【Editor's Market View】Christmas trading has indeed been relatively quiet, with U.S. stocks continuously driven by positive catalysts, while Hong Kong stocks oscillated and edged higher last week. This week marks the domestic New Year's Day holiday, and funds are gearing up for next year's market trends. The current market environment remains optimistic; the Fed's December policy meeting minutes, set to be released on Tuesday, December 30, are unlikely to spring major surprises. Additionally, reports indicate that U.S. President Trump will nominate the new Fed Chair in the first week of January. Regardless of who is selected, the nominee is expected to lean dovish. Domestically, the People's Bank of China recently released the "China Financial Stability Report (2025)", which proposes significantly increasing the actual scale and proportion of various medium- to long-term funds invested in A-shares. The Ministry of Finance has also stated that it will continue to implement a more proactive fiscal policy in 2026 and expand the fiscal expenditure scale. These policy orientations are set to provide positive impetus to the market. U.S. aerospace and defense stocks have plummeted, primarily due to our sanctions against them, but this will not drag down domestic aerospace sectors. Thanks to the expansion of the fifth set of listing standards on the STAR Market, commercial rocket companies are set to enjoy major IPO benefits, with a wave of related aerospace stocks expected to list soon—directly利好ing companies that hold stakes in or partner with leading private commercial aerospace firms like Lan Jian and Tian Bing. The consumer sector continues to focus on Hainan, where the Hainan Provincial Committee Economic Work Conference was held to steadily advance Free Trade Port construction, aiming for a "good start" in the first year of customs closure and actively seeking more incremental policies. Reports suggest that ByteDance's 2026 procurement order for Shengteng chips from Huawei may exceed 40 billion yuan, with the first batch of chips (valued at 10 billion yuan) soon to be delivered—a milestone moment for the development of domestic computing power. Relevant AI computing power sectors and upstream materials, including copper, are worthy of attention. Multiple lithium iron phosphate (LFP) manufacturers have responded to production cuts and maintenance, citing cost pressures from high upstream raw material prices; continued monitoring of lithium carbonate price fluctuations is advised.
【Stock of the Week】MEDBOT-B (02252) recently announced that, according to its preliminary internal statistics, the cumulative comprehensive orders for its core products—laparoscopic, orthopedic, and vascular interventional robots—have exceeded 230 units. Its flagship product, the Tumai laparoscopic surgical robot, has secured over 160 commercial orders globally, including nearly 120 new orders this year. Public statistics show that Tumai ranked among the world's top two in global order volume in 2025. As of December 24, 2025, the company had completed over 150 commercial installations of its products. Among these, Tumai's global commercial installations surpassed 100 units, all of which have obtained user-signed installation acceptance reports, with transaction arrangements complying with the company's revenue recognition policies and revenue确认completed. Tumai's overseas market footprint now spans over 40 countries and regions across Asia, Europe, Africa, Oceania, and South America, with "multiple sales and multi-hospital installations" achieved in 15 countries. In the domestic market, Tumai has made breakthroughs in both top public hospitals and high-end private hospitals, with top 100 hospitals accounting for 23% of installed facilities and tertiary hospitals exceeding 90%. Institutional research notes that the company's global strategy is rapidly gaining market validation, with rising overseas competitiveness. It is building a replicable, scalable, and sustainably accelerating growth curve in global markets, enabling normalized, networked, and large-scale use within mature healthcare systems worldwide. Domestically, as policies on laparoscopic robot configuration certificates loosen, over 200 units are expected to be released between 2025 and 2026, and the company is poised to maintain its edge in capturing this remaining demand. Coupled with expectations for the release of a national fee schedule for surgical robot procedures, industry penetration is set to rise. Product-wise, the company's bronchoscopic surgical robot—UniPath®/Dudao® Electronic Bronchoscopic Surgical Navigation System—officially received上市 approval from the National Medical Products Administration (NMPA) on December 23. This makes the company the world's first and currently only enterprise to achieve "commercial上市 of full-track surgical robot products", covering five major tracks: laparoscopy, orthopedics, vascular intervention, natural orifice, and percutaneous puncture. Leveraging its in-depth global multi-level healthcare system layout and rich commercial product portfolio, a three-dimensional robotic surgery ecosystem is rapidly taking shape—led by top global experts, deeply协同 with regional medical centers, and actively participated in by grassroots hospitals—integrating academic, technical, and clinical systems. The company's commercialization has entered a new phase, with expectations to achieve break-even by 2026.
【Industry Insight】The Ministry of Finance confirmed the continuation of auto trade-in subsidies for 2026 at the National Financial Work Conference on December 28. A key marginal change is that the total subsidy amount is expected to exceed expectations, with the subsidy method shifting from a fixed amount to a proportion-based system linked to vehicle prices. This official stance has completely dispelled market concerns about a sharp policy withdrawal. The optimized subsidy structure aims to guide consumption upgrading, effectively offsetting the impact of the phasing out of purchase tax reductions and providing solid support for 2026 auto market demand. For Hong Kong stocks, it is recommended to关注 BYD (01211)/Geely Automobile (00175) (boasting rich product matrices, precisely positioned in the 150,000-250,000 yuan mainstream trade-in price range, and direct beneficiaries of the proportion-based subsidy optimization); XPeng Motors (09868)/Li Auto (02015) (targeting the mid-to-high-end market, benefiting from consumption upgrading trends and overall market sentiment recovery); and Great Wall Motors (02333) (with extensive product line coverage, set to gain from the policy's role in supporting overall demand).
【Data Watch】Data released by Hong Kong Exchanges and Clearing Limited (HKEX) shows that the total open interest for Hang Seng Index Futures (December contract) stands at 46,137 contracts, with a net open interest of 21,256 contracts. The settlement date for Hang Seng Index Futures is December 30, 2024, marking this week's futures settlement. The Hang Seng Index is currently at 25,819 points, with the upper bear warrant concentration area near the mid-axis, indicating a sustained upward momentum. This week, attention should be paid to the Fed FOMC meeting minutes, the RMB/USD exchange rate breaking 7, and the Hang Seng Index closing its annual line—overall, the index is bullish.
【Editor's Comment】Hong Kong's consumer sector remains in the left-side phase, while the AI sector shows clear divergence. As the year-end approaches, market trading activity may thin further. The current RMB appreciation stems from a shift in domestic entities' risk appetite rather than capital inflows, offering limited tangible benefits to Hong Kong stocks. With liquidity easing nearing its limit, the equity market leans neutral; in terms of style, focus should remain on value and dividend sectors.
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