Morning News

# Source: Wall Street Insights

## Market Overview

U.S. stocks edged higher further in the shortened trading session ahead of Christmas. Initial jobless claims fell last week. The VIX dropped to 14, hitting its lowest level since early December 2024. All sectors of U.S. stocks advanced on Wednesday except for the energy sector, with consumer staples leading the gains. Nike rose 4.6%, and Apple CEO Tim Cook purchased $3 million worth of the company's stock.

U.S. Treasury yields declined across the board, with the 10-year yield falling 2.73 basis points.

The U.S. dollar once slid to a nearly three-month low, then fluctuated upward and ended 0.23% higher than its intraday low. The RMB staged a three-day winning streak and neared the key 7.00 level at one point.

Cryptocurrencies were weak: Bitcoin fell 1.5% at one point before rebounding to trade flat, while Ethereum still posted a slight decline after a rebound.

Gold once broke above $4,500, but under the pressure of profit-taking, the gold price dropped 1.7% from its intraday high. Silver fluctuated at high levels, and WTI crude oil traded below $58.5.

During the Asian trading session, A-shares and H-shares closed higher across the board. Precious metals performed strongly, the commercial aerospace and semiconductor sectors were active, and the offshore RMB was on the verge of breaking the 7.00 mark.

## Top News

1.  **PBOC Q4 Quarterly Meeting**: Continue to implement a moderately loose monetary policy and strengthen counter-cyclical and cross-cyclical adjustment.

2.  **Beijing's New Property Market Policies**: Relax purchase restrictions for non-local households and support housing demand of multi-child families.

3.  **Bessent Hints at Fed's Future Direction**: Inflation "target range system", scrapping the "dot plot", supporting the Treasury Department, and returning to the "backstage".

4.  **U.S. Job Market Rebounds Ahead of Christmas**: Initial jobless claims came in at 214,000 last week, a slight decrease from the previous reading.

5.  **Musk Predicts Double-Digit U.S. Economic Growth Within 18 Months**: AI to be the key driver.

6.  **Silver LOF Hits Trading Limit Again Intraday! Some Investors Receive "Abnormal Trading" Warnings and Will Be Under Key Surveillance. Silver Arbitrage "Takes Social Media by Storm", and "Fat Finger Trade" Alerts Also Emerge!**

7.  **Report**: NVIDIA Signals Plan to Deliver H200 Chips to Chinese Clients Before Spring Festival. $20 Billion Acquisition of AI Chip Startup Groq? NVIDIA Denies: Only a Reasoning Technology License Agreement Reached.

8.  **Intel Plunged as Much as 5% in Pre-Market Trading**: Report says NVIDIA has suspended plans to test Intel's 18A process.

## Market Closing Quotes

### European and U.S. Stock Markets

- S&P 500 Index: +0.32%, closed at 6,932.05 points (a new all-time closing high)

- Dow Jones Industrial Average: +0.60%, closed at 48,731.16 points (a new all-time closing high)

- Nasdaq Composite Index: +0.22%, closed at 23,613.307 points

- Europe STOXX 600 Index: -0.01%, closed at 588.70 points

### A-Shares

- Shanghai Composite Index: closed at 3,940.95 points, +0.53%

- Shenzhen Component Index: closed at 13,486.42 points, +0.88%

- ChiNext Index: closed at 3,229.58 points, +0.77%

### Bond Market

- U.S. 10-year Treasury Yield: fell 2.93 basis points to 4.1335%

- U.S. 2-year Treasury Yield: fell 3.06 basis points to 3.5014%

### Commodities

- COMEX Gold Futures: -0.01%, closed at $4,505.40 per ounce

- COMEX Silver Futures: +1.04%, closed at $71.875 per ounce

- WTI Crude Oil Futures (February contract): closed at $58.35 per barrel

- Brent Crude Oil Futures (February contract): closed at $62.24 per barrel

# Detailed Top News

## Global Headlines

**PBOC Q4 Quarterly Meeting**: Continue to implement a moderately loose monetary policy and strengthen counter-cyclical and cross-cyclical adjustment. The meeting noted that it will comprehensively employ various tools to enhance monetary policy regulation, and tailor the intensity, pace and timing of policy implementation based on domestic and international economic and financial conditions as well as the operation of financial markets. It will maintain ample liquidity, align the growth of aggregate social financing and money supply with the expected targets for economic growth and overall price levels, and keep the overall social financing costs running at a low level.

**Beijing's New Property Market Policies**: Relax purchase conditions for non-local households and support housing demand of multi-child families. First, ease purchase restrictions for non-Beijing registered households. The required social security or individual income tax payment period for non-local families to buy commercial housing within the Fifth Ring Road is reduced from the current 3 years to 2 years; for purchases outside the Fifth Ring Road, the period is cut from 2 years to 1 year. Second, support housing needs of multi-child families. Families with two or more children are allowed to purchase an additional commercial housing unit within the Fifth Ring Road. Specifically: Beijing-registered multi-child families can buy up to 3 commercial housing units within the Fifth Ring Road; non-local multi-child families who have paid social security or individual income tax continuously for 2 years in Beijing can purchase up to 2 commercial housing units within the Fifth Ring Road.

**Yellen Hints at Fed’s Future Direction**: Inflation "target range regime", scrapping the "dot plot", supporting the Treasury Department, and returning to the "backstage". U.S. Treasury Secretary Janet Yellen expressed support for re-examining the Federal Reserve’s 2% inflation target after inflation steadily falls back to that level. Yellen suggested that once the inflation target is re-anchored, discussions could be held to shift it to a target range, such as 1.5%-2.5% or 1%-3%. She criticized quantitative easing as an "engine of inequality", advocating that central banks step back behind the scenes, reduce interventions, and coordinate closely with treasury departments.

**U.S. Job Market Rebounds Ahead of Christmas**: Initial jobless claims came in at 214,000 last week, a slight decrease from the previous reading. Although the number of continuing jobless claims edged up to 1.923 million, it remained significantly below the year’s high level. Overall data indicated that the labor market remains resilient, with corporate layoffs staying at a low level.

**Musk Predicts Double-Digit U.S. Economic Growth Within 18 Months**: AI to be the key driver. Elon Musk forecast that the U.S. economy will enter a period of double-digit growth within the next 12 to 18 months. He stated that if applied intelligence is regarded as a proxy indicator for economic growth, "triple-digit growth could be achieved in approximately five years".

**Silver LOF Hits Trading Limit Again Intraday! Some Investors Receive "Abnormal Trading" Warnings and Will Be Under Key Surveillance. Silver Arbitrage "Takes Social Media by Storm", with "Fat Finger Trade" and "Abnormal Trading" Alerts Emerging!**

On December 24, SDIC UBS Silver LOF was suspended from trading for one hour in the morning session. Upon resumption, it hit the upward trading limit immediately, with an intraday gain of 9.99% as of the midday close. In addition to fund companies repeatedly warning of premium risks, regulators and securities firms are also monitoring the "abnormal trading" of this product.

An epic short squeeze in silver has triggered a speculative frenzy, with SDIC Silver LOF being hunted by capital, surging with consecutive daily limits and seeing its premium soar to as high as 68% at one point, even triggering "fat finger trades". Fund managers have urgently hit the brakes by imposing purchase limits to issue warnings, but the high premium combined with the T+2 trading mechanism has amplified arbitrage illusions, and a liquidity trap is pushing this carnival toward a risk storm center.

**Report**: NVIDIA Signals Plan to Deliver H200 Chips to Chinese Clients Before Spring Festival. According to the Global Times, sources stated that NVIDIA plans to deliver its second-highest performance H200 chips to Chinese customers in mid-February next year. The company intends 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 approximately 40,000 to 80,000 H200 chips. However, there remains significant uncertainty over whether the H200 chip deliveries can proceed smoothly.

**$20 Billion Acquisition of AI Chip Startup Groq? NVIDIA Denies: Only a Reasoning Technology License Agreement Reached**. NVIDIA stated that it will integrate Groq’s products into its own offerings. Groq announced that it has entered into a non-exclusive license agreement allowing NVIDIA to use its reasoning technology, and will remain independently operated. The founder, president and other team members of Groq will join NVIDIA to assist in advancing this technology. If the reported transaction size is accurate, NVIDIA’s acquisition would nearly triple Groq’s valuation compared to its financing round completed three months ago.

**Intel Plunged as Much as 5% in Pre-Market Trading**: Report says NVIDIA has suspended plans to test Intel's 18A process. NVIDIA has suspended the testing of Intel’s 18A manufacturing process, sending Intel’s shares tumbling 5% in pre-market trading. Although Intel claimed that its 18A and next-generation 14A technologies are progressing smoothly, the market has raised doubts about the competitiveness of the company’s advanced manufacturing processes. This move may affect its competitive position against TSMC in the foundry sector. Earlier, Intel received a $5 billion equity investment from NVIDIA, but no manufacturing commitments were secured.

**Trump Vows to "Ensure Space Superiority" — Will U.S. "Space Stocks" Become the Next "Quantum Technology"?** Donald Trump signed an executive order to establish a lunar base strategy. Coupled with the appointment of a Musk ally as NASA administrator, the valuation of the U.S. space sector has been re-rated, with its total market capitalization tripling in one year. Goldman Sachs is bullish on the prospects of commercial aerospace and defense contractors, and SpaceX’s expected IPO next year will further push market sentiment to a climax. Space technology is emerging as a new investment frenzy track.

**Newly Listed "Space Concept" Stock Starfighters Space Captures All Attention, Operating the World’s Only Commercial Supersonic Fleet**. The newly listed space concept stock Starfighters Space has seen extreme share price volatility recently. After surging 371% on Monday, it plummeted nearly 60% on Tuesday and fell more than 4% on Wednesday. Market analysts believe that the low free float and speculative business prospects are the main reasons for the extreme stock price fluctuations. The company operates the world’s only commercial supersonic fleet. Although it raised $40 million through its IPO, financial data shows that it has recorded no operating revenue in the past three years.

## Alpha Summit

**Kevin Wang, Clocktower Group**: The End of the Old Order and Global Asset Rebalancing Amid the U.S. Dollar’s "Great Bear Market". Kevin Wang pointed out that the U.S. new National Security Strategy marks the end of the old order, which will trigger global asset reallocation. He believes that the U.S. dollar has entered the biggest bear market in history, with a potential depreciation of nearly 40% over the next 5-8 years, forcing investors to withdraw from dollar-denominated assets. Against this backdrop, Chinese assets, which are severely under-allocated, may present the biggest "short squeeze" opportunity. Meanwhile, the gold bull market is not over, and silver holds even greater potential. Investors need to be wary of the risk of a Fed policy shift amid recurring inflation in 2026, as U.S. stocks are already in the "final leg of the bull market".

**Kevin Wang, Clocktower Group**: Silver is the Highest Conviction Trade Currently. If the Fed "Dares" to Cut Rates Amid Inflation, Silver Will "Skyrocket". Kevin Wang argued that if the Federal Reserve is forced to cut interest rates while inflation remains elevated, it will replicate the stagflation scenario of the 1970s, and silver prices may surge to unprecedented heights. He also made a subversive prediction: global central banks may have no choice but to include silver in their reserve assets in the future to hedge against fiat currency credit risks.

**Commodities Roundtable Dialogue**: The "Buy the Dip" Logic for Gold Remains Intact in 2026, Silver is Pricing in Inflation Risks in Advance, and the Biggest Risk Next Year Lies in the U.S. Market. Chen Dapeng stated that many global geopolitical uncertainties have not disappeared, and the logic of buying gold on dips will remain valid next year. Tian Yaxiong believes that AI investment will continue, inflation may unfold comprehensively, U.S. dollar credit will be impaired, the U.S. dollar index may break below the 80-70 range, commodities may react in advance, and silver is already pricing in risks ahead of time. Xu Tao warned that the biggest risk next year is the U.S. market; a sharp volatility there will lead to significant adjustments in commodities, but a "major dip" could present a good buying opportunity.

**Zhang Yu, Huachuang Securities**: 2026 Will Be the First Year of Awakening for the Allocation Value of China’s Stock Market, with Midstream Manufacturing as the Most Definitive Theme. Zhang Yu argued that in 2026, China’s capital market is expected to break the stereotype of "frequent bull runs but rare slow bulls" and enter a phase of allocation characterized by low volatility and high Sharpe ratio. Supported by three key drivers — rising export competitiveness, the implementation of anti-cutthroat competition policies, and global technological competition — the midstream manufacturing sector will see increased independence in its prosperity cycle. In terms of asset allocation, Zhang Yu believes that a "simultaneous bull market in stocks and bonds" is unlikely in 2026, and the core of allocation lies in seizing the asymmetric volatility between stocks and bonds.

## Selected Research Reports

**Veteran Tech Analyst: NVIDIA is Actually Very Cheap**. A Bernstein research report pointed out that NVIDIA’s valuation has fallen to a historically low level, with its forward price-to-earnings ratio dropping below 25 times, representing a rare discount relative to the semiconductor industry. Despite the recent stagnation in its share price, its earnings forecasts have been continuously revised upward, and new architectures such as Blackwell are in the pipeline. Analysts believe that the current moment is an excellent buying opportunity, with a target price of $275.

**Morgan Stanley’s Heavyweight Robotics Yearbook: Autonomous Driving is on the Eve of an Outbreak, with China Taking the Lead**. Morgan Stanley’s report argued that autonomous driving is on the verge of a breakout. Leveraging its advantages in electric vehicle scale and data, China accounts for 60% of the global L2+ autonomous driving market, taking a leading position. In the U.S., there is a technical route competition between Waymo’s hardware redundancy approach and Tesla’s pure vision solution. It is projected that by 2050, the number of autonomous driving vehicles worldwide will exceed 700 million, completely reshaping the way people travel.

**The Rings of the Kondratieff Wave: Marching Toward 1978 — Embrace a Historic Bull Market in Commodities and A-Shares**. Western Securities believes that the current super cycle of commodities led by non-ferrous metals indicates that the U.S. may repeat the "second round of inflation" seen in 1978, while China may resemble Japan’s recovery after 1978, entering a phase of economic recovery and a long-term stock market bull run driven by manufacturing and consumption. The report recommends seizing this historic "ice-fire transition" opportunity and allocating to pro-cyclical sectors, including non-ferrous metals, new consumption (tourism, duty-free retail, etc.) and high-end manufacturing (new energy, innovative drugs, domestic computing power, etc.).

**Metal Industry Opportunities from a Kondratieff Wave Perspective: Gold Breaking Through and Black Metal Valuation Re-rating**. The Du Hui team at Guosheng Securities believes that the Kondratieff cycle determines the historical trend of the monetary system shifting from credit standard to metal standard, highlighting the financial attributes of precious metals such as gold. Meanwhile, fiscal expansion and consumption recovery during China’s economic transition period will enhance the commodity attributes of metals. After a long period of supply-side consolidation in the black metal industry, asset prices are in an undervalued range. Driven by the resonance of the late stage of the Kondratieff depression and China’s economic recovery, the sector boasts significant strategic allocation value.

**RMB Appreciation: Driven by a "Foreign Exchange Settlement Wave"?** The recent rapid appreciation of the RMB has been attributed by the market to the "year-end foreign exchange settlement wave". However, a Shenwan Hongyuan report pointed out that during the fastest appreciation period in October-November, the bank foreign exchange settlement ratio did not rise but fell, and various market indicators showed no signs of a settlement wave. The report argued that the early stage of this round of appreciation was mainly guided by the central bank’s counter-cyclical adjustments, while the recent gains have moved in tandem with the weakening U.S. dollar. Although seasonal foreign exchange settlement patterns may provide support in January, the risk of a U.S. dollar rebound and the central bank’s intention to "smooth out" exchange rate fluctuations may affect the pace of the RMB breaking through the 7.0 mark.

# Domestic Macro

Eight government departments have jointly issued a statement on providing financial support for accelerating the development of the New Western Land - Sea Corridor (NWLSC). The Opinions propose establishing a comprehensive financial service platform named "PBOC Western Land - Sea Smart Finance Link" covering all provinces (autonomous regions and municipalities) along the corridor. It supports investors from ASEAN countries in making investments and reinvestments within China in Renminbi, encourages RMB - denominated pricing and settlement for bulk commodity transactions, and backs border ports in Yunnan, Guangxi, Inner Mongolia, Tibet, and Xinjiang to carry out foreign exchange settlement business through agents for border residents' mutual trade. It also calls for strengthened inter - departmental coordination to promote the sharing of information across the entire chain of mutual trade, including transactions, settlements, and customs declarations.

South Korea's business community is preparing to send a delegation to visit China. South Korean media report that the heads of the country's four major conglomerates - Samsung, SK, Hyundai, and LG - are likely to all participate. As reported, these four conglomerate leaders are expected to visit China as part of an economic delegation in early next year. During the visit, the delegation will take part in events such as the China - ROK Business Forum, sign memorandums of understanding on economic cooperation, and hold one - on - one business negotiations. Artificial Intelligence (AI) and the automotive sector will be the two key areas where the South Korean economic delegation will focus and seek cooperation breakthroughs this time.

## Domestic Companies

### Jiangxi Copper Secures Top - Tier Copper - Gold Mine in South America with Over $1.1 Billion Acquisition of SolGold

Jiangxi Copper made three offers within the past month, and the final acquisition price represents a 43% premium over SolGold's stock price before the first offer was made. This acquisition will enable Jiangxi Copper to take control of the Cascabel project, which holds large undeveloped copper - gold deposits in South America. SolGold's stock price has surged by more than 30% in the month since the offer was first announced.

### CATL's Jianxi Jianxiawo Lithium Mine Expected to Resume Production Around Spring Festival

Sources close to Contemporary Amperex Technology Co., Limited (CATL) revealed to Jiemian News that the mining project of the Zhenkouli (Yifeng County) - Jianxiawo (Fengxin County) lithium mine, operated by Yichun CATL New Energy Mining Co., Ltd., is expected to resume production around the Spring Festival. Back in August this year, CATL stated on the investor interaction platform that mining operations at the Jianxiawo lithium mine project were suspended after its mining license expired on August 9.

### Industrial Chain Map of China's Commercial Aerospace: Foundation Layer - Network Layer - Frontier Layer

TF Securities holds the view that commercial aerospace has entered a new phase of "integration of space and ground, and deep space expansion", forming a three - tier industrial structure. The "Foundation Layer", centered on reusable rockets, is led by China and the United States. The "Network Layer", featuring low - Earth orbit (LEO) satellite constellation networking, is building a new type of globally - covered information infrastructure. The "Frontier Layer", aimed at space resource development, is projected to drive the global deep - space economy to reach a scale of one trillion US dollars by 2040, serving as a core engine for fostering new - quality productive forces.

## Overseas Macro

The US dollar is on track to record its worst annual performance since 2003, with a sharp drop of nearly 10%. The divergence in global central bank policies is fueling this slump. Mounting expectations of interest rate cuts by the Federal Reserve, coupled with political uncertainties, have triggered a historic sell - off of the US dollar. Its annual decline of nearly 10% is drawing it close to its worst performance in two decades. In contrast, central banks like the European Central Bank, the Reserve Bank of Australia, and the Reserve Bank of New Zealand are adopting hawkish stances, leading to a general strengthening of non - US currencies and a record - breaking rally in gold prices. The Japanese yen has emerged as a new focus in the market due to the risk of exchange rate intervention.

Japan's Finance Minister has repeatedly emphasized the "discretionary power" to intervene in the foreign exchange market, suggesting that the United States supports such intervention to prevent a collapse of Japan's government bond market. By stressing this discretionary power, the minister has heightened market expectations of intervention, with the 160 level of USD/JPY regarded as a critical defensive line. Nomura Securities analysts note that this tough rhetoric may imply tacit approval from the United States. The underlying motivation could be Washington's desire to avoid the spillover of turmoil in Japan's government bond market, which would pose a threat to global financial stability.

Japan plans to issue 17 trillion yen worth of ultra - long - term government bonds next fiscal year, marking the lowest issuance scale in 17 years. Faced with the continuous rise of ultra - long - term government bond yields to historic highs, Japan intends to reduce the issuance volume of ultra - long - term government bonds to approximately 17 trillion yen in the next fiscal year, the lowest level in 17 years. This measure aims to ease market concerns about an oversupply of debt. Meanwhile, the issuance volumes of short - and medium - term government bonds will remain unchanged.

Israeli media report that Prime Minister Benjamin Netanyahu will visit the United States, and discussions on plans to counter Iran may be on the agenda. According to the Global Times, Netanyahu is preparing for a meeting with Donald Trump at the end of the month and may once again raise the possibility of launching military strikes against Iran at Mar - a - Lago. For months, Israeli analysts have been warning that Iran is rapidly producing a large number of missiles, indicating that Israel may need to carry out a new round of military strikes.

Has Ukraine abandoned its goal of joining NATO? Ukrainian President Volodymyr Zelensky has changed his stance. On December 24, Zelensky stated that Ukraine does not agree to the requirement of renouncing its aspiration to join NATO as set out in the new 20 - point "peace plan" and will never give up this goal. However, just 10 days earlier, ahead of his meeting with the US special envoy in Berlin, Zelensky had claimed that Ukraine had abandoned its NATO membership bid in exchange for security guarantees from Western countries as a compromise to end the Russia - Ukraine conflict.

Russia plans to build a nuclear power plant on the moon within the next decade. Roscosmos has announced its plan to construct a nuclear power plant on the moon by 2036 to supply electricity for the China - Russia joint scientific research station and its own lunar exploration programs. In the meantime, NASA also intends to deploy a lunar reactor by 2030, sparking competition between the two countries in lunar energy development.

A joint research team from the Laboratory for Substantial and Fudan University recently published a research achievement on a new - generation glasses - free 3D display system named "Shusheng - Tongzhen EyeReal" in Nature. By leveraging AI technology, this research has achieved an ultra - wide viewing range and full - parallax glasses - free 3D display on a desktop - sized screen for the first time. This breakthrough allows viewers to enjoy a high - quality 3D visual experience with a viewing angle of over 100 degrees on a desktop screen without wearing any auxiliary devices, while achieving all types of parallax, including horizontal and vertical. The system fundamentally eliminates the dizziness problem caused by mismatched interpupillary distance in traditional 3D technologies, marking a crucial step towards the practical application of glasses - free 3D displays.

Commentary by China Securities Journal: In recent years, glasses - free 3D technology has been widely applied in various fields, thanks to its unique advantage of delivering stereoscopic visual effects without the need for auxiliary devices. The growing demand for enhanced visual and immersive experiences among users in entertainment sectors like gaming and film has been a major driver behind the rapid development of the glasses - free 3D display market. Additionally, B - end industries with high demands for 3D model displays, such as architecture, medicine, advertising, and education, have also accelerated the commercialization of this technology. It is predicted that over the next 3 - 5 years, glasses - free 3D will gradually reshape people's visual interaction methods and become a significant revolutionary direction in display technology.

### Cross - border Payments

According to Securities Daily, the People's Bank of China (PBOC) and seven other government departments recently issued the Opinions on Financial Support for Accelerating the Construction of the New Western Land - Sea Corridor. The document proposes exploring international cooperation in digital finance, supporting provinces (autonomous regions and municipalities) along the corridor to participate in the multilateral central bank digital currency bridge project, advancing the pilot program of cross - border payments using digital RMB between the Chinese mainland and Singapore, and supporting qualified provinces (autonomous regions and municipalities) along the corridor to build cross - border e - commerce digital service platforms. These platforms will connect with cross - border e - commerce and trade digitalization platform companies in Singapore and other countries to enhance cross - border e - commerce service capabilities.

Commentary by Dongxing Securities: Consumers worldwide are becoming more rational in their spending habits and are placing greater emphasis on cost - effectiveness. This trend creates favorable development opportunities for the shift towards online consumption and high - quality domestic brands that offer good value for money. A research report by Morgan Stanley predicts that the global retail cross - border payment market will expand to $64.5 trillion by 2032, with a compound annual growth rate (CAGR) of 6.2% from 2024 to 2032. It is also expected that stablecoins will drive the global expansion of RMB cross - border payment infrastructure and promote the diversification of application scenarios.

### Robotics

On December 24, data from the China Securities Regulatory Commission (CSRC) IPO counseling and disclosure system showed that Hangzhou DeepRobotics Co., Ltd. has filed for IPO counseling and registration with the Zhejiang Securities Regulatory Bureau. DeepRobotics, along with Unitree Robotics, Game Science, BrainCo, DeepSeek, and Qunhe Technology, is collectively known as the "Six Dragons of Hangzhou" in the tech sector. IDC data indicates that in the global quadruped robot market in 2024, DeepRobotics ranked second with an 18.9% sales share, second only to Unitree Robotics, which held a 32.4% share. Prior to this round of financing, the company had completed eight financing rounds, with a total amount exceeding 1 billion yuan.

Commentary by Shanghai Securities: All links in the industrial chain, from AI software and core components to the manufacturing of robot bodies, are continuously achieving innovation and breakthroughs. Humanoid robots are expected to become a disruptive product following computers, smartphones, and new energy vehicles. A research report by Kaiyuan Securities points out that if subsequent industrial support and subsidy policies are implemented, China, with its advantages in application scenarios and a complete industrial chain, will drive the robotics industry into its first period of rapid development.

### Rockets

According to Jiemian News, the Tianlong - 3 reusable rocket, developed by the Chinese commercial aerospace enterprise Space Pioneer, is scheduled to conduct its maiden flight soon.

Commentary by Soochow Securities: By the end of 2025, a number of new - model commercial rockets, including Space Pioneer's Tianlong - 3, LandSpace's Zhuque - 3 Y2, CAS Space's Lijian - 2, Galactic Energy's Hyperbola - 3, Orienspace's Gravity - 2, and Starnet Power's Zhishenxing - 1, are expected to carry out their maiden flights and reusable tests one after another. After being verified through mass maiden flights, commercial rockets are likely to undergo a qualitative leap driven by quantitative growth in 2026, marking China's entry into the era of reusable rockets. It is predicted that in the first half of 2026, the construction of China's LEO satellite internet will enter a new intensive deployment phase. China Satellite Network Group and Yuanxin Satellite will successively launch large - scale satellite bidding processes to accelerate constellation networking, seize orbital and frequency resources. This round of bidding will not only lead to a significant surge in satellite demand but also drive the coordinated development of the entire industrial chain, from rocket and satellite manufacturing to payload supporting components.

## Previews of Key News for Today

1.  On Christmas Day, stock markets in the United States, Hong Kong, Europe, and South Korea will be closed, and trading of Brent crude oil futures will be suspended.

2.  Kazuo Ueda, Governor of the Bank of Japan, will deliver a speech.

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## Risk Warning and Disclaimer

The market is inherently risky, and all investments should be made with caution. This document does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should carefully consider whether any opinions, viewpoints, or conclusions contained in this document are suitable for their specific circumstances. Any investment made based on this document shall be at the user's own risk.