Focus on hotspots:

1. Wu Qing, chairman of the CSRC, stated on November 19 at the third International Financial Leaders Investment Summit that there is a need to accelerate the reform of the investment side. The focus is on removing the obstacles and pain points for funds to enter the market from social security, insurance, and wealth management, and to cultivate a market ecology that encourages long-term investments. Wu Qing expressed that both long-term and short-term investments are welcome, but there is currently a greater need in the market to unblock the entry of long-term funds.

3. The Russian Ministry of Defense confirms that Ukrainian forces used the U.S.-made Army Tactical Missile System (ATACMS) for the first time on the 19th to strike Bryansk Oblast within Russia. Russian presidential spokesman Peskov stated that if Ukraine attacks Russia using Western non-nuclear missiles, then under the new nuclear deterrence policy, Russia could respond with nuclear weapons.

3. Huawei Terminal announced that the Huawei Mate brand ceremony will be held on November 26 at 14:30. At the same time, the Huawei Mate70 series smartphones will officially debut, and new devices in this series are now open for pre-order. Additionally, Huawei's executive director Yu Chengdong stated this month that the Mate70 series smartphones released this time will be the most powerful Mate ever. TechInsights data shows that in the second quarter of 2024, Huawei's global smartphone shipments increased by 49% year-on-year, reaching 11.6 million units.

4. Guangzhou Anju Group announced on November 18 that it will acquire existing commercial housing under 90 square meters throughout the city as indemnificatory apartments. This move means that Guangzhou's acquisition of existing commercial housing for indemnificatory apartments officially expands from previously designated areas like Zengcheng to the entire city.

5. Recently, Liu Jinjun, chief Chinese stock strategist at Goldman Sachs Research Department, and his team released a report on the outlook for China's market in 2025. Goldman Sachs expects that the MSCI Chinese index and the CSI 300 index will rise by 15% and 13% respectively in 2025. Approximately 7% to 10% earnings per share growth, moderate potential valuation increases, and generally low positions among investors intertwine to bring favorable risk-reward for Chinese stocks. Goldman Sachs recommends maintaining an overweight position in A-shares and H-shares and continuing to tactically prefer A-shares, believing that A-shares are more sensitive to policies and capital flows.

Global Markets

On Tuesday, the three major US indices opened lower but rose throughout the day, with the dow jones industrial average down 0.28%, the s&p 500 index up 0.40%, and the nasdaq up 1.04%.

Large technology stocks generally rose, with nvidia up 4.89%, google up 1.61%, amazon up 1.44%, meta up 1.21%, and tesla up 2.14%.

Most china concept stocks declined, with alibaba down 2.51%, xpeng motors down 3.77%, bilibili down 2.99%, netease down 2.92%, and tencent music down 2.96%.

In the hong kong stock market, the three major indices continued to fluctuate on Tuesday. At the close, the hang seng index was up 0.44%, the technology index was up 1.23%, and the hang seng china enterprises index was up 0.36%.

In terms of market performance, lithium batteries, gold, consumer electronics, and brokerage stocks performed well.

Company News:

hkbn (01310.HK): has received a non-binding proposal from china mobile hong kong limited, indicating that it may make a cash offer to acquire all of the company's issued ordinary shares. As of the date of this announcement, the company is still in discussions with the potential offeror regarding the terms of the proposal. Reports suggest that china mobile is currently negotiating the price with the company's shareholders, with an offer of at least around 5 hong kong dollars per share, valuing the company at over 6.5 billion hong kong dollars.

Alibaba-W (09988.HK): Alibaba Group's chairman, cai chongxin, stated at the third international financial leaders investment summit that alibaba's main listing in hong kong allows access to a very large investor base from the mainland while also bringing significant liquidity to the group's stocks. Cai chongxin noted that in recent months, alibaba has transitioned its secondary listing in hong kong to a main listing, which means that by being included in the stock connect program, more mainland investors will have the opportunity to invest in alibaba.

ZTO Express-W (02057.HK): Third quarter revenue was 10.675 billion yuan, a year-on-year increase of 17.6%; net income was 2.379 billion yuan, a year-on-year increase of 1.3%; the number of packages was 8.723 billion, a year-on-year increase of 15.9%.

Xpeng Motors-W (09868.HK): Total revenue for the third quarter was 10.1 billion yuan, an increase of 18.4% year-on-year; net loss was 1.81 billion yuan, a year-on-year reduction of 53.5%.

Kingsoft (03888.HK): Revenue for the third quarter was approximately 2.915 billion yuan, a year-on-year increase of 42%, and a quarter-on-quarter increase of 18%; net income was 0.413 billion yuan, a year-on-year increase of 13.51 times and a quarter-on-quarter increase of 5%.