Daily focus：China Unicom（762）
China Unicom has announced steady growth in its financial results for the first quarter of 2025. The company's operating revenue reached RMB 103.35 billion, marking a YoY increase of 3.9%. This growth was primarily driven by an increase in service revenue, which rose to RMB 90.88 billion (up 2.1% YoY), and a surge in sales of telecommunications products, which grew by 19.3% to RMB 12.47 billion. Profit attributable to equity holders increased by 5.6% YoY to RMB 5.93 billion, reflecting an improvement in core business profitability. AI-related services maintained double-digit growth, with revenue from smart services climbing 14.0% to RMB 2.10 billion and data services revenue rising 11.3% to RMB 1.84 billion. These achievements highlight China Unicom’s continued efforts to deepen the integration of data and AI, offering flexible one-stop AI service solutions.
Gold rose to $3400/oz
The U.S. Dollar Index continues to weaken, recently hitting a low of 97.9. Amid this significant decline, gold prices have reached new heights, with gold hitting $3,400 per ounce on Monday. This mainly reflects growing market concerns about confidence in dollar-denominated assets. Last week, Trump commented on social media, saying, "The sooner Powell is fired, the better." Additionally, the White House stated that officials are evaluating whether the Federal Reserve Chairman can be replaced. These remarks have impacted the independence between the Federal Reserve and U.S. authorities, complicating the outlook for future interest rate policies and affecting the stability and status of the dollar.
Hong Kong Stock Connect recorded a net inflow of HK$2.3 billion on Thursday, with Alibaba (9988) recording the largest net inflow of HK$835 million, followed by Tencent Holdings (700); Tracker Fund Management (2800) recorded the largest net outflow of HK$1.4 billion, followed by Xiaomi Group (1810).
U.S. President Trump threatened to fire Federal Reserve Chairman Powell, causing the Dow Jones Industrial Average to drop 971 points or 2.5% overnight (21st). The Hang Seng Index opened 91 points lower at 21,303 points, but turned around to rise 167 points, closing at 21,562 points. The China Enterprises Index rose 53 points or 0.7% to 7,951 points, and the Hang Seng Tech Index rose 12 points or 0.2% to 4,899 points. The total market turnover for the day was HKD 251.4 billion. Competition between JD.com (9618) and Meituan (3690) intensified, with their shares fell 6.3% and 4.6% respectively.
Source: KGI Investment Products and Solutions Department
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Market concerns about global supply chains and rising costs have added to concerns that the economy may enter a recession, and the stock market...