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].

Core Viewpoint - The Free Trade Port concept has experienced a decline of 2.04%, ranking among the top sectors with the largest drop in the market [1]. Group 1: Market Performance - The Free Trade Port sector saw a net outflow of 603 million yuan in main funds today, with nine stocks experiencing net outflows and five stocks exceeding 50 million yuan in outflows [2]. - The stocks with the highest net outflows include: - Ronioushan: 138 million yuan - Gongxiao Daji: 132 million yuan - Haixia Shares: 107 million yuan - Haima Automobile: 93 million yuan [2][3]. Group 2: Stock Performance - The top decliners in the Free Trade Port sector include: - Ronioushan: -6.15% with a turnover rate of 10.93% - Haixia Shares: -5.51% with a turnover rate of 3.77% - Haima Automobile: -4.78% with a turnover rate of 9.93% [3]. - Conversely, the stocks with net inflows include: - Zhongyuan Haike: 202.05 million yuan - Dongfang Jiasheng: 38.07 million yuan [2][3].

Group 1 - The core viewpoint of the article highlights that global central banks' continuous buying of gold is a major driver behind the rising gold prices [2] - International gold prices have reached new historical highs, with London spot gold rising from $2,625 per ounce at the beginning of the year to $4,550.52 per ounce on December 29 [2] - Increased demand for safe-haven assets and a decline in the credibility of the US dollar have attracted more investors to purchase gold [2] Group 2 - The rising gold prices have also led to significant increases in the prices of other precious metals, such as silver [2]

俄乌突发。 当地时间12月29日，俄罗斯国防部披露乌军空袭普京官邸并被挫败的详情，而乌克兰外交部则坚决否认 相关说法，称其为俄方制造攻击借口的挑衅性言论。 此外，当地时间12月29日，美国总统特朗普在佛罗里达州海湖庄园与以色列总理内塔尼亚胡开始会晤前 透露，他当天早晨与俄罗斯总统普京通电话时，被对方告知乌克兰无人机袭击了普京一处官邸，"我对 此很生气"。 俄方：91架乌无人机欲袭普京官邸已确定回击 俄罗斯国防部29日晚间发布声明称，12月28日至29日，乌军使用91架攻击型无人机对普京位于诺夫哥罗 德州的官邸发动袭击，袭击均已被俄军防空部队挫败。 声明披露，28日夜间至29日凌晨，俄防空部队在布良斯克州上空拦截49架飞往诺夫哥罗德州方向的乌方 无人机，在斯摩棱斯克州上空击落1架飞往同方向的乌方无人机；12月29日7时前，在诺夫哥罗德州上空 拦截18架飞往总统官邸方向的乌方无人机，7时至9时又拦截23架乌方无人机。 俄罗斯外长拉夫罗夫表示，当地时间12月29日凌晨，乌方试图使用91架无人机袭击普京的一处官邸，但 所有无人机均被摧毁。 拉夫罗夫还称，乌方袭击俄总统官邸后，俄方不打算退出谈判进程，但是考虑到乌克兰政 ...

Core Viewpoint - China's merchandise trade exports have shown a surprising year-on-year growth of 6.2% in the first 11 months of this year, exceeding initial expectations despite high tariffs imposed by certain countries, reflecting the resilience brought by the long-term transformation and upgrading of the manufacturing sector and diversification of trade partners [1][2]. Group 1: Export Growth and Structure - The export structure of China has improved, with intermediate goods and capital goods showing significant growth rates of 9.7% and 6% respectively in the first 10 months, contributing 5.6 percentage points to overall export growth [1]. - Intermediate goods accounted for 47.4% of total exports in the first three quarters, an increase of 2 percentage points compared to the end of last year, indicating a shift towards a more favorable export structure [1]. Group 2: Trade Partner Diversification - Exports to the U.S. have decreased by 18.3%, but exports to non-U.S. markets such as Africa, ASEAN, India, the EU, the UK, Latin America, and Australia have maintained high growth, effectively offsetting the decline in exports to the U.S. [2]. - The long-term advantages of manufacturing transformation and market diversification are expected to continue, with a generally optimistic outlook for foreign trade in the coming year [2]. Group 3: Future Strategies - Continued promotion of manufacturing transformation and upgrading is essential, with a focus on integrating technological and industrial innovation to enhance the self-sufficiency of the industrial chain [3]. - The service sector's export potential is significant, with service trade exports growing by 14.3% in the first 10 months, including a 52.5% increase in travel service exports [3]. Group 4: Multilateral Trade System - China has actively supported the multilateral trade system, proposing measures to stabilize and develop the World Trade Organization (WTO) framework, which has garnered widespread support [4]. - Plans for gradual institutional opening and the signing of more regional and bilateral trade agreements are underway, aimed at promoting the free flow of goods, services, and investments [4].

美国科技巨头Meta近日再次出手，公司已经收购总部位于新加坡的人工智能初创企业Manus（"蝴蝶效 应"），虽然具体金额没有公布，但有业内人士表示，收购金额高达数十亿美元，是Meta公司第三大并 购，仅次于WhatsApp和Scale AI。 为何收购？ 根据Manus发布的消息，该收购是对其在通用Al Agent领域里工作的认可，其专注于构建通用型AI Agent，帮助用户高效完成研究、自动化和复杂任务。面对全球越来越多用户的使用需求，团队持续迭 代产品，努力使Manus在实际使用中更实用，更可靠。根据12月初统计的数据，上线至今，Manus已处 理超过147万亿个tokens，并创建了超过8000万台虚拟计算机。 Manus表示，深信AI Agent的发展前景。此次与Meta的携手，将进一步巩固Manus在AI应用层的战略位 置——将先进的人工智能能力转化为可规模化、可靠的系统，在实际使用场景中端到端出色地执行用户 交给的任务。 到目前为止，Manus已经为全球数百万用户提供服务，创造价值。在接下来的时间里，Manus将把服务 带给Meta平台上的数百万企业和数十亿用户。 Manus创始人兼首席执行官肖弘 ...