招财日报-20251230

Global Market Overview - The Hang Seng Index closed at 25,635, down 0.71% for the day but up 27.79% year-to-date [1] - The S&P 500 Index in the US closed at 6,906, down 0.35% for the day and up 17.41% year-to-date [1] - The Shanghai Composite Index showed a slight increase of 0.04% to close at 3,965, with a year-to-date increase of 18.30% [1] Hong Kong Stock Performance - The Hang Seng Financial Index closed at 49,089, down 0.36% for the day, with a year-to-date increase of 39.71% [2] - The Hang Seng Real Estate Index decreased by 1.45% to 17,628, with a year-to-date increase of 18.21% [2] - The Hang Seng Utilities Index closed at 38,202, down 0.71% for the day, with a year-to-date increase of 7.12% [2] Chinese Market Dynamics - Southbound capital recorded a net sell-off of 3.414 billion HKD, with major sell-offs in China Mobile, Alibaba, and Zijin Mining [3] - The A-share market saw declines in non-ferrous metals, utilities, and power equipment, while oil, defense, and banking sectors performed well [3] - The Chinese market regulatory authority announced plans to strengthen antitrust enforcement by 2026, targeting "involution" competition [3] US Market Insights - The US stock market experienced declines, particularly in materials, consumer discretionary, and financial sectors, while energy, real estate, and utilities outperformed [3] - Tesla faced significant setbacks due to delays in the Cybertruck project and a drastic reduction in battery material supply contracts, leading to a decline in its stock [3] - A Bloomberg survey indicated that institutional views on the S&P 500 for 2026 remain optimistic, with an average predicted increase of 9% [3] Debt and Credit Market Trends - US Treasury yields slightly decreased due to a rise in risk-averse demand [3] - Private credit assets in the US recorded their worst performance since 2020, with the Cliffwater BDC Index down approximately 6.6% year-to-date [3] - The demand for housing improved as the November pending home sales index rose by 3.3% month-on-month and 2.6% year-on-year, marking the highest level since February 2023 [3]