★ Macro Developments ★ The People's Bank of China announced that the weighted average interest rate for newly issued commercial individual housing loans nationwide in the fourth quarter of 2025 was 3.06%. The General Office of the State Council has issued the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" aimed at optimizing and expanding service supply, promoting the quality improvement and public benefit of service consumption, and providing strong support for high-quality economic development. The Work Plan proposes support policies in three key areas. First, focusing on key sectors such as transportation services, domestic services, online audio-visual services, residential tourism services, automotive aftermarket services, and inbound consumption, efforts will be made to optimize service supply, promote pilot initiatives, innovate consumption scenarios, and strengthen talent cultivation to stimulate development vitality. Second, targeting potential areas like performance services, sports event services, and experiential services centered on emotions, measures will include improving incentive mechanisms, optimizing safety management, cultivating high-quality brands, and building platform carriers to foster development momentum. Third, support for cultivating new growth points in service consumption will be strengthened through improving standard systems, enhancing credit systems, and reinforcing fiscal and financial support. The Work Plan requires all regions and relevant departments to strengthen policy design, innovate support measures, optimize the service consumption environment, and formulate and issue specific support policies for service consumption sectors as needed. Beijing's first humanoid robot pilot verification platform was officially launched, with an expected annual production capacity of 5,000 units. The platform includes small-batch pilot production lines, embodied intelligent robot production demonstration lines, embodied intelligent robot joint production demonstration lines, and professional testing laboratories, enabling full-chain pilot services from core components to complete machines. Currently, the platform is equipped with 500 sets of pilot production and testing equipment and has an annual capacity of 5,000 sets of embodied intelligent robots. Kunshan has established an artificial intelligence industry fund with a total scale of 5 billion yuan. The fund, with an initial scale of 2 billion yuan, was launched by Chuangkong Group as the initiator, jointly with well-known institutions such as Suzhou Venture Capital and Hua Ying Capital. It will focus on key areas including AI core hardware, computing infrastructure, large models, and AI+ manufacturing, fully supporting the growth of local AI companies and ecosystem development.
★ Financial Institutions ★ Zhongtai Securities announced that its net profit for 2025 is expected to increase by 40% to 60% year-on-year. The increase is attributed to growth in revenue from wealth management, asset management, and investment trading businesses, leading to a significant improvement in the company's overall operating performance. The world's largest sovereign wealth fund, the Norwegian Government Pension Fund Global, reported its 2025 performance, achieving an annual return of 15.1%, with equity investments yielding a 19.3% return. SDIC Silver LOF announced a full-day trading halt tomorrow. If the fund's secondary market price premium does not effectively decrease by February 2, 2026, the fund has the right to apply for intraday temporary trading halts or extend the halt period to warn the market of risks.
★ Market Data ★ The Shanghai Composite 50 Index rose 1.65%, with banking, real estate, and other sectors advancing, while liquor stocks surged. As of the close, the Shanghai Composite Index gained 0.16% to 4157.98 points, the Shenzhen Component Index fell 0.3%, the ChiNext Index declined 0.57%, and the STAR 50 Index dropped over 3%. Combined turnover for the Shanghai, Shenzhen, and Beijing exchanges was approximately 3.26 trillion yuan. Semiconductors, automobiles, and defense sectors declined, while liquor stocks surged. Oil, insurance, real estate, banking, and brokerage sectors advanced, with AI application concepts and disperse dye concepts remaining active, and gold concepts maintaining high热度. The balance of margin lending in the two markets increased by 19.351 billion yuan. As of January 28, the Shanghai Stock Exchange's margin balance was 1,379.075 billion yuan, an increase of 13.535 billion yuan from the previous trading day; the Shenzhen Stock Exchange's margin balance was 1,337.224 billion yuan, an increase of 5.816 billion yuan; the combined total for both markets was 2,716.299 billion yuan, an increase of 19.351 billion yuan from the previous trading day. The Hang Seng Index rose 0.51%, while the Hang Seng Tech Index fell 1%. Mainland property stocks surged significantly.
★ Company News ★ Chow Tai Seng stated that, theoretically, rising gold prices could suppress consumer demand. The company believes that by adhering to its "customer-first" corporate values, maintaining its "young" and "fashionable" brand positioning, closely addressing the self-reward needs of its core customer base, continuously developing exquisite and marketable products, and providing better purchasing experiences, it can overcome potential impacts and achieve better, more sustainable development. Shengyi Technology disclosed its 2025 performance forecast, expecting net profit attributable to shareholders to increase by 87% to 98% year-on-year. During the reporting period, the company's sales volume of copper-clad laminates increased year-on-year, revenue from CCL products rose, and continuous optimization of the product structure improved gross margin, driving profitability higher. Century Huatong released its performance forecast, expecting a significant year-on-year increase in net profit for 2025. The company has achieved consecutive quarterly revenue growth and annual net profit doubling since 2023, reaching record highs. Its overseas arm, Century Games, leveraged its integrated R&D and operation advantages, while its domestic arm, DDM, continued to focus on the SLG genre. Hailanxin released its performance forecast, expecting a substantial year-on-year increase in net profit for 2025. During the reporting period, the company increased investment in independent R&D, achieved breakthroughs in X-band solid-state radar technology, enhanced ship intelligence, and solidified its leading position in smart navigation. It established independent R&D and production capabilities in marine equipment and informatization, gaining first-mover advantage in the Undersea Data Center (UDC) sector. Winning the Sanya Yazhou Bay Science and Technology City marine observation network project further enhanced its market share in marine observation. AstraZeneca announced plans to invest over 1 trillion yuan in China by 2030 to expand its footprint in pharmaceutical manufacturing and R&D. TFC Optical Communication announced that Director Wang Zhihong has completed his share reduction plan. The reduction will not affect the company's governance structure, continuous operations, or lead to a change in control. China Gold announced that its stock trading reflects overheated market sentiment and may face downside risks after significant short-term gains. The company's main business remains unchanged, focusing on gold jewelry R&D, processing, retail, wholesale, and repurchase, without owning exploration or mining rights. Its current P/E ratio is significantly higher than the industry median. Western Gold issued a stock trading risk warning, noting the significant cumulative increase in gold product market prices and advising investors to invest rationally and cautiously. Zhaojin Gold highlighted potential risks, including gold price volatility and operational risks associated with its Vatukoula Gold Mine in Fiji, related to the investment environment, policy changes, and challenges from aging infrastructure and technology at the mine, which is undergoing upgrades.
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