Moore, Mu Xi, BIREN TECH, and Tian Shu! The "Four Little Dragons of Domestic GPUs" gather for IPOOn December 22nd, Tencent Holdings Limited spent HKD 636 million to repurchase 1.035 million sharesEllison's tough tactics against Warner Bros. have provided Netflix with an opportunityTariff shocks, AI frenzy, and "rollercoaster-like volatility"! Six charts review the "wild year of 2025" in the US stock marketPhase 1 solid tumor biotechnology company Aktis Oncology applies for a US IPO aiming to raise $100 millionCyclical tailwinds, inflation retreat, AI turbulence, volatility protection—these are Goldman Sachs' "Top 10 Core Theme Trades" for 2026Professor Fang Yue: If AI cannot be scaled and implemented, the market may repeat the internet bubble of 2000 | Alpha SummitJingluo: 45% of respondents without property are considering purchasing their first home next year, with mortgage interest rates expected to remain at 3.25% in the first half of next yearRobotaxi is entering the "China Moment"Understanding the Market | CRO Concept Stocks Under Pressure, Pharmaron Falls Over 4%, JOINN Falls Over 3%Asset management giant Apollo has entered "risk-off mode": hoarding cash, deleveraging, waiting for "bad things to happen"?GF SEC Liu Chenming: Rejecting traditional macroeconomics, looking at the 2026 layout window from debt resolution and changes in profit structure | Alpha SummitWhy did the yen fall instead of rising after the interest rate hike?Li Chenggang, the International Trade Negotiator and Deputy Minister of the Ministry of Commerce, met with Sabih Khan, Chief Operating Officer of Apple IncIt is reported that Alibaba's DingTalk has launched the "D Plan," which may involve entering the AI hardware field"Interest rate cut expectations + geopolitical conflicts" drive gold to rise above 4400, silver continues to hit historical highs, and spot platinum breaks above 2000 USD for the first time since 2008Clocktower Kevin Wang: The End of the Old Order and Global Asset Rebalancing Under the Dollar "Bear Market" | Alpha SummitHong Kong Stock Midday Review: Hang Seng Index Rises and Falls, Optical Communication Sector SoarsWhat other thematic investment opportunities can be focused on after commercial aerospace and nuclear fusion?Uber Tech partners with Baidu to launch a pilot program for autonomous taxis in London, UKTrillions of dollars in investment, thousands of new players – AI data centers have become a "new gold rush" that concerns the fate of the global economyGoldman Sachs predicts that the global economy will grow steadily in 2026, but the job market will still appear sluggishReport: Next year, NVIDIA's GB300 shipment volume is expected to reach 55,000 units, and the Vera Rubin 200 is expected to ship in the fourth quarter of next yearOptions Market "Insight" into 2026 U.S. Stocks: 30% Plunge Probability Reaches 10%, Beware of the "Misery Index"Both hit new historical highs again! Interest rate cut expectations and safe-haven demand resonate, gold and silver rise togetherHong Kong stocks intraday | The three major indices opened higher, with the technology and AI sectors active. Baidu rose 1.52%, YOFC surged 11.4%, and chip stocks performed stronglyUnderstanding the Market | Gold Stocks Lead the Gains as Spot Gold Hits New Historical Highs, Goldman Sachs Reiterates Bullish Outlook on Gold"FOMO Theory vs Bubble Theory," Wall Street believes that the volatility of U.S. stocks will not decrease next yearWith multiple favorable factors building up, will the US stock market kick off the "Santa Claus Rally" this week?Understanding the Market | YOFC rises over 9% again, with a cumulative increase of over 50% this month; demand for hollow-core optical fibers is expected to benefit from AI catalysisXiaomi has sent red envelopes to distributorsChina's December LPR remains unchanged for seven consecutive months: the 5-year LPR is 3.5%, and the 1-year LPR is 3%AI Storage New Cycle: The Siege of NAND and the Defense of HDDMiniMax first disclosed its performance! It will compete with Zhipu for the title of "first stock" in large modelsPessimists "disappear"! Emerging market securities achieve the best performance in 16 years as Wall Street bets on the start of a "capital return cycle."Shenwan Hongyuan: The rebound before the Spring Festival is one of the calendar characteristics with the highest winning rate for A-sharesChina's consumer stocks are set to create the longest annual underperformance record in historyBIREN TECH, the first GPU stock in Hong Kong, has set the IPO price range and is expected to be listed for trading on January 2 next yearDefaults, bad debts, and redemption waves are "rising and falling," and America's "trillion-dollar private credit story" is collapsing"Illusions" affect "reliability"! Salesforce executives say "trust in large models has declined," and usage has decreasedCICC: Who is "wrong" between Hengke and the Renminbi?The internal divisions within the Federal Reserve are intensifying: Harker states that the policy is "suitable for a pause," waiting for inflation to clarifyKorean media: Samsung HBM4 scores the highest in NVIDIA testsEast Money: Discussion on the Evolution of the Spring Market and Domestic Demand OpportunitiesReminder: Please pay close attention to the following (all times are in Beijing time)BOCIC Xu Gao: Government investment may be the key to stabilizing economic growth in 2026SanDisk makes a strong comeback: AI drives flash memory demand, with revenue expected to surge by 76% in two yearsa16z Annual Heavyweight Report: OpenAI Struggles to Defend, Google Goes All Out, Users Only Choose One