**Market Overview** Despite lingering global uncertainties, Hong Kong stocks rebounded after consecutive declines, closing 0.42% higher. Geopolitical tensions, including U.S. military activity in Venezuelan airspace and Thailand-Cambodia border clashes, remained unresolved. Investors await the Fed’s rate decision, widely expected to cut 25bps.

**Sector Highlights** - **Precious Metals**: Silver prices hit a record $61/oz (+100% YTD) on robust industrial demand from solar, EVs, and data centers. China Silver Group (00815) rose 7%. Gold surpassed $4,210/oz. Lingbao Gold (03330) surged 9% after agreeing to acquire a 50%+1 stake in St Barbara Mining for A$370M. - **Property**: China Vanke (02202) jumped 13% on unverified rumors of a potential RMB400B subsidized loan program (1-2% rates) and debt relief involvement by CICC. Sunac China (01918) and Shimao Group (00813) gained ~9%. - **Agriculture**: Anticipation of the annual "No. 1 Central Document" focusing on rural revitalization drove First Tractor (00038) up 10%. WH Group (00288) and Dekang Agriculture (02419) also advanced. - **Infrastructure**: Changfei Fiber (06869) rose 11% despite a 15% discounted share placement, as 80% of proceeds will fund overseas expansion.

**Policy Watch** Hainan’s free-trade port will launch full customs closure on Dec 18, 2025, boosting trade liberalization. Key beneficiaries include Meilan Airport (00357) and China Tourism Group Duty Free (01880).

**Stock Spotlight: SANY International (00631)** Q3 revenue grew 14.7% YoY to RMB5.91B, with net profit up 14.1% to RMB406M, driven by strong overseas sales (50% of total) and diversified machinery segments. The lithium business acquisition and cost controls further supported margins.

*Note: All moves are based on market speculation and unconfirmed developments.*