Core Viewpoint - iQIYI announced the opening of its first offline theme park, Yangzhou iQIYI Park, scheduled for February 8, 2026, and appointed the cast of the variety show "Zhong Di Ba" as global ambassadors for the park [1][4]. Group 1: Theme Park Features - Yangzhou iQIYI Park is positioned as a small-scale, fast-iterating, and highly interactive indoor theme park, focusing on "nationally created IP + cutting-edge technology" as its core features [4]. - The park aims to create an immersive entertainment experience by transforming iQIYI's rich film and television IPs into diverse interactive products, allowing visitors to "step into the drama" and enact their own stories [4]. Group 2: Experience Zones - The park includes seven core experience areas: immersive theater, interactive light and shadow space, immersive stage performances, iconic film scene check-ins, character improvisation interactions, social party games, and IP-themed dining and retail [4]. - In the immersive theater, visitors can engage in scenarios from "Tang Dynasty Strange Stories" and "A Chinese Odyssey," enhancing sensory experiences [5]. - The interactive light and shadow space utilizes digital technology to recreate fantastical scenes from "My Alashan" and "Canglan Jue," allowing visitors to experience seasonal changes and romantic moments [5]. - The immersive stage performance area will feature panoramic performances and cutting-edge effects to recreate iconic moments from "Lotus House" [5]. Group 3: Anticipation and Marketing - The park is currently in the countdown to opening, with ticket prices and sales set to be announced on January 16, 2026 [4]. - The launch of Yangzhou iQIYI Park is positioned as an invitation to experience imagination and joy, encouraging visitors to become the protagonists of their own stories [6].

Market Performance - US stock market opened high but turned negative, with the Nasdaq initially rising over 1% before declining [1] - Chip stocks in the US saw a broad increase, with the Philadelphia Semiconductor Index rising over 4.5%, including significant gains from Nvidia, Intel, and ASML [2] - Major tech stocks such as Apple, Amazon, Microsoft, Google, and Netflix experienced declines [2] Chinese Stocks - The Nasdaq Golden Dragon China Index surged nearly 4%, with Baidu Group soaring over 12% [4] - iQIYI increased by over 9%, while other Chinese companies like GDS Holdings and JinkoSolar also saw significant gains [6] Hong Kong Market - The Hong Kong stock market opened strong, with the Hang Seng Index rising by 2.76%, the Hang Seng China Enterprises Index up by 2.86%, and the Hang Seng Tech Index increasing by 4.0% [6] - Sectors such as AI, semiconductors, commercial aerospace, electrical equipment, home appliances, and automotive showed strong performance throughout the day [6] Investment Outlook - Analysts suggest that the strong performance of Chinese assets at the start of 2026 indicates a continuation of the structural bull market from 2025, with a clear investment focus on hard technology represented by semiconductors, AI, and smart hardware, alongside policy-driven consumption in home appliances and automotive sectors [8] - The offshore RMB exchange rate against the US dollar strengthened, surpassing 6.97, reaching its highest level since May 2023 [8] Currency and Commodities - The performance of the RMB exchange rate is influenced by various factors including international environment, capital flows, and policy changes, with ongoing uncertainties regarding its future trajectory [9] - In precious metals, spot gold initially broke through $4,400 but later retraced most of its gains, while spot silver also saw a significant pullback [10]

Market Performance - US stock market opened higher but turned negative, with the Nasdaq initially rising over 1% before declining [1] - Major indices showed mixed results: Nasdaq down 49.78 points (-0.21%), Dow Jones up 62.31 points (+0.13%), S&P 500 down 5.25 points (-0.08%) [2] Sector Performance - Semiconductor stocks surged, with the Philadelphia Semiconductor Index rising over 4.5%, including significant gains from Nvidia, Intel, and ASML [2] - However, major tech stocks like Apple, Amazon, Microsoft, Google, and Netflix experienced declines [2] Company-Specific News - Tesla's stock dropped nearly 1.8% after reporting Q4 deliveries of 418,227 vehicles, a 16% year-over-year decline, and a total annual delivery of 1.64 million vehicles, down over 8% [2] - In contrast, Chinese concept stocks saw significant gains, with the Nasdaq Golden Dragon China Index rising nearly 4%, and notable increases in Baidu (over 12%), iQIYI (over 9%), and others [4] Asian Market Trends - Hong Kong's stock market opened strong, with the Hang Seng Index up 2.76%, the Hang Seng China Enterprises Index up 2.86%, and the Hang Seng Tech Index up 4.0%, driven by sectors like AI, semiconductors, and electric vehicles [5] Economic Indicators - Analysts suggest that the strong performance of Chinese assets signals a continuation of a structural bull market into 2026, with a focus on hard technology sectors like semiconductors and AI, alongside policy-driven consumption in appliances and automobiles [6] - The offshore RMB exchange rate strengthened, surpassing 6.97 against the US dollar, reaching its highest level since May 2023 [6]

Group 1: Semiconductor Stocks Performance - U.S. semiconductor stocks experienced a significant rally, with the Philadelphia Semiconductor Index rising over 4.5% [2] - ASML surged more than 8%, reaching a historical high, while Micron Technology and Intel both increased by approximately 8% [2] - Other notable gainers included ARM and AMD, which rose nearly 6% [2] Group 2: Chinese Stocks Surge - Chinese stocks listed in the U.S. saw a collective surge, with the Nasdaq Golden Dragon China Index increasing by nearly 3.9% [5] - Baidu's stock skyrocketed over 12% after submitting a mainboard listing application for its subsidiary Kunlun Chip [5] - Other Chinese companies like Yatsen and NetEase also saw significant gains, with increases around 7% [5] Group 3: Precious Metals and Commodities - Precious metals, particularly gold, experienced a sudden pullback after reaching $4,400, currently hovering around $4,336, with a slight increase of 0.4% [7] - Silver also saw a rise of 4% at one point but later adjusted to a 2% increase [7] Group 4: Oil Market Decline - Crude oil futures collectively declined, with WTI and ICE Brent both dropping over 1.2% [11] - Current prices for WTI and ICE Brent are $56.70 and $60.11, reflecting decreases of 1.25% and 1.22% respectively [11] Group 5: Cryptocurrency Market Recovery - The cryptocurrency market is witnessing a rebound, with Bitcoin surpassing $89,000 and Ethereum, SOL, and XRP all increasing by over 2% [12] - Dogecoin saw a notable rise of over 10% [12] - A total of over 90,000 individuals faced liquidation, amounting to $235 million, with more than 78% being short liquidations [12]

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].

Core Viewpoint - Chinese concept stocks experienced a collective rise, with significant gains across various companies listed on the Nasdaq [1] Group 1: Stock Performance - Nasdaq Golden Dragon China Index increased by 3.55% [1] - Baidu saw a notable rise of 11.35% [1] - Futu Holdings rose by 6.84% [1] - Bilibili increased by 6.87% [1] - NetEase gained 6.77% [1] - Tiger Brokers rose by 5.54% [1] - 36Kr increased by 4.85% [1] - Fangdd gained 4.79% [1] - NIO rose by 4.64% [1] - Alibaba increased by 4.55% [1] - Bawang Tea Ji rose by 4.47% [1] - Tencent Holdings ADR increased by 4.30% [1] - New Oriental rose by 4.15% [1] - Weibo increased by 3.82% [1] - iQIYI rose by 3.39% [1] - Li Auto increased by 3.01% [1] - Gaotu rose by 3.02% [1] - Beike increased by 2.79% [1] - Xunlei rose by 2.82% [1] - JD.com increased by 2.34% [1]

Market Performance - The US stock market opened higher on January 2, with the Dow Jones up 0.19%, the S&P 500 up 0.58%, and the Nasdaq up 1.03% [1] - Chinese concept stocks also opened higher, with the Nasdaq Golden Dragon China Index rising 3.55% [1] Chinese Stocks - Notable gains among Chinese stocks include Baidu up over 10%, Futu Holdings up 6.84%, and Bilibili up 6.87% [1] - Other significant increases include Netease up 6.77%, Tiger Brokers up 5.54%, and Alibaba up 4.55% [1] Semiconductor Sector - The semiconductor sector saw broad gains, with ASML rising over 5%, Micron Technology up over 3%, and TSMC up over 2% [1] South Korean Market - Samsung Electronics and SK Hynix both reached all-time highs, with Samsung up 7.17% and SK Hynix up 3.99% [2] - The Kospi index in South Korea surpassed 4,300 points for the first time, driven by large tech stocks and investor optimism regarding artificial intelligence [2] AI Investments - Samsung SDS announced an investment of 427.3 billion KRW to build a new AI data center in Gumi City [3] OpenAI Developments - OpenAI is reportedly enhancing its audio AI models in preparation for the launch of its first AI-driven personal hardware device [4] - The device is expected to focus on audio interaction, with improvements being made to the audio model's accuracy and response speed [4]

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]

Group 1 - iQIYI announced the opening of its first offline theme park, Yangzhou iQIYI Park, scheduled for February 8, 2026, and appointed the cast of the variety show "Zhong Di Ba" as global ambassadors for the park [1][3] - The park is designed as a small-scale, rapidly iterative, and highly interactive indoor theme park, focusing on "nationally created IP + cutting-edge technology" as its core features [3][4] - Yangzhou iQIYI Park aims to create an immersive entertainment experience by transforming iQIYI's rich film and television IP into diverse interactive products, allowing visitors to "enter the drama" and participate in their own stories [3][4] Group 2 - The park will feature seven core experience areas, including a sensory theater, interactive light and shadow space, immersive stage performances, iconic film scene check-in spots, spontaneous character interactions, social party games, and IP-specific dining and retail [3][4] - The sensory theater will allow visitors to engage with narratives from popular shows like "Tang Dynasty Strange Stories" and "A Chinese Odyssey," while the interactive space will recreate dreamlike scenes from "My Alashan" and "Canglan Jue" using digital technology [4] - Visitors will also have the opportunity to explore recreated iconic scenes from various shows and interact with real NPCs to trigger exclusive hidden storylines, enhancing the immersive experience [4]

Core Viewpoint - iQIYI's first offline theme park in Yangzhou is set to open on February 8, 2026, featuring a unique interactive experience based on its rich IP content [1] Group 1: Theme Park Overview - The Yangzhou iQIYI Park is designed as a small-scale, rapidly iterating, and highly interactive indoor theme park, focusing on "nationally created IP + cutting-edge technology" [2] - The park aims to immerse visitors in a cinematic world, allowing them to engage with various entertainment products derived from iQIYI's extensive film and television IP [2] Group 2: Key Attractions and Experiences - The park will feature seven core experience areas, including a fully immersive theater, interactive light and shadow spaces, and live performance stages, all currently in the final testing phase [2] - Visitors can experience iconic scenes from popular shows, such as "The Longan Ghost Market" from "Tang Dynasty Ghost Stories" and classic moments from "A Chinese Odyssey" [2][3] - The park will also include real-life NPCs that interact with guests, triggering exclusive hidden storylines [3]