Due to the Christmas holiday, the Hong Kong stock market was closed for several days. During this period, the A-share market rose, leading to a higher opening for Hong Kong stocks today. However, the market subsequently filled the gap and trended downward throughout the day, closing down 0.71%. From December 28 to 29, 2025, foreign ministers and military department heads from China, Cambodia, and Thailand held a meeting at Fuxian Lake in Yuxi, Yunnan, welcoming the signing of a joint ceasefire statement from the 3rd Special Session of the Cambodia-Thailand General Border Committee. Both Cambodia and Thailand are committed to resolving differences through peaceful means and jointly addressing risks and challenges, while China will continue to play a constructive role. The Cambodia-Thailand ceasefire is certainly positive for stability and prosperity in Southeast Asia, providing some uplift to the market. However, tensions are rising in the Taiwan Strait direction. Starting December 29, the Eastern Theater Command of the People's Liberation Army organized army, navy, air force, and rocket force troops to conduct the "Righteous Mission 2025" exercise around Taiwan Island. The Taiwan Affairs Office stated that the relevant military actions are intended to curb "Taiwan independence" forces colluding with external elements to disrupt the Taiwan Strait. The Ministry of Foreign Affairs issued a statement saying the United States should recognize the serious consequences of arms sales to Taiwan. Based on this, gold stocks should have strengthened, but today's significant decliners were precisely gold and silver. For example, Shandong Gold (01787) and Zijin Gold International (02259) both fell over 5%. There are two main reasons: First, rumors on overseas social media platforms suggested that a systemically important bank failed to pay $2.3 billion in margin calls due to a short position blowup in silver futures, leading to forced liquidation, with the Federal Reserve urgently injecting $34 billion to rescue the market. This caused spot silver to experience a rollercoaster ride early Monday. The Chicago Mercantile Exchange (CME) stated that after the close on December 29 local time, it would comprehensively increase performance margins for various metal futures, including gold, silver, and lithium. Second, regarding the Chinese yuan "breaking 7," authoritative experts indicated that the yuan's exchange rate trend still holds significant uncertainty. It is expected that after the yuan appreciates to 7, market consensus will weaken. Rapid yuan appreciation does not rule out measures from the central bank. This signal warrants attention, as it implies a cooling intention, discouraging one-way bets on strength. Although related appreciation concepts like Air China (00753) and paper sector player Nine Dragons Paper (02689) continued to rebound today, caution is still advised.

Today's market hotspots were mainly in the technology direction, with autonomous driving taking the lead. On the afternoon of December 26, China's first batch of vehicles with official L3 autonomous driving license plates officially began large-scale road travel in Chongqing. A total of 46 vehicles equipped with L3 autonomous driving systems from Changan Deepal participated. This indicates commercialization is drawing nearer. Key player Youjia Innovation (02431), which has already taken the lead in commercializing L4 unmanned buses and unmanned logistics scenarios, surged over 15% today. Others like Zhejiang Shibao (01057) rose nearly 13%. According to a message on GAC Group's (02238) official WeChat, recently, GAC's Hyper brand model A800 officially commenced R&D testing for conditional L3 autonomous driving on highways, with test speeds up to 120 km/h. This test, approved by relevant authorities in Guangzhou, is one of the few projects in China approved for conditional L3 autonomous driving highway testing, rising over 2% today. Also, Yuejiang (02432) received lock-up commitments from shareholders Liu Peichao and Lang Xulin, surging over 7% from the bottom. Last Friday, US aerospace and defense stocks fell across the board, mainly due to sanctions imposed by China. However, this does not negatively impact domestic aerospace sectors because of a recent positive development: the expansion of the Sci-Tech Innovation Board's fifth listing standard, a major benefit for commercial rocket companies seeking IPOs. Subsequently, relevant aerospace stocks are expected to list in clusters, directly benefiting companies with stakes in or partnerships with leading private commercial aerospace firms like Landspace and Tianbing. The main beneficiary fermenting was Goldwind Science & Technology (02208), which holds a stake in Landspace, rising nearly 14%. Domestic media cited sources reporting that ByteDance's total orders for domestic chips next year might exceed 40 billion yuan, whereas the figure for 2025 was nearly zero. The first batch of chips is about to be delivered, amounting to tens of billions, marking a milestone moment for domestic computing power development. Reportedly, ByteDance's large-scale increase in domestic computing power procurement is driven by two factors: the computing power gap revealed after the Nvidia H20 supply cut-off in April, and explosive growth in token usage for its cloud computing business Volcano Engine and AI application Doubao. Consequently, ByteDance is accelerating deep cooperation with Huawei. Key beneficiaries included Shanghai Fudan Microelectronics (01385), rising over 8%. Reports on December 26 stated that CCL leader Kingboard Laminates (01888) issued a price increase notice, citing soaring copper prices and tight glass cloth supply. Forced by cost pressures, it will uniformly raise all material prices by 10% effective that day, rising nearly 7% today; Cambridge Industries (CIG) (06166) in the optical module sector rose nearly 5%; upstream player Jiangxi Copper (00358) rose over 6%.

The Ministry of Industry and Information Technology established a humanoid robot standardization committee, including Wang Xingxing from Unitree Technology and Peng Zhihui from Zhiyuan Robotics. Recently, leading player Ubtech (09880) won new bids for the Humanoid Robot Greater Bay Area Data Collection Center project in Huiyang District, Huizhou City, and the Embodied Intelligent Technology Center equipment procurement project in Hohhot, with bid amounts of 59.62 million yuan and 77.8 million yuan respectively, totaling over 120 million yuan. On December 26, the 1000th Walker S2 rolled off the production line at Ubtech's Liuzhou Robot Super Smart Factory, achieving an annual capacity of a thousand units. It is estimated that by 2026, Ubtech's annual humanoid robot production capacity will reach ten thousand units. Today, it surged over 9%; according to domestic media, BYD (01211), jointly with Qingdao Huirong No. 1 and Suzhou Suchuang Manufacturing, invested in Beijing Zhitong Precision Transmission Technology Co., Ltd., deepening its involvement in the robot reducer track, also rising nearly 4% today. Even more impressive was MicroPort Robot (02252), surging nearly 26%: On December 23, the bronchoscopic surgical robot - UniPath/DuDao Electronic Bronchoscopic Surgical Navigation System, developed by its subsidiary Shanghai MicroPort MicroVoy Robot Co., Ltd., officially received marketing approval from the National Medical Products Administration (NMPA). It also overlapped with brain-computer interface: On December 26, the NMPA released the "Priority Approval Catalog for High-End Medical Devices (2025 Edition)". The catalog includes eight products, such as implantable brain-computer interface medical devices, detailing technical parameters or intended uses. The brain-computer interface market is a blue ocean nearly worth ten billion dollars. Other rising stocks included BrainAid-B (06681) and MicroPort Scientific (02172).

Overseas acquisition themes also performed well. For example, West China Cement (02233) has proceeded to acquire South Africa's AfriSam, rising nearly 7% today; a subsidiary of Power Glory (01277) entered into a cooperation agreement and supplementary agreement with Minenet regarding the rutile project located at Rotifunk, Sierra Leone. The project is under construction and expected to commence operation in September 2026, rising over 5%. Shenzhen International (00152) announced that on December 26, 2025, the Longhua Bureau of the Municipal Planning and Natural Resources Bureau disclosed that the second-phase retained land (stage one) for the South China Transformation Project had obtained approval from the Longhua District Government and will commence land supply-related work. This project is expected to bring significant profits, rising over 3%.

Today, the Rural Daily published a special report to popularize and build momentum for the upcoming Central Rural Work Conference. The article stated: The Central Rural Work Conference is the highest-level annual meeting of the Party Central Committee to study and deploy work related to agriculture, rural areas, and farmers. Held every December, it summarizes the year's work and plans for the next. Based on the timing in previous years, it is estimated the announcement will occur within the next few days. Key varieties include agricultural machinery equipment: First Tractor (00038), Zoomlion (01157); breeding/agricultural product processing: COFCO Joycome (01610), China Modern Dairy (01117), Dekon Agri (02419); agricultural inputs and fertilizers: Sinofert (00297), China XLX Fertiliser (01866).

Mixue Group (02097): Globalization Strategy Takes Key Step; Possesses Core Advantages Advancing on Multiple Fronts. Recently, Mixue Ice Cream & Tea's Hollywood store in Los Angeles officially opened. Located directly opposite the "Chinese Theatre" on the Walk of Fame, it is in a mature consumer district. As the first store opened by Mixue in the American market, it marks a key step in its globalization strategy. According to the Zhengzhou Evening News, several new Mixue stores in the US are currently under intense preparation, while stores in Brazil, Mexico, and other American countries are steadily advancing, continuously deepening the brand's global strategy. Commentary: The company is one of the earliest enterprises in China's freshly made beverage industry to layout its own production system. After over a decade of continuous investment, it has formed an end-to-end supply chain闭环 covering procurement, production, warehousing, and logistics. On the upstream end, the company has established a procurement network covering 38 countries across six continents, achieving cost advantages through direct sourcing thanks to its industry-leading procurement scale. Midstream, five production bases enable 100% self-production of core beverage ingredients, reducing intermediate price markups. Downstream, 27 self-operated warehouses配合 a dedicated direct delivery network can reach 90% of domestic county-level administrative regions within 12 hours. This efficient logistics system reduces store inventory pressure while ensuring product freshness. The mechanism where 100% of franchisees procure ingredients and equipment from the headquarters guarantees terminal product quality consistency. Building supply chain infrastructure requires long-term capital investment and operational experience accumulation, making it difficult for latecomers to replicate in the short term. Main catalysts: 1. The domestic store network still has room for continuous expansion, with penetration into both lower-tier markets and first- and second-tier cities. The proportion of stores in third-tier and below cities remains above 55%, and strong supply chain capabilities ensure competitive advantages in these markets, where space remains. 2. The overseas market offers vast potential, supported by localized supply chain construction in Southeast Asia facilitating continued expansion. As of H1 2025, the number of stores outside the Chinese mainland reached 4,733, mainly concentrated in Southeast Asian markets like Indonesia and Vietnam. The company has established 7 self-operated warehouses in 4 Southeast Asian countries, reducing cross-border logistics costs and improving delivery times through localized supply chain construction, replicating the successful domestic model of "supply chain-driven规模化 expansion." After team adjustments and market strategy optimizations in 2023-2024, the overseas business is ready for launch, with store expansion节奏 accelerating. 3. Lucky Cup has completed adjustments and resumed expansion, opening a second growth curve with the coffee business. Lucky Cup is positioned in the 5-10 yuan affordable freshly ground coffee segment, forming a dual-brand layout with Mixue Ice Cream & Tea for tea and coffee. Through team restructuring, product line upgrades, and enhanced brand marketing in 2023-2024, the adjustments were completed, and expansion resumed in 2025, shifting focus to core locations in first- and second-tier cities. The successful opening in the US signifies the steady progress of the company's overseas globalization strategy.