【Market Overview】 Disappointment over the latest policy meeting likely triggered capital outflows, dragging both mainland and Hong Kong markets lower. The Hang Seng Index closed down 1.29%.

The December 8 Politburo meeting emphasized stabilizing growth, improving quality, and maintaining proactive fiscal and accommodative monetary policies. However, the lack of concrete measures left markets awaiting details from the upcoming Central Economic Work Conference.

Real estate stocks remained under pressure after a critical editorial on the sector. **Agile Group (03383)** plunged over 18% following a winding-up petition filed against it. **MCC (01618)** tumbled 21% after announcing plans to sell subsidiaries, including loss-making property assets, raising concerns about its financial health.

The securities sector faced headwinds after officials dismissed expectations of aggressive leverage expansion. Meanwhile, the U.S. allowed **NVIDIA** to sell its H200 AI chips to China with fees, boosting related plays like **FIT Hon Teng (06088)** (+11%) and **KB Laminates (01888)**. Domestic chipmakers **SMIC (00981)** and **Hua Hong Semi (01347)** fell over 4%.

【Spotlight Stocks】 - **Tanwan (09890)**: Surged 12% after signing a five-year IP collaboration deal with COEXIST Group. - **Yixin (02858)**: Rose 10% on renewing its used-car service pact with Tencent-backed Jingzhengu. - **JOINN (06127)**: Gained 6% as lab monkey prices hit record highs amid supply shortages. - **RS MACALLINE (01528)**: Jumped 7%, mirroring its A-share counterpart’s rally on restructuring hopes.

【Sector Watch】 A new polysilicon industry platform, Beijing Guanghe Qiancheng Technology, was established with CNY3 billion capital, potentially aiding sector consolidation. Key players include **GCL Tech (03800)** and **Xinte Energy (01799)**.

【Stock Pick】 **HorizonRobot-W (09660)**: Its HSD autonomous driving solution achieved mass production, with 12,000 activations in two weeks. The company also unveiled robotics-focused AI models, positioning for long-term growth.

【Fed Watch】 The two-day FOMC meeting commenced, with a 25bps rate cut widely expected. Focus remains on the dot plot and potential balance sheet adjustments.