信达国际控股港股晨报-20251231

Market Overview - The Hang Seng Index has a short-term support reference at 25,000 points, with expectations of two interest rate cuts in 2026 after the Federal Reserve's December decision to lower rates by 0.25% [2][5] - The market anticipates a dovish monetary policy stance post the leadership change in 2026, with a focus on stabilizing investment and addressing domestic demand issues [2] - The overall market has seen significant gains this year, leading to profit-taking incentives as trading volume decreases [2] Economic Indicators - The Federal Reserve's recent rate cut brings the federal funds rate to a range of 3.5% to 3.75%, marking the third consecutive cut this year [5] - The Fed has adjusted its GDP forecast for 2026 upwards by 0.5 percentage points to 2.3%, while lowering the inflation forecast by 0.2 percentage points to 2.4% [5] - The Chinese government has announced a tax exemption on capital gains for individuals selling homes purchased over two years ago, effective January 1, 2026 [4][8] Corporate News - Zijin Mining (2899) forecasts a net profit increase of 59%-62% for the fiscal year 2025, driven by higher production and sales prices of key minerals [9] - Wall Street's expectations for the Federal Reserve to continue rate cuts remain unchanged following the release of the meeting minutes, indicating a potential for further easing in 2026 [8] - Wall Street's expectations for the Federal Reserve to continue rate cuts remain unchanged following the release of the meeting minutes, indicating a potential for further easing in 2026 [8] Sector Focus - The report highlights a positive outlook for sectors such as technology and renewable energy, driven by government policies and market demand [3][7] - The automotive sector is set to benefit from new subsidies for electric vehicles, with the government offering up to 15,000 yuan for qualifying purchases [8] - The semiconductor industry is under scrutiny as China pushes for increased domestic equipment usage in chip manufacturing [8]