In-depth Analysis of Global Stock Market Trading Hours Reform and FMCG Brand Pricing Strategies

Nasdaq has submitted an official application to the SEC to extend stock trading hours from the current 16 hours to 23 hours, operating five days a week [1][2]. Under the new plan, trading will be divided into two main periods:

• Day Trading Period
  : 4:00-20:00 ET (including pre-market 4:00-9:30, regular 9:30-16:00, post-market 16:00-20:00)
• Night Trading Period
  : 21:00 ET to 4:00 ET the next day
• Maintenance Closure
  : 20:00-21:00 ET for system maintenance, testing and clearing

The trading week will start at 21:00 ET on Sunday and end at 20:00 ET on Friday, enabling nearly round-the-clock trading [1].

1. Enhanced Convenience for Global Investors
   : Asian investors such as Korean retail traders will be able to trade US stocks in their local time zones without being restricted by US time zones [1]. Data shows that foreign holdings of US stocks reached $17 trillion last year, and the US stock market accounts for nearly two-thirds of the global market capitalization of listed companies [2].

2. Meeting 24-hour Trading Demand
   : Currently, investors rely on over-the-counter trading venues like Blue Ocean, Bruce ATS and OTC Moon for overnight trading; exchange-based trading will provide better price discovery and liquidity [1].

3. Improved Real-time Reaction Capability
   : Supporters believe this will allow investors, especially those outside the US, to respond faster to events occurring outside normal trading hours [1].

1. Liquidity Fragmentation Risk
   : Major Wall Street banks are cautious about uninterrupted trading, worrying about reduced liquidity, increased volatility and uncertainty in investment returns [1].

2. Technical Infrastructure Pressure
   : The successful launch of 24-hour trading depends on upgrades to the Securities Information Processor (SIP) and the continuous stock clearing service that DTCC plans to launch by the end of 2026 [1].

• Need to adjust trading strategies and risk management frameworks
• May face higher operating costs and staffing requirements
• New demands for algorithmic trading and quantitative strategies

• Gain greater flexibility in trading hours
• May face slippage risks due to insufficient liquidity at night
• Need stronger risk awareness and discipline

According to the latest market information, McDonald’s will implement a new round of price adjustments in December 2025 [3][4]:

• Big Mac, Double Filet-O-Fish, McFish: +1 yuan
• McNuggets, Large Chicken Cutlet: +1 yuan
• Crispy Juicy Chicken, Medium Fries: +0.5 yuan
• McFlurry, Sundae and other desserts: +1 yuan

• The price of the “1+1随心配” combo remains unchanged at 13.9 yuan
• The “10 Yuan Burger” campaign is launched simultaneously to maintain the competitiveness of price-sensitive products

Based on the latest brokerage API data [0], the key indicators of McDonald’s (MCD) are as follows:

• Current Price: $315.14 (-1.13%)
• 52-week Range: $276.53-$326.32
• Year-to-Date Performance: +7.74%
• Market Capitalization: $225.18 billion

• Net Margin: 32.20%
• Operating Margin: 45.80%
• ROE: -221.03% (outlier, possibly affected by special accounting items)
• P/E Ratio: 26.83x

• Consensus Target Price: $325.00 (3.1% upside potential)
• Rating Distribution: 57.4% Buy, 41.0% Hold, 1.6% Sell
• Overall Consensus: Buy

1. Tiered Pricing Mechanism
   : Adopt differentiated strategies for customer groups with different value sensitivities, maintaining stable prices for the “Customizable Combo” while moderately increasing prices for high-margin products [3][4].

2. Cost Pass-through Capability
   : In an inflationary environment, leading FMCG companies have certain cost pass-through capabilities, but need to balance price elasticity and brand value.

3. Value Positioning Maintenance
   : Maintain price perception competitiveness through campaigns like “10 Yuan Burger” to avoid customer churn due to overall price increases.

1. Precise Pricing
   : Implement differentiated pricing based on customer segmentation, avoiding one-size-fits-all price increases.

2. Product Mix Optimization
   : Improve customer unit price through combo bundling and product mix rather than simple price increases.

3. Brand Value Investment
   : Strengthen brand building and product innovation while raising prices to support price premiums.

• Stable pricing power supports cash flow predictability
• Long-term growth expectations should consider inflation environment and competitive landscape
• Brand moat is a key factor supporting valuation multiples

• McDonald’s current 26.8x P/E is in a historically reasonable range
• Compared to other fast food chains, brand premium supports higher valuation multiples
• Internationalization layout and franchise model provide valuation support

1. Beneficiary Sectors
   :
   • Exchanges and clearing institutions: Directly benefit from increased trading volume
   • Fintech service providers: Growth in API services and data demand
   • Brokers: New revenue sources from 24-hour services

2. Risk Focus
   :
   • Liquidity fragmentation may lead to reduced trading volume in traditional periods
   • Regulatory risks and technical failure risks
   • Increased investor fatigue and irrational trading

1. Stock Selection Criteria
   :
   • Leading enterprises with strong pricing power and deep brand moats
   • Companies with diversified product portfolios and strong cost control capabilities
   • Global layout to diversify single-market risks

2. Valuation Framework
   :
   • Use PEG indicators to balance growth and valuation
   • Focus on same-store sales growth and customer unit price trends
   • Consider real growth capabilities in an inflationary environment

Nasdaq’s application to extend trading hours to 23 hours represents an important trend in the evolution of global financial markets towards 24-hour operation [1][2]. This reform will provide greater convenience for global investors, but also bring new challenges in liquidity fragmentation and risk management.

Tiered pricing strategies of FMCG brands like McDonald’s demonstrate a successful path to balancing profitability and customer stickiness in an inflationary environment [3][4]. Through precise product mix and differentiated pricing, enterprises can achieve profit growth while maintaining core customer groups.

From an investment perspective, these changes point to a more globalized and dynamic market environment. Investors need to:

1. Reassess the effectiveness of traditional trading periods
2. Focus on high-quality enterprises with global pricing power
3. Establish more flexible and round-the-clock risk management systems

[0] Jinling API Data - Real-time stock prices, financial data and company profiles
[1] Sina Finance - “Nasdaq plans to apply for 24-hour stock trading” (https://finance.sina.com.cn/stock/usstock/c/2025-12-16/doc-inhaxvcr1344633.shtml)
[2] CLS.cn - “Nasdaq applies for ‘23-hour system’ trading, US stocks may enter the sleepless era” (https://www.cls.cn/detail/2231139)
[3] Sina Finance - “McDonald’s raises prices again at the end of the year, is the ‘poor guy combo’ the last holdout?” (https://cj.sina.cn/articles/view/1887344341/707e96d502001pacy)
[4] DT Finance - “McDonald’s will raise prices of some products by 0.5 to 1 yuan from December 2025, ‘10 Yuan Burger’ campaign launched simultaneously” (https://m.dtm.com.cn/news/202512/152868.html)