Four ministries, including the National Development and Reform Commission, have jointly issued the "Trial Work Measures on Strengthening the Layout Planning and Investment Direction Guidance for Government Investment Funds." Concurrently, the National Development and Reform Commission also issued a notice on the "Trial Management Measures for Evaluating the Investment Direction of Government Investment Funds." The documents mention that the primary assessment will focus on whether the fund's investments align with supporting the development of new quality productive forces. Supported investment areas include cultivating emerging industries and future industries. Emerging industries primarily encompass next-generation information technology, new energy, new materials, high-end equipment, new energy vehicles, green environmental protection, civil aviation, and ship and marine engineering equipment. Future industries mainly include the metaverse, brain-computer interfaces, quantum information, humanoid robots, generative artificial intelligence, biomanufacturing, biological breeding, future displays, future networks, and new energy storage, among other fields.
The overnight Nasdaq Golden Dragon China Index rose by 4.26%. Alibaba surged over 10%. In overnight US trading, the Dow Jones Industrial Average increased by 86.13 points to close at 49,590.2, a gain of 0.17%. The S&P 500 index added 10.99 points, closing at 6,977.27, up 0.16%. The Nasdaq Composite Index climbed 62.55 points to finish at 23,733.9, a rise of 0.26%. Large-cap tech stocks were mixed, with Google's Class A shares closing up 1%. Mining stocks generally advanced, with Hecla Mining gaining nearly 9%, Coeur Mining rising almost 6%, and Newmont Corporation increasing over 3%. Most popular China concept stocks closed higher; the Nasdaq Golden Dragon China Index rose 4.26%, with Alibaba jumping over 10%, marking its largest single-day gain since August 29. Bilibili gained nearly 9%, and XPeng Motors climbed over 8%. Hong Kong Hang Seng Index ADRs also rose; on a proportional basis, it closed at 26,958.5 points, up 350.02 points or 1.32% from the Hong Kong market close. The COMEX gold continuous contract rose by $107.90, or 2.40%, to $4,608.8 per ounce. Spot gold increased by $88.08, or 1.95%, to $4,597.42 per ounce. The COMEX silver continuous contract advanced by $5.814, or 7.33%, to $85.155 per ounce.
Former US President Donald Trump stated on social media on the afternoon of the 12th that any country engaging in trade with Iran will face a 25% tariff on all its commercial dealings with the United States. This order is effective immediately. Following the implementation of the export tax rebate policy on Friday, providing support for battery module production in January and February, downstream players currently have plans for price increases. Polysilicon market sentiment has become more wait-and-see, and the sector may see some positive impact subsequently. Polysilicon production in January is estimated at 107,800 metric tons, but some companies may gradually halt production in the middle to late part of the month, potentially resulting in output lower than previous expectations. Shanghai released a significant document on brain-computer interfaces, aiming for comprehensive clinical application within 5 years. The recently announced "Shanghai Action Plan for Cultivating the Brain-Computer Interface Future Industry" proposes that by 2027, high-quality brain control will be achieved, semi-invasive brain-computer interface products will be the first in China to achieve clinical application, breakthroughs will be made in invasive brain-computer interface research and development, and an initial brain-computer interface innovation ecosystem will be established. Specific efforts will focus on accelerating the productization of brain-computer interfaces, building common technology R&D service platforms, promoting clinical trials and application demonstrations, improving product standards and testing systems, and cultivating an industrial innovation ecosystem. Regarding the subsequent product landing process for brain-computer interfaces, the plan proposes that by 2027, more than 5 invasive and semi-invasive brain-computer interface products will be promoted to complete medical device type testing. It aims to attract and nurture more than 5 independent innovation enterprises with core brain-computer interface technology and product R&D capabilities, and more than 10 backbone enterprises in the industrial chain. By 2030, high-quality brain control will be realized, brain-computer interface products will be fully applied clinically, aiming to create a global hub for brain-computer interface product innovation, with core segments of the industrial chain achieving self-sufficiency and controllability.
GigaDevice (03986) and Chery Automobile (09973) have reached a strategic cooperation to establish a new paradigm for "chip-vehicle synergy." On January 12, GigaDevice and manufacturer Chery Automobile officially signed a strategic cooperation agreement, focusing on collaborative innovation between automotive-grade chips and next-generation electronic and electrical architectures. GigaDevice will leverage its technological leadership and large-scale mass production capabilities in memory, microcontrollers, and peripheral chips to provide Chery Automobile with high-performance, high-reliability automotive-grade chip products and solutions. Chery Automobile will utilize its profound experience in vehicle platform R&D, system integration, and forward-looking market insights to provide critical input and vehicle-level validation support for the top-level design, precise definition, and performance optimization of chips.
Zhipu (02513) responded that cooperation with a mobility platform does not involve insider information and business advancement falls within routine scope. Zhipu announced that, regarding recent reports indicating the group has established a strategic partnership with a mobility platform, after making inquiries reasonable under the circumstances, the company confirmed that this partnership was entered into in the ordinary and usual course of the group's business. The group cooperates with multiple companies across different industries to advance its business objectives in its daily operations. The company is not aware of any information that must be disclosed to avoid a false market in the company's securities, or any inside information requiring disclosure under Rule 13.09(2) of the Listing Rules and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
Biocytogen (02315) entered into further cooperation with Acepodia through an option-based evaluation framework to jointly advance a first-in-class bispecific antibody dual drug conjugate project. The agreement will grant Acepodia an option to obtain global exclusive licenses for two of Biocytogen's BsADC projects. Under the agreement terms, Biocytogen will be entitled to receive an option upfront payment; after Acepodia exercises the relevant option, Biocytogen may also receive subsequent payments including an option exercise fee, development and regulatory milestone payments, commercial milestone payments, and future product sales royalties.
UBS SDIC Fund Management Co., Ltd increased its holding in China CITIC Bank (00998) by approximately 80.2727 million shares at HK$7.05 per share. According to the latest information from the Hong Kong Stock Exchange, on January 2, UBS SDIC Fund Management Co., Ltd increased its holding in China CITIC Bank (00998) by 80,272,686 shares at a price of HK$7.05 per share, with a total consideration of approximately HK$566 million. After the increase, the latest shareholding is approximately 1.203 billion shares, representing a latest shareholding ratio of 8.08%.
National Integrated Circuit Industry Investment Fund Co., Ltd reduced its holding in SMIC (00981) by 8.4 million shares. The latest data from the Hong Kong Stock Exchange shows that on January 7, National Integrated Circuit Industry Investment Fund Co., Ltd reduced its holding in SMIC (00981) by 8.4 million shares at HK$74.93 per share, with a total consideration of approximately HK$629 million. After the reduction, the latest shareholding is approximately 717 million shares, representing a latest shareholding ratio of 8.96%.
Air China Limited reduced its holding in Cathay Pacific Airways (00293) by approximately 108.08 million shares. The latest data from the Hong Kong Stock Exchange shows that on January 8, Air China Limited reduced its holding in Cathay Pacific Airways (00293) by 108.08 million shares at HK$12.22 per share, with a total consideration of approximately HK$1.321 billion. After the reduction, the latest shareholding is approximately 4.719 billion shares, representing a latest shareholding ratio of 70.20%.
Q Technology (01478): Mobile phone camera module sales volume increased 40.8% year-on-year in December. Q Technology announced that in December 2025, the sales volume of mobile phone camera modules was 43.08 million units, an increase of 13.2% month-on-month and 40.8% year-on-year. The total sales volume of camera modules was 45.938 million units, up 10% month-on-month and 43.6% year-on-year. The sales volume of fingerprint recognition modules totaled 17.947 million units, increasing 0.9% month-on-month but decreasing 12% year-on-year.
Broncus Medical (02216): BroncTarget Lung-Targeted Denervation Radiofrequency Ablation System enters the special review process for innovative medical devices. Broncus Medical -B announced that its BroncTarget® Lung-Targeted Denervation Radiofrequency Ablation System has officially entered the special review process for innovative medical devices by China's National Medical Products Administration (NMPA), signifying that the product has gained recognition from the national drug regulatory department for its core technology originality and significant clinical value.
Hong Kong IPO grey market rises. The grey market for new Hong Kong stock GigaDevice (03986) closed up 40%; Hongxing Cold Chain (01641) grey market closed up 47.39%; new stock BBSB INTL (08610) grey market closed up 415%. Note: The prospectus shows that BBSB INTL is a civil engineering contractor with over 16 years of experience in Malaysia, specializing in providing bridge engineering services as a contractor for large transportation infrastructure construction projects owned or initiated by the Malaysian government or government-linked companies.
REMEGEN (09995) signed an exclusive licensing agreement with AbbVie for RC148. REMEGEN announced that on January 12, 2026, the company and an AbbVie group holding company (AbbVie) signed an exclusive licensing agreement for RC148. RC148 is a novel bispecific antibody drug targeting PD-1/VEGF developed by the company. According to the agreement, AbbVie will obtain exclusive rights for the development, production, and commercialization of RC148 outside Greater China. After the agreement becomes effective upon relevant regulatory approvals, the company will receive a $650 million upfront payment and is eligible to receive up to $4.95 billion in development, regulatory, and commercial milestone payments, as well as tiered double-digit royalty rates on net sales outside Greater China. The milestone payments stipulated in the agreement are subject to certain conditions, and the final amount of milestone payments achievable by the company remains uncertain.
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