Group 1 - The core viewpoint of the news is the positive impact of government policies on the AI education sector, which has led to stock price increases for related companies like Fenbi (02469.HK) and Dou Shen Education [2][3] - The Ministry of Education plans to further promote AI in education, with policies expected to be released next year, aiming to enhance the educational system and cultivate high-quality talent for the intelligent era [2] - The implementation of the National Education Digital Strategy 2.0 has already shown progress in integrating AI across various educational applications [2] Group 2 - Companies like Century Tianhong are establishing AI+Education as a second growth curve, launching products such as Xiao Hong Assistant and automated grading tools, which have begun commercial trials with positive initial results [3] - The stock market has seen significant movements in the technology sector, particularly in robotics and computing power, with notable gains in companies like Tianming Technology and Hanwang Technology [4] - The stock price of Cambrian (寒武纪-U) has surged over 4%, reaching 1415.8 yuan, reclaiming its position as the top stock in A-shares, driven by strong market sentiment and strategic developments in the semiconductor industry [4][6] Group 3 - The "14th Five-Year Plan" emphasizes support for strategic emerging industries, including quantum technology and AI, which is expected to bolster the computing power sector [6] - Recent disclosures from companies like Chip Origin indicate a significant increase in new orders, with a 129.94% year-over-year growth, highlighting the robust demand in the computing power market [6] - Analysts predict that 23 stocks in the domestic computing power sector will see net profit growth exceeding 20% in 2026 and 2027, with some companies like Cambrian and Chip Origin expected to exceed 30% growth [6][7]

Core Viewpoint - In 2025, major stock indices in Europe, the United States, Japan, and South Korea reached all-time highs, with the European market leading the global surge [2] Group 1 - The European stock market outperformed others globally, with Germany and Italy showing significant gains [2] - The European Central Bank entered a rate-cutting cycle, contributing to the bullish market trend in the Eurozone [2] - The Eurozone is perceived as a "safe haven" and "value trap" for global capital due to clearer policy direction and relatively low valuations [2]

Group 1: IPO Overview - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Holdings, Xunce, and Wuyi Vision, simultaneously listed on the Hong Kong stock market on December 30, marking the end of the 2025 IPO season and the first time in five years that six companies have listed on the same day [1][2] - The last occurrence of six or seven companies listing on the same day was in July 2020, with the peak being eight companies on July 12, 2018 [1] Group 2: Market Reception - All six companies performed well on their first day, with no company experiencing a drop below the issue price. Wuyi Vision and Yingxi Intelligent had the highest gains, at 29.90% and 24.66% respectively [4] - Yingxi Intelligent's public offering saw a subscription rate of 1427.37 times, indicating strong market interest [4] Group 3: Company Highlights - Woan Robotics is a leading provider of AI-enabled home robotics, focusing on AI machine vision and control technologies, and aims to lead the industrial revolution in AI [3][6] - Linqingxuan, a domestic cosmetics brand, plans to enhance its global presence and invest in R&D for skincare technology following its listing [3] - Xunce, a provider of real-time data infrastructure, emphasizes the importance of data intelligence in driving high-quality industrial development [3] Group 4: Market Trends - The Hong Kong IPO market saw a significant increase in financing, with a total of 117 companies listed in 2025, raising 285.7 billion HKD, making it the top global market for IPO financing [7][8] - The interest in IPOs is expected to continue into 2026, with predictions of around 160 new listings and total financing exceeding 300 billion HKD [8]

Group 1 - The core viewpoint is that Taiwan is an inseparable part of China's territory, and military exercises by the People's Liberation Army (PLA) are necessary actions to defend national sovereignty and territorial integrity against "Taiwan independence" forces [1][2] - The Chinese Foreign Ministry spokesperson emphasized that the military exercises conducted by the Eastern Theater Command are a severe punishment for the "Taiwan independence" forces and a necessary response to the recent $11.1 billion U.S. arms sale to Taiwan [1] - The spokesperson criticized the Democratic Progressive Party (DPP) for its persistent "Taiwan independence" stance and accused it of turning Taiwan into a "powder keg" and a "munitions depot," portraying it as a "peace destroyer" and "crisis creator" [1] Group 2 - Taiwan issue is described as the core of China's core interests, with a firm commitment to safeguarding national sovereignty, security, and territorial integrity [2] - Any provocative actions regarding the Taiwan issue will be met with resolute countermeasures from China, and any schemes to obstruct China's unification will not succeed [2]

12月30日南向资金全天成交额923.01亿港元，成交净卖出38.45亿港元。 （亿港元） 卖出成交额 （亿港元） 成交净买入 （亿港元） 港股通（深） 153.22 178.40 -25.18 港股通（沪） 289.06 302.33 -13.27 合计 442.28 480.73 -38.45 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报•数据宝统计显示，12月30日恒生指数上涨0.86%，南向资金合计买入成交442.28亿港元，卖出 成交480.73亿港元，合计成交额923.01亿港元。 具体看，港股通（沪）买入成交289.06亿港元，卖出成交302.33亿港元，合计成交额591.39亿港元，成 交净卖出13.27亿港元；港股通（深）买入成交153.22亿港元，卖出成交178.40亿港元，合计成交331.62 亿港元，成交净卖出25.18亿港元。（数据宝） 南向资金今日成交概况 买入成交额 ...

Core Viewpoint - VITASOY INT'L has been actively repurchasing its shares, with a total of 66 repurchase transactions this year, amounting to 49.284 million shares and a total expenditure of 403 million HKD, indicating a strategic move to support its stock price amidst recent declines [1] Summary by Relevant Sections Share Repurchase Activity - On December 30, VITASOY INT'L repurchased 626,000 shares at prices ranging from 6.360 HKD to 6.370 HKD, totaling 3.9871 million HKD [1] - The stock closed at 6.370 HKD on the same day, reflecting a decrease of 0.47%, with total trading volume of 15.7434 million HKD [1] - Since December 29, the company has repurchased a total of 988,000 shares, with a cumulative expenditure of 6.2929 million HKD, during which the stock has declined by 0.78% [1] Year-to-Date Repurchase Summary - Year-to-date, VITASOY INT'L has conducted 66 repurchase transactions, acquiring a total of 49.284 million shares for a total of 403 million HKD [1]

雷军最新预告。 12月30日，雷军发布微博，预告其将于12月31日晚举行跨年直播，并将在直播中现场拆车。"前几天我 在网上看过一个拆SU7视频，很多人建议拆拆YU7。这次直播，我请工程师现场拆车，一边拆车一边 聊，我们一起来场硬核跨年！ " 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 责编：万健祎 校对：刘榕枝 版权声明 " Type="normal"@@--> 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追究相关行为主体 法律责任的权利。 去年12月31日晚，雷军在跨年直播中立下flag：明年交付目标为30万辆。雷军表示："可能很多朋友们不 太了解车厂，很多车企可能干了十几年销量都没有超过30万辆。哪怕今天干得最出色的车厂比亚迪，也 是用了10年时间才过30万辆，所以过30万辆绝对不是一个轻松的指标。" 而由于SU7销售的火爆以及产能提升，仅仅过去3个多月，今年3月18日，小米汽车宣布，2025年全年交 付目标提升至35万辆。 据小米汽车12月2日公布的最新数据，自2024年4月3日以来，小米汽车累计交付已超过50万辆。11月交 付量持续超过4万辆 ...

Group 1 - The Shanghai Composite Index has achieved a 10-day winning streak, closing at 3965.12 points with a slight decline of 0.16 points on December 30 [3][4] - The A-share market saw a total trading volume exceeding 2 trillion yuan, with a total turnover of 2.16 trillion yuan, reflecting a slight increase from the previous trading day [3][4] - The automotive industry chain sector experienced a strong rally in the afternoon, with multiple stocks hitting the daily limit up, including companies like Shanzi Gaoke and Wanxiang Qianchao [5][6] Group 2 - In the Hong Kong market, the Hang Seng Index rose by 0.86% to close at 25854.6 points, with the Hang Seng Technology Index increasing by 1.74% [9] - The stock of Yujian surged by 13.45% after announcing plans for an A-share listing on the Shenzhen Stock Exchange, aiming to enhance its competitiveness and achieve long-term development goals [10] - Baidu Group-SW led the gains among Hang Seng Index constituents, rising by 8.9%, while other tech stocks like Huahong Semiconductor and Horizon Robotics also saw significant increases [9]

Core Viewpoint - Shanghai Tensu Intelligent Chip Co., Ltd. (Tensu) is launching an IPO in Hong Kong, aiming to raise approximately HKD 3.7 billion with a share price of HKD 144.6, marking a significant step in the domestic general GPU market [1][2] Group 1: IPO Details - The IPO subscription period is from December 30 to January 5, with shares expected to begin trading on January 8 [1] - The offering consists of 25.43 million shares, with 10% allocated for public sale in Hong Kong and the remainder for international placement [1] - The net proceeds will primarily fund R&D for general GPU chips and solutions, with 80% allocated for product development, 10% for sales and marketing, and 10% for operational expenses [1] Group 2: Company Background and Market Position - Tensu is recognized as a leading player in the domestic general GPU sector, with a cumulative shipment of over 52,000 units and a revenue compound annual growth rate (CAGR) of nearly 70% over the past three years [2][4] - The company has established a comprehensive product matrix, including the "Tianhai" training series and "Zhikai" inference series, catering to diverse computational needs across various industries [4][11] - Tensu has achieved significant milestones, being the first in China to mass-produce both inference and training general GPUs, as well as the first to utilize 7nm advanced technology for these products [7][8] Group 3: Financial Performance - Revenue has shown substantial growth, increasing from CNY 189 million in 2022 to CNY 540 million in 2024, with a projected revenue of CNY 324 million for the first half of 2025, reflecting a year-on-year growth of 64.2% [11][12] - The company maintains a high gross margin, with figures of 59.4%, 49.5%, and 49.1% from 2022 to 2024, and a rebound to 50.1% in the first half of 2025 [12] Group 4: Market Trends and Opportunities - The domestic general GPU market is experiencing a dual growth trend driven by surging demand and domestic substitution, with projections indicating a market size of CNY 1,546 billion by 2024 and CNY 7,153 billion by 2029 [14] - The market share of domestic general GPUs is expected to rise from 8.3% in 2022 to over 50% by 2029, highlighting the significant potential for domestic players like Tensu [14][15] - As a pioneer in the industry, Tensu is well-positioned to capitalize on market expansion and domestic substitution opportunities, supported by ongoing capital investment and a focus on next-generation chip development [15]

Core Viewpoint - Shanghai Tensu Zhixin Semiconductor Co., Ltd. (stock code "9903") has officially launched its IPO process on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.7 billion through the issuance of 25.43 million shares at a price of HKD 144.6 per share, with the listing expected on January 8 [1][3]. Fundraising Purpose - Approximately 80% of the net proceeds from the fundraising will be allocated to R&D for general-purpose GPU chips and acceleration cards, proprietary software stack development, and AI computing solutions [3][6]. - About 10% will be used for sales and marketing efforts, including channel expansion and brand building, while the remaining 10% will serve as working capital for daily operations and strategic initiatives [3][6]. Market Position and Growth - Tensu Zhixin is recognized as a leading player in the domestic general-purpose GPU sector, with a three-year revenue compound annual growth rate (CAGR) of nearly 70% and cumulative shipments exceeding 52,000 units [3][10]. - The company is viewed as a rare pure-play general-purpose GPU stock in the Hong Kong market, potentially filling a gap in the sector and providing investors with a key channel to participate in the domestic computing infrastructure development [3][12]. Product Development and Technology - The company has developed a product matrix centered around the "Tianhai" training series and "Zhikai" inference series, addressing diverse computing needs across various industries such as cloud computing, financial services, and healthcare [6][9]. - Tensu Zhixin is the first domestic company to achieve mass production of inference and training general-purpose GPUs, utilizing advanced 7nm technology [8][9]. Financial Performance - Revenue has shown significant growth, increasing from CNY 189 million in 2022 to CNY 540 million in 2024, with a projected revenue of CNY 324 million in the first half of 2025, reflecting a year-on-year growth of 64.2% [10][11]. - The gross margin has remained robust, with figures of 59.4%, 49.5%, and 49.1% from 2022 to 2024, and a recovery to 50.1% in the first half of 2025, indicating strong pricing power [11]. Industry Context - The domestic general-purpose GPU market is experiencing a dual growth trend driven by surging demand and domestic substitution, with the market size expected to reach CNY 154.6 billion by 2024, growing at a CAGR of 70.1% from 2022 to 2024 [12][13]. - The market share of domestic general-purpose GPUs has increased from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, highlighting the significant potential for domestic players like Tensu Zhixin [13][14].