Jin Rong Jie·2026-01-05 01:33Group 1: Capital Market Insights - Global markets showed overall recovery during the New Year holiday, with Hong Kong's Hang Seng Index rising 2.7%, marking the strongest start in over a decade [2] - The Chinese yuan continues to appreciate, breaking the 7 mark, benefiting Chinese assets due to a weaker dollar and stable economic fundamentals [2] - Major brokerages remain optimistic about the A-share market, predicting a sustained bull market into 2026 [2] - A total of 71 new funds are scheduled for issuance in January, with 44 launching in the first trading week [2] Group 2: Industry Highlights - AI sector sees renewed attention with DeepSeek introducing a new AI model architecture that significantly reduces computing power requirements while enhancing efficiency [4] - The low-altitude economy is set to grow, with Shanghai aiming for a core industry scale of approximately 80 billion yuan by 2028 [4] - The film industry is projected to reach a box office of 51.83 billion yuan by 2025, with a year-on-year growth of 21.95% [4] - The real estate market in Beijing has seen increased viewing and transaction volumes since the implementation of new policies, with daily new home sales rising significantly [4] Group 3: Company Developments - Baidu plans to spin off Kunlun Chip for an IPO, with Goldman Sachs estimating its valuation at up to $16.5 billion, leading to a 10% surge in Baidu's Hong Kong shares [6] - BYD's electric vehicle sales have surpassed Tesla for the first time, with BYD selling 2.25 million units, a 28% increase year-on-year, while Tesla's deliveries are projected to decline by 8.6% to 1.64 million units in 2025 [6] - Ningde Times has repurchased 15.99 million shares for a total of 4.386 billion yuan [7] - DreamNet Technology has partnered with Shenzhou Liuhe to develop heavy-duty drone products [7]