Group 1 - The European Union has announced a six-month suspension of retaliatory tariffs against the United States [1] - Eurozone manufacturing PMI unexpectedly rose to 49.4 in January [2] - The U.S. Department of Defense has prioritized homeland defense in its National Defense Strategy [4] Group 2 - The two-year U.S. Treasury yield decreased by 0.13 basis points to 3.594% [4] - The five-year U.S. Treasury yield fell by 1.39 basis points to 3.825% [4] - The ten-year U.S. Treasury yield dropped by 1.57 basis points to 4.225% [4] Group 3 - The Nasdaq index closed at 23,501.24, up by 0.28% [5] - The Dow Jones Industrial Average closed at 49,098.71, down by 0.58% [5] - The S&P 500 index closed at 6,915.61, up by 0.03% [5] Group 4 - The Baltic Dry Index closed at 1,762.00, up by 0.06% [5] - The ICE Brent crude oil price increased by 3.48% to $66.29 [5] - The London gold spot price rose by 0.87% to $4,981.31 [5] Group 5 - The Hang Seng Index closed at 26,749.51, up by 0.45% [5] - The Hang Seng China Enterprises Index closed at 9,160.81, up by 0.51% [5] - The Hang Seng Technology Index closed at 5,798.01, up by 0.62% [5]

Investment Rating - The report maintains a "Buy" rating for Yadea Holdings (1585.HK) with a target price of HKD 16.43, indicating a potential upside of 37.5% from the current price of HKD 11.95 [1][7][14]. Core Insights - The company announced a significant profit increase for 2025, with an expected net profit of at least RMB 2.9 billion, representing a growth of over 128% compared to RMB 1.27 billion in 2024. This increase is attributed to higher sales of electric two-wheelers and optimized product structure [4][9]. - The new national standard for electric bicycles is set to stabilize the market post-Chinese New Year 2026, as the transition period for old standard products ends, which is expected to restore consumer purchasing willingness [5][10]. - Yadea is focusing on long-term growth through continuous investment in R&D and marketing, enhancing its product competitiveness and global marketing capabilities. In H1 2025, the company sold approximately 8.79 million electric scooters and bicycles, a year-on-year increase of about 37.8%, with a gross margin rising to 19.6% [6][11]. Financial Summary - Revenue projections for Yadea from 2025 to 2027 are RMB 35.78 billion (+26.7%), RMB 40.48 billion (+13.1%), and RMB 45.59 billion (+12.6%) respectively. The net profit forecasts are RMB 2.99 billion (+135%), RMB 3.25 billion (+8.8%), and RMB 3.55 billion (+9.3%) [12][8]. - The company's gross margin is expected to improve from 18.7% in 2025 to 19.8% in 2027, reflecting ongoing enhancements in product structure and sales volume [8].

Investment Rating - The report recommends subscription for the company, Longqi Technology, with an IPO price of HKD 31 per share, which is considered to have a certain safety margin in valuation [4]. Core Insights - Longqi Technology is a leading global brand and technology company providing solutions including product research, design, manufacturing, and support. It is the second-largest consumer electronics ODM manufacturer globally, holding a market share of 22.4%, and the largest in the smartphone ODM sector with a market share of 32.6% as of 2024 [2]. - The global consumer electronics ODM market is expected to grow from 853.5 million units in 2020 to 976.9 million units in 2024, with projections to reach 1,265.7 million units by 2029, driven by the proliferation of smart products and shorter product iteration cycles due to AI trends [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024, as well as for the nine months ending September 30, 2024, are reported as follows: RMB 29,343.2 million, RMB 27,185.1 million, RMB 46,382.5 million, RMB 34,920.9 million, and RMB 31,331.6 million respectively. The corresponding net profits for these periods are RMB 561.5 million, RMB 602.7 million, RMB 493.4 million, RMB 425.4 million, and RMB 514.5 million [3].

Economic Indicators - The U.S. core CPI in December increased by 2.6% year-on-year, which is lower than expected[4] - The U.S. deficit is projected to drop to a three-year low in 2025 due to a surge in tariff revenues[4] - The World Bank has raised its global economic growth forecast for 2026[4] Market Performance - The 2-year U.S. Treasury yield fell by 0.19 basis points to 3.530%[4] - The 5-year U.S. Treasury yield decreased by 0.17 basis points to 3.752%[4] - The 10-year U.S. Treasury yield rose by 0.40 basis points to 4.179%[4] Stock Market Updates - The Nasdaq index closed at 23,709.87, down by 0.10%[5] - The Dow Jones Industrial Average closed at 49,191.99, down by 0.80%[5] - The S&P 500 index closed at 6,963.74, down by 0.19%[5] Commodity Prices - ICE Brent crude oil price increased by 2.49% to $65.46[5] - The price of gold in London decreased by 0.28% to $4,585.66[5] - The CME Bitcoin futures rose by 3.01% to $94,415.00[5] Currency Exchange - The USD/CNY exchange rate was 6.98, up by 0.03%[5]

Investment Rating - The report suggests a positive investment outlook for the dairy industry, particularly recommending attention to YouRan Dairy (9858.HK) as a potential investment opportunity [5]. Core Insights - The Chinese Ministry of Commerce announced a preliminary ruling on December 22, 2025, to implement temporary anti-subsidy measures on imported dairy products from the EU, effective from December 23, 2025 [1][3]. - The anti-subsidy investigation, initiated in July 2024, revealed that the EU provided substantial subsidies to its dairy industry, causing material harm to the domestic industry in China [3]. - The subsidy rates for affected products, including fresh cheese, processed cheese, and cream, range from 21.9% to 42.7% [3]. Summary by Sections Anti-Subsidy Measures - The anti-subsidy measures are expected to increase import prices, which may help balance the supply and demand of raw milk in China [4]. - In the first ten months of 2025, China imported 2.1824 million tons of various dairy products, with significant contributions from the EU, accounting for 15% of cheese, 12% of cream, and 29% of other cream products [4]. Market Dynamics - The report indicates that domestic dairy prices have been declining due to an oversupply of raw milk, and the price advantage of imported dairy products is diminishing [4]. - The implementation of anti-subsidy measures is anticipated to weaken the price advantage of imported dairy products, potentially reducing overseas supply and promoting a return to supply-demand balance in China's raw milk industry [4]. Investment Recommendations - As domestic dairy product demand stabilizes and anti-subsidy measures stimulate the demand for domestic raw milk processing, the report encourages monitoring YouRan Dairy (9858.HK) for investment opportunities [5].

Core Insights - The report highlights significant developments in the pharmaceutical sector, including an agreement between former President Trump and nine pharmaceutical companies [4] - The report notes that Japan has raised interest rates by 25 basis points, while the Russian central bank has cut rates by 50 basis points [4] - A World Trade Organization report predicts that artificial intelligence could drive global trade growth by nearly 40% by 2040 [4] Economic Data - The report provides key economic indicators, including a 7.5% year-on-year decline in foreign investment absorption in China from January to November [4] - Online retail sales in China grew by 9.1% during the same period [4] - The Baltic Dry Index closed at 2023.00, down 2.32%, while the CME Bitcoin futures rose by 3.63% to 87895.00 [5] Market Performance - The report details the performance of major indices, with the Nasdaq Composite Index closing at 23307.62, up 1.31%, and the Dow Jones Industrial Average at 48134.89, up 0.38% [9] - The Hang Seng Index closed at 25690.53, reflecting a 0.75% increase, while the Hang Seng Technology Index rose by 1.12% to 5479.04 [5][9] - The report also includes the performance of key commodities, with Brent crude oil at 60.55, up 1.22%, and gold at 4341.06, up 0.23% [5]

Investment Rating - The report suggests a cautious subscription for the company [2] Core Insights - The company develops General-Purpose Graphics Processing Unit (GPGPU) chips and AI computing solutions, providing essential computational power for artificial intelligence (AI) [2] - The company's GPGPU-based solutions have strong performance and efficiency in training and inference of large language models (LLMs), giving it a competitive edge in the domestic market [2] - The Chinese smart computing chip market is expected to reach USD 50.4 billion by 2025, with the company aiming for a market share of approximately 0.2% [2] - The global smart computing chip market is projected to grow from USD 6.6 billion in 2020 to USD 119 billion by 2024, with a compound annual growth rate (CAGR) of 106.0% [2] - The company’s revenue for 2022 to 2024 is projected to be RMB 0.5 million, RMB 62.03 million, and RMB 336.8 million, with net losses of RMB -1,474.31 million, RMB -1,743.95 million, and RMB -1,538.1 million respectively [2] - The GPGPU market has significant long-term growth potential and is currently in a rapid development phase [2] - The company's Hong Kong IPO valuation is approximately 117 times price-to-sales (PS) for 2024, leading to a recommendation for cautious subscription due to unclear profitability timeline [2]

Investment Rating - The report suggests a cautious subscription for the IPO of the company, Wan'an Robotics, with a proposed price range of HKD 63 to HKD 81 per share [1][3]. Core Insights - The company is recognized as a leading global provider of home robotic systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [1]. - The global home robotics market is projected to grow from RMB 213.3 billion in 2022 to RMB 257.7 billion in 2024, with a compound annual growth rate (CAGR) of 9.9%, and is expected to reach approximately RMB 436.5 billion by 2029, with a CAGR of 11.1% from 2024 to 2029 [2]. - The company's revenue is forecasted to increase significantly, reaching RMB 274.6 million, RMB 457.3 million, and RMB 609.9 million for the years 2022, 2023, and 2024 respectively, reflecting a CAGR of 49.0% [2]. Summary by Sections IPO Details - The total fundraising amount is estimated at HKD 1.5049 billion based on a mid-price of HKD 73 per share, with a total of 22.2223 million shares available for subscription [1]. - The subscription period is from December 18 to December 23, 2025, with an entry fee of HKD 8,181.69 [1]. Market Potential - The home robotics market is currently in a rapid development phase, with an expected increase in product penetration to 29.9% by 2029 [2][3]. - The company has over 3.5 million registered users on its SwitchBotApp, with more than 10.8 million devices connected [1]. Financial Performance - The company has shown improvement in operational efficiency, with net losses decreasing from RMB -86.98 million in 2022 to RMB -3.07 million in 2024 [2].

Economic Data - The U.S. 2-year Treasury yield increased by 0.43 basis points to 3.483%[4] - The U.S. 5-year Treasury yield rose by 0.36 basis points to 3.698%[4] - The U.S. 10-year Treasury yield climbed by 1.36 basis points to 4.153%[4] - The national general public budget revenue in China grew by 0.8% year-on-year in the first 11 months[4] Market Indices - The Nasdaq index closed at 22,693.32, down by 1.81%[5] - The Dow Jones Industrial Average closed at 47,885.97, down by 0.47%[5] - The S&P 500 index closed at 6,721.43, down by 1.16%[5] - The Hang Seng Index closed at 25,468.78, up by 0.92%[5] - The Shanghai Composite Index closed at 3,870.28, up by 1.19%[5]

Core Insights - The report highlights a positive outlook for the US economy following better-than-expected non-farm payroll data for November [4] - The report notes significant developments in various sectors, including the approval of the world's first invasive brain-machine interface product for treating drug addiction in China [4] - The report indicates that major PC manufacturers globally are planning to increase prices [4] Economic Data - The Baltic Dry Index closed at 2193.00, down by 0.54% [5] - The Nasdaq Index closed at 23111.46, up by 0.23%, while the Dow Jones Industrial Average closed at 48114.26, down by 0.62% [5] - The ICE Brent crude oil price decreased by 2.84% to $58.84 [5] - The USD/CNY exchange rate was reported at 7.04, down by 0.11% [5] - The Hang Seng Index closed at 25235.41, down by 1.54% [5] - The Shanghai Composite Index closed at 3824.81, down by 1.11% [5]