A-share pre-market broadcast | The policy of trading in old for new in 2026 was announced, and four departments published documents to promote the digital transformation of the automotive industry.

Pre-market News 1. The policy of replacing old with new in 2026 was announced, involving automobiles, mobile phones, tablets, smart glasses, etc. Category: Macro Emotional impact: Positive The National Development and Reform Commission and the Ministry of Finance jointly issued a document clarifying the scope of support, subsidy standards, and work requirements of the "two new" policies in 2026. There are mainly four types of national subsidies in 2026, namely, automobile scrappage, automobile replacement, household appliances and digital products, and smart products. Compared with the national subsidies in 2025, the categories of home decoration and electric bicycles were omitted. The digital national subsidy targets four categories of products, including mobile phones, tablets, smart watches, smart bracelets, and smart glasses, adding smart glasses compared to 2025. 2. The US government has issued licenses approving Samsung and SK Hynix to export chip manufacturing equipment to China Category: Industry Emotional impact: Positive According to Reuters, sources revealed that Samsung and SK Hynix have received approval from the United States to export chip manufacturing equipment to China in 2026. After revoking some technology companies' exemptions from exporting chip manufacturing equipment to the United States earlier this year, the United States temporarily relaxed restrictions on Korean companies. 3. Four departments issue documents to promote the digital transformation of the automobile industry and promote the large-scale application of intelligent Siasun Robot & Automation Category: Industry Emotional impact: Positive The Ministry of Industry and Information Technology and four other departments jointly issued the "Implementation Plan for the Digital Transformation of the Automobile Industry." The plan proposes to organize industry "artificial intelligence+" application actions, select a batch of artificial intelligence innovative application benchmark cases; promote the large-scale application of intelligent Siasun Robot & Automation in welding, painting, final assembly, etc., and create a demonstration production line with intelligent manufacturing in the automobile industry. 4. Federal Reserve meeting minutes: Most officials support further rate cuts, but there are significant disagreements on policy paths Category: Macro Emotional impact: Neutral The minutes of the Federal Reserve meeting show that internal disagreements may be far greater than voting differences. Most participants believe that if inflation stabilizes and decreases, further rate cuts will be made in the future. However, some participants also indicated that after lowering the target range in the December meeting, it may be appropriate to "stand pat" for a while. Investment Calendar China's December PMI data will be released Institutional Views 1. The Pacific Securities: The slope of the subsequent expected market rise is expected to be steeper, and technology remains the main theme likely to achieve excess returns. 2. Zheshang: At the beginning of the year, in the vacuum period of policy implementation and performance disclosure, the growth style of small and medium-sized market capitalization may show performance. 3. Orient: The last trading day is not expected to have major fluctuations, focusing on recent hot topics such as Siasun Robot & Automation. Positive and Negative Prospects 1. The VAT rate for second-hand housing transactions is reduced to 3%, benefiting millions of home buyers Category: Policy Focus GF SEC: Mainland China's real estate industry is likely to usher in a window of policy adjustment opportunities in 2026, and mainstream development companies have absolute profit opportunities. Leading property + commercial enterprises, long-term value is also undervalued, and has more configuration value in a weak policy environment. 2. Changxin Technology rushes to the Sci-Tech Innovation Board IPO, planning to raise 29.5 billion yuan to increase investment in the DRAM industry Category: Market Hot Discussion Orient: Changxin Storage is expected to increase its production capacity by nearly 50% in 2025. As a core enterprise in the mainland China DRAM industry chain, Changxin Technology's IPO is expected to expand its business through listing financing, benefiting the industrial chain upstream and downstream. 3. National Bureau of Statistics: In 2026, efforts will be made to promote digital construction in China, releasing the value of data elements Category: Policy Focus Soochow: China has gradually achieved cost reduction for computation power, model fairness, and data is expected to be the main driver of China's AI industry's overtaking in corners. It is recommended to focus on data infrastructure, data labeling, data operation-related targets, and companies with unique high-quality data sets. Announcement Express Slightly positive announcements 1. China Yangtze Power: Plans to distribute 2.10 yuan for every 10 shares, with a total cash dividend of 5.138 billion yuan 2. Zijin Mining Group: Expected net profit to increase by 59%-62% year-on-year in 2025 3. Qinghai Yanhu Industry: Plans to acquire a 51% stake in Minmetals Salt Lake for 4.605 billion yuan in cash Slightly negative announcements 1. Ningbo TIP Rubber Technology: Suspended for verification from December 31 2. Jiamei Food Packaging: If the stock price continues to rise abnormally, the company may apply for suspension for verification 3. Zhejiang XCC Group: Recently reduced its total share capital holdings by 2.73% Overseas Markets Own Brother's Reminder: The three major indexes of the US stock market fell for three consecutive days, and silver, copper, and other metals showed a significant rebound from historical highs. Large technology stocks fluctuated, with Intel and Meta rising by more than 1%; Chinese concept stocks had mixed ups and downs, and the Nasdaq Golden Dragon Index fell slightly by 0.27%. This article is reprinted from "Tencent Self-selected Stocks", GMTEight editor: Huang Xiaodong.