China GDP +5% for the year; TSLA A15 chip design near completion | Daily News Recap

0119 ｜Dolphin Research Focus

🐬 Macro / Industry

1. NBS data show full-year 2025 GDP at RMB 140.2tn, up 5.0% YoY in real terms, hitting the annual growth target. While Q4 momentum eased, Dec PMI returned to expansion, pointing to a rebound on the production side. Infrastructure investment and net exports did the heavy lifting, as consumption and property remained weak.

2. Seeking to 'buy Greenland,' Trump announced new tariffs on eight European countries, including Denmark and Germany. Multiple EU members said they would revive a countermeasure list, planning levies on €93bn of U.S. goods such as aircraft and agricultural products, and could restrict U.S. firms’ access to the EU market. Transatlantic trade frictions have spiked, pressuring aerospace and autos near term and adding to global trade fragmentation risk.

3. After six years, Trump personally attended the Davos forum, leading a high-profile delegation that included Jared Kushner. The agenda spans a U.S.–Ukraine security guarantee and talks over Greenland, stirring the global geo-economic chessboard. The trip is aimed at shoring up alliances and pressuring Europe, lifting risk-off sentiment.

4. U.S. markets were closed all day. Jan 19 was Martin Luther King Jr. Day.

🐬 Single Stocks

1.$Tesla(TSLA.US)

Musk said Tesla’s 5th-gen autonomous driving AI chip (AI5) is near final design, with 6th-gen (AI6) R&D launched in parallel. Built on 3nm, AI5 targets 5x the compute of the current HW4 and is slated for mass production in 2027, with AI6 aiming to double performance again. In-house design reduces reliance on suppliers such as Nvidia and better fits higher-level FSD, but watch U.S. export controls on chip performance and the ramp at foundry partners TSMC and Samsung.

2.$Micron Tech(MU.US)

Micron announced it plans to acquire a Taiwan wafer fab from Powerchip Semiconductor Manufacturing Corp. for $1.8bn to expand memory capacity. Post-close, DRAM output will be scaled in phases, with a significant production uplift expected in 2H27.

🐬 Top Gainers

A-shares: food distributors; heavy electrical equipment; and jewelry/toy/stationery retailers.

HK: consumer electronics; airlines – passenger; oil & gas storage and transportation.

U.S.: closed.

🐬 Watch Tomorrow

1. SCIO press briefings on implementing the Central Economic Work Conference to set up a solid start for the 15th Five-Year Plan. SCIO briefing on deploying an active fiscal policy to drive high-quality economic and social development.

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