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Ganfeng Lithium (1772): The company expects its net profit in 2025 to be approximately RMB 1.1bn to RMB 1.65bn. The fourth-quarter profit mainly benefited from fair value gains from its equity holdings in upstream mining companies, as well as improved operations in its lithium salt and ore businesses. The stabilization of lithium prices and cost reductions from the commissioning of its own mines further enhanced profit elasticity. Looking ahead, supported by tight lithium supply and demand and continued expansion of resource projects, the company is expected to leverage its higher proportion of self-owned mineral resources and cost advantages to unleash medium-term profit recovery momentum. However, it still needs to pay attention to the pressure on capacity utilization and profit growth from risks such as overseas geopolitical changes in mineral resources and lower-than-expected demand from downstream customers.
China's industrial profits turned positive
China's industrial profit data turned positive, propelling the Hang Seng Index back above the 27,000-point mark. Data shows that industrial enterprise profits are projected to rise slightly by 0.6% year-on-year in 2025, marking the first positive annual growth in four years. This reflects a gradual improvement in corporate profitability and downstream profit margins. From a macroeconomic perspective, this data suggests that deflationary pressures may have peaked, and the economic fundamentals are showing signs of stabilization. If subsequent domestic demand policies continue to be effective, market risk appetite for Chinese assets is expected to further increase.
Hong Kong Stock Connect recorded a net outflow of HK$600 million on Tuesday. Tencent Holdings (700) saw the largest net inflow at HK$1.02 billion, followed by China Life Insurance (2628); China Mobile (941) saw the largest net outflow at HK$1.15 billion, followed by Zijin Mining (2899).
The DXY fell to a four-year low, leading to a significant rise in Hong Kong stocks. The HSI opened 198 points higher and extended its gains, closing at a high of 27,826, up 699 points or 2.6%, marking a more than four-and-a-half-year high. The HSCEI rose 267 points or 2.9% to close at 9,512; theHSTECH rose 145 points or 2.5% to close at 5,900. The total turnover of the market was HK$361.52bn. Spot gold rose above US$5,200, and silver futures surged. Shandong Gold (1787) and Zijin Gold International (2259) rose 8.7%, while China Silver (0815) and Zhaojin (1818) rose 5.2% and 6.1%, respectively.
Source: KGI Investment Products and Solutions Department
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