GMT EIGHT - OPPORTUNITIES IN CHINA

Wuyi Vision (06651) will commence its IPO from December 18 to December 23, and is expected to be listed on December 30.

Wuyi Vision (06651) will be listed from December 18th to December 23rd, 2025. The company plans to globally sell 23.9752 million shares, with 5% of the shares sold in Hong Kong and 95% sold internationally. There is also an additional 15% over-allotment option. The selling price per share is 30.5 Hong Kong dollars, with 200 shares per lot. It is expected that the shares will start trading on the Stock Exchange on December 30th, 2025.

Sunac (03317) will be open for subscription from December 18th to December 23rd, and is expected to be listed on December 30th.

Xunze (03317) will conduct its IPO from December 18 to December 23, 2025. The company plans to globally issue 22.5 million shares, with 10% of the shares offered in Hong Kong and 90% internationally. There will also be a 15% over-allotment option. The offering price is set at HK$48 to HK$55 per share, with 100 shares per board lot. The shares are expected to start trading on the Stock Exchange of Hong Kong on December 30, 2025.

The Bank of Japan is expected to raise interest rates to a 30-year high, and forward guidance will be the focus of the market.

The market generally expects that after the two-day policy meeting, the Bank of Japan will raise the overnight call rate by 25 basis points to 0.75%.

US Stock Market Move | Jabil Inc.(JBL.US) pre-market trading up more than 7% as first quarter performance exceeds expectations and full year guidance is raised.

On Wednesday, JBL Technology (JBL.US) rose over 7% in pre-market trading, reaching $228.0 as of press time.

Nebius (NBIS.US) launches the new generation AI cloud platform powered by NVIDIA Corporation's Blackwell Ultra chip to compete with CoreWeave.

Nebius launched version 3.1 of its AI cloud platform featuring Nvidia's Blackwell Ultra technology.

Interest rate cut trading recedes, traders are betting that the loose monetary policy in Europe is coming to an end.

The market expects Europe to end its rate-cutting actions.

Northbound funds | Northbound trading recorded a net buying of 7.909 billion yuan, with domestic capital rushing to buy technology stocks all day, and increasing holdings of CSOP Hang Seng TECH Index ETF (03033) by over 700 million Hong Kong dollars.

On December 17th, the Hong Kong stock market saw net purchases of 7.909 billion Hong Kong dollars by Northbound investors, with a net purchase of 2.218 billion Hong Kong dollars through the Shanghai-Hong Kong Stock Connect and 5.691 billion Hong Kong dollars through the Shenzhen-Hong Kong Stock Connect.

The issuance structure lays the groundwork: Behind the first day net outflow of over 80 million Hong Kong dollars for HASHKEY HLDGS (03887)

This kind of "institution selling, retail investors buying" transfer of chips may increase the volatility of stock prices in the future.

AI programming is sweeping the globe! Lovable's valuation has more than tripled since July, making it one of the most valuable startups in Europe.

The Swedish AI programming startup Lovable's valuation is approximately $6.6 billion in the latest round of financing. This represents a 266% increase in valuation from the previous round of financing, marking the end of a year of explosive growth for the company.

111, Inc. Sponsored ADR Class A (YI.US) releases third quarter financial report for 2025: Achieved Non-GAAP operating profit for three consecutive quarters, and achieved positive operating cash flow for the quarter.

On December 17th, 1 Drug Network officially released its performance report for the third quarter of 2025.

AI infrastructure boom Goldman Sachs reshapes TMT investment banking landscape! Betting on the trading torrent of the "computing power era"

Goldman Sachs announced the active restructuring of its technology investment banking team amidst the flourishing development of global AI computing infrastructure.

New stock news | Siasun Robot & Automation has passed the hearing of the Hong Kong Stock Exchange. The home Siasun Robot & Automation system products have been commercialized.

According to the disclosure by the Hong Kong Stock Exchange on December 16, Womai Robotics (Shenzhen) Co., Ltd. (referred to as Womai Robotics) has conducted a listing hearing on the Main Board of the Hong Kong Stock Exchange, with Guotai Junan and Huatai International as joint sponsors.

New Stock News | Zhuzheng Medical Passed the Hearing of the Hong Kong Stock Exchange, Focusing on Serving the Middle to High-end Medical Service Market.

According to the disclosure by the Hong Kong Stock Exchange on December 16th, Zhenro Medical Holdings Limited (Zhenro Medical) underwent a listing hearing on the main board of the Hong Kong Stock Exchange, with Haitong International and Pu Yin International serving as joint sponsors.

Atlanta Fed President warns of inflation stickiness and opposes rate cuts that are too rapid.

Atlanta Fed President Bostic said that Federal Reserve policymakers should still focus on controlling inflation.

Wash comes from behind! Market predictions show that the probability of him being nominated as the Federal Reserve Chairman is higher than Hassett.

On the prediction platform Kalshi, data provided by traders on Monday showed that the probability of Wash being nominated is about 46%, slightly higher than Hassett's 39%.

AMD President Su Zifeng led a senior executive team to visit LENOVO GROUP, hinting at a possible upgrade in collaboration in the field of AI for both parties.

AMD President Su Zifeng led the executive team to visit Lenovo Group, and the cooperation in the AI field between the two parties may be upgraded.

Microsoft Corporation (MSFT.US) has freed itself from its reliance on OpenAI, and Copilot is the "ace" that Wall Street is optimistic about as it aims towards a market value of 5 trillion.

Microsoft (MSFT.US) may still be deeply intertwined with OpenAI, but Wall Street believes that the true story is that the former has begun to dance alone in the thriving AI world.

Left hand explosive short drama, right hand comic drama breakthrough: China Literature (00772) IP ecology opens up the value reassessment of a new cycle.

With the company's rapid evolution in terms of "quantity" and "quality" of short plays, the internet literature giant Yuewen Group is also expected to have the opportunity to reshape its value.

Moody's warns: US banks' loans to non-bank institutions increase by 26%, hidden systemic risks present

According to Fitch Ratings data, the US banking industry is increasing its credit exposure to private credit companies, private equity firms, and hedge funds. As of November, the loan volume to these non-bank financial institutions has increased by 26% year-on-year.

Chen Yiting: Hong Kong Stock Exchange is handling listing applications from over 300 companies for 2026.

As of 2025, Hong Kong's new stock market has welcomed more than 100 listed companies (including the two largest IPOs globally this year), with total financing exceeding HK$270 billion. Looking ahead to 2026, there are currently over 300 companies with IPO applications being processed by the Stock Exchange.

"They put words in my mouth" - Malicious editing triggers sky-high lawsuit! Trump claims $100 billion from BBC.

Trump sues BBC for $5 billion, claiming that the documentary "Panorama" constitutes defamation.

Chinese Railways: From January to November, the national railway transported 4.28 billion passengers, reaching a historical high for the same period.

From January to November this year, the number of railway passengers in the whole country reached 4.28 billion, a year-on-year increase of 6.6%, hitting a record high for the same period in history.

A shares morning stock market express | Index weak shock! Retail sector active again Dairy concept strong again

As of 9:38, the Shanghai Composite Index fell by 0.51%, the Shenzhen Component Index fell by 0.58%, and the ChiNext Index fell by 0.66%.

Volvo's "cut off" deal a fatal blow! Laser radar giant Luminar (LAZR.US) goes bankrupt, owing a staggering $1 billion.

After losing its contract with Volvo Cars, Luminar filed for bankruptcy protection in the Southern District of Texas on Monday.

SINOHYTEC (02402) plans to offer a discount of about 14.99% to sell up to 8.88 million shares, raising approximately 1.98 billion Hong Kong dollars.

Yihuatong (02402) announced that on December 16, 2025 (before the trading session), the company entered into a placing agreement with the placing agent. According to this agreement, the placing agent has conditionally agreed to use its best endeavors to encourage at least six placing persons to subscribe for up to 8.88 million new H shares at the placing price. The placing price of each H share is HKD 22.68, which represents a discount of approximately 14.99% to the closing price of HKD 26.68 per H share reported on the Stock Exchange on December 15, 2025 (the last trading day and the placing price determination date).

US Stock Market Move | Stock prices continued to fall, with Broadcom Inc. (AVGO.US) dropping over 4%, and its high growth performance being questioned.

After a significant drop of over 11% in stock price last Friday, Broadcom (AVGO.US) fell over 4% again on Monday, closing at $344.96.

Intensified competition and heavy tariffs make self-rescue impossible! Siasun Robot & Automation, the originator of iRobot (IRBT.US), filed for bankruptcy and plummeted dramatically before the market opened.

Robot, the manufacturer of Roomba robotic vacuum cleaners, filed for Chapter 11 bankruptcy protection in a Delaware court last Sunday and stated that it will be privatized after being acquired by its main manufacturer, Picea Robotics.

It is expected to deliver over 5 billion Starlink chips in the next two years! Commercial space travel may become a new growth engine for STMicroelectronics NV ADR RegS (STM.US).

The commercial space boom is driving demand for professional chips that can handle high data rates and survive in the harsh environment of space.

Middle Finger Research Institute: It is expected that the trend of differentiation in the real estate market will continue in 2026. "Good cities + good houses" still have structural opportunities.

According to the calculation of the index finger, in a neutral situation, it is estimated that the sales area of newly built commercial housing nationwide will decrease by 6.2% compared to the previous year in 2026, with a narrower decrease than this year. The market differentiation trend continues, and there are still structural opportunities for "good cities + good houses".

Copper price skyrocket approaching $12,000! AI data centers ignite a "red metal" battle, supply chain has sounded the alarm.

Due to the soaring demand for data centers required by artificial intelligence, combined with supply shortages outside of the United States, copper prices are approaching the $12,000 per ton mark.

A-share mid-day trading | Index fluctuates weakly, retail and insurance stocks rise Ping An Insurance up nearly 5% to a 4-year high

In early trading, the index showed a weak oscillation, with over 2600 stocks trading higher. The half-day trading volume reached 1.2 trillion yuan, a decrease of 52.93 billion yuan compared to yesterday.

The hawkish noise of the Federal Reserve cannot suppress buying pressure! Wall Street is firm in its "gold faith" and the price of gold is expected to rise for the fifth consecutive time.

Since the beginning of the year, the price of gold has risen by more than 60%, while the price of silver has doubled - both metals are expected to achieve their best annual performance since 1979.

National Bureau of Statistics: The value added of large-scale industries increased by 4.8% in November 2025.

In November, the value added of industrial enterprises above designated size increased by 4.8% year-on-year (the growth rate of value added is the actual growth rate after deducting price factors). From a month-on-month perspective, in November, the value added of industrial enterprises above designated size increased by 0.44% compared to the previous month. From January to November, the value added of industrial enterprises above designated size increased by 6.0% year-on-year.

National Bureau of Statistics: From January to November, the total fixed asset investment in the country was 44.4035 trillion yuan, a decrease of 2.6% year-on-year.

In January to November 2025, the national fixed asset investment (excluding rural households) was 44,403.5 billion yuan, a year-on-year decrease of 2.6% (calculated on a comparable basis).

Shock absorbers in the midst of AI panic! The Indian stock market in 2026 may become an important tool to hedge against the risk of an AI bubble.

As people's concerns about the bursting of the artificial intelligence bubble intensify, India is attracting the attention of global fund managers seeking diversified stock investment portfolios.

Countdown to the burst of the AI bubble? The trading logic surrounding AI is moving from "pure grand narrative" to "real returns."

Wall Street foresees that an artificial intelligence bubble is about to emerge and bets on which factors/events/moments might burst it. Technology giants that dominate most of the expenditures in the AI field have abundant resources, but the high costs of developing AI and whether consumers are willing to pay for AI services have raised doubts about the industry's future.

Data storm is coming! The bond market debates the script of the Fed's rate cut in 2026.

The debate in the US government bond market surrounding the extent of future interest rate cuts by the Federal Reserve is heating up as a series of key economic data is set to be released soon.

Relaxed and Healthy (02661) will be open for subscription from December 15th to December 18th. It is expected to be listed on December 23rd.

EasyHealthy (02661) will begin its IPO from December 15th to December 18th, 2025. The company plans to globally issue 26.54 million shares, with 10% allocated for sale in Hong Kong and 90% for international sale. There is also an additional 15% over-allotment option. The offer price is set at HKD 22.68 per share, with a minimum subscription of 200 shares. The shares are expected to start trading on the Hong Kong Stock Exchange on December 23rd, 2025.

Hansaitai-B (03378) will be open for subscription from December 15 to December 18, and is expected to be listed on December 23.

Hanson Energy-B (03378) will be listed from December 15th to December 18th, 2025. The company plans to globally issue 18.321 million shares, with 10% allocated for sale in Hong Kong and 90% allocated for international sale. The offering price per share is set at 28-32 Hong Kong dollars. Each lot consists of 100 shares, and it is expected that the shares will begin trading on the Hong Kong Stock Exchange on December 23rd, 2025.

Nobi Co., Ltd. (02635) will be accepting public subscriptions from December 15th to December 18th, with an expected listing date of December 23rd.

Nubecan (02635) will be listed from December 15 to December 18, 2025. The company plans to globally issue 3.7866 million shares, with 10% allocated for sale in Hong Kong and 90% for international sale. There is also an additional 15% over-allotment option. The offer price per share is set at 80-106 Hong Kong dollars, with a minimum subscription of 50 shares. It is expected that the shares will start trading on the Stock Exchange of Hong Kong on December 23, 2025.

Cui Dongshu: Overall strong trend in the national automobile market in 2025, the popularity of new energy commercial vehicles is on the rise.

Driven by the national promotion fee policy, the automobile market maintains strong growth, and by 2025, the overall trend of the national automobile market remains strong, with a significant rebound in the truck market and the passenger car market.

Super Central Bank Week is Coming! Japan Leading the Way to Raise Interest Rates, Developed Countries Central Banks Cutting Interest Rate Cycle Coming to an End, Will the Federal Reserve Lower Interest Rates Alone Next Year?

In 2025, global monetary policy is facing a critical turning point: next week, the Bank of Japan is poised to raise interest rates, the UK may see its last interest rate cut, and Europe remains unchanged. If the Federal Reserve continues to cut interest rates next year, it will be "fighting alone," and global central bank policy differences will intensify. Wall Street warns that the pressure for depreciation of the US dollar is accumulating, and it may be difficult to resist a decline in 2026.

"Space travel" CEO expressed support, predicting a sharp increase in the market's probability of Powell being appointed as the new chairman of the Federal Reserve.

The probability of former Federal Reserve Governor Warsh becoming the next Federal Reserve Chairman has surged, with his chances of winning in the prediction market soaring by 24 percentage points. Previously, JP Morgan CEO Dimon supported Warsh to be the next Federal Reserve Chairman, calling him a "great chairman." At the same time, Trump may be choosing between "two Kevins" - Kevin Warsh and Kevin Hassett - as Powell's successor.

New stock news | Oudong New Energy submitted an application to the Hong Kong Stock Exchange, becoming China's largest independent third-party electric exchange solution provider.

On December 12th, Orsted New Energy Co., Ltd. (hereinafter referred to as "Orsted New Energy") submitted an application to the Hong Kong Stock Exchange main board.

Preview of US Stock Market | The three major stock index futures fluctuated, with Broadcom's financial report failing to boost technology stocks.

Before the US stock market on Friday, December 12, the futures of the three major US stock indexes rose and fell unevenly.

Google and OpenAI staged an "AI peak showdown"! Three major investment themes run through this celestial battle: DCI, optical interconnection, and storage.

In the background of parallel expansion of the "Google Chain (OCS/TPU)" and "OpenAI Chain (NVIDIA IB/Ethernet/GPU)", the certainty of capital expenditure focuses most intensely on three main lines: DCI (interconnection across parks/data centers), optical interconnection (high-speed optical links/devices in data centers, including OCS/CPO/pluggable) + storage (data base and).

China Automobile Power Battery Industry Innovation Alliance: In November, the total output of power and other batteries in China increased by 49.2% year-on-year.

The China Automotive Power Battery Industry Innovation Alliance releases the November monthly information on power batteries.

Divesting over 60 billion from non-core businesses, the truth behind the market's misunderstanding of Metallurgical Corporation of China (01618)

With a separation of over 60 billion yuan, focusing on the main business but not favored by the market, China MCC (01618) saw its stock price plummet by 21% after a public announcement, leading to a market value reduction of over 10 billion Hong Kong dollars.

Zhang Yidong: China's stock market opportunities are comparable to real estate after 1998. I suggest investors lay out two main lines and be patient in going long.

The United States relies on debt expansion to drive market prosperity, with the federal government's debt soaring and the leverage ratio exceeding 120%, facing huge pressures of repayments and interest payments every year. Therefore, from a monetary perspective, there is a strong demand for interest rate cuts in the United States, and it is expected that the dollar will continue to weaken next year. The Federal Reserve will further loosen monetary policy.

A-share closing review | Index hits bottom and rebounds! Precious metals are active repeatedly, and power grid equipment strengthens

As of the close, the Shanghai Composite Index rose by 0.41%, the Shenzhen Component Index rose by 0.84%, and the ChiNext Index rose by 0.97%.

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Hedge funds are pouring into commodities, and Point72 also wants to get a piece of the action.

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Vanke's 3.7 billion yuan medium-term note extension proposal is released, with six proposals awaiting shareholder vote.

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Beilian Holdings (02671.HK) will be accepting applications for its initial public offering from December 18th to December 23rd. It is expected to be listed on the stock market on December 30th.

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CITIC Securities Construction: The structural opportunity of express delivery is still "reducing costs throughout the entire chain".

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New stock news | Xunce Technology passed the hearing of the Hong Kong Stock Exchange and ranks fourth in China's real-time data infrastructure and analysis market share.

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