Jin Rong Jie·2025-12-18 01:32Market Overview - The Hong Kong stock market opened lower on December 18, with the Hang Seng Index down 0.54% at 25,330.83 points, the Hang Seng Tech Index down 1.11% at 5,397.34 points, and the National Enterprises Index down 0.62% at 8,788.92 points [1] - Major tech stocks declined, including Alibaba down 1.99%, Tencent down 0.66%, JD.com down 0.8%, Xiaomi down 2.04%, NetEase down 0.86%, Meituan down 0.59%, Kuaishou down 1.69%, and Bilibili down 0.26% [1] - Automotive stocks weakened, with Xpeng Motors dropping over 2% [1] - Chinese brokerage stocks showed mixed performance, with China International Capital Corporation (CICC) rising over 7% while China Merchants Securities fell over 1% [1] Company News - China International Capital Corporation (CICC) is planning a stock swap to absorb and merge with Dongxing Securities and Xinda Securities, with resumption of trading on December 18 [2] - Ronshine China reported a total contract sales of approximately 3.492 billion yuan for the first 11 months, a year-on-year decrease of 49.6% [3] - Wanbang Investment reported revenue of 164 million HKD for the year ending September 30, 2025, a year-on-year increase of 1.6%, but a loss of 640 million HKD, widening by 309.61% [3] - Corning Jereh Pharmaceutical's IND application for JSKN027 has been officially accepted by the CDE [4] - Yanda Pharmaceutical's globally innovative radiopharmaceutical GPN01530 has been approved for clinical research in the U.S. [4] - China CNR Corporation signed approximately 53.31 billion yuan in major contracts over the past three months [5] - Bofull Property reported a loss attributable to shareholders of 216 million HKD, a year-on-year decrease of 63.88% [6] - SenseTime plans to issue shares at a discount of over 8% to raise approximately 3.15 billion HKD [7] - Minth Group has entered into a strategic cooperation agreement with a robotics company [8] - Xunce is offering 22.5 million H-shares for subscription starting today until next Tuesday [9] Institutional Insights - According to浦银国际, the Hong Kong stock market sentiment index has been volatile since November due to fluctuating expectations of U.S. Federal Reserve interest rate cuts and corrections in the U.S. AI sector. The forward P/E ratio of the Hang Seng Index is currently 12.7 times, down 5% from its highest point this year. In the absence of new catalysts, the market sentiment may enter a period of oscillation and repair, but a pessimistic outlook is not warranted. A rotation in short-term styles and investment themes is expected, with the "Tech + Dividend" barbell strategy remaining effective [17] - 银河证券 suggests that the government's policies aimed at "stabilizing growth and the stock market" will continue to shape sector trends. A moderately loose liquidity environment, ongoing capital market optimization, and the rebuilding of investor confidence are expected to drive the securities sector's upward momentum. The current environment is conducive to the acceleration of medium- to long-term capital entering the market, maintaining high market activity, and showcasing a "healthy bull" trend [18] - 中信建投 indicates that the securities sector is expected to experience continuous growth driven by favorable policies in 2026, with a new growth cycle beginning in 2025. However, brokerage stocks have underperformed due to a lack of independent catalysts and lingering pessimism from previous years. The three core favorable factors—serving new productive forces, medium- to long-term capital entering the market, and opportunities for brokerage internationalization—are not yet fully priced in by the market, but are expected to gradually materialize post-2026, providing solid support for medium- to long-term performance resilience [18]