【Zhenzhuo Hong Kong Stock Market Experts】The three major indices closed mixed, the Politburo recently held a meeting
Hong Kong Stock Market Trends and Analysis
U.S. stocks showed mixed performance on Thursday, with rising expectations of interest rate cuts driving the Dow Jones and S&P 500 to new highs. Tech stocks weakened, with the Nasdaq falling against the trend, resulting in mixed closing performances for the three major indices. The U.S. dollar declined, while the 10-year Treasury yield rose to 4.16%. Gold prices continued to rise, while oil prices remained under pressure. Hong Kong depositary receipts were generally positive, and the market is expected to open higher in early trading. Mainland stocks fell yesterday, with the Shanghai Composite Index opening high but closing down 0.7%, while trading volume in Shanghai and Shenzhen increased. Hong Kong stocks rose initially but later retreated, opening high and closing lower. Early gains, driven by the Fed's rate cut news, saw the index briefly reach 25,800 points before narrowing and closing in the red, with overall trading remaining subdued. Blue-chip stocks were mixed, and market sentiment remained cautious, with no short-term breakout expected. The index is likely to fluctuate between 25,200 and 26,200 points.
Industry News
The Politburo recently held a meeting to analyze and plan next year's economic work. The meeting emphasized adhering to the general principle of seeking progress while maintaining stability, better coordinating domestic economic work and international economic and trade struggles, and balancing development and security. More proactive and effective macroeconomic policies will be implemented to enhance foresight, targeting, and coordination, continuously expand domestic demand, optimize supply, improve incremental growth, and revitalize existing resources. New productive forces will be developed based on local conditions, and the construction of a unified national market will be advanced. Efforts will continue to prevent and mitigate risks in key areas, stabilize employment, enterprises, markets, and expectations, and promote qualitative improvements and reasonable quantitative growth in the economy while maintaining social harmony and stability for a strong start to the "15th Five-Year Plan." The meeting noted that next year's economic work should focus on stability, progress, quality, and efficiency, continuing with proactive fiscal policies and moderately loose monetary policies. The integrated effects of existing and incremental policies will be leveraged, with increased counter-cyclical and cross-cyclical adjustments to improve macroeconomic governance. Domestic demand will remain the priority, building a strong domestic market. Innovation-driven development will be accelerated to foster new growth drivers. Reform efforts will be intensified to enhance high-quality development. Openness will be upheld to promote win-win cooperation across sectors. Coordinated development will be prioritized to integrate urban and rural areas and regional linkages. The "dual carbon" goals will guide comprehensive green transformation. People's livelihoods will be prioritized, with more practical measures for the public. Bottom lines will be firmly held to actively and steadily resolve risks in key areas. The market awaits further details from the upcoming Central Economic Work Conference, hoping for more concrete policies to support macroeconomic recovery.
Harbor Family Office Business Development Director, Kwok Ka Yiu, CFA
Date: Friday, December 12, 2025
(The author is an SFC-licensed professional and holds no positions in the mentioned stocks.)
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