Market Performance - The Hang Seng Index (HSI) rose by 8 points or 0.03% to close at 26,347 points, after fluctuating between a low of 26,256 points and a high of 26,445 points during the day[1] - The Shanghai Composite Index increased by 54 points or 1.4%, closing at 4,023 points, with a total trading volume of 1.07 trillion yuan[2] - The S&P 500 Index gained 43 points or 0.6%, reaching a new high of 6,902 points[2] Currency and Economic Indicators - The RMB/USD central parity rate was adjusted up by 58 points to 7.0230[2] - The ISM Manufacturing PMI for December fell to 47.9, marking the lowest level since October 2024, and below the market expectation of 48.3[3] Corporate Developments - China National Airlines sold 108 million shares of Cathay Pacific at a price of 12.22 HKD per share, a 6.6% discount to the closing price, raising approximately 1.32 billion HKD[5] - Chifeng Jilong Gold Mining expects a net profit of 3 to 3.2 billion RMB for 2025, an increase of 70%-81% year-on-year, driven by a 49% rise in gold product prices[5] - Hon Hai Precision Industry reported a 22% year-on-year increase in Q4 revenue to 2.6 trillion TWD (approximately 82.6 billion USD), exceeding analyst expectations[6]

Market Performance - The Hang Seng Index (HSI) rose by 707 points or 2.8%, closing at 26,338 points on the first trading day of 2026[1] - The Hang Seng Tech Index increased by 220 points or 4%, finishing at 5,736 points[1] - The total market turnover for the day was HKD 140.864 billion[1] US Market Trends - The Dow Jones Industrial Average gained 319 points or 0.7%, closing at 48,382 points[1] - The S&P 500 index rose by 12 points or 0.2%, ending at 6,858 points[1] - The Nasdaq Composite experienced a slight decline, dropping 6 points to close at 23,235 points after a peak increase of 343 points[1] Currency and Commodity Insights - The offshore RMB reached a new high since May 2023, reflecting positive market sentiment[2] - International aluminum prices surpassed USD 3,000 per ton for the first time since 2022, driven by supply concerns and strong demand forecasts[3] - The price of aluminum increased by 0.7% to USD 3,015.5 per ton, marking a 17% rise over the previous year[3] Economic Developments - OPEC+ confirmed the suspension of production increase plans for January to March 2026, maintaining daily oil production targets raised by approximately 2.9 million barrels[2] - The Chinese currency index rose by 0.35 to 97.99, indicating a strengthening of the RMB against a basket of currencies[2]

Market Performance - The Hang Seng Index (HSI) rose by 219 points or 0.9%, closing at 25,854 points[1] - The National Index increased by 99 points or 1.1%, closing at 8,991 points[1] - The Hang Seng Tech Index gained 95 points or 1.7%, closing at 5,578 points[1] - Total market turnover was HKD 199.769 billion[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted down by 17 points to 7.0348[1] - The People's Bank of China conducted a 312.5 billion RMB reverse repo operation at a rate of 1.4%[1] - A net injection of 253.2 billion RMB was recorded after 59.3 billion RMB reverse repos matured[1] U.S. Market Trends - The S&P 500 index fell by 9 points to 6,896 points, marking its third consecutive day of decline[2] - The Nasdaq dropped by 55 points or 0.2% to 23,419 points[2] - The Dow Jones Industrial Average decreased by 94 points or 0.2%, closing at 48,367 points[2] Real Estate and Automotive Policies - New VAT policy for personal housing sales effective January 1: 3% for properties held less than two years, exempt for those held for two years or more[2] - New vehicle trade-in subsidy details for 2026 announced, offering up to 15,000 RMB for electric vehicles and 13,000 RMB for fuel-efficient vehicles[3] Corporate Earnings - Zijin Mining Group expects a net profit of USD 1.5-1.6 billion for 2025, a growth of 212%-233% year-on-year due to increased gold production and sales[3] - Zijin Mining also forecasts a net profit of 510-520 billion RMB for 2025, a growth of 59%-62% year-on-year[4] - Ping An Life increased its stake in China Merchants Bank to over 19% of H shares[4]

Market Performance - The Hang Seng Index (HSI) fell by 27 points or 0.11%, closing at 25,774 points after a brief rise to 25,927 points[1] - The National Index dropped by 25 points or 0.29%, ending at 8,913 points[1] - The Hang Seng Tech Index decreased by 37 points or 0.69%, closing at 5,488 points[1] - Total market turnover was HKD 157.131 billion[1] Currency and Economic Indicators - The RMB/USD central parity rate was adjusted up by 49 points to 7.0523, marking a 15-month high[2] - The Shanghai Composite Index rose by 2 points or 0.07%, closing at 3,919 points with a turnover of CNY 806.85 billion[2] - The Shenzhen Component Index increased by 36 points or 0.3%, closing at 13,368 points with a turnover of CNY 1.09 trillion[2] - The ChiNext Index gained 13 points or 0.4%, closing at 3,205 points with a turnover of CNY 493.7 billion[2] U.S. Economic Data - The U.S. GDP annualized growth rate for Q3 was reported at 4.3%, significantly higher than Q2's 3.8% and the previous forecast of 3.3%[3] - The U.S. government announced plans to increase tariffs on semiconductor imports from China by June 2027, with initial rates set to zero for the first 18 months[4] Automotive Market Trends - In November, new car sales in Europe rose by 2.4% year-on-year to 1.1 million units, marking the fifth consecutive month of growth[4] - BYD's new car registrations surged by 221.8%, achieving a market share of 2%, slightly behind Tesla's 2.1%[4]

Market Performance - The Hang Seng Index (HSI) rose by 111 points or 0.4%, closing at 25,801 points after reaching a high of 25,859 points during the day[1] - The Shanghai Composite Index increased by 26 points or 0.7%, closing at 3,917 points, with a total trading volume of 7,898 billion yuan[2] - The S&P 500 Index gained 43 points or 0.6%, closing at 6,878 points[2] Economic Indicators - The People's Bank of China maintained the 5-year and 1-year Loan Prime Rate (LPR) at 1.4%[2] - The Consumer Price Index (CPI) for November 2025 increased by 1.2% year-on-year, matching the previous month's increase[4] - The core inflation rate, excluding government relief measures, was 1% year-on-year, consistent with the previous month[4] Corporate Developments - Hong Kong's IPO market led globally with a total financing amount of 274.6 billion HKD from 106 companies listed as of December 19, 2025[4] - Cathay Pacific expects strong performance in the second half of the year, driven by increased capacity and stable passenger load factors[5] - Tmall reported a high single-digit decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year[6]

Market Performance - Hang Seng Index (恒指) rose by 192 points, closing at 25,690 points, an increase of nearly 0.8%[1] - Shanghai Composite Index (滬指) increased by 14 points, closing at 3,890 points, up 0.4%[2] - S&P 500 gained 59 points, closing at 6,834 points, a rise of approximately 0.9%[2] - Total market turnover in Hong Kong was 221.186 billion HKD[1] Economic Indicators - The People's Bank of China adjusted the RMB/USD central parity rate up by 33 points to 7.0550, the highest in over 14.5 months[2] - The U.S. core CPI in November reached its lowest since early 2021, boosting market expectations for interest rate cuts by the Federal Reserve next year[1] - U.S. consumer confidence index rose from 51 in November to 52.9 in December, indicating slight improvement despite ongoing inflation concerns[3] Monetary Policy - The People's Bank of China maintained the Loan Prime Rate (LPR) for both 1-year and 5-year terms at 3% and 3.5% respectively[4] - The central bank conducted a net injection of 357 billion RMB through reverse repos on December 19[2] Corporate Developments - China Shenhua (中国神华) announced a total transaction value of 133.599 billion RMB, with 30% to be paid via share issuance and 70% in cash[6] - Alibaba's DingTalk is reportedly launching a secret project in the AI hardware sector, potentially introducing new products[5]

根據美國勞工統計局數據顯示，美國 11 月份年度消費者物價指數通脹率意外下 降至 2.7%，低於市場預期的 3.1%增幅，亦低於 9 月份的 3%增幅。核心通脹率 (剔除波動較大的食品和能源價格)為 2.6%。由於聯邦政府停擺，勞工統計局未 有收集 10 月份的調查數據。 政務司副司長卓永興見就大埔宏福苑援助基金會見傳媒時公布，政府將向宏福 苑受影響業主發放每年 15 萬元租金補助，為期兩年，每半年發放一次，首筆補 助將於下周一(22 日)開始發放。另外，業主及租戶都可以獲一次性 5 萬元搬遷 補助，以物業單位為基礎。至 17 日為止，大埔宏福苑援助基金已收到的外界捐 款約 35 億元，連同政府投入的三億元啟動資金，基金總額約為 38 億元。 美團-W(03690.HK) 旗下美團外賣宣布，華語樂壇天王周杰倫出任品牌代言人。 這是周傑倫首次涉足外賣領域代言，也是美團繼 2023 年簽約劉亦菲後迎來的又 一極具影響力的代言人。 重要通知及免責聲明 港股點評 2025年12月19日9:30 a.m 恒指升 29 點，滬指升 6 點，標普 500 升 53 點 港股個別發展，恒指低開 137 點，初段跌 207 點 ...

Market Performance - The Hang Seng Index (HSI) rose by 233 points or 0.9%, closing at 25,468 points, driven by gains in the mainland market[1] - The Shanghai Composite Index increased by 45 points or 1.2%, closing at 3,870 points, with a total turnover of 766.8 billion yuan[2] - The total market turnover in Hong Kong decreased to 183.141 billion yuan[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 29 points to 7.0573[2] - The People's Bank of China conducted a 468 billion yuan reverse repo operation at a rate of 1.4%, resulting in a net withdrawal of 143 billion yuan for the day[2] Real Estate Financing - In November, the total bond financing in the real estate sector reached 62.04 billion yuan, a year-on-year increase of 28.5%[3] - The average bond financing interest rate was 2.66%, down by 0.07 percentage points year-on-year[3] Technology Development - Chinese scientists have built a prototype extreme ultraviolet lithography (EUV) machine, aiming to produce operational chips by 2030[4] Strategic Partnerships - Minth Group announced a strategic cooperation agreement with a leading Chinese robotics company to develop intelligent robots in Europe over three years[5] - China Duty Free Group won the operating rights for duty-free shops at Shanghai Pudong and Hongqiao airports for a period of 5+3 years starting in 2026[5]

Report Summary 1. Market Performance - The Hang Seng Index dropped 347 points or 1.3% to close at 25,628, the China Enterprises Index fell 161 points or 1.8% to 8,917, and the Hang Seng Tech Index declined 139 points or 2.5% to 5,498. The total turnover of the market was HK$204.289 billion [1]. - A - share market: The Shanghai Composite Index fell 21 points or 0.6% to 3,867 with a turnover of RMB764.61 billion; the Shenzhen Component Index dropped 146 points or 1.1% to 13,112 with a turnover of RMB1.01 trillion; the ChiNext Index declined 56 points or 1.8% to 3,137 with a turnover of RMB466.79 billion [2]. - US stocks: The Dow Jones Industrial Average fell 41 points or less than 0.1% to 48,416; the S&P 500 Index dropped 10 points or 0.2% to 6,816; the Nasdaq Composite Index declined 137 points or 0.6% to 23,057 [2]. 2. Central Bank Operations - The People's Bank of China conducted 130.9 billion yuan of seven - day reverse repurchase operations on the 15th, with an operating rate of 1.4%. There were 122.3 billion yuan of reverse repurchases due, resulting in a net injection of 8.6 billion yuan [2]. 3. Cryptocurrency Market - Bitcoin fell below $86,000 for the first time in two weeks, dropping 3.7% to $85,171 at one point, about 30% lower than its record high of over $126,000 in early October. It was last quoted at $86,400, down 2.3%. Ethereum and Ripple (XRP) each fell about 4%. Related stocks such as Strategy (MSTR.US) and Coinbase (COIN.US) dropped 8.1% and 6.4% respectively [3]. 4. Stock Exchange Application - Nasdaq has applied to the US Securities and Exchange Commission (SEC) to extend stock trading hours to 23 hours a day, with the additional trading session from 9 p.m. to 4 a.m. Eastern Time, aiming to meet the needs of global investors [3][4]. 5. Hong Kong Trade Data - In October this year compared with the same period last year, Hong Kong's total volume of goods exports and imports increased by 14.6% and 15.7% respectively. The overall export and import prices of goods rose by 2.4% and 2.3% respectively. The terms - of - trade index rose 0.2% in October this year compared with the same period last year and remained largely unchanged in the first ten months of this year [4].

Market Performance - The Hang Seng Index (HSI) rose by 446 points or 1.75%, closing at 25,976 points[1] - The Shanghai Composite Index increased by 16 points or 0.4%, ending at 3,889 points[1] - The S&P 500 index fell by 73 points or 1.1%, closing at 6,827 points[2] Trading Volume - The total trading volume in the Hong Kong market was HKD 242.657 billion[1] - The trading volume for the Shanghai Composite Index was CNY 909.95 billion[1] - The Shenzhen Component Index recorded a trading volume of CNY 1.18 trillion[1] Currency and Monetary Policy - The People's Bank of China (PBOC) adjusted the RMB/USD midpoint up by 48 points to 7.0638[1] - The PBOC conducted a reverse repurchase operation of CNY 120.5 billion at an interest rate of 1.4%[1] - The net withdrawal for the day was CNY 19.3 billion due to CNY 139.8 billion reverse repos maturing[1] Loan and Financing Data - As of the end of November, the total outstanding RMB loans amounted to CNY 274.84 trillion, growing by 6.3% year-on-year[2] - The total social financing scale increased by CNY 33.39 trillion in the first 11 months, exceeding market expectations[4] - The net financing of corporate bonds was CNY 2.24 trillion, an increase of CNY 312.5 billion year-on-year[4]