Group 1 - Zijin Mining (02899) rose nearly 3% after announcing the completion of the main construction and core equipment installation for the second phase of the Xizang Julong Copper Mine, marking a key step before production [1] - Asia Pacific Satellite (01045) increased over 5.4%, with a cumulative rise of nearly 30% over the past five trading days, as it operates multiple satellites under China Satcom [1] - Zhaoyan New Drug (06127) fell over 6% following an announcement that its actual controller plans to reduce holdings by up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] - Zhongwei New Materials (02579) surged nearly 7% after signing a strategic cooperation framework agreement with Xinwanda for solid-state batteries [1] Group 2 - Dongyue Group (00189) rose nearly 5% as the long-term contract prices for refrigerants were confirmed, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410A at 55,100 yuan/ton (+1,900 yuan) [2] - MicroPort Scientific Corporation (02252) increased over 1.2%, reporting that its core products' cumulative order volume exceeded 230 units [2] - Oil stocks saw gains, with CNOOC (00883) up 4.17%, PetroChina (00857) up 2.91%, and Sinopec (00386) up 1.31%, driven by a rise in international crude oil prices due to geopolitical tensions [2] - Baidu Group (09888) rose nearly 7% after announcing a partnership with Uber and Lyft to launch a robotaxi pilot project in the UK by 2026 [2] Group 3 - NIO (09866) rose over 2.4% after announcing that it successfully delivered over 40,000 units of its new ES8 model within 100 days of the official delivery start [3] - Damai Entertainment (01060) increased nearly 5%, with the total box office for the 2025 New Year’s season reaching 5.245 billion yuan as of December 28 [3] Group 4 - Copper mining stocks collectively declined, with Hudbay Minerals (HBM.US) down 4.01%, Taseko Mines (TGB.US) down 3.1%, and Ero Copper (ERO.US) down 1.64%, as international copper futures fell over 4% [5] - Some cryptocurrency-related stocks fell, with IREN Ltd (IREN.US) down 2.21% and Circle (CRCL.US) down 0.94% [5] - NIO (NIO.US) rose 4.71% in the US market, echoing its performance in Hong Kong [6] - The Nasdaq Golden Dragon Index fell nearly 1%, with major Chinese concept stocks declining, including Alibaba (BABA.US) down 2.46% and Xpeng Motors (XPEV.US) down 1.35% [6]

Group 1: Market Movements - Cambridge Technology (06166) saw a mid-session surge, currently up over 7.3%, driven by LightCounting's prediction that the global optical module market will exceed $37 billion by 2029, with 1.6T optical modules expected to enter commercial use in 2025, anticipating a demand of 2.5 to 3.5 million units [1] - Sais Group (09927) rose over 3% after announcing the launch of its overseas brand DFSK in Egypt, marking its entry into the Egyptian market [1] - Power stocks collectively declined, with Huaneng International (00902) down 7.78%, Datang Power (00991) down 5.13%, Huadian International (01071) down 2.88%, and China Resources Power (00836) down 2.7%, following the release of long-term electricity prices in Guangdong and Jiangsu for 2026, which showed significant decreases [1] Group 2: Commodity and Sector Updates - China Silver Group (00815) increased over 7% as silver prices surged dramatically, with COMEX silver futures rising over 11% and spot silver up over 10%, marking a year-to-date increase of 175%, significantly outpacing gold [2] - Xpeng Motors (09868) rose nearly 6% after holding a brand launch event in Doha, Qatar, indicating its entry into the high-end Middle Eastern market [2] - Some photovoltaic stocks saw gains, with GCL-Poly Energy (00451) up 6.76%, New Times Energy (01799) up 4.81%, GCL-Technology (03800) up 1.83%, and Xinyi Solar (00968) up 0.99%, following regulatory guidance aimed at ensuring fair competition in the solar industry [2] Group 3: Corporate Developments - AVIC Aircraft (02357) rose over 1.5% after announcing a partnership agreement to acquire 59.1816% of a partnership interest from Aviation Industry Investment for a consideration of RMB 202 million [3] - MGM China (02282) experienced a sharp decline of over 13% after a new long-term brand cooperation agreement was announced, which will increase brand usage fees significantly starting in 2026, expected to reach HKD 1.2 billion [4] - Dongfang Zhenxuan (01797) rose over 4.3% following the confirmation of a new CEO, marking a leadership transition within the company [4] Group 4: U.S. Market Highlights - Tesla (TSLA.US) fell 2.1% amid mixed expectations for Q4 delivery volumes, with estimates ranging from 415,000 to 440,000 units [5] - Target (TGT.US) saw a peak increase of 6.7% due to significant investment from activist investor TOMS Capital [5] - Coupang (CPNG.US) shares rose by 11% after the company announced it had recovered devices used to leak user information [5]

Core Viewpoint - The article emphasizes the potential of options trading, particularly in the context of earnings season, where stock prices can experience significant volatility. It highlights the example of Micron Technology (MU) to illustrate how options can amplify returns compared to direct stock investments [1]. Group 1: Earnings Season Insights - January marks the earnings season for U.S. stocks, with major companies like JPMorgan Chase, Bank of America, and Netflix set to report their Q4 results. This period often leads to stock price fluctuations exceeding 10% in a single day [1][9]. - The earnings calendar includes notable companies such as JPMorgan (January 13), Bank of America (January 14), and Netflix (January 21), indicating a diverse range of sectors from finance to technology [2][3]. Group 2: Options Trading Strategies - The article discusses the "Buy Call" strategy, which is used to bet on significant stock price increases. The maximum loss is limited to the total premium paid, while the potential profit is theoretically unlimited [11]. - Another strategy mentioned is the "Bull Call Spread," which involves buying a call option and selling another call option with a higher strike price. This strategy limits potential losses while capping potential gains [12][13]. - The importance of selecting the expiration date for options is highlighted, suggesting that investors should allow extra time to avoid issues with liquidity as expiration approaches [10][8]. Group 3: Performance Comparison - The article provides a performance comparison between direct stock investment and options trading using Micron Technology as an example. A direct investment in Micron yielded a 15% return, while a corresponding options trade resulted in a 232% return, showcasing the leverage effect of options [1].

Group 1 - Haixi New Drug (02637) rose nearly 5%, being a commercial-stage pharmaceutical company with integrated R&D, production, and sales capabilities, and a pipeline of innovative drugs under development [1] - Paige Biopharma-B (02565) increased over 4.1%, with cornerstone investors holding a total of 9.5845 million H shares, accounting for approximately 3.43% of the company's total issued H shares [1] - Naxin Micro (02676) surged over 5% to reach a new high of 118.4 HKD, operating under a fabless model focused on chip R&D and design, outsourcing wafer manufacturing and most packaging testing [1] - Huaxin Building Materials (06655) rose 1.46%, with a major shareholder planning to increase its A-share holdings by no less than 200 million RMB and no more than 400 million RMB within six months [1] Group 2 - Dairy stocks saw an uptick, with Modern Farming (01117) rising 6.21% and Youran Dairy (09858) increasing 6.29%, following the Ministry of Commerce's announcement of temporary countervailing measures against EU dairy imports [2] - Gakos-B (01167) rose over 2.7% after announcing a collaboration with AstraZeneca on its self-developed Pan-KRAS inhibitor JAB-23E73 [2] - Junda Co. (02865) increased over 4.1% after announcing a strategic investment in Shangyi Optoelectronics, focusing on perovskite battery technology applications in space energy [2] - Qiming Medical-B (02500) rose nearly 6% after submitting all application materials for CE MDR certification of its Cardiovalve system in Europe [2] Group 3 - Brain Dynamics-B (06681) saw a slight increase of 0.32%, participating in a national major science and technology project focused on the prevention and treatment of cancer and cardiovascular diseases [3] - Hesai Technology (02525) rose over 3.3% after announcing a strategic partnership with Meituan drones for mass production of its second-generation solid-state lidar [4] Group 4 - Hut8 (HUT.US) continued to rise by 4.13%, with a total increase of 37% over three trading days, following an upgrade of its target price to 85 USD by StoneX [5] - Unusual Machines (UMAC.US) surged 9.24%, with a total increase of 45% over three trading days, after receiving a 3.75 million USD order from Performance Drone Works [5] - Hycroft Mining (HYMC.US) opened with a 10.69% increase, having risen 460% since September, due to successful exploration drilling confirming high-grade silver continuity [6] - Sony (SONY.US) rose 2.1% after acquiring a 41% stake in Peanuts Holdings for 630 million CAD, which holds the rights to the Peanuts comic [7] - Novo Nordisk (NVO.US) increased by 7.3% after the FDA approved its first oral GLP-1 weight loss drug, Wegovy, set to launch in January at a starting price of 149 USD per month [7] - ZIM Integrated Shipping Services (ZIM.US) rose 5.78% as the board evaluates multiple acquisition proposals from strategic investors [7]

Market Performance - Huazhong Biopharmaceutical (02396) saw a significant drop of nearly 30% on its debut and continued to decline by over 17% today. The company, established in 2012, focuses on the discovery, development, and commercialization of wound healing therapies, but has not generated any revenue from product sales yet [1] - Zai Lab (02617) fell by over 16% following the unlocking of cornerstone lock-up shares on December 23 [1] - China Rare Earth Holdings (03788) increased by over 7% after announcing plans to spin off its subsidiary "Rare Earth Gold" for independent listing on the Hong Kong Stock Exchange [1] - Goldwind Technology (02208) rose nearly 1% as the world's largest integrated green hydrogen and ammonia project, built by China Energy Engineering, officially commenced production [1] - Guizhou Zhenjiu (06979) saw an increase of over 4% after announcing a phased halt to large-scale recruitment in certain regions, which has shown significant progress during the industry's adjustment period [1] Company Developments - Taobo (06110) experienced a decline of over 7% as it reported a high single-digit year-on-year drop in total sales for its retail and wholesale business for the third quarter of the 2025/26 fiscal year [2] - CSPC Pharmaceutical Group (01093) rose nearly 6% after its chairman increased his stake by acquiring 13.454 million shares at approximately HKD 8.1957 per share, totaling around HKD 110 million [2] - Shandong Gold (01787) increased by nearly 6% as spot gold prices reached a historical high of USD 4,400 per ounce, with predictions from JPMorgan estimating an average gold price of USD 5,055 per ounce by Q4 2026 [2] Industry Trends - The dairy sector saw active trading, with companies like Modern Dairy (01117), Original Ecology Dairy (01431), Mengniu Dairy (02319), and China Feihe (06186) all experiencing gains. This follows the Ministry of Commerce's announcement of temporary anti-subsidy measures on dairy products imported from the EU starting December 23, 2025 [3] - CIMC Enric (03899) rose by over 7% after signing a memorandum of cooperation with the Yangpu Economic Development Zone Management Committee at a recent offshore wind power industry chain conference [4] US Market Highlights - The US solar energy sector saw strong performance, with companies like Sunrun (RUN.US) and Canadian Solar (CSIQ.US) rising by 10.84% and 10.78% respectively, following a Goldman Sachs report indicating a structural investment window in the solar sector [5] - Cytokinetics (CYTK.US) increased by 4.59% after receiving priority review approval for its innovative drug, which treats obstructive hypertrophic cardiomyopathy in adults [5] - Tesla (TSLA.US) rose by 1.56% as a prominent analyst expressed optimism about the company's expansion of its autonomous taxi service by 2026 [6] - Quantum computing stocks surged, with D-Wave Quantum (QBTS.US) rising by 20.02% and IonQ Inc (IONQ.US) by 11.1% [6] - Cryptocurrency stocks continued to rise, with Hut 8 (HUT.US) increasing by 14.21% as Bitcoin and Ethereum prices surged [7]

Market Overview - Central China Real Estate (09982) resumed trading on April 2, 2024, after a 20-month suspension, with shares soaring nearly 64% at one point and currently up 41.82%. The company announced it has fulfilled the resumption guidelines, including publishing all outstanding financial results and resolving any audit revisions [1] - The robotics sector saw a broad increase, with companies like Geek+ (02590) up 5.81%, Delta Electronics (00179) up 4.96%, and UBTECH (09880) up 2.86%. This surge is attributed to recent catalysts in the humanoid robot industry, including a strategic partnership between UBTECH and Texas Instruments, resulting in over 1.3 billion in annual orders [1] - Lithium stocks continued to rise, with Tianqi Lithium (09696) up 5.31% and Ganfeng Lithium (01772) up 4.84%. The price of lithium carbonate futures increased by nearly 5%, reaching 115,300 yuan/ton [1] Gold and Silver Stocks - Gold stocks performed well, with Lingbao Gold (03330) up 6.77% and China Gold International (02099) up 6.33%. Spot gold prices exceeded $4,382 per ounce, reaching a new historical high, driven by geopolitical tensions and central banks in emerging markets continuing to buy gold to diversify reserves [2] - China Silver Group (00815) also saw a rise of over 5.8%, with spot silver prices breaking the $68 per ounce mark, marking a nearly 130% increase since late August [2] Fiber Optics and Tungsten - Changfei Optical Fiber (06869) surged over 10.5%, with a month-to-date increase exceeding 50%. A report highlighted the advantages of hollow-core fibers as a disruptive solution to traditional fiber optics' physical limitations [3] - Jiaxin International Resources (03858) rose over 10%, reaching a new high of 47.5 HKD. Prices for tungsten concentrate and ammonium paratungstate have increased significantly, with tungsten powder prices rising by 219.6% since the beginning of the year [4] Autonomous Driving and AI - Intelligent driving stocks saw gains, with Zhejiang Shibao (01057) up over 6% and Pony.ai (02026) up over 9%. Recent breakthroughs in the intelligent driving sector include the approval of the first batch of L3 autonomous driving models by the Ministry of Industry and Information Technology [4] US Market Highlights - NetEase (NTES.US) rose 1.54% after its game "Where Winds Meet" reached 15 million players in its first month overseas [5] - Uxin (UXIN.US) reported a 33.6% quarter-over-quarter revenue increase, with retail vehicle sales up 84.3% year-over-year [5] - Space-related stocks surged, with Intuitive Machines (LUNR.US) up 37.7% following an executive order aimed at enhancing US space capabilities [6] - Chip stocks also performed well, with Micron Technology (MU.US) up 6.99% and Nvidia (NVDA.US) up 3.93% [6] - The Nasdaq Golden Dragon Index rose 0.86%, with notable gains in Chinese concept stocks, including Pony.ai (PONY.US) up 11.78% and XPeng Motors (XPEV.US) up 6.77% [7] - Nike (NKE.US) fell 10.54% after reporting a 32% drop in net profit despite a slight revenue increase [8]

点击蓝字，关注我们 如果读者时间有限，可以拉到最下方看省流版文章总结。 声明: 本文仅供参考，不构成投资建议。 期权交易属于高风险金融衍生品，本文提到的 Sell Put 策略可能导致被行权、资金占用、账面亏损等风 险。历史数据不代表未来表现，即使策略历史胜率高，单次交易仍可能遭遇极端情况导致损失。 投资者应充分了解期权交易风险，根据自身财务状况、投资目标和风险承受能力独立决策，请勿盲目 跟 单。 一、什么是 " 圣诞行情 " ？大多数人都有的误解 每年 12 月 底，华尔街都会流传一个说法： "Santa Claus Rally" （圣诞行情） 。 传统定义： 指12月最后5个交易日+次年前2个交易日（共7天） 期间，美股往往会上涨的季节性现象。 在今年则是对应 12月27日至明年1月2日 这七天时间。 这个概念最早由 Yale Hirsch 在 1972 年提出，已被追踪超过 50 年。就算是现在，也常发现很多文章说"圣诞行情大概率美股上涨" 但数据告诉我们真相是什么？ 二、10年数据打破幻想：圣诞行情不是你想的那样 我们统计了 2015-2024 年共 10 年 的 SPY （标普 500 ）和 QQQ ...

点击蓝字，关注我们 今日上午港股 1 . 内房股今日普涨， 保利置业集团(00119)涨8.65%，中国金茂(00817)涨2.48%，新城发展(01030)涨 3.9%，中国奥园(03883)涨1.19% 。 2 . 和铂医药-B(02142)涨近7% 。消息面上，和铂医药发布公告称，公司与百时美施贵宝已订立多年全 球战略合作及授权协议，旨在发现及开发新一代多特异性抗体。 3 . 贪玩(09890)再涨近6%，月内累计涨幅已超36% 。消息面上，贪玩发布公告，拟发行总规模为4.68 亿港币(约6000万美金)的零息可转换债券，由国际知名投资管理基金——LMR全额认购。 4. HASHKEY HLDGS(03887)涨超3.3% 。据悉，HashKey Exchange是香港首家面向零售用户的持牌虚 拟资产交易平台，持有香港证监会第1类（证券交易）和第7类（自动化交易服务）牌照。 5 . 创新实业(02788)涨1.47% 。国联民生证券发布研报称，公司主营氧化铝、电解铝一体化冶炼，截 至2025年12月中旬在国内形成78.8万吨电解铝、320万吨氧化铝产能，氧化铝自给率超100%。 6. 智驾概念股继续走高 ...

Core Viewpoint - The article introduces the Short Butterfly Spread strategy as a solution for traders facing challenges in predicting stock price movements, allowing for a low-cost entry with potential profits in both directions and high flexibility for adjustments before expiration [1][2]. Strategy Composition - The Short Butterfly Spread involves trading three options: selling one lower strike Call (X1) for premium (C1), selling one higher strike Call (X3) for premium (C3), and buying two middle strike Calls (X2) at a cost of 2*C2. The relationship between strike prices is defined as X2 = (X1 + X3)/2, ensuring that the middle strike is the average of the other two [1][4]. - The initial net premium income from this strategy is calculated as: Net Income = C1 + C3 - 2*C2, with a specific trading ratio of Call1 (sell) : Call3 (sell) : Call2 (buy) = 1:1:2 [1][4]. Investment Significance - The core of the strategy is to profit from small price fluctuations of the underlying asset before the options expire. It combines elements of both Bull Call Spread and Bear Call Spread, making it a neutral strategy that can yield profits regardless of the stock's direction as long as there is sufficient volatility [2][5]. Profit and Loss Characteristics - The maximum loss is calculated as: Max Loss = (X2 - X1)*100 - Net Income, while maximum profit occurs when the stock price is below X1 or above X3, equating to the net income received at the outset [5][4]. - The strategy is characterized by low risk and high win rates, making it suitable for markets that are at the end of a consolidation phase, where volatility is expected to increase [5][6]. Practical Application - An example scenario is provided where a stock priced at $315 is analyzed. The strategy involves selling a Call at $315, selling another Call at $325, and buying two Calls at $320, resulting in a net income of $65. The break-even points are calculated as $315.65 and $324.35 [6][8]. - Various scenarios illustrate potential outcomes based on stock price movements, demonstrating how the strategy can yield maximum profit or incur losses depending on the price at expiration [8][9]. Usage Recommendations - It is suggested to select options with expiration dates of 30-45 days to allow sufficient time for price movements while minimizing excessive theta decay [12][14]. - The article advises entering the strategy when implied volatility is low and to avoid opening positions too close to significant events to maximize potential gains from volatility increases [13][14].

Group 1 - The core viewpoint of the article highlights significant movements in the Hong Kong stock market, with notable gains in specific stocks such as卓悦控股 (Joy City Holdings) and石药集团 (Stone Pharmaceutical Group) due to strategic partnerships and upcoming IPOs [1][3] - 卓悦控股 (00653) has seen its stock price double over the past five trading days, with a recent announcement of a strategic partnership with紫元元 (Ziyuan) to expand cross-border business and new retail markets [1] - 石药集团 (01093) has increased over 5% following the submission of an IPO application for its subsidiary,石药创新 (Stone Innovation), to list on the Hong Kong Stock Exchange [1][3] Group 2 - The technology sector is under pressure, with major companies like阿里巴巴 (Alibaba) and腾讯 (Tencent) experiencing declines, influenced by a drop in U.S. tech stocks [1] - The airline sector continues to show growth, with stocks like首都机场 (Capital Airport) and东方航空 (China Eastern Airlines) rising, supported by a report indicating that public and commercial demand is a key factor affecting ticket prices [1][2] - The mining sector, particularly新疆新鑫矿业 (Xinjiang Xin Mining), has seen a rise of over 6.8% due to a significant reduction in Indonesia's nickel ore production targets for 2026 [2] Group 3 - 微创医疗 (MicroPort) shares rose over 8% after the approval of a merger agreement at a special shareholders' meeting [2] - The introduction of foreign participants in the new round of duty-free bidding at major airports like上海浦东 (Shanghai Pudong) and北京首都 (Beijing Capital) has positively impacted首都机场 (Capital Airport) stock [2] - The fiber optic sector, represented by长飞光纤光缆 (Yangtze Optical Fiber and Cable), has seen significant price increases attributed to AI-driven demand, despite previous expectations of a price decline [2]