<p>The Hang Seng Index continued to show weakness, opening 15 points higher this morning, but quickly fell and gradually moved downward. By noon, it closed near its lowest point at 25,549 points, down 215 points or 0.84%, with a turnover of HKD 107.7 billion. As for the Tech Index, it closed at 5,587 points, down 74 points or 1.3%.</p>
<p>Among blue-chip stocks, Xiaomi (1810) and Tencent (700) fell 2.7% and 0.7%, respectively, while Zijin Mining (2899) dropped sharply by 4%, being the main stocks dragging down the Hang Seng Index for the half-day.</p>
<p>In terms of stock price fluctuations, XINYI GLASS (868) and XINYI SOLAR (968) fell over 6% and 4.3%, respectively, making them the worst-performing blue chips; in contrast, WuXi Biologics (2269) and WH Group (288) rose over 3% and 1.5%, respectively, making them the best-performing blue chips.</p>
<h2>Mainland China's November Photovoltaic Module Production Falls Over 2%</h2>
<p>In addition, solar energy stocks were clearly under pressure, with another Xinyi Group stock, XINYI ENERGY (3868), also falling over 4%; Flat Glass Group (6865) dropped 3.5%; Xinte Energy (1799) fell 2.3%; and Fuyao Glass (3606) also decreased by 1.7%.</p>
<p>On the news front, according to data from SMM (Shanghai Nonferrous Metals Network), the overall production of photovoltaic modules in November this year fell by 2.43% month-on-month. Aijian Securities reported that the domestic terminal installation progress in December did not meet corporate psychological expectations, and the rise in module prices has led to a purchasing reluctance among downstream companies, causing domestic module inventory levels to stop declining and start increasing. Overseas, the terminal has entered the off-season, and the impact of export tax rebates has diminished, leading to a significant decline in overseas demand, with companies simultaneously revising down their production schedules.</p>
<p>Additionally, Nomura released a report indicating that the Chinese photovoltaic industry has recently shown positive signals of reversing internal competition. They believe that strengthening self-discipline in the industry will maintain a high utilization rate, promote price recovery, and enhance profitability levels. However, in the short term, the industry still faces issues of high inventory and weak seasonal demand from downstream, leading to a weakening of product prices. Currently, it is estimated that the production of polysilicon in November will decrease by about 20,000 tons month-on-month to 120,000 tons, while wafer production will drop by 5% month-on-month to 57GW, and battery production will decrease by 2% month-on-month to 57GW.</p>
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<p>Ahead of the Federal Reserve's two-day meeting starting Tuesday, the three major U.S. stock indices fell across the board on Monday. The Dow Jones Industrial Average dropped 215 points or 0.45% to 47,739 points; the S&amp;P 500 fell 23 points or 0.35% to 6,846 points; and the Nasdaq Composite decreased by 32 points or 0.14% to 23,545 points. As for the Golden Dragon Index, which reflects the performance of Chinese concept stocks, it rose 0.08% to 7,837 points on Monday. The market has highly anticipated that the Federal Reserve will cut interest rates this week, but U.S. bond yields continue to rise, with the latest 10-year bond yield reaching 4.172%.</p>
<h2>Nvidia After-Hours Rises Over 2%</h2>
<p>Among the focus stocks, the U.S. has allowed Nvidia to export its high-performance AI chip H200 to customers in China and other countries under certain conditions and with approval, but it must pay 25% of the transaction revenue to the U.S. government. This news boosted Nvidia's (NVDA) stock price, which rose 1.7% on Monday and further increased by 2.3% in after-hours trading to USD 189.9
Related articles: Trump allows Nvidia H200 chips to be sold to China, U.S. government needs to &#34;tax&#34; 25%</p>
<h2>Xiaomi repurchased shares for over 200 million yesterday</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened 15 points higher this morning, reporting 25,780 points. Technology stocks showed mixed developments, with Tencent (700) up 0.7%; Alibaba (9988) up 1.1%; Meituan (3690) unchanged; JD.com (9618) up 0.2%. As for Xiaomi (1810), it spent approximately HKD 204 million to repurchase 4.8 million shares yesterday (8th), but its stock price fell 0.2% this morning.</p>
<h2>Changes in Chow Tai Fook's internal shareholding</h2>
<p>In individual stock news, there are changes in Chow Tai Fook's internal shareholding. Chow Tai Fook Capital (CTF Capital) will transfer nearly 54% of its shares in Chow Tai Fook Jewellery (1929) to a subsidiary held 65% by Chow Tai Fook Enterprises and 35% by CTF Capital. In terms of effective shareholding, Chow Tai Fook Enterprises holds 35.1% of Chow Tai Fook Jewellery; at the same time, Chow Tai Fook Enterprises currently holds 73.98% of Chow Tai Fook Creation (659) and 45.24% of New World Development (017). Among the three listed companies mentioned, Chow Tai Fook Jewellery and Chow Tai Fook Creation saw no change in stock price this morning, while New World fell 0.6%.</p>
<p>Related articles: Major changes in Chow Tai Fook, CTF Capital transfers nearly 54% of shares in Chow Tai Fook Jewellery to Chow Tai Fook Enterprises</p>
<h2>Haitian Flavoring considers special dividend distribution</h2>
<p>In addition, Haitian Flavoring (3288) plans to hold a board meeting on December 18 to consider the distribution of a special dividend and review the shareholder return plan for the next three years; the stock opened at HKD 31.9, up 0.4%.</p>
<p>Regarding the direction of northbound capital, there was a net purchase of HKD 1.54 billion in Hong Kong stocks yesterday, with Xiaomi (1810), SMIC (981), and Pop Mart (9992) receiving net purchases of HKD 1.173 billion, HKD 467 million, and HKD 432 million, respectively; while Tencent (700), Hua Hong Semiconductor (1347), and Ping An Insurance (2318) faced net sales of HKD 762 million, HKD 209 million, and HKD 180 million, respectively</p>

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<p>The Hang Seng Index fell 215 points in the half-day session, reporting at 25,549 points, a decline of 0.84%. Xiaomi dropped nearly 3%, and XINYI GLASS fell over 6%. Photovoltaic solar stocks were under pressure, with XINYI ENERGY down over 4%. WuXi AppTec rose over 3% against the trend. In November, photovoltaic module production decreased by 2.43%. A report from Aijian Securities indicated that domestic terminal installation progress was below expectations, and rising module prices affected downstream demand. A report from Nomura stated that mid-term self-discipline in the photovoltaic industry could enhance profitability, but high short-term inventory impacts prices</p>

- The Hang Seng Index opened 15 points higher but fell to close at 25,549 points, down 215 points or 0.84%, with a turnover of 107.7 billion.  
- Major blue-chip stocks like Xiaomi and Tencent dropped 2.7% and 0.7%, while the technology index fell 1.3% to 5,587 points.  
- In the U.S., major indices declined ahead of the Federal Reserve's meeting, with Nvidia's stock rising after receiving approval to export AI chips to China, despite a 25% tax on profits.

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XINYI GLASS

Xiaomi Corporation

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The Hang Seng Index fell 215 points in half a day, Xiaomi dropped nearly 3%, and photovoltaic solar stocks were under pressure, with XINYI GLASS down over 6% | Hong Kong stock market opens