A-share pre-market report: The United States will stop imposing additional tariffs on Chinese chips in the next 18 months. Beijing has introduced a series of measures for the real estate market.

Pre-market news 1. The U.S. ends the previous government's investigation into Chinese chips without imposing additional tariffs on Chinese chips for the next 18 months Type: Industry Emotional impact: Positive The U.S. government announced that it will impose tariffs on Chinese chips in 2027, ending the trade investigation into Chinese chips initiated by the previous Biden administration. According to U.S. media analysis, despite the U.S. government stating that China's practices in the chip industry "damage U.S. interests," the final decision is not to impose additional tariffs on Chinese chips for at least 18 months. Market analysis believes that the postponement of imposing new tariffs is a new signal from the U.S. government seeking to stabilize U.S.-China relations. 2. Relaxing purchase restrictions again, Beijing introduces a combination of real estate policies! Experts expect many regions to follow similar policies Type: Industry Emotional impact: Positive On December 24, the Beijing Municipal Housing and Urban-Rural Development Commission and four other departments jointly issued the "Notice on Further Optimizing and Adjusting the City's Real Estate Related Policies." The social security or individual income tax payment period for non-Beijing residents to purchase residential properties within the fifth ring road has been reduced from the current "3 years" to "2 years." Industry insiders believe that this new policy optimizes purchase restrictions and accurately matches Beijing's current demand structure. Starting from Beijing, it is expected that Shanghai and Shenzhen will follow similar policies. 3. The central bank: To continue implementing a moderately loose monetary policy and increase countercyclical and cross-cycle adjustment efforts Type: Macro Emotional impact: Positive The People's Bank of China's Monetary Policy Committee held a meeting in the fourth quarter of 2025. The meeting believes that a moderately loose monetary policy should continue to be implemented, and efforts should be increased in countercyclical and cross-cycle adjustments. The meeting pointed out the need to strengthen financial support for key areas such as expanding domestic demand, technological innovation, and small and micro-enterprises. It also emphasized using securities, funds, insurance companies to facilitate exchanges and repurchase of stocks to maintain stability in the capital market. 4. Eight departments issue documents! Financial support to accelerate the construction of the Western Land-Sea New Passage, cross-border payments embrace opportunities Type: Macro Emotional impact: Positive The People's Bank of China and eight other departments jointly issued the "Opinions on Financial Support to Accelerate the Construction of the Western Land-Sea New Passage." It proposes to expand the use of the Renminbi for cross-border transactions, deepen the facilitation of Renminbi settlement for higher-level trade and investment, and support foreign trade enterprises to settle more transactions in Renminbi. Institutions predict rapid growth in the global retail cross-border payment scale by 2032, driving the expansion of Renminbi cross-border payment infrastructure globally. Investment Calendar Xiaomi 17 Ultra press conference held Investment Tips Investment Tips: The most important characteristic of an investor is not intelligence but character. You don't need to have a high IQ, you need a temperament that allows you to remain calm and composed, whether in a group or alone, and be unaffected by flattery or insults. [US] Warren Buffett "Money World" Institutional Views 1. Galaxy Securities: The spring market optimism is worth looking forward to, pay attention to defense in the short term, and optimistic about next year's policy dividends and industrial prosperity direction. 2. Huaxi: This uptrend may not be a short-term rapid rise, and the market height largely depends on the market's acceptance of the new narrative. 3. Orient: The year-end market rebound will continue, and next year's market technology themes will remain the dominant investment theme without a doubt. Positive and negative outlook 1. Siasun Robot&Automation's humanoid robot faces intensive catalyzation! Yunshenchu IPO opens, UBTECH ROBOTICS secures Zhejiang Fenglong Electric and plans to return to A shares Type: Market Hot Topic Shanghai Securities: From AI software to core components, to the manufacturing of Siasun Robot&Automation, each link of the industry chain continues to innovate and make breakthroughs. The humanoid Siasun Robot&Automation is expected to become a disruptive product after computers and smartphones. 2. Samsung and SK Hynix raise prices again! HBM3E memory prices to rise by nearly 20% next year, demand increasing rather than decreasing Type: Market Hot Topic BOC International: From current price trends and the large demand brought by the AI industry wave, there is still significant room for storage prices to rise, and related tracks have high prosperity certainty, focusing on storage modules and controllers. 3. Long March 3 reusable rocket to launch, commercial rockets accelerate into the era of reusability Type: Institutional Hot Comment Soochow: After batch flight verification, commercial rockets are expected to witness a qualitative change brought by quantitative changes in 2026 and witness China entering the era of reusable rockets. It is predicted that in the first half of 2026, China's low-orbit satellite Internet construction will enter a new round of intensive deployment. Announcement Express Slightly positive announcements 1. Kweichow Moutai: Plans to repurchase company shares not exceeding 3 billion yuan 2. Jinhua Chunguang Technology: Secures 43.26 million yuan Siasun Robot&Automation product purchase order from Lexiang Technology 3. Shaanxi Huaqin Technology Industry: Signs a 254 million yuan contract for special functional materials for aircraft fuselage Slightly negative announcements 1. Senton Energy's 9 consecutive boards: If the stock price continues to rise in the future or applies to suspend trading for verification with the Shenzhen Stock Exchange 2. Zhuhai CosMX Battery: Shareholders Ningbo Huijincheng and Zhuhai Lengquan plan to collectively reduce their holdings by no more than 3% of shares 3. Acter Technology Integration Group: There is a significant risk of a large drop in the company's stock trading Overseas Market Self-selected brother reminder: The three major U.S. indexes rose for the fifth consecutive day with the Dow and S&P closing at new highs. Due to Christmas Eve, the U.S. stock market closed three hours early on Wednesday, and it will be closed all day on Christmas Day. Technology stocks as a whole strengthened, with Micron Technology closing up 3.77%, with a year-to-date increase of over 241%. This article is reprinted from "Tencent Self-selected Stocks," GMTEight editor: Feng Qiuyi.