Daily focus：Budweiser APAC (1876)

Budweiser APAC's total sales volume for the first nine months of 2025 decreased by 7.0%, revenue decreased by 6.6%, and normalized EBITDA fell by 7.7%. In the third quarter, total sales volume and revenue decreased by 8.6% and 8.4%, respectively; affected by revenue performance, normalized EBITDA decreased by 6.9%. Regional performance was mixed. The Chinese market performed disappointingly in the third quarter due to continued weakness in business layout and the ready-to-drink channel, coupled with inventory management. During the period, sales volume in China decreased by 11.4%, and revenue decreased by 15.1%. In contrast, the South Korean market outperformed the industry average, with a significant increase in profit margin. The Indian market also continued its strong momentum, recording double-digit revenue growth.

Global central bank policies diverge, with the Bank of Japan and the European Central Bank maintaining their interest rates unchanged

Global central bank policy divergence intensified. The U.S. Fed expectedly cut interest rates by 25 basis points, reinforcing expectations of a soft landing for the economy. The dollar index fell in the short term, and stock market optimism rose. The European Central Bank kept its deposit rate unchanged at 2% for the third consecutive time. Lagarde emphasized that core inflation was consistent with the 2% target, but geopolitical and trade risks made the outlook more uncertain. Although the Eurozone's third-quarter GDP growth of 0.2% exceeded expectations, and France's 0.5% growth was impressive, Germany's growth remained flat for the 14th consecutive quarter. The market bets on a rate cut in the first half of next year, leading to a weaker euro and a decline in German bond yields. The Bank of Japan held its rate steady for the sixth time, with two members opposing maintaining the 0.25% rate. It raised its growth forecast to 0.7%, and core inflation remained stable at 2.7%. The new prime minister's first meeting after taking office, coupled with political uncertainty, may postpone a December rate hike. Overall, central bank data dependence is evident, with the US cutting rates, the European Central Bank stabilizing, and the Japanese central bank holding rates steady, indicating a recovery in global risk appetite.

Hong Kong Stock Connect saw a net inflow of HK$13.64bn on Thursday, with the Tracker Fund of Hong Kong (2800) experiencing the largest net inflow at HK$4.63bn, followed by Alibaba (9988). On the other hand, ZTE Corporation (763) recorded the largest net outflow at HK$320mn, followed by Ganfeng Lithium (1772).