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]

Market Performance - The Hang Seng Index (HSI) closed at 25,530 points, down 10 points or less than 0.1%[1] - The Shanghai Composite Index (SSE) fell 27 points or 0.7%, closing at 3,873 points[1] - The total market turnover in Hong Kong was HKD 182.48 billion[1] Currency and Monetary Policy - The People's Bank of China adjusted the RMB/USD central parity rate up by 67 pips to 7.0686[1] - A total of CNY 118.6 billion in seven-day reverse repos was conducted at a steady rate of 1.4%[1] - There was a net withdrawal of CNY 62.2 billion for the day due to CNY 180.8 billion in reverse repos maturing[1] Automotive Market Insights - The Chinese passenger car market is expected to see a vehicle replacement scale exceeding CNY 180 billion in 2025, with tax incentives for new energy vehicles at 10%[2] - In November, car exports reached 728,000 units, a month-on-month increase of 9.3% and a year-on-year increase of 48.5%[3] - The total number of car exports from China for the first eleven months of the year was 6.343 million units, reflecting an annual growth of 18.7%[3] Business Sentiment - 48.3% of surveyed Hong Kong businesses have a positive outlook for the next 12 months, a significant increase from 18.3% last year[3] - Only 15.3% of companies expressed a pessimistic view for 2026, down from 44.3% the previous year[3] - The Hong Kong General Chamber of Commerce forecasts a real economic growth of 2.7% for 2026, with an overall inflation rate of 1.8%[3]

Market Performance - The Hang Seng Index (HSI) rose by 106 points or 0.4%, closing at 25,540 points after a low of 25,257 points during the day[1] - The Shanghai Composite Index (SSE) fell by 9 points or 0.2%, closing at 3,900 points, with a total turnover of 7,304 billion yuan[1] - The Shenzhen Component Index increased by 39 points or 0.3%, closing at 13,316 points, with a turnover of 1.05 trillion yuan[1] Monetary Policy - The People's Bank of China conducted a reverse repurchase of 189.8 billion yuan, resulting in a net injection of 110.5 billion yuan for the day[1] - The Renminbi's central parity rate was adjusted up by 20 points to 7.0753 against the US dollar[1] - The Hong Kong Monetary Authority followed the US rate cut, lowering the discount window base rate by 0.25% to 4%[2] Corporate Updates - Hillstone Technology reported a total camera module sales of 41.755 million units in November, a month-on-month decrease of 11.9% but a year-on-year increase of 0.4%[3] - Sunny Optical Technology announced a smartphone lens shipment of 119 million units in November, a month-on-month decrease of 2.3% but a year-on-year increase of 7.5%[3] - The automotive lens shipment increased by 3.4% month-on-month and 69.4% year-on-year, totaling 12.634 million units[3]

港股點評 2025年12月10日9:30 a.m 恒指跌 331 點，滬指跌 14 點，標普 500 跌 6 點 恒指高開 15 點後，一度升 54 點高見 25,820 點，惟升勢乏力下，尾市低見 25,386 點，全日收報 25,434 點，跌 331 點或 1.3%，連跌兩個交易；國指跌 147 點或 1.6%，收報 8,936 點；恒生科技指數跌 107 點或 1.9%，收報 5,554 點。大市全日 成交 2,102.36 億元。 人民幣兌美元中間價按日下調 9 點，報 7.0773 兌一美元。人民銀行 9 日在公開 市場開展 1,173 億元人民幣七天期逆回購操作，操作利率持平於 1.4%。有 1,563 億元逆回購到期，單日淨回籠 390 億元。A 股三大指數低開後個別發展，滬綜 指全日收升跌 14 點或 0.4%，報 3,909 點，成交 7,812 億元。深成指全日收跌 52 點或 0.4%，報 13,277 點，成交 1.12 萬億元。創板指數全日收升 19 點或 0.6%， 報 3,209 點，成交 5,281 億元。 美國總統特朗普表示，可能考慮降低部分美國商品的關稅，但同時強調廣泛加 ...

Market Overview - Hang Seng Index (恒指) fell by 319 points or 1.2%, closing at 25,765 points, breaking below the 26,000 mark[1] - Shanghai Composite Index (滬指) rose by 21 points or 0.5%, closing at 3,924 points[1] - Total market turnover was 206.23 billion HKD[1] Economic Indicators - China's November export value was 549.03 billion USD, up 4.3% year-on-year, with exports increasing by 5.9%[2] - Trade surplus for November was 111.68 billion USD, exceeding market expectations of 103.1 billion USD[2] - The People's Bank of China conducted a 122.3 billion CNY 7-day reverse repo operation at an interest rate of 1.4%[1] Corporate Developments - China State Shipbuilding Corporation and China COSCO Shipping Group signed a cooperation agreement for new shipbuilding projects worth over 50 billion CNY, involving 87 vessels[3] - JD.com (京东) is set to open its first JD Fresh supermarket in Shijiazhuang on December 19, expanding its delivery range[3]

Market Performance - The Hang Seng Index (HSI) rose by 149 points or 0.6%, closing at 26,085 points after initially dropping to 25,758 points[1] - The Shanghai Composite Index increased by 27 points or 0.7%, closing at 3,902 points, with a total trading volume of 7,167 billion yuan[2] - The total market turnover for the day was 2,104.73 billion yuan[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted down by 16 points to 7.0749[2] - The People's Bank of China conducted a 1,398 billion yuan reverse repurchase operation at a rate of 1.4%[2] - A total of 3,013 billion yuan in reverse repos matured, resulting in a net withdrawal of 1,615 billion yuan for the day[2] Economic Indicators - As of the end of November, China's foreign exchange reserves stood at 3,346.4 billion USD, an increase of 3 billion USD or 0.09% from the end of October[3] - The increase in foreign exchange reserves was supported by stable economic conditions and macroeconomic factors[4] Corporate Developments - Baidu Group announced plans to evaluate the spin-off and independent listing of its subsidiary Kunlun Chip[4]

Report Summary 1. Market Index Performance - The Hang Seng Index opened 65 points higher but closed 87 points or 0.3% lower at 25,858 points. The HSCEI fell 34 points or 0.4% to close at 9,130 points, while the Hang Seng Tech Index rose 1 point to close at 5,599 points. The total turnover of the market shrank to HK$146.204 billion [1] - The Shanghai Composite Index rose 13 points or 0.3% to close at 3,888 points, with a turnover of RMB645.8 billion. The Shenzhen Component Index rose 108 points or 0.9% to close at 12,984 points, with a turnover of RMB940 billion. The ChiNext Index rose 21 points or 0.7% to close at 3,052 points, with a turnover of RMB456.7 billion [1] - The Dow Jones Industrial Average closed 289 points or 0.6% higher at 47,716 points. The Nasdaq Index rose 150 points or 0.7% to close at 23,365 points, and the S&P 500 Index rose 36 points or 0.5% to close at 6,849 points [2] 2. Macroeconomic Data - In November 2025, the non - manufacturing business activity index in the Chinese mainland was 49.5, down 0.6 percentage points from October and lower than the market expectation of 50. The new order index was 45.7, down 0.3 percentage points from October [2] - The input price index was 50.4, up 1.0 percentage point from the previous month. The input price index for the construction industry was 49.7, up 0.1 percentage point, and that for the service industry was 50.5%, up 1.1 percentage points [2] - In November 2025, the manufacturing purchasing managers' index (PMI) was 49.2, up 0.2 percentage points from October, but lower than the market expectation of 49.3. Large - scale enterprise PMI was 49.3, down 0.6 percentage points from the previous month, while medium and small - scale enterprise PMIs were 48.9 and 49.1 respectively, up 0.2 and 2.0 percentage points [3] - Taiwan revised its GDP growth rates for the first and second quarters of this year to 5.54% and 7.71% respectively. The preliminary statistics for the third - quarter economic growth rate was 8.21%, higher than expected. It is predicted that the economic growth in the fourth quarter will be 7.91%, with an annual economic growth of 7.37%, per - capita GDP of about US$38,750, and CPI increase of 1.67% [3] 3. Company Earnings - China Gas (00384.HK) reported its interim results for the period ended September this year. Its turnover was HK$34.481 billion, down 1.8% year - on - year. Net profit was HK$1.334 billion, down 24.2% year - on - year, with earnings per share of 24.73 cents. It declared an interim dividend of 15 cents, the same as the previous year [4] - Meituan - W (03690.HK) reported a net loss of RMB18.632 billion in the third quarter ended September this year, compared with a profit of RMB12.865 billion in the same period last year. Under Non - IFRS, it recorded an adjusted net loss of nearly RMB16.01 billion, compared with an adjusted net profit of RMB12.829 billion in the third quarter of last year [4] 4. Central Bank Operations - The People's Bank of China conducted RMB301.3 billion of seven - day reverse repurchase operations in the open market on the 28th, with the operating rate remaining at 1.4%. There was RMB375 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB73.7 billion [1]

Market Performance - The Hang Seng Index opened 17 points higher, dropped 105 points to 25,822 points in the early session, then rebounded, and closed 17 points or less than 0.1% higher at 25,945 points. The H-share Index rose 2 points or 0.03% to 9,164 points, while the Hang Seng Tech Index fell 20 points or 0.4% to 5,598 points. The total turnover of the market was HK$204.728 billion [1] - The Shanghai Composite Index closed slightly higher at 3,875 points, up 11 points or 0.3%, with a turnover of RMB698.5 billion. The Shenzhen Component Index closed at 12,875 points, down 32 points or 0.3%, with a turnover of RMB1.01 trillion. The ChiNext Index closed at 3,031 points, down 13 points or 0.4%, with a turnover of RMB494.7 billion [2] - The three major US stock indexes rose for the fourth consecutive trading day before the Thanksgiving holiday. The Dow Jones Industrial Average closed 314 points or 0.7% higher at 47,427 points, the S&P 500 Index rose 46 points or 0.7% to 6,812 points, and the Nasdaq Composite Index rose 189 points or 0.8% to 23,214 points [2] Policy and Currency - The People's Bank of China conducted RMB356.4 billion of seven-day reverse repurchase operations in the open market on the 27th, with the operating rate remaining unchanged at 1.4%. There were RMB300 billion of reverse repurchases maturing, resulting in a net injection of RMB56.4 billion. The central parity rate of the RMB against the US dollar was raised by 17 points to 7.0779 per US dollar, hitting a new high since October 14, 2024 [2] Industry News - OPEC+ may maintain the oil production level in the first quarter of next year at its meeting on the 30th and reach an agreement on the mechanism for evaluating the maximum production capacity of member countries. The production targets of eight countries including Saudi Arabia were increased by about 2.9 million barrels per day from April to December and they agreed to suspend production increases in the first quarter of next year at the previous meeting [3] Company News - Ernst & Young's report shows that the Hong Kong IPO market has strongly recovered this year. The number and fundraising amount of IPOs in the A-share and Hong Kong markets account for 16% and 33% of the global total respectively. The fundraising amount of the Hong Kong Stock Exchange is expected to reach HK$280 billion, a significant year-on-year increase of 218%, breaking through the HK$200 billion mark again after four years and reaching the second-highest level in the past five years. The financing scale ranks first globally, surpassing the New York Stock Exchange in the US and India (National Stock Exchange and Bombay Stock Exchange). The number of new listings in Hong Kong is expected to exceed 100 this year, a 43% increase from last year [4] - Dickson Concepts (00113.HK) reported its interim results for the six months ended September 30. Its turnover was HK$973 million, up 1.2% year-on-year. Net profit was HK$150 million, up 14% year-on-year. Earnings per share were 38.9 cents. A total dividend of 30 cents was declared, including an interim dividend of 10 cents and a special dividend of 20 cents, compared with an interim dividend of 10 cents in the same period last year [4]

港股點評 2025年11月27日9:30 a.m 恒指升 33 點，滬指跌 5 點，標普 500 升 46 點 市場繼續憧憬美聯儲下月減息，港股隨外圍造好。恒指高開 152 點，初段曾升 241 點一度高見 26,136 點，午後升幅曾收窄至 12 點低見 25,907 點，全日升 33 點或 0.1%，收 25,928 點：國指升 4 點，收 9,162 點；恒生科技指數升 6 點或 0.1%，收 5,618 點。大市全日成交總額 2,070.78 億元。 人民銀行 26 日在公開市場開展 2,133 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。有 3,105 億元逆回購到期，單日淨回籠 972 億元。A 股三大指數 早市低開高走，午後個別發展，滬指最終微跌收市，深成及創板升約 1%至 2%。 滬指全日收報 3,864 點，跌 5 點或 0.2%，成交額 7,010 億元；深證成指全日報 12,907 點，升 130 點或 1%，成交額 1.08 萬億元；創業板指全日收報 3,044 點， 升 63 點或 2.1%，成交額 5,236 億元。 美股周三上揚，三大指數在感恩節假期前連續第四個交易日 ...

Market Performance - The Hang Seng Index (HSI) rose by 178 points or 0.7%, closing at 25,894 points[1] - The National Index increased by 78 points or 0.9%, closing at 9,158 points[1] - The Hang Seng Tech Index gained 66 points or 1.2%, closing at 5,612 points[1] - Total market turnover was 231.149 billion HKD[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 21 points to 7.0826[1] - The People's Bank of China conducted 10 billion RMB MLF operations and 302.1 billion RMB in 7-day reverse repos, maintaining an interest rate of 1.4%[1] - A net withdrawal of 105.4 billion RMB occurred due to 407.5 billion RMB reverse repos maturing[1] U.S. Market Reaction - The S&P 500 index increased by 60 points or 0.9%, closing at 6,765 points[2] - The Dow Jones Industrial Average rose by 664 points or 1.4%, closing at 47,112 points, marking its third consecutive day of gains[2] - The Nasdaq Composite reversed an early decline, closing up 153 points or 0.7% at 23,025 points[2] Corporate Earnings - Alibaba reported a net profit of 20.99 billion RMB for Q2, down 52.2% year-on-year, with revenue of 247.795 billion RMB, up 4.8%[4] - NIO's total revenue for Q3 was 21.794 billion RMB, up 16.7% year-on-year, with a gross profit of 3.025 billion RMB, up 50.7%[5] - Tongcheng Travel reported a revenue of 5.509 billion RMB for Q3, up 10.4% year-on-year, with a net profit of 976 million RMB, up 23%[6]