Daily focus：SF Holding (6936)
SF Holding released its December 2025 operating report. During the period, total revenue from express delivery, supply chain, and international business reached RMB 27.339 billion, a year-on-year increase of 3.41%. Core express delivery revenue was RMB 20.378 billion, up 3.78%. Although business volume recorded a 9.33% increase to 1.476 billion parcels, revenue per parcel decreased by 5.09% year-on-year to RMB 13.81. The data reflects that while the company expanded its business scale, prices were significantly pressured, showing a "volume increase, price decrease" trend, and revenue growth failed to fully keep pace with the increase in freight volume.
PBC Keeps LPR Unchanged, Market Awaits Policy Stimulus
US stock markets were closed for Martin Luther King Jr. Day, and S&P 500 futures dipped slightly by 0.1% in quiet trading. The most closely watched market focus is the People's Bank of China's decision to keep the one-year and five-year loan prime rates (LPR) unchanged. While the market had previously anticipated further easing to stimulate the sluggish economy, the central bank's decision to postpone action reflects policymakers' cautious balance between maintaining exchange rate stability and promoting domestic growth. This suggests that the Chinese government may be more inclined to use fiscal measures rather than purely monetary policy to address the real estate crisis and insufficient consumption.
Hong Kong Stock Connect recorded a net inflow of HK$2.29bn on Monday, with SMIC (981) recording the largest net inflow at HK$462mn, followed by Hua Hong Semiconductor (1347); China Mobile (0941) recorded the largest net outflow at HK$600mn, followed by UBTECH (9880).
Trump threatened to impose tariffs on eight NATO countries over Greenland, causing Dow Jones futures to fall more than 300 points in Asian trading, and Hong Kong stock market followed suit in early trading. The HSI opened 203 points lower and continued its decline, closing down 281 points or 1.05% at 26,563; the HSCEI fell 86 points or 0.9% to close at 9,134; and the HSTECH fell 72 points or 1.2% to close at 5,749. Total market turnover was HK$225.7bn. Reports indicate that domestic mobile phone manufacturers have lowered their full-year shipment forecasts, with mobile phone component stocks Q Technology (1478), AAC Technologies (2018), and Sunny Optical (2382) falling 2% to 2.6%.
Source: KGI Investment Products and Solutions Department
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