Inflation Rate YoY for Nov in India is 0.71%, higher than the previous value of 0.25%. The forecast was 0.7%.~



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By the end of November, the balance of domestic and foreign currency loans amounted to RMB274.84 trillion, up 6.3% YoY, as announced by the People's Bank of China (PBOC). The balance of RMB loans at the end of the month was RMB271 trillion, up 6.4% YoY.

In 11M25, RMB loans increased by RMB15.36 trillion, compared to the market consensus of RMB15.4176 trillion. By sector, household loans grew by RMB533.3 billion, of which short-term loans decreased by RMB732.8 billion, while medium- to long-term loans increased by RMB1.27 trillion.
~

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At the end of November 2025, China's aggregate financing to real economy (stock) reached RMB440.07 trillion, up 8.5% YoY, according to preliminary statistics from the People's Bank of China.

Specifically, the balance of RMB loans to the real economy stood at RMB267.42 trillion, up 6.3% YoY, while the balance of foreign currency loans to the real economy, converted to RMB, amounted to RMB1.13 trillion, down 16.5% YoY.
~



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Rapidus, a semiconductor manufacturer established under the leadership of Japan's Ministry of Economy, Trade and Industry (METI) and supported by eight major companies like NTT and Sony, planned to commence construction of its second factory in Hokkaido in FY2027, according to Nikkei Asia.

The factory is expected to begin producing 1.4nm chips as early as 2029, which is among the most advanced processes globally, thereby narrowing the technology gap with the world's largest foundry, TSMC (TSM.US).

The company planned to fully develop 1.4nm products starting in FY2026 while maintaining a continuous partnership with IBM (IBM.US), which provides 2nm technology.

Although Rapidus confirmed in July 2025 that 2nm devices can operate normally, the path to mass production has not yet been established. The company hoped to secure long-term customer orders by setting a mass production target for processes smaller than 1.4nm.
~


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Manulife (International) Limited announced today (12th) that it has completed its re-domiciliation from Bermuda to Hong Kong under the HKSAR Government's company re-domiciliation regime, becoming the first insurer to complete the re-domiciliation process under this regime. This marks a significant milestone for both Manulife and the entire insurance industry.

This move reflects its confidence in Hong Kong as a leading financial hub and reinforces its long-term commitment to the Hong Kong market, Manulife added.

Redomiciling to Hong Kong will help optimize operational efficiency, respond more quickly to market demands, and actively explore new business growth opportunities in the region.
~

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Over the next year, US inflation is expected to remain high or even edge up a bit, said Vincenzo Vedda, Chief Investment Officer at DWS. His inflation forecast is 2.9%.

With a weakening job market, however, Vedda anticipates the Fed to cut rates three more times, each by a quarter of a percentage point, eventually lowering the target rate range to 3-3.25%.

Vedda also believes that the S&P 500 still has considerable room for growth next year. His target for the S&P 500 as of December 2026 is 7,500. It is worth noting that investors will be more cautious in selecting AI stocks than before. If a company underperforms expectations, its stock price will inevitably face adjustment pressure.
~



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Inflation Rate YoY Final for Nov in Spain is 3.0%, lower than the previous value of 3.1%. The forecast was 3%.~



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Outstanding Loan Growth YoY for Nov in China is 6.4%, lower than the previous value of 6.5%.~



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M2 Money Supply YoY for Nov in China is 8.0%, lower than the previous value of 8.2%.~



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China's November monthly auto production volume exceeded 3.5 million units for the first time, setting a new all-time high, according to data from the China Association of Automobile Manufacturers (CAAM).

Production volume and sales volume reached 3.532 million and 3.429 million units respectively, up 2.8% and 3.4% YoY. In 11M25, auto production and sales volume amounted to 31.231 million and 31.127 million units each, up 11.9% and 11.4% YoY.
~

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LENS (06613.HK) announced plans to acquire over 95% of Yuans Technology, a supplier to Nvidia (NVDA.US) engaged in the production and sales of server cabinets, structural components, and server liquid-cooling modules, according to a CLSA report.

CLSA expects the deal to be completed next year, which would help LENS break into Nvidia's AI server supply chain and drive rapid growth in its AI server business.

LENS' rating was reiterated as Outperform, with a target price remaining unchanged at HKD38.
~



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Inflation Rate YoY Final for Nov in France is 0.9%, unchanged from its last period. The forecast was 0.9%.~



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Inflation Rate YoY Final for Nov in Germany is 2.3%, unchanged from its last period. The forecast was 2.3%.~



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GDP MoM for Oct in United Kingdom is -0.1%, unchanged from its last period. The forecast was 0.1%.~



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Industrial Production MoM for Oct in United Kingdom is 1.1%, higher than the previous value of -2.0%. The forecast was 0.7%.~



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The AI gold rush driven by abundant liquidity has dominated this year's investment landscape, CLSA released a research report saying. Looking ahead to 2026, the broker saw substantial evidence that AI trade is nearing the end of its momentum.

Although the core assumption is that the momentum and profits will continue into 1H26 before reaching a tipping point, tCLSA set a mid-2026 target of 7,200 for the S&P 500.

CLSA currently rated South Korea at Overweight, considering it the most preferred investment target for AI momentum, meanwhile considering India and, to a lesser extent, Indonesia as primary rotation destinations for 1H26 if the tech rally subsides.
~

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Shares | Ratings | Target prices (HKD)

GALAXY ENT (00027.HK) | Buy | 54
MGM CHINA (02282.HK) | Buy | 19 -> 20
SANDS CHINA LTD (01928.HK) | Buy | 25.5 -> 26.5
SJM HOLDINGS (00880.HK) | Sell | 2.65 -> 2.3
WYNN MACAU (01128.HK) | Buy | 7.2 -> 8.05

Las Vegas Sands (LVS.US) | Buy | USD75.5 -> USD76.75
Melco Resorts & Entertainment (MLCO.US) | Buy | USD13
~



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YUM CHINA (09987.HK)'s board of directors has increased the Company's share repurchase authorization by US$1 billion, bringing the total remaining authorization to approx. US$1.2 billion, as announced by YUM CHINA.
~

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Stocks | Investment Ratings | Target Prices (HKD)
AGILE GROUP (03383.HK) | Neutral (High Risk) | 0.53
C&D INTL GROUP (01908.HK) | Buy | 22.5
CIFI HOLD GP (00884.HK) | Sell (High Risk) | 0.2
CH OVS G OCEANS (00081.HK) | Buy | 2.7
CHINA OVERSEAS (00688.HK) | Buy | 17.2
COUNTRY GARDEN (02007.HK) | Sell (High Risk) | 0.29
CHINA RES LAND (01109.HK) | Buy | 39.62
GREENTOWN CHINA (03900.HK) | Buy | 13.5
R&F PROPERTIES (02777.HK) | Sell (High Risk) | 0.54
CHINA JINMAO (00817.HK) | Buy | 1.8
LONGFOR GROUP (00960.HK) | Buy | 15.8
MIDEA REAL EST (03990.HK) | Buy | 5.9
SEAZEN (01030.HK) | Buy | 3
SHENZHEN INVEST (00604.HK) | Buy | 1.05
SUNAC (01918.HK) | Neutral (High Risk) | 1.59
CHINA VANKE (02202.HK) | Neutral | 5.47
YUEXIU PROPERTY (00123.HK) | Buy | 6.2
-------------------------------------------------------------
Brokerage Platforms
Stocks | Investment Ratings | Target Prices
KE Holdings (BEKE.US) | Buy | RMB22.6
BEKE-W (02423.HK) | Buy | HKD63
GREENTOWN MGMT (09979.HK) | Buy | HKD3.45
~



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With a rich array of concert events, luxurious new hotel offerings, and new baccarat side bets, Macau will remain the top travel destination for affluent mainland Chinese tourists, Citi Research issued a research report saying.

Currently, the broker forecasted that Macau's 2026 GGR will grow by 6% YoY, with industry EBITDA expected to hike by 10% YoY, and the EBITDA profit margin to remain roughly flat YoY at around 29%.

Citi Research listed SANDS CHINA LTD (01928.HK) as its sector top pick, and noted that SANDS CHINA LTD is expected to become the largest market share winner in 2026, with its share increasing by 1.6 ppts to 25.1%. The broker added its target price from $25.5 to $26.5.

Furthermore, the broker also believed that, with the expansion of the Chairman's Club at Wynn Palace opens in 1Q26, WYNN MACAU (01128.HK)'s market share is expected to recover soon. Therefore, Citi Research listed it as the top pick among mid-sized casinos, and lifted its target price from $7.2 to $8.05.

Citi Research's preference pecking order for other casinos is GALAXY ENT (00027.HK), MGM CHINA (02282.HK), Melco Resorts & Entertainment (MLCO.US) and SJM HOLDINGS (00880.HK), with target prices of $54/ $20/ US$13/ $2.3, respectively.

Moreover, the broker kept Las Vegas Sands (LVS.US) as its global top pick among casinos, and raised its target price from US$75.5 to US$76.75, as it was optimistic about the improvement in Singapore operations and the recovery of Macau operations.
~

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