**Key Highlights** China National Nuclear Corporation (CNNC) has achieved a breakthrough in the full-chain technology for iodine-131 production using enriched tellurium-130 oxide targets. This innovation establishes a complete domestic supply chain from precursor isotope preparation to nuclear medicine development, filling a critical gap in China's high-purity enriched tellurium production. The advancement supports the growing domestic radiotherapy equipment market, where local brands now dominate over 70% of approved devices. Related Hong Kong stocks include CIRC (01763) and Grand Pharma (00512).

**Market Overview** U.S. indices dipped overnight, with the Dow Jones down 0.09%, S&P 500 falling 0.16%, and Nasdaq dropping 0.59%. Tesla (TSLA.US) bucked the trend, rising over 3% to a near one-year high. Auto manufacturing, precious metals, and weight-loss drug sectors gained, while most tech stocks declined. Nasdaq plans to propose extended trading hours to the SEC. COMEX gold edged up 0.14% to $4,334.3/oz, while silver surged 3.34%.

**Sector Focus: Lithium Iron Phosphate Price Rally** A wave of price hikes has hit lithium iron phosphate (LFP) cathode materials since early December, with leading producers seeking increases of RMB 2,000–3,000/ton. Analysts attribute this to rising lithium carbonate costs and strong energy storage demand. Some expect the upward trend to persist through Q4 2026.

**Corporate Updates** - **WuXi AppTec** completed an asset sale, booking RMB 960 million in net profit. - **Guolian Minsheng (01456)** terminated a RMB 480 million fund setup with an affiliate. - **Vanke A** reported RMB 84.493 billion in guarantees, with no defaults. - **Pateo (02889)** secured its fourth smart cockpit controller project from a top NEV maker. - **Chenming Paper (01812)** agreed to sell a subsidiary for RMB 3.336 billion. - **Beijing Haichang Ocean Park (02255)** entered full construction phase for its marine park. - **EHang (02402)** announced a 14.99% discounted placement to raise ~HKD 198 million. - **Biren Technology** received China SEC approval for its HK IPO and share conversion.

**IPO Watch** Guoxia Tech (02655), an AI-driven energy storage firm, saw its gray market debut soar 88.06%, yielding HKD 1,770 per lot.

**Company Spotlight: CIRC (01763)** Subsidiary Atomic HighTech partnered with Novartis to commercialize Pluvicto® (lutetium Lu-177), China's first PSMA-targeted radioligand therapy for advanced prostate cancer, enhancing treatment options.

**Tech & Mobility** - **Tianqi Lithium (09696)** confirmed uninterrupted lithium concentrate shipments from its Australian mine. - **GAC Group (02238)** advanced its GOVY AirCab flying car into airworthiness certification, targeting 2026 mass production and a 2028 commercial launch for intercity models.