Core Insights - The Hong Kong stock market is experiencing a surge in share buybacks from company executives, major shareholders, and institutional investors, signaling strong confidence in the market at the start of 2026 [1][2] - Notably, cornerstone investors are increasingly participating in secondary market purchases, which is viewed as a strong endorsement of the companies' long-term prospects [1][2] Company Actions - Horizon Together Holding Ltd., a cornerstone investor, purchased 688,200 shares of Youjia Innovation, indicating confidence in the company's future and its strategic importance within its parent company's ecosystem [2] - Youjia Innovation's executives, including its chairman Liu Guoqing, also increased their holdings by purchasing 50,000 shares, representing approximately 0.03% of the company's total issued shares [2] - Other executives and shareholders of Youjia Innovation have committed to extending their lock-up periods, reflecting their long-term confidence in the company's core technology and market potential [2] Institutional Investments - Several other Hong Kong-listed companies have also seen institutional buybacks, including Haitan Weiye, which received an increase of 179,700 shares from GIC Private Limited, and Baiyun Mountain, which saw an increase of 30,000 shares from LSV Asset Management [3] - Tianli International Holdings' chairman purchased a total of 1,030,000 shares over four trading days, representing about 0.2% of the company's total issued shares [3] Industry Overview - The companies involved in these buybacks span various sectors, including consumer goods, gold, building materials, apparel, and education, with many being industry leaders or significant players [4] - For instance, Heng'an International is a leading company in the domestic hygiene products sector, while Haitan Weiye is a prominent player in China's condiment industry [4] - Analysts suggest that the buyback activities reflect a positive outlook on the future development prospects of these leading companies, which have established stable customer bases and clear profit models [4]

Report Overview - The report is a weekly strategy report on overseas equity (Hong Kong and US stocks) by Guotai Junan Futures, dated January 11, 2026 [1][2] 1. Investment Ratings - No specific industry investment ratings are provided in the report 2. Core Views - For US stocks, maintain an optimistic outlook, continue with the technology + cyclical allocation strategy, and expect a more balanced market style in 2026 with a "shrinking circle" structure in the technology sector [3] - For Chinese stocks, in the short term, A-shares have better profit - making effects than Hong Kong stocks, and attention should be paid to the subsequent catch - up opportunities in Hong Kong stocks. In the medium term, Hong Kong stocks maintain a barbell strategy [4][7] 3. Summary by Sections US Stocks - **Market Performance and Outlook**: This week, cyclical sectors led the rise in US stocks, and the technology sector continued its "shrinking circle" structure. Next week, the US stock market will face earnings season and inflation data. The outlook remains optimistic, and the technology + cyclical allocation strategy continues [3] - **2026 Allocation Ideas**: The market style will be more balanced, and the K - shaped divergence between technology and non - technology, large - cap and small - cap stocks is expected to converge. Focus on AI technology, healthcare, utilities, finance, materials, and consumer sectors. Prioritize upstream infrastructure in AI technology over downstream software, and pay attention to theme investment opportunities in physical AI [3] - **Valuation**: US stock valuations are still relatively high overall [14] - **AI Bubble**: It is a local rather than a systematic bubble. The market is punishing individual companies with aggressive capital expenditures. Currently, it may be close to the 1997 position from the perspective of the technology industry's ROIC. Monitor the "ROIC - WACC" convergence trend and the divergence between "financing growth" and "profit growth" [20][22] Chinese Stocks - **Market Performance and Outlook**: This week, A - shares outperformed Hong Kong stocks. A - shares' performance was strong in some sectors with high performance certainty and theme - concept sectors. Southbound funds' entry momentum increased, and the pattern may be A - shares leading and Hong Kong stocks catching up. February is the month with the highest winning rate for A - shares historically [4][6][7] - **Short - term Allocation**: Defensively allocate sectors with high performance certainty (AI hardware, new energy leaders, and non - ferrous metals), and offensively allocate valuation - driven sectors (Hang Seng Technology, Hong Kong innovative drugs, commercial aerospace, and robotics) [7] - **Medium - term Allocation for Hong Kong Stocks**: Adopt a barbell strategy, focusing on technology assets with clear industrial trends supported by policies, some new energy sectors with supply - side clearance and demand - side improvement, and non - ferrous sectors benefiting from supply shortages, strong structural demand, and interest rate cuts [7] Odds Analysis - **Hong Kong Stocks**: The forward PE of the Hang Seng Index is 11.8 times, approaching the mean + 1STD since 2015. The forward PE of the Hang Seng Tech Index is 21.4 times, approaching the mean of the past 5 years. The Hang Seng Index ERP is 4.9%, and the Hang Seng Tech Index ERP is 1.1% [9][10]

Group 1 - The 2025 Central Economic Work Conference emphasizes "innovation-driven development" and the expansion of "AI+" as key tasks for the economy, highlighting intelligent driving as a core application in the automotive industry and a new engine for economic growth [1] - The approval of the first batch of L3 conditional autonomous driving vehicle licenses marks a significant step from testing to commercialization in China's intelligent driving sector, with SAIC-GM-Wuling achieving a 94% localization rate in vehicle chips [2] - There is a recognition of the "bottleneck" issues in high-end chips, necessitating a focus on independent innovation and the establishment of a collaborative innovation ecosystem that integrates industry, academia, and research [2] Group 2 - Intelligent driving is a complex system that requires collaboration across various technological domains, prompting Chinese automakers to actively engage in global innovation networks and upgrade cooperation models from "one-way introduction" to "two-way empowerment" [3] - The rapid evolution of intelligent driving technology will be tested in global markets, with companies like Baidu planning to launch autonomous driving services in London by 2026, indicating a shift from "product export" to "brand export" and further to "industry export" [4] - The industry must provide technically competitive solutions while understanding local regulations and cultural contexts, aiming to transform China's experiences in intelligent driving into internationally recognized standards [4][5]

苏州充分发挥市级层面统筹协调机制作用，形成市、县级市（区）、经济大镇三级合力，重点发挥 32个省级以上开发区招商主力军作用，实现100亿级、50亿级重大项目更大突破。博世智能驾控中国区 产业创新项目、立讯电子智能声学及终端项目等一批具有显示度的重大产业项目相继落地。 全市坚持招大引强、培优育强。去年，10亿元以上重大产业项目194个，成为稳增长、促转型的中 坚力量。签约各类服务业项目9304个，计划总投资2234亿元；签约科技项目10349个，其中新引进专精 特新企业33家、高新技术企业159家。存量企业增资扩产项目超1300个，计划总投资超5300亿元。 记者从昨天（1月10日）下午的苏州市构建一流营商环境深化"三服务"专项行动推进会议上获悉， 苏州继续打响"投资苏州 赢得未来"招商品牌，推动投资促进与营商环境互促共进、同步提升。2025 年，全市新签约亿元以上产业项目2886个，计划总投资8200亿元，每月新签约、新开工、新投产投用实 现"三过百"。 ...

Group 1 - Two Hong Kong companies, Hidi Intelligent Driving (03881.HK) and Sutonju Chuang (02498.HK), announced a strategic partnership during the CES exhibition to promote safer, more efficient, and smarter autonomous driving solutions [1] - The collaboration aims to leverage Hidi's expertise in commercial vehicle intelligent driving and Sutonju's technological advantages in digital lidar to enhance the operational efficiency and stability of unmanned mining trucks and logistics vehicles [1][2] - Hidi's CEO, Dr. Hu Sibo, emphasized the importance of this partnership in accelerating the large-scale implementation of intelligent driving technology across various scenarios, including mining, closed parks, and smart cities [1] Group 2 - Hidi Intelligent Driving has extensive experience in the unmanned mining truck sector, focusing on both autonomous driving and vehicle-to-everything (V2X) technologies, contributing to operational safety and cost efficiency [2] - Sutonju Chuang has established partnerships with over 310 automotive manufacturers and suppliers globally, providing products and solutions to more than 3,400 clients across 40 countries [2] - The strategic collaboration is positioned as a starting point for deepening technological synergy and expanding cooperation boundaries to build a more competitive intelligent driving ecosystem [2]

Market Overview - A-shares showed strong performance with the Shanghai Composite Index breaking through 4100 points, closing at 4120.43 points, and trading volume exceeding 31,523 billion yuan, marking the sixth occurrence in history of trading volume surpassing 30 trillion yuan [1] - Hong Kong stocks lagged behind, with a slight increase of 0.32% [1] International Developments - The U.S. government is considering a cash incentive for Greenland residents to encourage their potential inclusion in the U.S., with discussions around distributing between 10,000 to 100,000 USD per person, totaling nearly 6 billion USD [1] - A joint military exercise named "Peace Intent-2026" involving China, Russia, and South Africa will take place in mid-January, highlighting a new security cooperation model among BRICS nations [1] Commodity and Metal Market - The U.S. dollar index surpassed 99, and the LMEX index for major base metals is expected to record its fourth consecutive week of gains, with copper and aluminum prices rising over 1% [2] - Companies like Luoyang Molybdenum (03993) and China Aluminum (02600) reached historical highs [2] AI and Technology Sector - MiniMax (00100) made a significant debut on the Hong Kong Stock Exchange, opening at 235.4 HKD, a 42.67% increase from its issue price of 165 HKD [2] - AI applications are thriving, with companies like Zhizhu (02513) seeing over a 20% increase in stock price, reaching a market cap of 720 billion HKD [2] Healthcare Innovations - OpenAI launched ChatGPT Health, a dedicated space for health-related conversations, which can integrate with electronic medical records [3] - Companies like iFlytek Medical Technology (02506) reported a significant increase in stock price, with their medical deep reasoning model achieving a 94% accuracy rate in diagnostic assistance [3] Aerospace and Automotive Sector - JunDa Co. (02865) and Goldwind Technology (02208) experienced initial surges in stock prices, while CIMC Anrui (03899) continues to perform well, with over 100 million RMB in revenue from aerospace-related business [4] - Black Sesame Intelligence (02533) secured a strategic investment of 500 million RMB, boosting its stock price by nearly 5% [4] Market Trends and Stock Movements - The price of crab-eating macaques has surged to 140,000 yuan each, leading to a 7% increase in shares of Zhaoyan New Drug (06127) due to market expectations [5] - Youjia Innovation (02431) repurchased 3,004,800 shares for approximately 44.88 million HKD, indicating confidence from cornerstone investors [5] Employment Data and Legal Decisions - The U.S. Labor Department is set to release December employment data, which is anticipated to be more reliable following the longest government shutdown in history [6] - The U.S. Supreme Court will make a final decision on the legality of tariffs imposed by former President Trump, which may have limited impact on the market [6] Mining Sector Developments - Rio Tinto and Glencore are in preliminary discussions regarding a potential merger, which could create the largest mining company with a market value exceeding 200 billion USD [7] - If the merger occurs, it may lead to increased concentration in the global resources sector, impacting companies like Luoyang Molybdenum (03993) and China Aluminum (02600) [7] Company Performance and Projections - Sanhua Intelligent Control (02050) expects a net profit of 3.87 to 4.65 billion yuan for 2025, representing a year-on-year increase of 25% to 50% [8] - The company is benefiting from growing demand for cooling components in data centers and is set to produce humanoid robots, with significant revenue contributions expected starting in 2026 [9]

Core Viewpoint - The Hong Kong IPO market experienced a strong resurgence in 2025, with 114 companies completing listings and raising a total of HKD 285.3 billion, a 224% increase from HKD 88.1 billion in 2024, making it the largest IPO fundraising exchange globally [1][3]. Group 1: IPO Market Performance - The significant rebound in the IPO market is attributed to both the global liquidity environment and the concentrated demand from mainland companies seeking to raise funds in Hong Kong [1][3]. - The fundraising landscape in 2025 is characterized by a dominance of familiar types of listings, including A to H, spin-offs, and returning Chinese companies, which collectively contributed over 70% of the total fundraising [1][3]. Group 2: A to H Listings - A to H listings emerged as the absolute mainstay of fundraising in 2025, with 19 A-share companies successfully listing in Hong Kong, raising a total of HKD 140 billion, accounting for 49% of the total IPO fundraising [3]. - Notable A to H IPOs include CATL, which raised HKD 41 billion, followed by SANY Heavy Industry (HKD 15.3 billion), Seres (HKD 14.3 billion), and others, all contributing significantly to the overall fundraising [3]. Group 3: Spin-offs and Related Listings - In 2025, four companies completed spin-off listings, raising a total of HKD 34.9 billion, with Zijin Mining International leading at HKD 28.7 billion [3]. - Related companies, such as Innovation Industry and Conch Materials Technology, raised a combined HKD 6.8 billion, leveraging their parent company resources [3]. Group 4: Returning Chinese Companies - Three Chinese companies returned to Hong Kong for secondary listings, focusing on advanced sectors like smart driving and lidar, raising a total of HKD 13.9 billion [4]. - The trend of returning Chinese companies is expected to encourage more firms to consider dual listings in Hong Kong, enhancing market dynamics [4]. Group 5: Market Structure Changes - The fundraising structure has shifted significantly over the years, with familiar faces dominating the market in 2025, contrasting with the balanced new face listings seen in 2021-2022 [4]. - The proportion of familiar face listings surged in 2025, marking a reversal from the previous year's decline, driven by the resurgence of A to H listings [4]. Group 6: Market Outlook - The Hong Kong market serves as a crucial bridge between mainland and global capital, requiring both established players and new entrants to enhance market vitality [6]. - The expectation is for more high-quality unlisted entities, like Chery Automobile, to enter the market, bringing innovation and growth potential [6].

Core Viewpoint - The article discusses the journey of DJI's automotive division, now known as Zhuoyue, emphasizing its pragmatic romanticism in achieving success through engineering capabilities and a commitment to making technology accessible to all [2][40]. Group 1: Company Background and Development - Zhuoyue originated from a secret project within DJI in 2016, evolving from a small team to a significant player in the intelligent driving sector [2][3]. - The company faced financial challenges during its early days, with only one-third of a 1.5 billion RMB funding round received, leading to a precarious financial situation [3][24]. - Zhuoyue's development trajectory reflects a blend of technical engineering capabilities and a vision to create advanced mobile robots, transitioning from initial product testing to a full-scale transformation [3][19]. Group 2: Engineering and Technical Strategy - Zhuoyue's engineering approach focuses on practical implementation rather than chasing high-profile technology, emphasizing the importance of engineering quality and integration within the automotive industry [11][12]. - The company has adopted a unique strategy of low-cost, low-computational power solutions, aiming to make advanced driving technology accessible to a broader market [18][19]. - Zhuoyue's modular end-to-end architecture allows for flexibility and adaptability across various vehicle platforms, significantly reducing development costs and time [36][40]. Group 3: Market Position and Competitive Landscape - The intelligent driving industry is highly competitive, with Zhuoyue facing challenges from established players like Huawei and Baidu, which have made significant advancements in high-level autonomous driving [10][24]. - Zhuoyue's partnerships with major automotive manufacturers, including Volkswagen and SAIC-GM-Wuling, have established its reputation in the market, particularly with its cost-effective solutions [21][39]. - The company is expanding its reach from passenger vehicles to commercial applications, indicating a strategic move to diversify its offerings and enhance market presence [37][39]. Group 4: Future Directions and Challenges - Zhuoyue is undergoing a critical transformation, shifting towards an end-to-end technology approach to address industry challenges and improve its competitive edge [29][30]. - The company is focused on building a "space intelligent mobile base" that can adapt to various scenarios, enhancing its product offerings across different vehicle types [34][36]. - Zhuoyue's commitment to continuous improvement and adaptation in a rapidly evolving market reflects its long-term vision of achieving technological excellence while maintaining accessibility [40].

Core Viewpoint - The smart driving sector is experiencing heightened attention due to dual external and internal factors, including NVIDIA's announcement of a new open-source autonomous driving AI model and the issuance of the first L3-level autonomous vehicle license plate in China, marking a significant step towards the commercialization of advanced autonomous driving [1][3]. Group 1: Market Activity - The smart driving ETF (516520) has seen strong inflows, accumulating 282 million yuan over the first four trading days of the year, which is over 80% of the total net inflow for 2025 [1][4]. - The ETF's trading volume reached a record high of 280 million yuan in a single day, with total shares and scale both hitting new highs of 710 million shares and 962 million yuan, respectively [4]. Group 2: Industry Insights - According to Debon Securities, the smart driving industry chain has formed a closed-loop collaboration encompassing perception, computation, execution, vehicle integration, and operation, with a shift from single hardware upgrades to multi-sensor fusion and centralized domain control [4]. - The smart driving ETF closely tracks the CSI Smart Car Theme Index, which includes companies providing terminal perception and platform applications, reflecting the overall performance of the smart automotive industry [4]. Group 3: ETF Management - The smart driving ETF is managed by Huatai-PB Fund, one of the first ETF managers in China, and is associated with the largest ETF in the A-share market, the Huatai-PB CSI 300 ETF, which has a scale of 433.591 billion yuan [4].

Core Insights - RoboSense and HiDi Intelligent Driving have formed a strategic partnership to enhance the safety, efficiency, and intelligence of autonomous driving solutions, particularly in commercial vehicles like unmanned mining trucks and logistics vehicles [1][3][5] - The collaboration aims to leverage RoboSense's expertise in digital lidar technology and HiDi's experience in commercial vehicle intelligent driving to facilitate the large-scale implementation of smart driving technologies across various sectors [1][3] Company Developments - RoboSense's CEO highlighted the current explosive growth in the commercial vehicle intelligent driving industry, emphasizing the potential for significant advancements and applications [3] - HiDi Intelligent Driving has developed a comprehensive self-research technology system and has extensive experience in deploying autonomous mining vehicles, contributing to safety and efficiency improvements in the industry [5] - The partnership is expected to enhance HiDi's vehicle perception capabilities through high-performance digital products, promoting widespread application and high-quality development in the intelligent driving sector [3][5] Market Trends - The Chinese market for unmanned commercial vehicles reached 108.8 billion yuan in 2023, with projections to grow to 1.4492 trillion yuan by 2028, reflecting a compound annual growth rate of 67.8% [5] - The demand for unmanned commercial vehicles is driven by the need for safety and efficiency in high-risk environments such as mining areas, ports, and enclosed zones, leading to accelerated deployment in various applications [5] Strategic Goals - The partnership aims to deepen technological collaboration and expand the boundaries of cooperation, creating a more competitive ecosystem for intelligent driving [7] - Both companies intend to utilize the CES platform to showcase their commitment to innovation and industry integration, ultimately benefiting a broader range of sectors [7]