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On March 25th, Gu Ming (01364.HK) announced its 2025 revenue of RMB 12.914 billion, a year-on-year increase of 46.9%; gross profit of RMB 4.262 billion, a year-on-year increase of 58.6%; net profit for the year of 3.115 billion, a year-on-year increase of 108.6%; profit attributable to owners of the parent company of RMB 3.109 billion, a year-on-year increase of 110.3%; adjusted profit of RMB 2.575 billion, a year-on-year increase of 66.9%; adjusted core profit of RMB 2.808 billion, a year-on-year increase of 77.8%; basic earnings per share of RMB 1.34, a year-on-year increase of 88.7%; and diluted earnings per share of RMB 1.08, a year-on-year increase of 52.1%. The Board of Directors recommends a final dividend of HKD 0.50 per share.According to a Reuters poll, 21 out of 60 economists believe the European Central Bank will raise interest rates at least once in 2026 (compared to 3 out of 72 economists in a March 13 poll).According to a Reuters poll, 38 out of 60 economists believe the European Central Bank will keep its deposit rate at 2.00% throughout 2026.On March 25th, the Beijing Municipal Commission of Planning and Natural Resources released its second round of proposed residential land supply list for 2026, involving four plots with a total area of approximately 22 hectares and a building area of approximately 380,000 square meters. These plots are planned for supply in the near future. All plots offered in this round are located in areas with strong market demand and well-developed infrastructure and public services. In terms of regional distribution, one plot is located in the central urban area (Fengtai District), two plots are located in the sub-center and multiple plain areas (Tongzhou District), and one plot is located in the ecological conservation area (Huairou District).On March 25, Assistant Minister of Commerce Yuan Xiaoming and Secretary for Economy and Finance of the Macao Special Administrative Region Government Tai Kin Ip co-chaired the eighth meeting of the Mainland-Macao Economic and Trade Cooperation Committee. Yuan Xiaoming stated that 2026 marks the start of the 15th Five-Year Plan. Macao is currently drafting its 3rd Five-Year Plan. Holding this meeting of the Mainland-Macao Economic and Trade Cooperation Committee at this time is of great significance for supporting Macaos proactive alignment with the 15th Five-Year Plan and deepening bilateral economic and trade relations. The Ministry of Commerce will further promote the expansion and implementation of CEPA, support Macaos participation in the Belt and Road Initiative, assist Macao in building a platform between China and Portuguese-speaking countries, and promote the moderate diversification of Macaos economy.

China Stocks Are Ready For the Next Bull Run As Wyckoff Accumulation Is Near Completion

Skylar Shaw

Jun 27, 2022 15:18

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After the stock market became severely oversold last week, a few positive tell-tale signs—explained in the video at the bottom of this post—appeared, suggesting a countertrend bounce off the very pessimistic mood.


On the other side, since May 2022, China equities, as represented by the KraneShares CSI China Internet ETF (KWEB) and the Invesco Golden Dragon China ETF (PGJ), have outpaced the S&P 500.

Finding the Accumulation Pattern in KWEB Using the Wyckoff Method

This is crucial because China stocks may end up becoming the next market leader to kick off the next bull run once the energy sector (XLE) loses its leadership in the middle of June 2022. Individual stocks are only more likely to continue rising when the group emerges as the leader. As indicated in the figure below, let's use the Wyckoff approach to determine the potential accumulation structure.


A distribution on the way down from the high at 97 was followed by a down trend that lasted until May 2022, as illustrated in the down channel, for KWEB after a parabolic run up produced a purchasing climax off the top in February 2021.


In March 2022, when capitulation was evident as represented in the volume rise, the first indication of the probable accumulation phase appeared. The trading range between 20 and 33 was established by a selling climax and an automatic rise that followed. As the largest up wave since the decline began in February 2021, the automatic rally was seen as a Wyckoff change of character that momentarily halted the declining trend into a trading range.


Supply absorption was indicated by the following responses in May 2022, which were followed by volume increases while still establishing a higher low.


The down channel was firmly broken by KWEB on May 31, 2022, and a strong rebound that day challenged the resistance at that point. This was the first time it had crossed above the downward channel, indicating a shift in trend was imminent.


After reaching the resistance at 33 in June 2022, the tight consolidation was brief and committed over the immediate support level at 30. A greater amount of supply absorption, compared to May's response, was evidenced by an increase in volume throughout the consolidation.


The accumulation of KWEB shares exhibits all of the aforementioned bullish traits at a time when the market attitude is overwhelmingly unfavorable.


The accumulation from the selling climax on Mar. 14, 2022, in KWEB will be complete with a breakthrough and commitment above 33. This will also likely signal the beginning of a significant rally to test 40 before another reaction. The following KWEB price objectives are 50 and 60.


The length of the accumulation process is to be prolonged in the trading range of 20-33 if KWEB fails to hold at the support at 30.


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