Core Viewpoint - The three major indices collectively rose, with the Shanghai Composite Index reaching a ten-year high, indicating strong market momentum and investor confidence [1] Market Performance - The trading volume in the Shanghai and Shenzhen markets reached 2.81 trillion yuan, an increase of 260.2 billion yuan compared to the previous trading day [1] - Over 4,100 stocks in the market rose, with 143 stocks hitting the daily limit up, marking the second consecutive day with over 100 stocks reaching the limit [1] Sector Highlights - The commercial aerospace sector saw significant activity, with over ten constituent stocks hitting the daily limit up, including Lushin Investment, which achieved six limit ups in eight days, and Beidou Star and China Satellite, which had four limit ups in six days [1] - The brain-computer interface concept continued to show strength, with Sanbo Brain Science, Meihao Medical, and Innovation Medical achieving consecutive limit ups [1] - The financial sector collectively surged, with Huayin Securities and Dazhihui hitting the daily limit up [1] - The intelligent driving sector strengthened, with Wanji Technology and Luchang Technology among several stocks hitting the daily limit up [1] - The chemical sector also performed well, with Zhongtai Chemical, Luohua Technology, and Chloralkali Chemical hitting the daily limit up [1] - The non-ferrous metals sector was active, with Luoyang Molybdenum and Zijin Mining reaching historical highs [1] Index Performance - At the close, the Shanghai Composite Index rose by 1.5%, the Shenzhen Component Index increased by 1.4%, and the ChiNext Index gained 0.75% [1]

Recent Key Events - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range to 3.50%-3.75%, with expectations for further cuts in 2026 and 2027 [1][9] - Japan's central bank raised its policy rate from 0.5% to 0.75%, the highest in 30 years, indicating a move towards achieving a 2% inflation target [1][9] Smart Driving Catalysts - On December 15, the Ministry of Industry and Information Technology approved two L3 autonomous driving models, Changan Deep Blue SL03 and BAIC Alpha S, for trial operations [2][10] - Tesla tested a Robotaxi service in Austin without a safety driver, marking a significant milestone in autonomous driving [2][10] - Waymo is reportedly in talks to raise over $15 billion, with a valuation nearing $100 billion [2][10] Consumer Goods Replacement Policy - The National Development and Reform Commission announced a large-scale equipment update and consumer goods replacement policy for 2026, including subsidies for electric and fuel vehicles, as well as various household appliances [3][11] Current Investment Recommendations - **Beike-W (2423.HK)**: Positioned as a restructuring force in the brokerage service industry, with significant growth potential in the existing real estate market [4][25] - **China Qinfa (0866.HK)**: Benefits from improved coal quality and expected price recovery, with significant growth opportunities [4][28] - **Alibaba-W (9988.HK)**: Steady model iteration and sustained interest in the Qianwen APP, with strong growth in e-commerce and cloud services [4][32] - **Tencent Holdings (0700.HK)**: Launching a mini-program growth plan to support developers in creating AI applications, with strong revenue growth [4][36] - **Kuaishou (1024.HK)**: Recent product launches received positive market feedback, with strong revenue growth driven by e-commerce [4][40] - **Google-A (GOOGL.O)**: Leading capabilities in AI models with continued penetration in edge applications, strong revenue growth in cloud services [4][44] - **Chipsun Technology (1478.HK)**: Expanding optical scenarios and building integrated capabilities, with significant revenue growth [4][49] - **Hesai (HSAI.O)**: Positive shipment growth in lidar products, indicating a strong long-term outlook [4][52]

Core Viewpoint - Youjia Innovation (02431) experienced a significant stock price increase, rising over 10% in the afternoon trading session, with a current price of 13.86 HKD and a trading volume of 266 million HKD, ahead of the upcoming lock-up expiration on December 29, 2025 [1] Group 1: Stock Performance - Youjia Innovation's stock rose by 6.7% to 13.86 HKD, with a trading volume of 2.66 billion HKD [1] - The stock saw an increase of over 10% during the afternoon session [1] Group 2: Lock-up Expiration and Shareholder Commitments - The lock-up period for Youjia Innovation will expire on December 29, 2025, marking one year since its listing [1] - Major shareholders, including Liu Guoqing, Yang Guang, Zhou Xiang, Wang Qicheng, and individual shareholders Yan Shengye and Wu Jianxin, voluntarily extended their shareholding lock-up period and committed not to reduce their holdings in any manner [1] Group 3: Market Confidence and Future Prospects - Four-dimensional Map (002405), an important shareholder and deep partner of Youjia Innovation, expressed confidence in the company's long-term investment value and development potential, indicating no immediate plans to reduce their stock holdings [1] - Meng Qingxin, Senior Vice President and CMO of Four-dimensional Map, emphasized trust in Youjia Innovation's solid fundamentals and growth potential, highlighting ongoing collaboration in cutting-edge technology development and global market expansion [1]

Core Viewpoint - The smart driving sector experienced a significant surge on January 6, with the smart car ETF (159888) rising by 3.59%, driven by positive developments at the CES event in Las Vegas and the announcement of new AI models by Nvidia [1] Group 1: Market Performance - As of 1:50 PM on January 6, stocks such as Wanji Technology, Suoling Co., Lianchuang Electronics, Beidouxing, and Zhejiang Sebao reached their daily limit up [1] - Haoen Automotive and Huace Navigation saw their shares increase by over 12% [1] Group 2: Technological Developments - Nvidia announced the launch of the open-source inference VLA model Alpamayo, which includes open-source AI models, simulation tools, and datasets aimed at accelerating the development of safe autonomous vehicles [1] Group 3: Industry Outlook - Aijian Securities predicts that 2026 will be a pivotal year for the maturity of advanced automotive driving technologies, with breakthroughs in policies, user acceptance, and business models [1] - The report highlights that leading automotive companies with full-stack self-research capabilities in algorithms and data loops are expected to benefit the most from the enhancement of smart driving value [1]

Group 1 - The smart driving sector experienced a collective surge, with the smart car ETF (159888) rising by 3.59% and several stocks reaching their daily limit up [1] - NVIDIA launched the Alpamayo open-source AI for safe and inference-based autonomous vehicles at CES 2026, introducing a series of models, simulation tools, and datasets to accelerate development [1] - Ping An Securities indicated that the commercialization of smart driving is expected to accelerate by 2026, with recent approvals for L3 vehicle operation conditions marking progress in technology and policy [1] Group 2 - The automotive parts ETF (562700) tracks the CSI Automotive Parts Theme Index, covering various sectors including automotive systems, interiors, electronics, and tires, benefiting from the trends of electrification and intelligence in the automotive industry [2]

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Group 1 - The Shanghai Composite Index rose by 1.14%, breaking the previous high from November 14, 2025, and reaching a new ten-year high [1] - The Shenzhen Component Index increased by 0.81%, while the ChiNext Index fell by 0.04% [1] - The Sci-Tech Innovation Board Index gained 1.05%, indicating positive momentum in the tech sector [1] Group 2 - Brokerage and insurance sectors showed the highest gains, reflecting strong investor confidence [1] - Stocks related to trading software, energy metals, semiconductors, brain-computer interfaces, commercial aerospace, and intelligent driving concepts experienced significant strength [1] - Adjustments were noted in computing hardware sectors such as CPO and high-speed copper connections [1]

Group 1 - The smart driving index experienced a strong surge, indicating a positive trend in the sector [1] - Component stocks showed active performance, with Wanji Technology rising by 12% [1] - Other companies such as Xingmin Zhitong, Beidou Xingtong, Zhejiang Sebao, and Hezhong Shizhuang reached their daily limit up [1]

本轮价格上涨受到多方面因素的共同推动： 首先，政策引导与新兴需求形成合力。国内九部门联合推动绿色消费，持续提振新能源产业链对铜、锂 等金属的长期需求。同时，2026年国际消费电子展（CES）的举办，进一步增强了市场对人工智能、智 能驾驶等科技领域用铜增长潜力的预期。 其次，宏观环境对金属价格形成利好。市场对美联储降息的预期加强，美元走势趋弱，为以美元计价的 大宗商品提供了宏观支撑。此外，部分地区的地缘冲突事件引发了对资源供应安全的关注，部分金属的 避险属性有所凸显。 隔夜全球市场上演"预期与现实"的终极博弈。一边是美国制造业PMI不及预期、美联储官员释放"接近 中性"的鸽派信号，强化降息预期，施压美元；另一边却是道指历史新高、基本金属全线狂欢。伦铜突 破1.3万美元、伦锡暴涨近6%，与黄金、美股齐飞，清晰勾勒出一幅"宽松交易"主导的资产图谱：疲软 经济数据→强化政策转向预期→压低美元与利率→助推风险资产与大宗商品。地缘风险（美委局势）与 产业革命（绿色转型/AI）更在供需层面为金属牛市注入长期溢价，"金属战略年"的序章，正由宏观、 产业与地缘这三重奏强力开启。 隔夜LME基本金属市场呈现全线普涨格局，上涨是绝 ...

Market Performance - The Shanghai Composite Index surged after the opening, breaking the high point from November 14, 2025, and reaching the highest level since July 2015, closing at 4047.37 points, up 0.6% [1] - The Shenzhen Component Index rose by 0.69% to 13923.61 points, while the ChiNext Index increased by 0.46% to 3309.76 points, and the Sci-Tech 50 Index jumped 1.85% to 1429.42 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 567.525 billion yuan, with over 3500 stocks rising [1] Sector Highlights - The brain-computer interface sector continued to perform strongly, with several companies hitting the daily limit up, following a breakthrough in implant technology at Fudan University [3] - Semiconductor equipment stocks showed resilience, with companies like Jin Hai Tong hitting the daily limit up and others like Bei Fang Hua Chuang and Zhong Ke Fei Ce rising over 5%, reaching historical highs [3] - The solid-state battery concept saw significant gains, with Jin Long Yu hitting the daily limit up, as a Finnish company announced the launch of the world's first commercially viable all-solid-state battery [4] - The commercial aerospace sector experienced a rebound, with Lei Ke Defense achieving five consecutive limit-ups, following a capital increase announcement from China Aerospace Science and Technology Corporation [4] Institutional Insights - Huatai Securities expressed optimism about the spring market, suggesting a focus on growth sectors like electric equipment and renewable energy, as well as domestic demand improvement themes [5] - CITIC Securities noted that the cross-year market may exhibit characteristics of "growth leading and liquor accumulating," with a focus on sectors like snacks and dairy [5] - Huaxi Securities highlighted 2026 as a year of multiple positive factors, with a solid foundation for a bull market, driven by macro policies and improving corporate earnings [6] - Guojin Securities projected 2026 to be the year of recoverable commercial rockets, emphasizing the importance of cost reduction through recoverable technology in the aerospace sector [7] - Tianfeng Securities recommended focusing on cosmetics, gold jewelry, and duty-free sectors, which are expected to grow amid the recovery of high-end consumption [7]