Daily focus：Midea Group (300)
It is deepening its "Brand Globalization" strategy. Traditional white goods remain its strong cash flow foundation, with a projected CAGR of 6.8% for revenue from 2025 to 2030. Future core growth will be driven by overseas markets. Additionally, its "second growth engine," industrial solutions, saw a 9.7% increase in revenue from non-white goods segments. This signifies that Midea is gradually moving away from the old logic of solely relying on the real estate cycle and consumer spending, shifting towards a new growth model with higher technological barriers and customer loyalty, effectively diversifying the risks of a single business and making it a revenue accelerator.
China's trade surplus surpasses $1 trillion
China's latest November foreign trade data has become the focus of the market, with its trade surplus breaking through $1 trillion for the first time in history. This reflects a profound macroeconomic shift in China's export structure amid global geopolitical competition. Despite facing a sharp drop in exports to the US due to US tariff barriers, China has successfully diversified its export destinations by actively exploring the south east Asia and European markets. This has not only offset the impact of relying on a single market but also demonstrated the irreplaceable stickiness of its manufacturing industry in the global supply chain.
Hong Kong Stock Connect saw a net inflow of HK$1.54 billion on Monday, with Xiaomi Group (1810) experiencing the largest net inflow at HK$1.17 billion, followed by SMIC (981). On the other hand, Tencent Holdings (700) recorded the largest net outflow at HK$760 million, followed by Hua Hong Semiconductor (1347).
Hong Kong stocks weakened amid uncertainty surrounding the Federal Reserve's interest rate meeting this week. The Hang Seng Index closed at 25,434 points, down 331 points or 1.3%. The Hang Seng Tech Index closed at 5,554 points, down 107 points or 1.9%. The Hang Seng China Enterprises Index fell 147 points or 1.6% to 8,936 points. Total market turnover was HK$210.2 billion. The green light for Nvidia's H200 exports to China put pressure on the share prices of Chinese chipmakers, with SMIC (981) falling 4.1% and Hua Hong Semiconductor (1347) falling 5.4%.
Source: KGI Investment Products and Solutions Department
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