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Chow Tai Fook (1929): reported a 17.8% year-on-year increase in overall retail value for the third quarter ended December 31, 2025. The Mainland China market performed steadily, recording a 16.9% increase in retail value, accounting for 84.8% of the Group's total retail value. Retail value growth in Hong Kong, Macau, and other markets was even more significant, rising 22.9% year-on-year. In terms of same-store sales, directly operated stores and franchised stores in Mainland China recorded growth of 21.4% and 26.3% respectively, while the Hong Kong and Macau markets also grew by 14.3%, mainly driven by a strong 31.3% increase in the Macau market, reflecting a gradual improvement in jewelry consumption sentiment.
Tariff Threat Withdrawal Drives S&P 500 and Small-Cap Stocks to Record Highs
US stocks rebounded for the second consecutive day, boosted by President Trump's withdrawal of tariff threats against Greenland, a European ally. The S&P 500 closed up 0.55% at 6,913 on Thursday. The previous tariff threats had triggered market panic, but Trump subsequently softened his stance, indicating that a framework for resolving the territorial dispute with Denmark was in sight. This shift significantly reduced the risk of geopolitical conflict escalating into a global trade war, pushing the Russell 2000 to a record high and indicating a significant recovery in investor risk appetite. Although market volatility remains influenced by policy randomness, the easing of trade tensions in the short term provides support for corporate profit prospects.
Hong Kong Stock Connect recorded a net inflow of HK$13.9 billion on Wednesday, with the Tracker Fund of Hong Kong (2800) recording the largest net inflow at HK$4.15 billion, followed by the Hang Seng China Enterprises Index (2828). China Mobile (941) recorded the largest net outflow at HK$920 million, followed by Tencent Holdings (700).
The Hang Seng Index opened 90 points lower this morning but rebounded, rising as much as 205 points to 26,692 points in the late session, closing up 97 points or 0.4% at 26,585 points; the Hang Seng China Enterprises Index rose 28 points or 0.3% to 9,122 points; and the Hang Seng Tech Index rose 62 points or 1.1% to 5,746 points. Total market turnover was HK$250.451 billion. DeepSeek's new model MODEL1 was unveiled, leading to widespread gains in AI and chip-related stocks, with SenseTime (20) and Minimax (100) rising 4.2% and 3.8% respectively.
Source: KGI Investment Products and Solutions Department
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