Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2][3]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, followed by Zhejiang Shibao (01057) at 410.57% and Hongye Futures (03678) at 280.30% [1][2]. - The top three stocks with the highest deviation values are Zhejiang Shibao (01057) at 94.61%, Goldwind Technology (02208) at 24.92%, and Great Wall Motors (02333) at 18.99% [1][4]. Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -13.21%, China Merchants Bank (03968) at -2.19%, and Heng Rui Medicine (01276) at 0.61% [1][3]. - The bottom three stocks with the lowest deviation values are Nanjing Panda Electronics (00553) at -71.12%, Northeast Electric (00042) at -54.56%, and GAC Group (02238) at -17.80% [1][6]. Group 3: Additional Insights on Premium and Deviation - The report provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, showcasing the volatility and potential investment opportunities in the market [2][3][4]. - The deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, indicating potential market trends [6].

Group 1 - The smart driving concept stocks mostly rose, indicating positive market sentiment in this sector [1] - Black Sesame Intelligence (02533.HK) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057.HK) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026.HK) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800.HK) increased by 4.54%, reaching HKD 24.42 [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800) increased by 4.54%, reaching HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] - The journey included various driving conditions such as highways, city roads, nighttime driving, and multiple entries and exits at supercharging stations [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline for 2026 [1] - Orient Securities anticipates that with regulatory support and increasing market demand, the progress of L3 autonomous driving industrialization is expected to accelerate by 2026, benefiting related smart driving hardware and software suppliers [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards related companies [1] Group 1: Stock Performance - Major smart driving stocks have risen, with Hezhima (000716) up 7.32% to HKD 20.96, Zhejiang Shibao (002703) up 6.26% to HKD 5.26, Pony.ai-W (02026) up 6.29% to HKD 123.4, and WeRide-W (00800) up 4.54% to HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline by 2026, while Dongfang Securities anticipates accelerated progress in L3 autonomous driving commercialization by 2026, driven by regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [1]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.64%, 17.51%, and 16.68% respectively [1][2] - The company with the largest increase in short positions is Dongfang Electric (01072), which saw an increase of 2.20% from the previous short ratio [1][2] - The companies with the largest decrease in short positions include Sanhua Intelligent Control (02050), Tianqi Lithium (09696), and Yuejiang (02432), with decreases of -1.42%, -0.82%, and -0.71% respectively [1][3] Group 2 - The latest short position data shows that Vanke Enterprises has 411 million shares shorted, while Dongfang Electric has 71.45 million shares, and COSCO Shipping Holdings has 480 million shares shorted [2] - The companies with the largest increases in short positions also include JAKS Resources B (01167) and CSPC Pharmaceutical Group (01093), with increases of 0.77% and 0.56% respectively [2] - The companies with the largest decreases in short positions also include Ganfeng Lithium (01772) and Sunac China (01918), with decreases of -0.68% and -0.55% respectively [3][4]

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 847.37%, Zhejiang Shibao (01057) at 398.38%, and Hongye Futures (03678) at 286.02% [1] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -14.50%, China Merchants Bank (03968) at -5.83%, and Heng Rui Medicine (01276) at -3.71% [1] - The highest deviation values are for Zhejiang Shibao (01057) at 86.11%, Guanghe Tong (00638) at 17.07%, and China Shipbuilding Defense (00317) at 11.89% [1] Group 2 - The lowest deviation values are for Northeast Electric (00042) at -40.60%, New China Life Insurance (01336) at -13.42%, and GAC Group (02238) at -13.31% [1] - The top ten AH stocks by premium rate include Sinopec Oilfield Service (01033) at 275.36% and Beijing Jingcheng Machinery Electric Company (00187) at 266.34% [2] - The bottom ten AH stocks by premium rate include Midea Group (00300) at 4.83% and WuXi AppTec (02359) at 7.50% [1][2]

Core Insights - The article discusses the changes in the Hong Kong Stock Connect holdings, highlighting the companies with the largest increases and decreases in shareholding percentages. Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in shareholding percentage, rising by 2.35% to a total of 23.75% [1] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its total to 17.52% [1] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [1] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% over the last five trading days [2] Group 2: Decreased Holdings - Country Garden (02007) had the largest decrease in shareholding percentage, dropping by 0.51% to 15.33% [1] - Geely Automobile (00175) saw a decrease of 0.16%, resulting in a holding of 11.37% [1] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, bringing its total to 20.19% [1] - In the last five trading days, notable decreases included Jiahe Biology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [2] Group 3: 20-Day Holding Changes - Over the past 20 days, Lion Group (02562) had the most significant increase, rising by 23.92% to 49.05% [2] - Jihong Co., Ltd. (02603) increased by 22.62% to 54.86% [2] - Red Star Macalline (01528) saw an increase of 8.47%, reaching 52.20% [2] - Conversely, the largest decrease was seen in the Wan Guo Gold Group (02979), which dropped by 11.34% to 0.00% [3]

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of December 31, 2025 [1] Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in ownership percentage, rising by 2.35% to a total holding of 23.75% [2] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its holding to 17.52% [2] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [2] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% [3] Group 2: Decreased Holdings - Country Garden (02007) faced the largest decrease, with a drop of 0.51% to a holding of 15.33% [2] - Geely Automobile (00175) saw a reduction of 0.16%, resulting in a holding of 11.37% [2] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, leading to a holding of 20.19% [2] - Other significant decreases include Jiahe Biotechnology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [3] Group 3: Five-Day Changes - Over the last five trading days, Lion Group (02562) had the highest increase in ownership percentage, up by 3.79% [3] - Zhejiang Shibao (01057) and Sanhua Intelligent Control (02050) also saw significant increases of 3.55% and 3.46%, respectively [3] - Conversely, Jiahe Biotechnology-B (06998) had the largest decrease of 1.74% over the same period [3] Group 4: Twenty-Day Changes - In the last twenty days, Lion Group (02562) experienced a substantial increase of 23.92% in ownership [4] - Jihong Co., Ltd. (02603) followed with a 22.62% increase, reaching a holding of 54.86% [4] - Red Star Macalline (01528) also saw an increase of 8.47%, bringing its holding to 52.20% [4]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Core Viewpoint - The report highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies, with notable outliers in both categories [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 900.00%, followed by Zhejiang Shibao (01057) at 402.44% and Hongye Futures (03678) at 294.14% [1]. - The top three companies with the highest deviation values are Zhejiang Shibao (01057) at 98.41%, Jin Feng Technology (02208) at 27.90%, and Hongye Futures (03678) at 19.75% [1][2]. Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -12.98%, followed by China Merchants Bank (03968) at -4.49% and Heng Rui Medicine (01276) at 0.14% [1]. - The bottom three companies with the lowest deviation values are GAC Group (02238) at -24.57%, Zhongwei New Materials (02579) at -9.99%, and Chenming Paper (01812) at -9.89% [1][3]. Group 3: Additional Insights on Premium Rates - The report includes a detailed ranking of the top ten and bottom ten AH shares based on premium rates and deviation values, providing a comprehensive overview of market performance [1][2][3]. - Companies like Jiangsu Ningshu Highway (00177) and Agricultural Bank (01288) also show significant deviations, indicating potential investment opportunities or risks [3].