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[Top Headlines] Venezuelan President Nicolás Maduro and his wife, Cilia Flores, are scheduled to make their first court appearance in New York on January 5, following their forced transfer to the United States. The couple will appear at the Southern District of New York Federal Court, with the hearing expected to commence at 12:00 PM local time on the 5th, according to a court spokesperson. An alternate indictment unsealed by the Southern District of New York Federal Court on the 3rd charges Maduro, several family members, and cabinet officials with offenses including "narcotics trafficking." Reports indicate Maduro is currently detained at the Metropolitan Detention Center in Brooklyn, New York. China's Foreign Ministry has expressed grave concern over the United States' forced control and transfer of Venezuelan President Maduro and his wife. In response to a media inquiry, a spokesperson stated that China is seriously concerned about the U.S. actions, which blatantly violate international law and fundamental norms of international relations, contravening the purposes and principles of the UN Charter. China urges the U.S. to ensure the personal safety of President and Mrs. Maduro, release them immediately, cease attempts to subvert the Venezuelan government, and resolve issues through dialogue and negotiation. During the 2026 New Year holiday, China's domestic tourism market saw 142 million trips, generating total expenditures of 84.789 billion yuan. The three-day holiday period was characterized by a generally stable and orderly cultural and tourism market, with sustained consumption vitality. Various regions offered rich cultural and tourism activities, boosting year-end and beginning-of-year market activity. Data from the Fliggy platform showed increases in both consumer travel intent and spending power. The three-phase fee reduction reform for public funds has been fully and smoothly implemented. According to a CSRC release, the "Provisions on the Sales Fees of Publicly Offered Securities Investment Funds" took effect today. The comprehensive fee reform for the public fund industry, initiated in 2023, saw its first two phases completed on schedule. The introduction of these revised provisions marks the successful conclusion of this reform effort. Warren Buffett has officially stepped down as CEO of Berkshire Hathaway. During a year marked by record-high stock markets, an AI boom, and escalating trade frictions, Buffett spent much of his time observing patiently, waiting for the right opportunity to act. As one of the most prolific and patient dealmakers in American business, Buffett adhered to his investment principles throughout his final year at the helm of Berkshire. Due to persistently high market valuations reducing large-scale M&A opportunities, Berkshire reduced its stock holdings more than it increased them, while continuously accumulating cash. Domestic and foreign institutions share a consensus: China's stock market is poised to extend its gains in 2026. A-shares commenced the first trading session of 2026 on January 5th. On the last trading day of 2025, the Shanghai Composite Index closed at 3968.84 points, marking an 11-day winning streak. Annually, the SSE gained 18.41% in 2025, its best performance in nearly six years since 2020; the Shenzhen Component Index and the ChiNext Index rose 29.87% and 49.57%, respectively, for the year. The 11-day rally at the end of 2025 built strong market sentiment for the start of 2026. Positive developments over the past year, including AI innovation breakthroughs, advancing "anti-involution" policies, and improved corporate earnings, have laid a solid foundation for further gains in Chinese stocks. Looking ahead to 2026, bullishness on Chinese assets, particularly Chinese tech assets, is becoming a unified view among domestic and foreign institutions. Applications for the 2026 childcare subsidy begin today. An operational guide is available for reference. It was learned from the National Health Commission on the 5th that the 2026 childcare subsidy application process officially starts today. Eligible applicants for qualified infants can apply online via the "Childcare Subsidy" mini-program on Alipay and WeChat platforms, or through the dedicated application section on their province's government service platform. Offline applications can also be submitted at relevant local authorities. Which app is best for stock trading? The Sina Finance APP has deep collaborations with over ten securities firms, offering convenient stock account opening functionality with direct access to account managers for real-time service. It provides millisecond-level real-time market data paired with smart alerts for key price movements. The app delivers 24/7 global financial news coverage, free Level-2 market data, various technical analysis tools, and monitoring services for major capital flows.

[Featured Companies] In response to recent market rumors about the suspension of its listing green channel, Unitree Technology issued a stern statement denying the reports. Citing sources from Lanjinger News and the STAR Market Daily, Unitree responded that a recent media report concerning its listing progress contained inaccurate information regarding the company's listing activities. The company clarified that it has not been involved in any applications related to a "green channel." The price of Feitian Moutai has dropped to 1490 yuan, while Kweichow Moutai has repurchased 120 million yuan worth of its shares. On January 4th, the 1499 yuan/bottle Feitian Moutai (2026) continued to sell out instantly upon release. Concurrently, the wholesale price of Feitian Moutai once again fell below the suggested retail price of 1499 yuan. Data from the third-party platform "Today's Liquor Price" showed that on January 4th, the wholesale reference price for the 2025 Feitian Moutai (53度/500ml) loose bottle was 1490 yuan/bottle, down 5 yuan from the previous day, marking a fourth consecutive day of decline. The price for original cases remained unchanged from the previous day at 1505 yuan/bottle. Both prices were down 60 yuan and 65 yuan, respectively, compared to December 31, 2025. Baidu's AI chip subsidiary, Kunlun Xin, has applied for a listing in Hong Kong. On January 2nd, Baidu announced on the Hong Kong Exchange that Kunlun Xin, via its joint sponsors, has submitted a confidential application form to the Hong Kong Stock Exchange for the proposed listing and trading of its shares on the main board. The current plan involves the proposed spin-off through a global offering of Kunlun Xin shares, including a Hong Kong public offering and placements to institutional and professional investors. Baidu holds a 59.45% stake, and the company was valued at 21 billion yuan following its latest funding round in July 2025. Tesla has been surpassed by BYD in sales. According to a report from CCTV Finance, Tesla officially released its annual delivery figures on January 2nd. For the full year 2025, Tesla delivered a total of 1.6361 million new vehicles (including 1.5853 million Model Y and Model 3 units), an 8.6% decline from the 1.789 million units delivered in 2024, and below market expectations of 1.65 million. This marks the second consecutive year of declining sales for Tesla, following a 1% year-on-year drop to 1.789 million units in 2024. Is there a change in the business cooperation with OpenAI? "Apple supply chain" leader Luxshare Precision (SZ002475, market cap 413.2B yuan) responded, calling it false information. On the afternoon of January 3rd, Luxshare Precision issued a clarification statement addressing recent market rumors. The company stated that its core business is progressing orderly and according to plan, with no abnormal circumstances affecting its normal operations and development. Sam's Club has been accused of having overlapping suppliers with another supermarket, Xiaoxiang Supermarket, prompting responses from multiple parties. Sam's Club customer service stated that they have recorded consumer inquiries regarding "shared suppliers with other supermarkets" and will forward the feedback to relevant departments for verification, with follow-up actions to be taken. Recently, online posts suggested that the supply chains of Xiaoxiang Supermarket and Sam's Club have converged, with several products purchased from both stores originating from the same source, leading to questions about the value of a Sam's Club membership. Xiaoxiang Supermarket customer service responded that brand-supermarket cooperation models include both exclusive and multi-channel supply, advising consumers to choose purchasing channels based on their needs. Sam's Club customer service stated they would feedback for verification. Romoss is continuing its suspension of operations and production, while engaging in restructuring talks with Sequoia Capital, GSR Ventures, and others. On January 4th, Lanjinger News learned exclusively from informed sources that Romoss has internally initiated a restructuring plan named the "Rebirth Plan," with related project work scheduled to formally commence in January 2026. According to the plan, the company aims to complete capital injection and restructuring in the first quarter of 2026, simultaneously reapplying for new 3C certification and fully restoring its product sales system. The sources revealed that Romoss has begun discussions with prominent investment firms like Sequoia Capital and GSR Ventures, with some institutions having expressed investment interest.

[Industry Hotspots] The AI industry is entering a phase of scaling "from 1 to 10," where domestic computing power and AI applications hold a higher probability of success. The value of allocating to Chinese assets continues to stand out, with technology investment remaining a key theme. Exploring opportunities in 2026 from multiple dimensions reveals 26 potential stocks.

[Market Strategy] Liu Chenming, Chief Strategist at GF Securities, stated that in 2026, against a macro backdrop where debt issues pose a global challenge, debt resolution primarily involves three methods: real growth exceeding real interest rates (growth-driven deleveraging), inflation exceeding expectations (inflation-driven deleveraging), and fiscal tightening (fiscal deleveraging). Under these scenarios, both AI and gold are expected to ultimately benefit, forming a dual-core logic for asset performance. In 2026, the A-share market is expected to continue its "slow bull" trend. On one hand, the structure of corporate profits has undergone profound changes. Despite continued weakness in real estate, infrastructure, consumption, aggregate financing, and PPI, the ROE of A-share non-financial enterprises has stabilized for several consecutive quarters. The profit share of eight advanced manufacturing industries has risen to 38%, while the overseas revenue share of companies expanding abroad has increased to 20%, with overseas market gross margins being 5 percentage points higher than domestic ones. These two forces are expected to drive a recovery in the overall A-share ROE after stabilization. On the other hand, current valuation increases have been relatively restrained, leaving room for expansion if profits recover. Regarding capital flows, deposits from insurance companies and mid-to-high net-worth individuals shifting into the market will provide incremental funds. Regarding investment direction, Liu Chenming recommends focusing on industries with supply constraints and clear positive trends, such as the AI industry chain, which has strong capital expenditure demands and limited near-term supply release, as well as sectors like energy storage and metals that have undergone capacity rationalization. Tactically, he suggests using market adjustments to position for the "Spring躁动" (spring rally), prioritizing the aforementioned high-growth sectors. Shenwan Hongyuan notes that after ruling out significant economic downside risks, a window characterized by "no major downside risks + expectable favorable factors" has opened. They continue to highlight a consecutive time window supporting risk appetite in spring: the pre-Spring Festival rebound in February is one of the highest-probability seasonal patterns for A-shares, coinciding with a window for potential significant catalysts in the tech sector. The National People's Congress meetings in March may deliberate the formal version of the "15th Five-Year Plan," potentially offering richer policy catalysts. A potential visit by former President Trump to China in April could confirm a phase of easing Sino-US trade relations, serving as a key window for stabilizing capital market expectations. Following the consecutive gains in the Shanghai Composite Index, the spring market rally is expected to have further depth.

[New Listings Dynamics] None.

[Announcements Summary] BLT announced that on December 31, 2025, it received an "Case Filing Notice" from the CSRC. Due to suspected violations of information disclosure laws and regulations, the CSRC has decided to initiate an investigation into the company. *ST Aowei's stock closed at 1.4 yuan per share on December 31, 2025, with a total market capitalization of 486 million yuan, falling below 500 million yuan. According to the Shenzhen Stock Exchange listing rules, if the company's stock's closing total market capitalization remains below 500 million yuan for twenty consecutive trading days, its stock will be subject to delisting. Tinci Materials expects its 2025 net profit attributable to shareholders to be between 1.1 billion and 1.6 billion yuan, a year-on-year increase of 127.31% to 230.63%. Transfar Zhilian expects its 2025 net profit attributable to shareholders to be between 540 million and 700 million yuan, a year-on-year increase of 256.07% to 361.57% compared to 2024. Shougang Group expects its 2025 net profit attributable to shareholders to be between 920 million and 1.06 billion yuan, a year-on-year increase of 95.29% to 125.01% compared to the previous year. Salt Lake Potash expects its 2025 net profit attributable to shareholders to be between 8.29 billion and 8.89 billion yuan, a year-on-year increase of 77.78% to 90.65%. Luxshare Precision plans to repurchase between 1 billion and 2 billion yuan worth of shares for implementing equity incentive or employee持股 plans. Jiaze New Energy plans to repurchase between 220 million and 440 million yuan worth of its shares for cancellation and capital reduction. The annual 30,000-ton high-purity lithium salt technical renovation project, invested and constructed by Zhongkuang Lithium Industry, a wholly-owned subsidiary of Sinomine Resource Group, has completed construction and obtained trial production approval. It commenced trial production operations with ignition and feeding on January 2, 2026. Upon the project's operation, Sinomine Resource Group will possess a total annual battery-grade lithium salt production capacity of 71,000 tons. Frontier Biotech's clinical trial application for FB7013 injection has been accepted. It is intended for the treatment of primary Immunoglobulin A Nephropathy (IgA Nephropathy). This is the world's first siRNA drug targeting the MASP-2 pathway to apply for clinical trials, possessing First-in-Class potential.

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