Zhitong Hong Kong Stocks Early Knowledge | The United States plans to impose anti-dumping duties on photovoltaic products from four Southeast Asian countries. Beijing, Tianjin, Shanghai, and nine other provinces and cities will pilot allowing the establishment of wholly foreign-owned hospitals

【Today's Headlines】

Nine provinces and cities including Beijing, Tianjin, and Shanghai pilot allowing the establishment of wholly foreign-owned hospitals, conditions announced

The National Health Commission, Ministry of Commerce, State Administration of Traditional Chinese Medicine, and National Health Commission issued the "Pilot Work Plan for Expanding Opening Up in the Field of Wholly Foreign-Owned Hospitals" today. The plan clarifies that wholly foreign-owned hospitals are allowed to be established in Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen, and Hainan Island (excluding traditional Chinese medicine and public hospital acquisitions).

The notice states that foreign investors applying to establish wholly foreign-owned hospitals must meet two conditions: first, they must be a legal entity capable of independently assuming civil liability; second, the establishment and operation conditions must comply with relevant laws and regulations of China. In principle, medical institutions that meet the resource allocation planning for designated medical institutions, implement the medical price policies set by the medical security administrative department, and meet the management requirements of medical insurance, whether public, privately operated, or wholly foreign-owned hospitals, can apply according to procedures.

【Market Outlook】

Dow Jones and S&P reach historic highs, most popular Chinese concept stocks rise

As of last Friday's close, the Dow Jones and S&P 500 indices reached historic highs. The Dow rose 188.59 points, an increase of 0.42%, closing at 44,910.65 points; the Nasdaq rose 157.69 points, an increase of 0.83%, closing at 19,218.17 points; the S&P 500 index rose 33.64 points, an increase of 0.56%, closing at 6,032.38 points. Tesla (TSLA.US) rose over 3%, NVIDIA (NVDA.US) and ASML (ASML.US) rose over 2%. The Nasdaq Golden Dragon China Index closed up 0.56%, with most popular Chinese concept stocks rising.

CICC's strategy recently emphasized that the 19,000-point level of the Hang Seng Index is a key support level, and the market indeed rebounded after reaching this position. In the short term, the 19,000-point level of the Hang Seng Index still has support, but the upward space is also limited while external uncertainties remain unresolved.

【Hot Topics Ahead】

National Bureau of Statistics: November manufacturing PMI at 50.3%, up 0.2 percentage points from last month

The National Bureau of Statistics: In November, the manufacturing Purchasing Managers' Index (PMI) was 50.3%, an increase of 0.2 percentage points from last month, indicating a slight acceleration in the pace of manufacturing expansion.

U.S. online sales during this year's Thanksgiving grow by about 4%

Salesforce reported on Thursday that online sales during the first half of the Thanksgiving holiday in the U.S. grew by about 4%, compared to only a 2% increase during the same period last year, indicating a new sign of retailers attracting consumers with significant discounts. This year, U.S. retailers have launched bolder discounts earlier and increased holiday promotions to attract more budget-conscious shoppers. This involves Chinese export enterprises and the cross-border e-commerce sector.

U.S. plans to impose anti-dumping duties on photovoltaic products from four Southeast Asian countries

On November 29 local time, the U.S. Department of Commerce announced its preliminary affirmative determination in the anti-dumping duty investigation of crystalline photovoltaic cells (whether or not assembled into modules) from four Southeast Asian countries: Cambodia, Malaysia, Thailand, and Vietnam. The anti-dumping duty rates for the four countries range from 0 to 271.28%. However, the final results will be announced in mid-2025 AI Doctors on Duty: AI Hospital Expected to Officially Launch by Year-End

Recently, the first "AI Hospital" Agent Hospital developed by the Tsinghua University Intelligent Industry Research Institute team is undergoing internal testing and is expected to officially launch by the end of the year, with public access planned for the first half of next year. In addition, an AI medical model, entirely initiated and co-created by a team of doctors and "fed" with over 6,000 domestic and international medical textbooks, has already been deployed in the emergency department, intensive care unit, and inpatient department of Shanghai Oriental Hospital. The deployment of AI doctors can assist in completing medical history records, providing preliminary diagnosis suggestions and analyses, as well as recommending treatment plans.

State Council Tariff Policy Committee: Increase the Limit Value of Items Entering via Postal Channels to 2,000 Yuan

According to the Ministry of Finance, in accordance with relevant provisions of the "Customs Law of the People's Republic of China" and with the approval of the State Council, the State Council Tariff Policy Committee has announced the "Measures for the Collection of Customs Duties, Value-Added Tax, and Consumption Tax on Imported Items." The measures adjust and improve certain provisions based on recent practical situations, such as raising the limit value for items entering via postal channels from the current 800 yuan and 1,000 yuan to a unified 2,000 yuan, reducing the number of cigars that can be brought in duty-free, making minor adjustments to the classification of certain goods, and refining and improving procedural regulations related to classification, valuation, and tax declaration.

Hong Kong Hydrogen Energy Interdepartmental Working Group: Principally Agrees to Add Four Hydrogen Fuel Technology Testing Projects

According to a press release from the Hong Kong SAR Government, a spokesperson for the Environment and Ecology Bureau stated on December 1 that the interdepartmental working group on hydrogen energy, led by the Environment Bureau, has principally agreed to the applications for four hydrogen fuel testing projects during its meeting on November 29. The project information is as follows: An application submitted by Sinopec Limited (00386) to utilize solar energy for hydrogen production at the restored landfill site in Tuen Mun; an application jointly submitted by China State Construction Engineering Corporation, Hong Kong Guohong International Hydrogen Energy Technology Co., Ltd., and Sinopec Limited to test a hydrogen fuel cell 19-seat minibus and a 55-seat tourist bus for transporting workers to and from construction sites, as well as testing three hydrogen fuel cell "forklifts" on the construction site; an application jointly submitted by Jinlu Tong Logistics Co., Ltd., Allen Bus Automotive Technology Co., Ltd., and Hong Kong Hydrogen Fuel Cell Co., Ltd. to test a hydrogen fuel cell medium-sized truck for cross-border transportation purposes; and an application submitted by Sinopec Limited to test a hydrogen fuel cell light truck for transportation purposes at its Tsing Yi oil depot.

Huaxin Cement (06655): Plans to Purchase Equity Assets for $838 Million to Expand into West African Market

On the evening of December 1, Huaxin Cement announced that the company plans to purchase equity assets for $838 million, ultimately gaining control of a listed company in Nigeria. Specifically, the company intends to acquire 100% equity of Caricement B.V. for $560 million through its wholly-owned subsidiary Hainan Huaxin Pan-African Investment; and to acquire 100% equity of Davis Peak Holdings Limited for $278 million through its wholly-owned subsidiary Huaxin Hong Kong International Holdings. The target companies A and B are collectively referred to as "target companies," which are special purpose companies, with their main assets being the shares they hold in the ultimate target company Lafarge Africa Plc After the transaction is completed, the target company and the ultimate target company will become the company's controlling subsidiaries, and the company will indirectly hold 83.81% of the shares of the ultimate target company. Since the ultimate target company is a listed company in Nigeria, after completing the equity transfer of the target company, the company must conduct a mandatory tender offer for the remaining 16.19% of the public equity of the ultimate target company. The ultimate target company has four large cement plants in Nigeria's core market and holds high-quality limestone resources. After the merger and acquisition is completed, the Nigerian plant will serve as an important strategic foothold for the company in West Africa, helping the company to rapidly expand into the West African market.

MINISO (09896) Overseas Business Revenue Exceeds 4.5 Billion Yuan in the First Three Quarters

On November 29, MINISO Group announced its third-quarter financial report for 2024. The report shows that in the first three quarters, the group's revenue increased by 22.8% year-on-year, reaching 12.28 billion yuan. Overseas business revenue exceeded 4.5 billion yuan, a year-on-year increase of 41%. The number of overseas stores reached 2,936, with a net increase of 449 stores in the first three quarters, and the total net increase for the year is expected to reach 650-700 stores. The IP strategy has significantly boosted overseas sales. In the first three quarters of 2024, the sales of IP products in overseas markets accounted for over 40%, with sales increasing by nearly 85% year-on-year, leading to a significant improvement in the overall gross profit margin of the overseas market.

Overview of Major New Energy Vehicle Companies' Delivery Data in China for November 2024

Major new energy vehicle companies in China have successively announced their delivery data for November 2024, summarized as follows: BYD: November sales of 506,800 units, a year-on-year increase of 67.87%. Li Auto (02015): November deliveries of 48,740 units, a year-on-year increase of 18.8%. GAC Aion: November global sales of 42,301 units, achieving positive growth both year-on-year and month-on-month. Leapmotor (09863): November deliveries of 40,169 units, a year-on-year increase of 117%, marking the first time exceeding 40,000 units. Deep Blue Auto: November deliveries of 36,026 units. Seres: November sales of Seres vehicles reached 32,400 units, a year-on-year increase of 59.23%. XPeng (09868): November deliveries of 30,895 units, a year-on-year increase of 54% and a month-on-month increase of 29%. Monthly delivery volume exceeded 30,000 for the first time and set a new monthly delivery record for three consecutive months. ZEEKR: November deliveries of 27,011 units, setting a new historical high, with a year-on-year increase of 106% and a month-on-month increase of 8%, accumulating over 390,000 units delivered. Nio (09866): November deliveries of 20,575 units, exceeding 20,000 units for seven consecutive months, a year-on-year increase of 28.9%. Xiaomi Auto: November deliveries of Xiaomi SU7 continued to exceed 20,000 units. Avita: November sales of 11,579 units, a year-on-year increase of over 180%, setting a new high. Voyah: November deliveries of 10,856 new vehicles, a year-on-year increase of 55%, exceeding 10,000 units for three consecutive months. IM Motors: November sales of 10,007 units, a year-on-year increase of 15%.

Changsha BYD Electronics (00285) Phase II Project Commences Production with an Annual Output of Over 10 Million Smart Terminals On November 30, Changsha BYD Electronics (00285) launched its second-phase project in the Wangcheng Economic Development Zone. Once fully operational, it is expected to add an annual production capacity of over 10 million smart terminals, with a production value exceeding 10 billion yuan. Changsha BYD Electronics is a professional EMS supplier established under BYD Company, founded in Wangcheng in 2019. Since the launch of the first-phase project, it has achieved a production value exceeding 10 billion yuan for five consecutive years, with over 12 million mobile phones produced in 2023. In July of this year, the second-phase project of BYD Electronics was signed at BYD's headquarters in Shenzhen, with a total planned investment of 1 billion yuan, leasing 88,000 square meters of high-standard factory space in the 5G smart terminal industrial park to build a production base for high-end smartphones and other terminal products.

Meituan-W (03690) released its third-quarter results, achieving revenue of 93.577 billion yuan, a year-on-year increase of 22.4%. Meituan's flash purchase user numbers and transaction frequency both achieved double-digit year-on-year growth.

According to Zhitong Finance APP, Meituan-W (03690) announced its performance for the three months ending September 30, 2024, during which the group achieved revenue of 93.577 billion yuan (RMB, the same below), a year-on-year increase of 22.4%; net profit for the period was 12.865 billion yuan, a year-on-year increase of 258%; adjusted EBITDA measured under non-International Financial Reporting Standards was 14.529 billion yuan, a year-on-year increase of 134.8%.

【Stock Highlights】

JD Logistics (02618): "Black Friday" North American orders increased by over 300% year-on-year.

JD Logistics announced on November 29 that in the weeks leading up to this year's "Black Friday" promotion, its overseas self-operated warehouses in North America experienced a surge in orders, with peak period order volume increasing by over 300% year-on-year.

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