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).
The Hang Seng Index opened 15 points higher and rose as much as 54 points to a high of 25,820, but the upward momentum weakened, and it fell as much as 244 points to a low of 25,521. It closed at 25,549 at midday, down 215 points or 0.8%. The Hang Seng China Enterprises Index fell 101 points or 1.1% to 8,981, and the Hang Seng Tech Index fell 74 points or 1.3% to 5,587. Turnover for the morning session was HK$107.76 billion. Despite the US Congress's expected passage of a bill restricting Chinese biotech companies from receiving Washington-funded contracts, biotech and pharmaceutical stocks bucked the trend, with WuXi Biologics (2269) rising 3%.
Source: KGI Investment Products and Solutions Department
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