2、中国有色金属工业协会硅业分会发布数据，本周硅片价格开启涨势，其中N型G10L单晶硅片成交均价涨至1.1元/片，涨幅达4.76%。本轮大尺寸硅片价格下游部分接受。本轮硅片涨价的根本原因是供不应求，G10L系列小尺寸硅片供应相对更加紧缺。① PwC expects that the IPO fundraising of Hong Kong stocks can reach 160 billion HKD in 2025. ② GTJA's merger application with HAITONG SEC will be discussed next week. ③ Alibaba's buyback plan still has a remaining quota of 20.7 billion USD. ④ Hong Kong's retail sales volume fell 8.3% year-on-year in November last year.
Focused on hot topics.
1. To better utilize the stabilizing role of securities and fund Institutions, the People's Bank of China, in conjunction with the China Securities Regulatory Commission, continues to promote the implementation of swap facilities among securities, fund, and Insurance companies. Based on the needs of participating Institutions, the People's Bank of China initiated the second swap facility operation, completing the bidding on January 2, 2025. The operation amount is 55 billion yuan, using a rate bidding method. Twenty Institutions participated in the bidding, with the highest bidding rate at 30bp, the lowest at 10bp, and the winning bidding rate at 10bp.
2. The Nonferrous Metals Industry Association of China released data that this week the price of silicon wafers began to rise, with the average transaction price of N-type G10L Monocrystalline Silicon rising to 1.1 yuan/piece, an increase of 4.76%. The downstream acceptance of large-size wafer price increases is notable. The fundamental reason for the price increase of silicon wafers this round is the supply and demand imbalance, as the supply of G10L series small-size wafers is relatively tighter.
3. The Ministry of Industry and Information Technology is publicly soliciting opinions on the "Requirements Regarding the Average Fuel Consumption and New Energy Vehicle Credit Management for Passenger Vehicle Enterprises for the 2026-2027 Period (Draft for Comments)." The draft proposes that the new energy vehicle credit ratio requirements for 2026 and 2027 are 48% and 58%, respectively. It also states that new energy vehicles with a low-temperature endurance decay rate of less than 35% will receive an incentive of 1.2 times credit.
4. PwC holds an optimistic view of the Hong Kong IPO market, forecasting that the IPO market will continue to rise in 2025. It is anticipated that about 70-80 companies will go public in Hong Kong in 2025, including several large companies preparing to list, with fundraising amounts ranging from 130-160 billion HKD. It is expected to regain a place in the top three globally. In 2025, sectors related to AI, Technology, Telecommunication Services, Electric Energy, and Retail, Consumer Products, and Services will be market focuses.
5. Hong Kong's retail sales volume fell 8.3% year-on-year in November, estimated at -5.4%; the retail sales value in November declined 7.3% year-on-year, estimated at -3.4%.
Global market.
On Thursday, U.S. stocks opened higher before plunging, with the S&P 500 Index and Nasdaq Composite Index both recording five consecutive daily declines. At the close, the S&P 500 Index fell by 0.22%, the Nasdaq Composite Index fell by 0.16%, and the Dow Jones Industrial Average fell by 0.36%.
The tech giants exhibited mixed performances, with Apple down 2.62%, NVIDIA up 2.99%, Tesla down 6.08%, and Meta up 2.34%.
China Concept Stocks had mixed results, with the Nasdaq Golden Dragon Index closing down 1.51%. JD.com fell 1.27%, Baidu fell 1.91%, Bilibili fell 5.41%, NIO rose 4.24%, Kingsoft Cloud rose 2.19%, Daqo New Energy rose 4.12%, JinkoSolar rose 4.46%, and MINISO rose 5.53%.
In the Hong Kong market, all three major indices fell more than 2% on Thursday. By the close, the Hang Seng Index fell 2.18%, the Technology Index fell 2.47%, and the Hang Seng China Enterprises Index fell 2.73%. In terms of market performance, most stocks in the Autos, photovoltaic, and Consumer Electronics sectors declined, while Golden Industrial Concepts rose against the trend.
Company news
GTJA (02611.HK): The application for the merger with HAITONG SEC will be reviewed on January 9 (Thursday).
Alibaba-W (09988.HK): As of the end of the 2024 fiscal year, there remains a buyback capacity of 20.7 billion dollars under the share repurchase plan.
Qinhuangdao Port (03369.HK): For the year ending December 31, 2024, the total throughput amounted to 0.414 billion tons, a year-on-year increase of 5.66%.
ZHENRO PPT (06158.HK): The support agreement for overseas debt restructuring has expired.
HBM HOLDINGS-B (02142.HK): Plans to periodically repurchase company shares on the open market worth no more than 40 million Hong Kong dollars.
