Focused on hot topics.

1. The General Office of the State Council issued the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds." It mentions that government investment funds should focus on major strategies, key areas, and weak links where the market cannot fully exert its role, attracting and leveraging more social capital to support the construction of a modern industrial system and accelerate the development of new quality productive forces. According to investment direction, government investment funds are mainly divided into industrial investment funds and venture capital funds. Optimize the functions of industrial investment funds. Industrial investment funds should play a leading role in industrial development, supporting the modernization of the industrial system, upgrading traditional industries, fostering and expanding emerging industries, and building future industries, with a focus on investing in key links of the Industry Chain, extending and strengthening the chain, and improving the resilience and security level of the industry chain supply chain, creating internationally competitive industrial clusters. Encourage the development of venture capital funds. Venture capital funds should focus on developing new quality productive forces, supporting technological innovation, emphasizing early, small, long-term, and hard technology investments, and promoting the realization of high-level technological self-reliance, enhancing independent innovation capabilities and core technology breakthroughs, and solving key issues in critical fields. Develop and enhance long-term capital and patient capital. Rationally determine the duration of government investment funds, utilizing the fund as a long-term and patient capital across economic cycles and counter-cycles, actively guiding national social security funds, insurance funds, and other long-term capital investment. In fields requiring long-term layout, follow-up investment methods can be taken to ensure the continuity of investment.

2. The General Office of the Ministry of Industry and Information Technology issued a notice on carrying out pilot work for the 10-gigabit optical network. By the end of 2025, focus on key scenarios such as residential areas, factories, and parks in cities and regions with conditions and foundations to carry out the pilot. Using the pilot work as a momentum, accelerate the collaborative resolution of key issues in the current application of the 10-gigabit optical network, promoting breakthroughs in core technologies and key equipment for the 10-gigabit optical network, facilitating the construction of a mature industrial chain and complete industrial system for the 10-gigabit optical network, and orderly guiding the transition of the 10-gigabit optical network from technological pilots to deployment applications.

3. According to information from the Industry Chain, Apple's spring "budget version" iPhone model is expected to start mass production in mid-January 2025. Currently, Apple's contract manufacturer, Foxconn, is conducting recruitment. Industry insiders revealed that Foxconn is hiring to prepare for the mass production of Apple's new model. Additionally, someone from Apple's supply chain stated that the company has supplied components for Apple's spring new model, and this model is expected to be relatively affordably priced.

4. The China Securities Regulatory Commission issued a record notification regarding Mixue Ice City Co., Ltd.'s initial public offering of overseas-listed foreign shares (H shares) and the "full circulation" of its unlisted shares in the domestic market: the company plans to issue no more than 73,058,823 shares of overseas-listed ordinary shares and list them on the Hong Kong Stock Exchange. The company's 12 shareholders plan to convert a total of 131,264,258 shares of unlisted domestic shares into overseas-listed shares to be listed and circulated on the Hong Kong Stock Exchange.

Global Index

In the US market, at the close, the Dow Jones Industrial Average fell 178.20 points, a decrease of 0.42%, closing at 42,528.36 points; the Nasdaq fell 375.30 points, a decrease of 1.89%, closing at 19,489.68 points; the S&P 500 Index fell 66.35 points, a decrease of 1.11%, closing at 5,909.03 points.

The seven major US stocks all fell, with NVIDIA down 6.22%, Tesla falling 4%, Amazon decreasing by 2.42%, Meta down 1.95%, Microsoft dropping 1.28%, and Google A down 0.7%.

The Nasdaq China Golden Dragon Index fell by 0.2%, with China Concept Stocks showing mixed results. Xpeng Motors rose nearly 10%, MINISO increased over 5%, Bilibili climbed over 2%, while PDD Holdings and iQIYI rose over 1%; NIO dropped over 4%, and Alibaba and Tencent Music fell over 1%.

In the Hong Kong stock market, as of Tuesday's close, the Hang Seng Index fell by 1.22%, closing at 19,447.58 points; the Technology Index dropped by 0.92%, closing at 4,354.80 points; the Hang Seng China Enterprises Index fell by 1.20%, closing at 7,049.71 points.

From the market performance perspective, Internet Plus-Related and gaming stocks are facing adjustments, while a few stocks like Semiconductors and Gold are strengthening.

Company news

TENCENT (00700): The US Department of Defense mistakenly listed the company as a Chinese Military Industry enterprise and will initiate a review process and take necessary actions. Additionally, it has invested 1.501 billion HKD to repurchase 3.93 million shares, with repurchase prices ranging from 376.8 to 392.4 HKD.

CHINA OVERSEAS (00688): In 2024, the cumulative contract sales reached 310.691 billion yuan, an increase of 0.3% year-on-year; sales in December amounted to 40.226 billion yuan, up 76.6% year-on-year.

GREENTOWN CHINA (03900): The cumulative contract sales amount for 2024 is approximately 276.8 billion yuan, a decrease of 8.07% year-on-year.

CH OVS G OCEANS (00081): Cumulative contract sales in 2024 amounted to 40.11 billion yuan, a year-on-year decrease of 6.3%. Sales in December were 4.584 billion yuan, a year-on-year increase of 82.6%.

CIFI HOLD GP (00884): Cumulative contract sales in 2024 reached 33.68 billion yuan, with December sales of 2.4 billion yuan.

CHINA JINMAO (00817): Cumulative contract sales in 2024 reached 98.255 billion yuan.

COUNTRY GARDEN (02007): December sales in 2024 were 3.42 billion yuan.

Dongfang Electric Corporation (01072): Dongfang Wind Power sold a 51% stake in its subsidiary, Mulei Dongxin, to Chuantuo New Energy.

SKB BIO-B (06990): The new drug application for the core product, Botutuzumab, has been accepted by the National Medical Products Administration.