Group 1 - The top short-selling ratios are led by China Resources Beer (100.00%), BYD Company (100.00%), and Xiaomi Group (75.49%) [1][2] - The highest short-selling amounts are recorded for Ping An Insurance (2.081 billion), Alibaba (1.871 billion), and Xiaomi Group (1.624 billion) [1][2] - The highest deviation values are for BYD Company (43.54%), CIFI Holdings (39.74%), and Xiaomi Group (34.28%) [1][2] Group 2 - The top short-selling amounts table shows Ping An Insurance at 2.081 billion, Alibaba at 1.871 billion, and Xiaomi Group at 1.624 billion [2] - The top short-selling ratios table lists China Resources Beer and BYD Company both at 100.00%, followed by Xiaomi Group at 75.49% [2] - The top short-selling deviation values table highlights BYD Company with a deviation of 43.54%, followed by CIFI Holdings at 39.74% and Xiaomi Group at 34.28% [2]

Market Overview - The overall market is still in a positive expansion phase, indicating a favorable environment for investment opportunities [6]. Stock Market Performance - Major U.S. stock indices opened higher, with the S&P 500 recovering above 6900 points. The Dow Jones increased by 1.23%, reaching a historical high of 49000 points, while the Nasdaq rose by 0.69% and the S&P 500 by 0.64% [3]. - The energy sector showed strength, with companies like Chevron and ExxonMobil benefiting from the anticipated reconstruction of Venezuela's oil infrastructure, with Chevron up 5.1% and ExxonMobil up 2.2% [3]. - Oilfield service companies such as Halliburton and Schlumberger also performed well, rising by 7.8% and nearly 9%, respectively [3]. Commodity Prices - Gold prices surged significantly due to increased risk aversion, with COMEX gold futures rising by 2.84% to $4436.90 per ounce, and silver futures increasing by 7.95% to $76.15 per ounce [4]. Corporate Actions - Tianpu Co. received regulatory warnings from the Shanghai Stock Exchange [7]. - Tianqi Lithium plans to conduct maintenance on its 150,000-ton liquid hexafluorophosphate production line at the Longshan North base [7]. - Weigao Medical intends to acquire 100% equity of Weigao Purui for a transaction price of 8.511 billion yuan [7]. - Three Gorges New Materials plans to acquire a 40% stake in Lingang New Materials for zero yuan [9]. - Fulin Precision plans to invest 6 billion yuan in a project to produce 500,000 tons of high-end lithium iron phosphate for energy storage [9]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the comprehensive prevention and punishment system for financial fraud in the capital market, emphasizing the need for enhanced regulatory measures and collaboration among departments [5].

Market Overview - The three major U.S. stock indices opened higher, with the S&P 500 recovering to 6900 points, driven by rising oil prices and investor optimism that recent military actions in Venezuela would not lead to significant geopolitical conflict [1] - The Dow Jones Industrial Average rose by 594.79 points, or 1.23%, closing at 48977.18 points, marking its first intraday breach of 49000 points [1] - The 10-year U.S. Treasury yield fell to 4.16%, indicating a shift in investor sentiment towards riskier assets [1][5] Sector Performance - The energy sector saw significant gains, with Chevron rising by 5.1% and ExxonMobil by 2.2%, as companies are expected to benefit from the reconstruction of Venezuela's oil infrastructure [2] - Oilfield service companies like Halliburton and Schlumberger also performed well, increasing by 7.8% and nearly 9%, respectively [2] - The S&P 500 Aerospace and Defense Index reached a new all-time high, with major defense contractors General Dynamics and Lockheed Martin seeing stock increases of 3.5% and 2.9% [2] Financial Sector Insights - The S&P 500 Financial Index surged as investors anticipated a 6.7% year-over-year profit growth for the financial sector in the last quarter of the previous year [3] - Goldman Sachs and JPMorgan Chase both reached historical highs, with stock increases of 3.8% and 2.6%, respectively [3] Economic Indicators - The manufacturing sector in the U.S. is experiencing a contraction, with the ISM Manufacturing PMI dropping from 48.2 in November to 47.9, marking the lowest level in 14 months [5] - The market is closely watching the upcoming non-farm payroll report, which could influence the Federal Reserve's monetary policy for 2026 [5] Commodity Performance - International oil prices rose, with WTI crude oil increasing by 1.74% to $58.32 per barrel and Brent crude oil by 1.66% to $61.76 per barrel [6] - Precious metals saw significant price increases, with COMEX gold futures rising by 2.84% to $4436.90 per ounce and silver futures up by 7.95% to $76.15 per ounce [6]

本周，美国将迎来重磅数据发布的一周，周五，美国12月季调后非农就业人数、失业率及新屋开工数据 集体公布，从就业和房地产两个维度把脉美国经济，美联储明年政策路径基本敲定。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 美联储方面对降息又有新的表态。 1月5日，美股三大指数集体高开。明星股英特尔一度涨逾5%。标普500能源板块创下一年多来最高水 平，最新上涨2.4%。 中概股方面，纳斯达克中国金龙指数突然大幅回调，截至发稿跌约1.2%，个股方面，网易跌超4%，百 度、小鹏汽车跌近4%。中概股今日出现回调或因此前跳空大涨，上一个交易日，纳斯达克中国金龙指 数跳空大涨逾4%。 晚间，受地缘政治紧张等因素影响，黄金与白银继续飙涨，截至发稿，现货黄金上涨超2%，现货白银 涨逾4%。 美联储方面，2026年FOMC票委、明尼阿波利斯联储主席卡什卡利周一发表了对降息前景的中性表态， 他认为，美国的基准利率可能已接近"中性水平"，未来的货币政策将取决于经济数据的走向。 卡什卡利指出，尽管过去两年市场一直预期经济会放缓，但美国经济表现出的韧性远超预期。 他认为，这说明目前的货币政策对经济的抑制作用并不 ...

Core Viewpoint - Angkor Resources Corp. has finalized a Definitive Agreement to sell its 40% interest in the Evesham Macklin oil and gas lands for $4,800,000, with the transaction expected to close on January 30, 2026 [1][2]. Transaction Details - The assets were acquired through the subsidiary EnerCam Exploration Ltd. on December 12, 2023, with a loan of $3,800,000 provided by the Purchaser to fund the acquisition [2]. - The Agreement was signed on December 31, 2025, following a Letter of Intent announced on December 15, 2025 [2]. - The payment structure includes a non-refundable deposit of $250,000 paid on December 19, 2025, a payment of $375,000 due on the Closing Date, the balance of the Loan applied to the purchase price, and a final payment of $375,000 due on March 1, 2026 [7]. Conditions to Closing - The transaction requires shareholder approval, which will be confirmed at the Annual General Meeting on January 29, 2026, and is also subject to regulatory approval from the stock exchange [4]. Company Overview - Angkor Resources Corp. is a public company listed on the TSX-Venture Exchange and OTCQB, focusing on mineral and energy solutions in Canada and Cambodia [6]. - The company's mineral subsidiary, Angkor Gold Corp., holds two mineral exploration licenses in Cambodia, focusing on copper and gold [6]. - EnerCam Resources, the company's energy subsidiary, has been granted an onshore oil and gas license in Cambodia, actively pursuing oil and gas exploration [8].

Core Viewpoint - Baidu is spinning off its semiconductor chip unit Kunlunxin and has filed for an IPO with the Hong Kong Stock Exchange [1] Group 1: Company Developments - Baidu's Kunlunxin is its semiconductor chip unit [1] - The IPO application has been officially submitted to the Hong Kong Stock Exchange [1]

Core Viewpoint - Baidu is spinning off its semiconductor chip unit Kunlunxin and has filed for an IPO with the Hong Kong Stock Exchange [1] Company Summary - Kunlunxin is Baidu's semiconductor chip unit [1]

Core Insights - The article presents the 17th edition of the AI Product Rankings, focusing on the current state of AI applications as of December 2025, analyzing them through the lenses of scale, growth, and structure [9]. Global Rankings - ChatGPT remains the dominant AI application globally with 884.96 million MAU, showing a month-over-month growth of 14.1% [11][48]. - The top five AI applications in the global rankings also include four Chinese products: Doubao, Quark, Baidu Wangpan, and DeepSeek, with Doubao having 163.16 million MAU [12][48]. - Despite the high number of Chinese applications, ChatGPT's MAU is approximately five times that of Doubao, indicating a lack of a comparable "super entry" in the Chinese market [13][14]. Domestic Rankings - In the domestic market, the top five applications are Doubao (163.16 million MAU), Quark (147.84 million MAU), Baidu Wangpan (142.06 million MAU), DeepSeek (131.48 million MAU), and Tencent Yuanbao (84.38 million MAU) [15][36]. - The commonality among these top applications is their origin from major tech companies, highlighting the importance of established platforms in capturing high-frequency usage scenarios [16][17]. Growth Rankings - The most notable growth in global MAU was seen in xMate, which increased by 44 times, followed by Music AI with a 16-fold increase [18][19]. - In the domestic market, DeepSeek achieved a remarkable 89.53% growth in MAU, indicating its strong structural significance [23]. International Expansion - ByteDance's Doubao AI assistant, now rebranded as Dola, reached 53.63 million MAU with a growth of 4.72% [25][39]. - Many products in the international market focus on specific use cases, achieving significant breakthroughs in areas like video generation and efficiency tools [25][26]. User Behavior Insights - Two critical questions determine the sustainability of AI products: whether users are experimenting or forming habits, and whether growth is driven by marketing or the product itself [28]. - Products that consistently appear in both new user download rankings and MAU growth rankings are likely to have found product-market fit (PMF) [28]. Subscription Revenue Rankings - The subscription revenue rankings indicate that ChatGPT leads with an annualized revenue of $198.48 million, followed by Grok and Claude with $4.71 million and $2.98 million respectively [46][47].

Core Viewpoint - The article emphasizes that AI computing power remains a key investment theme in 2026, driven by strong growth in infrastructure and technology advancements, particularly in GPU, liquid cooling, optical modules, and PCB sectors [2][5][44]. AI Computing Power - The AI computing power index has seen a significant increase of 46.67% since 2025, outperforming other AI-related indices [3]. - The article identifies that the excess returns in AI computing power stem from its certainty and continuous outperformance, supported by capital investments from major tech companies and policy-driven domestic GPU replacements [4][5]. Market Growth Projections - The article outlines the market size and compound annual growth rates (CAGR) for various AI computing segments from 2024 to 2029, highlighting that the Chinese intelligent computing GPU market is expected to grow at a CAGR of 56.47% [6][7]. - Liquid cooling technology is projected to see a penetration rate increase from 14% in 2024 to 31% in 2026, indicating a strong growth trajectory [19]. Investment Opportunities - The article suggests that liquid cooling is one of the highest growth segments in AI computing, transitioning from an optional to a necessary technology due to the limitations of traditional air cooling [18]. - Companies involved in liquid cooling that secure contracts with major clients like Google and NVIDIA are expected to see valuation increases [20][24]. GPU Market Dynamics - NVIDIA continues to dominate the GPU market, but domestic manufacturers are rising due to policies favoring local replacements [8][10]. - The profitability of domestic GPU companies like Cambricon is anticipated to improve significantly, with projected net profits of 48.72 billion and 79.91 billion yuan for 2026 and 2027, respectively [12]. Optical Modules and PCB - The optical module sector has experienced substantial growth, with companies like NewEase and Zhongji Xuchuang seeing stock price increases of 450% and 422% since 2025 [27]. - The article notes that the PCB market is also expected to grow significantly, with AI-related PCBs projected to have a CAGR of 20.6% from 2024 to 2029 [34]. Investment Ranking - The article ranks various AI segments based on investment certainty: liquid cooling is rated highest, followed by optical chips, GPUs, PCBs, and optical modules, while AI applications and end products are considered less certain [42][43]. Macro Environment - The anticipated loosening of macroeconomic conditions, including potential interest rate cuts by the Federal Reserve, is expected to enhance liquidity in the market, benefiting high-growth sectors like AI computing power [44].

Core Viewpoint - Baidu Group's Q4 earnings are expected to show a decline in revenue and net profit, with a significant drop in adjusted net profit compared to the previous year [1][2]. Financial Performance Forecast - Q4 revenue is projected to be between 316.81 billion to 344.61 billion RMB, reflecting a year-on-year change of -7.2% to 1.0% [1][2]. - Q4 net profit is expected to range from 10.13 billion to 162.44 billion RMB, with a year-on-year change of -80.5% to 212.9% [1][2]. - Adjusted net profit for Q4 is forecasted to be between 28.00 billion to 45.61 billion RMB, indicating a year-on-year change of -58.3% to -32.0% [1][2]. Business Segment Insights - Kunlun Chip: The company has initiated the process for a Hong Kong IPO, with plans to launch Kunlun Chip M100 and M300, aiming for a leading position in AI chip shipments in 2024 [3][4]. - AI Marketing and Cloud Business: Revenue has significantly increased, with AI-native marketing expected to drive a second growth curve for the advertising business [4]. - Intelligent Driving: The business has achieved breakeven in key regions, with a 212% year-on-year increase in orders for the "萝卜快跑" service in Q3 2025, and is accelerating overseas market expansion [3][4]. Strategic Positioning - Baidu Group is positioned as a leader in AI technology, with new AI-driven business revenues growing by 50%, accounting for 39% of core business revenue [4]. - The integration of AI-related businesses and resources is accelerating the monetization of AI products, with the Apollo Go service achieving over 250,000 weekly orders and a cumulative total of over 17 million orders [4].