Today's A-share market performance was remarkably strong, with the Shanghai Composite Index breaking through the 4,100-point mark to close at 4,120.43 points. The key factor was the trading volume once again exceeding 3 trillion yuan, reaching 3.1523 trillion yuan, marking the sixth time in A-share history that turnover has surpassed 3 trillion yuan, with the last occurrence on September 18, 2025. In contrast, the Hong Kong stock market was much less impressive, fluctuating throughout the day and closing with a modest gain of just 0.32%. This disparity is unavoidable, as the Hong Kong market, where overseas funds hold significant sway, tends to follow international trends more closely, making global developments the primary drivers of its performance.

On January 6, Denmark, France, Germany, Italy, Poland, Spain, and the United Kingdom issued a joint statement emphasizing that Greenland belongs to its people and that only Denmark and Greenland can decide their own affairs. In response to this issue, the US government has devised a new strategy: considering offering cash payments to Greenland's residents to encourage them to join the United States. US officials have discussed plans for payments ranging from $10,000 to $100,000 per person, totaling nearly $6 billion. If this amount is deemed insufficient, it could likely be increased, and if a subsequent referendum resulted in unanimous agreement, Europe would have little grounds for objection. This tactic is indeed formidable, potentially acquiring Greenland without deploying a single soldier, merely by spending a relatively small sum. Crucially, it would also grant control over the Arctic shipping routes. The potential fallout is significant, however, raising questions about how NATO members would view this and whether it could lead to the alliance's dissolution. On another front, the "Will for Peace-2026" joint maritime exercise is scheduled to take place in the sea and airspace near Simon's Town, South Africa, in the first and middle ten days of January, with participation from BRICS members including China, Russia, and South Africa. This highlights a new paradigm of security cooperation among BRICS nations that is not targeted at third parties, presenting a contrast to the NATO military alliance.

As discussed yesterday, "as long as this pressure persists, gold will remain actively traded." Today, Shandong Gold-M (01787) and Zhaojin Mining (01818) both saw gains exceeding 5%. JLMAG (06680), which expects its 2025 net profit attributable to shareholders to increase by 127%-161% year-on-year, also rose over 5%. The US dollar index broke through 99, and the LMEX index, which tracks six major base metals traded in London, is on track for its fourth consecutive weekly gain, marking its longest winning streak since last August. Key metals like copper and aluminum both advanced over 1%, indicating a currently robust trend for the metals sector. Stocks such as CMOC (03993) and CHALCO (02600) hit new all-time highs.

AI application sectors shone brightly. On January 9, the Hong Kong Exchange welcomed another landmark moment in China's large model field with the listing of MINIMAX-WP (00100), founded just four years ago, which officially debuted at the top of its price range of HK$165 per share. The stock opened at HK$235.4, a significant 42.67% premium to its IPO price of HK$165.0. KNOWLEDGE ATLAS (02513) surged over 20% on its second trading day to reach a new high, with its market capitalization briefly exceeding HK$72 billion. Morgan Stanley also expressed optimism, stating that China possesses unique advantages in the AI race, identifying Alibaba (09988) as the "best enabler" and Tencent (00700) as having the "highest B2C monetization potential." This directly stimulated related AI+ stocks, such as Mobvista (01860), which soared over 13%, while Fourth Paradigm (06682) and Meitu (01357) both gained nearly 7%. Tianli Int Hldg (01773), focused on AI+ education, rose over 8%.

The catalyst for the AI+ healthcare direction was more direct. On January 8, OpenAI announced the launch of ChatGPT Health, a model integrated into ChatGPT that provides a "dedicated space for health-related conversations with ChatGPT," capable of connecting to electronic medical records and various health applications, with generated responses incorporating users' health information and personal context. Chinese companies hold advantages in localizing medical data, policy compliance, and service networks. ChatGPT Health's entry into the Chinese market would still require adaptation, meaning domestic leaders are poised to benefit first. XunfeiHealth (02506) officially launched its "Xunfei Spark Medical Large Model X1," based on deep reasoning technology. This model is currently the only medical deep reasoning large model trained entirely on domestic computing power. In real-world scenario testing, its rational diagnosis rate for general practice reached 94.0%. The stock surged over 20%. Medlive (02192), which provides precision marketing solutions offering digital medical marketing services for pharmaceutical and medical device companies, rose over 10%.

In the commercial aerospace sector, stocks mentioned yesterday like Drinda (02865) and Goldwind (02208) experienced significant intraday gains but retreated due to substantial profit-taking. However, CIMC Enric (03899), a January top pick, remained resilient. The company has become a major global supplier of aerospace storage equipment, with related business revenue this year already exceeding 100 million yuan, 50% of which comes from overseas. This overseas growth is a significant positive, and the stock rose nearly 4% again today. In the smart driving sector, on January 8, Black Sesame (02533) reached a strategic investment intent with well-known industrial investment firm Wu Yuefeng Capital and its industrial partner (Shanghai Hongqiao Town Investment Group). The consortium led by Wu Yuefeng is expected to provide BLACK SESAME with a total of 500 million yuan in long-term strategic investment. Backed by this funding, its future prospects are viewed positively, leading to a gain of nearly 5% today.

As mentioned yesterday, "media reports indicate that the price of 3-5 year old cynomolgus monkeys has risen to 140,000 yuan each, with supply falling short of demand within the year. The market is optimistic about Joinn (06127) due to expectations of rising monkey prices." Joinn Labs rose over 7% again today. On the evening of January 8, 2026, Minieye (02431) announced that as of January 8, 2026, the company had repurchased a cumulative total of 3,004,800 of its own H-shares in the market, for a total amount of approximately HK$44,878,604, at an average price of about HK$14.94 per H-share. Cornerstone investors have also initiated share purchases. On January 8, Minieye announced that cornerstone investor Horizon Together Holding Ltd., based on long-term confidence in the company's business, recently purchased a total of 688,200 of the company's H-shares in the open market. On January 7, the company repurchased 1.7454 million H-shares, with a total payment of HK$25.7994 million, representing 0.527% of the issued share capital.

The US Labor Department will release December employment data at 21:30 Beijing time tonight. This could be the "first relatively reliable jobs data" released since the US government experienced its longest-ever shutdown last October. The median market forecast is 70,000, and overall data might be slightly positive, as the probability of a January interest rate cut is very low. On the same day, the US Supreme Court is also set to issue a final ruling on the legality of most tariffs imposed by former President Trump, although the impact is estimated to be limited because even an unfavorable ruling could see the US government restore most tariffs through other channels.

On local time Friday (January 9), both Rio Tinto Group and Glencore issued statements confirming that the two mining giants are in preliminary discussions regarding a potential business combination. In their respective statements, the companies said they are discussing a potential merger of part or all of their businesses, with proposals including an all-share acquisition. The current expectation is that any merger transaction would be completed through Rio Tinto acquiring Glencore. If a deal is reached, it would not only be the largest transaction in mining history but would also create the world's largest mining company with a market capitalization exceeding $200 billion. This would create a global mining behemoth with a market cap over $200 billion, boosting copper production to compete with BHP Billiton. Such a merger would lead to further concentration and potential monopolization in the global resources sector, likely providing another stimulus for resource-related stocks. Key Hong Kong stock picks include: CMOC (03993), CHALCO (02600), Jiangxi Copper (00358); coal sector stocks like Yankuang Energy (01171), China Coal (01898), and China Shenhua (01088).

Sanhua (02050): Data Center Liquid Cooling Demand Surges, Humanoid Robot Mass Production Imminent, Company Forecasts 2025 Profit Growth. The company expects to achieve a net profit attributable to shareholders of 3.87~4.65 billion yuan, a year-on-year increase of 25%~50%; and a net profit attributable to shareholders after deducting non-recurring items of 3.68~4.61 billion yuan, a year-on-year increase of 18%~48%. The company implemented its 2025 interim A-share equity distribution, paying a cash dividend of 1.20 yuan (including tax) per 10 shares to all shareholders. Commentary: Overseas demand for air conditioning control components continues to expand, driving stable growth in refrigeration product exports. Benefiting from the explosion in data center liquid cooling demand driven by AI computing power, the company provides core components such as valves, pumps, and heat exchangers for liquid cooling systems. In H1 2025, traditional refrigeration business revenue reached 10.39 billion yuan, up 25.5% year-on-year; gross margin was 28.2%, up 0.65 percentage points. Affected by the production and sales of key client Tesla, automotive components business revenue in H1 2025 was 5.87 billion yuan, increasing by only 8.8% year-on-year. Benefiting from improved Tesla production and sales, with Tesla's global Q3 deliveries reaching 497,000 units (up 7.4% year-on-year), the company's automotive components business accelerated its recovery. Furthermore, the company's reliance on Tesla is gradually decreasing. International giants like General Motors and domestic new automakers such as Xiaomi, Li Auto, and XPeng are beginning to contribute significant growth. The company has also made breakthroughs with European clients like Mercedes-Benz, Volkswagen, and Stellantis, where progress was previously slower. With mass production of humanoid robots imminent, the company has deep ties with Tesla and is a core supplier of mechatronic actuators for Tesla's humanoid robots, providing integrated products including rotary and linear actuators. The company has now established a dedicated humanoid robot business division and set up a production base in Thailand to support customer mass production needs, expected to begin contributing significant revenue growth from 2026.