Rapidus, a semiconductor manufacturer established under the leadership of Japan's Ministry of Economy, Trade and Industry (METI) and supported by eight major companies like NTT and Sony, planned to commence construction of its second factory in Hokkaido in FY2027, according to Nikkei Asia.

The factory is expected to begin producing 1.4nm chips as early as 2029, which is among the most advanced processes globally, thereby narrowing the technology gap with the world's largest foundry, TSMC (TSM.US).

The company planned to fully develop 1.4nm products starting in FY2026 while maintaining a continuous partnership with IBM (IBM.US), which provides 2nm technology.

Although Rapidus confirmed in July 2025 that 2nm devices can operate normally, the path to mass production has not yet been established. The company hoped to secure long-term customer orders by setting a mass production target for processes smaller than 1.4nm.
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Website: www.aastocks.com

Manulife (International) Limited announced today (12th) that it has completed its re-domiciliation from Bermuda to Hong Kong under the HKSAR Government's company re-domiciliation regime, becoming the first insurer to complete the re-domiciliation process under this regime. This marks a significant milestone for both Manulife and the entire insurance industry.

This move reflects its confidence in Hong Kong as a leading financial hub and reinforces its long-term commitment to the Hong Kong market, Manulife added.

Redomiciling to Hong Kong will help optimize operational efficiency, respond more quickly to market demands, and actively explore new business growth opportunities in the region.
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AASTOCKS Financial News
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Over the next year, US inflation is expected to remain high or even edge up a bit, said Vincenzo Vedda, Chief Investment Officer at DWS. His inflation forecast is 2.9%.

With a weakening job market, however, Vedda anticipates the Fed to cut rates three more times, each by a quarter of a percentage point, eventually lowering the target rate range to 3-3.25%.

Vedda also believes that the S&P 500 still has considerable room for growth next year. His target for the S&P 500 as of December 2026 is 7,500. It is worth noting that investors will be more cautious in selecting AI stocks than before. If a company underperforms expectations, its stock price will inevitably face adjustment pressure.
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AAStocks Financial News
Web Site: www.aastocks.com

LENS (06613.HK) announced plans to acquire over 95% of Yuans Technology, a supplier to Nvidia (NVDA.US) engaged in the production and sales of server cabinets, structural components, and server liquid-cooling modules, according to a CLSA report.

CLSA expects the deal to be completed next year, which would help LENS break into Nvidia's AI server supply chain and drive rapid growth in its AI server business.

LENS' rating was reiterated as Outperform, with a target price remaining unchanged at HKD38.
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AAStocks Financial News
Web Site: www.aastocks.com

The AI gold rush driven by abundant liquidity has dominated this year's investment landscape, CLSA released a research report saying. Looking ahead to 2026, the broker saw substantial evidence that AI trade is nearing the end of its momentum.

Although the core assumption is that the momentum and profits will continue into 1H26 before reaching a tipping point, tCLSA set a mid-2026 target of 7,200 for the S&P 500.

CLSA currently rated South Korea at Overweight, considering it the most preferred investment target for AI momentum, meanwhile considering India and, to a lesser extent, Indonesia as primary rotation destinations for 1H26 if the tech rally subsides.
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HESAI-W (02525.HK) (HSAI.US) announced that its long-range LiDAR model ATX has entered mass production and is now installed on GEELY AUTO (00175.HK)'s mid-to-high-end new energy vehicle series, the Geely Galaxy V900.

Meanwhile, HESAI-W's long-range LiDAR AT series has also been designated for multiple Geely Galaxy models slated for 2025 and 2026, with mass production and deliveries to follow.
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AAStocks Financial News
Web Site: www.aastocks.com

Shares | Ratings | Target prices (HKD)

GALAXY ENT (00027.HK) | Buy | 54
MGM CHINA (02282.HK) | Buy | 19 -> 20
SANDS CHINA LTD (01928.HK) | Buy | 25.5 -> 26.5
SJM HOLDINGS (00880.HK) | Sell | 2.65 -> 2.3
WYNN MACAU (01128.HK) | Buy | 7.2 -> 8.05

Las Vegas Sands (LVS.US) | Buy | USD75.5 -> USD76.75
Melco Resorts & Entertainment (MLCO.US) | Buy | USD13
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YUM CHINA (09987.HK)'s board of directors has increased the Company's share repurchase authorization by US$1 billion, bringing the total remaining authorization to approx. US$1.2 billion, as announced by YUM CHINA.
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AASTOCKS Financial News
Website: www.aastocks.com

Stocks | Investment Ratings | Target Prices (HKD)
AGILE GROUP (03383.HK) | Neutral (High Risk) | 0.53
C&D INTL GROUP (01908.HK) | Buy | 22.5
CIFI HOLD GP (00884.HK) | Sell (High Risk) | 0.2
CH OVS G OCEANS (00081.HK) | Buy | 2.7
CHINA OVERSEAS (00688.HK) | Buy | 17.2
COUNTRY GARDEN (02007.HK) | Sell (High Risk) | 0.29
CHINA RES LAND (01109.HK) | Buy | 39.62
GREENTOWN CHINA (03900.HK) | Buy | 13.5
R&F PROPERTIES (02777.HK) | Sell (High Risk) | 0.54
CHINA JINMAO (00817.HK) | Buy | 1.8
LONGFOR GROUP (00960.HK) | Buy | 15.8
MIDEA REAL EST (03990.HK) | Buy | 5.9
SEAZEN (01030.HK) | Buy | 3
SHENZHEN INVEST (00604.HK) | Buy | 1.05
SUNAC (01918.HK) | Neutral (High Risk) | 1.59
CHINA VANKE (02202.HK) | Neutral | 5.47
YUEXIU PROPERTY (00123.HK) | Buy | 6.2
-------------------------------------------------------------
Brokerage Platforms
Stocks | Investment Ratings | Target Prices
KE Holdings (BEKE.US) | Buy | RMB22.6
BEKE-W (02423.HK) | Buy | HKD63
GREENTOWN MGMT (09979.HK) | Buy | HKD3.45
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AAStocks Financial News
Web Site: www.aastocks.com

With a rich array of concert events, luxurious new hotel offerings, and new baccarat side bets, Macau will remain the top travel destination for affluent mainland Chinese tourists, Citi Research issued a research report saying.

Currently, the broker forecasted that Macau's 2026 GGR will grow by 6% YoY, with industry EBITDA expected to hike by 10% YoY, and the EBITDA profit margin to remain roughly flat YoY at around 29%.

Citi Research listed SANDS CHINA LTD (01928.HK) as its sector top pick, and noted that SANDS CHINA LTD is expected to become the largest market share winner in 2026, with its share increasing by 1.6 ppts to 25.1%. The broker added its target price from $25.5 to $26.5.

Furthermore, the broker also believed that, with the expansion of the Chairman's Club at Wynn Palace opens in 1Q26, WYNN MACAU (01128.HK)'s market share is expected to recover soon. Therefore, Citi Research listed it as the top pick among mid-sized casinos, and lifted its target price from $7.2 to $8.05.

Citi Research's preference pecking order for other casinos is GALAXY ENT (00027.HK), MGM CHINA (02282.HK), Melco Resorts & Entertainment (MLCO.US) and SJM HOLDINGS (00880.HK), with target prices of $54/ $20/ US$13/ $2.3, respectively.

Moreover, the broker kept Las Vegas Sands (LVS.US) as its global top pick among casinos, and raised its target price from US$75.5 to US$76.75, as it was optimistic about the improvement in Singapore operations and the recovery of Macau operations.
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JD-SW (09618.HK) is reportedly recruiting talent in the field of on-device AI chips, primarily focusing on compute in memory (CIM) AI chips and products which may be used in hardware such as robots and smart home appliances, STAR Market Daily quoted sources as saying.

JD-SW offers a salary range of RMB40,000-100,000 (20 months salaries) for engineering positions related to CIM chip design, according to information from recruitment websites.
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AASTOCKS Financial News
Website: www.aastocks.com

White House Press Secretary Karoline Leavitt revealed that President Donald Trump hopes to maintain a strong alliance with Japan while continuing to foster a positive cooperative relationship with China.

According to Leavitt, Trump established an excellent relationship with Japanese Prime Minister Sanae Takaichi during his previous visit to Japan. At the same time, Trump is maintaining a good relationship with Chinese President Xi Jinping, which is beneficial for the US.
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Web Site: www.aastocks.com

NetEase (NTES.US)'s stock price has risen by 56% YTD, JPMorgan released a research report saying.

The broker expected further upside for NetEase next year, primarily driven by multiple new games, and listed the stock as its top pick in China's digital entertainment sector. JPMorgan's latest 2026 adjusted net profit forecast for NetEase is 5% higher than market consensus.

Meanwhile, the broker believed that NetEase is very likely to be included in Southbound Trading of Stock Connects next year. Currently, NetEase's valuation is significantly lower than major Chinese game peers, and its inclusion in Stock Connects is expected to trigger further valuation re-rating.

Therefore, JPMorgan rated NetEase at Overweight, with target prices for NetEase's US stock/ H-shares at US$190/ $295 respectively.
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AASTOCKS Financial News
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OpenAI CEO Sam Altman expressed excitement about the Company's upcoming AI chip during a media interview following the signing of collaboration agreement with Walt Disney (DIS.US), and expected the Company to surpass Alphabet (GOOGL.US) in AI.

Altman did not specify when the chip will be available, and stated that it is not yet time to discuss such matters, but future discussions are anticipated.

OpenAI announced in October 2025 a partnership with Broadcom (AVGO.US) to produce its first in-house AI chip, with OpenAI responsible for the design and Broadcom handling development, and applications expected to start in 2H26.
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MINTH GROUP (00425.HK) cratered by approx. 6% yesterday (11th), which is believed to be due to market concerns over the Mexican Senate's approval of new tariffs on a broad range of Chinese imported goods, including auto parts and steel, with rates up to 50% starting 2026, JPMorgan published a research report saying.

The potential 5% additional US tariff on Mexican imports would have a minimal impact, as all of MINTH GROUP's Mexican production complies with USMCA, JPMorgan added.

The report highlighted that the Group has over 50 production bases in North America, the EU and Asia across 15 countries, with more than 16 years of overseas factory management experience, positioning it favorably in the face of de-globalization.

Therefore, the broker rated MINTH GROUP at Overweight, with a target price of $70.
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CMBI has issued a research report giving China's 2026 discretionary consumption sector an Equalweight rating.

The broker expects overall retail sales to grow by around 3.5%, slightly slower than the around 4% in 2025. It also holds a cautious outlook as tailwinds were markedly overweighed by headwinds like the retreat of national subsidies and delivery subsidies, a slowdown in export momentum, and job reductions due to the widespread application of AI.

However, the delayed Spring Festival, extended holidays, potential recovery in the real estate sector, and a thriving stock market are among the few positive factors. It is anticipated that the discretionary consumption sector's stock prices will be under pressure in 1H26 and see relatively larger rebound potential in 2H26.

Under basic scenarios, CMBI suggests investment can be categorized by different types of consumption. The broker prefers 1) survival consumption (frugality, low unit price, high cost-effectiveness), with related companies including: LEPU BIO-B (02157.HK), YUM CHINA (09987.HK), Luckin Coffee (LKNCY.US), DPC DASH (01405.HK), and BOSIDENG (03998.HK); 2) compensatory consumption (small happiness, cheap entertainment, emotional value, experiential); and 3) hedging and defensive consumption (gold, silver, high dividends), with related companies including: BOSIDENG (03998.HK), JNBY (03306.HK), CHINA LILANG (01234.HK), and TOPSPORTS (06110.HK). All of these companies have been rated Buy.

In contrast, CMBI is less optimistic about large-scale consumption (durables, real estate-related, luxury goods, high-end tourism), though optimistic and bull market scenarios (assuming a strong wealth effect with a thriving stock market and gradually stabilizing real estate market) will be conducive to large-scale consumption. The related companies include HAIER SMARTHOME (06690.HK) (600690.SH), MIDEA GROUP (00300.HK) (000300.SH), HAIDILAO (06862.HK), ANTA SPORTS (02020.HK). All of them have been rated Buy.
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Regarding reports saying that SpaceX may go public next year with a target to raise over USD30 billion, Elon Musk said the reports were accurate.

Musk, however, denied earlier that SpaceX's valuation had reached USD800 billion. He also clarified that NASA is expected to account for less than 5% of the company's revenue next year, and the Starlink project is the company's largest revenue source. SpaceX, as he stressed, does not receive any subsidies from NASA.
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AAStocks Financial News
Web Site: www.aastocks.com

According to data from consultancy Benchmark Mineral Intelligence, November saw the slowest global electric vehicle (EV) sales growth since February 2024, which the consultancy attributed to stagnant growth in China's EV sales and a decline in US EV sales for the first time since 2019 following the end of tax incentives.

Specifically, nearly 2 million global EV registrations were recorded in November, marking an increase of 6%. China saw a growth of 3% to over 1.3 million registrations, while North America saw a decline of 42% to about 100,000 registrations.
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Uber (UBER.US)'s CEO, Dara Khosrowshahi, anticipated that, by the end of 2026, robotaxi services will be available in over ten markets, with potential markets including Hong Kong and Japan. The Company is currently discussing regulations related to robotaxis with regulatory authorities.

In July, Uber and BIDU-SW (09888.HK) announced a multi-year collaboration plan to launch driverless taxi services in several markets outside the US and China through the Uber platform.
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AASTOCKS Financial News
Website: www.aastocks.com

US President Donald Trump has signed an executive order to prevent states from regulating AI.

While the text of the executive order has not yet been released, White House Staff Secretary Will Scharf noted that the order aims to ensure AI operates within a unified national framework in the US without being weakened by state government regulations.
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