信达国际控股港股晨报-20251222

Market Overview - The Hang Seng Index (HSI) is expected to find short-term support around the 25,000 points level, following the Federal Reserve's decision to cut interest rates by 0.25 basis points in December, with market expectations for two additional rate cuts in 2026, which is higher than the Fed's own forecast [2] - Despite the ongoing interest rate cuts in the US and increased monetary policy easing in mainland China, the economic situation remains stable, and there is limited incentive for further policy adjustments in the short term [2] - The "14th Five-Year Plan" emphasizes expanding domestic demand and promoting technological self-reliance, with a focus on observing the outcomes of the Central Economic Work Conference [2] Economic Indicators - The total retail sales of consumer goods in China reached 45.6 trillion yuan in the first 11 months of 2025, reflecting a growth of 4.0%, which is 0.5 percentage points faster than the same period last year [7] - The retail sales of essential goods showed stable growth, with sales of grain, oil, and food increasing by 6.1%, and clothing and footwear sales rising by 3.5% [7] - The service retail sector grew by 5.4%, outpacing the growth of goods retail by 1.3 percentage points, with significant growth in leisure services and communication services [7] Corporate News - China Shenhua (1088) plans to acquire assets from its parent company for a total price of 133.6 billion yuan, intending to raise 20 billion yuan through A-share issuance to fund the cash portion of the transaction [9] - SenseTime (0020) announced the launch of its Kairos 3.0 model and the A1 module, aimed at enhancing embodied intelligence applications [9] - ByteDance, the parent company of TikTok, is expected to achieve a profit of approximately 50 billion USD in 2025, although there are reports suggesting discrepancies in the financial data [9] Sector Focus - The AI and technology sectors are seeing growth, with companies like Quark AI glasses and Doubao AI phones gaining traction, benefiting the supply chain [6] - The biopharmaceutical sector is also expected to thrive due to rising flu cases and favorable financing conditions for global biotech investments [6] - The insurance sector is benefiting from strong A-share performance, leading to improved investment returns [6]