<Research>CMSI Forecasts Modest Economic Growth in the US Next Year; Hong Kong Stock Market to Transition Towards Earnings-Driven Performance
US Economic Outlook: The US economy is projected to experience moderate growth next year, supported by the Fed's rate cuts and AI investments, while maintaining a bullish stance on US stocks despite short-term risks.
Hong Kong Stock Market Forecast: Hong Kong stocks are expected to transition from valuation recovery to earnings growth, with liquidity remaining favorable despite challenges in China's economy.
Top Stock Recommendations: CMSI's top stock picks for Q1 2026 include major companies like Alphabet, Meta, Netflix, Tencent, and Alibaba, among others.
Short Selling Data: The report includes detailed short selling data for various stocks, highlighting significant short selling ratios for companies like Geely Auto and BYD Company.
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<Midday Update> HSI Falls by 498 Points; HSTI Declines by 105 Points; CSPC PHARMA Drops Over 12%; SHK PPT and HUABAO INTL Reach New Peaks
Market Performance: The Hang Seng Index (HSI) fell by 498 points (1.8%) to 27,469, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also experienced declines of 1.8% and 2.1%, respectively.
Active Heavyweights: Major stocks like Xiaomi, Alibaba, and Tencent saw significant drops, with Xiaomi down 2.7%, Alibaba down 2.7%, and Tencent down 1.5%, alongside substantial short selling activity.
Notable Declines: CSPC Pharma and Zijin Mining faced sharp declines of 12.5% and 8.6%, respectively, with high short selling ratios indicating bearish market sentiment.
Gainers and New Highs: New Oriental and Huabao International were among the few gainers, with New Oriental up 3.6% and Huabao hitting a new high with a 6.2% increase.
Zeekr 9X Component Production Increase Demonstrates Significant Advancement; Up to RMB12K in Available Subsidies
Customer Enthusiasm: Zeekr, a brand by GEELY AUTO, has seen a surge in orders for the Zeekr 9X, exceeding expectations due to increased customer interest and improved production capabilities with supply chain partners.
Delivery Incentive: To address potential delays in vehicle delivery, Zeekr will offer customers a daily bonus of RMB200 if the delivery exceeds the estimated date, with a maximum of RMB12,000 that can be deducted from the final payment.
