Market Performance - The Hang Seng Index closed at 25,549.9 points, down 0.84% [1] - The Hang Seng Tech Index closed at 5,587.69 points, down 1.32% [1] Sector Performance - The banking and major consumer retail sectors showed gains [1] - The gold and precious metals, general metals and ores, and oil and gas sectors experienced declines [1]

- The report discusses the construction of two quantitative models for Hong Kong stock market sector rotation based on southbound capital flows: one adjusted by sector market capitalization and another adjusted by the three-year percentile of sector market capitalization preferences of southbound capital[20][22] - The first model, adjusted by sector market capitalization, aims to capture the recent preferences of southbound capital by normalizing the net inflow of capital into each sector relative to its market capitalization[20] - The second model, adjusted by the three-year percentile of sector market capitalization preferences, seeks to identify long-term trends in sector preferences by calculating the historical percentile rank of capital inflows into each sector over the past three years[20] - Both models are tested against the Hang Seng Index and equal-weighted sector portfolios, demonstrating the ability to generate excess returns[22]

Group 1 - The Hong Kong stock market showed a strong upward trend in the morning, with the Hang Seng Dividend Low Volatility ETF (159545) index rising over 1% as of 10:37 AM, driven by significant gains in constituent stocks such as Jiangnan Buyi (over 4% increase) and CITIC Limited (over 3% increase) [1] - As the year-end approaches, the dividend sector has become a "safe haven" for funds, with nearly 2 billion yuan net inflow into the Hang Seng Dividend Low Volatility ETF in November, raising the product's scale to 6.155 billion yuan, a historical high [1] - Analysts suggest that some institutions may sell short-term high-valuation, high-volatility growth stocks to lock in annual returns, shifting focus to high-dividend, high-safety margin Hong Kong dividend stocks [1] - The Hang Seng Dividend Low Volatility ETF tracks the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index, which consists of 50 liquid stocks with consistent dividends, moderate dividend payout ratios, and low volatility, with energy, finance, and public utilities sectors accounting for over 55% of the index [1] - The current dividend yield of the index stands at 5.8% [1] Group 2 - E Fund is currently the only fund company that implements low fee rates for all dividend ETFs, with management fees for products like the Hang Seng Dividend Low Volatility ETF (159545) and others set at 0.15% per year, facilitating low-cost investment in high-dividend assets [2]

Group 1 - The Hang Seng Index closed at 25,578.88 points, up 1.42% [1] - The Hang Seng Tech Index reached 5,484.46 points, increasing by 1.65% [1] - The professional retail, media and entertainment, and software services sectors led the gains, while the semiconductor, oil and gas, and industrial transportation sectors experienced declines [1] Group 2 - NetEase and Kuaishou both rose over 5%, while Alibaba increased by more than 4% [1]

Group 1 - A total of 63 stocks in the A-share market reached the daily limit on November 18, indicating strong market activity [1] - Notable stocks include *ST Lvkang with 9 consecutive limit-ups in the veterinary medicine sector, and Shengli Shares with 6 consecutive limit-ups in the natural gas sector [1] - Other significant performers include Zhenai Meijia with 5 limit-ups in the home textile sector, and Jiuwang with 5 limit-ups in the clothing sector [1] Group 2 - ST Ruihe and Longzhou Shares both achieved 4 limit-ups, with ST Ruihe in the photovoltaic sector and Longzhou Shares in energy storage [1] - Huaxia Xingfu, also with 4 limit-ups, is associated with the robotics concept [1] - Companies like Aerospace Development and Zhongshui Fishery recorded 3 limit-ups, involved in commercial aerospace and agricultural sectors respectively [1]

Core Viewpoint - The Hang Seng Index closed at 26,183.08 points, down 1.14%, while the Hang Seng Tech Index fell by 2.0%, indicating a bearish trend in the Hong Kong stock market [1] Group 1: Market Performance - The sectors leading the gains included gold and precious metals, oil and gas, and materials [1] - The sectors that experienced declines were information technology equipment, media and entertainment, and professional retail [1] Group 2: Company-Specific Movements - Kuaishou saw a significant drop of 5.65% [1] - NIO experienced a decline of 4.54% [1] - Bilibili fell by 4.01% [1] - Hua Hong Semiconductor and SMIC both dropped over 2% [1]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 11 HKD, based on a 14x PE for 2026 [6]. Core Insights - The company is a leading player in clean energy equipment, benefiting from the energy transition, with a focus on natural gas and hydrogen-methanol development [1][3]. - The company has shown rapid revenue growth, with a CAGR of 19% from 2020 to 2024, and a projected revenue of 247.6 billion RMB in 2024 [1][28]. - The company maintains a strong market position in the LNG transportation and refueling sector, with over 80 billion RMB in new orders signed by Q3 2025 [2][66]. Summary by Sections 1. Clean Energy Equipment Leader - The company, a subsidiary of CIMC Group, specializes in providing key equipment and engineering services for clean energy, chemical environment, and liquid food industries [15][19]. - It has a comprehensive layout across three core business areas: clean energy, chemical environment, and liquid food, establishing itself as a key equipment manufacturer and integrated service provider [20][24]. 2. Clean Energy: Natural Gas Demand and Hydrogen & Green Methanol Potential - Global natural gas consumption is steadily increasing, with significant growth expected in Europe and North America [44][45]. - The company has a leading position in the LNG transportation and refueling market, with a strong order book and a focus on integrated solutions [57][62]. - Hydrogen energy is gaining traction, with the company being the first in China to offer a full range of liquid hydrogen solutions [69][77]. 3. Chemical Environment - The company is the largest manufacturer of tank containers globally, with a comprehensive service chain [20][24]. - It is actively seeking new growth areas as demand for chemical containers faces pressure [36]. 4. Rapid Development in Liquid Food Industry - The global liquid food industry is expanding rapidly, with the company focusing on turnkey project solutions and maintaining a strong global presence [5][36]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 12.53 billion RMB, 14.98 billion RMB, and 17.37 billion RMB for the years 2025, 2026, and 2027 respectively [6][28].

Group 1 - The Hang Seng Index closed at 25,697.57 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,880.5 points, down 2.12% [1] - The household appliances and oil & gas sectors led the gains, while gold & precious metals, general metals & mining, and specialty retail sectors faced declines [1]

Group 1 - The Hang Seng Index closed at 25,460.16 points, down 0.61% [1] - The Hang Seng Tech Index closed at 5,695.97 points, down 1.78% [1] - The banking, oil, and gas sectors led the gains, while the semiconductor, media and entertainment, and industrial engineering sectors experienced declines [1]

Group 1 - The core viewpoint of the article highlights that Sinopec Kantons Holdings (00934) experienced a decline in profit and revenue for the first half of 2025, leading to a drop in stock price by over 3% [1] - The company reported a revenue of HKD 307 million, which represents a year-on-year decrease of 7.17% [1] - The profit attributable to equity holders was HKD 563 million, reflecting a year-on-year decrease of 17.8% [1] Group 2 - The basic earnings per share were reported at HKD 0.2266 [1] - The company proposed an interim dividend of HKD 0.10 per share [1] - The decline in investment income was attributed to a decrease in throughput at domestic oil terminal companies compared to the previous year [1]