Zhitong Hong Kong Stock Exchange Unravels | The current situation has become complicated, and the lifting of the ban has impacted the market

[Anatomy Dashboard]

On the eve of Christmas, the Hong Kong stock market became relatively light, shrinking to 157.1 billion dollars. Taking on yesterday's atmosphere, Hong Kong stocks rushed up a bit early, but weakened in the afternoon, and the periphery was still not calm. Today's closing fell 0.11%.

Although America's strategy is currently shrinking, various actions continue. An oil tanker called “Century” was “accurately intercepted” by the US military in the waters off Venezuela. The reason given by the US side was “suspected of participating in sanctioned oil transfers.” The actual shipowner is a Hong Kong company, and the purpose behind it is obvious.

On December 22, local time, the US Federal Communications Commission (FCC) added all foreign-made drones and their components to the controlled “black list” on the grounds of an “unacceptable threat to national security,” prohibiting the sale of foreign drones in the US. Chinese drone manufacturers such as DJI and Daotong will be affected. Furthermore, the US speculated that China would deploy 100 missiles at three new launch sites, and the Ministry of Foreign Affairs refuted it.

Trump said that the US needs to own Greenland, not for important minerals, but for national security.

This series of operations reflects the complexity of the “G2” era. Today, the price of spot gold once hit a record high of 4,486 US dollars per ounce, which is more than 50 times during the year. Gold stocks strengthened again, with Wanguo Gold Group (03939) rising more than 5%; Shandong Gold (01787) and Zhaojin Mining (01818) both rose more than 3%.

What has influenced sentiment quite a bit is that this morning, the Long March 12A rocket developed by the Eighth Academy of China Aerospace Science and Technology Corporation flew for the first time in Jiuquan, and for the first time, vertical recycling of a first-class rocket was tested. However, the first-level rocket re-entered abnormally, and mushroom clouds appeared, and successful recycling was not achieved. This news had some impact on the confidence of many. However, although this mission did not achieve the planned first-level rocket recovery target, it obtained key engineering data in the actual flight state of the rocket, laying an important foundation for subsequent launches and reliable recycling of sub-stages. Next, there will be many more launches. It is only a matter of time before China Aerospace quickly overtakes SpaceX.

A wave of ban lifting emerged at the end of the year. Today, Yaojie Ankang (02617) ushered in the lifting of the ban on cornerstone restricted shares. According to data, a total of 5 shareholders of Yaojie Ankang have lifted the ban. The total number of unbanned shares reached 9.774 million shares, accounting for about 2.46%. Today, it fell by more than 18%; the ban was lifted today after the completion of the Yuejiang (02432) listing period. The data shows that a total of 36 shareholders of Yuejiang have lifted the ban. The cumulative number of unbanned shares is about 193 million shares, down more than 8%; on December 23, Sanhua Intelligent Control (02050) officially ushered in the lifting of the ban on Hong Kong stocks. According to the data, a total of 17 shareholders have been banned this time, and the total number of unbanned shares is about 196 million shares. In fact, the company's performance is good. The 2025 performance forecast was released last night. It is expected that net profit attributable to shareholders of listed companies in 2025 is about 3,874 billion yuan to 4.649 billion yuan, an increase of 25%-50% over the previous year; net profit after deducting non-recurring profit and loss is about 3,679 billion yuan - 4.615 billion yuan, an increase of 18%-48% over the previous year. However, it was unable to withstand the pressure to lift the ban, and it fell by more than 6%.

From December 22 to 23, the National Housing, Urban and Rural Construction Work Conference was held in Beijing. The conference pointed out that in 2026, efforts should be made to stabilize the real estate market due to the city's policies to control growth, remove inventory, and improve supply.

The 2,605 lithium carbonate futures contract rose 4% this morning, reaching a high of 118,580 yuan/ton. Lithium stocks continued their gains. Ganfeng Lithium (01772), Ruipu Lanjun (00666), and Tianqi Lithium (09696) all rose 3%. China Alcoa International (02068)'s Bofa project in Guinea received good news. The bauxite shipment volume in 2025 broke the 20 million ton mark, setting a new record for the company's overseas bauxite supply. Today it's up nearly 4%.

The Hainan free trade theme, which strengthened yesterday, is fragmented in the A-share market. The core China Exemption (01880) is pressured to take back profits today, and the area around the previous high point needs to be repeatedly fluctuated and digested. However, the subject of Hainan has not stopped. On December 22, according to CIMC Enric (03899) official WeChat information, the company's CIMC Green Energy and strategic partner Datang Ocean Energy recently signed a memorandum of cooperation with the Yangpu Economic Development Zone Management Committee of the Danzhou Municipal Government at the Hainan Offshore Wind Power Industry Chain Conference. The three parties plan to design a production capacity of 100,000 to 200,000 tons/year around a green energy consumption project in the Yangpu Economic and Economic Development Zone in Hainan; in addition, the company officially put into operation the country's first biomethanol project in Zhanjiang, Guangdong this month, with an annual output of 5 tons. The second phase of the 200,000 ton project completed an investment intention agreement with the local government this month. The company has a full-chain solution for green methanol “raw material to filling”, and has built the first green methanol “production-storage-operation-use” supply chain ecosystem in South China. Taking advantage of the Shanghai South theme, today's increase was over 7%.

With Oracle's rebound in the direction of AI, market confidence has once again increased, and the capital expenditure of some major companies has become optimistic. Data center construction is also speeding up. Among them, the shortage of electricity is a major problem. The topic of supercritical carbon dioxide power generation is on the rise. Dongfang Steam Turbine, a subsidiary of Dongfang Electric (01072), played a key role as a core equipment provider in the development and manufacture of the world's first commercial unit “Super Carbon 1.” According to other sources, the company is currently negotiating potential sales business with US data center customers, which is up more than 8% today.

Cathay Pacific (00293) announced that the number of passengers carried by Cathay Pacific in November 2025 increased by 26% compared to the same month of 2024, and the number of available seat kilometers increased by 22% year-on-year. Passenger capacity in the first 11 months of 2025 increased 27% over the same period in 2024. The data is quite good. Today, it has risen by more than 7%, reaching a new high of more than 10 years.

On December 19, Zhenjiu Li Du (06979) issued a notice on the phased suspension of Dazhen's investment promotion in some regions. The direct cause was an imbalance in control due to the rapid expansion of channels in the early stages. As of September 2025, the number of “Dazhen” affiliate companies has exceeded 3,000, and rapid expansion has brought about problems of high channel inventory and price chaos. After the change, it will help rebuild a healthy channel ecosystem, stabilize brand prices, and the market is optimistic about the subsequent improvement of the dealer system and gross margin of liquor. It's up nearly 5% today.

[Section Focus]

On December 23, the first batch of special license plates for L3 motorway autonomous vehicles in Beijing was officially issued by the Beijing Municipal Public Security Bureau's Transportation Administration to three intelligent connected vehicles. This is also the first batch of L3 class highway autonomous vehicle license plates issued in China. This indicates that China's autonomous vehicles have progressed from testing and demonstration to official mass production, pioneering the L3 autonomous driving era, and becoming a landmark event in the automobile intelligence process.

On December 15, the Ministry of Industry and Information Technology approved entry permits for the first batch of L3 autonomous driving models in China. Beijing is following up quickly this time, and it can be seen that the policy side is strongly supporting autonomous driving. Main benefits: Zhejiang Shibao (01057), Youjiao Innovation (02431), Horizon Robot-W (09660).

[Individual Stock Mining]

Master Kong Holdings (00322): The company returned to family governance and profits continued to grow rapidly

Recently, the company announced that CEO Chen Yingrang has decided to retire and will not renew his service contract with the company. The new CEO is Wei Hongcheng, effective from January 1, 2026. The company's annual revenue is expected to decline due to low orders, and double digit growth after deducting non-profit.

Comment: The change marks the end of Master Kong's 11-year career as a professional manager. The Wei family will fully control Master Kong. The market has a positive view on this. By product, revenue is positive after July, maintaining a low order growth rate, and is expected to remain flat throughout the year. The 3Q25 carbonic acid margin in beverages weakened slightly. It is expected to grow at a low rate throughout the year. The decline in non-carbonated 3Q25 expanded, but it narrowed in October, and the overall non-carbonated pressure is relatively high. From the perspective of product regulations, beverages are mainly 1L under pressure, and 500ml is basically stable. Revenue is expected to grow steadily in '26. From a channel perspective, the company is currently paying more attention to warm drink channels. It lays out some warm cabinet products on terminals, including tea and water drinks, with updated yellow packaging, in an effort to keep up with the off-season. Surface channel structure: Online accounts for about 10%, Tecom accounts for single digits, traditional supermarkets account for about 10%, mass sales 7-8%, and traditional distribution accounts for about 70%. Beverage channel structure: 70%-80% of traditional distribution, online high orders, food orders, express high orders, mass sales account for 1-2%; the rest are Express and supermarkets. The company's cost dividend this year is quite obvious. Most of the profit growth comes from costs. Looking at next year, raw material costs are likely to decline, but the magnitude is expected to be less than this year. Overall, although the company's revenue is under relative pressure this year, it will maintain a good growth trend after deducting non-profits. The revenue side is expected to stabilize next year, and profits will continue to grow rapidly.