Zhitong Hong Kong Stock Exchange Unravels | Securities are booming, and the collective trend is strengthening technology to replace traditional industries
[Anatomy Dashboard]
Judging from the weekend's news, today's normal pace should be rising. A shares are rising, but Hong Kong stocks started to weaken after rushing in, and closed down 1.23%.
The Trump administration released a new version of “National Strategic Security.” The core is a major strategic adjustment, shifting the focus to America preferred by the US, while the Asia-Pacific region shrinks. Our position is mainly based on economic competition, based on the principle of mutual benefit and equality. The overall principle is to defend, keep quiet, develop the economy, and wait for the time to be ripe. That means there won't be a fierce confrontation.
According to media reports, Greer said in an interview on the TV program “Sunday Briefing” on the US Fox News channel that all recent agreements reached between the US side and China are very clear. At present, the Chinese side has always complied with the relevant agreements. On the much-publicized soybean procurement issue, he revealed that China has fulfilled one-third of its procurement commitments for this growing season.
China's total import and export value in November was US$549.03 billion, up 4.3% year-on-year. Among them, exports increased by 5.9%, and market expectations rose 4%; the trade surplus was US$111.68 billion, higher than market expectations of US$103.1 billion. It shows good momentum. Looking at foreign trade types by region, the North American market is the main growth engine, and revenue increased 17.9% year on year. Up more than 5%.
On Friday, it was mentioned that the reduction of risk factors related to insurance companies is beneficial to insurance stocks. Over the weekend, Chairman Wu Qing of the Securities Regulatory Commission once again catalyzed securities. The focus of hot market discussions was directly on the “leverage gap” between China and foreign investment banks — currently the average leverage ratio of China's securities industry is only 3.29 times, which is a huge gap compared to the 10 to 15 times the level of top international investment banks such as Goldman Sachs and Morgan Stanley. You need to know that booming bulls have also set off a huge wave of buzz. From the perspective of all parties, the time is ripe to revisit this line of thought. Currently, the gap between finance and Wall Street is indeed too big, and there is a serious mismatch with the country's status. The various mergers and acquisitions of the previous major brokerage firms are also one of the methods, and increasing leverage is also an important means of growth. It is reasonable to increase it from 3.29 times to 6 times first. This space is still imaginative. Today, securities generally rose, with HTSC (06886) rising more than 5%; other types of Cathay Pacific Haitong Securities (02611), Hongye Futures (03678), GF Securities (01776), and CITIC Construction Investment (06066) all rose 3%. Overall, however, the increase in securities stocks was lower than expected. The reason is that it is not clear exactly how much leverage can go up, so funding is slightly cautious. Expectations will increase if the volume continues to be increased in the future.
Generally, when securities rise, the market becomes easier, but today's situation is a bit special. The key problem is that bank stocks are lagging back. One of the issues is real estate. Recently, the press “China Real Estate News”, the media in charge of China's Ministry of Housing and Construction, said that some housing enterprises are currently spilling out some risk factors affecting the orderly operation of the market due to high leverage, high debt, and high turnover issues in previous years. The editorial emphasizes that these housing companies should not enjoy their “World Top 500” aura and economic tax benefits when their “three highs” are “top three,” and “wait until needed,” “slow down,” or “pledge to take high-quality assets first”, and allow risk to affect overall market stabilization efforts and set up barriers to future market-based problem solving. The editorial mentioned that for housing enterprises that are seriously insolvent and have lost their ability to operate, it is also necessary to follow the rule of law spirit of speeding up the restructuring and active judicial disposal of those involved, and to hold those responsible responsible to account so that those who have created the problems “fall out of their shell and get mixed up.” This statement is quite serious; the one that should explode is about to explode. Banks and real estate are linked, and China Construction Bank (00939) actually fell by more than 4%. Another point is that in the context of the Federal Reserve's next interest rate cut, the cost performance ratio of bank stocks is no longer high. Transfer capital or position transfers to beneficial high-tech products.
There is no doubt that the current technological trend is AI. Driven by the demand for AI computing power, the global optical module industry is upgrading to 800G/1.6T at an accelerated pace. The core product, Cambridge Technology (06166), rose nearly 6%; Huiju Technology (01729), which mainly supplies MPO products in the Google system, also rose more than 7%. Others, such as InnoSec (02577) and Jiantao laminates (01888), rose more than 3%; while chips such as Huahong Semiconductor (01347) and SMIC (00981) are unlikely to fall.
According to Weisheng Holdings (03393) guidelines, the amount of new orders from overseas customers in 2026 will increase by 54% to RMB 2 billion per year, driven by strong demand for artificial intelligence data centers (AIDC). Citi anticipates that the revenue share of Visheng data centers will gradually increase from 9% in 2024 to 16% and 20% in 2025 and 2026, respectively. Given the higher profit contribution of AIDC's business, Citi raised VIA's net profit forecast for 2025 to 2027 by 11% to 17%. Today, it is also up more than 4%.
Baidu Group - SW (09888) announced that the company noticed that on December 5, 2025, there were media reports that the company plans to separate 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. Baidu's Kunlun Core has become a new catalyst. Today's increase is over 3%.
Recently, the GB17675-2025 national certification standard “Basic Requirements for Automobile Steering Systems” was released. On July 1, 2026, it replaced the “GB17675-2021” standard. The mandatory requirements for related mechanical connections were removed, and the focus was on regulating the safety, failure response, and functional safety verification of new technologies such as wire-controlled steering (SBW) and electric power steering (EPS). According to reports, several relevant car companies took the lead in drafting this standard. Nexteer (01316) rose nearly 5%.
Suteng Juchuang (02498) announced that it has obtained a new front-loading mass production target for a well-known and best-selling model from FAW Toyota, with a cumulative order volume of nearly one million units over five years. After receiving an exclusive designation for a pure electric model from FAW Toyota for three years, Sagitengjuchuang once again reached a new partnership with FAW Toyota for another major model using leading digital lidar technology. Today's increase is over 5%. Recently, at the 2025 China Energy Storage CEO Summit, relevant sources pointed out that although the industry faces both “volumes” and “shortages,” the overall market is in a golden period of rapid growth, and it is expected that the installed capacity of global energy storage will reach 550-600 GWh by 2025. Today, lithium carbonate futures have risen again. Ganfeng Lithium (01772) said on the investor interactive platform that the company's battery-grade lithium sulfide production line has achieved large-scale production and stable supply to many downstream customers. Today's increase was nearly 7%; Ningde Times (03750) and Tianqi Lithium (09696) both rose more than 3%.
[Section Focus]
On November 112th, China Shipbuilding Group and China Ocean Shipping Group completed a cooperation contract for a new shipbuilding project in Shanghai, amounting to more than 50 billion yuan. This is the highest amount of a single domestic cooperation contract signed by a Chinese shipping company. Among the new shipbuilding project orders signed today, the new shipbuilding cooperation involves 87 ships of various types.
This order of over 50 billion yuan once again confirms that the global shipbuilding industry is in a strong upward cycle. As the only Hong Kong stock listed platform and core shipbuilding company under the China Shipbuilding Group, China Shipbuilding Defense (00317): It directly participates in order execution. Hand-held orders have reached 68 billion yuan (including 140 ships), and production is scheduled until 2029. The new order will further consolidate performance growth. China Ship Leasing (03877): The only red-chip listed company under China Shipbuilding Group. As the group's financial platform, it will provide financing support for new shipbuilding orders, and new orders will drive the growth of the leasing business.
[Individual Stock Mining]
Jiantao Laminated Board (01888): The PCB industry chain is booming, and the supply of high-end copper-clad plates is tight
At the International Electronic Circuit (Shenzhen) Exhibition, Jiantao showed the layout of high-speed materials. M8 and M9 copper-clad sheets, HVLP 4 copper foil, Low DK 2 generation cloth, and Q cloth are all in high demand. Manufacturers such as Jiantao laminated boards have raised product prices several times during the year.
Comment: AI copper clad plate has become the engine driving a new round of growth in the industry. According to estimates, the AI copper clad plate market will be 2.2 billion US dollars in 2025, an increase of 100% over the previous year. AI is developing rapidly, and demand for emerging electronic products around the AI concept is strong, driving the Group's demand for copper-clad panel products and printed circuit board products to grow.
As a leader in traditional copper-clad plate integration, the company has a high-end layout, and is the most advanced in material-side special electronic cloth. The company's first low dielectric electronic yarn kiln has already been announced and put into operation, and the progress of the previous step in the technology path is relatively leading in China. The company announced that production capacity for second-generation low-dielectric low-expansion fiber cloth, quartz cloth, etc. is expected to be gradually launched in 2,25H2 and '26. Special electronic cloth is in a boom phase where supply and demand are tight along with the upgrade of copper-clad panels. The company's traditional electronic cloth production capacity is also in a leading position. It has a production capacity of 200,000 tons of electronic yarn. It is estimated to correspond to 7-800 million meters/year of traditional electronic cloth production capacity. The price trend of traditional electronic cloth is also currently in an upward cycle.
In terms of high-end products, Jiantao Laminated Board has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging boards. High-end copper foil has been certified to enter many of the world's leading tier 1 and communication terminal customers; the first low dk glass yarn kiln has been put into operation in 2025H1, and 2025H2 is expected to add 3 additional kilns with the capacity to produce second-generation glass yarn; 6 more high-end kilns are expected to be put into operation in 2026 to produce low dielectric low expansion and quartz glass yarn. 2025H2 has taken the lead in increasing the price of copper-clad panels, and strong demand for PCBs may support price rigidity. Product upgrades and price increases for copper clad plates are expected to contribute to the company's performance growth potential.