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香港恒生指数，跌0.96%，恒生中国企业指数，跌1.16%。亚洲股延续美股跌势。IMF指中美贸易战已冲击亚洲，下月或再降全球经济增长预测。蓝筹股普遍受压，内房股和油股沽压沉重。然而，根据彭博汇总数据，今日9.2亿元通过港股通流入香港。连续10个交易日资金净流入。
HSI, down 0.96%, HSCEI, down 1.16%. Hong Kong blue chips sank today along with major regional benchmarks, following a major sell-off at Wall Street overnight. However, China domestic investors added 915.2m yuan from HK shares via HK Stock connect today, according to data compiled by Bloomberg.

$中国铁塔(00788)$ ，涨1.43%，5日涨10.94%。内地加速推进5G技术，唯独中国铁塔走势较3大中资电讯商强横，背后3个关键：1. 管理层预告盈利增长佳；2. 接近垄断(97.3%)国内铁塔基建市场；3. 上周起供北水买货，过去3日累吸3亿。
788, China Tower, up 1.43%, 5 days up 10.94%. China tower could be the biggest winner of China’s 5G endeavours, for its monopoly position (97.3%) in China’s telco Tower infrastructure market.

$石药集团(01093)$ ，涨1.04%。获天境生物二型糖尿病药内地独家授权。花旗研报称，石药管理层对2019年前景仍感正面，相信治疗脑中风药物恩必普明年可达25%至30%的同比增长，其所面对的市场竞争也有限。予“买入”评级，目标价26.2元。大摩也维持石药集团“增持”评级，目标价24港元。大摩和石药管理层都认为恩必普不会被归类为辅助药物。
1093, CSPC Pharmaceutical Group, up 1.04%. Rating “buy” by Citi and “Overweight” by Morgan Stanley. Both think the market concern for the negative effect of Adjuvant List to CSPC is overdone.

8210，衍汇亚洲有限公司，跌74.02%。惨遭洗仓。
8210, DLC Asia Ltd, down 74.02%. Nosedive, reasons unknown.

966，中国太平，跌4.26%。公司上周末发布的经营数据显示，2018年-11月，公司实现原保险保费收入合计约1432.52亿元，同比增长7.83%，增速落后于主流上市险企。分析指出，国债收益率下行将影响中国太平等内资保险公司的盈利。高盛将中国太平评级 下调至卖出；目标价30.50港元。
966, China Taiping Insurance, down 4.26%. Goldman Sachs downgraded the recommendation on China Taiping Insurance Holdings to sell from neutral; PT lowered to HK$30.50.

3690，美团点评，跌7.62%。再创新低。
3690, Meituan Dianping, down 7.62%. New low since IPO.

3900，绿城中国，跌10.60%。绿城中国股价下跌，此前计划购买百年人寿股份，接盘万达。
3900, Greentown China holdings, down 10.60%. Falls after plan to buy 11.6% Aeon Life Insurance stake for ~2.7b yuan. Deal to be funded with internal financial resources.

1918，融创中国，跌5.71%。内房股集体受压。
1918, Sunac China Holdings, down 5.71%. China developers sector slumps today.

1813，合景泰富，跌4.95%。同上。
1813, KWG Group, down 4.95%. As above.

1109，华润置地，跌4.03%。同上
1109, China Resources Land. As above.

884，旭辉控股，跌4.43%。同上。
884, CIFI Holdings Group Co Ltd, down 4.43%. As above.

3333，中国恒大，跌4.17%。同上。
3333, China Evergrande Group, down 4.17%. As above.

817，中国金茂，跌4.28%。同上。
817, China Jinmao Holdings, down 4.28%. As above.

3383，雅居乐，跌7.19%。同上+彭博称雅居乐的债务达到了红色警戒水平，尽管利润率也在上升，特别是在现在的流动性收紧和销售增长放缓的背景下。进一步的提升土地投资和新业务，会进一步削弱公司的负债表。
3383, Agile Group Holdings, down 7.19%. As Above + Bloomberg says that Agile’s soaring leverage and funding costs are warning signs, especially against the backdrop of tighter liquidity and slowing sales growth. A plan to boost investment in land and new business is likely to further weaken its balance sheet. Yet Agile should sustain its gross margin lead over peers in 2018, at above 40%, dropping to the mid-30% range in 2019. A strong focus on the Great Bay Area and the Yangtze River Delta will play in the developer’s favour.

1958，北京汽车，跌5.32%。北汽蓝谷新能源科技股份有限公司由于电池供应不足，今年未能及时完成2万多辆汽车的订单。总经理郑刚说，该公司目前没有计划将业务扩展到电池生产，这将是一个重大而冒险的决策。今年前11个月，北汽蓝谷销售了128,000辆电动汽车。
1958, BAIC Motor Corp, down 5.32%. BAIC BluePark New Energy Technology Co., BAIC Motor corp’s electric-car manufacturing unit, was unable to fulfil orders for more than 20,000 vehicles in time this year because of a bottleneck in its supply of batteries. General manager Zheng Gang says the company has no plans at present to expand into battery production, which would be a major and risky decision to make. BAIC BluePark sold 128,000 electric cars in the first 11 months of the year.

1357，美图公司，跌7.41%，5日跌19.35%。年内累计跌幅近8成。
1357, Meitu Inc, down 7.41%, 5 days down 19.35%. YTD down almost 80%.

460，四环医药，跌12.43%。大跌，因其药品可能会被纳入带量采购名单。
460, Sihuan Pharmaceutical Hldgs, down 12.43%. The stock slumps as investors became aware that its 4 key products might be included on China’s initial list of adjuvant drugs. The 4 products account for more than 50% of the co.’s revenue.

552, China Communications Services Corp, up 3.17%. HermesInvestment bought 2.09m shares of China Communications Services Corp.

3888，金山软件，跌5.15%。公司第三季度出现亏损，游戏业务收入下降，云业务、办公软体业务增长显著。
3888, Kingsoft Corp, down 5.15%. The company reported loss in 18Q3, given game revenue declined, while cloud services and WPS software delivered notable growth. PhillipCapital maintain the TP of HK$18.8, BUY rating.

2357，中航科工，跌4%。摩根史坦利称，交易员对中航科工向空中客车在哪的现有股东配售H股的计划反应过度。股权配售只将稀释每股收益1%；行业开放对外国竞争的担忧被夸大了，即使北京要修改“中国制造2025”计划，航空和国防部门仍将对外国公司高度限制；空客增持股份显示对长期合作关系的信心；维持增持评级，目标价6.08港元。注：12月14日，中航科工股价下跌，计划通过配售股份筹资13.5亿港元。
2357, AviChina Industry & Tech, down 4%. Traders overreacted to AviChina Industry & Technology’s plan to issue H-shares to existing shareholders including AirBus Group, Morgan Stanley says. Share placement would only dilute per-share earnings by 1%, taking into account potential interest saving of 49m yuan from HK$1.3b cash proceeds. Concerns about industry opening up to foreign competition are overblown, Aviation and defence sector will remain highly restricted to foreign companies even if Beijing were to revise “made in China 2025” plan. Airbus raising stake shows its confidence in a Long-term partnership. MS maintains overweight rating with PT of HK$6.08. Note: Dec. 14, AviChina drops after plan to raise HK$1.35B via share placement.

2314，理文造纸，涨2.83%。周一以1270万港元购回199万股股票。
2314, Lee & Man Paper Manufacturing, up 2.83%. Co. Bought back 1.99m shares for HK$12.8m on Monday.

$力世纪(00860)$ ，涨22.45%。公司于昨日以每股0.51港元配售3.33亿股新股，集资净额1.69亿港元。周凯旋认购当中7647万股，共斥资约3900万元，占股由4.34升至5.6%。集资所得将会投资电动车相关业务或技术及作一般营运资金用。
860, We Solutions Ltd, up 22.45%. Company issued 0.333b shares, price HK$0.51.

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