RMB 398.22 billion, down 5.3%, and net profit attributable to owners of RMB 122.082 billion, down 11.5%. A final dividend of HK$0.55 per share was declared. The company targets 2026 production of 780-800 million barrels of oil equivalent, with capital expenditure budgeted at RMB 112-122 billion.

China Mobile (00941) posted 2025 revenue of RMB 1.050187 trillion, up 0.9%, with net profit attributable to shareholders of RMB 137.095 billion, down 0.9%. A final dividend of HK$2.52 per share was proposed.

Qingci Games (06633) reported a 138% surge in net profit to RMB 122 million, driven by the long-term operation of "Strongest Snail" and new Disney IP collaborations.

Texhong International Group (02678) achieved a net profit attributable to owners of RMB 913 million, up 63.05%, despite a 1.4% decline in revenue.

Ping An Insurance (02318) reported net profit attributable to owners of RMB 134.778 billion, up 6.45%, with operating profit up 10.3%. A final dividend of RMB 1.75 per share was proposed.

Meituan-W (03690) reported revenue of RMB 364.855 billion, up 8.1%.

First Tractor Company (00038) posted revenue of RMB 10.823 billion, down 9.09%, and net profit attributable to owners of RMB 812 million, down 11.94%. A cash dividend of RMB 0.19746 per share is planned.

Beijing Holdings (00392) reported revenue of RMB 87.228 billion, up 3.76%, with net profit attributable to owners of RMB 5.056 billion, down 1.31%. A final dividend of HK$0.77 per share was declared.

Acoustar Medical-B (06669) reported net profit of approximately RMB 119 million, up 128%, with revenue up 20.7% to RMB 645 million.

Innovent Biologics (01801) achieved its first full-year profit in 2025, with net profit of RMB 813.6 million. Revenue grew 38.4% to RMB 13.0415 billion. The company has 18 commercialized products, with 12 included in China's National Reimbursement Drug List.

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