📈 **Daily Market Overview** China's major stock indices continued their upward trajectory on December 24, with the Shanghai Composite Index marking its sixth consecutive day of gains. Trading volume across the two exchanges contracted to approximately CNY 1.9 trillion.
💡 **Key Developments** 1️⃣ **U.S. Economic Data**: The U.S. Commerce Department reported Q3 GDP growth at an annualized rate of 4.3%, surpassing both prior figures and market expectations. The expansion was primarily driven by robust consumption, exports, and government spending, underscoring the resilience of the U.S. economy. Labor market recovery continued, with ADP reporting a weekly average of 11,500 new jobs and private-sector employment growth for three consecutive weeks. While the data slightly tempered Fed rate-cut expectations, its impact remained limited due to timeliness concerns.
2️⃣ **China’s Electricity Consumption**: November’s nationwide electricity usage rose 6.2% YoY to 835.6 billion kWh, with January-November cumulative consumption up 5.2% to 9.46 trillion kWh. Industrial electricity demand grew steadily (4.4%), led by high-tech and equipment manufacturing (6.7%), signaling industrial upgrading. The services sector surged 10.3%, reflecting strong demand from new economies and consumption upgrades.
3️⃣ **Autonomous Driving Milestone**: Beijing issued China’s first L3 autonomous vehicle licenses for highway use, marking a transition from testing to mass production. The three licensed vehicles can operate at 80 km/h in designated zones but require driver oversight, prioritizing safety. This pilot phase supports technological and regulatory advancements, benefiting system integrators and high-precision mapping firms in the short term while accelerating smart mobility commercialization long term.
4️⃣ **U.S. Economic Resilience**: Q3 GDP growth of 4.3% (vs. 3.3% expected) highlighted strong consumer spending (3.5% growth). Core PCE inflation held at 2.9%, and October core capital goods orders rebounded. Despite growth, persistent inflation and mixed signals (e.g., weaker consumer sentiment) complicate the outlook, leaving Fed policy uncertainty intact.
📊 **Market Performance** - **Indices**: Shanghai Composite (+0.53% to 3,940.95), Shenzhen Component (+0.88% to 13,486.42), ChiNext (+0.77% to 3,229.58), STAR 100 (+1.84% to 1,425.01). - **Sectors**: Defense, electronics, and building materials led gains (+2.88%, +2.12%, +1.72%), while agriculture, coal, and F&B lagged (-0.85%, -0.70%, -0.36%). - **Market Breadth**: 4,029 advancers vs. 1,029 decliners.
💰 **Liquidity Metrics** - Trading volume dipped to CNY 1.89 trillion. - Margin debt rose to CNY 2.53 trillion.
*Data source: Tonghuashun, as of Dec 24, 2025. Investments involve risks; past performance does not guarantee future results.*
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