Market Performance - The three major US stock indices closed mixed, with the Dow Jones down 0.07% at 47,850.94 points, the S&P 500 up 0.11% at 6,857.12 points, and the Nasdaq up 0.22% at 23,505.14 points [1] - Popular tech stocks showed mixed performance, with Meta rising over 3% and Nvidia up over 2%, while Amazon and Apple fell over 1% [1] - Popular Chinese concept stocks also had mixed results, with NIO up over 4% and XPeng up over 3%, while Baidu and Bilibili rose over 1%, and Miniso and Yum China fell over 1% [1] - European stock indices all closed higher, with Germany's DAX up 0.87% at 23,899.33 points, France's CAC40 up 0.43% at 8,122.03 points, and the UK's FTSE 100 up 0.19% at 9,710.87 points [1] Commodity Prices - US oil main contract rose 1.27% to $59.7 per barrel, while Brent crude main contract increased 1.04% to $63.32 per barrel [1] - International precious metal futures closed mixed, with COMEX gold futures up 0.13% at $4,237.9 per ounce, and COMEX silver futures down 1.86% at $57.53 per ounce [1] - London base metals showed mixed results, with LME lead up 0.85% at $2,016.00 per ton, LME zinc up 0.65% at $3,085.00 per ton, and LME nickel up 0.08% at $14,885.00 per ton, while LME aluminum down 0.33% at $2,887.50 per ton, LME copper down 0.47% at $11,434.00 per ton, and LME tin down 0.59% at $40,540.00 per ton [1] Bond Yields - US Treasury yields collectively rose, with the 2-year yield up 3.71 basis points at 3.521%, the 3-year yield up 4.78 basis points at 3.545%, the 5-year yield up 4.51 basis points at 3.673%, the 10-year yield up 3.48 basis points at 4.098%, and the 30-year yield up 2.39 basis points at 4.755% [1] - European bond yields mostly increased, with the UK 10-year yield down 1.3 basis points at 4.433%, Germany's 10-year yield up 2.4 basis points at 2.769%, Italy's 10-year yield up 2.2 basis points at 3.466%, and Spain's 10-year yield up 2.6 basis points at 3.243% [1]

第 1 頁 共 12 頁 v 1.1.1 | 3. 股份分類 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09626 | 說明 | Z類 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 9,800,000,000 USD | | | 0.0001 | USD | | 980,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 9,800,000, ...

Core Viewpoint - Citigroup's long position in Bilibili Inc. decreased from 6.05% to 5.99% as of November 28, 2025 [1] Summary by Category - **Company Holdings** - Citigroup's stake in Bilibili Inc. has been reduced, indicating a slight decrease in their investment interest [1]

哔哩哔哩(BILI.US)美股盘前涨3%。消息上，年关将至，2025年游戏行业也即将拉下帷幕，据GameLook 统计，12月预计有13款新游上线。这其中有好几款产品都是来自大厂，包括B站久违的代理发行的二次 元产品《嘟嘟脸恶作剧》。这款游戏是由韩国厂商EPIDGAMES开发，在2023年上线韩国本地的一款二 游（英文名：Trickcal Revive），游戏在韩服的表现还算不错曾经闯入过韩国二游市场月度收入前十 名。 ...

Core Viewpoint - The Hong Kong technology stocks experienced a strong upward trend before noon, with notable gains from several companies in the sector [1] Group 1: Company Performance - Trip.com Group saw an increase of over 3% in its stock price [1] - Meituan also reported a rise of more than 3% [1] - Bilibili and Xiaomi Group both experienced gains exceeding 2% [1]

Core Viewpoint - The majority of popular Chinese concept stocks experienced a decline, with the Nasdaq Golden Dragon China Index falling by 0.77% on December 3rd [1] Company Performance - Alibaba and Bilibili both saw their stock prices drop by over 2% [1] - NIO, NetEase, Baidu, and JD.com all experienced declines of over 1% [1]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index falling by 1.28% to close at 25,760.73 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index dropped by 1.68% and 1.58%, respectively [1][2]. Sector Performance - Major technology stocks and large financial stocks collectively dragged down market sentiment, with notable declines in companies like Bilibili (-3%), NetEase (-2.94%), and Alibaba (-2.17%) [4][5]. - The financial sector also faced losses, particularly in insurance stocks, with China Pacific Insurance down by 4% and China Life Insurance down by over 3% [6]. - The biopharmaceutical sector saw declines, with WuXi AppTec falling by over 3% and other major players like BeiGene and WuXi Biologics also experiencing losses [7]. Commodity and Other Stocks - In contrast, stocks in the non-ferrous metals and precious metals sectors performed well, with China Molybdenum and China Aluminum rising by over 2% [8]. - Airline stocks strengthened, with China Eastern Airlines and China Southern Airlines both gaining over 2%, supported by a new action plan promoting the integration of cultural tourism and civil aviation [9]. Capital Flows - Southbound capital saw a net inflow of 2.279 billion HKD, indicating continued interest in Hong Kong stocks from mainland investors [9]. Future Outlook - Analysts suggest that the current market adjustments may create opportunities for recovery in 2026, with expectations of a necessary interest rate cut in December due to rising unemployment and declining real wages [11].

Group 1 - The Nasdaq China Golden Dragon Index fell by 0.65% on December 3rd, indicating a downward trend in popular Chinese concept stocks [1] - Notable gainers included Atour, which rose over 5%, and Tiger Securities, which increased by over 2% [1] - Significant decliners included XPeng Motors, which dropped over 7%, and iQIYI, which fell over 3%, along with NIO, Global Data, and Bilibili, each declining over 2% [1] Group 2 - Alibaba, NetEase, and ZTO Express each experienced a decline of over 1% [1]

Core Viewpoint - The Shanghai Municipal Cyberspace Administration, in collaboration with various departments, has initiated a special action to regulate the online dissemination of real estate information, addressing misinformation and illegal activities in the real estate sector [1]. Group 1: Regulatory Actions - The special action has led to the identification and removal of over 40,000 pieces of illegal and harmful information related to the real estate market from platforms like Xiaohongshu and Bilibili [1]. - A total of 70,000 accounts related to real estate violations have been dealt with, along with over 1,200 live streaming rooms [1]. Group 2: Typical Cases of Violations - Case 1: Some accounts have been promoting listings with phrases like "internal sources" and "far below market price," misleading users into private consultations with significantly low price tags [3]. - Case 2: Certain accounts have exaggerated interpretations of real estate policies, using phrases such as "the market is about to crash" and "future purchases will be impossible," creating panic among users [5]. - Case 3: Accounts have used fake property images and fabricated transaction information to create a false impression of available listings, misleading users about the authenticity of the properties [7]. - Case 4: Some accounts have distorted interpretations of the Shanghai real estate market through live broadcasts, misrepresenting certain areas and misleading market expectations [10]. Group 3: Future Actions - The Shanghai Municipal Cyberspace Administration plans to maintain a high-pressure regulatory environment and increase efforts to combat online chaos in the real estate sector, aiming to standardize the dissemination of real estate information [10].

Core Viewpoint - The Shanghai Municipal Cyberspace Administration, in collaboration with various departments, has initiated a special action to regulate the dissemination of online real estate information, targeting misinformation and harmful content related to the housing market [1] Group 1: Regulatory Actions - The special action commenced on November 14, focusing on cleaning up online platforms from negative narratives about the real estate market and misinterpretations of housing policies [1] - Over 40,000 pieces of harmful information related to the real estate sector have been identified and removed from platforms such as Xiaohongshu and Bilibili [1] - A total of 70,000 accounts related to real estate violations have been dealt with, along with more than 1,200 problematic live streaming rooms [1]