Core Viewpoint - Chinese assets experienced a strong start in 2026, with significant gains in various indices and stocks, indicating a continuation of the structural bull market from 2025 and a clear investment theme for the year ahead [1][2]. Group 1: Performance of Chinese Assets - The Nasdaq Golden Dragon China Index surged nearly 4%, while leveraged ETFs for Chinese stocks saw increases of over 10% and 8% respectively [2]. - Major Chinese stocks performed well, with Baidu Group rising over 12%, and other notable gains from companies like WanGuo Data and JinkoSolar, which increased by over 8% and 7% respectively [2]. - The Hong Kong market also showed strong performance, with the Hang Seng Index up 2.76% and the Hang Seng Technology Index up 4% [2]. Group 2: Currency Movements - The offshore RMB/USD exchange rate broke above 6.97, reaching a high of 6.9662, marking the strongest level since May 2023 [3]. - Factors contributing to the RMB appreciation include a strong Chinese stock market, increased demand for currency conversion from export companies, and a weakening US dollar [4]. Group 3: Global Market Trends - Global markets continued their strong performance from 2025, with Asian markets achieving their best opening since 2012, led by gains in AI and semiconductor stocks [5]. - Major US tech stocks also saw gains, with the Philadelphia Semiconductor Index rising over 4% and ASML ADR increasing by over 8% [6]. - Investor sentiment remains optimistic, with significant net inflows into global equity funds, totaling $26.54 billion in the last week of 2025 [6].

智通财经APP获悉，周五，纳斯达克中国金龙指数盘初涨幅扩大至4%，热门中概股强势上涨，百度 (BIDU.US)飙涨超12%，万国数据(GDS.US)涨超8%，网易(NTES.US)涨超6%，哔哩哔哩(BILI.US)涨近 6%，阿里巴巴(BABA.US)涨超4%。此外，2026港股实现开门红，日内恒指涨2.76%，恒生科技指数大 涨4%。 消息面上，1月2日上午，人民币维持近期强势走势，离岸人民币兑美元盘中升破6.97，最高升至 6.96755，创2023年5月以来阶段新高，有利于吸引资金回流，利好中国资产。 ...

Group 1 - The Nasdaq Golden Dragon China Index saw a significant increase of over 4% in early trading, indicating a strong performance of Chinese stocks in the US market [1] - Notable individual stock performances included Baidu and GDS, both rising over 10%, while other companies like DDL and VNET also experienced substantial gains of over 8% [1] - The overall trend reflects a positive sentiment towards Chinese companies, with multiple stocks showing increases of 6% or more, suggesting a potential recovery or bullish outlook in the sector [1] Group 2 - Other companies such as Tencent Music, iQIYI, and Oriental also saw their stock prices rise by over 4%, contributing to the overall positive performance of Chinese stocks [2]

（文章来源：每日经济新闻） 每经AI快讯，1月2日，纳斯达克中国金龙指数涨超3%，百度涨11.15%，万国数据涨8.61%，网易涨 6.37%，哔哩哔哩涨5.73%，金山云涨6.38% ...

Group 1 - Baidu's stock increased by over 12% [1] - NetEase's stock rose by more than 6% [1] - NIO's stock gained over 5% [1] Group 2 - New Oriental, GDS Holdings, Kingsoft Cloud, and Alibaba all saw stock increases of over 4% [1] - Bilibili's stock rose by more than 3% [1] - Li Auto, Pony.ai, Futu Holdings, TSMC, JD.com, JinkoSolar, Beike, Pinduoduo, Tencent Music, iQIYI, and Bawang Tea all experienced stock increases of over 2% [1]

Market Performance - The three major US stock indices closed lower, with the Dow Jones down 0.47% at 47,885.97 points, the S&P 500 down 1.16% at 6,721.43 points, and the Nasdaq down 1.81% at 22,693.32 points [1] - Major tech stocks collectively declined, with Tesla down over 4%, Nvidia down nearly 4%, Google down over 3%, Apple and Facebook down over 1%, Amazon down 0.58%, and Microsoft down 0.06% [1] - Most Chinese concept stocks fell, with Century Internet down over 3%, NIO down over 3%, Li Auto down over 3%, Pony.ai down nearly 3%, and Global Data down over 3%. However, Wanwu Xingsheng rose nearly 3%, Zai Ding Pharmaceutical rose over 1%, and Yum China rose nearly 1% [1] - European stock indices had mixed results, with Germany's DAX down 0.02% at 24,072.25 points, France's CAC40 down 0.25% at 8,086.05 points, and the UK's FTSE 100 up 0.92% at 9,774.32 points [1] Commodity Prices - US oil futures rose by 2.92% to $56.74 per barrel, while Brent crude oil futures increased by 2.85% to $60.60 per barrel [1] - International precious metal futures generally rose, with COMEX gold futures up 0.90% at $4,371.40 per ounce and COMEX silver futures up 4.92% at $66.44 per ounce [1] - London base metals saw an overall increase, with LME tin up 3.05% at $42,275.00 per ton, LME copper up 1.30% at $11,742.50 per ton, LME aluminum up 1.03% at $2,906.00 per ton, LME zinc up 0.99% at $3,071.50 per ton, LME lead up 0.98% at $1,961.00 per ton, and LME nickel up 0.72% at $14,365.00 per ton [1] Bond Yields - US Treasury yields were mixed, with the 2-year yield up 0.43 basis points at 3.483%, the 3-year yield unchanged at 3.528%, the 5-year yield up 0.36 basis points at 3.698%, the 10-year yield up 1.36 basis points at 4.153%, and the 30-year yield up 1.72 basis points at 4.827% [1] - European bond yields mostly increased, with the UK 10-year yield down 4.4 basis points at 4.473%, France's 10-year yield up 2.4 basis points at 3.570%, Germany's 10-year yield up 1.9 basis points at 2.861%, Italy's 10-year yield up 2.4 basis points at 3.566%, and Spain's 10-year yield up 1.8 basis points at 3.296% [1]

Group 1 - The core viewpoint of the news highlights the financial performance and market position of GDS Holdings Limited, indicating a positive growth trajectory in revenue and net profit [1][2]. - As of June 30, 2025, GDS reported total revenue of 5.623 billion RMB, reflecting a year-on-year increase of 12.2% [1]. - The company's net profit attributable to shareholders reached 691 million RMB, showing a significant year-on-year growth of 220.85% [1]. Group 2 - GDS Holdings is recognized as a leading developer and operator of high-performance data centers in China, with facilities located in key economic hubs and expanding into non-first-tier cities to meet diverse customer needs [2]. - The company offers robust data center services characterized by high density, ample power supply, and multiple redundancies in critical systems, ensuring reliability for clients [2]. - GDS operates in a neutral manner concerning telecom operators and cloud service providers, allowing clients to choose connections freely and access various cloud services hosted in its data centers [2].

此外，美国总统特朗普16日签署公告，将此前受美方全面和部分入境限制的国家数量从19个扩大至40 个。 美11月非农就业超预期 失业率意外创4年新高 当地时间12月16日，市场目光聚焦于当日晚间发布的非农就业报告，以获取关于美国劳动力市场的真实 健康状况。 当地时间12月16日，美国公布了因政府"关门"而推迟发布的11月非农就业报告。数据显示，美国11月非 农就业超预期，但失业率却升至4.6%，为2021年10月以来的最高水平。 数据出炉后，股指、汇市及黄金价格随之走出分化行情：美三大股指中仅纳斯达克勉强收红，标普500 指数已连续三个交易日下行；美元指数则一度失守98关口，创两个多月新低；现货黄金则借势攀升至 4310美元/盎司附近。 当地时间12月16日，美国三大股指收盘涨跌不一，道指跌0.62%，标普500指数跌0.24%，纳指涨 0.23%。 | Ａ股 全球 港股 美股 基金 期货 分类 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普 500 | | 48114.26 | 23111.46 | 6800.26 | | -302.30 -0.62% | 54.05 ...

Summary of Key Points from the Conference Call Industry Overview - The focus of discussions was on the lithium battery supply chain, renewable energy (solar, wind, and power grid), and Internet Data Center (IDC) development in China, indicating a growing interest in Energy Storage Systems (ESS) batteries and grid equipment [1][2] Core Insights - **ESS Demand Outlook**: Investors are optimistic about the demand for ESS, particularly for 2026, but express concerns regarding the sustainability of this growth in the mid- to long-term, especially in China where provincial subsidies play a significant role [2] - **CATL's Market Position**: Contemporary Amperex Technology Co., Ltd. (CATL) is viewed as a key beneficiary in the battery supply chain due to its dominant market share in ESS battery cell shipments. Investors are interested in CATL's competition with Korean manufacturers in the US market and the implications of the One Big Beautiful Bill Act (OBBBA) [3] - **Lithium Price Concerns**: There is a rising concern among investors regarding the outlook for lithium prices, especially following recent price increases for lithium carbonate and other battery materials. This has raised worries about potential margin pressures for battery cell manufacturers if they cannot pass on higher costs [3] Company-Specific Insights - **Wuxi Lead Intelligent**: There is heightened interest in battery equipment manufacturers like Wuxi Lead Intelligent, with investors inquiring about capital expenditure plans and trends in unit capex [4] - **Power Grid Equipment**: The power grid equipment sector in China is preferred over renewable energy, driven by strong domestic grid investment growth and overseas expansion opportunities. Investors are cautious about current valuations and are particularly interested in companies with significant overseas exposure [5] - **China IDC Market**: While there is long-term interest in the China IDC market, investors recognize that chip access is a near-term bottleneck for AI spending by Chinese Cloud Service Providers (CSPs). The demand for faster data center delivery has resulted in lower order visibility for third-party IDC operators [6] Additional Considerations - **Investor Queries**: Investors are curious about the order book, customer mix, and future equity financing timelines for DayOne, an unlisted entity in which GDS Holdings holds a 35.6% stake [8] - **Valuation Methodologies**: Target prices for various companies are based on different methodologies, including P/E ratios and market cap assessments, reflecting the analysts' expectations for future earnings growth [14][20][23][27] Risks Highlighted - **General Risks**: Potential risks affecting target prices include oversupply in the EV battery market, intensified competition, and regulatory changes impacting the e-cigarette market in China [15][20][23] - **Specific Risks for GDS Holdings**: Risks include lower-than-expected data center demand related to AI, slower overseas expansion, and supply chain disruptions due to geopolitical tensions [27] This summary encapsulates the key points discussed in the conference call, highlighting the current landscape and future outlook for the battery and energy sectors, as well as specific company insights and associated risks.

Core Insights - The 20th China IDC Industry Annual Convention (IDCC2025) and Digital Infrastructure Technology Expo (DITExpo) took place on December 10, 2025, in Beijing, focusing on the theme "Reshaping Computing Power, Breaking Boundaries" [1][15] - The event gathered hundreds of guests, including academicians, industry leaders, scholars, technical experts, and representatives from overseas data centers to discuss new trends in computing power development [1][15] Awards Summary - The 2025 China IDC Industry Annual Awards recognized outstanding contributions in the computing power industry over the past year, with 88 companies and projects awarded across 12 categories after a rigorous selection process [3][17] Domestic Ecological Intelligent Computing Engine Award - Beijing Electronic Smart Technology Co., Ltd. for Beijing Digital Economy Computing Power Center - Weichai Heavy Machinery Co., Ltd. for Weichai Data Center Generator Set [19] AI + DC Innovation Practice Award - China Telecom Guizhou Cloud Computing Branch for industry applications based on telecom AI large model - ProLogis Data Technology (Shanghai) Co., Ltd. for AI-driven green efficiency practices at ProLogis Smart Computing Center [19] Innovation Development Award - Shanghai Data Port Co., Ltd. - Beijing International Computing Power Service Co., Ltd. [20] Green Computing Center Award - China Mobile Communications Group Shanghai Co., Ltd. for China Mobile Yangtze River Delta (Shanghai) Lingang Data Center Building 5 - GDS Services Ltd. for GDS Langfang Data Center Building 2 [20] High Reliability Data Center Award - China Unicom Ningxia Autonomous Region Branch for China Unicom Zhongwei Cloud Data Center - China Telecom Qinghai Branch for National Digital Qinghai Green Data Center [20] Construction Design Award - China Aviation Planning and Design Institute Co., Ltd. for the renovation project of the People's Bank of China Clearing Center Satellite Ground Station [22] Power and Computing Synergy Pioneer Award - China Unicom (Qinghai) Green Power Intelligent Computing Technology Co., Ltd. for the demonstration microgrid project [25] Green Solutions Award - China Mobile Communications Group Anhui Co., Ltd. for AI-based multi-modal energy-saving operation and maintenance solutions [27] Innovative Technology Product Award - Kuaishou Intelligent Cloud (Ulanqab) Technology Co., Ltd. for the innovative soft tube liquid cooling data center project [29] Global Digital Infrastructure Leader Award - China Telecom International Co., Ltd. - GDS Services Ltd. [30] Excellence in Overseas Expansion Award - China Unicom International Co., Ltd. - SUNeVision Holdings Ltd. [30]