Daily focus：BYD (1211)
BYD new energy vehicle sales reached 480,186 units in November 2025, compared to 506,804 units in the same period last year. Total sales for the year reached 4.182 million units, an increase of 11.30% compared to 3.7573 million units last year. The company's total sales since the beginning of the year are 4.2 million units, and it expects to achieve its revised full-year sales target of 4.6 million units. Furthermore, the company's total installed capacity of new energy vehicle power batteries and energy storage batteries in November was approximately 27.669 GWh. Looking ahead, despite a relatively pessimistic market outlook for electric vehicle sales next year, institutions maintain a positive view on BYD. This is mainly based on the company's plans to launch new features and its dominant position in the resilient mass-market segment. The export business is expected to double its number of stores and launch six new models within the next 2-3 years, with estimated exports reaching approximately 1.5 million vehicles by 2026.
ADP Employment Data Shows Unexpected Decline
Ahead of the US stock market opening on Wednesday, payroll processing agency ADP reported that private sector employment unexpectedly fell by 32,000 in November, while economists had expected an increase of 40,000 for the month. This weak data, indicating a contracting labor market, increased traders' expectations for a Federal Reserve rate cut at next week's monetary policy meeting. According to the CME FedWatch tool, the market now expects an 89% chance of a rate cut by the Fed next Wednesday, far higher than the probability predicted in mid-November. Investors anticipate that a lower interest rate environment will stimulate loan growth and boost the US economy, driving financial stocks higher on Wednesday.
Hong Kong Stock Connect saw a net inflow of HK$2.3 billion on Wednesday, with Xiaomi Group (1810) experiencing the largest net inflow at HK$870 million, followed by Alibaba (9988). On the other hand, Tencent Holdings (700) recorded the largest net outflow at HK$730 million, followed by SMIC (981).
Hong Kong stocks rebounded and stabilized today, rising in the morning session led by robotics and technology stocks. The Hang Seng Index opened lower but gradually saw buying interest, with gains widening in the afternoon, closing up 175 points or 0.68% at 25,936; the Hang Seng China Enterprises Index rose 78 points or 0.86% to 9,106; and the Hang Seng Tech Index climbed 81 points or 1.45%, returning to 5,615. Total market turnover was HK$179.3 billion. Technology stocks collectively rallied, with WuXi Biologics (2269) benefiting from market expectations of improved business prospects, rising over 7.1%.
Source: KGI Investment Products and Solutions Department
The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.
The AI Big four spent $230bn in capex. AI applications are driving demand for data centers and energy facilities, boosting jobs and productivity, as well as supporting U.S. GDP growth…