Hua Er Jie Jian Wen·2026-01-04 22:53Market Overview - European stocks opened strong in 2026, with the pan-European index reaching a historical high, driven by a 7% increase in ASML shares. In contrast, U.S. stocks faced a challenging rebound, with Tesla shares dropping 2.6% and software stocks offsetting gains in chip stocks, leading to a more mixed performance among major indices [2][8] - The offshore RMB saw significant fluctuations, rising over 100 points and breaking the 6.97 mark for the first time in over two and a half years. Meanwhile, U.S. Treasury yields experienced a V-shaped rebound, with the 30-year yield hitting a four-month high [2][8] Key Events - The U.S. conducted an airstrike in Venezuela, capturing President Maduro and his wife, with Trump stating that the U.S. would manage Venezuela until a "safe" transition is implemented, indicating deep involvement in the oil industry [3][12] - Russia strongly urged the U.S. to release Maduro and his wife, emphasizing the need for dialogue to resolve issues between the U.S. and Venezuela [15][22] - The global oil market showed signs of absorbing the geopolitical shock from the U.S. actions in Venezuela, as key oil facilities remained undamaged and the country's production accounted for less than 1% of global supply [16][34] Company Developments - Baidu's Kunlun Chip is estimated to be worth approximately $22 billion, which could represent about 45% of Baidu's total market value if it receives a similar valuation to Cambricon [25] - Semiconductor industry consolidation is accelerating, with major companies like SMIC and Huahong Semiconductor announcing significant mergers and acquisitions to strengthen their market positions [31][33] - BYD announced a target of delivering 4.6 million electric vehicles in 2025, marking a 7.7% increase, while Tesla's fourth-quarter deliveries fell short of expectations, declining 16% year-over-year [25] Industry Insights - The low-altitude economy is gaining traction, with significant government support and projected market growth to reach 1.5 trillion yuan by 2025, driven by advancements in drone technology and applications [30][36] - The commercial space sector is witnessing rapid development, with multiple rocket launches planned for 2025, contributing to China's ambitions in space exploration and technology [35] - The nuclear fusion sector is expected to accelerate, with significant investments projected in the coming years, as China aims to establish a robust nuclear fusion industry [38]