Deutsche Bank: This new benchmark (forecast) carries two-way risks. If tensions in the Middle East ease quickly, the ECB may not raise rates at all. Alternatively, if there is a more prolonged disruption to energy supplies, the 2.50% rate may simply

Individual Stock News 1. CK Hutchison Holdings (00001.HK): Group revenue for 2025 is HK$507.297 billion, an increase of 6% year-on-year; reported profit attributable to ordinary shareholders is HK$11.841 billion, a decrease of 31% year-on-year; a final dividend of HK$1.602 per share is proposed. 2. Alibaba (09988.HK): Revenue for the third quarter of fiscal year 2026 is RMB284.843 billion, an increase of 2% year-on-year; net profit is RMB15.631 billion, a decrease of 66% year-on-year, mainly due to a decrease in operating profit. 3. China Unicom (00762.HK): Revenue for 2025 is RMB392.223 billion, an increase of 0.68% year-on-year; profit attributable to equity holders of the company is RMB20.816 billion, an increase of 0.98% year-on-year. 4. CK Asset Holdings Limited (01113.HK): 2025 revenue of HK$57.935 billion, up 27.25% year-on-year; profit attributable to shareholders of HK$10.847 billion, down 20.58% year-on-year; earnings per share of HK$3.1, with a proposed final dividend of HK$1.39 per share. 5. Xiaomi Corporation (01810.HK): New generation SU7, starting at RMB 219,900; 15,000 new generation SU7 units secured in 34 minutes. 6. Horizon Robotics (09660.HK): 2025 revenue of RMB 3.758 billion, compared to RMB 2.384 billion in the same period last year; net loss of RMB 10.469 billion, compared to a net profit of RMB 2.347 billion in the same period last year. 7. ZhongAn Online (06060.HK) announced that in 2025, the company achieved total premiums of RMB 35.735 billion, a year-on-year increase of 6.9%; net profit was RMB 1.8 billion, a year-on-year increase of 198.3%. 8. Wanwu Cloud (02602.HK) reported revenue of RMB 37.27 billion in 2025, a year-on-year increase of 2.7%; profit attributable to shareholders was RMB 772 million, a year-on-year decrease of 38%. 9. Excellence Education Group (03978.HK): In 2025, revenue was RMB 1.904 billion, a year-on-year increase of 72.82%; net profit was RMB 302 million, a year-on-year increase of 57.26%. 10. Road King (01098.HK) announced that it expects to record a loss of approximately HKD 5.2 billion to HKD 5.5 billion for the year ended December 31, 2025, while the loss attributable to owners of the company is expected to be approximately HKD 5.8 billion to HKD 6.1 billion. 11. Li Ning (02331.HK): Full-year revenue of RMB 29.6 billion in 2025, compared to an estimated RMB 29.03 billion; gross profit margin of 49% for the year, compared to an estimated 48.8%.

According to Dutch sources, a fire broke out in an industrial area in western Amsterdam on the 20th, but there are no reports of casualties so far.