Schedule Reminder
1. Economic data such as the monthly rate of retail sales in the US for November, the monthly rate of industrial output for November, and the monthly commercial inventory rate for October will be released tonight.
IMPORTANT INFO
1. The Federal Reserve raised the benchmark interest rate by 50 basis points to the 4.25%-4.50% range, which is a new high since 2007; the Federal Reserve also hinted that it will not cut interest rates in 2023.
Individual stock news
1. According to US Securities and Exchange Commission documents, Tesla (TSLA.O) CEO Musk sold 22 million Tesla shares from December 12 to 14, with a total value of about 3.58 billion US dollars.
2. Reports say Tesla (TSLA.O) Berlin Gigafactory may start implementing a three-shift system as early as December 16, 2022, and the factory will operate 24 hours a day.
3. Reports say Ford Motor Company (F.N) and Ningde Era are considering establishing a battery manufacturing plant in Michigan with the aim of obtaining new tax benefits. The two companies say negotiations are continuing, and various models are being discussed.
4. Citigroup (C.N) announced that it will gradually close its personal banking business in mainland China and will continue to seek a separate sale of individual businesses in the personal banking business in mainland China.
5. Toyota Motor Corporation (TM.N) will maintain the annual planned global production of 9.2 million vehicles, and the planned global production for January will be 700,000 vehicles.
6. Ctrip (TCOM.O)'s third-quarter revenue was 6.897 billion yuan, up 29% year on year, up month on month...

[Stock Market Opening]
Hong Kong's Hang Seng Index opened on December 13 (Tuesday) and fell 5.61 points, or 0.03%, to 19458.02 points;
Hong Kong's Hang Seng Technology Index opened on December 13 (Tuesday) and fell 24.97 points, or 0.6%, to 4167.7 points;
The state-owned enterprises index opened on December 13 (Tuesday) and fell 5.77 points, or 0.09%, to 6622.53 points;
The red chip index opened on December 13 (Tuesday) and rose 25.53 points, or 0.7%, to 3689.34 points.

SVB Securities raised the target price of BeiGNE.O (BGNE.O) from $210 to $236.
Stiffel: Raise the target price for Nike (NKE.N) from $110 to $132.
Stiffel: Upgraded the Under Armour (UAA.N) rating from holding to buying, and the target price was raised from $9 to $12.

CITIC Securities held its 2023 capital market annual meeting a few days ago. Chief Strategist Qin Peijing said at the conference that the multiple factors that have been suppressing A-shares since 2022 will usher in a turning point in 2023. Policy expectations, the RMB exchange rate, and inflection points in economic fundamentals will gradually occur.
Based on the previous inflection point research and judgment, Qin Peijing expects stronger action on A-shares after entering the second quarter of 2023, based on factors such as macroeconomics, profit growth, policy environment, overseas factors, and domestic interest rates.
Regarding the pace of the A-share market in 2023, Qin Peijing judged that it will be divided into two stages: the first stage is policy-driven, focusing on the three main lines; the second stage is performance-driven, focusing on the “four major safety” stages.
The three inflection points gradually appeared
According to Qin Peijing, inflection points in policy expectations, the RMB exchange rate, and economic fundamentals will gradually occur.
In November 2022, the optimization of the epidemic prevention policy and the strengthening of real estate support clarified the inflection point of policy expectations and improved risk appetite.
In March 2023, interest rate hikes in Europe and the US are expected to end, and an inflection point in the RMB exchange rate will occur, opening up room for valuation repair.
By the second half of 2023, the inflection point in A-share profit growth was highlighted, consolidating the foundation for mid-term recovery.
The upward movement of A-shares will be stronger after the second quarter
Qin Peijing believes that starting in the second quarter of 2023, there will be stronger action on A-shares.
He made predictions based on the analytical framework he has applied for many years, based on the inflection point research and judgment described previously, focusing on macroeconomics and profit growth...

On Tuesday, December 6, investors continued to weigh the Fed's interest rate path and the risk of a recession that came with it. US stocks collectively opened lower, and the decline widened rapidly within half an hour.
The S&P 500 opened 2.21 points lower, or 0.06%, to 3996.63 points; the Dow Jones Industrial Average opened 10.23 points lower, or 0.03%, to 33936.87 points; and the NASDAQ Composite opened 11.52 points lower, or 0.10%, to 11228.42 points.
The decline of the NASDAQ then expanded to nearly 1% and led the decline in major stock indexes. The Dow fell more than 70 points, Russell's small-cap stocks both fell more than 0.2%, and the S&P 500 index fell more than 0.5%, all following Monday's sharp decline across the board.
US stock sector ETFs rose and fell at the beginning of the session on Tuesday. Regional bank ETFs and global aviation ETFs led by more than 0.4%, banking ETFs, energy ETFs, and financial ETFs all rose more than 0.3%, global technology ETFs fell 0.2%, biotechnology index ETFs fell 0.4%, and online stock index ETFs fell 0.8% to perform the worst.
At the beginning of the session, popular Chinese securities performed well, and the NASDAQ China Golden Dragon Index rose 0.84%. JD and Alibaba each rose about 2% when they opened
Among other assets, international oil prices fell slightly, the US dollar index DXY fell slightly and hovered above the 105 mark, and spot gold rose 0.3% and stabilized above $1,770. US Treasury yields took back some of the week's gains. On Tuesday...

Since the foreign exchange reform in 2014, every time the renminbi depreciated to a high point against the US dollar, it has been higher than the previous round, and there have been waves of depreciation over a long period of time. Relaxation of the epidemic was beneficial once, not to change supply chain migration, nor to slump in domestic consumption. After relaxation, tourism and other industries broke out once, then became weak for a long time. The next depreciation cannot be blamed for the control of the epidemic.