GMT EIGHT - OPPORTUNITIES IN CHINA

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%.

Funds are shifting! AI frenzy suddenly encounters cold water from Oracle's financial report, Dow Jones Industrial Average soars 1.3% as cyclical stocks stage a comeback.

The US stock market closed higher in volatile trading, Oracle's (ORCL.US) latest financial report rekindled concerns about whether technology companies can profit from their artificial intelligence investment plans, while the S&P hit a new closing high.

Guotai Haitong: Accelerating the landing of AI on the edge, focusing on the investment opportunities brought by 3C industry chain companies entering the humanoid Siasun Robot & Automation track.

Guotai Junan Securities released a research report stating that the 3C supply chain is benefiting from the recovery of its own industry cycle and the accelerated penetration of AI at the end edge, bringing growth.

Overnight US stocks | Oracle Corporation (ORCL.US) suffered a sharp drop of nearly 11%, dragging down the Nasdaq, while Bitcoin dropped back to $93,000.

As of the close, the Dow rose 646.26 points, an increase of 1.34%, to 48704.01 points; the Nasdaq fell 60.30 points, a decrease of 0.25%, to 23593.86 points; and the S&P 500 index rose 14.31 points, an increase of 0.21%, to 6900.99 points.

HK Bull/Bear Outstanding Qty Ratio(61:39) | December 12th

As of December 12th, the latest bull-bear street market ratio of the Hang Seng Index is 61:39.

OpenAI releases GPT-5.2 to fully counterattack Alphabet Inc. Class C (GOOG.US, GOOGL.US) Gemini 3 and accelerate the seizing of the enterprise AI market.

OpenAI's brand new artificial intelligence model GPT-5.2 officially launched.

Broadcom (AVGO.US): The Q4 2025 financial report achieved revenue of $18.015 billion, compared to $14.054 billion previously and an expected value of $17.475 billion; earnings per share were $1.95, compared to $1.42 previously and an expected value of $1.72.

Musk is brewing the "craziest IPO in history"! When SpaceX lands on the market, will the U.S. stock market move from the "Mag7" era to the "Great Eight Heroes" era?

Is the "Magnificent 7" of the US stock market upgrading to the "Great 8"? Can SpaceX break through in the high valuation IPO graveyard - the trillion-dollar valuation frenzy of SpaceX will face off with the curse of high valuations.

Oracle Corporation (ORCL.US) deals a blow to AI faith overnight! The US stock market's "Christmas market" adds another variable

Wall Street's focus on Oracle has shifted from "order growth" to "actual order conversion efficiency" and "overall company profit margin."

Preview of US Stock Market | Three major stock index futures fall together, Oracle's performance reignites concerns about the AI bubble, and the market waits quietly for Broadcom's earnings report after hours.

Before the US stock market opened on Thursday, December 11th, futures for the three major US stock indexes all fell.

The European Central Bank plans to streamline the banking industry regulatory framework but explicitly refuses to lower capital buffer requirements.

The European Central Bank proposed a simplification of banking industry regulations on Thursday, planning to streamline the complex regulatory rules introduced after the global financial crisis, while maintaining the overall regulatory intensity.

Hang Seng Greater Bay Area Stock Connect Software and Semiconductor Index will be renamed. Companies such as Webnovel (00772) and Meitu (01357) will be included, while Semiconductor Manufacturing International Corporation (00981) and HUA HONG SEMI (01347) will be removed.

On December 11, Hang Seng Index Company announced that the Hang Seng Stock Connect Software and Semiconductor Index would be renamed as the Hang Seng Stock Connect Software Theme Index. The renaming of the index and related changes to the constituent stocks will be effective on December 16, 2025.

When the agent workflow begins to disrupt traditional business models, the software stocks of "AI + cloud data platform" are rising.

"The AI + cloud data intelligent platform is transitioning from the 'grand narrative stage' to the 'performance and cash flow realization growth stage', and the embryonic form of the 'super bull market' surrounding these stocks is accelerating."

In less than 24 hours, more than 50 billion yuan was splurged! Why are major technology giants increasing their investments in India's AI track?

In less than 24 hours, both Microsoft and Amazon have promised to invest over $50 billion in India's cloud services and artificial intelligence infrastructure.

Interest rates for Hong Kong dollars are generally falling, with overnight rates dropping to 1.59929%.

On December 11th, the Hong Kong Dollar Interbank Offered Rate (HIBOR) generally decreased, with the overnight rate reported at 1.59929%, down by 2.535 basis points.

ZTE Corporation (00763) is currently communicating with the US Department of Justice on relevant matters and will resolutely defend its rights through legal means.

ZTE Corporation (00763) announced that the Board of Directors is aware of recent media reports regarding the company's compliance investigation under the U.S. Foreign Corrupt Practices Act. The company is currently in communication with the U.S. Department of Justice on this matter, and will resolutely defend its rights through legal means.

CSPC PHARMA (01093): CSPC Pharma has submitted its listing application to the Hong Kong Stock Exchange.

China Stone Pharmaceutical Group (01093) announced that, on December 10, 2025, Stone Pharmaceutical Innovation submitted an application to the Hong Kong Stock Exchange for listing, proposing to list H shares. Upon the completion of the proposed H shares listing, Stone Pharmaceutical Innovation will remain an indirect subsidiary of the Company.

BILIBILI-W (09626) issued 3000 shares of Z class common stock due to the exercise of stock purchase rights.

Bilibili-W (09626) announced on December 10, 2025, that 3000 shares of Class Z common stock were issued due to eligible participants (excluding directors of the Company) exercising stock purchase rights under the 2018 stock incentive plan.

HUITONGDA NET (09878) AI strategy consistently recognized by industry, "AI+SaaS" empowers urban and rural commercial upgrades.

Huizhongda Network's AI strategic layout has been continuously recognized by the industryfollowing its selection in the "Industrial AI Top 30" list of Yibang Power Annual, it also won the "Most Valuable AI Company" award at the "10th Intelligent Finance and Economics Listed Company Awards Ceremony".

The Hong Kong Monetary Authority has lowered the base interest rate by 25 basis points to 4%.

On December 11th, the Hong Kong Monetary Authority announced that the base rate is set at 4.00% according to a predetermined formula, with immediate effect.

CICC: It is expected that the Federal Reserve will cut interest rates twice in 2026, but the pace of rate cuts is slowing down.

The bank maintained its previous assessment of the future interest rate path, suggesting that the Federal Reserve may cut rates twice in 2026, but at a slower pace. The bank may stay on hold in January and the next rate cut could occur in March.

Strategy (MSTR.US) stock price plummeted by 60% but still receives support from Wall Street! Analysts bet on Bitcoin rebound.

Strategy's stock price suffered a sharp decline, falling by as much as 60%, leading to a significant decrease in market value, evaporating $73 billion.

24-hour uninterrupted supply and zero carbon emissions! This geothermal energy startup has been favored by Alphabet Inc. Class C (GOOGL.US).

The geothermal energy startup Fervo is attracting new investors, including Google. As AI consumes power like crazy, geothermal energy is becoming the new battery for tech giants.

Sprint Hong Kong stock connection final examination window: HAIXI PHARMA (02637) "market value safety cushion" and market language.

A market value boost operation staged as a rehearsal for "entry into the market".

Intel Corporation (INTC.US) has had its fine reduced by 1.4 billion euros by the European Court of Justice: the once record-breaking penalty has been reduced.

Intel received an additional reduction of nearly 140 million euros (163 million dollars) in the record-breaking EU antitrust fine.

New Stocks Outlook | AI Server Demand Drives High Performance Wus Printed Circuit's Sprint in "A+H" Layout of Global High-End PCB Market

Hushi Electronics Co., Ltd. (002463.SZ) has officially submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation and HSBC acting as joint sponsors.

JP Morgan reiterated its "overweight" rating on Marvell (MRVL.US): Microsoft Corporation and Amazon.com, Inc. orders are secured until 2026, market speculation is just "noise."

J.P. Morgan reiterated its "overweight" rating on Maywell Technology, with a target price of $90.

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Cao Cao is traveling: the group's business operations are normal and he is not aware of any reasons for the changes in stock prices and trading volume.

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Poland's Minister of Finance: As of the end of November, the funds in Poland's foreign exchange account amounted to 48.7 billion euros.

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Rocket Lab stock price falls by 5%.

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Netflix's CEO is defending the acquisition of Warner Bros and reiterating their commitment to ensuring that Warner Bros films continue to be released in theaters. They stated, "We believe this is a victory for the entertainment industry, not an end. This deal is about growth: Warner Bros brings businesses and capabilities that we don't have, so there will be no business overlap or studio closures. We are strengthening one of Hollywood's most iconic studios, supporting jobs, and ensuring a healthy future for film and TV production. In the past, we have not prioritized theatrical releases because it is not Netflix's main business. But after the deal is complete, we will officially enter the theatrical distribution field."

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