FIRST TRACTOR (00038) surged more than 3%. As of the time of writing, the stock was up 3.41%, trading at HK$9.1, with a turnover of HK$45.9126 million. On the news front, according to the National Bureau of Statistics, China's production of large, medium, and small tractors in December reached 9,000, 23,000, and 10,000 units respectively, representing year-on-year changes of +23.1%, -3.1%, and -16.7%. Regarding exports, data from the General Administration of Customs showed that China's exports of wheeled tractors in December amounted to 9,985 units, a 37.4% year-on-year increase. Exports of large and medium tractors specifically reached 8,152 units, surging 46.1% year-on-year, indicating an acceleration in export growth momentum. Guojin Securities believes that, fundamentally, domestic corn prices have maintained positive growth since September, while overseas leader John Deere has seen significant revenue increases for its agricultural machinery in Europe, Latin America, and Asia-Africa, showing a clear bottoming-out and reversal trend. The firm is optimistic about a dual fundamental recovery both domestically and internationally in 2026 and recommends focusing on the domestic tractor industry leader, FIRST TRACTOR.