Group 1: Influenza Situation - The influenza activity in China has reached an epidemic level, with most provinces reporting a rapid increase in cases [1] - The latest report indicates that flu-like cases in sentinel hospitals have reached the highest proportion in nearly four years, with northern provinces showing higher rates than southern ones [1] - A total of 955 flu-like outbreaks were reported nationwide, with 741 caused by the H3N2 strain [1] Group 2: Stock Market Overview - The U.S. stock market experienced gains, with the Dow Jones Industrial Average rising by 314.67 points, or 0.67%, to close at 47,427.12 points [2] - The S&P 500 and Nasdaq also saw increases of 46.73 points (0.69%) and 189.1 points (0.82%), respectively [2] - Retail stocks strengthened ahead of the Black Friday shopping season, with Walmart reaching a historic high [2] Group 3: Hong Kong Real Estate Market - The private residential property price index in Hong Kong rose by 0.4% in October, marking five consecutive months of increases [3] - The latest index does not yet reflect the positive impacts of recent interest rate cuts and significant agreements reached during the U.S.-China summit [3] Group 4: Financial Innovations - The Industrial and Commercial Bank of China has successfully conducted offshore foreign currency tri-party repurchase transactions, becoming the first domestic bank to participate in this international market [4] - This innovation enhances the bank's pricing power and operational efficiency while reducing risks and costs associated with traditional bilateral repurchase agreements [4] Group 5: AI Product Launch - Meituan has launched its first AI IDE product, CatPaw, which focuses on agent-driven programming and includes features like code completion and project debugging [5] Group 6: Pharmaceutical Approvals - Boan Biotech's Abicipar injection has received approval for marketing in China, targeting age-related macular degeneration and diabetic macular edema [6] - Eucan Vision Biotech's OT-702, a biosimilar to EYLEA, has also been approved for the same indications in China [7] Group 7: Financial Performance - Haidilao's overseas business reported a revenue of $214 million for Q3, reflecting a year-on-year growth of 7.8% [8] - Yao Cai Securities reported a net profit of HKD 327 million for the six months ending September 30, marking a 4.77% increase year-on-year [9] - NIO's Q3 revenue reached RMB 21.79 billion, with a strong delivery growth of 40.8% year-on-year, and a Q4 revenue guidance of RMB 32.758 billion to RMB 34.039 billion [10] Group 8: Debt Restructuring - Ocean Group's debt restructuring plan for seven domestic bonds, totaling approximately RMB 13.05 billion, has been approved by bondholders [11] Group 9: New Stock Performance - The new Hong Kong stock Quantitative Party saw a nearly 200% increase in its dark market trading, reflecting strong investor interest [12] Group 10: Company Earnings - Alibaba Health reported a net profit of RMB 1.266 billion for the six months ending September 30, a 64.7% increase year-on-year, with total revenue of RMB 16.697 billion [13]

Short Selling Ratios - Geely Automobile-R (80175), Kuaishou-WR (81024), and JD Health-R (86618) have the highest short selling ratios at 100.00% each [1][2] - China Ping An-R (82318) has a short selling ratio of 89.61%, while SenseTime-WR (80020) and China Resources Beer-R (80291) follow with 89.27% and 75.13% respectively [2] Short Selling Amounts - Alibaba-SW (09988) leads in short selling amount with 3.768 billion, followed by Meituan-W (03690) at 2.272 billion and Xiaomi Group-W (01810) at 1.584 billion [3] - Tencent Holdings (00700) and AIA Group (01299) also feature in the top five with short selling amounts of 1.242 billion and 0.582 billion respectively [3] Short Selling Deviation Values - China Ping An-R (82318) has the highest deviation value at 64.42%, indicating significant divergence from its historical short selling average [4] - Geely Automobile-R (80175) and Kuaishou-WR (81024) follow with deviation values of 56.33% and 40.21% respectively [4] - Baidu Group-SWR (89888) also shows a notable deviation value of 36.29% [4]

Market Overview - The Hang Seng Index (HSI) closed at 25,936.51, up by 8.43 points or 0.03% on November 26 [1] - The index reached a high of 26,078.75 and a low of 25,801.83 during the trading session, with a trading volume of 61.01 million shares [1] Stock Performance - Major blue-chip stocks showed mixed performance, with HSBC Holdings closing at HKD 109.799, up by 2.04% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 614.101, down by 0.87% compared to the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) reported a price of HKD 619.500, down by HKD 5.500 or 0.88%, with an ADR price of USD 614.101, reflecting a decrease of 0.87% [3] - Alibaba Group (09988) saw a decline of HKD 3.000 or 1.90%, with a latest price of HKD 154.800 and an ADR price of USD 153.233, down by 1.01% [3] - HSBC Holdings (00005) increased by HKD 0.800 or 0.75%, with a latest price of HKD 107.600 and an ADR price of USD 109.799, up by 2.04% [3] - AIA Group (01299) rose by HKD 1.450 or 1.83%, with a latest price of HKD 80.700 and an ADR price of USD 81.128, up by 0.53% [3] - Meituan (03690) increased significantly by HKD 5.550 or 5.65%, while other stocks like Baidu (09888) and Kuaishou (01024) experienced declines of 2.05% and 2.83% respectively [3]

Core Points - The Hang Seng Index rose by 0.13% to close at 25,928.08 points on November 26, with a net southbound capital outflow of HKD 39.52 billion through the Stock Connect [1][3] - The total trading volume for the Stock Connect on November 26 was HKD 917.88 billion, with a net outflow of HKD 39.52 billion [1][3] Trading Activity Summary - In the Shanghai Stock Connect, the trading volume was HKD 548.48 billion, with a net outflow of HKD 14.33 billion [1] - In the Shenzhen Stock Connect, the trading volume was HKD 369.40 billion, with a net outflow of HKD 25.18 billion [1] Active Stocks - Alibaba-W was the most actively traded stock in the Shanghai Stock Connect, with a trading volume of HKD 81.62 billion and a net inflow of HKD 7.51 billion, despite a closing price drop of 1.90% [1][2] - In the Shenzhen Stock Connect, Alibaba-W also led with a trading volume of HKD 51.54 billion and a net inflow of HKD 7.77 billion, with the same closing price drop of 1.90% [2] - Tencent Holdings had the highest net outflow in the Shenzhen Stock Connect, amounting to HKD 11.65 billion, with a closing price decrease of 0.88% [2] - Meituan-W and Xiaomi Group-W also featured prominently in trading, with respective trading volumes of HKD 36.34 billion and HKD 22.55 billion in the Shanghai Stock Connect [1][2]

Core Insights - Meituan has launched a pilot project called "Rider Apartments" to provide affordable housing for delivery riders in Beijing, with the first batch of apartments located in the Tian Tan South neighborhood [1][5] - The initiative aims to improve living conditions for riders, offering subsidized rent significantly lower than the market rate, with additional amenities included [5][6] Group 1: Housing Initiative - The first "Rider Apartments" have been established, with riders paying a monthly rent of 700 yuan after subsidies, compared to approximately 1500 yuan for similar accommodations in the area [5] - The apartments are designed to accommodate various types of riders, providing different room configurations and essential amenities such as independent showers, washing machines, and 24-hour hot water [5][6] - The project is expected to meet the housing needs of over 600 riders in major cities like Beijing, Shenzhen, and Chongqing [5] Group 2: Rider Experience - Riders report improved living conditions, with larger, cleaner, and quieter rooms compared to previous accommodations, leading to a better quality of life [3][5] - The communal living environment allows riders to support each other, reducing psychological burdens associated with living alone [5] Group 3: Future Plans - Meituan plans to invest 10 billion yuan over the next five years to enhance rider welfare, extending support from work to personal life and families [6]

Core Viewpoint - The Hong Kong stock market is experiencing a rally driven by AI-related stocks, with the Hong Kong Internet ETF (513770) showing a three-day consecutive increase, closing up 0.18% [1] Group 1: ETF Performance - The Hong Kong Internet ETF (513770) saw a peak increase of over 1% during the trading session, ultimately closing with a slight gain [1] - The ETF has accumulated a total inflow of 114 million yuan over the past five days, indicating strong investor interest [5] Group 2: Company Performance - Alibaba's stock fluctuated, initially dropping over 2% but later recovering before closing down 1.9%, attributed to increased investments in Taobao Flash Sale and AI business, leading to a decline in operating profit for Q3 [1][3] - Alibaba Cloud achieved a revenue of over 39.8 billion yuan in Q3, marking a 34% year-on-year growth, surpassing market expectations [3] - Meituan-W led the market with a 5.65% increase, as Alibaba announced a halt in the expansion of Taobao Flash Sale, boosting market expectations for Meituan's profitability recovery [3] Group 3: Market Trends - Omdia reported that Alibaba Cloud holds a 35.8% market share in China's AI cloud market, significantly outpacing its competitors [3] - The Hong Kong stock market is seen as a unique bridge connecting Chinese innovation with global capital, with a focus on technology giants in AI, cloud computing, and semiconductors [4] - The current valuation of the Hong Kong Internet ETF is at a historical low, with a price-to-earnings ratio of 21.93, compared to 37.72 for the ChiNext Index and 34.75 for the Nasdaq 100, highlighting its attractiveness [4][5] Group 4: ETF Composition - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, heavily weighted towards leading internet companies, with Alibaba, Tencent, and Xiaomi making up over 45% of the total weight [7] - The ETF has a total scale exceeding 10 billion yuan, with an average daily trading volume of over 600 million yuan, indicating good liquidity [7]

Core Viewpoint - Multiple trust companies have disclosed their lists of internet lending business cooperation institutions, following the regulatory guidelines issued by the National Financial Supervision Administration, which mandates a list management system for platform operators and credit enhancement service providers [1][4]. Group 1: Disclosure of Cooperation Institutions - At least 16 trust companies, including Zhongcheng Trust, CITIC Trust, and Huaneng Trust, have publicly announced their cooperation institutions for internet lending on their official websites [1]. - The disclosed cooperation institutions primarily consist of platform operating entities and credit enhancement service providers, with a focus on platform operating entities [4]. Group 2: Key Players in Internet Lending - Notable companies frequently appearing in the cooperation lists include Ant Group's Ant Zhixin (Hangzhou) Information Technology Co., Ltd., and Meituan-related companies such as Chongqing Meituan San Kuai Small Loan Co., Ltd. [4]. - The cooperation with these entities reflects the evolving landscape of trust companies' lending operations amid stringent regulations [4]. Group 3: Market Context and Trends - The trust companies' lending business is rapidly evolving under strong regulatory oversight, connecting their transformation needs with the vast consumer finance market [4]. - Consumer finance aligns with national policies aimed at boosting domestic demand, making it a crucial area for trust companies' transformation efforts [4]. Group 4: Advantages and Disadvantages of Trust Companies - Trust companies possess flexible transaction structure design capabilities, allowing them to engage deeply in asset securitization (ABS) models to lower funding costs [5]. - However, they face challenges such as higher funding costs compared to banks, reliance on partner institutions for customer acquisition and risk control, and high complaint rates leading to compliance and reputational risks [5].

Core Insights - On November 26, 2025, Alibaba-W (09988), Meituan-W (03690), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 81.62 billion, 36.34 billion, and 22.55 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 51.54 billion, 23.41 billion, and 22.22 billion respectively [1][2] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 81.62 billion with a net buying amount of +7.51 billion [2] - Meituan-W (03690) recorded a trading amount of 36.34 billion with a net selling amount of -4.03 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 22.55 billion with a net buying amount of +5.25 billion [2] - Other notable companies included SMIC (00981) with a trading amount of 19.98 billion and a net selling amount of -2.47 billion, and Tencent Holdings (00700) with a trading amount of 13.88 billion and a net selling amount of -14.37 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 51.54 billion with a net buying amount of +7.77 billion [2] - Tencent Holdings (00700) recorded a trading amount of 23.41 billion with a net selling amount of -11.65 billion [2] - Xiaomi Group-W (01810) achieved a trading amount of 22.22 billion with a net selling amount of -6.49 billion [2] - Other significant companies included Meituan-W (03690) with a trading amount of 21.86 billion and a net buying amount of +36.17 million, and SMIC (00981) with a trading amount of 10.03 billion and a net selling amount of -4.21 million [2]

Market Overview - The Hong Kong stock market saw all major indices rise, with the Hang Seng Index up 0.13% to 25,928.08 points, the Hang Seng Tech Index up 0.11% to 5,618.36 points, and the Hang Seng China Enterprises Index up 0.04% to 9,162.37 points, with a total market turnover of HKD 207.08 billion [1] - Among the Hang Seng Index constituents, 51 stocks rose while 32 fell, with Meituan leading the blue-chip stocks with a 5.65% increase [1] Individual Stock Performance - Alibaba's stock saw a turnover of HKD 17.256 billion, down 1.90%, primarily due to a 72% year-on-year decline in adjusted net profit for Q2 of the fiscal year 2026 [2] - Meituan's stock had a turnover of HKD 13.327 billion, rising 5.65%, while Tencent Holdings experienced a turnover of HKD 8.976 billion, down 0.88% [2] Sector Performance - The healthcare sector index rose by 1.04%, while the telecommunications sector index increased by 0.52% [2] - The materials sector index fell by 1.09%, and the information technology sector index decreased by 0.58% [2] Meituan's Stock Movement - Meituan's stock surged by as much as 7.07% on November 25, closing at HKD 103.80 per share, following Alibaba's announcement to scale back its investment in Taobao Flash Sales, which positively impacted the food delivery competition landscape [3] - Meituan is expected to report its Q3 earnings on November 28, with market speculation suggesting it may face its first quarterly loss in over three years due to "irrational competition" eroding most of its profits for the quarter [3] Biotechnology Sector - The biotechnology sector has seen a rebound for the third consecutive day, with the Hang Seng Biotechnology Index rising by 1.25% [4] - Notable performers in the biotechnology sector include Kangfang Biotech, which rose by 3.97%, and Sanofi Biotech, which increased by 3.75% [7] Investment Trends in Healthcare - According to a report by CICC (Hong Kong), the global healthcare capital market has shown a recovery trend, with total financing in October reaching approximately USD 112 billion, marking a new high for the year [8] - The report highlights significant mergers and acquisitions in the medical device sector in October, indicating a focus on strategic core business enhancements and high-growth potential niche markets [9]

Market Overview - The Hong Kong stock market experienced a slight increase, with the Hang Seng Index rising 0.13% to close at 25,928.08 points, while the total trading volume reached 2,070.78 million HKD [1] - Short-term risk factors for the Hong Kong market are decreasing, but a catalyst is needed for a confirmed rebound. The current position is considered attractive for medium to long-term investment [1] Blue Chip Performance - Meituan-W (03690) led the blue-chip stocks, rising 5.65% to 103.8 HKD, contributing 47.97 points to the Hang Seng Index. Alibaba's CFO indicated a significant reduction in investment for Taobao Flash Sales in the upcoming quarter, suggesting a "temporary truce" [2] - Other notable blue-chip movements include ZTO Express-W (02057) up 4.24%, Shenzhou International (02313) up 3.2%, while Chow Tai Fook (01929) fell 6.1% [2] Sector Performance Technology Sector - The technology sector showed mixed results, with Meituan rising over 5%, while Alibaba fell nearly 2% post-earnings, exacerbating e-commerce concerns. Tencent also saw a decline of 0.88% [3] Paper Industry - The paper industry stocks performed well, with Nine Dragons Paper (02689) up 5% and Lee & Man Paper (02314) up 4.88%. Several major paper companies announced price adjustments for various paper types, with increases ranging from 50 to 200 CNY per ton [3] Aviation Sector - Airline stocks rebounded, with China Eastern Airlines (00670) up 6.96% and Air China (00753) up 4.2%. The strengthening of the RMB and expectations of reduced oil prices contributed to this rebound [4] Innovative Pharmaceuticals - The innovative pharmaceutical sector showed strong performance, with Hengrui Medicine (01276) up 4.55% and Kangfang Bio (09926) up 3.97%. Analysts remain optimistic about the sector's fundamentals and growth potential [5] Consumer Sector - Consumer stocks were active, with Miniso (09896) up 2.64% and Pop Mart (09992) up 2.2%. The government has introduced a plan to enhance consumer goods supply and demand, aiming for significant improvements by 2027 [6] Notable Stock Movements - Yao Cai Securities Financial (01428) rose 5.73% after extending its acquisition offer deadline with Ant Group [7] - Changfei Optical Fiber (06869) increased by 4.77%, benefiting from negotiations with Meta and Google regarding data center chip usage [8] - Pony.ai (02026) saw a 4.37% increase, reporting significant revenue growth and profitability in its Robotaxi business [9] - Chow Tai Fook (01929) fell 6.1% post-earnings, reporting a slight decrease in revenue but a marginal increase in profit [10]