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]

Group 1: Market Overview and Related Assets - US stock indices closed lower, with the Dow down 0.51%, Nasdaq down 0.5%, and S&P down 0.35%. Notably, Tesla fell over 3% and Nvidia dropped over 1% [1][5] - The Nasdaq Golden Dragon China Index also declined by 0.67%, with significant drops in individual stocks such as 1药网 down 7.14% and 叮咚买菜 down 7.19% [1][5] - Precious metals experienced significant volatility, with spot gold falling 3.18% after dropping below $4390 per ounce, and spot silver down 9.24% after falling below $72 per ounce [1][5] Group 2: Macroeconomic and Market Analysis - The US November pending home sales index increased by 3.3% month-on-month, exceeding expectations of 1%, while year-on-year it decreased by 0.3%, which was below the expected 0.1% [3][7] - The EIA announced a delay in the weekly oil status report, with notifications to be provided at least one hour in advance. Additionally, natural gas inventories decreased by 1660 billion cubic feet, slightly above the expected decrease of 1680 billion cubic feet [3][8] Group 3: International Focus and Geopolitical Issues - The conflict between Russia and Ukraine escalated, with Russia claiming to have destroyed 91 drones aimed at President Putin's residence, while Ukraine's President Zelensky dismissed these claims as false [4][9] - US Congresswoman Marjorie Taylor Greene criticized both parties for contributing to nearly $40 trillion in national debt and ongoing overseas conflicts, suggesting this has led to disillusionment among younger Americans towards the two major parties [4][9]

Market Review - The A-share market saw all major broad-based indices rise, with the CSI 500, ChiNext Index, and SME Index leading gains at 4.03%, 3.90%, and 3.88% respectively, while the Shanghai Composite, CSI 300, and Sci-Tech 50 lagged behind with returns of 1.88%, 1.95%, and 2.85% [5][12] - The trading volume of major broad-based indices increased, with all indices positioned within the 60%-85% historical percentile over the past 52 weeks [13] - The People's Bank of China conducted a net withdrawal of 34.8 billion yuan through reverse repos, with a total of 457.5 billion yuan maturing and a net open market injection of 422.7 billion yuan [20] Fund Issuance - A total of 65 new funds were established last week, with a combined issuance scale of 27.594 billion yuan, showing an increase from the previous week [3] - 77 funds were reported for issuance, including 1 REIT, 2 QDIIs, and 8 FOFs, indicating a rise in the number of funds being submitted for approval [4][5] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 2.57%, 2.14%, and 1.88% respectively last week [31] - Year-to-date, alternative funds have shown the best performance with a median return of 57.87%, while active equity, flexible allocation, and balanced mixed funds had median returns of 30.89%, 23.88%, and 16.45% respectively [31][37] ETF Market - As of December 26, 2025, the total scale of China's ETF market reached 6.03 trillion yuan, a significant increase of 61% from 3.73 trillion yuan at the end of 2024, marking a net increase of 2.29 trillion yuan [10] Fund Sales Subsidiaries - The number of public fund sales subsidiaries has expanded to 9, with recent approvals for subsidiaries from E Fund and Huitianfu [8][9] Industry Performance - In terms of industry performance, non-ferrous metals, national defense, and basic chemicals led with returns of 6.45%, 6.39%, and 5.41% respectively, while retail, banking, and coal lagged with returns of -1.31%, -0.89%, and -0.89% [18][19] - Year-to-date, non-ferrous metals, telecommunications, and electronics have shown the highest cumulative returns of 96.17%, 90.48%, and 45.21% respectively [18]

12月21日，由虎牙直播主办的三角洲行动顶级职业赛事DDC钻石冠军赛秋季赛圆满收官。Q9战队在七局鏖战中上演绝 地翻盘，于决胜局航天基地地图凭借精密战术配合实现逆势反超，最终锁定总冠军，队员MO以全场高光表现斩获 FMVP荣誉。这场汇聚36支顶尖战队、历时近一个月的竞技盛宴，不仅以精彩对决点燃全民热情，更以专业化的赛制 设计与运营落地，强力推动三角洲行动职业化体系构建，彰显了虎牙在赛事全链路运营中的核心能力。 从单一服务提供到全生态深度协同，虎牙正以多元布局，成为三角洲行动游戏生态链中的关键环节。此次赛事落幕， 不仅是一场电竞盛宴的收尾，更是虎牙三角洲行动生态成熟的重要标志。赛事的专业运营验证了其定制化IP的打造能 力，3D全景地图工具的上线填补了玩家实战辅助的空白，特色主播矩阵的成型则打通了内容传播的最后一公里，三者 相互协同，为行业塑造了又一个游戏服务平台与游戏厂商共建良性游戏生态的示范案例。 财经频道更多独家策划、专家专栏，免费查阅>> 在赛制设置上，赛事创新采用"定级赛+晋级赛+线下半决赛/总决赛"的三阶段递进式架构。其中，定级赛以随机分组循 环对决完成"实力摸底"；晋级赛引入"分级对抗+末位淘汰"机 ...

Market Performance - The three major U.S. stock indices closed lower on December 17, with the Dow Jones down 228.29 points (0.47%) at 47,885.97, the Nasdaq down 418.14 points (1.81%) at 22,693.32, and the S&P 500 down 78.83 points (1.16%) at 6,721.43 [1] Sector Performance - Technology stocks led the decline, with ASML, Oracle, and AMD dropping over 5%, while Tesla and Broadcom fell over 4%. Other notable declines included Nvidia, TSMC, Intel, and Google-A, which were down over 3%, and Qualcomm down over 2%. Meta, Apple, Amazon, Boeing, and Microsoft experienced slight declines, while Netflix saw a small increase [1] AI-Related Stocks - AI-related stocks generally fell, with Nvidia down 3.8%, Broadcom down 4.5%, AMD down 5.3%, Oracle down 5.4%, and Tesla down 4.6% [1] Chinese Stocks - Most popular Chinese stocks declined, with the Nasdaq Golden Dragon China Index down 0.73%. Notable declines included Huya, Pinduoduo, NIO, and Li Auto, which fell over 3%, while iQIYI, Tiger Brokers, and Xpeng dropped over 2%. Futu Holdings, Alibaba, NetEase, and Kingsoft fell over 1%, while Baidu and New Oriental saw slight increases, and Ctrip rose over 1% [1] Monetary Policy Insights - Federal Reserve Governor Christopher Waller expressed support for further interest rate cuts to return rates to neutral levels, indicating that current monetary policy rates are up to 100 basis points above neutral levels. He noted that this neutral rate would neither suppress growth nor elevate inflation [2]

Core Points - Huya Inc. has been appointed as the official organizer and exclusive streaming platform for the 2025 Demacia Cup, a prominent League of Legends tournament in China [1][2] - This is the first time since the tournament's inception in 2014 that hosting rights have been granted to a third party, indicating Huya's growing influence in the League of Legends e-sports ecosystem [2][3] - The tournament will feature 14 League of Legends Pro League (LPL) teams and two streamer squads, running from December 15, 2025, to January 3, 2026 [2] Company Overview - Huya Inc. is a leading provider of game-related entertainment and services, offering live streaming, video content, and a variety of services across gaming and e-sports [4] - The company has developed a robust entertainment ecosystem utilizing AI and advanced technologies, catering to a diverse community of game enthusiasts and industry partners [4] - Huya has expanded its services to include game distribution, in-game item sales, and advertising, while continuing to grow its presence both in China and internationally [4]

Group 1 - The Nasdaq Golden Dragon China Index increased by 0.64% [1] - Popular Chinese concept stocks mostly rose, with Huya up over 6% [1] - Daqo New Energy, Hesai Technology, and Yum China each rose over 2% [1] Group 2 - Alibaba, Baidu, and iQIYI saw increases of over 1% [1] - Li Auto and Tiger Brokers experienced declines of over 1% [1]

Core Insights - Huya Inc. is set to launch the mobile version of the social deduction game Goose Goose Duck on January 7, 2026, marking a significant step in its game publishing strategy [1] - The game has garnered over 10 million preregistrations as of November 2025, aided by Huya's strong streamer influence and content-driven marketing [2] - The launch highlights Huya's momentum in game publishing and its ability to leverage a robust content ecosystem and industry partnerships [3] Company Overview - Huya Inc. is a leading provider of game-related entertainment and services, offering live streaming, video content, and a variety of services across gaming and e-sports [4] - The company has developed a strong entertainment ecosystem powered by AI and advanced technologies, catering to gamers, content creators, and industry partners [4] Partner Overview - Kingsoft Shiyou, co-publisher of Goose Goose Duck, focuses on premium game development and the operation of high-quality IPs, with a commitment to building an IP-driven entertainment ecosystem [5]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Core Viewpoint - Chinese assets have shown a strong rebound, with significant gains in various indices and stocks, indicating renewed interest from global investors in the Chinese market [1][2]. Group 1: Market Performance - The Nasdaq Golden Dragon Index rose by 1.29%, and the three-times leveraged FTSE China ETF surged over 4%, reversing a week-long decline [1][2]. - Popular Chinese concept stocks experienced substantial increases, with Dingdong Maicai rising over 10% and Baidu increasing nearly 6% [1][2]. - Multiple foreign institutions have released optimistic reports on Chinese assets, with Morgan Stanley redefining the Chinese stock market as a "growth market" [2]. Group 2: Economic Outlook - Morgan Stanley set a target for the CSI 300 Index at 4840 points by December 2026, suggesting a forward P/E ratio for the MSCI China Index in the range of 12 to 13 times [2]. - JPMorgan's Rajiv Batra noted that the Chinese stock market is in the early stages of recovery, with attractive valuations and relatively low holding levels [2][3]. - Various institutions, including OECD and Goldman Sachs, have raised their GDP growth forecasts for China, with Goldman Sachs adjusting its 2025 forecast from 4.9% to 5.0% [3]. Group 3: Federal Reserve's Interest Rate Expectations - The U.S. core PCE price index for September rose by 0.2% month-on-month and 2.8% year-on-year, aligning with expectations and reinforcing the likelihood of a rate cut by the Federal Reserve [4][5]. - The probability of a 25 basis point rate cut in December has risen to 87.2%, with expectations for further cuts in early 2026 [5][6].