**Market Overview** The last trading day of November saw a 0.34% decline in Hong Kong stocks as institutional investors locked in gains to secure year-end rankings. Financial stocks underperformed, while geopolitical tensions resurfaced with reports of the U.S. ordering additional B-2 stealth bombers, sparking speculation about Venezuela-related risks. Gold stocks remained strong, with Everest Gold (01815) surging over 12% and China Gold International (02099) up 5%.

**Solid-State Battery Momentum** GAC Group (02238) rallied 16% after announcing the operational launch of its pilot production line for all-solid-state batteries in Guangzhou, targeting small-scale vehicle testing by 2026 and mass production between 2027–2030. BAIC Motor (01958) gained nearly 4% following the sale of a 51% stake in BAIC International, which generated RMB 2.2 billion in pre-tax profits. Its core subsidiary, Beijing Benz, is expected to deliver over RMB 10 billion in net profit for 2024.

**Policy-Driven Lithium Rebound** China’s MIIT pledged to curb irrational competition in the power and energy storage battery sector, boosting lithium players. Tianqi Lithium (09696) rose 3%, while Ganfeng Lithium (01772) and Lopal Tech (02465) climbed over 2%.

**Robotics Sector Leads on Orders** UBTECH (09880) jumped nearly 4% after securing a RMB 143 million contract for its Walker S2 humanoid robots in Jiangxi. The company reported H1 2025 revenue growth of 27.55% YoY, with annual delivery targets exceeding 500 units. DOGN (02432) surged 10% on a strategic partnership to deploy 5,000 robotic dogs in smart retail stores. MicroPort (00853) gained 4% as JPMorgan raised its stake to 14.44%, betting on surgical robotics growth. RoboSense (02498) advanced 5% after achieving record monthly LiDAR deliveries (120,000 units) and securing autonomous taxi and logistics orders.

**Tech & Consumer Highlights** Semiconductor firm Innosilicon (02631) soared 6% on AR/AI cooling material demand, while Pop Mart (09992) rose 3% after its Labubu IP debuted in Macy’s Thanksgiving Parade. A CME data center outage briefly spiked silver prices, lifting China Silver Group (00815) 6%.

**Macau Gaming Recovery** November gaming revenue hit MOP 15.6 billion (+10% YoY), driven by major events like the Macau Grand Prix. Citigroup forecasts full-month revenue of MOP 20.5 billion (+11%), benefiting MGM China (02282) and Sands China (01928).

**Stock Spotlight: UBTECH (09880)** UBTECH’s RMB 1.43 billion humanoid robot order and H1 2025 revenue of RMB 621 million (+27.55% YoY) underscore its commercialization progress. With monthly capacity of 300 units and annual orders exceeding RMB 1.3 billion, the company plans to allocate 75% of its HK$3.1 billion share placement proceeds to supply chain investments. Key growth drivers include logistics robots (e.g., Wali T8000), commercial solutions (Cruzr S2), and consumer products like pool cleaners and smart mowers.