Market Overview - On January 2, 2026, the Hong Kong stock market opened strong, with the Hang Seng Index rising over 700 points, a gain of 2.76%, and the Hang Seng Tech Index increasing by 4% [1] - The first trading day of the year saw significant gains across various indices, including the China Technology Leaders Index, which rose by 4.10%, and the China Enterprises Index, which increased by 2.86% [2] Notable Stock Performances - Wallen Technology, dubbed the "first GPU stock" in Hong Kong, saw its stock price surge nearly 120% at one point on its debut, closing with a gain of over 75%, bringing its market capitalization to HKD 82.6 billion [2] - The semiconductor sector performed well, with Huahong Semiconductor rising over 9% and SMIC increasing by over 5% [2] - Tech stocks showed strong afternoon performance, with Baidu Group up over 9%, New Oriental up over 7%, and Alibaba and Tencent both rising over 4% [2] Investment Trends - The Hong Kong stock market is expected to continue its bullish trend in 2026, with a focus on "growth momentum and value reconstruction dividends" [6] - In 2025, the cumulative net inflow into Hong Kong stocks through the Stock Connect reached HKD 1.406 trillion, a year-on-year increase of 74%, indicating that domestic capital has become a stabilizing force in the market [6] Precious Metals Market - Precious metals have seen significant price increases, with spot silver and New York silver futures both rising by 4%, and spot gold increasing by 1.5% [7] - Analysts remain optimistic about gold assets in the medium to long term, citing factors such as a weak dollar and a potential crisis of confidence in the dollar [8] Silver Market Dynamics - There is a divergence in market opinions regarding silver's recent performance, with some institutions suggesting that the current surge may signal the end of a long bull market, while others believe that silver's increasing importance in technology and green industries supports its demand and bullish outlook [9]

Core Viewpoint - The recent launch of the 1499 yuan Flying Moutai on the iMoutai platform has seen overwhelming demand, with products selling out almost instantly, indicating strong consumer interest and perceived value in the product [1][10]. Group 1: Sales Performance - The 1499 yuan Flying Moutai was sold out within minutes of its release on January 2, 2026, with the platform experiencing high traffic and frequent restocking that also sold out quickly [1][7]. - Each user is allowed to purchase a maximum of 12 bottles per day, which has led to a surge in social media posts from consumers sharing their experiences of trying to buy the product [7]. Group 2: Market Dynamics - The iMoutai platform, which previously focused on selling non-standard Moutai products, has now included the 53% vol 500ml Flying Moutai in its offerings, marking a significant shift in its product matrix for 2026 [9]. - There has been a notable price disparity between the actual market price and the suggested retail price of the 53% vol 500ml Flying Moutai, fueling a nationwide frenzy for the product [9]. Group 3: Consumer Sentiment - Some consumers believe the rapid sell-out of the product indicates that it is still worth the price, while others have drawn comparisons to previous market trends [8]. - The iMoutai platform is seen as a solution to the challenges of ensuring the authenticity of Moutai products, addressing consumer concerns about purchasing genuine products [9].

Core Viewpoint - The article highlights the unprecedented surge in business development (BD) activities in China's biotech sector, with the total amount of domestic innovative drug licensing exceeding $100 billion by November 18, 2025, marking a doubling compared to 2024. This trend reflects the increasing global competitiveness and value of Chinese pharmaceutical assets, while also prompting a deeper examination of transaction quality and product value realization post-agreement [1][2]. Summary by Sections BD Market Dynamics - The BD market in China is experiencing a significant boom, with a projected compound annual growth rate (CAGR) for external BD activities expected to remain in double digits over the next five years, despite a forecasted decline in growth rate [2]. - Key characteristics of future transactions include an increase in late-stage pipeline contributions and a shift from pure technology transfer to models involving "licensing + co-development + commercialization" [2]. Major Transactions - Notable transactions in 2025 include: - Hengrui Medicine's collaboration with GSK, involving a total potential amount of approximately $120 billion, with an upfront payment of $500 million [3]. - Innovent Biologics' agreement with Takeda, with a potential total of $114 billion and an upfront payment of $1.2 billion [3]. - A record-setting deal between 3SBio and Pfizer, with an upfront payment of $12.5 billion and potential milestone payments reaching $48 billion [5][6]. Global Interest in Chinese Biotech - Chinese innovative drugs are gaining significant traction in global markets, with multinational corporations increasingly sourcing early-stage innovation pipelines from China due to cost-effectiveness and potential efficacy [7][8]. - The trend indicates a shift where Chinese biotech firms are evolving from technology providers to value co-creators in the global pharmaceutical landscape [7]. Transaction Models - The dominant transaction model remains "License-out," which accounted for 91% of upfront payments and 99% of total amounts in related transactions in the first half of the year [10]. - NewCo models are gaining popularity, allowing companies to inject parts of their product pipelines into newly formed entities with foreign capital, reflecting a flexible asset operation strategy [10][11]. Future Outlook - The BD market is expected to continue thriving, driven by the need for multinational companies to replenish their pipelines as many blockbuster drugs face patent expirations, creating a significant market opportunity [15]. - Emerging technologies, particularly in ADCs and bispecific antibodies, are anticipated to dominate future BD transactions, with a notable interest in metabolic and autoimmune products [16][17]. Challenges and Considerations - Despite the growth, challenges remain in ensuring compliance with international standards and protecting intellectual property during global collaborations [13]. - The market is expected to stabilize, with a rational return to expectations regarding BD transactions, as the industry matures and the focus shifts from explosive growth to sustainable value creation [17].

记者丨高江虹 编辑丨高梦阳 1月1日，2026年第一个出游人潮峰值来了！ 同程、去哪儿旅行等平台数据显示，2026年3天元旦假期热度大幅超过往年同期。1月1日，热 门目的地机票量同比增长26%，热门地区酒店入住量同比增长 1.2倍 ； 人们坐飞机飞往了境内 外698个城市 ，入住了国内逾200个城市、境外逾800个城市的酒店，加起来足迹覆盖全球超 1000城。 其中一南一北热度最高， "尔滨" 的冰雪大世界比去年更热， 海南 在封关后也迎来新年第一 波流量，飞往海口三亚的机票增幅全国最高，多个免税店附近酒店入住量增超1倍。 出入境方面， 越南韩国晋升新顶流 ，而新开国际航线助力游客新年飞更远，1月1日，飞往西 班牙的机票量增1.5倍以上。外国朋友也来中国过新年，入境机票同比增2成。三亚和海口入境 机票增5倍和3倍，昆明、宁波、郑州、厦门、武汉、长春、广州增幅超1倍。 一南一北，热度领跑 1月1日出发的旅客中， 短途游尤为受欢迎， "4小时高铁圈"持续火热。北京-哈尔滨、深圳-汕 头、成都-宜宾等多条线路车次已售罄。跨境高铁的日益成熟，亦推动中国香港进入火车出行 目的地前十。去哪儿旅行数据显示，火车出行最热门的 ...

Core Viewpoint - Baidu's subsidiary Kunlun Core has submitted a listing application to the Hong Kong Stock Exchange, indicating a potential spin-off and independent listing, which is expected to enhance Baidu's overall valuation and market position [1][3]. Group 1: Listing Announcement - On January 1, Kunlun Core submitted a listing application to the Hong Kong Stock Exchange through its joint sponsors, aiming for a public offering and institutional placement [1]. - The proposed spin-off is expected to be completed while Kunlun Core remains a subsidiary of Baidu [1]. Group 2: Market Reaction - Following the announcement of the potential spin-off, Baidu's stock surged over 8% on the first trading day of the new year, reaching a new high [3]. - Baidu's stock has seen significant growth, with an increase of over 35% in the past eight trading days, adding more than 935 million HKD to its market capitalization [4]. Group 3: Company Background - Kunlun Core, established in 2011, focuses on AI acceleration and has a strong foundation in architecture, chip implementation, software systems, and application scenarios [4]. - The company completed independent financing in April 2021, further solidifying its position in the AI chip sector [4]. Group 4: Valuation Insights - According to research from Zhongyin International, the expected valuation for domestic GPU companies listed in Hong Kong ranges from 30 billion to 100 billion HKD, with Kunlun Core likely positioned at the higher end of this range [5]. - Currently, Kunlun Core is estimated to contribute approximately 50 billion HKD to Baidu's valuation, representing about 25% of its market value [5].

Market Overview - Asian assets experienced a significant surge at the beginning of 2026, with the Renminbi breaking the 6.97 mark against the US dollar, reaching a new high since May 2023 [1][2] - The Hang Seng Index opened high on the first trading day of the year, rising nearly 1.8%, while the Hang Seng Tech Index increased by 3.4% [1] Company Highlights - Baidu Group saw a notable increase of over 8.5%, reaching a new high after announcing plans to spin off Kunlun Chip for a Hong Kong listing [1] - Other companies in the new energy vehicle sector, such as Li Auto, NIO, and Leap Motor, also experienced gains, with Li Auto rising nearly 7% [1] - NetEase increased by over 5%, while Alibaba and Tencent both rose approximately 3% [1] Stock Performance - Baidu Group's stock price reached 142.70, with a rise of 11.20, reflecting an 8.52% increase [2] - Li Auto's stock price was 69.35, up by 4.50, or 6.94% [2] - New stock Biran Technology saw a dramatic increase of 110% after its hearing materials indicated a revenue growth from 62 million yuan in 2023 to 337 million yuan in 2024, with a backlog of 822 million yuan in orders [2] Currency and Commodity Trends - The offshore and onshore Renminbi both surpassed the 6.97 mark against the US dollar, marking a significant appreciation [3] - Precious metals saw a collective rise, with spot gold increasing by 0.7% and silver by 1.8%, with silver reaching a historical high of $83.62 [5] - Platinum and palladium both rose by 1.6%, with platinum achieving a 127% increase in 2025, the highest in 15 years for palladium [5] Institutional Insights - There is a growing interest from overseas investors in Chinese assets, particularly in technology and biotechnology sectors [6] - Major financial institutions like Goldman Sachs, UBS, and JPMorgan predict a sustained rebound for Chinese assets in 2026, driven by profit growth, accelerated innovation, and attractive valuations [6]

Core Viewpoint - Company has successfully launched its 1000th industrial humanoid robot, Walker S2, marking a significant milestone in its production capabilities and commitment to practical applications in various industries [1][5][7] Production and Delivery - The company has achieved an annual production capacity of over 1000 units and plans to increase this to 10,000 units by 2026, with over 500 units delivered in the current year [1][5][6] - The Walker S series has become the most widely used humanoid robot in training across global automotive manufacturers [1][5] Market Strategy - The company focuses on three key operational areas: handling, sorting, and quality inspection, which are characterized by high employee turnover and repetitive tasks, making them ideal for humanoid robot integration [2][9] - The company emphasizes a sustainable business model that prioritizes solving real-world problems over mere technological showcase, aiming for long-term viability beyond current capital trends [2][8] Technological Advancements - Continuous investment in full-stack humanoid robot technology, including hardware control, AI, and visual servoing, has enabled the development of intelligent capabilities in robots [5][6] - The introduction of group intelligence technology allows for collaborative operation among humanoid robots, significantly enhancing efficiency and adaptability in real-world scenarios [10][12] Industry Context - The humanoid robot market is projected to grow significantly, with potential market sizes reaching hundreds of billions or even trillions, particularly in industrial manufacturing [18] - The company recognizes the importance of real physical data in training and operational success, advocating for a combination of simulation and real-world data to ensure reliability [16] Cost Management - The company aims to reduce production costs by 20%-30% as it scales up to mass production, targeting a cost of under $20,000 per unit at the 10,000-unit production level [15][13] - The current cost structure is influenced by technological maturity, application scenarios, and supply chain advancements, with a focus on optimizing design and manufacturing processes [13][14]

Market Overview - The cryptocurrency market experienced a significant downturn at the start of 2026, with Bitcoin dropping from $89,000 to around $87,000, resulting in approximately 164,000 liquidations [1] - As of January 2, Bitcoin rebounded to $88,600, showing a 1% increase within 24 hours, which also positively affected other cryptocurrencies like Ethereum, SOL, and XRP [1] - However, trading volumes for Bitcoin and Ethereum saw a drastic decline, with Bitcoin's trading volume down by 48.84% to $28.77 billion and Ethereum's down by 56.62% to $17.59 billion [2] Price Performance - Bitcoin's price fell nearly 30% from its peak, marking a significant decline since reaching approximately $126,000 in early October 2025 [4] - December 2025 was particularly challenging for Bitcoin, which recorded a 22% drop, the worst monthly performance since December 2018, while Ethereum fell by 28.07% in the fourth quarter of 2025 [4] Market Sentiment - Analysts predict a challenging period ahead for Bitcoin, with Cantor's analysts forecasting a potential price drop in the coming year, revising the 2026 price target from $300,000 to $150,000 [9] - Despite some optimism about Bitcoin reaching new highs, analysts like Nic Puckrin suggest that any new peak will not significantly exceed the previous high of $126,000, indicating a possible bear market following any new highs [9]

Core Viewpoint - The article highlights the exceptional performance of Yongying Technology Smart A Fund, managed by Ren Jie, which achieved a cumulative annual return of 239.78% as of December 30, 2025, surpassing the previous record held by Wang Yawei for 17 years [1][3][5]. Performance Metrics - As of December 30, 2025, Yongying Technology Smart A Fund recorded a maximum drawdown of 27.04% and an annualized volatility of 47.42% [3]. - In comparison, the average return of equity mixed funds during the same period was approximately 33%, with an average maximum drawdown of about 15% and an average annualized volatility of around 23% [5]. Fund Growth and Strategy - The fund was established on October 30, 2024, with an initial size of approximately 1.03179 million yuan, of which about 98% was subscribed by Yongying Fund and company employees. By the end of the third quarter of 2025, its size surged to 11.521 billion yuan, marking over a thousand-fold growth [5][6]. - Ren Jie made a pivotal decision in the second quarter of 2025 to shift the fund's holdings towards the overseas computing power industry chain, particularly focusing on key segments like optical communication modules and PCBs, which significantly contributed to the fund's performance [6][8]. Investment Framework - Ren Jie employs a systematic investment framework characterized by "research-driven, focus on change, and flexible response," emphasizing deep industry research and the importance of tracking changes in the market [10][11]. - The investment strategy is based on capturing both "performance changes" through high-frequency data and "valuation changes" driven by market dynamics, aiming for a dual impact on performance and valuation [11]. Market Challenges and Future Outlook - The fund faces challenges related to extreme concentration, high volatility, and limited capacity, especially as the market transitions from expectation-driven trading to profit verification in 2026 [15]. - The article discusses the phenomenon of "champion curse," where funds with extreme high returns often experience significant drawdowns in subsequent years, suggesting that the current success may not be easily replicable [12][15].

Core Viewpoint - The article highlights the record-breaking passenger volume of Guangzhou Metro on December 31, 2025, reaching 14.093 million trips, marking a 15.5% increase from the previous record of 12.202 million trips on December 31, 2024 [1][3]. Group 1: Passenger Volume and Records - On December 31, 2025, Guangzhou Metro's total passenger volume reached 14.093 million, setting a new national record for single-day subway ridership [1]. - The previous highest passenger volume was 12.202 million on December 31, 2024, indicating a year-over-year growth of 15.5% [1]. - On the same day, Beijing Metro recorded 13.1 million trips, Shenzhen 13.05 million, and Shanghai 12.94 million, ranking second, third, and fourth nationally, respectively [1]. Group 2: Line and Station Performance - A total of 12 lines in the Guangzhou Metro achieved historical single-line passenger volume records, with the highest being Line 3 at 2.46 million trips [3]. - Six lines exceeded one million trips, including Line 2 with 1.421 million and Line 5 with 1.278 million [3]. - The top three stations by passenger volume were Sports West Road Station (558,000), Jiahe Wanggang Station (498,000), and Zhujiang New Town Station (314,000) [3]. Group 3: Yearly Trends and Future Expectations - The average daily passenger volume for Guangzhou Metro in 2025 was 9.312 million, a 4.9% increase from 8.879 million in 2024 [3]. - There were 89 days in 2025 where passenger volume exceeded 10 million, compared to 39 days in 2024 [3]. - For January 1, 2026, it is anticipated that passenger volume will also exceed 10 million, supported by favorable weather and increased travel demand [4].