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 opened lower and continued to decline throughout the day, with trading volume shrinking significantly as the market entered the quiet period of December. The Hang Seng Index closed at 25,760 points, down 334 points or 1.28%; the H-share Index fell 154 points or 1.68% to 9,028 points; and the Hang Seng Tech Index dropped 89 points or 1.59% to 5,535 points. Total market turnover shrank to HK$164.4 billion. Technology stocks were generally under pressure, with Kingdee International (0268) falling 4.5% and NetEase (9999) falling 2.9%. China Aluminum (2600) rose 4%, and China Hongqiao (1378) rose 2.3%.
Source: KGI Investment Products and Solutions Department
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