信达国际控股港股晨报-20251229

Market Overview - The Hang Seng Index has short-term support at the 25,000 point level, with expectations of two interest rate cuts in 2026 following the Federal Reserve's recent 0.25% rate cut, which brings the federal funds rate to a range of 3.5% to 3.75% [1][4] - The market anticipates a dovish monetary policy stance post-2026 leadership change, but further observation of economic data is necessary [1] - The Chinese economy is facing a supply-demand imbalance, with a focus on stabilizing investment and the real estate market, while the US-China tariff war has paused, limiting the incentive for aggressive policy adjustments in the short term [1] Company News - Xiaomi's co-founder Lin Bin plans to sell up to $2 billion worth of shares, with proceeds intended for establishing an investment fund [10] - Leapmotor has received a premium subscription from FAW for nearly 75 million shares, amounting to over 4.1 billion RMB [10] - ByteDance is expected to purchase Huawei's Ascend chips next year, with total orders potentially exceeding 40 billion RMB, marking a significant increase from nearly zero in 2025 [10] - UBTECH Robotics has acquired a 43% stake in Fenglong for approximately 1.665 billion RMB, focusing on garden machinery and automotive components [10] - Vanke's domestic bond extension proposal was not approved, but a grace period extension was passed, allowing for a 30-day extension [10] Industry Insights - The National Development and Reform Commission (NDRC) is addressing "involution" competition in new energy vehicles and related industries, emphasizing price monitoring and quality checks to prevent disorderly competition [9] - The Chinese government is set to implement a more proactive fiscal policy in 2026, focusing on boosting consumption and effective investment in key areas [9] - The industrial profits in China fell by 13.1% year-on-year in November, indicating challenges in the industrial sector [9] - The Ministry of Industry and Information Technology forecasts a 5.9% growth in industrial value added for the year, with significant growth in high-tech manufacturing [9]