$HSI(HSI)$ successfully reclaimed the key 26,000 level last week, while $HSTECH(HSTECH)$ also climbed back above the 5,600.
Macro Update
In November, the market had largely priced in the negative factors such as weak economic data and uncertainty around the Federal Reserve’s policy outlook.
Looking ahead, the upcoming Central Economic Work Conference and the Fed’s December FOMC meeting may provide clearer direction for the market.
Major Events in Hong Kong Stocks This Week
On Friday, the National Financial Regulatory Administration issued a notice lowering the risk factors for certain insurance businesses. This move improves capital efficiency for insurance companies allocating to equity assets, further expanding the room for insurance capital to enter the market.
The State Administration for Market Regulation recently introduced the Basic Requirements for Food Delivery Platform Service Management.
Morgan Stanley added $PING AN(02318)$ to its watchlist and maintained it as a top pick. The firm raised its target price for Ping An A-shares from RMB 70 to RMB 85, and for H-shares from HKD 70 to HKD 89.
Sector Moves
Chemicals, non-ferrous metals, and defense led the gains this week, while computers and electrical equipment lagged behind.
Non-ferrous metal stocks broadly moved higher, lithium battery stocks rebounded, and some insurance names gained institutional interest.
IPO Watch
$QUANTGROUP(02685)$, newly listed recently, surged 54.24% last week, while $TIANYU SEMI(02658)$ dropped 30.17%.
QuantGroup's strong performance was supported by its operational advantages in China’s online market, covering high-frequency consumption scenarios such as e-commerce and auto retail O2O. Its “Quant Planet” AI platform and proprietary large models have also drawn market attention.
Top Trading HK Stocks This Week
$BIDU-SW(09888)$ jumped 6% last week. According to reports, Baidu’s semiconductor subsidiary Kunlun Chip plans to list in Hong Kong. Kunlun Chip recently raised USD 283 million, valuing the company at USD 2.97 billion.
$NIO Inc.(NIO)$ fell 7.58% last week, with its stock once again dropping below HKD 40.
In November 2025, NIO achieved a major operational milestone, delivering 36,275 vehicles — a new monthly record and a 76.3% YoY increase.
$BABA-W(09988)$
Ele.me officially rebranded to Taobao Flash Delivery last week.
CMB International remains positive on Alibaba’s AI cloud business and maintains its HKD 198 target price.
Morgan Stanley noted that following the introduction of the Basic Requirements for Food Delivery Platform Service Management, competition in the food delivery sector is expected to peak in Q3.
Both Alibaba and Meituan have committed to maintaining rational competition. In the e-commerce sector, MS’s preference ranking is: Alibaba (the best China AI enabler) > Pinduoduo > Meituan > JD.com.
On December 6th, Goldman Sachs published a report expecting more AI achievements to be announced in the coming quarters.
The report highlights Xiaomi’s ecosystem and its position as the world’s largest AIoT connected-device network, supporting its differentiated development and enabling upgrades to its “Human–Car–Home” ecosystem. Goldman rates Xiaomi a “Buy” with a target price of HKD 53.5.
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