The Hang Seng Index opened down 53.11 points, or 0.21%, at 25,801.49 on Wednesday, December 31. The Hang Seng Tech Index opened down 12.14 points, or 0.22%, at 5,566.24. The H-share Index opened down 20.53 points, or 0.23%, at 8,970.49. The Red Chip

Key News 1. Ministry of Finance: Individuals selling homes held for two years or more (including two years) will be exempt from value-added tax. 2. National Development and Reform Commission: A plan to optimize the implementation of "two new" policies in 2026 has been released. 3. The first batch of 62.5 billion yuan in ultra-long-term special treasury bonds for 2026 to support the trade-in of old consumer goods has been allocated ahead of schedule. 4. The Ministry of Commerce and eight other departments issued the "Detailed Rules for the Implementation of the 2026 Automobile Trade-in Subsidy". 5. British media: The US government has issued licenses approving South Korean companies to export chip manufacturing equipment to China. Individual Stock News 1. Rumors circulate that 500ml Feitian Moutai will be available on "iMoutai" for the first time, and direct-sale stores may be able to subscribe directly next year. 2. Air China: Purchases 60 Airbus A320NEO series aircraft, with a total list price of approximately US$9.53 billion. 3. Zijin Mining: Net profit is expected to increase by approximately 59%-62% year-on-year in 2025. 4. Tianpu Shares: Shares surged 718.39% from August 22nd to December 30th; trading was suspended on the 31st for investigation. 5. Guotou Zhonglu: Plans to acquire 100% of China Electronics Engineering Design Institute at a 147.4% premium, for a transaction price of 6.026 billion yuan. 6. Shengxin Lithium Energy: Plans to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan; the latter's 3 million tons/year wood wool lithium mine is under development. 7. Haozhi Electromechanical: Some of its products have achieved small-batch application and generated small profits in leading commercial aerospace companies. 8. Jinpan Technology: Signed an overseas data center project contract worth approximately 696 million yuan. 9. Salt Lake Industry: Plans to acquire a 51% stake in Minmetals Salt Lake for 4.605 billion yuan in cash to accelerate the construction of a world-class salt lake industry base. 10. Zhaofeng Shares: Plans to invest 1.53 billion yuan in a project to industrialize humanoid intelligent robots and high-precision components for intelligent driving systems, adding production capacity for humanoid robot ball screws. 11. Biwin Storage: Hainan Nanbai plans to acquire 380,000 shares of NiuXin Semiconductor for 20 million yuan. The second phase of the National Integrated Circuit Fund holds a 6.76% stake in the latter.

South Africa's main stock index extended its gains to 1%.