Zhitong Hong Kong Stock Exchange Unravels | Real Estate Transfer: Vanke (02202) Surges Surge, Central China Document No. 1, Agricultural Sector First

[Anatomy Dashboard]

Although the periphery is still not calm, it is time for a rebound even after a few days of continuous adjustment. Today, there was an upward movement at the end of the market in both markets. Hong Kong stocks were stronger and closed up 0.42%.

According to Xinhua News Agency on December 10, the US “Miami Herald” reported on December 9 that two US F-18 fighter jets entered Venezuelan airspace at noon that day and stayed in the airspace of the Commission for at least 40 minutes. Some sources revealed that the White House is secretly formulating a “post-Maduro era” plan to prepare for the possibility that Venezuelan President Nicolas Maduro will be forced to step down. Furthermore, the conflict between Thailand and Cambodia continues, and Thailand sends fighter jets to attack the Cambodian military base; the Chinese and Russian bomber carriers “encircle Ryukyu” in 3 directions, etc. It seems that everything is not peaceful, but there is no real action.

Tomorrow at 3 a.m., the Federal Reserve's interest rate meeting depends on whether the hawks cut interest rates or the dovish. Anyway, the 25 basis point reduction cannot be overcome. Precious metals took the lead. According to a recent report released by the World Silver Association, global silver industry demand is expected to continue to rise over the next five years as demand in key technology fields such as solar energy, electric vehicles, and data centers accelerates. Silver is the preferred material for conductive silver paste for solar cells; demand for silver in the automotive industry will increase by 3.4% per year between 2025 and 2031, reaching about 94 million ounces in 2031; global data centers will increase 53 times from 0.93 gigawatts in 2000 to nearly 50 gigawatts in 2025, and core components such as servers, switches, and cooling systems all require silver. Spot silver surpassed 61 US dollars/ounce, a record high. The year-to-date increase has exceeded 100%; China Silver Group (00815) has risen more than 7%. Spot gold rose above $4,210 per ounce.

Lingbao Gold (03330): The Group conditionally agreed to subscribe and the seller conditionally agreed to place 50% +1 shares of St Barbara Mining Pty Ltd (target company) at a total cost of 370 million Australian dollars (approximately RMB 1,735 million). Target's current key projects are Simberi's open pit oxide production and sulphide ore rehabilitation and expansion project in the New Ireland province of Papua New Guinea. In addition, the target company is also involved in a gold exploration project. Through Nord, Nord holds 100% interest in two neighboring prospecting rights that are being renewed. Nord is also an enterprise carrying out gold exploration business in Papua New Guinea. Today, it surged more than 9%; others include Tongguan Gold (00340), which rose more than 7%, and Zijin Gold International (02259), which rose more than 4%.

The biggest characteristic of today's market is that Vanke (02202) was suddenly driven by capital. There are two rumors: First, it is said that they will launch a 400 billion dollar interest rate discount policy for real estate, with a ratio of 1%, and the risk areas and difficult housing enterprises may increase to 2%. Second, CICC participated in Vanke's debt relief. Currently, the rumor has not been confirmed, but I feel that there is a high possibility that it will be beneficial. Because real estate has been taking a backseat these days, the focus is on this direction, and the latest conference has not introduced the benefits of real estate, so capital will be quite anxious: simply put, if the Fed continues to cut interest rates, what we can look forward to is lowering interest rates, especially loan interest rates on the real estate side. Now, it is also excellent. It is best to cut interest rates on new homes and stock housing. This will greatly stimulate real estate, and the pressure to repay will be reduced, and the consumer side will also be greatly stimulated. Red Star Macalline (01528), which was mentioned yesterday, has a strong consumer line. It mainly follows A-shares, and today it is up nearly 8%. Real Estate is concerned about subsequent news. The focus here is also on Vanke (02202): Creditors are meeting to discuss the bond extension plan. Passing this hurdle before there is a chance. Today, Sunac China (01918) surged by more than 13%; other varieties of Sunac China (01918) rose nearly 9%, China Jinmao (00817) and Shimao Group (00813) rose 9.85%, and China Cinda (01359) and Agile Group (03383) rose more than 6%.

Hong Kong stock real estate is also improving. According to Central Plains Real Estate, property prices in Hong Kong are expected to rise 15% next year, and rents are expected to rise by about 5% this year. As of November this year, the bank's statistics show that Mandarin pinyin buyers purchased about 12,500 first-hand and second-hand private homes, the highest since the bank's statistics were recorded in 1995. The amount involved is about 138 billion Hong Kong dollars. The relevant figures can rise by about 1% next year. Hysan Development (00014), the leading local leasing product in Hong Kong stocks, rose nearly 3% to a yearly high.

Minister of Agriculture and Rural Affairs Han Jun published a signed article “Improving Comprehensive Agricultural Production Capacity, Quality and Efficiency” in the Daily: Implement high-quality agricultural machinery and equipment development actions, promote the R&D and application of high-end intelligence and agricultural machinery equipment suitable for hilly mountainous areas, carry out in-depth pilot projects for agricultural machinery R&D, manufacturing, promotion and application integration, implement agricultural machinery purchase and application subsidies, and strengthen the promotion and application of advanced and applicable machinery and tools. Next, there is the Central Committee Document No. 1, which generally focuses on agriculture. Every time, this point speculates on No. 1 tractor shares (00038), which surged 10% today. Other varieties include Wanzhou International (00288) and Dekang Agriculture and Animal Husbandry (02419).

Changfei Optical Fiber & Cable (06869) announced that it plans to discount about 14.93% of the allotment of shares and raise about 2,229 billion yuan. Generally speaking, the market hates placement, especially discounts. Most of them are suspected of being rich, but the main reason is that the company plans to use the net proceeds for the following purposes, about 80% will be used to develop the company's overseas business, and the other 20% will be used as the Group's general working capital. This kind of healthy development due to business expansion will be highly sought after. Today, it has surged nearly 11%.

The Horizon Robot-W (09660) mentioned by individual stock Nuggets yesterday welcomed another advantage: an unmanned freight commercial cooperation was reached with Carl Dynamics. The two sides will create an efficient, safe, and scalable trunk line logistics autonomous driving solution based on Horizon Journey 6P. The two sides will be empowered by deep coupling of data and scenarios, and the two sides will build the strongest L4 autonomous freight system through software and hardware collaboration to jointly promote the large-scale implementation process of L4 class autonomous heavy truck acceleration technology and commercialization. Unmanned freight is a major commercial application scenario. Today, it has increased by more than 3%.

[Section Focus]

The full-island customs clearance operation of the Hainan Free Trade Port will be officially launched on December 18, 2025. This marks the transformation of Hainan from a “pilot zone” to an “operation zone” and the implementation of a high-level trade liberalization and facilitation policy of “first-line liberalization, second-line control, and freedom within the island”.

December 10 -- The Hainan Provincial Committee of the Communist Party of China issued a proposal on formulating the 15th Five-Year Plan for National Economic and Social Development. It proposed speeding up the construction of an international shipping hub with new land and sea corridors in the west and a regional aviation gateway hub facing the Pacific and Indian Oceans. Implement the “two-way dual hub port” strategy, strengthen the construction of sister ports such as Yangpu Port and Abu Dhabi Port, and actively integrate into the construction of new land and sea corridors in the west. Accelerate the construction of an international economic and trade cooperation network and an international cultural exchange and cooperation network. Improve and implement the “Global Free Trade Zone (Hong Kong) Partnership Program”, make good use of open platforms such as the Boao Forum for Asia, and explore the construction of the “Belt and Road” Free Trade Zone (Hong Kong) Cooperation Corridor.

Main varieties: Meilan Airport (00357), China Express (01880).

[Individual Stock Mining]

Sany International (00631): Overall domestic sales of excavators remain steady and overseas business continues to grow

The growth rate of domestic and foreign excavator sales in October was +2.44%/+12.9%, respectively. The company's revenue for the third quarter of 2025 was 5.910 billion yuan, up 14.7% year over year. Net profit for the same period was approximately RMB 406 million, up 14.1% year over year.

Comment: Profit growth in the third quarter was mainly due to large-scale port machinery, oil and gas equipment, overseas mining vehicles and other emerging businesses, reflecting the company's significant progress in diversified business layout and internationalization strategies. The export volume remained high. Leading construction machinery companies continue to grow steadily in overseas markets, with overseas sales accounting for nearly 50% or more. On July 22, 2024, the company completed the acquisition of the lithium energy business to bring new revenue streams; fully implemented digital intelligent operations, implemented measures to improve quality and efficiency, reduce costs and control costs, and increase the gross margin of TBM, Xiaogang Machinery, oil and gas equipment and silicon energy products. The company was driven by stable demand for tunneling machines, strong growth in large-scale port equipment, and the performance of domestic mining trucks exceeding expectations. The company sells products such as Dagang, Xiaogang, mining vehicles, shearers, and tunneling machines to countries and regions in Asia, Europe, Africa, America, etc.

Looking ahead, the company's overseas strategic plan is clear in 2025, and it is highly competitive for overseas products. Highlight products such as steel mining trucks and telescopic forklifts are expected to continue to open up market space and achieve rapid growth in overseas business. The company's overseas business growth is sustainable, and domestic demand for coal mining equipment will gradually stabilize. The traditional peak sales season has arrived, and overall domestic sales of Q4 excavators will remain steady.