Focused on hot topics.

1. The magazine "Qiushi" published an article signed by the State-owned Assets Supervision and Administration Commission of the State Council titled "Further Deepen the Reform of State-owned Assets and Enterprises to Provide Solid Strategic Support for Chinese-style Modernization," which pointed out that it is necessary to deeply implement high-quality development actions for key industry chains in manufacturing, focusing on urgent needs in fields such as Aviation, integrated circuits, Industrial Mother Machine, and Biotechnology, solidly advancing major technology equipment breakthrough projects, and strengthening collaborative breakthroughs in common technologies in the Industry, solving the problem of "lack of foundation and core" in China's industrial system from the source. Increase investment in the exploration and development of strategic energy resources, and accelerate the construction of key projects such as the "Shagehuang" New Energy base.

2. Media reports from the 2025 National Spring Festival Travel Television Phone Conference indicate that the Spring Festival travel season in 2025 will start on January 14 and end on February 22, lasting for 40 days. The amount of cross-regional personnel flow in society and the railway and civil aviation passenger volumes are expected to reach historical highs. It is currently estimated that during the 2025 Spring Festival travel period, the total cross-regional flow of people in society will reach about 9 billion trips, an increase of about 7% year-on-year, setting a historical record; the railway and civil aviation passenger volumes are expected to exceed 0.51 billion trips and 90 million trips, respectively, further increasing from last year's historical peak.

3. According to data, as of December 30, 2024, there have been a total of 70 companies listed in the Hong Kong IPO market, with a total fundraising amount reaching 87.802 billion HKD, an increase of 87.80% year-on-year. The IPO market has clearly recovered, and the fundraising amount in Hong Kong stocks has returned to the top five in major global markets. Analysts say that the recovery of the Hong Kong stock IPO market is mainly driven by several large new stock listing projects. In 2024, there are a total of 14 new stocks in the Hong Kong stock market with fundraising amounts exceeding 1 billion HKD, of which 4 companies raised over 5 billion HKD. With the ongoing reforms of the listing mechanism, stock liquidity, and other aspects by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, the trading in the Hong Kong stock market has become increasingly active, and the effects of the reforms continue to manifest.

4. According to informed sources, Chery Holdings has invited JPMorgan to assist in arranging for its Autos business unit to go public in Hong Kong next year, potentially raising up to 1 billion USD. The stock sale is likely to take place in the second or third quarter of next year, with Chery seeking a valuation of over 100 billion RMB.

5. In November, the amount of new mortgage loans approved in Hong Kong increased by 27.7% from October to 24.2 billion HKD.

Global market.

On Tuesday, the three major US stock indexes all fell, with the S&P 500 Index down 0.43%, the Nasdaq Composite Index down 0.9%, and the Dow Jones Industrial Average down 0.07%.

Technology giants collectively fell, with NVIDIA down 2.33%, Tesla down 3.25%, Microsoft down 0.78%, and Amazon down 0.86%.

Most China Concept Stocks rose, with the Nasdaq Golden Dragon Index closing up 0.39%. JD.com rose 1.2%, PDD Holdings rose 2.75%, Autohome rose 3.72%, and TAL Education rose 3.73%.

In the Hong Kong stock market, on Tuesday's half-day session, the Hang Seng Index and the National Index rose 0.09% and 0.13%, respectively, while the Hang Seng TECH Index fell 0.72%. From the market performance, stocks in the Coal, Oil, and Telecommunications Sectors performed prominently.

Company news

Alibaba-W (09988.HK): A subsidiary plans to sell approximately 73.66% of its stake in SUNART RETAIL, with the maximum transaction price amounting to about 13.138 billion Hong Kong dollars, equivalent to 1.75 Hong Kong dollars per share.

BYD Company (01211.HK): The sales volume of Electric Vehicles for the fiscal year 2024 is approximately 4.2721 million units, a year-on-year increase of 41.26%.

GCL NEWENERGY (00451.HK): plans to sell eight photovoltaic facilities in North Carolina, USA for about 0.107 billion HKD, with a total installed capacity of approximately 83 MW.

XINYI SOLAR (00968.HK): issues a profit warning, expecting annual net profit to decrease by 70% to 80% year-on-year.