[Today's Headlines]
The State Council issued the &#34;Opinions on Comprehensive Deepening of Drug and Medical Device Regulatory Reform to Promote High-Quality Development of the Pharmaceutical Industry&#34;
The &#34;Opinions&#34; propose that by 2027, the legal and regulatory system for drug and medical device supervision will be further improved, and the regulatory system, mechanisms, and methods will better adapt to the needs of pharmaceutical innovation and high-quality industrial development. The quality and efficiency of the review and approval of innovative drugs and medical devices will be significantly enhanced, lifecycle supervision will be notably strengthened, and the overall quality and safety levels will be comprehensively improved, establishing a regulatory system that aligns with pharmaceutical innovation and industrial development. By 2035, the quality, safety, effectiveness, and accessibility of drugs and medical devices will be fully guaranteed, the pharmaceutical industry will possess stronger innovation and creativity, and global competitiveness will be achieved, with regulatory modernization basically realized. The &#34;Opinions&#34; clarify 24 reform measures in 5 areas.
[Market Outlook]
Hang Seng Index ADR rose 0.37%
Overnight, the Dow Jones Industrial Average rose 339.86 points, or 0.80%, to close at 42,732.13 points; the Nasdaq rose 340.88 points, or 1.77%, to close at 19,621.68 points; the S&amp;P 500 index rose 73.92 points, or 1.26%, to close at 5,942.47 points. Tesla (TSLA.US) closed up 8.22%, NVIDIA (NVDA.US) rose 4.73%, Amazon (AMZN.US) rose 1.8%, Google A (GOOGL.US, GOOG.US) rose 1.25%, Microsoft (MSFT.US) rose 1.14%, Meta Platforms (META.US) rose 0.9%, while Apple (AAPL.US) closed down 0.2%.
Popular Chinese concept stocks had mixed performances, with the Nasdaq Golden Dragon China Index rising 0.93%, down 2.11% for the week. Dingdong Maicai rose over 10%, Kingsoft Cloud rose over 5%, ZEEKR rose over 4%, and JD.com and Li Auto rose over 3%; Century Internet fell over 2%, and Tencent Music fell over 1%. The Hang Seng Index ADR rose, closing at 19,833.43, up 73.16 points or 0.37% compared to the Hong Kong close.
[Hot Topics Ahead]
Central Bank: Implement moderate easing monetary policy and selectively lower reserve requirements and interest rates
The People's Bank of China work conference will be held from January 3 to 4, 2025. The conference emphasized the implementation of a moderately easing monetary policy to create a suitable monetary and financial environment for stable economic growth. A comprehensive use of various monetary policy tools will be employed, and reserve requirement and interest rate cuts will be selectively made based on domestic and international economic and financial conditions and market operations, maintaining ample liquidity and stable growth in the total financial volume, aligning the growth of social financing scale and money supply with economic growth and price level expectations. Better grasping the relationship between stock and increment, focusing on revitalizing existing financial resources, and improving the efficiency of fund utilization. Maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level, and firmly preventing the risk of excessive exchange rate adjustments.
Central Bank: Make good use of newly established tools such as securities, fund, and insurance company swap facilities and stock repurchase increases to maintain capital market stability
The Monetary Policy Committee of the People's Bank of China held its regular meeting for the fourth quarter of 2024. The meeting pointed out the need to promote the accelerated development of new quality productivity and more targeted satisfaction of reasonable consumer financing needs. Utilize the newly established tools such as the convenience of swaps between securities, funds, and insurance companies, as well as stock repurchase and increased re-lending, to maintain the stability of the capital market.
The State Council Executive Meeting Studies the Promotion of Urban Renewal Work
The meeting pointed out that urban renewal is an important means to enhance the urban landscape and living quality, which is crucial for expanding domestic demand. It is necessary to adhere to a combination of problem-oriented and goal-oriented approaches, comprehensively promote the optimization of urban structure, improvement of functions, and enhancement of quality, to create livable, resilient, and smart cities.
Transaction Volume in First-Tier City Real Estate Hits New Highs; Agents Ready for &#34;Golden March and Silver April&#34;
As the transaction heat in the real estate market continues to rise, in December 2024, the transaction volume in the four first-tier cities of Beijing, Shanghai, Guangzhou, and Shenzhen hit new highs. This is seen by the industry as a clear signal of the recovery of the real estate market in first-tier cities. Looking ahead to 2025, several real estate agents have stated that they are fully prepared for the sales peak season of &#34;Golden March and Silver April.&#34;
National Influenza Virus Positivity Rate Continues to Rise, Over 99% Being H1N1
According to the latest data from the Chinese Center for Disease Control and Prevention, the positivity rate of influenza viruses is continuously rising, with over 99% being H1N1. Health authorities in many regions across the country have urgently reminded the public to take personal protective measures and pay attention to preventing respiratory and intestinal infectious diseases. This involves Hong Kong-listed Dongyang Sunshine Changjiang Pharmaceutical (01558).
Guangdong to Add Another International Airport, Becoming One of Three Major International Airports in the Province
The new airport project in Guangzhou—Pearl River Delta Hub Airport—has officially received project approval from the State Council. The recent planning target year is 2035, which can accommodate an annual passenger throughput of 30 million and an annual cargo and mail throughput of 500,000 tons; the long-term planning target year is 2050, which can accommodate an annual passenger throughput of 60-80 million and an annual cargo and mail throughput of 2.2 million tons.
National Radio and Television Administration: Improve Management of Program Content and Formulate &#34;Micro-Short Drama Management Measures&#34;
According to the National Radio and Television Administration, from January 3 to 4, the 2025 National Radio and Television Work Conference was held in Beijing. The meeting deployed key tasks for radio, television, and online audiovisual work in 2025. This includes implementing a quality creation project for radio, television, and online audiovisual content, improving overall planning, policy measures, and institutional mechanisms, strengthening support and guidance, and promoting the formation of more quality content, broader dissemination, and better environments. It aims to promote systemic reform in the radio and television media, consolidate and enhance radio and television, vigorously advance the simplification and optimization of channels and frequencies, resolutely rectify violations in the broadcasting of medical advertisements, strengthen and optimize new media in radio and television, and deepen institutional and mechanism reforms. It will comprehensively enhance governance capabilities in the online audiovisual field, improve management of program content, formulate &#34;Micro-Short Drama Management Measures,&#34; and work on both flourishing development and standardized management. Strengthen the construction of the legal and regulatory system, accelerate the advancement of the &#34;Radio and Television Law,&#34; and formulate and revise a number of regulations and normative documents to enhance the comprehensive governance capabilities of the industry.
Huawei Mate X6 Sees Increases of Over 130% and 12% in Sales Compared to Previous Generation in First Two Weeks
According to supply chain sources, Huawei Mate X6 has seen an increase of over 130% and over 12% in sales within the first two weeks compared to the previous generation model, demonstrating Huawei's strong brand dominance. However, from the sales performance in the third week, it appears that Huawei Mate X6 may be facing a shortage of stock.
Liaoning Port Co., Ltd. (02880): Dalian Port has cumulatively increased its holdings of the company's A-shares by 108 million shares
Zhitong Finance APP reported that Liaoning Port Co., Ltd. (02880) announced that as of January 3, 2025, one of the controlling shareholders of Liaoning Port Co., Ltd. (hereinafter referred to as &#34;the Company&#34;), Dalian Port Group Co., Ltd. (hereinafter referred to as &#34;Dalian Port&#34;), has cumulatively increased its holdings of the company's A-shares by 108 million shares through centralized bidding, accounting for 0.45% of the company's total share capital, with an increase amount of 185 million yuan (excluding transaction fees). This increase plan has not yet been fully implemented, and Dalian Port will continue to increase its holdings of the company's shares as per the plan.
Laoxiangji aims for Hong Kong IPO to accelerate capitalizing on the Chinese fast food market
On January 3, Anhui Laoxiangji Catering Co., Ltd. (hereinafter referred to as &#34;Laoxiangji&#34;) submitted its listing prospectus to the Hong Kong Stock Exchange and appointed China International Capital Corporation Hong Kong Securities Limited and Haitong International Securities Company Limited as joint sponsors. This also means that Laoxiangji's listing destination has officially shifted from A-shares to Hong Kong stocks.
[Stock Highlights]
China General Nuclear Power Corporation Mining (01164): Benefiting from the long-term trend of rising uranium prices
Last Thursday, Canadian uranium producer Cameco (CCJ.US) announced that its joint venture Inkai in Kazakhstan unexpectedly suspended production due to the expiration of government authorization. The stock price of CCJ rose slightly, but other uranium mining stocks also gained popularity, with Denison Mines (DDN) soaring 15% and the uranium mining ETF-Sprott (URNM.US) jumping.
It is understood that Inkai is a joint venture established by Cameco and Kazakhstan's state-owned uranium mining company Kazatomprom, with Cameco holding a 40% stake. According to the third-quarter earnings report on November 7, Inkai is expected to produce 7.7 million pounds of uranium in 2024, of which 2.3 million pounds have been delivered to Cameco, slightly above Cameco's expected annual production of 23.1 million pounds by 10%. Cameco is a leading global uranium resource development company, accounting for over 1/4 of global production, with over 480 million pounds of uranium reserves distributed across the Americas, Asia, and Australia. The company's annual uranium production is 30 million pounds. The suspension of Inkai will affect over 25% of its production, impacting 6% of global production. CCJ has a market capitalization of $27.7 billion.
On the same day, American nuclear power generation company CEG received a $1 billion order from the U.S. government, and it will also restart the Three Mile Island nuclear power plant with Microsoft in 2028, indicating that the demand for nuclear power will significantly increase due to the enormous electricity demand from artificial intelligence.
China General Nuclear Power Corporation Mining holds four low-cost uranium mines located in Kazakhstan through joint ventures with Hayan Gong (KAP) and will benefit from the long-term trend of rising uranium prices
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The central bank announced that it will implement a moderately loose monetary policy, choosing the right time to cut the reserve requirement ratio and interest rates. At the same time, the State Council issued the "Opinions on Comprehensively Deepening the Reform of Drug and Medical Device Regulation to Promote the High-Quality Development of the Pharmaceutical Industry," proposing to improve the regulatory system by 2027, enhance review and approval efficiency, and ensure the quality and safety of drugs and medical devices. The Hang Seng Index ADR rose by 0.37%, major U.S. stock indices generally increased, with Tesla and NVIDIA performing outstandingly

- The Chinese government has issued guidelines to enhance drug and medical device regulation by 2027, aiming for a more robust regulatory framework that supports innovation and quality in the pharmaceutical industry.  
- By 2035, the goal is to ensure the safety, efficacy, and accessibility of medical products while achieving regulatory modernization.  
- In financial markets, U.S. stocks rose, with notable gains in major tech companies, while the Hang Seng Index ADR also increased, reflecting positive market sentiment.

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CGN POWER

Alphabet - C

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Tesla

BGCTV

SHENTONG VALVE

SHYNDEC

RFNE

Bio-S

JD-SW

Sprott

HRTN

CTG DUTY-FREE

China Meheco

Alphabet

Vnet

VanEck Semiconductor ETF

TME-SW

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ZEEKR Intelligent Tech

NASDAQ Golden Dragon China Index

Denison Mines

Lifeon Pharmaceutical

YieldMax NVDA Option Income Strategy ETF

ByteDance

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NEWLIFE

Hainan Airport Infrastructure

KINGSOFT CLOUD

CHINA UNICOM

Microsoft

Jointown

TIBET AIM PHARM

LIAONING PORT

Huawei

CGN MINING

Meta Platforms

Direxion Semicon Bull 3X

CNNP

GRG Banking

BANK OF E ASIA

Zhitong Hong Kong Stock Early Knowledge | The central bank announces a timely reduction in the reserve requirement ratio and interest rates, with 24 new measures to deepen the reform of drug and medical device regulation