农银国际证券：每天导读-20250111

Core Insights - The report highlights mixed performance in major stock indices, with the Hang Seng Index closing at 19,240.89, down 0.20% for the day and 1.95% over the past five days [1] - The report notes that the Northbound trading quota for the Shanghai Stock Connect remains ample, with net purchases of HKD 79.46 billion for Southbound trading [6] - Economic indicators show China's CPI year-on-year at 0.1% for December, matching market expectations, while PPI year-on-year was reported at -2.3%, slightly better than the expected -2.4% [7] Market Performance - The Hang Seng Index and H-shares both experienced slight declines, with the H-share index closing at 6,978.97, down 0.17% for the day [1] - The Shanghai Composite Index saw a mixed performance, with the Shanghai Composite Index declining while the Shenzhen Component and ChiNext Index increased [6] - The report indicates that the Utilities sector led the gains among the various sectors in the CSI 300 Index, while the Materials sector lagged [6] Economic Data - Key economic data released includes China's December CPI at 0.1% and PPI at -2.3%, alongside Japan's labor cash earnings year-on-year at 3.0% for November [7] - Germany's industrial output showed a month-on-month increase of 1.5% in November, exceeding expectations of 0.5% [7] Corporate News - Airbus delivered 766 aircraft in 2024, marking the highest delivery in six years, driven by demand for fuel-efficient models like the A321neo [9] - Country Garden is progressing towards offshore debt restructuring, proposing terms to major banks aimed at reducing debt by up to USD 11.6 billion [9] - The U.S. Department of Commerce announced higher tariffs on solar products imported from Trina Solar (Thailand) due to subsidies from China [9] Industry Insights - The report indicates that China's passenger vehicle retail sales in December increased by 12.0% year-on-year, with total sales reaching 2.635 million units [9] - Taiwan's December exports grew by 9.2% year-on-year, driven by strong AI demand and pre-holiday shipments, with a forecasted trade surplus for 2024 slightly lower than the record high of 2023 [9]