1. China will implement comprehensive measures to expand consumption; the new consumer loan policy has been implemented, allowing the personal consumption loan self-payment limit to be temporarily increased from 0.3 million yuan to 0.5 million yuan. 2. Trump and the U.S. Secretary of Defense made speeches, stating that Russia and Ukraine will soon achieve a complete ceasefire. 3. The three major U.S. stock indices rose last Friday, while most China Concept Stocks fell. 4. Speculative traders have turned bearish on the dollar for the first time since Trump's victory.
According to the Financial Associated Press on March 24 (Editor: Tong Gu), the key news from the Hong Kong stock market this morning includes:
Hot News
[2025 China Development Forum: China will implement comprehensive measures to expand consumption]
The 2025 China Development Forum annual meeting was held in Peking. At this meeting, Han Wenxiu, Deputy Director of the Office of the Central Financial and Economic Committee and Director of the Central Rural Work Leading Group Office, stated that China will implement comprehensive measures to expand consumption, continuously forming a mutually reinforcing situation of high-quality development and high-quality life.
[New consumer loan policy implemented: the personal consumption loan self-payment limit can be temporarily increased from 0.3 million yuan to 0.5 million yuan]
According to industry sources, the National Financial Supervision and Administration Bureau recently issued the "Notice on Developing Consumer Finance to Boost Consumption." For clients with good credit and high consumption demand, the self-payment limit for personal consumption loans can be temporarily increased from 0.3 million yuan to 0.5 million yuan, and the limit for personal Internet consumption loans can be temporarily increased from 0.2 million yuan to 0.3 million yuan. Regarding terms, for clients with long-term consumption needs, the loan term for personal consumption used by commercial banks can be temporarily extended from a maximum of 5 years to a maximum of 7 years.
[Trump and the U.S. Secretary of Defense made speeches, stating that Russia and Ukraine will soon achieve a complete ceasefire]
On the 21st, President Trump spoke with Defense Secretary Hegseth in the Oval Office at the White House. Trump stated that he believes the USA has reached a framework agreement with Russia and Ukraine, and the Russia-Ukraine conflict will soon see a complete ceasefire.
[France reportedly proposes using the EU's most powerful trade tools against the USA]
If President Donald Trump unfairly uses tariffs to force the EU to change its policies, France hopes the EU will consider deploying anti-coercion tools to counter the USA. Anti-coercion tools would allow the EU to implement retaliatory responses, including restrictions on trade and services, intellectual property, foreign direct investment, and access to public procurement.
[Speculative traders have turned bearish on the dollar for the first time since Trump's election]
In the Forex market with a daily trading volume of 7.5 trillion USD, speculative traders have turned bearish on the dollar for the first time since Trump's election last year. According to data from the Commodity Futures Trading Commission for the week ending March 18, hedge funds, asset management companies, and other traders have accumulated a total of $0.932 billion in short positions. This is in stark contrast to mid-January when traders established $34 billion in long positions on the dollar. This reflects that Trump's policies and market skepticism about the USA economy are weakening the dollar's prospects as the world's reserve currency.
Global Markets
The three major US stock indexes opened lower last Friday but recovered to close higher, with both the S&P 500 and the Nasdaq ending a four-week streak of declines.
As of the close, the Dow Jones Industrial Average rose 0.08% to 41,985.35 points; the S&P 500 Index also rose 0.08% to 5,667.56 points; the Nasdaq Composite Index increased by 0.52% to 17,784.05 points.
Most large technology stocks rose, with Apple up 1.95%, Microsoft up 1.14%, NVIDIA down 0.7%, Amazon up 0.65%, Alphabet C up 0.73%, Meta up 1.75%, Broadcom up 0.59%, and Tesla up 5.27%.
Regarding China Concept Stocks, the Nasdaq Golden Dragon China Index fell 1.73%, down 2.31% for the week. Most popular China Concept Stocks declined, with MINISO down 8.9%, Kingsoft Cloud down 6.37%, TAL Education down 5.87%, NIO down 4.46%, New Oriental down 3.31%, PDD Holdings down 3.27%, Tencent Music down 1.96%, JD.com down 1.72%, Li Auto down 1.36%, Alibaba down 1.29%, Xpeng down 1.22%, ZEEKR up 3.28%, and Baidu up 0.29%.
Last week, the three major Hong Kong stock indices continued to adjust. By the close, the Hang Seng Index, Technology Index, and Hang Seng China Enterprises Index fell 1.13%, 4.10%, and 1.53% respectively, closing at 23689.72 points, 5639.56 points, and 8742.44 points.
From last Friday's market performance, Autos, Technology, and Semiconductors stocks declined, while some Telecommunications and Petroleum stocks strengthened.
Southbound funds
According to Wind data, southbound funds net bought 23.025 billion Hong Kong dollars last week, a significant decrease of about 62% week-on-week.
On March 21, southbound funds traded 131.947 billion Hong Kong dollars that day, with a net inflow of about 2.267 billion Hong Kong dollars, of which the Shanghai-Hong Kong Stock Connect saw a net inflow of approximately 1.952 billion Hong Kong dollars, and the Shenzhen-Hong Kong Stock Connect had a net inflow of about 0.315 billion Hong Kong dollars.
Company News
COSCO SHIP PORT (01199): In 2024, revenue is $1.503 billion, a year-on-year increase of 3.3%; net income is $0.309 billion, a decrease of 4.8% compared to the previous year. Total throughput during this period rose by 6.1% year-on-year to 0.144 billion standard containers.
Bank Of Communications (03328): In 2024, net operating income is 260.269 billion yuan, an increase of 0.87% year-on-year; net income is 93.586 billion yuan, an increase of 0.93% year-on-year.
TENCENT (00700): According to the news from Tencent's official account, the self-developed deep thinking model, Hunyuan T1, has officially launched its final version.
TCL ELECTRONICS (01070): In 2024, revenue is 99.322 billion Hong Kong dollars, a year-on-year increase of 25.7%; net income is 1.759 billion Hong Kong dollars, a year-on-year increase of 136.6%. This is mainly due to a year-on-year increase in shipment volume, with continuous improvement in product structure.
GREENTOWN SER (02869): In 2024, revenue is 17.893 billion yuan, a year-on-year increase of 6.43%; net income is 0.785 billion yuan, a year-on-year increase of 29.69%.
MINISO (09896): In 2024, revenue is 16.994 billion yuan, a year-on-year increase of 22.8%; net income is 2.618 billion yuan, a year-on-year increase of 16.17%, with a net opening of 1,219 new stores throughout the year.
NIO (09866): In 2024, revenue is 65.7316 billion yuan, a year-on-year increase of 18.2%. Of this, fourth-quarter automotive sales amounted to 17.4756 billion, a year-on-year increase of 13.2% and a quarter-on-quarter increase of 4.7%.
The company expects that in the first quarter, the number of vehicle deliveries will be between 41,000 and 43,000 units, an increase of approximately 36.4%-43.1% year-on-year; revenue is projected to be 12.367-12.859 billion yuan, which is an increase of approximately 24.8%-29.8% year-on-year.
Dingdong Health (09886): Revenue of 4.669 billion yuan in 2024, a year-on-year decrease of 3.87%; loss of 0.376 billion yuan, a year-on-year increase of 66.73%.
Horizon Robotics (09660): Revenue of 2.384 billion yuan in 2024, a year-on-year increase of 53.6%; gross profit of 1.841 billion yuan, a year-on-year increase of 68.3%. In 2024, secured over 100 models for development, with the total number of models increasing to over 310.
Bruker (00325): Revenue of 2.241 billion yuan in 2024, a year-on-year increase of 155.6%; adjusted annual profit of 0.585 billion yuan, a year-on-year increase of 702.1%.
HANSOH PHARMA (03692): Revenue of 12.261 billion yuan in 2024, a year-on-year increase of 21.35%; net profit of 4.372 billion yuan, a year-on-year increase of 33.39%. This is mainly due to the increase in revenue from Innovative Drugs and collaborative products.
C-MER MEDICAL (03309): Revenue of 1.913 billion Hong Kong dollars in 2024, a year-on-year decrease of 0.56%; net loss of 0.135 billion Hong Kong dollars.
WEIMOB INC (02013): Achieved revenue of approximately 1.339 billion yuan in 2024; adjusted net loss of approximately 0.533 billion yuan, a year-on-year narrowing of 3%.
MIDEA REAL EST (03990): Issued a profit warning, expecting a core net loss attributable to shareholders of about 1.95 billion to 2.05 billion yuan in 2024.
SHIMAO GROUP (00813): Expected net loss of approximately 42.9-43.9 billion yuan in 2024. This is mainly due to the continued downturn in the Real Estate industry, leading to low gross margins and increased provision for impairment losses on property projects.
CHINA WATER (00855): Taikang Assets plans to invest 1.5 billion yuan in its subsidiary Silver Dragon Water Investment Co., Ltd.
ZHAOJIN MINING (01818): Entered into a capital increase agreement with Zijin Investment and ShanDong UBS Group. They will each contribute approximately 0.689 billion yuan to ShanDong UBS Group based on their respective current shareholding percentages, of which the company will contribute approximately 0.482 billion yuan.
Important Data
17:00 Eurozone March S&P Global Manufacturing PMI Preliminary
17:00 Eurozone February European Central Bank 1-Year CPI Expectation
21:45 USA March S&P Global Manufacturing PMI Preliminary
