I. Market environment
Market environment, expectations for the meeting on Friday, December 12th, with the Hang Seng Index breaking through to the upside on large volume. Component stocks, China Securities +0005 performed well, while ICBC 1288 hit a new high, Tencent in the technology sector broke through to the upside on Friday, and Xiaomi returned to a high point. Sectors, biomedical outsourcing, and the Apple supply chain led the gains. From a sustainability perspective, the Apple supply chain is the best performer (Apple in the peripheral market is also the first among large market cap varieties to reach a historic high, with a sustainable trend). AI applications are fluctuating at a high level, with Bitcoin 0434 continuing to reach new highs, and outbound + grain economy 9896 breaking through to the upside. Market structure, indexes stabilize, small stock environment, mapping between A-shares and US stocks, filling the gap in structure. Rotation this week to China Securities, with a focus on consumer stocks on Friday.
Market Themes
Macro logic: 2025 macro environment - major hedging; Three directions, bond, real estate, consumer - stabilize this week, with expectations of a mid-December meeting.
Era environment: AI applications (including robotics), grain economy (activating commercial real estate), Bitcoin
Market theme: AI applications (new direction in the AI era) fluctuate at high levels, Guzi economy miniso breaks through upwards. Hedging stabilizes; the direction of the special valuation is good, domestic banks begin to reach historical highs; Siasun Robot&Automation, Suteng Juchuang break through upwards; electric vehicles direction 1810 closing price hits a new high; consumer, overall bounce on Friday, Guzi economy is a positive segment direction.
Strategy: From the perspective of indices, HK stocks are at the last position among the three markets, with the correlation with A shares and US stocks concepts, there are positions to buy, miniso is a long-term variety, continue to pay attention.
1. Non-banking sector (debt monetization, brokerage, insurance)
Stabilizing.
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