Zhitong Hong Kong Stock Exchange has long been known | The Securities Regulatory Commission pushes for the inclusion of REITs in the scope of the Shanghai-Shenzhen-Hong Kong Stock Exchange Standard for car companies to deliver “report cards” throughout the year
[Today's headlines]
China Securities Regulatory Commission: Step up efforts to guide various types of medium- to long-term funds such as insurance funds, social security funds, and pension funds into the market
According to the Securities Regulatory Commission's website, the “Notice Concerning Work Related to Promoting High-Quality Development of the Real Estate Investment Trust Fund (REITs) Market”. Among them, it is mentioned to strengthen the construction of a secondary market. A rich index system covering REITs supports fund managers to develop fund products linked to related indices, supports eligible public funds to include REITs in the scope of investment, studies and explores innovative products such as transactional open index funds (ReitsTF) that tracks REITs indices, and further enriches investors' asset allocation choices. Strengthen efforts to guide various medium- to long-term funds such as insurance funds, social security funds, and pension funds into the market, and play their role as stabilizers and ballast stones.
Promote the inclusion of REITs in the scope of the Shanghai, Shenzhen, and Hong Kong Stock Exchange, and expand a high level of market openness to the outside world. Promote professional investment institutions to strengthen REITs investment and research capacity building, and encourage investors to pay attention to asset fundamentals and long-term investment value.
[General outlook]
Major US tech stocks generally rose in 2025, Google declined slightly and climbed about 66% for the whole year
Overnight, the US stock Dow Jones Industrial Average fell 303.77 points from the previous trading day, to close at 48063.29 points, a decline of 0.63% in December, and recorded eight consecutive monthly gains, with a cumulative increase of 12.97% in 2025; the S&P 500 stock index fell 50.74 points, to close at 6845.5 points, a decrease of 0.74%, falling 0.05% in December, ending seven consecutive monthly gains, 16.39% in 2025; the Nasdaq Composite Index fell 177.09 points to close at 23241.99 points, a decrease of 23241.99 points 0.76%, down 0.53% in December, up 20.36% in 2025.
Major tech stocks generally rose during the year. Google declined slightly, rising about 66% in 2025, Nvidia falling slightly, rising about 39% in 2025, Apple falling slightly, rising more than 9% in 2025, NASDAQ China Golden Dragon Index closing down 1.13%, and rising 11.33% throughout 2025. The Hang Seng Index ADR declined. On a pro rata basis, it closed at 25609.60 points, down 20.94 or 0.08% from the Hong Kong closing.
Spot gold closed down 0.65%, rising nearly 2% in December, and rising more than 64% in 2025. COMEX silver futures fell 8.91% to 70.98 US dollars/ounce, rising more than 24% in December and rising more than 140% in 2025. Spot silver closed down 6.91%, rising about 26% in December, and rising more than 145% in 2025.
[Hot Topics Preview]
The six major state-owned banks announced that interest will be charged on the digital yuan real-name wallet balance according to the current deposit listing interest rate
On December 31, 2025, the six major state-owned banks of the Industrial and Commercial Bank, Agricultural Bank, Bank of China, China Construction Bank, Bank of Communications, and Postbank issued successive announcements. Starting January 1, 2026, interest will be charged on digital renminbi real-name wallet balances according to the current deposit listing interest rate. The interest calculation rules are consistent with current accounts. Industry insiders pointed out that after interest is accrued on the digital yuan wallet balance, China will become the first economy to accrue interest on the central bank's digital currency.
The US dollar hit its worst annual performance in eight years. Analysis says the dovish chairman of the Federal Reserve may intensify the decline
The US dollar is facing its worst annual performance in eight years. Analysts warned that if the next chairman of the Federal Reserve chooses to cut interest rates more drastically as expected, the dollar may weaken further. The US dollar index has fallen by more than 9% this year. After US President Trump announced the so-called “Liberation Day” tariff policy in April of this year, the US dollar fell sharply. Since then, as Trump repeatedly pressured the Federal Reserve and pushed for the appointment of a dovish US Federal Reserve chairman next year, the dollar continued to be under pressure.
The offshore renminbi rose 165 points against the US dollar at the end of Tuesday's session in New York
Offshore RMB traded at 6.9757 yuan against the US dollar, up 165 points from the end of the New York session on Tuesday. Overall intraday trading was in the 6.9945-6.9752 yuan range. In December, the offshore RMB had a cumulative increase of about 950 points, or 1.35%. In the fourth quarter, it had a cumulative increase of about 1,500 points, an increase of 2.14%, and a cumulative increase of about 3,600 points in 2025, an increase of more than 4.93%.
Trump's pressure has not stopped price increases: pharmaceutical companies plan to raise the prices of at least 350 drugs in the US
The Zhitong Finance App learned that according to data exclusively provided by medical research company 3 Axis Advisors, pharmaceutical companies plan to increase the prices of at least 350 branded drugs in the US, including vaccines against COVID, respiratory syncytial virus, and shingles, as well as Ibrance, a major cancer treatment. The move comes at a time when the Trump administration is pressuring him to cut prices.
The public sale of Bijiao Technology (06082) received 2347.53 times the subscription for the global sale, which raised about HK$5.374.5 billion
According to the Zhitong Finance App, Bijiao Technology (06082) announced the allotment results. The company sold approximately 285 million H shares globally, accounting for 17.39% of the public offering and 82.61% of the international sale. The sale price per share was HK$19.6, with a net raise of approximately HK$5.374.5 billion from the global offering. Each lot is 200 shares. H shares are expected to begin trading on the Stock Exchange at 9:00 a.m. (Hong Kong time) on January 2, 2026 (Friday). The dark market closed up 80.41%, earning HK$3152 per lot.
CITIC Securities: The 26-year home appliance subsidy policy is in line with expectations, and the annual subsidy scale is estimated to be 70 billion yuan
CITIC Securities released a research report saying that the 2026 national subsidy policy for home appliances will shrink categories, focus on black and white electricity, and only subsidize first-class energy efficiency/water efficiency standard products. The market had previously anticipated it. The bank estimates that in 2026 the subsidy fund for home appliances will be about 70 billion yuan, effectively supporting domestic sales demand. Considering the continuation of the trade-in policy in 2026, the category focuses on black and white electricity and only subsidized first-level energy efficiency/water efficiency standard products. The bank suggests focusing on black and white electric faucets: 1) white electric faucets: beneficiary country support and global layout; 2) Black electric faucets: Mini LED leads the world, and the pattern continues to be optimized.
Tongcheng Travel (00780): The popularity of domestic hotel reservations more than tripled on the first day of the New Year's Day holiday
On the first day of the 2026 New Year's Day holiday, major domestic airports, stations, and highways experienced a peak in passenger traffic. On January 1, data from Tongcheng Travel (00780) showed that the popularity of domestic hotel reservations increased more than threefold compared to the same period last year, driven by the demand for travel vacations combined with the demand for returning home to visit families, and rich New Year's Eve activities.
Black Sesame Intelligence (02533) plans to acquire 60% equity layout of Zhuhai Yizhi Electronic Technology through acquisition and capital increase, AI chip full scenario ecosystem
According to Zhitong Finance App News, Black Sesame Smart (02533) announced that on December 31, 2025 (after the transaction period), Black Sesame Smart Wuhan and SPV (both are indirect wholly-owned subsidiaries of the company) intend to acquire 32.8435% of the shares of Zhuhai Yizhi Electronic Technology Co., Ltd. (equivalent to 19.5623% of the total expanded shares of the target company after the capital increase), at a total cost of RMB 457.8 million, and the buyer must pay the target company a corresponding unpaid registered capital of RMB 1330.88 million.
List of “report cards” delivered by new car builders in December 2025 and throughout the year
Up to now, a number of NEV manufacturers have announced delivery data for December 2025 and the full year:
1. Ideal Auto (02015): 44,246 vehicles were delivered in December, with a total delivery volume of 10,9,194 vehicles in the fourth quarter. As of December 31, 2025, the cumulative delivery volume of Ideal Cars has reached 15,40,215 units.
2. NIO (09866): 48,135 vehicles were delivered in December 2025, up 54.6% year on year; 12,4807 vehicles were delivered in the fourth quarter, up 71.7% year on year. Throughout 2025, NIO delivered a total of 326,028 new vehicles, a record high, with a year-on-year increase of 46.9%.
3. Xiaopeng Motors (09868): Delivered 37,508 vehicles in December 2025, up 2% year on year; delivered 429,445 vehicles in 2025, up 126% year on year.
4. Xiaomi cars: In December, more than 50,000 Xiaomi cars were delivered.
5. Zero Sports (09863): In December, the entire Zero Sports series delivered 60,423 units, an increase of 42% over the previous year; in 2025, 596,555 units were delivered, an increase of 103% over the previous year.
6. Extreme Krypton: 30,267 new cars were delivered in December 2025, a record high, with a year-on-year increase of 11.3%. A total of 2,24,133 Polar Krypton units were delivered in 2025.
7. Rantu Auto: A total of 150,169 vehicles were delivered in 2025, achieving “ten consecutive increases”, an increase of 87% over the previous year.
8. Hongmeng Zhixing: A total of 58,9107 units were delivered throughout the year, a year-on-year increase of 32%; 89,611 units were delivered in a single month in December, which reached a record high of monthly delivery for three consecutive months.
9. Cyrus (09927): More than 57,000 new cars were delivered in December, setting a new high in monthly deliveries. More than 420,000 new cars will be delivered in 2025.
10. Zhiji Auto: With sales volume of 8,1,017 units in 2025, sales reached a new high for the whole year.
11. GAC Aian: Haobo Aian BU sold a record high of 40066 vehicles in December 2025, with i60 sales exceeding 10,000 in the first month.
[Individual stock prices are clear]
Zhongwei New Materials (02579): Following the rise in metal prices, the company's profit picked up
The company's ternary precursor shipments picked up significantly. Recently, nickel prices have risen sharply. The company is expected to self-supply 30,000 tons of metallic nickel in '26, with a self-supply ratio of 25% +, which is expected to increase profits. The company's cobalt and phosphorus products performed steadily. Against the backdrop of a recovery in consumer electronics demand, the company's cobalt tetroxide business is developing steadily, and shipments continue to improve.
On December 30, Zhongwei New Materials disclosed a record sheet of investor relations activities, which discussed the company's capital expenditure plan. Zhongwei New Materials said that in the next three years, the company's investment direction mainly includes three points. One is resource-side layout, such as follow-up investment in Guizhou phosphate mine construction and lithium mine; second, continuous construction of overseas production capacity; and third, R&D investment, focusing on materials such as solid state batteries, phosphorous high-pressure products, and sodium electricity.
Zhongwei Xincai said that in terms of capital reserves, the company currently has sufficient monetary reserves. Combined with the capital raised from the Hong Kong stock listing in 2025, it can support project investment. Furthermore, the company has good cooperation with major domestic and foreign banks, and has smooth channels for equity and debt financing.