PRE-MARKET CHINESE STOCKS NEWS: SHEIN (625 HK) H1 (USD) net rose 247% Y/Y to USD 2.40bln, rev. rose 0.9% Y/Y to USD 11.1bln; Co. expects external uncertainty to remain in H2 2026

The headline print is a classic margin-versus-top-line divergence: profit growth in the triple digits against revenue that is essentially flat implies the gain is coming from cost discipline, mix, or one-off items rather than demand, and past episodes of this shape have tended to draw scrutiny to the sustainability of the margin rather than the headline percentage. The guidance language, flagging external uncertainty into the second half of the following year, is unusually long-dated for an interim report and reads as a signal on tariff and cross-border trade policy rather than on near-term operations, which historically caps the multiple even when the numbers beat. The CITIC chairman departure fits a pattern of leadership turnover at large Chinese state-linked brokers that has previously preceded consolidation or restructuring talk rather than trading as a standalone event. The Premier's remarks on bond issuance, differentiated property measures, and countercyclical adjustment follow the established cadence of State Council signalling, where the market-moving follow-on has been the size and timing of actual issuance rather than the rhetoric itself. Worth noting is the divergence inside the same tape: weak domestic revenue momentum at the consumer end alongside official pressure to accelerate fiscal deployment, a combination that has historically framed the PBoC's next liquidity operations as the tell.