Hong Kong stock market closing | The Hang Seng Index ultimately rose by 0.12%, with the declines of the Hang Seng Tech Index and the China Enterprises Index narrowing, while the retail and technology sectors were generally under pressure

Today, Hong Kong stocks closed with mixed performance across the three major indices. The Hang Seng Index remained above 25,000 points for the third consecutive day, closing up 0.12%. The Technology and State-Owned Enterprises indices saw slight pullbacks, indicating an increase in market wait-and-see sentiment. The retail and hardware sectors overall declined, with leading stocks like Alibaba and Xiaomi leading the drop, as risk appetite among investors contracted. Trading activity was relatively high, with notable movements in individual stocks such as GaoKeQiao, highlighting significant short-term speculative trading. Signals of improvement in domestic demand emerged, with retail sales data providing support for bulls, but there was a clear structural divergence within the industry, prompting investors to continue monitoring macro expectations and sector rotation

Pinned·Market Heartbeat·
HK
09988
-1.30%
HK
09618
-0.09%
HK
09896
-3.65%
Pinned·Market Heartbeat·
HK
09988
-1.30%
HK
09618
-0.09%
HK
09896
-3.65%

Polymarket reports that the probability of Trump not announcing a Federal Reserve chair nominee this year has risen to 91%.

Polymarket reports a 91% probability that Trump will not announce a Federal Reserve chair nominee by December 31, 2025. Kevin Hassett's chances have dropped to 4%, while Chris Waller and Kevin Warsh have probabilities of 3% and 2%, respectively. Current betting trends suggest a delay in the appointment process.

Pinned·CoinLive·
Pinned·CoinLive·

MU (analyst huddle): Cash prioritized for capacity expansion; HBM4 yield ramping faster

Following $Micron Tech(MU.US)'s post-earnings main call and breakout sessions, Dolphin Research highlights the core takeaways. Details as follows:1) Memory demand: the 2025 DRAM bit demand growth outlook is raised to around 20% (prev 15%+), and NAND to 15%+ (prev 10%–15%). For 2026, industry shipments for DRAM and NAND are expected to grow about 20% vs 2025.2) HBM market: the total addressable market (TAM) is expected to keep expanding at roughly 40% CAGR. Continued rapid expansion is anticipated...

Pinned·
Pinned·

"Buy nicotine, energy drinks, and candy stocks"! Goldman Sachs calls: Get ready for a frenzy in U.S. consumer stocks

Goldman Sachs senior consumer analyst Bonnie Herzog expects that the U.S. consumer environment will significantly improve in 2026 due to real income growth, employment improvements, and tax reduction policies, with "non-essential consumption" outperforming defensive sectors. Herzog is particularly optimistic about beer stocks, believing that major events such as the FIFA World Cup will drive sales growth, making 2026 the "Year of Beer Stocks" and a golden market for stock pickers

Wallstreetcn·
SH
600600
+0.13%
HK
00168
-0.49%
Wallstreetcn·
SH
600600
+0.13%
HK
00168
-0.49%

U.S. stock index futures rebounded slightly before the market, spot palladium rose more than 3% during the day, and the market is awaiting inflation data and central bank decisions

Nasdaq 100 index futures rose 0.5%, and S&P 500 index futures rose 0.2%. Gold prices remained near record highs, with spot palladium breaking through $1,700 per ounce for the first time since February 2023, rising more than 3% during the day. Oil prices, on the other hand, retraced gains after Trump delivered a speech stating that geopolitical tensions had not escalated

Wallstreetcn·
Wallstreetcn·

BABA's Qwen integrates with Amap; Doubao 1.8 boosts LLM performance | Daily News Recap

1218 | Dolphin Research Focus: 🐬 Macro/Industry 1) At 21:30 tonight, the U.S. will release the delayed Nov CPI report. The Oct print was canceled due to the prior Gov. shutdown.Consensus sees headline CPI YoY edging up to 3.1% from 3.0%, with core CPI steady at 3.0%. Both are expected at +0.3% MoM, with services vs. goods inflation in focus.An upside surprise would reinforce a hawkish stance and curb expectations for rate cuts next year. Rate-cut odds would likely be marked down...

US
BABA
-1.47%
HK
89988
-1.73%
HK
09988
-1.30%
US
BABA
-1.47%
HK
89988
-1.73%
HK
09988
-1.30%

In November, CPIC recorded premium income of 438 billion, with differentiated growth rates in life insurance and property insurance

On December 16th, CPIC disclosed that it recorded a total premium of 438.004 billion yuan in the first 11 months, with a year-on-year growth rate of 5.32%; among them, life insurance…

Wallstreetcn·
SH
601601
+0.71%
HK
02601
0.00%
Wallstreetcn·
SH
601601
+0.71%
HK
02601
0.00%

Bank of America 2026 Semiconductor Outlook: Key Midpoint for AI Infrastructure Upgrade, Chip Sales Expected to Exceed $1 Trillion for the First Time

Bank of America believes that although the return on AI investments and the cash flow of hyperscale cloud service providers are under stricter scrutiny, which may lead to stock price fluctuations, faster-updating large language model builders and AI factories serving enterprise and government clients will offset this impact. Semiconductor equipment is the "unsung hero" of the AI and reshoring trends, with the report predicting that wafer fabrication equipment (WFE) sales will achieve nearly double-digit year-on-year growth by 2026

Wallstreetcn·
US
SOXL
-11.06%
US
NVDA
-3.81%
US
SOXX
-3.70%
Wallstreetcn·
US
SOXL
-11.06%
US
NVDA
-3.81%
US
SOXX
-3.70%

Next year's capital expenditure for data centers is expected to grow by over 50%! JP Morgan: Earnings expectations for AI-related stocks are underestimated

JP Morgan expects that the growth rate of capital expenditure for data centers will exceed 50% in 2026, a significant increase from the previous expectation of 30%. This means that there will be an additional expenditure of over $150 billion next year, while Wall Street's forecasts have not yet accounted for the upward potential of AI revenue brought by capital expenditure

Wallstreetcn·
US
NVDA
-3.81%
Wallstreetcn·
US
NVDA
-3.81%

Wall Street comments on Micron's financial report: Performance guidance is too "explosive," but the market is concerned about a pullback in HBM prices next year

Micron's financial report and guidance "exploded," with revenue and gross margin significantly exceeding expectations. Morgan Stanley stated that, apart from NVIDIA, this could be the largest revenue and net profit guidance upgrade in the history of the U.S. semiconductor industry. Although AI demand will keep supply and demand tight until 2026, Wall Street is concerned that next year's competitor capacity release may trigger a pullback in HBM prices

Wallstreetcn·
US
MU
-3.01%
US
NVDA
-3.81%
Wallstreetcn·
US
MU
-3.01%
US
NVDA
-3.81%

Tonight, the last CPI for the U.S. in 2025 will be released: a tug-of-war around the 3% mark, with the "20s" still being the market's biggest expectation

It is widely expected that the year-on-year increase in November's CPI will expand to 3.1% (slightly higher than September's 3.0%), while the core CPI is expected to remain at an annualized level of 3.0%. "Whether the reading falls within the 2% range or the 3% range will be crucial," analysts predict that if inflation returns to the 2% range, it will significantly boost risk appetite and may open up space for a "Christmas rally" in U.S. stocks at the end of the year; conversely, if it stabilizes above 3%, it will reinforce the narrative of "higher interest rates for longer."

Wallstreetcn·
Wallstreetcn·

Bank of America: India has become the world's most active AI large model market, with its large young population turning into Silicon Valley's "testing ground"

Bank of America stated that with low data costs and a large, young internet population, India has become the global market with the highest penetration rate and most active consumption of LLM (Large Language Models) in AI. Telecom giants are accelerating penetration through free AI subscriptions, making India a key testing ground for tech companies to experiment with "agent AI," but local startups are facing greater competitive pressure

Wallstreetcn·
NA
OpenAI
0.00%
Wallstreetcn·
NA
OpenAI
0.00%

Understanding the "Trump Account" in one article: Give newborns $1,000 to buy stocks, how much can it turn into after 18 years?

The "Trump Account" plan aims to provide newborns with $1,000, investing in U.S. stocks to accumulate wealth. Based on the S&P index's average annual growth rate of 10.5%, this amount could grow to about $5,800 by the time the child turns 18, and potentially reach around $600,000 at retirement; if families contribute additional investments each year, the account value could exceed $300,000 by age 18. The plan faces fairness concerns due to insufficient tax incentives and the potential exclusion of low-income families

Wallstreetcn·
Wallstreetcn·

Trump stated: The next chairman of the Federal Reserve must be a "super dove," and the candidate will be announced soon

U.S. President Trump stated that the next Federal Reserve Chairman must be a "super dove" who supports significant interest rate cuts and will announce the candidate soon. He is inclined to choose former Federal Reserve Governor Kevin Warsh or White House economic advisor Kevin Hassett. Trump has requested that the new chairman consult with him on interest rate decisions, breaking the tradition of presidential non-interference in interest rate decisions. All three candidates support interest rate cuts but have not explicitly endorsed a reduction to the 1% level requested by Trump

Wallstreetcn·
US
DJT
-2.42%
Wallstreetcn·
US
DJT
-2.42%

Broad fiscal policy still needs to be strengthened

In November 2025, the growth rate of tax revenue declined, and government fund revenue operated at a low level, mainly related to the weakness of the real estate market. Looking ahead to 2026, proactive fiscal measures may "take the initiative to exert force." From January to November 2025, the national general public budget revenue increased by 0.8% year-on-year, while expenditure increased by 1.4% year-on-year. Government fund budget revenue decreased by 4.9% year-on-year, while expenditure increased by 13.7% year-on-year. Macroeconomic proactive policies still need to be intensified to enhance the endogenous momentum of economic growth

Wallstreetcn·
Wallstreetcn·

The strongest AI stock in India

India's RRP Company has sparked frenzied speculation due to its name change to "RRP Semiconductor," with its stock price skyrocketing over 55,000% in 20 months, making it the best-performing stock globally. However, the Indian RRP Company has not actually engaged in semiconductor business and has negative revenue. This frenzy driven by the renaming narrative and social media has triggered regulatory investigations, highlighting the blind chase risk of retail investors for AI concepts in a market lacking investment targets

Wallstreetcn·
US
CP00062
-3.77%
Wallstreetcn·
US
CP00062
-3.77%

MU (Trans): GPM will continue to expand, but the pace will moderate.

Below is Dolphin Research's FY2026 Q earnings call Trans for Micron. For the earnings analysis, see 'Micron MU: AI is energizing memory; is a new cycle starting?'.I. $Micron Tech(MU.US) key financials recap. Revenue: Q1 revenue reached $13.6bn (+21% QoQ, +57% YoY), a company record.GPM: blended GPM was 56.8%, up 1,100bps QoQ. Gains were driven by higher pricing, cost control, and a better product mix...

US
MU
-3.01%
US
MU
-3.01%

MU: AI Ignites Memory; Supercycle Starting?

Micron (MU) reported FY2026 Q1 results (quarter ended Nov 2025) in U.S. after-hours on Dec 18 (Beijing time). Key takeaways:1) Overall results: $Micron Tech(MU.US) delivered revenue of $13.6bn (+20% QoQ), beating the Street at $12.9bn, with growth driven by both DRAM and NAND. GPM reached 56%, ahead of sell-side at 51% and above the buy-side’s raised bar at 52.5%...

US
MU
-3.01%
US
MU
-3.01%
© 2025 Longbridge｜Disclaimer