Daily focus：UBTECH (9880)
has recently demonstrated a strong expansion ambition in its capital layout and business development. The company announced an investment of approximately RMB 1.665 billion to acquire a controlling stake in A-share listed company Fenglong Technology (002931.SZ), a move considered a key strategic step. Although UBTECH has pledged not to conduct a backdoor listing or restructuring within three years, by controlling Fenglong, the company has successfully established a dual "A+H" financing platform and is expected to integrate the supply chain of core components such as motors. Vertical integration will reduce the mass production cost of humanoid robots, building a moat for long-term competitiveness.
Precious Metals Plunge Reflects Easing Geopolitical Risks
Yesterday, all asset classes experienced corrections, with precious metals bearing the brunt. Silver plunged nearly 8% to around $73-74 per ounce, marking its largest single-day drop since 2021; gold fell 4.5% to above $4,340 per ounce. Despite the sharp short-term pullback, silver and gold still boast year-to-date gains of 150% and 65%, respectively. This correction was primarily driven by progress in peace talks between Trump and Zelensky, with easing geopolitical risks weakening safe-haven demand for precious metals. Meanwhile, the S&P 500 closed down 0.3%, and the Nasdaq fell 0.5%, with technology stocks facing profit-taking pressure. Despite recent record highs, the S&P 500 is still up approximately 18% year-to-date. With the market entering the year-end phase, trading volume is thin, and investors are cautiously assessing the risks of their positions.
On Monday, the net outflow of Hong Kong stocks through the Stock Connect program was HK$3.41bn. China Merchants Bank (3968) saw the largest net inflow at HK$971mn, followed by Hua Hong Semiconductor (1347). China Mobile (0941) saw the largest net outflow at HK$1.45bn, followed by Alibaba (9988).
The Hang Seng Index opened more than 100 points lower, reaching a high of 26,083 before retreating, closing down 184 points or 0.7% at 25,635. The Hang Seng China Enterprises Index fell 23 points or 0.3% to 8,892, and the Hang Seng Tech Index dropped 16 points or 0.3% to 5,483. Total market turnover was HK$224.5 billion. BYD (1211) rose 3.7% to HK$97; Geely Automobile (175) rose 3.4% to HK$17.5; and XPeng Motors-W (9868) rose 3.9% to HK$79.1, reflecting market optimism about a rebound in the auto sector.
Source: KGI Investment Products and Solutions Department
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