Zhitong Hong Kong Stock Exchange Unravels | Frequent farce is all about shorting, being autonomous and controllable, and unswerving

[Anatomy Dashboard]

Today, the trend between the two places is quite different. A-shares withstood pressure and flourished across the board, while Hong Kong stocks were hit by an “accident” and weakened. The Hang Seng Index closed down 1.22%.

There was a dramatic scene last night. During the European trading session, the US media suddenly broke the news that the Trump team was considering a more targeted rather than comprehensive tariff plan. The report quoted sources as saying that the tariffs will apply to every country, but only cover imported goods essential to the country or economic security. The initial discussions focused on a few key areas. “These include the defense industry supply chain (through steel, iron, aluminum, and copper); critical medical supplies (syringes, needles, vials, and pharmaceutical materials); and energy production (batteries, rare earth minerals, and even solar panels).” As soon as this news came out, the A50 showed a rapid rise, and US stocks also collectively surged, because everyone knows that not fully implementing tariffs is good for both China and the US; it is good for both China and the US; it is beneficial to the economy, and the rise in the stock market is also what people want.

However, unexpectedly, after it rose, Trump personally came to urgently refute the rumor. On social media, he claimed that the report was untrue, and that there were no so-called anonymous sources. Then US stocks fell. But to be honest, Trump couldn't have been unmoved when he saw this admiration. He also knew that if tariffs were to be added comprehensively, it would be very damaging to US stocks, and at least it would be difficult to control inflation. After all, they haven't come to power yet, and they certainly don't dare to publicly acknowledge it; it is also necessary to appease core voters. From this perspective, today's rebound in A-shares, including the fact that US stocks have not declined much, represents the market's view.

Originally, the Hong Kong stock situation was improving. For example, yesterday, the Monetary Policy Committee of the People's Bank of China talked about stabilizing the exchange rate, and the US service sector PMI reached a record high in December but fell short of expectations. Inflationary pressure eased further. Expectations of interest rate cuts increased due to this, and the US dollar index also declined. And indeed, the RMB exchange rate has rebounded today. As a matter of course, the rebound in Hong Kong stocks was steady, but it happened unexpectedly.

On January 6, local time, the US Department of Defense added a number of Chinese technology companies such as Tencent (00700) and Ningde Times (300750.SZ) to the 1260H list (CMC list) and removed companies such as Kuangshi. Tencent said in a statement, “Tencent's inclusion in this list is clearly a mistake; we are not a military enterprise or military supplier. Unlike export controls or anything else, this list has no impact on our business. Despite this, we will continue to work with the relevant US authorities to resolve the misunderstanding.” Simply put, being included in the CCMC list by the US Department of Defense will not affect the investment of US entities; it will only be included in the Treasury's NSCMIC list. Tencent itself has no business dealings with the US Department of Defense, and after joining, it is also possible to appeal for cancellation. For example, companies such as China Micro successfully removed the CMC list through lawsuits in the early stages.

This practice is simply disgusting. The purpose is very clear: to knock down the stock price and achieve the goal of shorting. Indeed, the goal was achieved. Tencent's ADR plummeted 7%, and today Tencent (00700) also fell by more than 7%; not only that, other chain effects were pharmaceutical outsourcing concept stocks, such as Cansino Biotech (06185), which also plummeted by more than 8%. The biggest problem with Hong Kong stocks is that they don't have pricing power; they often go short on the fan list first, then they go short at the same time. They are highly targeted this time. They are all leading and popular stocks. As for later trends, they are clearly rebounding, because adding to the CMC list had no impact on Tencent's business. Just like what the US Secretary of Health said yesterday, liquor is one nature. Today, Zhenjiu Li Du (06979) has rebounded more than 3%.

The 2025 International Consumer Electronics Show (CES2025) kicks off. On the morning of the 7th Beijing time, Nvidia unveiled the new GeForce RTX 50 series Blackwell architecture GPUs. Nvidia CEO Hwang In-hoon also announced the launch of Project Digits, an AI supercomputer, which is expected to be launched in May. Nvidia is really hard to beat. It continues to launch the latest and most advanced products to lead the industry, and its stock price is also constantly soaring. Another giant, TSMC, is also trending quite strongly. The display chip industry is booming.

There are also domestic incentives. The Zhuhai Municipal Bureau of Industry and Information Technology publicly solicited comments on the “Three-Year Action Plan for the Development of the Electronic Chemicals Industry in Zhuhai (2025-2027) (Draft for Comments)”. Among them, it was mentioned that the focus is on developing 8-inch and 12-inch silicon wafers, next-generation compound semiconductor substrate materials such as silicon carbide, gallium nitride, and indium phosphide, and epitaxial wafers; forward-looking layout of fourth-generation semiconductor materials such as gallium oxide, gallium antimonide, and indium antimonide. At the same time, the focus is on developing uniform chromium photomask versions, KrF and ArF shift photomask versions, and deep ultraviolet (DUV) mask versions with forward-looking layouts. Currently, whether judging from overseas mapping, policy support, or autonomy and control, etc., the domestic chip industry has ushered in a good opportunity for development. SMIC (00981), as a leading company, has risen by more than 5% today, which is well deserved.

Additionally, Nvidia CEO Hwang In-hoon said that Toyota and Nvidia will cooperate to develop the next generation of autonomous vehicles. Nvidia's automotive business will expand to $5 billion in fiscal year 2026. It seems that autonomous driving also has quite a lot of potential. The main types of Hong Kong stocks include Black Sesame Intelligence (02533), Horizon Robot-W (09660), and Driverless Innovation (02431).

Recently, we talked about gold stocks. The latest data shows that China's gold reserves were 191.34 billion US dollars (73.29 million ounces) at the end of December 2024, expanding gold reserves for two consecutive months. Generally, when central banks expand their reserves, they will trigger an increase in international gold prices. The leading China Gold International (02099) has once again risen by more than 4%.

Constellation Energy, the largest nuclear power operator in the US, has been awarded a record $1 billion contract to supply nuclear power to the US government over the next ten years; OpenAI CEO Sam Altman revealed that nuclear fusion technology will “soon” break through, and he expects his investment company Helion to “soon” demonstrate net energy gain nuclear fusion. The relevant individual stocks are mainly Shanghai Electric (02727) and Dongfang Electric (01072).

We talked about lithium batteries and photovoltaics yesterday. The continuation is quite good today, especially if it continues to rise in a declining situation. The market itself shows that the fundamentals of the industry are indeed improving. The Ganfeng Lithium Industry (01772) mentioned has once again risen by 3.75%. Another Longpan Technology (02465): its subsidiary Changzhou Lithium Source and Asia Pacific Lithium Source and Korea's LG New Energy have revised long-term supply agreements, and will sell 260,000 tons of lithium iron phosphate cathode materials to LGES from 2024 to 2028, an increase of 100,000 tons over the original agreement. Today, it is also up more than 3%.

Xinyi Solar (00968) and Follett Glass (06865) mentioned yesterday by the photovoltaic industry have all risen by more than 4%, keeping a close eye on the news of price increases in the industry. The rise in these varieties may also be related to expectations of price increases for raw materials. For example, Minmetals Resources (01208) and Luoyang Molybdenum Industry (03993) are all worth keeping an eye on.

[Section Focus]

The General Office of the Ministry of Industry and Information Technology issued a notice to launch pilot work on the 10,000 gigabit optical network. The notice suggests that by the end of 2025, 10 gigabit optical network pilot projects will be launched in cities and regions with conditions and infrastructure, focusing on key scenarios such as communities, factories, and parks. Since 2021, the Ministry of Industry and Information Technology has organized and implemented “dual gigabit” network collaborative development actions to promote the construction and development of gigabit optical networks. At present, China has achieved “gigabit access from county to county and village broadband”. The number of gigabit optical network users has reached 209 million, and there are more than 20,000 typical application cases.

This is a big project. Naturally, the construction of a gigabit optical network is inseparable from optical fiber. Therefore, the biggest beneficiaries are Changfei Optical Fiber (06869) and China Tower (00788), which is a ground receiving station; others are ZTE (00763) and the three major telecom operators.

[Individual Stock Mining]

Black Sesame Intelligence (02533): Reached a deep cooperation with Alibaba Cloud to release the latest high-computing chip platform

Recently, Black Sesame Intelligence reached a deepening strategic cooperation agreement with Alibaba Cloud and Zebra Zhixing, an automotive technology unicorn under Alibaba Group. The three parties will work together to develop and promote integrated cabin driving solutions. The company announced the launch of its latest high-computing power chip platform, the Huashan A2000 family, specially designed for next-generation AI models.

Comment: The Huashan A2000 family includes three chips: A2000 Lite, A2000, and A2000 Pro, which address the needs of urban smart driving, all-scenario smart driving, and advanced all-scenario smart driving, respectively. Currently, Tongyi's big model Qwen2.5-1.5B and 3B have been deployed on the C1200 family of chips, and can run on the same chip as the BEV smart driving model. In the future, the Tongyi Big Model will also be adapted to the Black Sesame Smart Huashan A2000 family of chips to meet a higher level of intelligent travel experience. In addition, Black Sesame Intelligence has also launched a new self-developed NPU architecture “Jiushao”. The launch of the Jiushao NPU will further enhance the computational performance and flexibility of the Huashan A2000 family and promote the rapid development of intelligent driving technology. Black Sesame Intelligence and Zebra Zhixing, a smart car operating system and artificial intelligence technology company, have reached a cooperation in cross-domain integration. At the same time, the Zebra smart cockpit platform has successfully connected to the Black Sesame Smart Wudang C1200 family of chips. The company has core IP to control technology, and has a forward-looking layout of cross-domain computing and high-computing power SoCs. The new Wudang C1200/Huashan A2000 products are scheduled to be mass-produced in 2025/2026, and the launch of the new product is expected to drive high performance growth. In the context of autonomy and control, the market share of the company's SoC products and solutions is expected to increase rapidly.

[Disclaimer] This VIP information product is for communication and discussion purposes only, and does not constitute any investment advice. Unauthorized reproduction is strictly prohibited. For more high-quality information and data products, please log in to the “Zhitong Finance” app.