China stocks closed lower on Tuesday as investors stayed cautious ahead of key policy meetings and amid a seasonal earnings lull, while Hong Kong shares were little changed.
China's blue-chip CSI300 Index ended 0.5% lower, while the Shanghai Composite Index was down 0.4%. Hong Kong's benchmark Hang Seng edged up 0.2%.
Many investors are eyeing new opportunities in sectors with low valuations after recent profit-taking, UBS analysts said in a client note.
"Investors who haven't adjusted their positions since October remain bearish, anticipating volatility until mid-2026, with potential market recovery tied to improving earnings in Q2 or Q3 of 2026," they said.
China's blue-chip index CSI300 has matched the S&P 500 with a roughly 16% year-to-date gain, while Hong Kong's Hang Seng - up about 30% - is on course for its most substantial annual rise since 2017.
Investors are awaiting signals on next year's growth targets from the annual agenda-setting Central Economic Work Conference and the December Politburo meeting.
Analysts at ANZ expect no change to the fiscal stance, which remains "more proactive" with an emphasis on execution and effectiveness, while monetary policy remains "moderately loose", prioritising precision over scale.
Policymakers are expected to keep the property stance focused on avoiding systemic risk, prioritising the reduction of financial risks in the existing portfolio and the management of outstanding stock, the analysts said.
China Vanke shares traded offshore closed nearly 4% higher after the developer sought to defer one bond repayment by a year.
Tech majors traded in Hong Kong fell 0.4%, while onshore AI stocks dropped 0.7%.

Sumber : Reuters