17 December 2025 | MAINTAIN BUY | | | | | --- | --- | --- | --- | | TARGET PRICE (CNY) | | PREVIOUS TARGET (CNY) | | | 43.00 | 41.90 | | | | SHARE PRICE (CNY) | UPSIDE/DOWNSIDE | | | | 35.83 | +20.0% | | | | (as of 15 Dec 2025) | | | | | MARKET DATA | | | | | Market cap (CNYm) 42,798 | Free float | | 47% | | Market cap (USDm) 6,073 | BBG | | 002444 CH | | 3m ADTV (USDm) 65 | RIC | | 002444.SZ | | FINANCIALS AND RATIOS (CNY) | | | | | Year to 12/2024a | 12/2025e | 12/2026e | 12/2027e | | HSBC QH EPS | 1.93 2 ...

Core Viewpoint - The market is experiencing a shift in leadership from US equities to international equities, with a notable movement of capital towards dividend-paying companies and a change in China's policy to support growth rather than control [1]. Group 1: Market Trends - There is significant momentum in the AI and tech sectors, leading investors to engage in higher beta stocks, which are considered riskier investments [2]. - The macroeconomic environment is favorable, characterized by low interest rates and reduced regulation, which is expected to support dividend stock investments [3]. - International markets have outperformed US markets year-to-date, with a 25% increase compared to the S&P's 14% [4]. Group 2: Investment Strategies - A pivot is anticipated in market leadership, as the US markets have outperformed for over 14 years, suggesting a potential catch-up trade in the US, particularly in AI investments [5]. - Investing in international markets offers diversification benefits, as gains in the US are concentrated in a few tech companies, while international investments provide broader exposure and attractive valuations [6]. Group 3: Bond Market Insights - Expectations indicate that interest rates will continue to decline, which could positively impact the housing market due to its high GDP multiplier effect [8]. - Investors are likely to shift focus from the $7.7 trillion currently in money markets towards quality companies that offer solid dividends [8].

Macro tailwind crucial for bitcoin during historically soft start to Q3, analysts say https://t.co/GJks21fvHo ...