KINGFARPROPERTY(01354.HK)

The ChiNext fell over 1%, with commercial aerospace and computing hardware collectively adjusting, real estate rising, the Hang Seng Tech Index down 1%, POP MART rising 10% against the trend, and government bonds rebounding

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In the Hong Kong stock market, the Hang Seng Index fell 11 points in the first half of the day, while POP MART rose over 8%, with consumer stocks showing an upward trend

The Hong Kong stock market fluctuated in the early session, with the Hang Seng Index opening down 19 points, rising a maximum of 74 points before retreating, ultimately closing down 11 points at 26,552 points. The National Index and the Hang Seng Tech Index fell by 11 points and 38 points, respectively. The total turnover was HKD 129.845 billion. Technology stocks generally declined, with Tencent, Baidu, Alibaba, and others all experiencing drops, while only JD.com and Bilibili saw slight increases. Consumer stocks performed relatively strongly, with POP MART rising over 8%

China 10Y Yield Nears 1-Month Low

China’s 10-year government bond yield dropped below 1.83%, nearing a one-month low, influenced by the central bank's decision to maintain loan prime rates at 3.0% and 3.5%. This reflects a preference for selective stimulus amid softening economic momentum, particularly in household spending and the property sector. Additionally, geopolitical tensions, especially regarding Greenland, have led investors to seek safer assets.

National Bureau of Statistics: Last quarter, the GDP of the financial industry increased by 3.3% year-on-year, while the GDP of the real estate industry fell by 1%

According to data from the National Bureau of Statistics, the GDP of the financial industry in the fourth quarter of 2025 is expected to grow by 3.3% year-on-year, while the GDP of the real estate industry is expected to decline by 1%. The GDP of the accommodation and catering industry is expected to grow by 5.6%, and the GDP of the information transmission, software, and information technology services industry is expected to grow by 10.7%. For the entire year of 2025, the GDP of the financial industry is expected to grow by 4.5%, the GDP of the real estate industry is expected to rise by 0.2%, the accommodation and catering industry is expected to grow by 4.9%, and the information transmission, software, and information technology services industry is expected to grow by 11.1%

National Bureau of Statistics: In the fourth quarter of 2025, the GDP of the financial industry is expected to grow by 3.3% compared to the same period last year, while the GDP of the real estate industry is expected to decline by 1% compared to the same period last year