There was HKD2.5 billion and HKD2.4 billion Southbound Trading net inflow to MEITUAN-W (03690.HK) and XIAOMI-W (01810.HK).

There was HKD3.4 billion, HKD996.1 million and HKD735.2 million Southbound Trading net outflow from BABA-W (09988.HK), TENCENT (00700.HK) and HUA HONG SEMI (01347.HK).

For Southbound Trading of Shanghai-Hong Kong Stock Connect, YOFC (06869.HK) was the most active stock with highest net inflow of HKD6.5 million, while BABA-W (09988.HK) was the most active stock with highest net outflow of HKD626.1 million.

For Southbound Trading of Shenzhen-Hong Kong Stock Connect, XIAOMI-W (01810.HK) was the most active stock with highest net inflow of HKD3 billion, while BABA-W (09988.HK) was the most active stock with highest net outflow of HKD2.7 billion.

At close, Southbound Trading net outflow totaled HKD0 , representing 48.21% of the total transaction amount of HKD116.99 billion.
~




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R&F PROPERTIES (02777.HK)'s total contracted sales for November amounted to approx. RMB1 billion, remaining flat YoY, with approx. 112,500 sq.m. of GFA, as announced by R&F PROPERTIES.

At the end of November, the Group's cumulative total contracted sales were approx. RMB12.7 billion, up 24.6% YoY, with approx. 1.2616 million sq.m. sold.
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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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The HSI ended the day up 446 points or 1.75% at 25,976. The HSCEI rose 145 points or 1.6% to close at 9,079. The HSTECH climbed 103 points or 1.9%, closing at 5,638. The total market turnover for the day amounted to HKD242.657 billion.

In the tech sector, BABA-W (09988.HK) and TENCENT (00700.HK) rallied 2.3% and 2.4%. NTES-S (09999.HK) surged 4.2%. MEITUAN-W (03690.HK), KUAISHOU-W (01024.HK), and BILIBILI-W (09626.HK) added 0.9-1.1%. BIDU-SW (09888.HK) leaped 1.8%. JD-SW (09618.HK) inclined 1.1%. It is said to be recruiting talent in the AI chip sector.

Additionally, MEITU (01357.HK) and CHINA LIT (00772.HK) skyrocketed 6.7% and 5.8%. SENSETIME-W (00020.HK) and ALI HEALTH (00241.HK) soared 4.7% and 4.3%. Chip stock SMIC (00981.HK) inched up 0.6%, but its peer HUA HONG SEMI (01347.HK) dipped 0.7%.

Autonomous driving-related stocks performed positively. HORIZONROBOT-W (09660.HK) and HESAI-W (02525.HK) shot up 3.8% and 3.7%. PONY-W (02026.HK) mushroomed 5%. Carmakers NIO-SW (09866.HK), GEELY AUTO (00175.HK), and LI AUTO-W (02015.HK) also jumped over 2%. XIAOMI-W (01810.HK) and BYD COMPANY (01211.HK) ticked up 1.8% and 1.2%.

Among financial stocks, HSBC HOLDINGS (00005.HK) swelled 2.9% to HKD117.3. It once hit an intraday high of HKD117.9, which also marked a post-dividend historical high. STANCHART (02888.HK) spiked 3.4%. HKEX (00388.HK) and AIA (01299.HK) rose 0.3% and 2.2%.
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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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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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HESAI-W (02525.HK) (HSAI.US) announced that its long-range LiDAR model ATX has entered mass production and is now installed on GEELY AUTO (00175.HK)'s mid-to-high-end new energy vehicle series, the Geely Galaxy V900.

Meanwhile, HESAI-W's long-range LiDAR AT series has also been designated for multiple Geely Galaxy models slated for 2025 and 2026, with mass production and deliveries to follow.
~



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Daiwa wrote in its research report that it picked up on the 10% rally in GOLDWIND (02208.HK)'s stock price during yesterday's morning trading session.

Surprisingly, the broker said it might be related to SpaceX's potential IPO, as Elon Musk, founder of SpaceX, is said to be preparing for an IPO in 2026.

Daiwa also cited market rumors that GOLDWIND holds a significant stake in a Chinese private rocket company, Landspace, which has been actively planning an IPO for the STAR Market of the Shanghai Stock Exchange.

Viewing GOLDWIND's stock price rally as an event-driven short-term fluctuation, Daiwa kept a Hold rating on the company.
~



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ZTE (00763.HK) announced its intention to repurchase its A-shares by way of centralized price bidding using internal funds, which A shares will be allotted for the implementation of the Company's employee share ownership schemes or share incentives.

The total amount of the Repurchase shall be not less than RMB1 billion and not more than RMB1.2 billion.

Based on the maximum repurchase amount of RMB1.2 billion and the cap of the A share repurchase price of RMB63.09 per share, the number of shares to be taken up by the Company under the Repurchase is estimated at approx. 19.0204 million shares, accounting for approx. 0.4% of the current total share capital of the Company, subject to the actual number of shares repurchased upon the conclusion of the repurchase period.

The Repurchase may be conducted within 12 months from the date on which the plan for the Repurchase is considered and approved by the Board of Directors.
~

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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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Although the December CCP Politburo meeting didn't mention the real estate industry, the Central Economic Work Conference revealed some details related to this aspect, including steadily resolving the risks in key areas, focusing on stabilizing the real estate market, and encouraging inventory purchases for affordable housing, according to a report from Citi.

In Citi's estimate, any policy-driven stock price rebound in December 2025 will likely be short-lived, as sales are likely to remain weak in 4Q25 and household confidence will improve only marginally before price expectations change.

Citi's top picks are CHINA JINMAO (00817.HK), C&D INTL GROUP (01908.HK), and CHINA RES LAND (01109.HK). Details of its ratings and target prices for Chinese developers are available in a separate table.
~



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JD-SW (09618.HK) is reportedly recruiting talent in the field of on-device AI chips, primarily focusing on compute in memory (CIM) AI chips and products which may be used in hardware such as robots and smart home appliances, STAR Market Daily quoted sources as saying.

JD-SW offers a salary range of RMB40,000-100,000 (20 months salaries) for engineering positions related to CIM chip design, according to information from recruitment websites.
~

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Wu Xinhong, CEO of MEITU (01357.HK), recently revealed that the company is transitioning from a mid-sized company back to a startup team.

MEITU is establishing AI innovation studios for internal competition. Each studio, capped at 10 members, will prioritize versatile talent. A base funding of RMB10 million will be available for application, and additional investment will be considered based on the actual needs of the project, with a six-month period for product innovation.
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White House Press Secretary Karoline Leavitt revealed that President Donald Trump hopes to maintain a strong alliance with Japan while continuing to foster a positive cooperative relationship with China.

According to Leavitt, Trump established an excellent relationship with Japanese Prime Minister Sanae Takaichi during his previous visit to Japan. At the same time, Trump is maintaining a good relationship with Chinese President Xi Jinping, which is beneficial for the US.
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During the recent Central Economic Work Conference, the narrative regarding the real estate market was similar to previous ones, JPMorgan released a research report saying.

However, compared to past government meetings, this time there was more emphasis on the property market, showing that stabilizing the property industry remains one of the key tasks in mainland China.

Although specific measures were not mentioned at this meeting, JPMorgan believed that the next policy measures may aim to reduce home buying costs (such as mortgage subsidies).

Nevertheless, if policymakers do not show a stronger determination to stabilize home prices, it is believed that potential measures may only have a short-term impact on stabilizing trading volume/ prices.

Historical data shows that, after government meetings, if related policies are not unexpected, the property sector tends to show an average underperformance of 1%/ 3% within 1/ 5 days, JPMorgan added.

The broker's top picks are CHINA RES LAND (01109.HK), CHINA RES MIXC (01209.HK) and CHINA JINMAO (00817.HK). However, it remained cautious about CHINA VANKE (02202.HK).
~

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CMBI has issued a research report giving China's 2026 discretionary consumption sector an Equalweight rating.

The broker expects overall retail sales to grow by around 3.5%, slightly slower than the around 4% in 2025. It also holds a cautious outlook as tailwinds were markedly overweighed by headwinds like the retreat of national subsidies and delivery subsidies, a slowdown in export momentum, and job reductions due to the widespread application of AI.

However, the delayed Spring Festival, extended holidays, potential recovery in the real estate sector, and a thriving stock market are among the few positive factors. It is anticipated that the discretionary consumption sector's stock prices will be under pressure in 1H26 and see relatively larger rebound potential in 2H26.

Under basic scenarios, CMBI suggests investment can be categorized by different types of consumption. The broker prefers 1) survival consumption (frugality, low unit price, high cost-effectiveness), with related companies including: LEPU BIO-B (02157.HK), YUM CHINA (09987.HK), Luckin Coffee (LKNCY.US), DPC DASH (01405.HK), and BOSIDENG (03998.HK); 2) compensatory consumption (small happiness, cheap entertainment, emotional value, experiential); and 3) hedging and defensive consumption (gold, silver, high dividends), with related companies including: BOSIDENG (03998.HK), JNBY (03306.HK), CHINA LILANG (01234.HK), and TOPSPORTS (06110.HK). All of these companies have been rated Buy.

In contrast, CMBI is less optimistic about large-scale consumption (durables, real estate-related, luxury goods, high-end tourism), though optimistic and bull market scenarios (assuming a strong wealth effect with a thriving stock market and gradually stabilizing real estate market) will be conducive to large-scale consumption. The related companies include HAIER SMARTHOME (06690.HK) (600690.SH), MIDEA GROUP (00300.HK) (000300.SH), HAIDILAO (06862.HK), ANTA SPORTS (02020.HK). All of them have been rated Buy.
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According to data from consultancy Benchmark Mineral Intelligence, November saw the slowest global electric vehicle (EV) sales growth since February 2024, which the consultancy attributed to stagnant growth in China's EV sales and a decline in US EV sales for the first time since 2019 following the end of tax incentives.

Specifically, nearly 2 million global EV registrations were recorded in November, marking an increase of 6%. China saw a growth of 3% to over 1.3 million registrations, while North America saw a decline of 42% to about 100,000 registrations.
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NANHUA FUTURES (02691.HK) is launching its IPO in Hong Kong, planning to offer approx. 108 million H-shares globally, with the Hong Kong public offering accounting for about 10% (10.766 million shares) and the international placement for about 90% (96.893 million shares).

The offer price ranges from $12 to $16 per share, aiming raise up to approx. $1.723 billion. The entry fee for a board lot of 500 shares will be around $8,080.68.

NANHUA FUTURES (603093.SH)'s A-shares are already listed on the Shanghai Stock Exchange (SSE). The H-share IPO period starts today (12th), and will end next Wednesday (17th), with the listing expected on the Monday after next (22nd). CITIC Securities is its sole sponsor.
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