The Complete Flows, Technicals & Positioning Market Summary As We Reach The End Of 2025 2025年底之际的完整资⾦流向、技术⾯与持仓市场 总结 BY TYLER DURDEN TUESDAY, DEC 09,2025-12:00 PM And so here we are, just 16 trading days away from the end of 2025, and nearing the middle of December, a month which contrary to conventional wisdom has been mixed at best over the past decade (and when the S&P sees its second worst performance of the year, only worst than September). 所以我们现在的情况是，距离2025年结束仅剩16个交易⽇，并且已接近12⽉中旬。与传统观念相 反，过去⼗年⾥，12⽉的表现充其 ...

As of Dec. 2, 2025, two stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Be ...

As of Dec. 2, 2025, two stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Be ...

The largest American public health-care companies outperformed other industries in the third quarter https://t.co/KUkjvarQ72 ...

REIT Sector Performance - The REIT sector experienced a decline of -4.03% in October, resulting in a year-to-date return of -4.69% for the average REIT, significantly underperforming the broader market indices such as NASDAQ (+4.7%), Dow Jones (+2.6%), and S&P 500 (+2.3%) [1] - The Vanguard Real Estate ETF (VNQ) had a less severe decline of -2.45% in October but has outperformed year-to-date with a return of +2.98% [1] - The spread between the 2026 FFO multiples of large cap REITs (16x) and small cap REITs (12.7x) widened, indicating that investors are paying 26% more for each dollar of FFO from large cap REITs compared to small cap REITs [1] Property Type Performance - In October, micro cap REITs led the sector with the smallest average decline of -2.81%, followed by mid caps (-3.11%), large caps (-4.45%), and small caps (-5.05%) [3] - 14 out of 18 property types averaged negative returns in October, with only 22.22% of property types achieving a positive total return [5] - Office properties had the worst performance at -12.74%, while Hotels (+3.82%) and Data Centers (+2.53%) were the best performers [5][6] Year-to-Date Performance - Year-to-date through October 2025, Office properties (-16.87%), Single Family Housing (-14.94%), and Land (-14.91%) have underperformed, while Health Care (+19.74%) has significantly outperformed [7] - The average P/FFO for the REIT sector declined from 14.1x to 13.5x during October, with 22.2% of property types experiencing multiple expansion [8] Individual Securities - Sotherly Hotels (SOHO) saw a significant increase of +165.00% on October 27th due to an acquisition announcement, with shareholders set to receive $2.25/share, a 152.7% premium [10] - Office Properties Income Trust (OPI) faced a dramatic decline of -88.76% ahead of its delisting and subsequently filed for Chapter 11 bankruptcy, with a year-to-date return of -96.15% [11] Dividend Yield - High dividend yields are a key attraction for investors in the REIT sector, with many REITs trading below their NAV, leading to attractive yields despite potential risks [15]

Core Insights - Expedia was the best-performing stock in the S&P 500, surging over 17% after reporting better-than-expected earnings driven by strong domestic demand [1][7][8] - Take-Two Interactive Software's stock fell 8% due to the delay in the launch of "Grand Theft Auto VI," overshadowing its stronger-than-expected earnings [4][8] - Block's shares dropped nearly 8% after missing third-quarter sales and adjusted profit forecasts, despite growth from its Cash App platform [5] - Tesla's stock decreased close to 4% following the approval of a significant pay package for CEO Elon Musk, which could be worth $1 trillion based on performance goals [6] - Akamai Technologies saw its shares rise nearly 15% after reporting better-than-expected earnings and boosting its outlook, driven by strong demand for its security and cloud services [9] - Solventum, a healthcare company spun off from 3M, exceeded expectations with its quarterly sales and adjusted profit, leading to an 8% increase in its shares [10] Market Overview - Major U.S. equity indexes finished mixed, with the Dow up 0.2% and S&P 500 up 0.1%, while the Nasdaq dropped 0.2%, marking its worst week since early April [2][3] - The Michigan Consumer Sentiment Index fell to its lowest level since June 2022, indicating negative impacts from the U.S. government shutdown on economic perceptions [2]

Group 1: General Electric's Strategy - General Electric (GE) has restructured into three independent businesses: Aerospace, GE Vernova (energy), and GE Health Care, with varying market performances since their spinoffs [1] - GE's stock nearly doubled, GE Vernova's stock more than tripled, while GE Health Care saw a 28% return since their 2024 spinoff [1] Group 2: Industry Trends and Copycats - Following GE's successful spinoff strategy, other companies like Callaway, FedEx, Honeywell, Warner Bros. Discovery, and Comcast are considering similar plans [2] Group 3: Dupont's Upcoming Spinoff - Dupont is set to spin off its electronics division, completing necessary steps such as selecting a Board of Directors and hosting an Investor Day [3] - The new firm will be named Qnity, with existing Dupont shareholders receiving shares in the new company [4] Group 4: Qnity's Market Position - Qnity is projected to achieve net sales of $4.6 billion by 2025, with adjusted EBITDA margins around 30% [5] - Qnity aims to be a leader in the semiconductor value chain, offering comprehensive solutions from chip fabrication to assembly and display, unlike competitors who focus on narrower segments [6]

Market Overview - U.S. stocks traded higher, with the S&P 500 gaining 1% on Wednesday, while the Dow rose 0.84% to 46,657.52 and the NASDAQ climbed 1.19% to 22,788.69 [1] - Real estate shares increased by 1.7%, and health care stocks rose by 0.4% on the same day [1] Company Financials - Bank of America reported a net income of $8.5 billion for Q3 fiscal 2025, up from $6.9 billion a year ago, with EPS of $1.06, surpassing the analyst consensus estimate of $0.94 [2] - Revenue net of interest expense increased by 11% year-over-year to $28.24 billion, exceeding the analyst consensus estimate of $27.50 billion [2] Commodity Market - Oil prices increased by 0.4% to $58.96, while gold rose by 1.3% to $4,217.50 [5] - Silver traded up 1.6% to $51.410, whereas copper fell by 0.1% to $5.0225 [5] European Market Performance - European shares were generally higher, with the eurozone's STOXX 600 rising by 0.6% and France's CAC 40 surging by 2.2% [6] Asian Market Performance - Asian markets closed higher, with Japan's Nikkei 225 surging 1.76%, Hong Kong's Hang Seng index jumping 1.84%, and China's Shanghai Composite rising 1.22% [9] Notable Stock Movements - Australian Oilseeds Holdings Limited shares surged 270% to $3.6200 following comments from President Trump regarding U.S.-China business relations [8] - Genprex, Inc. shares increased by 173% to $0.6910 due to upcoming presentations at a major conference [8] - Omeros Corporation shares rose by 144% to $10.02 after Novo Nordisk acquired its global rights to Zaltenibart [8] - Yueda Digital Holding shares dropped 84% to $0.2259 after announcing a $28 million registered direct offering [8] - Largo Inc. shares fell 45% to $1.39 due to a $23.4 million registered direct offering and private placement announcement [8] - Aqua Metals, Inc. shares decreased by 37% to $18.72 after raising $13 million for strategic growth [8] Economic Indicators - The NY Empire State Manufacturing Index increased by 19.4 points to a reading of 10.7 in October, surpassing market expectations of -1.0 [10]

Group 1 - The Bank of America Corp. strategists recommend investors combine AI stocks with cheaper economy-linked stocks, particularly in commodities, to capitalize on the AI frenzy [1][2] - The development of AI data centers is increasing demand for energy and commodities, especially copper, which is essential for various applications including electric vehicles [2] - The UK market provides exposure to defensive sectors, such as healthcare, which can mitigate risks associated with potential overvaluation in technology stocks [3] Group 2 - The strategists observe "frothy" market conditions characterized by price action, valuations, and speculation, while noting that inflation indicators are rising [4] - Despite the high investor interest in AI stocks, with a BofA basket of AI leaders surging over 450% since the start of 2023, no central bank has raised interest rates in the last two months [5]

Summary of 2Q25 Earnings Interim Review for MSCI China and A-shares Industry Overview - The review focuses on the performance of MSCI China and A-shares during the 2Q25 earnings season, highlighting earnings and revenue results across various sectors. Key Points on MSCI China 1. **Earnings Performance**: - MSCI China reported earnings largely in line with consensus forecasts, showing a slight miss of -2.4% compared to -3.8% in 1Q25, but a significant beat in weighted surprise at +9.6% compared to +3.1% in 1Q25 [2][13] - 217 constituents out of 557 in MSCI China had reported results as of August 26, 2025 [12] 2. **Sector Highlights**: - **Strong Performers**: Communication Services, Consumer Discretionary, and Financials posted solid results [5] - **Weak Performers**: Energy, Materials, Real Estate, and Utilities missed on both number of companies and weighted earnings [5] 3. **Revenue Performance**: - Reported revenues missed consensus estimates by -7.9% in terms of the number of companies, but were in line by weighted surprise at +1.3% [22][23] - Better cost control and self-help strategies contributed to the earnings performance despite revenue misses [4] Key Points on A-shares 1. **Earnings Performance**: - A-shares reported earnings fell short of consensus forecasts by -11.6%, a decline from -4.8% in 1Q25, but were in line by weighted surprise at +0.0% [30][31] - 233 companies in MSCI China A Onshore had reported results, with 146 companies providing reasonable quality data for consensus estimates [29] 2. **Sector Highlights**: - **Strong Performers**: Communication Services and Consumer Discretionary showed some positive results, with Communication Services beating both number of companies and weighted surprise [31] - **Weak Performers**: Materials and Real Estate sectors missed on both measures [32] 3. **Revenue Performance**: - A-shares reported revenue missed consensus by -22.4% in terms of the number of companies, consistent with 1Q25, but were in line by weighted surprise at -4.7% [39][40] - No sector posted a revenue beat, with significant misses in Energy, Information Technology, Materials, and Real Estate [41] Additional Observations - The earnings season is still in its early stages, and trends may evolve as more companies report [2][30] - The analysis indicates a mixed outlook for the Chinese equity market, with some sectors showing resilience while others struggle to meet expectations [5][31] This summary encapsulates the key findings from the 2Q25 earnings interim review, providing insights into the performance of MSCI China and A-shares across various sectors.