{"id":21167,"date":"2025-12-11T09:35:38","date_gmt":"2025-12-11T01:35:38","guid":{"rendered":"https:\/\/www.orientfutures.com.sg\/?p=21167"},"modified":"2025-12-11T10:11:34","modified_gmt":"2025-12-11T02:11:34","slug":"morning-brief-2025-12-11","status":"publish","type":"post","link":"https:\/\/of.sbwd.website\/zh\/research\/morning-brief-2025-12-11\/","title":{"rendered":"Morning Brief 2025-12-11"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">\u5206\u949f<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"21167\" class=\"elementor elementor-21167\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4025ec7 e-con-full e-flex e-con e-parent\" data-id=\"4025ec7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-945fb5f elementor-widget elementor-widget-text-editor\" data-id=\"945fb5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-ogsc=\"\"><div data-ogsc=\"\"><p><strong>Financials<\/strong><\/p><p>-The MoF will roll over 750 bn yuan in special treasury bonds due on Dec 12.<\/p><p><strong>Co Focus<\/strong><\/p><p>-Hygon Info (688041.CH) said in its IR activity record that the company maintains strong industrial synergy and cooperation with Dawning Info (603019.CH). The termination of the major asset restructuring will not affect the continued collaboration between the two parties going forward.<\/p><p>-Meta has fine-tuned its new AI model using Alibaba\u2019s Tongyi large language model, according to someone familiar with this matter.<\/p><p><strong>Data<\/strong><\/p><p>-According to CAICT, domestic mobile phone shipment reached 32.27bn in Oct 2025, up 8.7% y\/y. Among which, 5G phone shipments up 9.7% y\/y, accounting for 90.9%.<\/p><p><strong>Dec 10 Block Trade Info<\/strong><\/p><p>*Discount<\/p><p>-Kingfa Sci.&amp;Tech (600143 CH) saw 5 block trades worth 190.62mn at 16.49yuan per share, 9.99pct discount from last closing.<\/p><p>-Changzheng Engineering Tech (603698 CH) saw 23 block trades worth 86.19mn at 20.80yuan per share, 9.01pct discount from last closing.<\/p><p>*Flat<\/p><p>-National Silicon Industry Group (688126 CH) saw 1 block trade worth 107.50mn at 21.50yuan per share, flat from last closing.<\/p><\/div><\/div><p>For more insights, please visit Orient Futures Singapore\u2019s research platform,\u00a0<a href=\"http:\/\/www.finoview.com.sg\/\">\u7e41\u5fae<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2604ec3 elementor-widget elementor-widget-button\" data-id=\"2604ec3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/of.sbwd.website\/wp-content\/uploads\/2025\/12\/Morning-Brief-2025-12-11.pdf\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">\u5206\u949f<\/span><\/span>Meta has fine-tuned its new AI model using Alibaba\u2019s Tongyi large language model, according to someone familiar with this matter.<\/p>","protected":false},"author":3,"featured_media":21169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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