Market Performance - Hang Seng Index (HSI) rose by 496 points or 2% to close at 25,716 points, after reaching a high of 25,770 points during the day[1] - The National Index increased by 159 points or 1.8%, closing at 9,079 points[1] - The Hang Seng Tech Index gained 150 points or 2.8%, ending at 5,545 points[1] - Total market turnover was HKD 302.64 billion[1] Economic Indicators - The People's Bank of China conducted a 338.7 billion RMB seven-day reverse repurchase operation at a rate of 1.4%, with a net injection of 55.7 billion RMB for the day[1] - The RMB/USD central parity rate was adjusted up by 28 points to 7.0847[1] A-Share Market - Shanghai Composite Index closed at 3,836 points, slightly up by 1 point or 0.05%, with a turnover of 715.5 billion RMB[1] - Shenzhen Component Index rose by 47 points or 0.4%, closing at 12,585 points, with a turnover of 1.01 trillion RMB[1] - ChiNext Index ended at 2,929 points, up by 8 points or 0.3%, with a turnover of 476.2 billion RMB[1] U.S. Market Highlights - Nasdaq surged by 598 points or 2.7% to 22,872 points, marking its best performance since May 12[2] - S&P 500 increased by 102 points or 1.6% to 6,705 points[2] - Dow Jones rose by 202 points or 0.4% to 46,448 points[2] Geopolitical Developments - U.S. President Trump accepted an invitation to visit China in April, discussing topics including Ukraine and U.S. soybean purchases[2] - Tensions between China and Japan have led to the cancellation of 12 flight routes as of November 24[3]

Overall Market Performance - The Hang Seng Index dropped 615 points or 2.4%, closing at 25,220 points; the China Enterprises Index fell 223 points or 2.4%, closing at 8,919 points; the Hang Seng Tech Index declined 179 points or 3.2%, closing at 5,395 points. The total turnover of the market was HK$285.702 billion [1] - A - share market indices opened lower and continued to decline, with the Shanghai Composite Index dropping 96 points or 2.5% to 3,834 points, the Shenzhen Component Index falling 442 points or 3.4% to 12,538 points, and the ChiNext Index slumping 122 points or 4% to 2,920 points [1] - US stocks opened higher and closed up on Friday. The Dow Jones Industrial Average rose 493 points or 1.1% to 46,245 points, the Nasdaq Composite Index gained 195 points or 0.9% to 22,273 points, and the S&P 500 Index increased 64 points or 1% to 6,602 points [2] Policy and Economic Data - The People's Bank of China conducted 375 billion yuan of seven - day reverse repurchase operations on the 21st, with a net injection of 162.2 billion yuan after 212.8 billion yuan of reverse repurchases matured [1] - The central parity rate of the RMB against the US dollar was raised by 30 points to 7.0875 per US dollar [1] - In the first ten months of 2025, the actual use of foreign direct investment (FDI) was 621.93 billion yuan, with the decline narrowing slightly from 10.4% in the first nine months to 10.3%. The number of newly established foreign - funded enterprises was 53,800, a year - on - year increase of 14.7% [2] Index Component Changes - The Hang Seng Tech Index will add Leapmotor (09863.HK) and remove ASMPT (00522.HK) after the market close on December 5, 2025, effective December 8, 2025 [2][3] - The China Enterprises Index will add China Hongqiao (01378.HK), Innovent Biologics (01801.HK), and Yum China (09987.HK), and remove ENN Energy (02688.HK), Haidilao (06862.HK), and New Oriental - S (09901.HK) after the market close on December 5, 2025, effective December 8, 2025 [3] Company News - On the fourth day of its release, the total downloads of Ant Group's full - modality general AI assistant "Lingguang" exceeded one million, ranking sixth on the free app list in the Chinese App Store [3]

Market Performance - The Hang Seng Index (HSI) fell by 99 points or 0.4%, closing at 25,830 points after an initial rise to 26,045 points[1] - The Shanghai Composite Index (SSE) increased by 6 points or 0.2%, closing at 3,946 points[1] - The S&P 500 rose by 24 points or 0.4%, closing at 6,642 points after four consecutive days of decline[2] Trading Volume - The total trading volume in the Hong Kong market was 2,114.26 million HKD[1] - The trading volume for the Shanghai Composite Index was 7,209 million CNY, while the Shenzhen Component Index had a volume of approximately 10,000 million CNY[1] Economic Indicators - The People's Bank of China conducted a 3,105 million CNY reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 1150 million CNY[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0872[1] Company Earnings - ZTO Express reported a revenue of 11.865 billion CNY for Q3, up 11.1% year-on-year, with a net profit of 2.524 billion CNY, an increase of 5.3%[3] - Lenovo Group achieved a record revenue of 39.282 billion USD for the interim period, up 18% year-on-year, with a net profit of 846 million USD, a 40.5% increase[3] - Kuaishou reported a net profit of 4.488 billion CNY for Q3, up 37.3% year-on-year, with an adjusted net profit margin of 14%[4]

Market Performance - Hang Seng Index (恒指) fell by 454 points or 1.7%, closing at 25,930 points[1] - Shanghai Composite Index (滬指) decreased by 32 points or 0.8%, ending at 3,939 points[1] - S&P 500 dropped by 55 points or 0.8%, closing at 6,617 points, marking the longest losing streak since August[2] Trading Volume and Currency - Total market turnover in Hong Kong was HKD 242.11 billion[1] - People's Bank of China conducted a reverse repurchase operation of CNY 407.5 billion at a rate of 1.4%[1] - The RMB/USD midpoint was adjusted down by 40 pips to 7.0856[1] Company Performance - Xiaomi (01810.HK) reported a non-IFRS net profit increase of 80.9% year-on-year to CNY 11.311 billion, with revenue rising 22.3% to CNY 113.121 billion[2] - Pinduoduo (PDD.US) saw a stock price drop of 7.3% after reporting Q3 revenue of CNY 108.28 billion, below market expectations[3] - Baidu (09888.HK) reported a net loss of CNY 11.232 billion for Q3, compared to a net profit of CNY 7.632 billion in the same period last year[3] Regulatory and Economic Factors - Concerns over high valuations in AI-related stocks contributed to the decline in technology stocks[2] - Electricity rates in Hong Kong are set to decrease by an average of 3.7 cents per kWh starting January 2026[2]

Market Performance - Hang Seng Index (恒指) fell by 188 points or 0.7%, closing at 26,384 points[1] - Shanghai Composite Index (滬指) decreased by 18 points or 0.5%, ending at 3,972 points[1] - S&P 500 dropped by 61 points or 0.9%, closing at 6,672 points[2] Trading Volume - Total market turnover for the day was 217.613 billion HKD[1] - A-shares trading volume reached 805.7 billion CNY for the Shanghai Composite Index[2] Economic Indicators - People's Bank of China conducted a 283 billion CNY reverse repurchase operation at a rate of 1.4%[1] - China's fiscal revenue for the first ten months was 18.65 trillion CNY, a year-on-year increase of 0.8%[2] Automotive Industry - In October 2025, China's new energy vehicle exports reached 256,000 units, a month-on-month increase of 15.4% and a year-on-year increase of 99.9%[2] - Passenger car exports totaled 571,000 units, with a month-on-month increase of 2.1% and a year-on-year increase of 22.8%[2] Company Performance - Trip.com (攜程) reported Q3 revenue of 18.367 billion CNY, a year-on-year increase of 15.5%[3] - XPeng Motors (小鵬汽車) narrowed its net loss to 381 million CNY, compared to a loss of 1.808 billion CNY in the same period last year[4]

Market Performance - The Hang Seng Index rose by 226 points or 0.8%, closing at 26,922 points, after reaching a high of 27,016 points[1] - The Shanghai Composite Index fell by 2 points or 0.07%, closing at 4,000 points, with a total trading volume of 840.5 billion yuan[1] - The total trading volume in the Hong Kong market was 236.395 billion yuan[1] Economic Indicators - The People's Bank of China conducted a 195.5 billion yuan reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 130 billion yuan for the day[1] - The RMB/USD central parity rate was adjusted up by 33 points to 7.0833[1] Corporate Earnings - Manulife Financial reported a net income of 1.799 billion CAD for Q3, a year-on-year decrease of 2.2%, while core earnings increased by 11.3% to 2.035 billion CAD[3] - Samsonite's Q3 sales revenue was 873 million USD, a slight decrease of 0.6% year-on-year, with net profit increasing by 11% to 73.5 million USD[3] - China Resources Land's total contract sales in October were approximately 15.2 billion yuan, a year-on-year decrease of 51%[3]

Market Performance - Hang Seng Index (HSI) rose by 47 points or 0.18%, closing at 26,696 points[1] - Shanghai Composite Index (SSE) fell by 15 points or 0.4%, closing at 4,002 points[1] - Total market turnover in Hong Kong was 210.23 billion HKD[1] Economic Indicators - People's Bank of China conducted a 403.8 billion CNY reverse repurchase operation at a rate of 1.4%[1] - The net injection for the day was 286.3 billion CNY after 117.5 billion CNY of reverse repos matured[1] - The RMB/USD central parity rate was adjusted down by 10 pips to 7.0866[1] Sector Performance - The Hang Seng Tech Index increased by 8 points or 0.15%, closing at 5,924 points[1] - A-share indices showed mixed results, with the ChiNext Index dropping over 1%[1] Automotive Industry - In the first ten months of the year, China's new energy vehicle sales exceeded 50% of total car sales for the first time, reaching 51.6% in October[3] - New energy vehicle exports totaled 2.014 million units, marking a year-on-year increase of 90.4%[3] Company Performance - Hesai Technology (02525.HK) reported a net profit of 256 million CNY for Q3, compared to a net loss of 70.4 million CNY in the same period last year[3] - Xiaomi (01810.HK) reported that its total payment amount during the "Double Eleven" shopping festival exceeded 29 billion CNY[3]

Market Performance - Hang Seng Index (HSI) rose by 407 points or 1.6%, closing at 26,649 points[1] - Shanghai Composite Index increased by 21 points or 0.9%, ending at 4,018 points[2] - S&P 500 gained 103 points or 1.5%, closing at 6,832 points[2] Trading Volume - Total trading volume in Hong Kong was 214.788 billion HKD[1] - Shanghai Stock Exchange's trading volume reached 960.6 billion CNY[2] - Shenzhen Component Index had a trading volume of 1.21 trillion CNY[2] Economic Indicators - China's inflation exceeded expectations, with the Producer Price Index (PPI) showing a narrowing decline for three consecutive months[1] - The People's Bank of China conducted a 119.9 billion CNY reverse repurchase operation at a rate of 1.4%[2] - The RMB/USD exchange rate was adjusted down by 20 points to 7.0856[2] Sector Insights - BYD's SUV models priced between 300,000 to 400,000 HKD are the most popular in Hong Kong, with sales exceeding 7,800 units this year, capturing approximately 25% market share[4]

Market Performance - The Hang Seng Index (HSI) fell by 244 points or 0.9%, closing at 26,241 points after a previous gain of over 500 points[1] - The Shanghai Composite Index decreased by 10 points or 0.3%, ending at 3,997 points[1] - The S&P 500 rose by 8 points or 0.1%, closing at 6,728 points[2] Trading Volume and Currency - Total trading volume in the Hong Kong market reached HKD 209.644 billion[1] - The People's Bank of China conducted a reverse repurchase operation of CNY 141.7 billion at a rate of 1.4%[1] - The RMB/USD central parity rate was adjusted up by 29 points to 7.0836[1] Economic Indicators - China's Producer Price Index (PPI) fell by 2.1% year-on-year in October, slightly better than the expected decline of 2.2%[3] - The Consumer Price Index (CPI) in China rose by 0.2% year-on-year in October, ending two months of deflation[3] - Food prices decreased by 2.9% year-on-year, while non-food prices increased by 0.9%[3] IPO Activity - Nearly 80 companies were newly listed in Hong Kong, raising approximately HKD 210 billion[4] - The number of startups in Hong Kong increased by 40% over the past five years, totaling around 4,700[4] - Startups in Hong Kong's Science Park and Cyberport raised a total of HKD 6 billion in the past year[4]

Market Performance - Hang Seng Index (恒指) rose by 550 points or 2.1%, closing at 26,485 points[1] - Shanghai Composite Index (滬指) increased by 38 points or 1%, closing at 4,007 points[2] - Total market turnover reached HKD 234.65 billion[1] Economic Indicators - People's Bank of China conducted a 7-day reverse repurchase operation of CNY 92.8 billion at a steady rate of 1.4%[2] - The Chinese Yuan (人民幣) appreciated by 36 pips against the US dollar, with a midpoint rate of 7.0865[2] US Market Trends - Dow Jones Industrial Average (道指) fell by 398 points or 0.8%, closing at 46,912 points[2] - S&P 500 index decreased by 75 points or 1.1%, closing at 6,720 points[2] - NASDAQ dropped significantly by 445 points or 1.9%, closing at 23,053 points[2] Corporate Developments - BeiGene (百濟神州) reported a net profit of USD 125 million for Q3, compared to a net loss of USD 121 million in the same period last year[5] - Hua Hong Semiconductor (華虹半導體) recorded a net profit of USD 25.725 million for Q3, down 42.6% year-on-year[6][7]