The A-share market is currently exceptionally strong, with the Shanghai Composite Index breaking through the 4100-point level last Friday and trading volume exceeding three trillion yuan, marking a significant milestone. In contrast, the Hong Kong stock market has been relatively subdued, with limited gains, influenced more by overseas developments. The primary disturbance stems from geopolitical tensions; while the Venezuela situation has subsided, the latest focus has shifted directly to Iran. It was learned on January 11th that U.S. officials stated President Trump is considering various options for intervention in Iran, including announcing the deployment of a carrier strike group to the Middle East, launching cyberattacks, and information warfare. Furthermore, Trump indicated that military action against drug cartels in Mexico will commence "soon." Barring substantive concrete actions, it will be difficult to disrupt the current upward trend. The U.S. Supreme Court postponed its ruling on the Trump tariff case, with the next decision scheduled for the 14th of this week. The delay itself is viewed positively. On Tuesday, January 13th, the U.S. will release its December CPI data, with institutions widely expecting a significant rebound in the core CPI month-over-month. On Wednesday, January 14th, the Federal Reserve will release its latest Beige Book survey on regional economic conditions. Both events are anticipated to yield positive signals. Attention should be paid to Taiwan Semiconductor Manufacturing's (TSM.US) earnings report on Thursday, which serves as a key barometer for the global AI industry chain. Regarding market themes, commercial space undoubtedly stands out as the strongest trend. According to the latest news, the International Telecommunication Union (ITU) website shows that China has submitted an application for an additional 203,000 satellites, covering 14 satellite constellations. Meanwhile, the scale of the U.S. Starlink system is expanding further, with the FCC approving SpaceX's deployment of 7,500 second-generation satellites. This sector is becoming a new arena for major power competition. On January 11, 2026, Elon Musk announced that the X recommendation algorithm would be open-sourced within 7 days, including all code that determines the organic content and advertisements users see. This development benefits application areas in Hong Kong stocks such as AI advertising technology, cloud and computing power, and open-source tools. According to supply chain sources, SanDisk has proposed a contract form described as "unprecedented" to some downstream customers: requiring full cash prepayments to lock in supply quotas for the next 1 to 3 years. This directly benefits the related industrial chain. Tesla's partner, Xinjian Transmission, has commenced its IPO guidance process. Xinjian Transmission is a Tier-1 supplier for the "humanoid robot Tesla chain." Its products were applied in Tesla's Optimus robot as early as 2022, and its listing signifies that the node for the mass production scaling of humanoid robots has arrived.

WUXI BIO (02269) released its JPM briefing, revealing that it signed a record 209 new projects in 2025 (compared to 151 new projects in 2024 and 86 in 1H25), with two-thirds being bispecific/multispecific antibodies and ADCs, and approximately half originating from the U.S. The total number of projects in hand reached 945. The 74 Phase III clinical and 25 commercial manufacturing projects lay a solid foundation for sustained future growth in commercial production revenue. In 2025, the company secured 23 "win-molecule" projects, including 6 Phase III projects, with about half from U.S. clients. By molecule type, there are 196 bispecific/multispecific antibody projects, with revenue growing over 120% year-on-year in 2025; currently, there are 3 commercial projects, making it the fastest-growing molecule type for the company. The ADC segment comprises 252 projects and continues to maintain rapid growth. For research-stage business, the total potential milestone payments for collaborative projects in 2025 exceeded $4 billion, setting another historical record. On the production side, 28 PPO projects were completed in 2025, a year-on-year increase of +75%, indicating potential accelerated growth for the commercial manufacturing business. In December 2025, WUXI BIO announced signing a strategic cooperation MOU with the Qatar Free Zones Authority (QF2), potentially leading to the establishment of an overseas base in Qatar benchmarked against the execution capability and profit levels of its domestic Chinese operations. The company is steadily achieving its FY2025 targets, and institutions anticipate accelerated growth in 2026.

Recently, OpenAI significantly launched ChatGPT Health, which can connect user medical records, health apps, Apple Health data, etc., to assist users in understanding medical reports, preparing lists of questions for doctor visits, and even planning diet and exercise. Regarding data interfaces, ChatGPT Health's electronic health records connect via b.well, the largest U.S. healthcare data platform, and apps like Apple Health and MyFitnessPal can also be directly authorized for connection. For data sourcing, OpenAI involved over 260 practicing physicians from dozens of specialties across 60 countries in the development, who provided over 600,000 pieces of feedback over the past two years. Domestically, China's National Healthcare Security Administration first listed "AI-assisted diagnosis" as an extension item under the main category of radiological examinations in November 2024, and expanded it to pathological diagnosis items in December 2025, thereby clearing the path for AI-assisted diagnosis to be covered by medical insurance reimbursement. It is expected that multiple companies will successively apply for and obtain the relevant NMPA Class III certificates in the future. In the Hong Kong stock market, focus on Medlive Technology (02192) and Aimei Health Technology (02522).

Data released by the Hong Kong Exchanges and Clearing shows that the total open interest for Hang Seng Index Futures (January) is 110,856 contracts, with a net open interest of 46,221 contracts. The settlement date for the Hang Seng Index Futures is January 29, 2026. With the Hang Seng Index at the 26,232-point level and the dense area of bear warrants approaching the central axis, the index shows an inclination for continued upward movement. Amid global excess liquidity and the sustained rise of A-shares, the Hang Seng Index is expected to trend upwards this week.

According to Securities Times China statistics, as of January 10th, public fund capital expected to enter the market in 2026 amounts to over 45 billion yuan: firstly, 22 stock ETFs listed in the new year, with a combined scale of 6.345 billion yuan; secondly, actively managed equity funds established around the year-end that are entering their building phases, with a scale close to 40 billion yuan. There are two main observations regarding the new year's fund products entering the market: first, retail investors have become the main force behind ETFs, with shareholdings in many products exceeding 90%; second, the share of active funds has stopped declining since Q3 2025, even showing a slight rebound. Based on tracking observations, the incremental funds from public offerings are a typical reflection of the "deposit shift" trend. Industry insiders suggest that this trend of deposit migration is expected to bring trillions of yuan in activated incremental funds into the investment sphere in 2026. The shift of mainland household deposits, channeled through large-scale southbound fund inflows (exceeding HK$1.4 trillion in 2025), is poised to become the core incremental source of Hong Kong market liquidity and a key force reshaping pricing power, driving valuation repair and structural opportunities in Hong Kong stocks. Furthermore, it promotes the transformation of the Hong Kong market from an offshore market to a hybrid offshore-onshore market dominated by mainland capital. In the short term, this trend is expected to persist, supporting the valuation repair of Hong Kong stocks. In the medium to long term, the transfer of pricing power and ecological transformation in the Hong Kong market will become the norm. However, risks such as amplified volatility and periodic capital outflows remain.