Zhitong Hong Kong Stock Market Unravels | Regulation Relaxation, CXO Collectively Strengthens Moorish Thread (688795.SH), Warms Up Market

[Anatomy Dashboard]

Hong Kong stocks continued to shrink. There is no clear direction. The long and short positions are in a relatively tight spot. The Hang Seng Index rose slightly by 0.68% today.

On the 3rd local time, US President Trump once again stated at the White House press conference that a ground attack on drug trafficking in Latin America will soon be launched. Recently, the United States deployed a number of warships, including the aircraft carrier “Gerald R. Ford,” in the Caribbean near Venezuela on the grounds of “anti-drug control.” The Venezuelan government believes that this move by the United States is intended to instigate regime change in the country through military threats. I mentioned this yesterday. The problem is that they always talk nonsense. The thunder and rain are a little bit unbelievable. As a result, gold is no longer playable; today's adjustments will be the main focus. Since they don't fight, the market won't be tight; if it goes up, it will rise.

Also, the US is suspending export control measures against China to promote the smooth progress of trade negotiations. There are reports that President Trump will also no longer implement new export control measures against China. This news directly benefited CXO. Yao Ming Union (02268) and Yao Ming Biotech (02269) rose more than 7%; Zhitong's shares of Rongchang Biotech (09995), Pharmaceutical Kangde (02359), and Kingsley Biotechnology (01548) all rose more than 5% in December.

In response to Takaichi Sanae's remarks yesterday, Foreign Ministry Spokesman Lin Jian responded that Japanese Prime Minister Takaichi Sanae's remarks at the Senate plenary session were inaccurate; she only mentioned that Japan's basic position on the Taiwan issue was as stated in the 1972 Sino-Japanese Joint Declaration, and that this position has not changed; Lin Jian urged Japan to actually reflect and correct the errors, withdraw Prime Minister Takaichi's erroneous remarks, and requested Japan to accurately and completely reaffirm what was stated in the 1972 Sino-Japanese Joint Declaration. As I said yesterday: definitely not satisfied. Everything else is nonsense; the most important point is to withdraw the misstatement; this is fundamental. In addition, new initiatives are also under way. Reports say that Japan is expected to integrate the Air Self-Defense Force into the “Aerospace Self-Defense Force” in 2026, upgrade the special space force “Space Operations Group” to the “Space Operations Group” within 2025, and continue to upgrade to the “Space Operations Group” in 2026. As you can see, you are getting farther and farther along the wrong path.

Robotics news was released intensively. On December 3, the Tesla Optimus team released a video of the “Optimus Prime” humanoid robot running, with the caption that it had just set a “personal” record in the lab. According to a recent survey by Morgan Stanley's AlphaWise research team, Chinese companies seem to be extremely willing to use humanoid robots. As much as “62% of respondents may use humanoid robots within the next three years,” but only 23% are “satisfied with the current product” because “the product is not mature.” According to this survey, “Yushu Technology Robotics is the most popular brand, followed by Yunshen Technology, Premium Choice (09980), and Mei's (00300).”

It is also reported that the Trump administration is considering implementing an executive order on robots next year to promote the development of the robot industry. The focus of robots is still on Tesla's line. After all, it is a global weather vane. PR videos from Tesla and other manufacturers show stronger operation control performance, and thanks to GaN driving, operation control capabilities have improved. Leading Sanhua Intelligent Control (02050) surged nearly 8%; Horizon Robot-W (09660) and Dechang Electric Holdings (00179) rose nearly 7%; Minimally Invasive Robot-B (02252) and Premium Choice (09980) all rose more than 4%.

Yesterday, Suzake-3 successfully flew into orbit for the first time, but recycling this piece was unsuccessful. This is also normal. Musk's recyclable rocket launches also failed countless times before succeeding. It should be said that this time we are very close to success. The probability of success after resolving the flaws is very high, and the market has also given tolerance. Today, many types of A-shares have rebounded in the intraday market.

There will also be catalysis in the future. The Satellite Internet Industry Ecology Conference will be held in Shanghai from December 4 to 5. The conference includes the signing of the “Thousand Sails Constellation” global strategic cooperation agreement. The “Thousand Sails” constellation led by Kakinobu Satellite, also known as the “G60 Starlink” program, plans to complete the deployment of about 15,000 satellites by the end of 2030 in three steps. The concept related to Hong Kong stocks is that China Technology Group (01725) rose nearly 6%.

“Domestic GPU Four Little Dragons” Moore Thread (688795.SH) will go on sale tomorrow. Meanwhile, Mu Xi Co., Ltd. (688802.SH), another “domestic GPU Four Dragons” company, will launch a subscription tomorrow. Volkswagen Public (01635) indirectly holds 0.0637% of Yushu Technology's shares by participating in Shenzhen Venture Capital (holding 10.7996%). Shenzhen Venture Capital is also the third largest shareholder of Moore Thread (holding 1.22%); this is already a clear brand, rising 9% today; it depends on the performance of Moore Thread (688795) listing. If it doesn't drive very high, there are still opportunities; otherwise, it will affect sentiment. In any case, the launch of these products will greatly boost the domestic AI industry. For example, SMIC (00981) and Huahong Semiconductor (01347) chips all rose by more than 3%, as well as Shangtang (00020) and Tianyue Advanced (02631).

Innosecco (02577) and Ansemi Semiconductor reached a strategic cooperation to jointly accelerate the application and layout of the gallium nitride industry. Through wafer procurement and other methods, this strategic cooperation will integrate Innosecco's mature and advanced gallium nitride manufacturing capabilities and the experience and advantages of Ansemi Semiconductors in the field of system packaging and integration to accelerate the rapid implementation of gallium nitride. It's up nearly 5% today.

On December 3, the Baltic Dry Bulk Index (BDI) reported 2,845 points, a new high level since December 6, 2023, up 9.42% month-on-month, the biggest increase since October 13, 2025. Currently, shipyard orders are basically scheduled from 2028 to 2029, and some to 2030. Some shipyard sources say feeder ships are the most popular this year, and the popularity is expected to continue next year. Clarkson data shows that since this year, orders for “feeder and large feeder” container ships below 5,000 TEU have reached 293, an increase of 100 ships compared to the mid-September data. CIMC Group (02039), which mainly fermenters containers, rose more than 5%, and Pacific Shipping (02343) rose more than 4%.

FTSE Russell announced the results of the quarterly review of the FTSE China A50 Index. Luoyang Molybdenum Industry (603993.SH) was included in the index, and the adjustments will take effect on Monday, December 22. This is also beneficial to the H-share Luoyang Molybdenum Industry (03993).

Luntong futures rose 2.72% on Wednesday, hitting an intraday high of 1,1540 US dollars per ton at one point, surpassing the historical peak just set on Monday. Currently, the leading factor driving price increases is mainly price arbitrage between the US and the rest of the world. As large amounts of metal are shipped to the US to evade tariffs, global copper stocks may soon fall to critical low levels. According to LME data, the net volume of copper cancellation orders in Asian warehouses reached 50,725 tons on Tuesday, which brought the number of registered copper warehouse receipts in LME to the lowest level since July of 10,5275 tons. There was a bit of short-term gains. Today, most copper stocks surged higher and retreated.

[Section Focus]

As 2025 comes to an end and 2026 is coming to a critical period, the domestic car market, which is compounded by factors such as purchase tax policy adjustments and the early release of next year's orders, ushered in a wave of “order grabbing”. The GAC Group said that its subsidiaries GAC Haobo, GAC Trumpchi, and GAC Aian will continue the New Year's Eve purchase tax subsidy policy until the end of the year.

The details are: Due to non-user reasons such as GAC production and transportation, car purchases within 2025 will be invoiced before February 14, 2026. GAC will make up the price difference according to the 2025 tax rate, with a maximum subsidy of 15,000 yuan. Similar to the lock list, there are also all models in the Genkai, Zhijie, Xinjie, Zunjie, and Shangjie series, as well as Chery, Extreme, Ideal, GAC Toyota, etc. OEMs are heavily “undercover” due to the upcoming adjustment of the vehicle purchase tax policy in 2026.

At the end of the year, it should be quite intense, and it is expected to boost sales. Main varieties: Chery (09973), Geely (00175), NIO (09866), Zero Sports (09863).

[Individual Stock Mining]

Preferred Choice (09880): Overseas policies continue to catalyze strong growth in robot mass production orders

Tesla is preparing to expand the Texas Gigafactory again, which is expected to achieve the goal of producing 10 million Optimus humanoid robots per year. US Secretary of Commerce Lutnick recently held frequent meetings with robotics industry CEOs. Meanwhile, the US Department of Transportation also plans to announce the establishment of a robotics task force before the end of the year.

Comment: Overseas policies continue to be catalyzed. The company's orders for mass production of humanoid robots are growing strongly. Of these, 264 million orders once again set the global record for a single order value for humanoid robots, and the commercialization process continues to accelerate. The preferred industrial humanoid robot WalkerS2 has begun mass production and delivery, and the first batch of hundreds of units has been put into first-line industrial applications.

At present, the company's industrial humanoid robot production capacity has reached 300 units per month, and the annual delivery volume is expected to exceed 500 units. Up to now, the total order amount for Preferred Walker series humanoid robots has reached 1.3 billion yuan for the full year of 2025 (excluding the full-size humanoid robot “Tiangong Walker” for scientific research and education and the small humanoid robot “AI Goku”), showing the company's leading position in the commercialization and implementation of humanoid robots. 2025H1 has contracted the project for delivery. The revenue of logistics intelligent robots and intelligent robot solutions is about 56.2 million;

The revenue of customized intelligent robots and intelligent robot solutions for other industries is about 63.8 million, or mainly due to the 2025H1 company focusing on product development for new application scenarios. New products will be released on 2025H2, and revenue is expected to be confirmed in 2025H2. The revenue of consumer-grade robots and other hardware equipment reached 260 million, +48.9% year-on-year. The company continued to launch new products to drive a high increase in business revenue.

Many of the company's main businesses are expected to continue to gain strength. 1) The educational intelligent robot targets the K12 education scenario, and the construction and delivery of educational solutions has started simultaneously in Yixing, Suqian, Yangquan, and Longsheng. 2) Logistics intelligent robots continue to deepen full-stack unmanned logistics solutions. The Wali T8000 received hundreds of orders from customers; the second-generation unmanned forklift reached the highest level in the industry. 3) Gradual results have been achieved in the field of commercial robotics. The company recently launched CruzRS2, which can be applied in multi-task scenarios such as commercial sorting, handling, and reception. 4) Consumer-grade robots launch pool cleaning robots, develop smart lawnmowers, smart sweepers, etc.

It is worth noting that Preferred Choice announced that it plans to place 31.468 million new H shares, with a total proceeds of the placement of about HK$3.109 billion, 75% of which will be used to invest in or acquire upstream or downstream supply chain companies. The company has begun mass production of humanoid robots and is expected to increase this year's revenue after delivery and acceptance. Driven by both policy and market demand, the global robotics industry is experiencing an accelerated explosion.