Zhitong Hong Kong Stock Exchange Unravels | Technology Leads Hong Kong Stocks to a Good Start, Commercial Rocket's First Stock Application for Listing and Fueling the Wave

[Anatomy Dashboard]

The market came a bit abruptly. The 2026 Hong Kong stock market had a good start, and moved forward all the way. The index directly broke through the 26,000 point mark and closed with a sharp rise of 2.76%.

The exchange rate still comes first. On the morning of January 2, the RMB maintained its recent strong trend. The offshore RMB rose above 6.97 against the US dollar, reaching a high of 6.96755 in the intraday period, reaching a record high since May 2023. FTSE China A50 Index futures rose more than 1% during the day. The price of aluminum hit $3,000, a new high since 2022, mainly supported by expectations of tightening supply and long-term demand expectations. Zhitong Finance's gold stocks of China Aluminum (02600) and China Hongqiao (01347) both rose more than 4% in December.

Recently, it has been repeatedly mentioned that technology is leading the market. Baidu announced on the Hong Kong Stock Exchange today that on January 1, Kunlunchip submitted a confidential listing application to the Hong Kong Stock Exchange through its co-sponsor to apply for approval to list and trade Kunlunchip shares on the main board of the Hong Kong Stock Exchange. Up to now, Kunlun Chip has deployed tens of thousands of cards, including the 30,000 card cluster that has been lit up, which can simultaneously support the training of multiple models with 100 billion parameters. In the future, Baidu Smart Cloud will further expand the size of the Kunlun Chip single cluster from 30,000 cards to the level of one million cards. Kunlun Chip's annual revenue for 2025 is expected to be about 5 billion yuan, “ranking among the top three in the domestic market.” Goldman Sachs pointed out in a research report in December last year that according to the valuation of similar companies, the value range of Baidu's 59% stake in Kunlun Chip is between 3 billion and 11 billion US dollars. Macquarie Securities estimates that this equity is worth about 16.5 billion US dollars, accounting for 30% of its target valuation given to Baidu. If Baidu's Kunlun Core were to go public, it would directly raise the valuation. Today, Baidu Group (09888) rose more than 9%, driving tech giants such as Alibaba (09988), Tencent Holdings (00700), and NetEase (09999) to all rise by more than 4%.

“The first GPU stock in Hong Kong” Bijiao Technology (06082) was listed for the first time. Subscriptions were very popular, oversubscribing by 1583.50 times. Priced at HK$19.60 per share, today's opening price was HK$35.7, with a premium of 82%. The profit market surged to HK$42.88, then closed back to HK$34.46. The core competitiveness of Bijiao Technology lies in its self-developed Biliao™ series GPU products and BIRENSUPA software platform, which provide computing power support for various artificial intelligence applications from the cloud to the edge. Goldman Sachs senior management: The current speculative activity is far less than during the TechNet bubble era. Samsung Electronics' stock price once soared 3.2% to a record high; TSMC also got off to a good start, rising about 2% and reaching a new high after a trading day. Huahong Semiconductor (01347) issued several announcements stating that the company plans to purchase 97.4988% of Hualiwei's total shares from 4 counterparties including Huahong Group by issuing shares, and plans to raise supporting capital from issuing shares to no more than 35 eligible specific targets. Currently, the key is to be able to secure financing to continue expanding production. Huahong Semiconductor (01347) rose more than 9%, and Zhitong's January gold stock SMIC (00981) and ASMPT (00522) both rose nearly 5%.

The commercial space sector mentioned last Friday exploded across the board. On December 31, according to the official website of the Shanghai Stock Exchange, Blue Rocket Aerospace Technology Co., Ltd.'s IPO application for the Science and Technology Innovation Board was accepted, officially sprinting to the “First Commercial Rocket Stock” on the Science and Technology Innovation Board. According to Goldwind Technology's previous regular report, the company holds 8.3% of the shares of Blue Rocket Aerospace Technology Co., Ltd. Goldwind Technology (02208) surged, with an increase of more than 20%.

Another factor: Early this morning Beijing time, Musk's American Space Exploration Technology Company (SpaceX) announced that it will reduce the orbital altitude of thousands of “Starlink” (Starlink) satellites to reduce the risk of collision. Currently, low Earth orbit is becoming more crowded than ever before. Last year, SpaceX added more than 3,000 new satellites through 121 launch missions, with an average of one new satellite being launched almost every three days. Take Musk's “Starlink” project as an example. “Starlink” has more than 10,000 satellites in orbit, and it has twice approached the China Space Station to avoid collision. China needs to speed up the pace of satellite launches; otherwise, they will all be clogged with “Starlink,” which is very disadvantageous. China Technology Group (01725) rose nearly 43%, Asia Pacific Satellite (01045) rose more than 34%; Aerospace Holdings (00031) rose more than 18%; and China Aviation Technology (02357) rose nearly 7%. With the exception of Asia Pacific satellites, which are on the rise today, there has been no movement before, which indicates that this subject has finally received financial approval. Continue to pay attention to varieties with active trends in the previous period, such as CIMC Enrique (03899) and Junda (02865).

Skyworth Group (00751) surged more than 10%, which was very emotional. The first is its photovoltaic properties. The company's PV overseas markets then spread good news — the 10MW distributed photovoltaic power plant project in Abruzzo, Italy was officially signed, marking that the project has entered the substantial construction stage. In addition, Skyworth PV has made positive progress in the European market, including successfully signing a 10MW photovoltaic project in Bordeaux, France, and gradually building a clean energy network covering key European regions.

The General Administration of Market Regulation recently launched price competition order compliance guidance for the photovoltaic industry in Hefei, Anhui. The General Administration of Market Regulation will strictly investigate and punish illegal acts through measures such as strengthening product quality supervision and strengthening price and anti-unfair competition enforcement, effectively maintain a fair competition order in the market, and promote the standardized, healthy and sustainable development of the photovoltaic industry. Photovoltaics is one of the few sectors at the bottom, and it is easy to rise when there is news, but sustainability mainly depends on the repair situation on the demand side. GCL New Energy (00451) surged nearly 21%, while GCL Technology (03800), Follett Glass (06865), and Xinyi Solar (00968) rose more than 3%.

Second is its home appliance attributes. When the home appliance subsidy came out on Wednesday, the household appliances category all surged and fell, which is also related to the weak market. Today, the market itself is strong. Coupled with Skyworth Group (00751) leading the way, home appliance stocks are also rising one after another today. Midea Group (00300) and Haier Smart Home (06690) both rose more than 4%.

The Zhangzhou Nuclear Power Unit 2, the world's largest “Hualong 1” nuclear power base, was officially put into commercial operation on January 1, marking the full completion and commissioning of the first phase of the Zhangzhou Nuclear Power Project. The third-generation nuclear power technology “Hualong 1” independently developed by China has taken a key step in batch construction. CGN Mining (01164) rose nearly 5%.

[Section Focus]

According to data from the research institute Dataforce, in November 2025, the share of Chinese brands in the European electric vehicle market reached 12.8%, a record high; the hybrid vehicle sector became more aggressive, directly exceeding 13%. According to statistics from the British Automobile Manufacturers and Traders Association, in the first 11 months of this year, Chinese car brands sold 187,800 vehicles in the UK, a full double of the same period last year. Not only in the UK, Spain, and Norway, there is a Chinese brand for every ten new cars, and the average share of Western Europe as a whole has reached 6%. The increase is also confirmed by data from the European Automobile Manufacturers Association. From January to November of last year, SAIC MG registered 274,000 vehicles, an increase of 26.1% over the previous year. In the same period, BYD's market share registered 160,000 vehicles, which directly soared to 276% year-on-year. In core markets such as Germany and Italy, BYD even surpassed Tesla in sales. Geely is not bad either. Group CFO Dai Yong once revealed that in the first three quarters of this year alone, Geely's sales in Europe increased 61.8% year over year. What's more worth mentioning is that cars sold by Chinese car companies in Europe are not cheap at all. For example, Geely International EX5 was officially launched in London, England on October 23, 2025. The price range is 31990 to 36,990 pounds, which is equivalent to about 303,000 to 351,000 yuan. The starting price is 3 times that of the domestic version, and can still be accepted by the market.

New forces have also handed over their 2025 annual report cards. Overall, only the three brands Zero Run, Xiaomi, and Xiaopeng have achieved sales targets for the whole year. Zero Sports Auto is the most powerful “dark horse” in 2025. With annual sales of nearly 600,000 vehicles, it has jumped to become the top seller of the new forces, with an annual target achievement rate of over 119 percent.

This shows that Chinese cars have used their technological hard power to gain recognition from overseas markets. The main varieties are BYD (01211), Geely (00175), Zero Sports (09863), Xiaopeng (09868), and Xiaomi (01810).

[Individual Stock Mining]

China Aluminum (02600): Lun Aluminum's advantage at a new high since 2022 clearly focuses on the catalytic effects of aluminum prices and performance

Lunan Aluminum broke through 3,000 US dollars, a new high since 2022. Global aluminum inventories were at a 5-year low, domestic production capacity was at full capacity and demand for new energy (trams/photovoltaics) surged, making aluminum prices rise and fall easily.

Comment: The rise in aluminum prices will directly boost the company's performance. The company is a global leader in the aluminum industry, with an electrolytic aluminum production capacity of more than 12 million tons and a market share of 18%. In Q3 2025, we achieved operating income of 60.124 billion yuan and net profit attributable to mother of 3.801 billion yuan, an increase of 90.31% over the previous year; net profit after deduction reached 3,775 billion yuan, an increase of 103.37%. Profit growth is mainly due to the company's continuous strengthening of cost control, optimization of resource guarantees, and increased production and sales. The company's core advantage is resource self-sufficiency: the annual supply of 20 million tons of bauxite in Guinea, 100% self-sufficient bauxite for the 14th Five-Year Plan target (currently 60%), and the cost is 10% lower than that of peers. Looking at the business structure, high-end aluminum accounts for 35% of revenue (+40% compared to the same period). Combined with BYD (80% aluminum for new energy vehicle battery cases) and Longji PV, energy storage will add 1 million tons of aluminum demand in 2026, and Green Electric Aluminum accounts for 45% (number one in the industry) to enjoy a new green premium. In terms of increasing production capacity, Yunnan's 400,000-ton high-end aluminum alloy flat ingots were put into operation in March 2026, and the alloying rate was raised to 90% +. Follow the commencement progress of the 3 million ton alumina project in Dalian in 2026Q1. The agency predicts that for every 10% increase in aluminum prices, net profit will increase by 1.5 billion dollars. Continue to pay attention to the catalytic effect of aluminum prices on performance.