**Key Highlights** The Hang Seng Stock Connect Software & Semiconductor Index will be renamed the Hang Seng Stock Connect Software Theme Index, with methodology updates fixing constituent stocks at 40. Four new stocks—阅文集团 (00772), 趣致集团 (00917), 美图 (01357), and 汇量科技 (01860)—will be added, while ASMPT (00522), 中芯国际 (00981), and 华虹半导体 (01347) will be removed. Changes take effect December 16, 2025.

**Market Outlook** Spot silver surged 2.83% to a record $63.56/oz, while COMEX silver futures rose 4.83%. Gold futures gained 2% to $4,309.3/oz. The Dow Jones climbed 1.34%, but the Nasdaq dipped 0.25% amid tech declines (Oracle -10%, Intel -3%).

**Strategic Moves** - **EVEREST MED (01952)**: Partnered with Haisco Pharma to enhance commercialization capabilities in cardiovascular therapies, securing exclusive rights to develop and market Lerodalcibep in Greater China. Potential payments total up to RMB24 billion. - **INNOCARE (09969)**: Received NMPA approval for ICP-723, a pan-TRK inhibitor for NTRK fusion-positive solid tumors in adults and adolescents. - **SINO BIOPHARM (01177)**: Launched China’s first CDK2/4/6 inhibitor, Cutmosib (赛坦欣®), for advanced breast cancer.

**Corporate Updates** - **LEAPMOTOR (09863)**: Chairman Zhu Jiangming and shareholder Fu Liquan bought 2.15M H-shares (HK$50.51/share), totaling over HK$100M. - **CMSC (06099)**: Approved to issue up to RMB40B in corporate bonds. - **YUNJI (02670)**: Invested RMB7.6M in a JV to expand robotics solutions for innovative scenarios.

**Sector Spotlight: 江西铜业 (00358)** H1 2025 profits rose on higher copper, silver, and sulfuric acid prices. The company’s Kazakhstan-based Bakuta tungsten mine—the world’s largest—is operational, and its stake in First Quantum (global copper reserves: 35.5Mt) offers growth potential. Silver output reached 1,214.18 tons in 2025.

**EU Policy Shift** The EU may delay its 2035 ICE vehicle ban by five years, allowing plug-in hybrids and extended-range EVs, following lobbying by Germany and Italy.

**Fed Rate Outlook** HSBC predicts the Fed will hold rates at 3.5%-3.75% through 2027, citing Chair Powell’s neutral stance on further cuts.