Zhitong Hong Kong stocks have known for a long time | The market expects the Fed to cut interest rates by 25 basis points and increase China's gold reserves for 13 consecutive months
[Today's headlines]
The probability that the Fed will cut interest rates is 87%! The market expects a 0.25 percent reduction
The Federal Open Market Committee plans to review interest rates at its December 9-10 meeting. The financial market is expected to cut 0.25 percentage points to 3.75% to 4% of the current federal funds target interest rate range. The market's expectations for the Fed's interest rate cut in December have also risen sharply. According to CME FedWatch data, the possibility of cutting interest rates in December is currently about 87%. Morgan Stanley once again expects the Federal Reserve to cut interest rates by 25 basis points after the December 9-10 policy meeting. The agency previously retracted this forecast due to the strong September US employment report and expected interest rate cuts to be postponed until 2026.
[General outlook]
Most popular Chinese securities rose, Baidu rose more than 5%
Overnight, the US stock Dow rose 104.05 points, or 0.22%, to 47954.99 points; the NASDAQ rose 72.99 points, or 0.31%, to 23578.13 points; and the S&P 500 rose 13.28 points, or 0.19%, to 6870.40 points. The three major US stock indices all recorded gains last week. The S&P 500 rose 0.31%, while the Nasdaq index and the Dow rose 0.9% and 0.5%, respectively. Storage concepts and retail department stores had the highest gains. SanDisk rose more than 7%, Micron Technology rose more than 4%, and Macy's and Dillard Department Stores rose more than 2%. Cryptocurrency concepts and comprehensive oil and gas registered the highest declines, with Strive falling more than 7%.
Most popular Chinese securities rose, Baidu rose more than 5%, Wanguo Data rose more than 4%, and Xiaopeng Motors, iQiyi, and Good Future rose more than 2%. The Hang Seng Index ADR declined. On a proportional basis, it closed at 26021.29 points, down 63.79 or 0.24% from the Hong Kong closing.
COMEX silver futures rose 2.28% to $58.8 per ounce and rose to 59.900 intraday. The dollar hit a record high in the intraday period, rising nearly 3% last week.
[Hot Topics Preview]
Foreign exchange reserves increased by 3 billion US dollars in November, and gold reserves increased for 13 consecutive months
China's foreign exchange reserves increased for four consecutive months, and gold reserves increased for 13 consecutive months. According to the latest data released by the State Administration of Foreign Exchange on December 7, as of the end of November 2025, China's foreign exchange reserves were US$3346.372 billion, up US$3,029 billion from US$3343.343 billion at the end of October, an increase of 0.09%. The People's Bank of China has increased its gold holdings for 13 consecutive months since November last year. According to data released by the central bank on December 7, China's gold reserves at the end of November were 74.12 million ounces, an increase of 30,000 ounces compared to 74.09 million ounces at the end of October.
Wu Qing: Moderately broadening brokers' capital space and leverage limits to shift from price competition to value competition
At the 8th General Meeting of the China Securities Association, Chairman Wu Qing of the Securities Regulatory Commission mentioned in his speech that industry institutions need to shift from price competition to value competition based on their own resource endowments. Leading institutions should enhance their ability to integrate resources and strive to form a number of internationally influential benchmark institutions; small and medium-sized institutions need to focus on segmented fields, characteristic businesses, and key regions, and work hard to create “small but beautiful” quality service providers. The supervisory level will strengthen classification and supervision, optimize evaluation indicators for high-quality institutions, moderately broaden capital space and leverage limits, and improve capital utilization efficiency; explore differentiated regulatory policies for small and medium-sized institutions and foreign-funded institutions to promote characteristic development; and strictly supervise problematic institutions in accordance with the law. It involves the Chinese brokerage sector of Hong Kong stocks.
2025 Medical Insurance Drug Catalogue Announced: 114 New Drugs, 50 New Class 1 Innovative Drugs
The 2025 National Medical Insurance Drug Catalogue and the first edition of the Commercial Insurance Innovative Drug Catalogue were released in Guangzhou. In 2025, 114 new drugs were successfully added to the national medical insurance drug catalogue. 50 were first-class innovative drugs. The overall success rate was 88%, a significant increase from 76% in 2024. Nineteen drugs were included in the first edition of the Commercial Insurance Innovative Drug Catalogue.
In the commercial insurance innovative drug catalogue negotiation process, all five CAR-T varieties that received great attention from the market entered the catalogue, and foreign companies such as Pfizer and Johnson & Johnson also entered the catalogue with major products; in terms of basic medical insurance, Hengrui Pharmaceuticals (600276.SH) successfully negotiated 10 drugs, including Recon trastuzumab, and Cinda Biotech (01801) also successfully included 7 innovative products (including new indications); Alzheimer's disease treatment drugs with a high level of social concern were included in the commercial insurance innovative drug catalogue, as well as veranaside beta and ruvonimetinib tablets. Wait for a batch targeting rare diseases and unsatisfied The varieties required for clinical use are also included in the basic catalogue or commercial insurance innovative drug catalogue.
Five CAR-T products were included in the first batch of commercial insurance innovative drug catalogs
The reporter learned from the site of the 2025 Innovative Drug High Quality Development Conference that the high-profile 1,000,000 CAR-T cell therapy — Fosun Kerry's acylenxide injection, the drug Mingjunuo's Rikiolensis injection, Hegyuan Biotech's nachiolensis injection, Reindeer Biologicalex injection, and Kaixing Life Technology's Zevokiolensis injection were all included in the first batch of commercially-insured innovative drug catalogs. This year, all 5 CAR-T models, including Achilensis injections from Fosun Kerry, a subsidiary of Fosun Pharmaceuticals, and Rickie Orense injections, passed the review in the form of a commercial insurance innovative drug catalogue. Previously, CAR-T broke down health insurance negotiations four times.
Baidu Group-SW (09888) clarifies rumours about the spin-off of Kunlun Core's listing: Evaluation is ongoing, but no conclusion has yet been reached
Zhitong Finance App News, Baidu Group - SW (09888) issued an announcement. The company noticed that on December 5, 2025, there were media reports that the company plans to split its non-wholly-owned subsidiary Kunlun Chip (Beijing) Technology Co., Ltd. for an independent listing. The company would like to clarify that it is currently evaluating the proposed spin-off and listing. If a proposed spin-off and listing is carried out, it will be subject to relevant regulatory approval procedures, and the company does not guarantee that the proposed spin-off and listing will take place.
PC manufacturers such as Dell and Lenovo plan to raise prices and “can't handle” the pressure on storage costs
As the wave of storage price increases continues to ferment, after mobile phone manufacturers, PC and laptop manufacturers also began to feel the pressure. According to various media sources, Lenovo, Dell, HP, etc. are all planning to increase prices, with an increase of up to 20%. Among them, Lenovo has begun informing customers about upcoming price increases. The current prices for all servers and computers will expire on January 1, 2026, and the new prices will increase drastically at that time. Lenovo said that on the one hand, global supply chain pressure is driving up memory costs, which in turn is driving up overall hardware prices; on the other hand, companies are competing to deploy AI applications, and demand for high-performance systems has surged, further exacerbating supply constraints and driving prices to continue to rise. Therefore, Lenovo recommends that customers place orders as early as possible to lock in purchases at current prices to avoid additional costs due to future price adjustments.
Country Garden Services (06098) will make systematic adjustments to the organizational structure
According to an internal document from Country Garden Services, in order to optimize the corporate governance structure and promote business transformation and upgrading, the company will make systematic adjustments to the organizational structure. Among them, the three major sectors of basic property management, new business growth, and functional services were unified into the “big property sector”; the strategic incubation business segment was renamed the “incubation business segment”. According to information, the core of the “big property sector” is the basic property service business, and the “incubation business sector” is positioned as a diversified incremental growth curve to research and incubate innovative businesses. The relevant person in charge of the company said that the organizational structure adjustment did not involve personnel abolition. The main purpose was to strengthen the company's core capabilities, stimulate organizational vitality, clarify the division of powers and responsibilities, and lay the foundation for the company's long-term steady development and market competitiveness.
Kingsley Biotech (01548): Legend announced that the report will be presented at the 2025 ASH Annual Meeting
Legend Biotechnology Co., Ltd. (“Legend”, an affiliate of the company, and its shares are listed on the US NASDAQ Global Select Market in the form of American Depositary Shares) issued a press release announcing the publication of CARVYKTI (Sidakiolense, cilta-cel) in patients with recurrent or refractory multiple myeloma (RRMM) through an oral report at the 2025 American Society of Hematology (“American Society of Hematology”) annual meeting Long-term follow-up clinical and translational study data, as well as the latest results from the phase III study CARTITUDE-4, also showed data on the persistence of CARVYKTI mitigation in different subgroups and real-world study results through six posters. Legend also presented the first human test data for LUCAR-G39D, a dual-target allogeneic CAR-T candidate product, through an oral report at the American Society of Hematology's annual meeting.
Guofu Hydrogen Energy (02582) teamed up with Korean companies to develop hydrogen power generation products targeting the US data center market
According to Zhitong Finance App, Guofu Hydrogen Energy (02582) announced that on December 6, 2025, the company signed a strategic cooperation agreement with BTEInc. and HyliumIndustries, Inc. (both companies established under the laws of the Republic of Korea) to cooperate in the development and manufacture of proton exchange membrane power generation module products from natural gas reforming hydrogen. According to the agreement, the product consists of natural gas reforming hydrogen production equipment supplied by the company and fuel cell power generation equipment supplied by BTE, and will be sold to US data centers through Hylium's wholly-owned subsidiary in the US.
[Individual stock prices are clear]
Midea Group (00300): Humanoid robot reshaping company valuation
On December 5, Wei Chang, vice president and chief technology officer of Midea Group, unveiled Midea's superhumanoid robot “Miro U” during his speech at the “2025 Guangdong-Hong Kong-Macao Greater Bay Area New Economic Development Forum and 21st Century Science and Technology Annual Conference”. It is the industry's first six-arm, wheeled humanoid robot. It hopes to solve the problem of the implementation value of humanoid robot technology.
As innovative businesses such as humanoid robots continue to break through, from December 2 to 4, the Midea Group's stock price hit a new high during the year for three consecutive days. The domestic home appliance market faced demand and cost pressure in the fourth quarter, and Midea's stock price continued to reach new highs during the year reflecting its resilience and potential for growth. Wei Chang, vice president and chief technology officer of Midea Group, mentioned in his speech that the company is currently transforming from a focus on home appliances to a diversified and global technology enterprise, and has begun to take shape.
A senior analyst believes that the recent strengthening of US stock prices is mainly due to two factors: First, based on current prices, the US dividend rate is 4.8%, which is higher than the average dividend rate of major state-owned banks, attracting steady investors to increase their holdings. Second, Midea has expanded high-tech fields such as robotics and smart homes through mergers and acquisitions, shareholding, and cooperation, raising the valuation level.