Market Overview - The Hong Kong stock market opened lower on January 7, with the Hang Seng Index down 1.01% at 26,439.68 points, the Hang Seng Tech Index down 1.65% at 5,729.41 points, the National Enterprises Index down 1.11% at 9,141.25 points, and the Red Chip Index down 0.64% at 4,114.5 points [1] - Major technology stocks experienced declines, with Alibaba down 4.05%, Tencent down 1.98%, JD.com down 1.47%, Xiaomi down 1.34%, NetEase down 2.18%, Meituan down 2.17%, Kuaishou down 2.78%, and Bilibili down 3.54% [1] - The biopharmaceutical sector continued to rise, with Kangfang Biopharmaceutical up over 6% [1] - The metals sector showed strength, with Luoyang Molybdenum up over 5% [1] - Oil stocks weakened, with PetroChina down over 3% [1] - Automotive stocks faced significant declines, with NIO down over 3% [1] Company News - Yadea Holdings (01585.HK) expects a net profit of no less than RMB 2.9 billion for 2025, up from RMB 1.27 billion in the previous year, driven by increased sales of electric two-wheelers and optimized product structure [2] - Poly Property Group (00119.HK) anticipates a cumulative contract sales amount of approximately RMB 50.2 billion for 2025, a decrease of 7.38% year-on-year [3] - Sunac China (01918.HK) expects a cumulative contract sales amount of approximately RMB 36.84 billion for 2025, down 21.85% year-on-year [4] - Gemdale Corporation (00535.HK) projects a cumulative contract sales total of approximately RMB 10.696 billion for 2025, a decrease of 47.33% year-on-year [5] - Greentown Management Holdings (09979.HK) estimates new project management fees for 2025 to be RMB 9.35 billion, an increase of approximately 0.4% [6] - Yuexiu Property (00123.HK) acquired a land parcel in Shanghai's Pudong New Area for RMB 2.561 billion [7] - Jiufang Zhitu Holdings (09636.HK) completed the acquisition of 100% equity in JF Financial and its core information system [8] - Weimob Group (02013.HK) partnered with Taobao Flash Sale to enhance local retail solutions [8] - Dali Pu Holdings (01921.HK) became a qualified supplier for Saudi Aramco [9] - Xiehe New Energy (00182.HK) successfully completed a secondary listing on the Singapore Stock Exchange [10] - Bokan Vision Cloud-B (02592.HK) submitted a clinical trial application for the new drug CBT-009 [11] - Yingtong Holdings (06883.HK) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its distribution network in China [11] Institutional Insights - Guosen Securities believes that the Hong Kong stock market's recovery has begun, driven by a weaker US dollar and improved domestic liquidity, suggesting a focus on AI and PPI [12] - CITIC Securities anticipates a second round of valuation recovery and performance revival in the Hong Kong market in 2026, recommending attention to technology, healthcare, resource products, essential consumer goods, paper, and aviation sectors [12] - Everbright Securities notes that domestic policy support and a weaker dollar may lead to continued upward movement in the Hong Kong market, highlighting the relative strength of overall profitability [12] - Dongwu Securities indicates that the Hong Kong market is entering a period of upward volatility, emphasizing the importance of dividends and technology growth in the first half of the year [12] - Industrial Securities recommends a bullish stance, predicting a spring rally led by the Hang Seng Tech Index, with a continued bull market expected in 2026 [13]

Market Performance - Hang Seng Index (恒指) rose by 363 points or 1.4%, closing at 26,710 points[1] - Shanghai Composite Index (滬指) increased by 60 points or 1.5%, reaching a new ten-year high at 4,083 points[1] - Total market turnover in Hong Kong was 291.758 billion HKD[1] Currency and Monetary Policy - The central parity rate of RMB against USD was adjusted up by 57 points to 7.0173[1] - The People's Bank of China conducted a 162 billion RMB reverse repo operation at a rate of 1.4%[1] A-Share Market Highlights - Shenzhen Component Index (深成指) rose by 193 points or 1.4%, closing at 14,022 points, marking a near four-year high[1] - The ChiNext Index (創板指數) increased by 24 points or 0.8%, closing at 3,319 points[1] Automotive Sector Insights - The automotive consumption index for December 2025 was reported at 97.7, indicating an increase from the previous month[4] - The demand sub-index for automotive consumption rose to 90.3, reflecting improved purchasing demand[4] New Investor Activity - A total of 2.5967 million new A-share accounts were opened in December 2025, a monthly increase of 9% and an annual increase of 30.55%[4] - Cumulatively, 27.4369 million new accounts were opened in 2025, representing a year-on-year growth of 9.75%[4] Company Earnings Forecast - Yadea Holdings (雅迪控股) expects a net profit of at least 2.9 billion RMB for the year ending December 31, 2025, an increase of at least 128% compared to 1.27 billion RMB in the same period of 2024[5]

Group 1: Industry Overview - The light industry and beauty sector is expected to stabilize and improve due to the dual drivers of domestic demand policies and steady export growth [3] - The "14th Five-Year Plan" marks a year of enhanced domestic demand policies, coupled with consumers' increasing pursuit of high-quality living, creating significant growth opportunities for the industry [3] - The penetration rate of cross-border e-commerce has ample room for improvement, and the recovery of international relations and demand from emerging markets will further drive market expansion [3] Group 2: Beauty Sector - The cosmetics market is projected to grow steadily, with the skincare segment being the largest, reaching a market size of 4,619 billion yuan in 2024, and expected to grow at a CAGR of 8.6% from 2024 to 2029 [19] - The high-end cosmetics market is rapidly expanding, with the market size for high-end skincare products increasing from 749 billion yuan in 2019 to 1,144 billion yuan in 2024, reflecting a CAGR of 8.84% [19] - Key companies in the beauty sector include: - **Mao Geping**: Revenue reached 25.88 billion yuan in H1 2025, with a growth rate of 31.28% [23] - **Lin Qingxuan**: Revenue grew to 10.52 billion yuan in H1 2025, marking a 98.28% increase [27] - **Marubi**: Revenue is expected to reach 29.70 billion yuan in 2024, recovering from previous declines [32] Group 3: Medical Aesthetics - The medical aesthetics sector is facing short-term pressure due to cautious consumer spending, but the long-term growth potential remains strong, with a projected CAGR of 10%-15% from 2024 to 2027 [36] - The market penetration rate for medical aesthetics in China is currently at 4-5%, indicating a growth potential of 2-5 times compared to countries like the US and South Korea [36] - Key companies in the medical aesthetics sector include: - **Jinbo Biological**: Achieved revenue of 12.96 billion yuan in Q1-Q3 2025, with a year-on-year growth of 31.10% [45] Group 4: Daily Chemicals - The daily chemical industry is benefiting from domestic demand policies, with local brands poised to capture market share [49] - Companies such as **Dengkang Oral Care** and **Runben** are highlighted for their strong market positions and growth potential [51][55] - **Shanghai Jahwa** has shown significant growth, with revenue reaching 49.61 billion yuan in Q1-Q3 2025, reflecting a 10.83% increase [59] Group 5: Home Furnishing - The home furnishing sector is under pressure due to weak real estate sales, with a 15% decline in residential investment in 2025 [65] - National subsidies for home appliances and furnishings have provided some support, but the long-term effects are limited [65] - Leading companies such as **Oppein Home** and **Kuka Home** are noted for their strong channel capabilities and multi-category layouts [65]

雅迪控股(01585)盈喜后高开逾3%，截至发稿，涨3.03%，报11.56港元，成交额529.89万港元。 消息面上，1月6日，雅迪控股发布公告，集团预期于截至2025年12月31日止年度录得的纯利不少于人民 币29亿元，而2024年同期录得的纯利则为人民币12.7亿元。预期纯利增加乃主要由于电动两轮车销售增 加及优化产品结构所致。 ...

消息面上，1月6日，雅迪控股发布公告，集团预期于截至2025年12月31日止年度录得的纯利不少于人民 币29亿元，而2024年同期录得的纯利则为人民币12.7亿元。预期纯利增加乃主要由于电动两轮车销售增 加及优化产品结构所致。 智通财经APP获悉，雅迪控股(01585)盈喜后高开逾3%，截至发稿，涨3.03%，报11.56港元，成交额 529.89万港元。 ...

Major Events - Brain动极光-B (06681) signed important business cooperation agreements with Peking University Sixth Hospital and Shandong Mental Health Center [1] - Cohere New Energy (00182) successfully completed a secondary listing on the Singapore Stock Exchange [1] - Bole康视云-B (02592) submitted a clinical trial application for the new drug CBT-009 to the Drug Evaluation Center [1] - Yingtong Holdings (06883) established a partnership with the Italian high-end fragrance brand CULTI to strengthen its high-end fragrance distribution network in China [1] - Weimeng Group (02013) initiated a business cooperation with Taobao Flash Purchase [1] - Dali普控股 (01921) officially became a qualified supplier for Saudi Aramco [1] - Yiming Anke-B (01541) regained global rights for IMM2510 and IMM27M [1] - Yuexiu Property (00123) subsidiary Shanghai Yuheng won a land parcel in Shanghai's Pudong New District [1] Operating Performance - Jinxin Reproductive (01951) reported a further narrowing of the overall decline in IVF egg retrieval cycles to -1.4% for 2025 [1] - Poly Real Estate Group (00119) achieved a cumulative contract sales amount of approximately 50.2 billion yuan for 2025, a year-on-year decrease of 7.38% [1] - Yadea Holdings (01585) issued a profit warning, expecting annual net profit to be no less than 2.9 billion yuan [1] - Jindi Commercial Real Estate (00535) reported a cumulative contract sales total of approximately 10.696 billion yuan for 2025, a year-on-year decrease of 47.33% [1] - Greentown Management Holdings (09979) estimated the construction fee for newly developed projects in 2025 to be 9.35 billion yuan, a year-on-year increase of approximately 0.4% [1] - Sunac China (01918) achieved a cumulative contract sales amount of approximately 36.84 billion yuan for 2025, a year-on-year decrease of 21.85% [1]

经济观察网雅迪控股在港交所公告称，预期于截至2025年12月31日止年度录得的纯利不少于人民币29亿 元，而2024年同期录得的纯利则为12.7亿元，预期纯利增加乃主要由于电动两轮车销售增加及优化产品 结构所致。 ...

雅迪控股(01585)发布公告，集团预期于截至2025年12月31日止年度录得的纯利不少于人民币29亿元， 而2024年同期录得的纯利则为人民币12.7亿元。预期纯利增加乃主要由于电动两轮车销售增加及优化产 品结构所致。 ...

格隆汇1月6日丨雅迪控股(01585.HK)发布公告，集团预期于截至2025年12月31日止年度录得的纯利不少 于人民币29亿元，而2024年同期录得的纯利则为人民币12.7亿元。预期纯利增加主要由于电动两轮车销 售增加及优化产品结构所致。 ...

智通財經APP訊，雅迪控股(01585)發佈公告，集團預期於截至2025年12月31日止年度錄得的純利不少於 人民幣29億元，而2024年同期錄得的純利則爲人民幣12.7億元。預期純利增加乃主要由於電動兩輪車銷 售增加及優化產品結構所致。 ...