Zhitong Hong Kong Stock Exchange Unravels | Geopolitical turbulence has not hindered Musk's concept from becoming a global capital weather vane

[Anatomy Dashboard]

Despite the unexpected situation, A-shares are quite powerful. The three major stock indexes achieved a good start in 2026, and the Shanghai Index returned to 4,000 points. Hong Kong stocks were also good. They withstood the pressure. They fluctuated in a narrow range throughout the day and closed up slightly by 0.03%.

According to CCTV news reports, in the early morning of January 3, local time, the US carried out a large-scale military operation against Venezuela. Venezuelan President Nicolas Maduro and his wife were captured by the US and taken out of the country. US President Trump later confirmed the action at the Sea-Lake Estate. At the press conference, Trump also named Cuba, Colombia, Mexico, etc., and hinted that action might be taken against these countries. Trump once again warned the Chinese government that if it does not cooperate, a second military strike may be carried out. Trump also claimed that Venezuela will probably not be the last country the US will intervene in, adding that “we definitely need Greenland.” Geopolitics are once again disrupting the market.

This incident became an “achievement” for Trump: oil resources were in his pocket, and Venezuela's huge national wealth was being plundered even if it was bad. At the same time, it has also deterred South America and other “disobedient” countries. The timing is also exquisite. It coincides with the South Korean President's visit to China. Furthermore, the US is also about to start midterm elections, and Trump needs chips.

However, this incident will have a direct negative impact on the stability of South America, and it will also have a very bad “demonstration effect” on the world. After all, it is a sovereign country. Our business in Venezuela may have some impact. We have invested more than 60 billion US dollars in Venezuela over the past 10 years, and now Venezuela still owes China 170-19 billion US dollars in loans. This money is mainly collateralized by oil, or “oil in exchange for loans.” Banks and lenders are rumored to be required to report their exposure to Venezuelan loans. Among them, CNPC (00857), Sinopec (00386), and CNOOC (00883), which have investments in Venezuela, have all declined today. The good news is that petroleum exploration equipment company Shandong Molong (00568) has just received 20 million government cash subsidies, accounting for 45.77% of the absolute value of net profit returned to mother last year, directly boosting profit in 2025, which is up nearly 12% today.

However, judging from various sources, our continued business with Venezuela will not be interrupted. For the time being, there will be little loss of profits. The fundamental reason is that its government has not been overthrown. However, it's not easy to say if a new government changes and new policies emerge in the future.

The insurance industry is getting off to a good start: leading insurers are growing at a rate of 40%-60% in January, and banking insurance channels are still expanding after liberalization. The reason is that three-year and five-year deposits of more than 50 trillion dollars have expired in these two months. Because the insurance interest rate is 2%, which is higher than some deposits, some of the funds will flow into the insurance. Good insurance for storage and moving. Xinhua Insurance (01336), China Taibao (02601), and China Life Insurance (02628) all increased by more than 4%. However, bank stocks are facing loss of deposits, so they are being adjusted today.

Musk recently stated on social media that its brain-computer interface company Neuralink will begin “large-scale production” of brain-computer interface devices in 2026. Competition in the global brain-computer interface field is fierce. Judging from clinical trials and approval, both invasive China and the US are undergoing clinical trials. The semi-invasive US is progressing rapidly, and non-invasive domestically is flourishing. The global brain-computer interface market is expected to grow to around $12.4 billion by 2034. Musk's concept was certainly a global capital weather vane. The sector was directly exploited. Nanjing Panda Electronics Co., Ltd. (00553) surged nearly 40%, Minimally Invasive Brain Science (02172), and Brain Aurora B (06681) all rose by more than 17%.

The 44th J.P. Morgan Healthcare Conference (JPM) will be held in San Francisco from January 12 to 15, 2026, and is expected to attract over 8,000 global participants. The conference will bring together more than 500 listed companies and thousands of start-ups. On the evening of January 3, the official WeChat account of the State Drug Administration stated that in 2025, the number of innovative drugs approved for marketing in China reached 76, surpassing 48 in 2024, a record high. Furthermore, in 2025, the total amount of foreign authorized transactions for innovative drugs in China exceeded 130 billion US dollars, and the number of authorized transactions exceeded 150, which also reached a record high. The price of Zhaoyan New Pharmaceutical (06127) combined with experimental monkey surged by more than 13%; Collumbotai Bio-B (06990), Rongchang Biotech (09995), Cinda Biotech (01530), and Sansheng Pharmaceutical (01530) all increased by more than 6%, while Morimatsu International (02155), which sells shovels, is a global leader in high-end pressure equipment, benefiting from the pharmaceutical industry's CAPEX recovery and overseas MNC production expansion demand. New orders grew rapidly. Malaysia's second-phase production capacity release project cycle was shortened compared to Europe. Pharmaceutical Competence,” “MVP” digital intelligence solutions drive rapid growth in performance. Today's increase is over 7%.

On the evening of January 4, in response to media announcements that Yushu Technology's A-share IPO “green channel” had been suspended, Yushu Technology clarified that the relevant media reports were untrue and had reported it to the competent authorities. Today's fermentation is the household robot company Reclining Robot (06600): its main markets include Japan, Europe, and North America, and the company has successively launched motion robots and companion robots. Additionally, the company said it will launch the first humanoid home robot in January 2026. Key application scenarios are expected to include sorting and organizing clothes, cleaning and storing dishes after meals, and auxiliary meal preparation. Furthermore, compared with comparable robotics companies that have already listed on the Hong Kong stock market, Woan Robotics's compound revenue growth rate in the past three years has reached 49%, which is significantly higher than the industry average. Today, it has risen by more than 19%.

According to the exchange, the National Integrated Circuit Fund's shareholding ratio in SMIC (00981) H shares increased from 4.79% to 9.25%. The line of autonomy and control needs to be relentlessly continued, and SMIC (00981), Huahong Semiconductor (01347), and Shanghai Fudan (01385) have all seen gains.

Keling, a subsidiary of Kuaishou-W (01024), had a “serial upgrade” at the end of the year to unify the multi-modal O1+2.6 audio and video with the same audio+digital human 2.0. Charges have increased after the upgrade, and the volume of the new version of Q4 is expected to increase month-on-month, with an increase of more than 11% today. Other varieties, the fourth model (06682) and Bilibili-W (09626), all increased by nearly 5%.

In terms of intelligent driving, Tesla owners achieved “full autonomous driving across the US” for the first time. Another Musk concept. The Black Sesame Intelligence (02533) high-performance all-scene intelligent driving chip Huashan A2000 has successfully passed relevant reviews by the US Department of Commerce and the Department of Defense, and has been approved for global sales and application. It became the only company in the country to pass this type of review. This move marks that the A2000 chip has officially entered the large-scale application stage. Today, it has risen by more than 11%.

Japan's Tokyo Electric Power Company President Kobayakawa Tomoaki said that the country's largest nuclear power plant, the Kashiwazaki-Kariwa Nuclear Power Plant Unit 6 reactor, will be restarted on January 20, 2026. On the supply side, primary uranium supply rebounded in the short term, driven by the resumption of mine production, and the medium- to long-term primary supply capacity faced continuous decline; it was difficult to form an effective increase in secondary supply in the medium to short term. The global natural uranium supply and demand gap will continue to exist. The long uranium bargain price continues to rise in anticipation of tight supply. CGN Mining (01164), which was mentioned last time, once again rose by more than 7%.

The real estate sector is also beneficial to stimulate; see section focus for details. In addition to real estate stocks, related industrial chains were also driven, such as the cement's Western Cement (02233), which rose more than 4%, and the construction machinery category Zoomlion Heavy Industries (01157), which also rose more than 5%.

[Section Focus]

“Qiushi” magazine published the article “Improving and Stabilizing Real Estate Market Expectations”, clarifying that real estate plays an important role in national economic development. It is clearly necessary to correctly understand the current situation, act proactively, shorten the adjustment period as much as possible, iron out market fluctuations, clearly maintain policy strength, meet market expectations, and policies must be sufficient at once, and no fueling tactics can be adopted, causing the market and policy to fall into a state of rivalry.

In addition, the new value-added tax policy for individual housing sales was implemented starting at 1.1, and the value-added tax for housing was reduced from 5% to 3% in less than 2 years, directly reducing second-hand housing transaction costs, revitalizing stock circulation, and improving the transmission of demand for new housing replacements.

Related stocks: Seashell-W (02423), China Resources Land (01109), Greentown China (03900), Longhu Group (00960), Yuexiu Real Estate (00123), Shimao Group (00813).

[Individual Stock Mining]

Zoomlion Heavy Industries (01157): Domestic and foreign sales remain strong to create the third growth curve of embodying intelligence

According to data from the China Construction Machinery Industry Association, the sales volume of the loader/excavator industry increased 32%/14% year on year in November. The company's domestic machinery sales are expected to increase 20-30% year-on-year from October to November, further accelerating by 13% year-on-year in 3Q25. Overseas sales growth also remained strong from October to November. Zoomlion Heavy Industry's mid-term A-share equity distribution implementation announcement. It plans to distribute a cash dividend of 2.00 yuan (tax included) for every 10 shares.

Comment: The company's domestic and foreign sales remained strong. The third quarter's performance was outstanding, and the inflection point in performance gradually became apparent. Continue to expand the mining machinery business layout. 2025H1's domestic mining machinery business bucked the trend and successfully entered the energy customer market of central state-owned enterprises; its overseas business fully entered the global high-end mining market. Issuance of H share conversion bonds at a premium to help advance the global strategy. Recently, all of the capital raised by the company will be used for R&D innovation and overseas system construction, which is expected to enhance its global competitiveness. The company also performed very well in overseas markets. Overseas revenue in the first three quarters reached 21.313 billion yuan, accounting for 57.36% of total revenue, an increase of 20.80% over the previous year. The company's overseas manufacturing base has achieved full product coverage, and continues to encrypt and expand market outlets in Europe, Africa, Latin America, Southeast Asia, etc., and the construction of the German Phase II and Hungarian factories has accelerated. The competitiveness of core products continues to increase, and smart layouts open up room for growth.

As of 2025H1, the company has developed 3 new humanoid robots, including 1 wheeled humanoid robot and 2 biped humanoid robots, and dozens have entered factory operations. In terms of future planning, it is expected that mass production and market sales will gradually begin in 2026. The company's market share of crawler cranes has steadily ranked first in the industry, and high-value-added products such as oversized all-terrain cranes are in short supply. Zoomlion Heavy Industries continues to deploy in emerging fields such as humanoid robots and the industrial Internet, opening up new growth space for the company's future development. The traditional peak sales season has arrived, and overall domestic sales of Q4 excavators will remain steady. The company has launched three types of humanoid robots and is proceeding with mass production as planned. The company followed the trend and promoted the application of physical intelligence in construction machinery, agricultural machinery and special equipment to create a third growth curve.