Daily focus：Fast Retailing Group (6288)
Shipment performance in 2025 was mixed, with mobile phone camera business growing steadily by 6%, while automotive and IoT sectors saw a more than doubling of growth, indicating that the transformation is beginning to show results. Although the proportion of high-end products did not meet the target, and the weak mobile phone market in 2026 will put pressure on shipments and profits, the company benefits from the trend of artificial intelligence edge computing. With strong demand in non-mobile phone businesses, it is expected to hedge against the risks of its core business and maintain long-term profitability.
The US Department of Justice investigation has ignited a crisis over the Federal Reserve's independence
The US stock market showed resilience amidst sharp fluctuations, with the S&P 500 rising slightly by 0.16% to 6,977, marking its second consecutive record closing high. The most attention-grabbing event is the US Department of Justice's issuance of a grand jury subpoena to Federal Reserve Chairman Jerome Powell. This unprecedented move indicates that the Trump administration's challenge to the Fed's independence has entered the judicial realm. This administrative intervention has triggered significant investor concerns about the stability of monetary policy, leading to a surge of safe-haven funds into precious metals, pushing gold prices to a historic breakthrough of $4,600 per ounce. Ahead of the upcoming December inflation data release, the difficulty of predicting future interest rate paths and the increase in policy premiums have significantly increased.
Hong Kong Stock Connect recorded a net inflow of HK$7.31bn on Friday, with Kuaishou-W (1024) recording the largest net inflow at HK$2.25bn, followed by Tencent Holdings (0700); China Mobile (0941) recorded the largest net outflow at HK$1.03bn, followed by Meituan-W (3690).
Hong Kong stock market rose, driven by technology sector. The HSI opened 145 points higher and extended its gains, closing at a high of 26,608, up 376 points or 1.4%; the HSCEI rose 171 points or 1.9% to close at 9,220; and the HSTECH rose 176 points or 3.1% to close at 5,863. Total market turnover was HK$306.22bn. Rumors circulated that DeepSeek would release its next-generation flagship AI model in the coming weeks, boosting AI and software stocks. Baidu (9888) and Kuaishou (1024) rose 5.3% and 7.4% respectively, while SenseTime (0020) and China Software (0354) rose 6.9%.
Source: KGI Investment Products and Solutions Department
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CES 2026 will focus on three main themes: AI, digital health, and automotive solutions. These can be summarized as more concrete AI applications, extending from the cloud to more edge computing platforms, including AI PC, humanoid robots, and the integration of AI into automobiles and smart home appliances. Among these, NVIDIA's Rubin chip will enter mass production...