Zhitong Hong Kong Stock Exchange Cancellation | Too many negative factors, too many capital withdrawals, poor, but Chen's individual stock market is the main focus

[Anatomy Dashboard]

It is estimated that the latest meeting fell short of expectations. As a result, capital was mainly outbound. Today, both markets are making adjustments, and Hong Kong stocks closed down 1.29%.

Let's first take a look at the Politburo meeting on December 8: According to the meeting, next year's economic work should adhere to steady progress, improve quality and efficiency, continue to implement more active fiscal policies and moderately loose monetary policies, give full play to the integrated effects of stock policies and incremental policies, increase countercyclical and cross-cycle adjustment efforts, and effectively improve the effectiveness of macroeconomic governance. Overall, it is mainly about stability. The conference is programmatic; there will be nothing specific; we will have to wait for the next Central Economic Work Conference.

The market is even more sensitive to the property market. Yesterday, we talked about an editorial that was quite strict about real estate. Today, real estate stocks are once again weakening collectively. According to reports, Agile (03383) was filed with the High Court by Xinhao (Zhongshan) Enterprise Management Co., Ltd. to file a winding-up petition. According to the judicial agency's website, the case is scheduled to be heard on February 25 next year. Agile is down more than 18% today. Doing something like this at the end of the year really affects the mood.

China Metallurgical (01618) is also in trouble. It announced last night that it plans to sell the shares and claims of several subsidiaries to Minmetals Real Estate Holdings and China Minmetals for 60.676 billion yuan. Among them, the real estate business depreciation rate was 45.18%, while the non-ferrous resources category assessed significant value-added due to rising international metal prices and rising profit expectations from overseas mines, and the value-added rate of Ruimu management was as high as 419666.17%. The feeling of the market is that those that make money are also being sold, and those that don't make money are also being sold at a discount. I don't know what the company will do in the future? Is this a difficult time to get money? Today, it fell directly by more than 21%.

The securities sector, which was originally worth anticipating, has suddenly poured another pot of cold water. Authorities say the leverage range will remain within a reasonable range, and they will definitely not work hard. It's all in one sentence. The funds are being leveraged, and now they say nothing. No matter how to play with this; the money that comes in can only go to waste.

According to several media reports, US President Trump announced in a social media post on the 8th local time that the US government will allow Nvidia to sell its H200 artificial intelligence chips to China, but charge a certain fee for each chip. According to the media, the H200 chip is Nvidia's “second most powerful” chip. It can be seen that Trump has changed his strategy, and what is beneficial to him and can make money will go directly ahead. Nvidia's expectations have come out again. Related stocks such as Hongteng Precision Technology (06088) directly rose by nearly 11%, and the PCB category Jiantao laminated board (01888) mentioned by individual stock Nuggets yesterday continued to rise, and Changfei Optical Fiber Cable (06869) rose more than 4%. Naturally, this news will have an impact on domestic chips. Today, SMIC (00981) and Huahong Semiconductor (01347) both fell by more than 4%. However, at present, domestic cloud companies are mostly used for training, and it is not cost-effective to do inference. Currently, most domestic AI chips are used in inference scenarios. From December 19 to 20, Moore Thread's first MUSA developer conference will kick off at the Zhongguancun International Innovation Center in Beijing. Moore thread: Next generation GPU architecture will be released soon. The process of domestic substitution will continue to accelerate.

Various actions in the US are still ongoing. The US Federal Communications Commission (FCC) said that it may ban China Mobile (00941), China Telecom (00728), and China Unicom (00762) from connecting to US communication networks to prevent automatic dialing of harassing phone calls. The FCC gave these companies two weeks to respond. The Chinese Embassy in Washington did not immediately respond to a request for comment.

Today's market is lackluster; the best gains are in individual stocks. It is mainly biased towards domestic demand. For example, Cofan (09890) recently announced that it has signed a “Cooperation Agreement on the Development of Artist Works” with COEXIST Group and integrates more than 200 top, mid-waist and up-and-coming trendy artists to jointly develop, sell and promote derivatives of art works. The cooperation period is five years. This collaboration marks the formal establishment of a “classic IP+artist IP” system by Tofan. If several popular IP gaming products can be launched in the future, then the prospects are worth looking forward to. Today's increase is nearly 12%.

Yixin Group (02858) issued an announcement announcing that it has signed a strategic cooperation agreement with Jingzhen Assessment (a subsidiary of Tencent) to renew used car services. The agreement will expire on December 31, 2025, and the renewal agreement will take effect on January 1, 2026 for a period of three years. As a leading third-party auto finance company, the company's total financing volume continued to grow in the third quarter. Only when both parties make money will they continue to cooperate. Today's increase is over 10%.

According to a report by Red Star Capital Bureau, in early December, the unit price of crab-eating monkeys quietly surpassed the 100,000 yuan mark. Over the past few days, Red Star Capital has learned that there is a shortage of supply for crab-eating monkeys, and their value has risen to 120,000 to 130,000 yuan. Some monkey farms said that the monkeys for the first half of next year have already been ordered. According to estimates by Fangzheng Securities, the supply of experimental monkeys is expected to be about 48,000 to 52,400 monkeys per year from 2025 to 2027, and the demand for experimental monkeys is about 513-62,600 monkeys per year. In the short term, due to the recovery in new drug development, the consumption of experimental monkeys will increase, and the supply side is more difficult to improve in the short term, and the gap between supply and demand may continue to expand. Zhaoyan Pharmaceutical (06127) acquires Monkey Farm to integrate the industrial chain, which is expected to benefit from subsequent price increases in experimental monkeys and increased profits. Today it's up nearly 6%. Today it is worth mentioning Red Star Macalline (01528). The A-share Macalline (601828.SH) suddenly pulled up and down in the afternoon, then Red Star Macalline (01528) also followed a rise of more than 7%. The reason is that the actual controller is the Xiamen State Assets Administration Commission, superimposing BUFF in the Fujian sector. The home furnishing chain is also a consumer hotspot. Expectations of restructuring are also expected to coincide with the next reduction in holdings.

On December 9, local time, the two-day Federal Reserve interest rate meeting was officially held in Washington, D.C., USA. There is no doubt about cutting interest rates by 25 basis points. The key is to look at how the bitmap will perform, as well as views on economic prospects, employment, and inflation. More importantly, whether the downsizing schedule will proceed simultaneously.

[Section Focus]

According to the Securities Times, on December 9, there was news that the industry's long-planned integrated acquisition platform for polysilicon production capacity was formally established. The company name is Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion dollars. The date of establishment is December 9, 2025, and its residence is in Chaoyang District, Beijing. In response, people familiar with the industry told reporters that Beijing Guanghe Qiancheng Technology Co., Ltd. explores potential strategic cooperation opportunities in the industry for major enterprises in the industry, such as technology upgrading, market expansion, and production capacity and cost optimization. However, the person familiar with the matter did not clearly respond as to whether the company is a polysilicon storage platform that has been in the works for a long time.

Main varieties: GCL Technology (03800), Xinte Energy (01799).

[Individual Stock Mining]

Horizon Robot-W (09660): large-scale mass production of HSD embodies intelligent large-scale implementation

Recently, the company's full-scene intelligent driving solution HSD has been officially mass-produced and launched, and HSD Horizon SuperDrive has activated more than 12,000 models in collaboration with Changan and Chery within two weeks.

Comment: With large-scale mass production of the first batch of HSD partner models, Horizon became the first smart driving technology company in the industry to achieve mass production of low, medium, and high level assisted driving. The company will launch mass production and delivery on the Chery Starway Star Era E05 within this year. Furthermore, Horizon has reached cooperation agreements with nearly 10 global car brands, which will bring a safe, professional and comfortable HSD full-scene assisted driving experience to more users in the future. It is worth mentioning that Horizon also received the world's first and only ISO 8800 road vehicle AI functional safety certification, becoming a “safety and trust passport” leading to the global market. According to the data, Horizon has more than 5 million households, more than 10 billion miles of safe travel verification, and field test data supporting more than 1.5 million kilometers in more than 50 countries. On the product side, Journey 6B processing hardware has been successfully illuminated. Starway ET5, the world's first Horizon HSD and Journey 6P, has now been fully pre-sold and officially launched on November 28. The Horizon City Driver Assistance System HSD is equipped with the “Smart Driving 6th Generation” Journey 6P. With 560 TOPS of computing power and multi-core heterogeneous computing resources, Journey 6P can support the efficient implementation of large models of assisted driving such as end-to-end, VLA, and VLM. In the field of embodied intelligence, Horizon officially released and open-sourced two major base models: the motion control model “HoloMotion” and the embodied intelligent brain model “HoloBrain”, which can support robots to complete tasks such as complex terrain movement and dexterous operation, and have now received attention and use by many top organizations around the world. The company's robotics product line can generate incremental revenue and support long-term growth.