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Stock impact report

China Market Update: Anti-Involution Comes To Battery Industry [Forbes]

Li Auto Inc. - American Depositary Shares (LI) 
Company Research Source: Forbes
Media headlines are focused on November's purchasing managers' indexes (PMIs), which missed expectations. The “official” National Bureau of Statistics (NBS) survey Manufacturing PMI was 49.2, which is up from October's 49.0 but short of an expected 49.4. The “official” Non-Manufacturing PMI was 49.5, which is down from October's 50.1 and below an expected 50. Meanwhile, the “private” Manufacturing survey, conducted by S&P and Rating Dog, was 49.9, down from October's 50.6 and short of an expected 50.5. Both Hong Kong and Mainland China were higher, despite the PMIs, as our trader buddy says, “market no care, you no care.” The Hang Seng Index closed above the 26,000 level. Investors appear to be more focused on further supportive policies from the China Economic Work Conference (CEWC) following the release of the pro-stimulus 15 Year Plan draft. Battery giant Contemporary Amperex Technology (CATL) gained +2.33% in Hong Kong and +2.62% in Mainland China, as the Ministry of Industry Show less Read more
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