Group 1: Company Developments - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream event, which has been postponed to January 3 due to illness, with a promise to give away 15 Xiaomi 17 Ultra phones as compensation [2] - Huawei's rotating chairman Meng Wanzhou reported that over 36 million devices are running HarmonyOS 5.0 and highlighted the company's contributions to 5G-A networks, serving 60 million users [4] - Kuaishou's Vice President Zhou Guorui is rumored to be leaving the company, with no official response from Kuaishou as of the report [5] Group 2: Industry Milestones - Tesla announced the production of its 9 millionth electric vehicle at its Shanghai Gigafactory [6] - CATL plans to build 1,325 battery swap stations by 2025, exceeding its targets, with plans for over 3,000 stations by 2026 [7] - SoftBank has fully completed its $40 billion investment commitment to OpenAI, indicating a strong focus on the AI sector [8] Group 3: Market Activities - Didi expects over 80 million ride requests on December 31, driven by various travel demands, and has introduced incentives for drivers during the holiday period [9] - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for China's largest DRAM manufacturer [12] - MiniMax has started its Hong Kong IPO process, with a total subscription amount of approximately 2.723 billion HKD from 14 cornerstone investors [13] Group 4: Technological Innovations - Micron's wireless charging chips have been successfully integrated into AI smartphones developed in collaboration with ByteDance and ZTE [11] - Tencent has launched and open-sourced its translation model 1.5, supporting 33 languages and 5 dialects, available for edge deployment [16] - Non-invasive brain-computer interface technology was applied for the first time in a national sports event, showcasing advancements in assistive technology [17]

Group 1: Company Developments - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream event, which has been postponed to January 3 due to illness, with a promise to give away 15 Xiaomi 17 Ultra phones as compensation [2] - Huawei's rotating chairman Meng Wanzhou reported that over 36 million devices are running HarmonyOS 5.0 and highlighted the company's contributions to 5G-A networks, serving 60 million users [4] - Kuaishou's Vice President Zhou Guorui is rumored to be leaving the company, with no official response from Kuaishou as of the report [5] - Tesla announced that its 9 millionth electric vehicle rolled off the production line at its Shanghai Gigafactory [6] - CATL plans to build 1,325 battery swap stations by 2025, exceeding its targets, and aims to establish over 3,000 stations by 2026 [7] - SoftBank has fully completed its $40 billion investment commitment to OpenAI, indicating a strong focus on the AI sector [8] - Didi expects over 80 million ride requests on December 31, driven by various travel demands, and has introduced incentives for drivers during the holiday period [9] - Samsung has reportedly received U.S. approval to ship chip manufacturing equipment to its factories in China starting in 2026 [10] - Micron's wireless charging chips have been successfully integrated into AI phones developed in collaboration with ByteDance and ZTE [11] - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for China's largest DRAM manufacturer [12] - MiniMax has begun its Hong Kong IPO process, with a total subscription amount of approximately 2.723 billion HKD from 14 cornerstone investors [13] - Cao Cao Mobility announced the acquisition of 100% stakes in Yao Mobility and Geely Business Travel for a total cash consideration of approximately 225 million yuan [14] Group 2: Product and Technology Innovations - Qingtian Rental launched a "1 yuan instant rental" service, aimed at making robotic applications more accessible for businesses [15] - Tencent released and open-sourced its translation model 1.5, supporting 33 languages and 5 dialects, with options for edge deployment [16] - Non-invasive brain-computer interface technology was applied for the first time in a national sports event, showcasing its potential in competitive settings [17]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a net inflow of funds through the Stock Connect, totaling 4.84 million, with the Shanghai and Shenzhen Stock Connects contributing 2.83 million and 2.01 million respectively [1] - The semiconductor and robotics sectors showed strength, with the Hang Seng Index rising by 0.86% to 25,854.6 points on a subsequent trading day [1][3] Key Company Performances - Baidu Group-SW saw an increase of 8.9%, attributed to its expansion into the UK with autonomous vehicles and the anticipated ramp-up of its self-developed AI chip, Kunlun [1] - Semiconductor Manufacturing International Corporation (SMIC) rose by 4.2%, while China National Offshore Oil Corporation (CNOOC) increased by 4.0% [1] - Tencent Holdings repurchased approximately 6.36 billion HKD worth of shares, indicating confidence in its stock [11] Investment Opportunities - The report emphasizes the importance of technology self-reliance as a core theme for future Hong Kong stock market performance, particularly in sectors like artificial intelligence, semiconductors, and industrial software [3] - It is recommended to focus on leading companies in the technology sector, which are expected to benefit from medium to long-term growth opportunities [3] - The report suggests continued attention to undervalued state-owned enterprises with high dividend yields and upstream non-ferrous metal sectors benefiting from anticipated interest rate cuts by the Federal Reserve [3] Industry Trends - The report highlights that Chinese automotive companies are projected to surpass Japanese manufacturers in global new car sales for the first time, with a year-on-year increase of 17% expected [9] - The software and information technology services industry in China is performing well, with advancements in "5G + industrial internet" and "HarmonyOS" expanding the software empowerment landscape [9]

Group 1 - China successfully launched the Tianhui-7 satellite on December 30, 2025, using the Long March 4B rocket, marking the 622nd flight of the Long March series [1] - The Tianhui-7 satellite is primarily used for geographic information surveying, land resource census, and scientific research [1] Group 2 - The Ministry of Education aims to build a self-controlled AI model for education during the 14th Five-Year Plan period, focusing on platform, data, AI tools, and policy consistency [2] - Key initiatives include advancing integrated data support systems, promoting AI in education, enhancing digital literacy among teachers and students, and contributing to global digital education governance [2] Group 3 - Huawei reported that over 36 million devices are using HarmonyOS 5.0 and above, and the Kunpeng ecosystem has developed 3.8 million developers [3] - The company has supported 60 million users with 5G-A networks and has over 1.6 million installations of the openEuler operating system [3] Group 4 - The National Development and Reform Commission and the Ministry of Finance announced continued support for the renewal of new energy city buses and power batteries in 2026 [4] - The subsidy standards will follow the guidelines established in the 2025 implementation details for new energy city buses [4] Group 5 - Qianzhao Optoelectronics announced breakthroughs in radiation resistance for its flexible space solar cell products, enhancing satellite stability in space [5] - The lightweight nature of these solar cells helps reduce satellite weight and launch costs, with a focus on expanding international market presence [5] Group 6 - XPeng Motors' CEO stated that true fully autonomous driving will arrive in 2026, skipping L3 and moving directly from L2 to L4 [6] - The Ultra version of XPeng's vehicles will achieve next-generation autonomous driving capabilities, similar to the transition seen in smartphones with the introduction of the iPhone [6] Group 7 - Four departments, including the Ministry of Industry and Information Technology, released a plan to accelerate AI applications in the automotive industry, focusing on key manufacturing processes [7][8] - The initiative aims to integrate AI in research, production, and management, and to create intelligent demonstration production lines in the automotive sector [7][8] Group 8 - The Ministry of Industry and Information Technology issued guidelines to promote the deployment of cutting-edge technologies like AI and 400G/800G optical transmission in internet exchange centers [9] - The focus is on enhancing network efficiency and smart operations while supporting the development of key technologies through collaboration among industry, academia, and research [9] Group 9 - The National Energy Administration held a meeting to discuss the construction of high-quality charging infrastructure for electric vehicles, aiming for a three-year doubling of service capacity [10] - The plan includes improving coverage in residential and rural areas and enhancing safety management in the charging infrastructure sector [10] Group 10 - The first fire power holding-type real estate ABS in China was listed on the Shanghai Stock Exchange, led by GCL Group, with a project scale of 5.46 billion yuan [11] - The funds raised will be directed towards clean energy technology research and will help optimize financial structures and support major strategic projects [11]

"面向未来，智能化变革浪潮奔涌，这是我们面临的长期战略机遇。从战略方向到战场胜利的这条道路，遍布暗礁与险阻，但我们别无选择，唯有迎难而 上。" 鸿蒙5.0以上终端设备超过3600万 5G-A、鸿蒙5.0、乾崑智驾、鲲鹏、昇腾……这些"关键词"成为华为2025年成绩单的亮点。 孟晚舟介绍，2025年，华为助力运营商建设5G-A网络，为6000万用户提供极速网络联接体验；鸿蒙生态体验加速从"可用"到"好用"，鸿蒙5.0以上终端设 备超过3600万；乾崑智驾累计为140多万辆乘用车装上智慧大脑，辅助驾驶里程近70亿公里。 2025年，鲲鹏已发展6800多家合作伙伴、380万开发者，openEuler系操作系统累计装机量超过1600万套；昇腾已发展3000多家合作伙伴、400万开发者， Atlas 900超节点规模服务于互联网、金融、运营商、电力等行业，共同构牢算力根基。 同时，华为更深入行业，在医疗病理、炼钢炉温预测、油气勘探等领域探索AI应用落地，共创行业新价值；与绿色能源客户并肩前行，累计生产绿电超 过2万亿度，节电1500亿度，减排10.6亿吨，相当于种植14.5亿棵树。 战略聚焦以质取胜 面向未来，智能化变 ...

0:00 在2026年华为将聚焦的主战场中，孟晚舟提到了强化行业垂直作战、构建开源开放的鲲鹏昇腾生态、繁 荣鸿蒙生态以及重构AI数据中心多个方面。"从战略方向到战场胜利的这条道路，遍布暗礁与险阻，但 我们别无选择，唯有迎难而上。最终的胜利，属于那些敢于挺身而出、勇于自我批判的奋斗者。"孟晚 舟表示。 12月30日上午，华为官方公众号发布了轮值董事长孟晚舟的2026年新年致辞《追风赶月莫停留，平芜尽 处是春山》。在致辞中，孟晚舟表示，这一年华为助力运营商建设5G-A网络，为6000万用户提供极速 网络联接体验；鸿蒙生态体验加速从"可用"到"好用"，鸿蒙5.0以上终端设备超过3600万。 ...

格隆汇12月30日｜华为今日上午发布2026年新年致辞。华为副董事长、轮值董事长、CFO孟晚舟在新年 致辞中表示，过去这一年，我们助力运营商建设5G-A网络，为6000万用户提供极速网络联接体验；在 生态伙伴的支持下，鸿蒙生态体验加速从"可用"到"好用"，鸿蒙5.0以上终端设备超过3600万；鲲鹏已 发展6800多家合作伙伴、380万开发者，openEuler系操作系统累计装机量超过1600万套；昇腾已发展 3000多家合作伙伴、400万开发者，Atlas900超节点规模服务于互联网、金融、运营商、电力等行业， 共同构牢算力根基。 ...

Core Viewpoint - Huawei officially unveiled the Mate X7 foldable smartphone, showcasing its new "super reliable folding Xuanwu architecture" which enhances durability against water, drops, pressure, and impacts [4][7]. Group 1: Product Launch and Features - The Mate X7 is set to be launched on November 25, 2025, with the slogan "The more it unfolds, the more it excites" [7]. - The device will feature the new Kirin 9030 processor and support for second-generation Red Maple imaging technology, positioning it as the most powerful foldable smartphone in terms of imaging capabilities [7]. - The camera specifications include a 50MP main sensor with two size options (1/1.56 inches and 1/1.3 inches), a physical variable aperture, a 50MP periscope telephoto macro camera, and a multispectral camera, all with high waterproof standards [7]. Group 2: Market Performance - In the first half of 2025, the Chinese smartphone market saw shipments of 140 million units, a year-on-year decline of 0.6%. However, Huawei led the market with 25.4 million units shipped, achieving a market share of 18.1% [9]. - Huawei's foldable smartphone segment performed exceptionally well, with 3.74 million units shipped in the first half of 2025, capturing 75% of the market share and becoming the first Chinese brand to exceed 10 million cumulative shipments of foldable phones [9]. Group 3: Ecosystem Development - As of June 2025, the HarmonyOS ecosystem has expanded significantly, with over 1,200 product types and more than 1.19 billion total devices. The number of developers has surpassed 7.2 million, and over 25,000 applications and services are available [9].

Core Viewpoint - The rise of Cambrian, an AI chip company, reflects the growing optimism in China's AI sector amidst external pressures from the U.S. aimed at curbing China's technological advancements [1][3][4]. Group 1: U.S. Pressure and China's Response - The U.S. perceives AI as a zero-sum game, implementing export controls to hinder China's AI development while promoting its own innovation [3][4]. - In response to U.S. restrictions, the Chinese government has shown a strong commitment to self-reliance and AI development through policy initiatives [6][7]. - The U.S. strategy inadvertently creates opportunities for Chinese companies to innovate and strengthen their market positions [4][8]. Group 2: Cambrian's Competitive Edge - Cambrian has developed advanced technology, with its SiYuan 590 chip achieving 80% of the performance of NVIDIA's A100 while reducing power consumption by 15% [9]. - Despite being on the U.S. entity list, Cambrian has continued to innovate and commercialize its AI chips, demonstrating resilience in a challenging environment [9]. - The company's significant investment in R&D, exceeding its revenue from 2017 to 2024, highlights its commitment to technological advancement [9][10]. Group 3: Strategic Vision and Market Position - The founders of Cambrian, Chen Tian Shi and Chen Yun Ji, possess a unique strategic vision, having proposed AI chip development as early as 2010 [10][12]. - Their ability to anticipate market needs and position Cambrian in the "domestic substitution" trend has garnered investor confidence [10][12]. - The current market dynamics favor technology stocks over consumer stocks, indicating a shift in capital allocation towards innovative companies like Cambrian [17][18]. Group 4: Challenges Ahead - Cambrian faces challenges such as reliance on a few major clients and significant performance gaps compared to NVIDIA's advanced chips [15][16]. - The company has acknowledged potential market bubbles and urged investors to remain cautious [14]. - The path ahead for Cambrian is expected to be long and challenging, requiring continuous innovation and adaptation [16].

Core Viewpoint - The automotive industry in China is experiencing intense competition, with companies like NIO and Li Auto facing challenges in pricing, technology, and market positioning. The focus is shifting towards survival and pragmatic strategies rather than just aggressive marketing and high-end positioning [4][50]. Group 1: NIO's Strategy - NIO's founder, Li Bin, acknowledged the difficulties of the pure electric vehicle market and emphasized the importance of survival, stating that maintaining profitability is crucial for the company [4][50]. - At the launch of the new ES8, NIO introduced a significant price reduction of 120,000 yuan, indicating a shift in strategy to remain competitive in a price-sensitive market [50][51]. - Li Bin's comments about potentially pursuing range-extended vehicles reflect a pragmatic approach to market demands while maintaining a commitment to pure electric technology [8][49]. Group 2: Li Auto's Challenges - Li Auto faced backlash over a marketing incident involving a collision test with a truck, leading to public apologies and discussions about competition and respect within the industry [4][35]. - The company is navigating a complex landscape of compliance and public perception, highlighting the need for clear boundaries in marketing and product demonstrations [5][35]. Group 3: Industry Dynamics - The concept of "wheelbase ratio" introduced by Xiaomi sparked controversy, with industry experts questioning its validity and emphasizing the need for accurate technical specifications in marketing [5][22]. - The automotive evaluation landscape is criticized for becoming overly commercialized, with calls for more objective and user-focused assessments to maintain consumer trust [19][20]. Group 4: Broader Industry Trends - The automotive sector is witnessing a shift towards valuing long-term strategies and sustainable practices over short-term gains, as highlighted by various industry leaders [4][50][55]. - The competitive environment is forcing companies to adapt quickly, with a focus on cash flow and operational efficiency becoming paramount for survival [4][50].