<p>On the eve of the Christmas holiday, with a strong holiday atmosphere, U.S. stocks rose overnight, while Hong Kong stocks maintained a narrow trading range in the half-day market on Christmas Eve. The Hang Seng Index opened slightly higher and, supported by chip stocks and some state-owned enterprises, fluctuated steadily, ultimately closing at 25,818 points, up only 44 points. In the half-day market, the total turnover fell to HKD 92.5 billion, less than HKD 100 billion, marking the lowest since the same half-day market last year. However, northbound capital turned to a net outflow of HKD 1.175 billion, breaking the trend of continuous inflow for seven days.</p>
<p>The Hang Seng Index opened 6 points higher, at one point rising by as much as 116 points, but later fell by 2 points, closing at 25,818 points, up 44 points. The total daily range was only 118 points. The China Enterprises Index closed at 8,915 points, up 1 point; the Tech Index closed at 5,499 points, up 10 points.</p>
<h2>U.S. Delays New Tariffs on Chinese Semiconductors for 18 Months</h2>
<p>The United States has delayed new tariffs on Chinese semiconductors for 18 months. Meanwhile, according to foreign media reports, NVIDIA has informed Chinese chip giants that it plans to deliver its second-ranked artificial intelligence (AI) chip H200 to Chinese customers in mid-February next year. Most chip stocks supported the market upward. Reports indicated that SMIC (981), which raised some production capacity prices by 10%, rose by 3.1%, closing at HKD 71.05, making it the best-performing blue-chip stock and contributing 15 points to the market; Shanghai Fudan (1385) rose by 1.5%, closing at HKD 43.4; Hua Hong Semiconductor (1347) rose by 1.6%, closing at HKD 71.45; ASMPT (522) rose by 0.5%, closing at HKD 77.8.</p>
<p>The State-owned Assets Supervision and Administration Commission called for state-owned enterprise reform to &#34;reach a new level&#34; next year and to strengthen the quality and market value management of listed companies. Some state-owned enterprise stocks rose. CITIC Limited (267) rose by 0.6%, closing at HKD 11.99; Ping An Insurance (2318) rose by 0.4%, closing at HKD 66.2; CNOOC (883) rose by 0.2%, closing at HKD 20.6.</p>
<h2>JD.com Responds to Warehouse Burglary, Stock Price Unchanged</h2>
<p>Tech stocks developed individually. Alibaba (9988) fell by 0.8%, closing at HKD 146; Tencent (700) declined by 0.2%, closing at HKD 603; Xiaomi (1810) rose by less than 0.1%, closing at HKD 39.22. Additionally, foreign media reported that JD.com (9618) experienced a burglary at a warehouse in France, with estimated losses of about EUR 37 million (approximately HKD 340 million). However, JD.com responded to the incident by stating that the &#34;significant loss data&#34; disclosed by relevant parties differed greatly from the actual situation, and its stock price remained unchanged, closing at HKD 112.8.</p>
<p>International gold prices continued to break records, briefly surpassing HKD 4,500, but some gold stocks did not follow the gold price upward. Shandong Gold (1787) fell by 1.8%, closing at HKD 37.16; Chifeng Jilong Gold Mining (6693) fell by 1.7%, closing at HKD 31.84; while Zijin Mining (2899) rose by 1%, closing at HKD 35.18; the same company's Zijin Gold International (2259) remained unchanged, closing at HKD 153.5</p>
<h2>Color Star Technology's &#34;Ninja Turtles&#34; Stock Price Plummets 15%</h2>
<p>In terms of individual stocks, Baosight Software (2315) has been included in the Hong Kong Stock Connect eligible securities list, effective immediately, with its stock price soaring 22.2% to close at HKD 35.08. Sunac China (1918) has fully resolved and waived approximately USD 9.6 billion of its existing offshore debt through a comprehensive debt restructuring. The stock rose 0.8% to close at HKD 1.29; however, Color Star Technology (869) will not renew the licensing agreement for its &#34;Ninja Turtles&#34; IP starting in 2027, causing its stock price to plummet 14.7% to close at HKD 0.435.</p>
<p>Guo Sihua, Vice Chairman of the Hong Kong Stock Analysts Association, pointed out that the Hong Kong stock market will face futures rollovers and year-end settlement next week, with funds stabilizing the market, leading to a window dressing effect. Therefore, the Hong Kong stock market performed steadily on Wednesday. He continued to indicate that as the year-end approaches, the trading atmosphere in the Hong Kong stock market is not expected to be overly heated in the short term. If the Hang Seng Index can break through 26,000 points in the short term, it may test this month's high of 26,200 points, with the 10-day moving average around 25,642 points likely providing support.</p>
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<p>This morning, the Hang Seng Index opened 5 points higher and fluctuated narrowly, with a high-low range of only 118 points. The half-day market closed at 25,818 points, up 44 points or 0.17%, remaining above the 20-day moving average (25,743), with a turnover of HKD 92.5 billion. The Tech Index closed at 5,499 points, up 10 points or 0.19%.</p>
<h2>Alibaba and CCB Decline Against the Trend</h2>
<p>Among blue-chip stocks, HSBC (005) and SMIC (981) rose 1.2% and 3.1%, respectively, along with AIA (1299), which rose 0.7%, contributing significantly to the Hang Seng Index. However, Alibaba (9988) fell 0.8%, while China Construction Bank (939) and Industrial and Commercial Bank of China (1398) also declined by 0.7% and 0.5%, respectively. On the news front, it was reported that SMIC has implemented price increases on some of its production capacity, with an increase of about 10%.</p>
<p>In terms of stock price fluctuations, aside from SMIC, China Hongqiao (1378) rose 2.3%, making it one of the best-performing blue chips, while Cheung Kong (1038) and CLP (006) also rose about 1.8%.</p>
<h2>Baosight Software Surges 22% with Northbound Capital Influx</h2>
<p>Despite high gold prices, some gold mining stocks experienced profit-taking, with Shandong Gold (1787) down 1.85%; Chifeng Jilong Gold (6693) down 1.7%; Lingbao Gold (3330) down 0.2%; while Zijin Mining (2899) and Zijin Gold International (2259) rose 1% and remained flat, respectively.</p>
<p>In individual stock news, Baosight Software (2315) has been included in the Hong Kong Stock Connect eligible securities list, effective today, closing up 22% to HKD 35.08.</p>
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<p>The three major U.S. stock indices continued to perform well ahead of Christmas, with the Dow Jones closing up 79 points or 0.16% at 48,442 points; the S&amp;P 500 up 31 points or 0.46% at 6,909 points; and the Nasdaq up 133 points or 0.57% at 23,561 points. Additionally, amid escalating geopolitical tensions and expectations of interest rate cuts from the Federal Reserve, gold and silver have reached new historical highs, with spot gold recently breaking the USD 4,500 mark, peaking at USD 4,519;
Silver once reached a high of $72.1.</p>
<h2>Google to Launch New AI Smart Glasses Next Year</h2>
<p>Among the focus stocks, Nvidia (NVDA) has reportedly informed its Chinese customers that it plans to deliver its second-ranked AI chip H200 in mid-February next year; the stock rose 3% to $189.21 on Tuesday. Additionally, it is rumored that Google (GOOGL) plans to launch new AI smart glasses next year to compete with rivals like Meta; the stock also rose 1.5% to $314.35 on Tuesday.</p>
<h2>Alibaba Open Sources New Image Generation Model</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened 5 points higher this morning, reporting 25,780 points. Tech stocks were generally weak, with Alibaba (9988) open sourcing a new image generation model Qwen-Image-Layered, achieving PS-level layer understanding and image generation within the model for the first time. The stock opened at HKD 147, down 0.14%; Tencent (700) fell 0.7%; Meituan (3690) fell 0.4%; and Xiaomi (1810) fell 0.3%. Additionally, SMIC (981) reportedly raised some production prices by 10%, opening up over 2.1%.</p>
<p>Gold-related stocks continued to rise, with Zhaojin (1818) up 1.45%; Shandong Gold (1787) up 1.43%; Zijin Mining (2899) up 1.26%; Zijin Gold International (2259) also up 0.9%; and China Silver Group (815) up 2.8%.</p>
<h2>JD.com Has Over 50,000 Electronic Products Stolen</h2>
<p>On the other hand, according to foreign media reports, JD.com (9618) experienced a burglary at a warehouse in the Paris region of France, with over 50,000 electronic products stolen, including mobile phones, computers, and tablets, with estimated losses of about €37 million (approximately HKD 340 million). JD.com responded to the incident by stating that local police have intervened and the warehouse has resumed normal operations, but the &#34;significant loss data&#34; disclosed by relevant parties differs greatly from the actual situation. The stock opened at HKD 112.6, down 0.2%.</p>
<h2>Sunac Completes Comprehensive Offshore Debt Restructuring</h2>
<p>In individual stock news, Sunac China (1918) announced the completion of its comprehensive offshore debt restructuring, which took effect yesterday (23rd), with approximately $9.6 billion of existing debt fully released and waived. The stock opened at HKD 1.3, up 1.6%.</p>
<p>Regarding the northbound capital flow, there was a net purchase of HKD 611 million in Hong Kong stocks yesterday, with Alibaba (9988), Meituan (3690), and Zijin Mining (2899) receiving net purchases of HKD 1.36 billion, HKD 223 million, and HKD 112 million, respectively; while China Mobile (941), Tencent (700), and Kuaishou (1024) experienced net sales of HKD 1.975 billion, HKD 1.088 billion, and HKD 174 million, respectively</p>

NVDA

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00981

SOXL

<p>On Christmas Eve, the Hong Kong stock market's Hang Seng Index rose by 44 points in half a day, with chip stocks performing strongly, and SMIC rising over 3%. The U.S. has postponed new tariffs on Chinese semiconductors for 18 months, and NVIDIA plans to deliver AI chips H200 to China next year. The State-owned Assets Supervision and Administration Commission (SASAC) has called for reforms in state-owned enterprises, leading to a rise in some state-owned enterprise stocks. JD.com's warehouse in France was robbed, with no change in stock price</p>

- U.S. stock markets performed positively before the Christmas holiday, while Hong Kong's market remained stable, with the Hang Seng Index closing at 25,818 points, up 44 points.  
- Notably, the semiconductor sector supported the market as U.S. deferred new tariffs on Chinese semiconductors and NVIDIA planned to deliver its AI chip to Chinese clients in February.  
- JD.com reported a significant theft at a warehouse in France, estimating losses of approximately €37 million, while the stock closed unchanged after clarifying discrepancies in loss claims.

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NVIDIA

SMIC

Direxion Semicon Bull 3X

On Christmas Eve, the half-day market saw the Hang Seng Index rise by 44 points, with SMIC up over 3%. Analysts expect some funds to engage in window dressing. | Hong Kong stock market opens