Pre-market report on A shares: NVIDIA Corporation (NVDA.US) announced that it will deliver the H200 chip to Chinese customers before the Spring Festival.

Pre-market news 1. Nvidia announced that it will deliver the H200 chip to Chinese customers before the Spring Festival Type: Industry Sentiment: Positive Multiple sources revealed that Nvidia has informed Chinese customers that it plans to deliver its second-ranked AI chip, H200, to Chinese customers before the Spring Festival in mid-February next year. Nvidia plans to use inventory to fulfill the first batch of orders, with an expected total shipment of 5,000 to 10,000 chip modules, equivalent to about 40,000 to 80,000 H200 chips. However, there is still significant uncertainty regarding whether the delivery can be completed smoothly. 2. China's autonomous driving officially enters mass production! Beijing issues the first batch of L3 vehicle-specific license plates Type: Industry Sentiment: Positive On December 23, the first batch of L3-level autonomous driving vehicle-specific license plates were officially issued to three intelligent connected vehicles in Beijing, marking the first batch of L3-level autonomous driving vehicle-specific license plates issued in China. This indicates that China's autonomous driving vehicles have progressed from testing and demonstration to formal mass production. Research suggests that with the continued increase in Tesla Robotaxi deliveries and the institutionalization of China's L3 vehicle system, the inflection point for advanced autonomous driving industry is accelerating. 3. London copper breaks $12,000, gold rises above $4,500, precious metal bull market continues to expand Type: Market Sentiment: Positive Supported by escalating geopolitical tensions and further rate cuts by the Federal Reserve, gold and silver have once again soared to record highs. As of the time of writing, spot gold broke above $4,500 per ounce for the first time, silver exceeded $71 per ounce. Additionally, London copper broke through $12,000. Citigroup stated that in a "bull market scenario," if the US dollar weakens and further rate cuts increase copper's attractiveness, copper prices may reach $15,000 per ton. 4. Total investment exceeds $120 billion! Three major sub-funds of the national venture capital guidance fund have been established Type: Market Sentiment: Positive According to the Enterprise Check App, the Beijing-Tianjin-Hebei Entrepreneurship Investment Guidance Fund Partnership Enterprise, the Yangtze River Delta Entrepreneurship Investment Guidance Fund Partnership Enterprise, and the Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurship Investment Guidance Fund Partnership Enterprise have been established. Previously, Zheng Zhijie, director of the National Development and Reform Commission, revealed that the state is pushing for the establishment of a "carrier-level" national venture capital guidance fund, which will mainly guide financial capital to invest early, invest small, invest long-term, and invest in hard technology. Investment Calendar 2025 Computing Internet Conference held Investment Tips Investment Tip: Try not to make stupid mistakes, rather than trying to appear clever. Investors with long-term advantages have achieved unimaginable returns by adhering to this principle. Clark's "Investment Ideas of Charlie Munger" Institutional Views 1. Sinolink: Embrace the window period in 2026, continue to be optimistic about AI investments resonating with the global manufacturing industry recovery in industrial resource commodities. 2. Cinda: There is probably still a spring rally before the Spring Festival, allocate to non-banking financial institutions, power equipment, mechanical equipment, etc. 3. Orient: The market as a whole is in a phase of consolidation with reduced trading volume, and the upward momentum is not significant. Trend opportunities need to wait for positive signals. Positive and Negative Prospects 1. An additional 10,000 charging guns at highway service areas, the industry chain welcomes an accelerated construction period Type: Policy Focus CITIC SEC: At the current point in time, driven by the combined efforts of policy, technology, and the market, the profitability model of connected vehicles is becoming increasingly clear, bringing significant market space to related charging equipment companies and resource aggregators. The domestic charging infrastructure is expected to enter a new phase of accelerated construction. 2. Semiconductor Manufacturing International Corporation big news! A price increase of approximately 10% will be implemented for some production capacity Type: Market Hot Topic Zheshang: With domestic equipment breaking through overseas regulatory restrictions, local wafer foundries are accelerating expansion. The rapid development of AI cloud computing infrastructure is opening up demand for advanced computing chips on the cloud side, coupled with the trends of localizing mature process chips and autonomous supply chain, the demand for mature process wafer foundries is gradually resonating. 3. Commercial spaceflight accelerates! Navigation warning issued, rocket launch in the South China Sea Type: Institutional Hot Comment Zhongtai: Commercial spaceflight is entering an intensive catalytic period, with the business climate accelerating. Over the next two years, the world is expected to enter a period of explosive growth in the commercial spaceflight industry, with rapid technological iteration, launch services, satellite networking, and other space missions expected to accelerate. Announcement Express Slightly positive announcements 1. Jiangxi Jovo Energy: Signed relevant agreements with China Great Wall Rocket Company Limited 2. Ningbo Huaxiang Electronic: Subsidiary received an order for joint production from Siasun Robot & Automation 3. Huaxin Building Materials Group: Shareholder Hua Xin Group intends to increase its stake in the company by an amount not less than 2 billion yuan Slightly negative announcements 1. Jiangsu Libert INC.: The company is not involved in controlled nuclear fusion business 2. Shanghai Haohai Biological Technology: Controlling shareholder Jiang Wei fined 14.6292 million yuan by the China Securities Regulatory Commission 3. Antong Holdings: The shareholder Zhongwai Yunheyun's increase in holdings plan may have risks of not meeting expectations Overseas Markets Self-selection brother's reminder: The three major US stock indexes have risen for four consecutive days, with the S&P 500 reaching a new high; large-cap technology stocks have shown strength, with Nvidia up over 3% and Broadcom up over 2%; in terms of Chinese stocks, the Nasdaq China Golden Dragon Index fell by 0.58%. This article is reprinted from Tencent's self-selected stocks, GMTEight Editor: Chen Wenfang.