Wallstreetcn Morning Brief FM-Radio | January 2, 2026

Wallstreetcn Morning Brief FM-Radio | January 2, 2026

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Huajian Morning Voice

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Market Overview

During the New Year’s holiday, financial markets in China, Japan, South Korea, Europe, the US, and other countries worldwide were closed.

Top News

China’s Ministry of Commerce responds to the EU Carbon Border Adjustment Mechanism: Will resolutely take all necessary measures against any unfair trade restrictions, expressing serious concern and strong opposition to the EU’s proposed expansion of the mechanism.

First day of New Year holiday: China sees a travel peak, with Yangtze River Delta railways expected to send 3.7 million passengers, a record high; domestic hotel bookings up over 3 times; Sanya inbound tourists up 5 times year-on-year; 2026 New Year movie box office exceeds 300 million, up more than 10% YoY.

Feitian Maotai launch on New Year’s Day lasted half an hour , one round every five minutes, cleared within 30 seconds each time.

Published by Liang Wenfeng, DeepSeek New Year’s paper proposes new architecture, aimed at solving instability of traditional hyper-connections in large-scale model training.

December electric vehicle report card: Xiaomi deliveries break 50,000 for first time, NIO, Harmony Smart Mobility set new records, Leapmotor up more than 40% YoY; whole year BYD meets sales target, overseas annual sales break 1 million for first time, Leapmotor leads new car-making forces with nearly 600,000 sales, Xpeng & Xiaomi both overachieve annual targets, Harmony Smart Mobility achieves less than 60% of the target.

Model 3 owner completes 2 days 20 hours cross-country US drive with zero interventions, Tesla FSD may have passed the "Physical Turing Test".

Jensen Huang’s $20-billion reasoning closed loop is forming: Nvidia reportedly in talks to acquire AI21 Labs for $2–3 billion, targeting its team of 200.

Report: OpenAI integration team plans to launch new voice model in Q1, paving the way for AI personal screenless devices.

India delivers bad New Year news to 100 million smokers, cigarette tax per 1,000 sticks rises to as much as RMB 660, Indian tobacco stock ITC plunges 10%.

News Details

Global Headlines

China's Ministry of Commerce responds to EU Carbon Border Adjustment Mechanism: Will resolutely take all necessary measures against any unfair trade restrictions. According to the Ministry of Commerce spokesperson, the EU has also proposed a legislative draft and plans to expand the scope of CBAM from 2028 to include machinery, automobiles and parts, appliances, and about 180 steel/aluminum-intensive downstream products. These rules go beyond climate change response, have clear unilateral/trade protectionist tendencies, and China expresses serious concern and resolute opposition.

First day of New Year holiday, domestic tourism peak. January 1st, the first holiday after Hainan’s customs sealing. Tourism market heat in Hainan doubles.

Feitian Maotai Thursday launch ended: One round every five minutes, lasting 30 minutes, sold out within 30 seconds each round. This launch started at 9:00 am, reportedly ended at 9:30 am. The system lagged due to “insufficient stock” and “system busy” during the limited buying windows, and the much-hyped “grab at will” phenomenon did not occur.

Authored by Liang Wenfeng, DeepSeek New Year’s Paper is launching a new architectural chapter. DeepSeek proposes a new architecture called mHC (Manifold-Constrained Hyperconnection) aimed at solving instability of traditional hyperconnections in large-scale model training while retaining performance gains. The architecture replaces single residual flow in Transformer with multi-parallel streams, uses Sinkhorn-Knopp algorithm to constrain connection matrix on doubly stochastic matrix manifolds, and solves instability and signal explosion due to identity mapping disruption in large-scale training of hyperconnections (HC).

December electric vehicle report card: Xiaomi breaks 50,000 for the first time, NIO and Harmony Smart Mobility set new delivery records, Leapmotor up over 40% YoY. BYD continues to lead with sales of 420,400 units/month; Harmony Smart Mobility delivered 89,611 units, breaking own record for three straight months; Leapmotor delivered over 60,000 for two months; NIO delivered 48,000 units, a record and 54.6% YoY growth; Li Auto delivered 40,000+ units, up 33.3% MoM, down 24.4% YoY.

  • For the full year, BYD and Geely barely met annual sales targets. In 2025, BYD's overseas sales topped 1 million for the first time, up 145% YoY; total yearly sales 4.6024 million, up 7.73%. Growth slowed from 41.26% in 2024. New car-maker forces show: Leapmotor, Xpeng, Xiaomi all exceeded annual targets; Leapmotor leads with nearly 600,000 sales; NIO, Li Auto, Zeekr didn't meet annual targets; Harmony Smart Mobility achieved less than 60% of the target.

Stock boom! Global stock markets have seen double-digit growth for the third consecutive year. Strong business earnings, Fed rate cut expectations, and better-than-expected economic growth pushed global indices up over 20% in 2025. Risks are concentrated: Mag7 now accounts for about a quarter of MSCI's developed market index, amplified by networked AI-industry capital ties, increasing the chance of sharp market correction.

“God of Stocks” bows out! LeadingBerkshire for the last year, Buffett firmly “sells stocks, hoards cash”. Buffett formally stepped down as CEO of Berkshire Hathaway on Thursday. In the first 9 months this year, Berkshire net sold $10 billion in stocks, its third consecutive year as a net seller, with cash reserves soaring to a record $358 billion. Under Buffett, a $100 initial investment grew to about $5.5 million, while S&P 500 would have brought $39,000; his portfolio outperformed the market about 67% of the time.

Owner travels 2 days 20 hours, zero-intervention drive across the US, Tesla FSD passes “Physical Turing Test”? Tesla FSD completed a cross-US drive in real world, covering highways, city roads, night driving, multiple supercharger stops—2,732 miles, 100% driven by FSD. Nvidia’s head of robotics says Tesla FSD v14 shows highly natural driving, “hard to tell if human-driven”, so may have passed “Physical Turing Test”.

Jensen Huang’s over $20 billion reasoning closed loop nearly complete. Nvidia spent $2B to acquire Groq’s “TPU father” team on Christmas Eve, now targeting AI21 Labs for $2–3 billion, an Israeli AI model startup with 200 top AI PhDs. Along with buying Enfabrica for $900 million last September, three acquisitions would close the “hardware-network-architecture” chain for Nvidia.

Report: OpenAI integration team plans to release new voice model in Q1, paving the way for AI personal screenless devices. OpenAI sees current ChatGPT voice models as lagging text models in accuracy and speed. New model will support natural emotional expression, real-time conversation, and interruptions. Hardware goal is a consumer device operated via voice instructions; also plans for smart glasses, speakers, and more screenless devices.

India delivers bad New Year news to 100 million smokers, cigarette tax per 1,000 sticks rises to RMB 660 max, Indian tobacco stock ITC plunges 10%. India’s Ministry of Finance announced Wednesday night: from Feb 1, cigarette tax will be 2,050–8,500 rupees per 1,000 sticks (RMB 159–660), depending on length. Jefferies analysts say if these taxes are enacted, ITC may need to hike prices by at least 15%, possibly more.

Domestic Macro

Hong Kong IPO fundraising leads the globe, regains world champion title, the HKEX gongs are not enough! In 2025, Hong Kong IPO market saw strong recovery. 119 companies listed, fundraising more than doubled YoY to HK$285.8 billion, ranking top among exchanges worldwide. Major IPOs and A-share companies going public in Hong Kong, top 10 deals—8 raised over HK$10 billion. Innovation and liquidity improved, market expects 2026 fundraising to top HK$300 billion.

Estimated over 208 million interregional travelers on Jan 1, up 21% YoY.

Yangtze River Delta railways expected to send 3.7 million passengers for New Year’s, a record.

Tongcheng Travel: Domestic hotel bookings on first day of New Year holiday surge more than 3 times. Qunar Travel: Hotel occupancy in hot regions up 1.2 times YoY on holiday's first day.

2026 New Year box office surpasses 300 million. According to Lighthouse Pro, as of 6pm Jan 1, 2026 New Year's period (Jan 1–3) box office (including pre-sales) reached RMB 300 million+, top 3 films: Zootopia 2, Avatar 3, Hidden Kill.

Domestic Companies

Landspace races for STAR Market listing: half-year revenue 36.43 million, loss 600 million, plans to raise 7.5 billion, commercial space industry IPO era arrives. Landspace plans to raise 7.5 billion, including 2.77 billion for reusable rocket production capacity, 4.73 billion for reusable rocket tech upgrades. From 2022 to 2024, revenues were 780,000; 3.95 million; 4.2783 million; net losses: 820 million, 1.216 billion, 916 million.

Overseas Macro

Last day of 2025, US Fed “record liquidity injection”. Fed’s standing repo facility lent $74.6 billion to financial institutions, far exceeding the prior 50.35 billion peak. Analysts see this as banks dealing with balance sheet management and regulatory settlements for year-end. Despite massive liquidity injection, Bitcoin and other risk assets barely reacted.

US to impose 1% remittance tax on certain cross-border transfers from Jan 1. Experts warn the policy may mainly impact immigrant communities and families relying on remittances.

US: New restrictions on entry for foreign citizens take effect. Measures apply to both immigrants and non-immigrants, with "full" and "partial" restriction categories. US has lifted its ban on non-immigrant visas, but continues to suspend immigration from Turkmenistan.

Swiss bar fire kills about 40 people. Swiss police said January 1st local time, a fire at a bar in Crans-Montana, Valais, left 115 injured, many seriously.

Overseas Companies

2025 US stock market Top 10, storage claims 3 spots. In 2025, AI investing shifted from computing power to infrastructure; data storage became the big winner, with Western Digital, Micron, Seagate seeing 268%, 227%, 219% gains—top 3 in the S&P 500. SanDisk, added to the S&P 500 late in the year, surged 559% but not included in official annual “best stock” list.

SemiAnalysis in-depth: US grid lags, AI data centers “build power plants,” racing against time. With public grid projects taking up to a decade, leading US AI labs (OpenAI, xAI, Google) are bypassing the grid, building gas power plants to quickly provide computing power. As AI scales up, electricity isn't just a cost issue—it determines if computing power can go online on time.

Today’s Headlines Preview

US, Eurozone, UK December Manufacturing PMI.

Biren Technology listing on Hong Kong Stock Exchange.

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Risk Warning and DisclaimerThe market involves risk; investments should be made cautiously. This article does not constitute personal investment advice, nor does it take into account individual users’ specific investment objectives, financial status, or needs. Users should consider whether any views or conclusions in this article are suitable for their own circumstances. Investments made accordingly are at one’s own risk. ```