Core Insights - 2025 marks a significant recovery year for the equity industry, driven by the successful IPOs of major players in the GPU sector, which has revitalized investor confidence in the venture capital ecosystem [2][10] - The number of IPOs in 2025 has increased significantly compared to previous years, with a notable rise in the average number of IPOs per top investment institution [3][4] Group 1: IPO Performance - A total of 116 new companies were listed on the A-share market in 2025, with high-tech enterprises in manufacturing, scientific research, and technology services showing remarkable market value growth of 33.3% and 32.1% respectively [2][8] - The top three investment institutions by IPO count in 2025 were Sequoia China with 17, Shenzhen Capital Group with 16, and CICC with 15 [4][5] - The average number of IPOs for the top ten investment institutions increased from 8.4 in the previous year to 14.1 in 2025, indicating a more fruitful year for investment firms [3][4] Group 2: Market Dynamics - The overall market capitalization of A-share companies reached 123 trillion yuan by the end of 2025, with a year-on-year growth of 22.5% for existing companies [8] - Private technology companies saw a 37.0% increase in market capitalization, raising their share of the A-share market from 33.6% to 37.5% [9] - The industrial, technology, and materials sectors accounted for 86% of the total IPOs in 2025, while these sectors also raised 78% of the total funds [9] Group 3: Regional Insights - Jiangsu led the country in the number of IPOs, contributing 24 companies, while Guangdong and Zhejiang followed with 18 and 14 respectively [22][23] - Fujian achieved the highest capital market financing scale, with a total of 500 billion yuan, supported by major IPOs like Huadian New Energy, which raised 18.17 billion yuan [27][26] - The distribution of IPOs across regions indicates a strong presence of high-tech enterprises, particularly in Jiangsu, which has over 57,000 high-tech companies [25][24] Group 4: Investment Trends - The success of major IPOs like Moer Technology and Muxi Co. has generated significant returns for early investors, showcasing the potential for high returns in the tech sector [16][17] - The investment landscape is shifting towards a focus on core technologies, moving away from mere hype and towards tangible advancements in areas like chip architecture and AI algorithms [31]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - For the stock index, in the long - term, policies support the capital market. In the short - term, pay attention to market rhythm and adopt a strategy of buying on dips [4]. - For treasury bonds, the economy's recovery momentum needs observation. There is still room for reserve requirement ratio and interest rate cuts, but the timing of overall easing may be postponed. The bond market is expected to fluctuate, mainly affected by the stock - bond seesaw [6]. - For precious metals, in the medium - term, the Fed's subsequent interest rate cuts may increase significantly, and there is a strategy of buying on dips for gold and silver [8]. - For non - ferrous metals, most metals are expected to fluctuate, with different influencing factors such as supply - demand, policy, and inventory [11][13][15]. - For black building materials, steel products are expected to continue to oscillate at the bottom. Iron ore may oscillate weakly in the short - term. Coking coal and coke may show an oscillatory and slightly stronger trend. Glass and soda ash are expected to maintain their current trends [31][33][38]. - For energy and chemicals, different products have different outlooks. For example, crude oil is advised to be observed in the short - term with a low - buying and high - selling strategy; methanol has the feasibility of buying on dips; urea is recommended to take profit on rallies [53][56][58]. - For agricultural products, different products have different trends. For example, the short - term of live pigs may be strong, but the medium - term may be under pressure; eggs may oscillate; protein meals are advised to wait and see [77][79][82]. 3. Summary by Directory Stock Index - **Market Information**: The central bank governor said there is room for reserve requirement ratio and interest rate cuts this year. Some companies' IPOs have new progress, and space - related projects have new plans [2] - **Strategy View**: Adopt a strategy of buying on dips in the long - term and pay attention to market rhythm in the short - term [4] Treasury Bonds - **Market Information**: Bond contract prices changed slightly. The first batch of 936 billion yuan of ultra - long - term special treasury bonds for equipment renewal was issued. The central bank conducted reverse repurchase operations with a net investment of 309 billion yuan [5] - **Strategy View**: The economy's recovery momentum is uncertain. There is room for reserve requirement ratio and interest rate cuts, and the bond market is expected to fluctuate [6] Precious Metals - **Market Information**: Gold and silver prices rose. US inflation data was lower than expected, and COMEX silver inventory decreased [7] - **Strategy View**: In the medium - term, the Fed's interest rate cuts may increase, and there is a strategy of buying on dips for gold and silver [8] Non - Ferrous Metals - **Copper** - **Market Information**: LME copper prices rose, inventory increased, and domestic social inventory accumulation slowed down [10] - **Strategy View**: The market sentiment is not pessimistic, and copper prices are expected to oscillate in the short - term [11] - **Aluminum** - **Market Information**: Aluminum prices rose, and inventory changes were mixed [12] - **Strategy View**: The decline of aluminum prices is limited, and there is support in the short - term [13] - **Zinc** - **Market Information**: Zinc prices rose slightly, and inventory and other indicators changed [14] - **Strategy View**: Zinc prices have room to catch up, and need to observe PMI data [15] - **Lead** - **Market Information**: Lead prices rose slightly, and inventory increased [17] - **Strategy View**: Lead prices may oscillate, and need to observe PMI data [17] - **Nickel** - **Market Information**: Nickel prices fluctuated narrowly, and nickel iron prices rose [18] - **Strategy View**: Nickel prices are expected to oscillate widely in the short - term, and it is recommended to wait and see [18] - **Tin** - **Market Information**: Tin prices fell slightly, and supply and demand and inventory had certain changes [19] - **Strategy View**: Tin prices may oscillate, and it is recommended to wait and see [19] - **Lithium Carbonate** - **Market Information**: Lithium carbonate prices rose, and production and inventory decreased [21] - **Strategy View**: There is a risk of correction, and it is recommended to wait and see or try with a light position [22] - **Alumina** - **Market Information**: Alumina prices rose, and inventory increased [23] - **Strategy View**: It is recommended to wait and see, and pay attention to supply - side policies [24] - **Stainless Steel** - **Market Information**: Stainless steel prices rose, and inventory decreased [25][26] - **Strategy View**: The market is expected to be strong, and prices may oscillate at a high level [26] - **Cast Aluminum Alloy** - **Market Information**: Cast aluminum alloy prices oscillated, and inventory changed [27] - **Strategy View**: Prices are expected to oscillate and consolidate [28] Black Building Materials - **Steel** - **Market Information**: Steel prices rose slightly, and inventory and other indicators changed [30] - **Strategy View**: Steel prices are expected to continue to oscillate at the bottom, and need to pay attention to relevant policies [31] - **Iron Ore** - **Market Information**: Iron ore prices rose slightly, and inventory increased [32] - **Strategy View**: Iron ore prices may oscillate weakly in the short - term, and need to pay attention to steel mills' replenishment and iron - making rhythm [33] - **Coking Coal and Coke** - **Market Information**: Coking coal and coke prices rose slightly, and there were changes in spot prices and basis [34] - **Strategy View**: Coking coal and coke prices may show an oscillatory and slightly stronger trend, and need to pay attention to market sentiment [38] - **Glass and Soda Ash** - **Market Information**: Glass prices fell, and soda ash prices fell slightly. Inventory and other indicators changed [39][40] - **Strategy View**: Glass is expected to oscillate widely, and soda ash is expected to maintain a weak consolidation [39][41] - **Manganese Silicon and Ferrosilicon** - **Market Information**: Manganese silicon and ferrosilicon prices rose slightly, and there were changes in technical forms [42] - **Strategy View**: Pay attention to market sentiment and cost factors, and wait for driving factors [44] - **Industrial Silicon and Polysilicon** - **Market Information**: Industrial silicon prices rose slightly, and polysilicon prices rose. Supply and demand and inventory had certain changes [45][46] - **Strategy View**: Industrial silicon prices may oscillate repeatedly, and polysilicon prices are expected to fluctuate in the short - term [46][47] Energy and Chemicals - **Rubber** - **Market Information**: Rubber prices rebounded, and there were different views on the rise and fall [48] - **Strategy View**: Adopt a neutral view, wait and see, and consider short - selling if the price breaks through a certain level [51] - **Crude Oil** - **Market Information**: Crude oil and related product prices rose [52] - **Strategy View**: Do not be too bearish on oil prices in the short - term, and it is recommended to observe and wait for verification [53][54] - **Methanol** - **Market Information**: Methanol prices changed, and MTO profit changed [55] - **Strategy View**: It has the feasibility of buying on dips [56] - **Urea** - **Market Information**: Urea prices changed, and the basis was reported [57] - **Strategy View**: Take profit on rallies [58] - **Pure Benzene and Styrene** - **Market Information**: Pure benzene prices were stable, and styrene prices rose. Supply, demand, and inventory had certain changes [59] - **Strategy View**: Gradually take profit [61] - **PVC** - **Market Information**: PVC prices rose, and supply, demand, and inventory had certain changes [62] - **Strategy View**: Adopt a strategy of short - selling on rallies in the medium - term [63] - **Ethylene Glycol** - **Market Information**: Ethylene glycol prices rose, and supply, demand, and inventory had certain changes [64] - **Strategy View**: The supply - demand pattern needs to be improved by increasing production cuts, and beware of rebound risks [65] - **PTA** - **Market Information**: PTA prices rose, and supply, demand, and inventory had certain changes [66] - **Strategy View**: Enter the inventory accumulation stage during the Spring Festival, and pay attention to mid - term long - buying opportunities [67] - **Para - Xylene** - **Market Information**: Para - xylene prices rose, and supply, demand, and inventory had certain changes [68] - **Strategy View**: Pay attention to mid - term long - buying opportunities following crude oil [69] - **Polyethylene (PE)** - **Market Information**: PE prices rose, and supply, demand, and inventory had certain changes [70] - **Strategy View**: The downward space of PE valuation still exists, and pay attention to the supply - demand situation [72] - **Polypropylene (PP)** - **Market Information**: PP prices rose, and supply, demand, and inventory had certain changes [73] - **Strategy View**: The supply - demand is weak, and consider long - buying the PP5 - 9 spread on dips [74] Agricultural Products - **Live Pigs** - **Market Information**: Pig prices showed a pattern of rising in the north and falling in the south [76] - **Strategy View**: The short - term may be strong, but the medium - term may be under pressure [77] - **Eggs** - **Market Information**: Egg prices mostly rose [78] - **Strategy View**: Near - term contracts may oscillate, and long - term contracts have uncertain good expectations [79] - **Soybean and Rapeseed Meal** - **Market Information**: Protein meal prices changed, and there were changes in import and inventory data [80][81] - **Strategy View**: Wait and see due to many negative news [82] - **Oils and Fats** - **Market Information**: Oil and fat prices rose, and there were changes in production, inventory, and consumption data [83][84][85] - **Strategy View**: The current fundamentals are weak, but the long - term expectations are optimistic, and wait and see in the short - term [86] - **Sugar** - **Market Information**: Sugar prices oscillated weakly, and there were changes in production and import data [87][88] - **Strategy View**: Wait for the international sugar price to rebound after the northern hemisphere's harvest, and the short - term downward space of domestic sugar prices may be limited [89] - **Cotton** - **Market Information**: Cotton prices rebounded, and there were changes in import, inventory, and production data [90][91] - **Strategy View**: There is room for long - term price increase, and wait for correction to buy [92]

Core Viewpoint - The article highlights the significant growth forecast for Moer Thread's revenue and gross profit by 2025, driven by the booming AI industry and strong demand for high-performance GPUs [2]. Group 1: Financial Performance - Moer Thread anticipates revenue between 1.45 billion to 1.52 billion yuan in 2025, representing a growth of 230.70% to 246.67% compared to 2024 [2]. - The company expects a narrowed net loss of 1.04 billion to 1.15 billion yuan in 2025, with a year-on-year reduction of 29.59% to 36.32% [2]. - This marks the fourth consecutive year of revenue growth and reduced net losses, reflecting the company's improving core competitiveness and accelerated commercialization [2]. Group 2: Technological Advancements - Moer Thread has established a complete, sustainable GPU system through self-designed processes from architecture to software ecosystem, positioning itself as a rare "AI + graphics" dual-driven GPU manufacturer in China [4]. - The company has successfully mass-produced five chips within five years and completed four generations of GPU architecture, creating a diverse product matrix that supports AI, scientific computing, and graphics rendering [4]. - The flagship AI training and inference GPU card, MTT S5000, has achieved market-leading performance and large-scale production, with a floating-point computing capability of 10 Exa-Flops [5]. Group 3: Ecosystem and Collaborations - Moer Thread's MUSA architecture and software stack are highly compatible with international mainstream GPU application ecosystems, significantly reducing developers' migration costs [5]. - The company has validated its capabilities through key collaborations, achieving record performance in large-scale models and demonstrating the effectiveness of its domestic AI infrastructure [6]. - The company has invested over 4.3 billion yuan from 2022 to mid-2025 to support continuous innovation and ecosystem expansion [6]. Group 4: Funding and Future Projects - Moer Thread announced it will use its own funds to meet the financial needs of its fundraising projects, ensuring the smooth progress of GPU R&D [7]. - The funding will focus on three core R&D projects: next-generation AI training and inference chips, graphics chips, and AI SoC chips [7]. - This decision reflects the company's confidence and determination to succeed in the new GPU development cycle, reinforcing its technological barriers in the domestic GPU market [7].

Market News - US stock indices collectively rose, with the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16%. Storage stocks performed strongly, with SanDisk rising over 10% and a year-to-date increase of over 111%. Western Digital rose over 8%, and Micron Technology rose over 6% [1] - The KBW regional bank index increased by 4.7%, marking its best single-day performance since August. Popular Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 2.21% [1] - European indices showed mixed results, with the Stoxx 600 up 0.01% and the Eurozone blue-chip stocks down 0.06% [1] Oil and Commodity Prices - International oil prices saw slight increases, with light crude oil futures for March rising by $0.26 to $60.62 per barrel (0.43% increase) and Brent crude oil futures rising by $0.32 to $65.24 per barrel (0.49% increase) [2] - Natural gas futures rose over 30%, currently at $5.083 per million British thermal units [2] - Gold prices increased by 1.54%, reaching $4836 per ounce, while silver prices fell by 1.45% to $93.17 per ounce [2] Industry Insights - The year marks the beginning of the "14th Five-Year Plan," with the goal of "accelerating the construction of a strong aerospace nation" included in key tasks. A commercial aerospace offshore launch recovery test platform is under construction in Haiyang, Shandong, expected to be completed by February 5 [3] - The satellite internet sector is becoming a new battleground in global technology competition, with the satellite communication industry projected to exceed 200 billion to 400 billion yuan by 2030, with an annual compound growth rate between 10% and 28% [4] - The People's Bank of China is advancing the digital yuan (e-CNY) for cross-border payments, aiming to connect with ASEAN and Middle Eastern countries, potentially bypassing the SWIFT system for 38% of global trade [5] - The global AI industry is rapidly developing, with North American companies investing billions in NVIDIA GPUs. The domestic cloud computing market holds about 20% of the global share, indicating a significant demand for advanced process technology [6] Company Updates - Dongjian Technology announced that a shareholder plans to reduce holdings by up to 10.8 million shares (2.56% of total shares) [7] - Xueqi Electric announced a shareholder intends to reduce holdings by up to 5.49 million shares (3% of total shares) [7] - Jingrui Electric Materials plans to reduce holdings by up to 21.46 million shares (2% of total shares) [7] - Yong'an Futures announced a shareholder intends to reduce holdings by up to 43.67 million shares (3% of total shares) [7] - XinJie Electric announced a senior management member plans to reduce holdings by up to 638,200 shares (0.41% of total shares) [7]

Group 1 - The company, Moore Threads, forecasts a revenue of 1.45 billion to 1.52 billion yuan for 2025, representing a year-on-year growth of 230.70% to 246.67% [1] - The net profit attributable to the parent company is expected to be a loss of 950 million to 1.06 billion yuan, indicating a narrowing of losses compared to the previous year [1] - As of January 21, the company's stock closed at 627.3 yuan per share, with a total market capitalization of 294.849 billion yuan [1] Group 2 - The company has successfully launched the MTTS5000, a flagship AI training and inference GPU card, which has achieved market-leading performance and is in mass production [2] - The company maintains high R&D investment and is still in a phase of continuous R&D, with cumulative losses that have not yet been offset [2] - The GPU industry is characterized by high barriers to entry, significant R&D investment, and long development cycles, requiring extensive full-stack R&D capabilities [2] Group 3 - Over the past five years, the company has successfully mass-produced five chips and completed four generations of GPU architecture, creating a comprehensive product matrix that supports various fields including AI, scientific computing, and graphics rendering [3] - The company announced it will use its own funds to meet the funding needs of its projects, ensuring the smooth progress of GPU R&D [3] - The raised funds will be directed towards three core R&D projects: a new generation of self-controlled AI training and inference chip, a new generation of self-controlled graphics chip, and a new generation of self-controlled AISoC chip [3]

Group 1 - In the beginning of the year, 11 new stocks listed on the Hong Kong Stock Exchange all recorded gains, achieving a "zero break" performance [1] - The average increase in the dark market for new stocks reached 67.8%, while the average first-day increase was as high as 33.7% [1] - New stocks from popular sectors such as GPU, AI, and biomedicine have ignited enthusiasm in the Hong Kong stock market, leading to the best start for the new stock market in recent years [1] Group 2 - Among the new listings, Wallen Technology (06082.HK), known as the "first GPU stock in Hong Kong," saw a first-day increase of 75.82%, while MINIMAX (00100.HK), an "AI large model stock," doubled its stock price on its debut [1] - The listing of these stocks has sparked a mini bull market in the AI application sector of the Hong Kong stock market [1] Group 3 - The company Mingming is currently busy with its IPO, expected to officially list on the Hong Kong Stock Exchange on January 28, with Goldman Sachs and Huatai International as joint sponsors [2] - Mingming is a retail company in the food and beverage sector, boasting a wide range of high-quality products and a significant number of stores, totaling 19,517 across 28 provinces in China by Q3 2025 [2] - By 2024, Mingming is projected to be the largest chain retailer in China by GMV for leisure food and beverage products, and the fourth largest for food and beverage products overall [2] Group 4 - Currently, there are seven companies awaiting IPO approval, including Dazhu CNC, Muyuan Foods, Dongpeng Beverage, Guoen Co., Baige Online, Zhuozheng Medical, and Lanke Technology [3]

Core Insights - The Hong Kong stock market has seen a resurgence in new IPOs, with 11 companies listed in 2026, all experiencing price increases on their debut, marking the best start in recent years for the new stock market [1][2] Group 1: New IPOs and Market Sentiment - The new IPOs include companies from popular sectors such as GPU, AI, and biomedicine, reflecting strong global capital interest in these areas [1][3] - Among the 11 companies listed, 10 had their public offerings oversubscribed by over 100 times, with 6 companies exceeding 1000 times, indicating high investor enthusiasm [1][2] - BBSB INTL, listed on the GEM board, achieved over 10,000 times subscription, with a debut price increase of over 400% [1] Group 2: Performance of Technology Companies - Companies in the tech sector, such as 壁仞科技 and MINIMAX-WP, received exceptionally high subscription rates, with figures of 2347.53 times and 1837.17 times respectively [2] - The performance of new stocks has improved significantly since December 2025, with no major instances of price drops on the first day of trading for the 2026 listings [2] Group 3: Funding and Future Prospects - The new listings have raised substantial capital, with 9 out of 11 companies raising over 1 billion HKD, and 5 companies raising over 4 billion HKD [4] - The pipeline for new listings remains strong, with over 300 companies waiting to go public, primarily in technology, biomedicine, and consumer sectors [4]

Fundraising Performance - In December 2025, 18 new stocks were listed on the A-share market, raising a total of 31.41 billion yuan, marking the highest monthly fundraising since September 2023[4] - For the entire year of 2025, a total of 116 new stocks were listed, raising 131.77 billion yuan, which represents increases of 16% and 96% compared to the same period in 2024, respectively[5] - The monthly fundraising amount in December 2025 exceeded 30 billion yuan, driven by several large projects including Moer Thread and Muxi Co., which raised over 4 billion yuan each[3] Initial Performance of New Stocks - In December 2025, 14 out of 15 new stocks listed on the Shanghai and Shenzhen markets adopted offline issuance, with an average first-day increase of 249%, continuing the upward trend from November[11] - The average first-day increase for new stocks on the Sci-Tech Innovation Board exceeded 300%, with Moer Thread and Muxi Co. seeing increases of over 600% and 400%, respectively[14] - The main board saw an average first-day increase of 200% for its four new stocks, with China Uranium Industry leading at 269%[14] Subscription Returns - In December 2025, the estimated returns for A/B class accounts from new stock subscriptions were 5.48 million yuan and 2.87 million yuan, respectively, marking the highest monthly returns of the year[21] - The returns from the Sci-Tech Innovation Board's new stocks contributed significantly, with the average return for A/B class accounts being 4.71 million yuan and 2.13 million yuan, respectively[21] Investment Strategy and Risks - The current optimal strategy is to participate in low-priced, small-cap new stocks with expected first-day increases exceeding expectations, as well as large-cap stocks with significant offline allocation[22] - Risks include an increased rate of new stock price declines and a potential decrease in subscription success rates, which could impact overall returns[3]

Group 1 - The core viewpoint of the article highlights a surge in IPO activity on the Hong Kong Stock Exchange (HKEX) at the beginning of 2026, driven by a wave of hard-tech companies seeking funding amidst cash flow challenges [2][4]. - Notable IPOs include companies like Wallen Technology, which saw a first-day surge of 94.59%, and several others in the AI and biotech sectors listing within a short timeframe [2][3]. - The article discusses the financial pressures faced by these companies, with significant losses reported in 2025, such as Wallen's loss of 1.6 billion and Zhipu's loss of 2.36 billion, highlighting the urgent need for capital [8][6]. Group 2 - The article explains that the relatively lower listing requirements on HKEX compared to other exchanges, such as the STAR Market and the ChiNext, make it an attractive option for startups [10][11]. - The presence of foreign investment and the ability to navigate complex ownership structures, such as VIE, further incentivize companies to choose HKEX for their IPOs [13][12]. - The article also notes that the HKEX is becoming a strategic battleground in the US-China tech and capital competition, with a significant portion of global dollar liquidity being redirected to Hong Kong [23][24]. Group 3 - The liquidity premium in the biotech sector is emphasized, as HKEX allows companies without commercial revenue to list, which is more favorable compared to A-share requirements [15][22]. - The article illustrates how foreign funds view business development (BD) differently, focusing on the potential for overseas licensing deals rather than just domestic sales, which influences valuation positively [21][20]. - The influx of quality assets and growth potential in HKEX is expected to enhance liquidity and attract more international capital, suggesting a bullish outlook for the Hong Kong market in 2026 [29][28].

Core Insights - Archer Aviation is gaining investor interest due to its ambition to disrupt the $9 trillion low-altitude market with its electric vertical takeoff and landing (eVTOL) aircraft [1] - The partnership with Nvidia aims to enhance aircraft safety and could lead to advancements in AI-managed air traffic routing and aerial autonomous systems [4][9] Group 1: Partnership Details - Archer is utilizing Nvidia's IGX Thor platform to develop tools focused on pilot safety and predictive analytics of flight data [4] - This collaboration marks the second major partnership for Archer, following a strategic relationship with Palantir Technologies [5] Group 2: Market Implications - The partnership may help legitimize Archer in the eyes of institutional investors, who currently view it as a speculative start-up [6] - For Nvidia, collaborating with Archer provides an opportunity to expand its influence in the physical AI market, moving beyond traditional data centers and servers [9]