Market Overview - The A-share market opened higher with the Shanghai Composite Index up by 0.46% to 3986.97, the Shenzhen Component Index up by 0.80% to 13633.63, the ChiNext Index up by 0.84% to 3229.93, and the STAR Market Index up by 0.93% to 1651.94 [1][2] - The Hong Kong stock market also opened positively, with the Hang Seng Index rising by 0.09% to 26361.44 and the Hang Seng Tech Index increasing by 0.33% to 5755.28 [4][5] Sector Performance - In the A-share market, commercial aerospace stocks continued to perform well, military industry stocks showed strong gains, brain-computer interface concept stocks were active, and oil and gas stocks led in gains [2] - Conversely, sectors such as Hainan Free Trade Zone, Yushubot, and stablecoin themes experienced pullbacks [2] Company News - Meike Home (美克家居) resumed trading and hit the daily limit up, announcing plans to acquire 100% equity of Wande Optoelectronics [2]

Group 1 - The Science and Technology Innovation Board (STAR Market) has seen significant growth since its establishment over seven years ago, with 600 listed companies and a total market capitalization exceeding 10 trillion yuan [1][3] - The STAR Market has raised over 1.1 trillion yuan through IPOs and refinancing, with more than 80% of companies in emerging industries such as new-generation information technology, biomedicine, and high-end equipment manufacturing [1][3] - The average R&D intensity of STAR Market companies remains above 10%, leading all A-share sectors, and over 100 STAR Market ETFs have been launched, with a total scale exceeding 310 billion yuan [1][3] Group 2 - STAR Market companies have achieved a compound annual growth rate of 19% in revenue and 8% in net profit over the past five years, based on 2019 figures [3] - The STAR Market has created a favorable investment environment, allowing investors to share in the benefits of China's technological innovation [1][3] - The STAR Market has established a "three highs and one strong" characteristic, focusing on high innovation, high technology, high financial performance, and strong institutional adaptability [4] Group 3 - The semiconductor and biomedicine sectors have become the main forces in achieving self-sufficiency, with 127 semiconductor companies listed on the STAR Market, accounting for 60% of the total A-share semiconductor companies [7][8] - The total market value of semiconductor companies on the STAR Market has reached 5 trillion yuan, representing half of the total market capitalization of the STAR Market [7] - Biomedicine companies on the STAR Market have raised a total of 184.2 billion yuan, with a combined market value of 1.75 trillion yuan, making it a major listing venue outside the US and Hong Kong [9][10] Group 4 - STAR Market has implemented policies to support the rapid development of semiconductor companies, including significant financing for R&D and high-quality mergers and acquisitions [8] - The STAR Market has also facilitated talent retention and attraction through stock incentive plans, with 93 semiconductor companies launching such plans, covering over 50,000 core technical or business personnel [8] - The STAR Market has become a backbone for China's innovative drug industry, with approximately 14% of the total number of domestically approved Class 1 new drugs coming from STAR Market companies [10]

Group 1 - The core viewpoint of the news is that Berai Technology has completed a new round of financing, with cumulative financing exceeding 1 billion yuan in 2025, reflecting the increasing capital interest in the autonomous mining truck sector [1] - The latest financing round was backed by several institutions including CCB International, Jinfeng Investment, and others, with funds primarily allocated for R&D, expanding production capacity, and market expansion [1] - In 2025, the autonomous mining truck sector has seen over 10 financing events, with disclosed total financing exceeding 2.9 billion yuan, indicating a growing trend in the industry [1] Group 2 - The Chinese smart mining market is projected to grow at an annual rate of over 10%, with an expected total market size of 67 billion yuan by 2025 and over 120 billion yuan by 2035 [1] - National policies have been implemented to encourage mining companies to increase technological investments, leading to a surge in demand for autonomous mining trucks [2] - By 2026, it is anticipated that the number of autonomous mining trucks in open-pit coal mines will reach 10,000, driven by policy support, technological advancements, and capital investment [2]

Group 1: Morning Light Electric Machine - Morning Light Electric Machine's IPO application will be reviewed on January 5, 2026, by the Beijing Stock Exchange Listing Committee [1] - The company specializes in the research, production, and sales of micro-special motors, primarily used in cleaning appliances like vacuum cleaners [2] - Revenue figures for Morning Light Electric Machine from 2022 to the first half of 2025 are as follows: 495 million, 712 million, 827 million, and 437 million yuan, respectively; net profits for the same period were 58.27 million, 99.33 million, 78.63 million, and 43.24 million yuan [2] - The company has faced scrutiny regarding the necessity of its fundraising projects and the rationality of fund usage, with a focus on its production capacity utilization rate declining from 85.89% to 76.76% between 2023 and the first half of 2025 [3] - Issues related to financial internal controls have been identified, including improper fund transactions and missing documentation [3] - A warning letter was issued by the Zhejiang Securities Regulatory Bureau due to undisclosed related party transactions amounting to 6.2448 million yuan [4] Group 2: Nanjing Chemical Fiber - Nanjing Chemical Fiber's asset acquisition plan will be reviewed on January 7, 2026, by the Shanghai Stock Exchange's M&A Review Committee [5] - The company, established in 1964, is transitioning from its original business of producing viscose short fibers and PET structural core materials to focus on the research and production of rolling functional components [5][6] - The rolling functional components are essential for various high-end manufacturing sectors, aligning with national innovation strategies and policies [6] - The restructuring plan includes a significant asset swap and the issuance of shares to acquire 100% of Nanjing Process Equipment Manufacturing Co., Ltd. [6][7] - Nanjing Chemical Fiber plans to raise up to 440 million yuan through a share issuance to specific investors, with a minimum of 100 million yuan to be subscribed by its controlling shareholder [7] - As of December 31, 2025, Nanjing Chemical Fiber's stock closed at 16.90 yuan per share, with a market capitalization of 6.2 billion yuan [7]

【重磅新闻】 CPI、PPI数据将公布 1月9日，国家统计局将公布2025年12月CPI、PPI数据。 参展的中国企业中，除了"老面孔"如联想、海信、TCL、京东方等，另一股新兴力量正加速涌入：中国 具身智能企业正以前所未有的规模集体登陆CES。 第一财经记者了解到，智元机器人、松延动力、北京人形机器人创新中心等多家具身智能企业将首次参 展CES。其中，智元预计将首次在美国完整展示其全系列产品线，并发布灵巧手等核心部件的新版本。 下周解禁市值超1600亿元 浙商证券预计12月CPI同比增速0.7%，环比持平；工业品价格方面，预计12月PPI同比增速为-1.9%，环 比持平。 成品油价将迎今年首次调整 根据"十个工作日"原则，2026年首轮调价窗口为1月6日24时。上一次调价窗口为12月22日24时，国内 汽、柴油价格每吨分别下调170元和165元。 2026年育儿补贴，下周一起全面开放申领 根据工作安排，2026年育儿补贴即将开放申领。2026年1月1日至4日将对育儿补贴信息管理系统进行升 级和测试，1月5日起全面开放申领。 据国家卫生健康委消息，截至目前，全国31个省（自治区、直辖市）均已发放育儿补贴，发放 ...

Group 1 - The core point of the news is that the U.S. has initiated military action against Venezuela, leading to significant geopolitical tensions and potential impacts on the oil market [2][10]. - The U.S. has imposed a complete oil embargo on Venezuela, which is expected to affect the country's oil exports [2][8]. - Despite the military action, analysts suggest that the short-term impact on global oil prices may be limited due to an oversupply in the market and weak demand [3][11]. Group 2 - Venezuela's oil production is currently below 1 million barrels per day, accounting for less than 1% of global oil output, with exports previously averaging around 500,000 barrels per day [3]. - The military operation, named "Absolute Resolve," involved over 150 aircraft and was executed in response to a request from the U.S. Department of Justice [10]. - The international community has largely condemned the U.S. military action, with various countries and organizations calling for adherence to the United Nations Charter [11].

本周国际市场风云变幻，欧美股市收官2025，贵金属市场巨震。美股全线下挫，道指周跌0.67%，纳指 周跌1.52%，标普500指数周跌1.03%，欧洲三大股指走高，英国富时100指数周涨0.86%，德国DAX 30 指数周涨0.77%，法国CAC 40指数周涨1.03%。 下周看点颇多，12月美国就业数据，以及美国供应管理协会（ISM）发布的制造业和服务业活动数据， 将成为研判美国经济的健康状况，以及美联储下一次降息的可能时点关键依据。欧洲方面，欧元区通胀 数据将备受市场关注。地缘政治因素再次升温，美军抓走委内瑞拉总统马杜罗及其夫人，大宗商品市场 走向悬念再起。2026年度国际消费电子展（CES）将于1月6日在拉斯维加斯开幕，能否助力人工智能板 块企稳。 美国非农能否企稳 2025年，美联储已连续三次降息。接下来公布的美国就业及经济活动数据，将为判断美联储下一次降息 时点提供关键参考。 美联储12月议息会议纪要显示，部分政策制定者对短期内进一步降息持谨慎态度。会议结束后公布的美 国三季度国内生产总值（GDP）数据也远超市场预期。受此影响，货币市场预计，在美联储1月28日的 下一次议息会议上维持利率不变的概率高 ...

Core Viewpoint - LABUBU has transitioned from a "financial product" back to an ordinary consumer good, with products now readily available for purchase after previously being in high demand and short supply [2]. Group 1: Product Availability - As of January 3, LABUBU products are no longer out of stock on platforms like Tmall, with various series available for immediate purchase [2]. - The LABUBU 3.0 series, which initially faced stock shortages, has seen its resale prices drop to near original retail prices by the end of December [4]. - The LABUBU 4.0 series has also become readily available, with reports of in-store stock being accessible for immediate purchase [4]. Group 2: Market Dynamics - The resale market for LABUBU products has experienced a significant decline, with prices for certain items falling below official retail prices [4]. - The stock price of Bubble Mart has decreased approximately 40% from its peak of 339.8 HKD per share, resulting in a market capitalization loss of over 200 billion HKD [4]. Group 3: Strategic Insights - Industry expert Zhang Shule believes that reducing the speculative value of LABUBU is essential for Bubble Mart to establish itself as a genuine global IP development company [5]. - The current fluctuations in LABUBU's resale prices and Bubble Mart's stock price are viewed as temporary, as long as the founders do not liquidate their holdings [5]. Group 4: Future Prospects - The popularity of the Starry People IP is rising, with its products frequently sold out, raising questions about its potential to become the next revenue driver for Bubble Mart [7]. - Zhang Shule suggests that while LABUBU's initial success was unexpected, the Starry People IP may not replicate that level of explosive growth due to various external factors [7].

Core Insights - The dialogue between NVIDIA CEO Jensen Huang and Lenovo CEO Yang Yuanqing highlights the long-standing partnership and future directions in AI and computing technologies [2][3] - Both companies anticipate significant growth opportunities in the AI sector, particularly through the development of hybrid AI systems [3][4] Group 1: Partnership and Growth - The collaboration between NVIDIA and Lenovo has evolved over 28 years, with business scale increasing fivefold in the last two years [2] - Lenovo's AI business growth is attributed to its global business layout and technological advantages in high-performance computing and water cooling technology [2] - Huang expressed confidence that the partnership could expand fivefold again in the next two years, driven by the widespread adoption of AI across industries [4] Group 2: Future Trends in AI - The next phase of AI development will feature two main trends: the integration of public cloud models with private customized models, and the application of hybrid enterprise intelligence across various industries [3] - Lenovo and NVIDIA are collaborating to create an enterprise-level AI system based on RTX Pro, which Huang described as a revolutionary server [3] - The anticipated launch of this product is expected to significantly impact sectors such as industrial, logistics, warehousing, and robotics [4]

Core Viewpoint - LABUBU has transitioned from a financial product to an ordinary consumer good, with products now readily available for purchase, contrasting with previous scarcity [1] Group 1: Product Availability and Pricing - LABUBU products, including various series, are now in stock and can be shipped within 48 hours, a significant change from previous pre-sale conditions where products were hard to obtain [1] - The resale prices of LABUBU's 3.0 series have dropped significantly, nearing the original retail price, with some non-popular items selling for less than the original price [3] - The LABUBU 4.0 series has also seen a lack of scarcity, with consumers able to purchase items directly from stores without difficulty [3] Group 2: Market Performance and Company Strategy - Despite a significant increase in stock price over two years, Bubble Mart's stock has seen a decline of approximately 40% since reaching a peak of 339.8 HKD per share, resulting in a market cap loss of over 200 billion HKD [3] - Industry expert Zhang Shule believes that reducing LABUBU's inflated prices is essential for Bubble Mart to establish itself as a genuine global IP operation, emphasizing the difference between short-term profit and long-term sustainability [4] Group 3: Future Prospects - The popularity of the Starry People IP is rising, with products frequently sold out, raising questions about whether it can become the next revenue driver for Bubble Mart [6] - Zhang Shule suggests that while LABUBU's success was somewhat accidental, the Starry People IP does not currently have the same potential for explosive growth due to various external factors [6]