A-share midday review | The Weipan stock index rebounded by over 2%, and the computing power hardware stocks soared. New stocks on the North Exchange surged by over 500%.

Stock indexes differentiated, ChiNext and Shenzhen Component Index fluctuated and rose. As of the close, the Shanghai Composite Index rose by 0.06%, the Shenzhen Component Index rose by 0.77%, and the ChiNext Index rose by 0.71%. Micro-cap stocks rose more than 2%. Stocks such as Nanjing Huamai Technology, Shenzhen Deren Electronic, Dongguan Mentech Optical & Magnetic, and Shanghai Laimu Electronics all hit limit up; Siasun Robot & Automation concept was active again, Zhejiang Changsheng Sliding Bearings rose by over 15% to hit a historical high, previously Shenzhen Manst Technology rose by limit, Zhejiang Jingxing Paper Joint Stock had 3 consecutive limit up days, Jianshe Industry Group attempted to hit the limit up; the retail sector continued to be strong, Zhongbai Holdings Group had an 11-day consecutive rise, Ningbo Zhongbai and Baida Group Co., Ltd hit limit up; the military industry sector opened higher, Aecc Aero Science And Technology rose by limit; stocks related to WeChat mini stores opened with significant gains, Shenzhen Sea Star Technology had 6 consecutive limit up days. In terms of declines, previously strong banking stocks collectively adjusted in the morning, with Industrial and Commercial Bank of China falling by over 2%, Bank Of Zhengzhou, BANKCOMM, Bank Of China, China Construction Bank Corporation, CITIC BANK followed the decline. In terms of individual stocks, the new listing N Fanzheng on the Beijing Exchange surged nearly 600%. Harson Trading (China) Co., resumed trading with a one-word limit up, intending to acquire 100% of the equity of Chenling Optics and 45% of the equity of Suzhou Langkex. In terms of main funds, funds favored communication equipment, black household appliances, etc.; funds fled from the automobile parts, coking, semiconductor industries, etc. Institutional opinions Looking ahead, China Securities Co., Ltd. stated that based on the current policy actions, the policy vacuum period may be coming to an end, and the market can still maintain a strong and fluctuating pattern. China Securities Co., Ltd.: The policy vacuum period may be coming to an end, and the market can still maintain a strong and fluctuating pattern Based on the current policy actions, the front-loading of policies has already begun, with some policy details continuously being introduced, the policy vacuum period may be coming to an end, and the schedule for major meetings next year has already been set. Although the market is still in a transition phase from expectation to reality, the weight of policy impact will increase, allowing the overall market to maintain its basic pattern of strong fluctuations. CICC: Bullish on the continuous release of enthusiasm in ice and snow tourism consumption and the potential development of top destinationss According to CICC, bullish on high-quality development of ice and snow economy under policy support, becoming an important growth point for expanding domestic demand. Recently, a series of ice and snow economic support policies have been issued, balancing the upgrading of the supply side and direct stimulus of the demand side, and emphasizing industry chain cooperation, which is expected to promote high-quality development of the ice and snow economy. At the same time, local governments are vigorously promoting the development of ice and snow consumption, such as the series of measures by Harbin government driving the success of "Erbin." Bullish on the continuous release of enthusiasm in ice and snow tourism consumption and the potential development of top destinations. The Asian Winter Games will be held in Harbin in February 2025, combined with policies promoting ice and snow tourism since November-December, we are optimistic about the continuous release of enthusiasm for ice and snow travel. Guotai Junan: Byte humanoid Siasun Robot & Automation iterates with body large model Bullish on the competition of intelligent models algorithm by Byte with body According to Guotai Junan, Byte's second-generation Siasun Robot & Automation large model GR-2 has preliminary world-class model capabilities, showing excellent performance in grabbing randomly placed items. Byte's Siasun Robot & Automation exploration began in 2020, with about 50 people in the Byte Siasun Robot & Automation team in 2023, and nearly 100 FAE personnel in the Siasun Robot & Automation team in 2024, with AMR (mobile Siasun Robot & Automation) team accounting for 2/3 and general intelligent models accounting for 1/3. At the same time, Byte is building hardware capabilities, and the domestic supply chain is expected to provide support in engineering capabilities. Hot sectors 1. Computing power hardware stocks continued to rise Computing power hardware stocks continued to rise, with copper cables, high-speed connectors, and optical modules leading the way. Broadex Technologies, Anhui Xinke New Materials, Baosheng Science And Technology Innovation, Nanjing Huamai Technology, Shenzhen Deren Electronic, Dongguan Mentech Optical & Magnetic, Shanghai Laimu Electronics, and many other stocks hit the limit up. Comment: According to a research report by China Securities Co., Ltd., both domestic and foreign large factories have maintained rapid upgrades and iterations of large models, quickly enhancing model capabilities, leading to the explosive expansion of the foundation infrastructure of computing power.Demand, it is expected that by 2025, various technology giants will still maintain a high level of capital expenditure intensity, and it is recommended to pay close attention to the overseas and domestic computing power industry chain.2. Retail sector continues to show strong performance The retail sector continues to show strong performance, with Zhongbai Holdings Group hitting the limit up for 11 consecutive days, and Ningbo Zhongbai and Baida Group Co., Ltd also hitting the limit up. Commentary: On the news front, the Ministry of Finance reiterated that it will increase fiscal spending next year to stimulate consumption and support economic growth. The Ministry of Commerce has recently deployed policies to boost consumption, bringing significant positive news to the retail industry. It emphasizes the need to boost consumption, innovate consumption scenarios, and expand service consumption. 3. Siasun Robot & Automation concept is active again The Siasun Robot & Automation concept is active again, with Zhejiang Changsheng Sliding Bearings hitting a historical high with over 15% increase, and Shenzhen Manst Technology hitting the limit up before. Zhejiang Jingxing Paper Joint Stock has hit three consecutive limit ups, and Jianshe Industry Group is also aiming for a limit up. Commentary: On the news front, Yushu Technology recently released a promotional video for its B2-W industrial-grade robot dog, which unlocked more skills. Musk also reposted the video of Yushu Technology's B2-W robot dog on social platform X. 4. Ice and snow tourism sector sees widespread gains The ice and snow tourism sector sees widespread gains, with Dalian Sunasia Tourism Holding rising by 4%, Changbai Mountain Tourism by over 3%, Zhongxing Shenyang Commercial Building Group, Jiangsu Jingxue Insulation Technology, and Beijing Sanfo Outdoor Products by over 2%, and Impulse(Qingdao)Health Tech, Bingshan Refrigeration & Heat Transfer Technologies, and Heilongjiang Transport Development by over 1%. Commentary: Data from Ctrip shows that in December, the search volume for ice and snow-related products continues to rise. Harbin remains at the top of the list for ice and snow tourism search popularity, followed by Changchun, Shenyang, Snow Village, and Mohe.