HK, US stocks top stories

Humanoid Robots: AI's Best Hope?

Entering 2025, three years into the OpenAI-led AI cycle, the industry remains in a full-on AI investment phase. Based on our recent work, Dolphin Research sees 2026 hinging on compute cost-down and on AI capex translating into deployments across software and hardware.The rollout of new hardware is the true incremental driver. Meanwhile, mass production of Tesla's Optimus is drawing closer, and humanoid robots could become the primary AI form factor, reshaping human interaction and productivity.On this premise, Dolphin Research is launching coverage on the robotics supply chain. This is Part 1.

Both domestic and international markets hit historical highs! Silver dominates this year, will it switch to copper next year? Shanghai copper surpasses 100,000, while New York copper rises over 5% during trading

As of the close on Friday this week, copper on the New York Mercantile Exchange has risen 45% this year. London copper, which is closed on Friday, has set a record high for four consecutive trading days as of Wednesday, with an increase of nearly 40% this year. However, the annual increase in copper prices is still less than half of that of silver. JP Morgan is optimistic about copper next year due to severe supply disruptions, weak inventories outside the United States, and China's renewed buying

Global stock markets are closed with light trading, while metals soar again, with gold, silver, and copper reaching new highs

U.S. stock index futures fell slightly, while major European stock markets (Germany, France, the UK, Italy) were closed for holidays. Markets in Australia, New Zealand, and others were also closed, leading to light trading in Asian stocks, with Japan's Topix index reaching a new high. Metals regained upward momentum, with gold, silver, and copper hitting new highs, while platinum and palladium also rose in tandem. Japan's inflation decline exceeded expectations, leading to a weaker yen, while the Korean won rebounded after government intervention, reaching a new high since November

Behind the 145% Surge in Silver: Retail Investor Frenzy is Driving the Market to Extremes

Since the beginning of this year, silver prices have soared, breaking through $75 per ounce, far exceeding the increase in gold. This round of market activity is driven by strong industrial demand and tightening supply, further amplified by a surge of retail investors. From physical silver bars to silver ETFs, the enthusiasm of ordinary investors has boosted trading volumes and intensified market volatility. Analysts warn that the silver market is prone to sharp rises and falls, and the current frenzy led by retail investors is pushing prices to the brink of risk

Tesla in 2026: Electric Vehicles Under Pressure, AI Takes Over

Despite the pressure on electric vehicle sales, the market has high hopes for the company's progress in autonomous taxi services, humanoid robots, and self-developed chips. Analysts generally believe that investors have become accustomed to Musk's over-promises, and as long as they can see visible progress, they will not be overly concerned. This year, Tesla's stock price has increased by more than 25%, surpassing the S&P 500 index's increase of 18%

A $12 billion merger turnaround, is ServiceNow retracing SAP's old path?

After years of avoiding large mergers and acquisitions, ServiceNow suddenly launched a buying spree this year, spending at least $12 billion on mergers or strategic investments. This series of actions has raised concerns among investors that the company may begin to rely on deals to stimulate growth, especially considering that CEO Bill McDermott led a series of controversial mergers during his tenure at SAP SE

The Nasdaq Golden Dragon China Index preliminarily rose by 0.2%, with a cumulative increase of about 0.6% this week. Among popular Chinese concept stocks, XPeng preliminarily rose by 6.2%, NIO rose by 4.1%, Li Auto rose by 3.9%, Xiaomi rose by 2.1%, and Alibaba rose by 1.4%

China Investment UBS Silver Fund Class C Shares Suspended for Subscription

The C class fund shares of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF), which are favored by short-term investors, will suspend subscription starting next Monday. Guotou Ruijin Fund Management Company announced this unusual measure in a statement on Friday. Risk warning and disclaimer: The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

Huahuan "Technology Brother" counters "AI Bubble Theory": This time is different from the past, cash flow and engineer dividends are important supports

Hua'an Fund Co-Chief Equity Investment Officer Hu Yibin stated at the "Year of the Horse Investment Carnival" that the A-share market is stable with an upward trend, and technology-related fields such as computing power, innovative drugs, independent innovation, and AI applications possess engineer dividends. He believes that China's R&D expenditure as a percentage of GDP will increase, and the number of STEM major university students is substantial, leading to the emergence of excellent stocks in innovation and semiconductor fields in the future. The gross profit margin gap between A-shares and global leading companies is large but will revert to the median. The profitability of Chinese companies going overseas is underestimated, and there may be a future Davis double-trigger explosion. The embodied intelligence industry is in the 0-1 stage, with future demand potentially increasing tenfold annually

The Nasdaq Golden Dragon China Index has seen a short-term surge, with an increase of 0.8%. Popular Chinese concept stocks include XPeng rising 7.5%, Li Auto up 3.1%, Nio up 3.2%, PDD up 2.1%, and Alibaba up 1.7%

PSBC officially "changes leadership"

PSBC announced that Liu Jianjun resigned from his positions as executive director and president due to reaching the statutory retirement age, and Lu Wei has been nominated as the new president, pending approval from the National Financial Regulatory Administration. During this period, Yao Hong will act as the president. Liu Jianjun previously worked at China Merchants Bank and made significant contributions to the development of PSBC's retail business

Can silver get even crazier? Inventory depletion, collapse of the gold-silver ratio, senior analysts call out a sky-high price of $300

Renowned silver analyst Peter Krauth believes that the market has confirmed a bottom at $50, and as it enters the "frenzy phase," the gold-silver ratio is expected to undergo a sharp correction. Based on the model, if the gold-silver ratio drops to 15, the long-term target price for silver could hit $300, initiating a long-term bull market driven by supply deficits

The consensus on shorting the yen is gradually forming: it may fall below the 160 mark in 2026, and the Bank of Japan's cautious policy struggles to resolve the dilemma

Wall Street has turned long-term bearish on the yen. Despite the Bank of Japan's attempts to raise interest rates, the yen's exchange rate is still approaching historical lows due to the high U.S.-Japan interest rate differential, Japan's negative real interest rates, and ongoing capital outflows. Strategists predict that by the end of 2026, the yen may fall below 160 against the dollar, potentially reaching 165

The salary increase wave for all giants

JD.com announced that the total investment in year-end bonuses for 2025 will increase by more than 70% year-on-year, with 92% of employees receiving full or excess year-end bonuses. ByteDance's bonus investment has increased by 35%, and salary adjustments have risen by 1.5 times. Giants like BYD and CATL have also raised salaries. This aligns with the income increase plan proposed at the Central Economic Work Conference, where companies actively raise salaries and distribute bonuses, showing significant results. JD.com plans to achieve 20 months' salary by 2024, with some departments already achieving this ahead of schedule

CHINA RES LAND Shenzhen Granary Stalls

China Resources Land's market position in Shenzhen has declined. Although the luxury residential project Shenzhen Bay Junxi is selling well, its overall sales only rank seventh, far behind Hongrongyuan and China Merchants Shekou. Once the "Shenzhen No. 1," it now hovers outside the top five, with Shenzhen's contribution to the group's performance dropping from nearly 20% to less than 5%. Market differentiation has led to a cooling of products in peripheral areas, making China Resources Land more reliant on individual "super projects" in Shenzhen

Japan's largest budget proposal in history: "Reduce the issuance of ultra-long bonds" to soothe the bond market, while increasing funding for chips and AI by three times

Japan's budget plan significantly increases investment in cutting-edge technologies, with the Ministry of Economy, Trade and Industry's spending in the chip and artificial intelligence sectors rising to approximately 1.23 trillion yen, nearly tripling from the previous year. The Japanese government has drastically reduced the issuance of ultra-long bonds to soothe the market, with the issuance volume of ultra-long-term bonds being cut to 17.4 trillion yen, the lowest level in 17 years