On February 9, the Shanghai, Shenzhen, and Beijing Stock Exchanges introduced a package of measures to optimize secondary offerings. The reforms aim to enhance flexibility and convenience, better serving technological innovation and the development of new productive forces. The measures emphasize supporting high-quality and science-focused firms while restricting underperformers. They specify improved financing efficiency for high-caliber listed companies and relaxed interval requirements for unprofited innovative enterprises. To better accommodate the refinancing needs of tech firms, the Shanghai and Shenzhen exchanges are developing criteria to identify "asset-light, high-R&D" listed companies on the main board.
The State Administration for Market Regulation issued several regulatory documents to address gaps in the management of bulk liquid food transportation. Released on February 9, these documents—including the "Catalog of Key Liquid Foods Subject to Road Bulk Transport Licensing," "Measures for the Management of Road Bulk Transport Permits for Key Liquid Foods," and "Work Standards for Consignment Note Management in Road Bulk Transport of Key Liquid Foods"—aim to implement central government decisions and revised Food Safety Law requirements. The goal is to strengthen full-chain food safety supervision.
Surging AI demand is driving price increases across the component supply chain. Following steep rises in memory chip prices, multilayer ceramic capacitors (MLCCs) have become the next key component to see price hikes. Reports indicate spot prices for Korean MLCCs have increased nearly 20%, with further near-term rises anticipated. Capital markets have responded positively: industry leader Samsung Electro-Mechanics has seen significant gains this year, while A-share counterparts like Fenghua Advanced Technology and Sanhuan Group have also climbed. Industry expectations point to a diverging MLCC market in 2026, with high-end products in high demand due to the AI boom, while mid- and low-end segments face weak demand and cost pressures. Domestic firms are accelerating their push into the high-end market after establishing advantages in mid- to low-end segments.
Bio-manufacturing is unlocking trillion-yuan growth potential through coordinated efforts across industry, academia, research, and application. As a future industry, the sector is gaining momentum on multiple fronts. Policy support continues to intensify, with Shanghai recently issuing an action plan that designates bio-manufacturing as a strategically prioritized emerging industry. Companies are actively expanding—Fuxiang Pharmacy, for instance, is advancing global microbial protein布局 through an international joint venture. Scientific breakthroughs are also emerging, such as the launch of a "synthetic higher organisms" pilot project and ongoing AI-driven innovations in life sciences, collectively activating new potential in the trillion-yuan industry.
In the A-share ETF market, capital flows shifted in early 2026: traditional broad-based ETFs experienced outflows and size contraction, while sector ETFs in high-growth areas like chemicals, communications, and nonferrous metals attracted inflows. This trend aligns with preliminary annual results from listed companies, highlighting three focal themes for market participants—AI, inflationary chains, and global expansion.
Precious metals rebounded after a sharp decline, with gold reclaiming the key $5,000 per ounce level. By 19:30 Beijing time on February 9, spot London gold had risen above $5,000, while spot silver experienced volatile trading with intraday gains exceeding 5%. Both metals recorded two consecutive days of gains, with silver surging nearly 10% on February 6.
Space-based solar power offers significant advantages, including 24/7 power generation and efficiency 7–10 times that of ground-based solar. Application scenarios are expansive: large-scale low-Earth orbit satellite constellations represent a direct use case, while space data centers hold even greater market potential. According to China Securities Research, if space data centers enter an annual deployment phase of 100 GW, the global market for related photovoltaic power supply could exceed $500 billion—more than five times the 2025 level.
After nearly a year of restructuring efforts, Shanshan Group announced new progress on February 9. Subsidiary Shanshan Co. disclosed that its controlling shareholder, Shanshan Group, and its wholly-owned subsidiary Pengze Trading signed a restructuring investment agreement with investors Wanwei Group and Ningbo Financial Assets.
Shenzhen is targeting a GDP of 5 trillion yuan, aiming to seize the high ground in artificial intelligence and technological industries. During the "14th Five-Year Plan" period, Shenzhen achieved standout results: it led major cities in GDP growth, topped national cities in industrial output and value-added for four consecutive years, maintained the top position in foreign trade for two years, and ranked first in R&D intensity.
Bank lending got off to a strong start in 2026, signaling positive economic momentum. Key local industries have become primary targets for credit allocation. Since the beginning of the year, listed banks have received frequent institutional surveys, with small and medium-sized banks in coastal developed regions being key focuses. As of February 9, 13 listed banks had undergone 54 institutional surveys involving 386 institutions.
With eight films set for release during the longest Spring Festival holiday period on record, the film and cinema sector showed strong upward momentum. On February 9, cinema stocks surged, with nearly 10 companies—including Jiecheng Shares, Shanghai Film, Bona Film Group, and Hengdian Entertainment—hitting the daily limit. Since January 29, the Wind Movie and Entertainment Index has risen over 11%, with Hengdian Entertainment logging six limit-up sessions in eight trading days and cumulative gains nearing 75%.
The optimization of secondary offerings is a key part of improving the capital market’s investment and financing coordination. It supports listed companies in strengthening competitiveness, promotes optimal resource allocation, and helps cultivate more world-class enterprises.
The computing power sector received another policy boost, with related listed companies seizing development opportunities. On February 6, the Ministry of Industry and Information Technology issued a notice on building national computing power interconnection nodes. The plan involves establishing nodes in national hub areas, key strategic regions, and priority industries to form an interconnected computing network, enhance public computing resource efficiency, and support high-quality development of the computing industry.
Foreign institutions have been actively researching A-share companies, with a particular focus on the technology sector. Wind data shows that by February 9, 224 foreign institutions had conducted 569 surveys of A-share firms this year, including major names like Morgan Stanley, BlackRock, Goldman Sachs, and Citigroup. Several foreign institutions have also issued reports expressing optimism about Chinese equities. Goldman Sachs maintained an "overweight" rating on Chinese stocks, forecasting 20% and 12% gains for certain indices and the CSI 300, respectively. UBS described Chinese equities as "attractive," projecting that MSCI China Index earnings growth would rebound sharply from 2.5% last year to 13.6% in 2026, largely driven by tech stocks.
Ahead of the release of January financial data, experts generally expect month-on-month increases in new yuan loans and aggregate financing. In December of the previous year, new yuan loans totaled 910 billion yuan, with aggregate social financing reaching 2.2 trillion yuan. Wang Qing, chief macro analyst at Oriental Jincheng, anticipates new yuan loans in January could reach 5 trillion yuan, a sharp increase from December but slightly lower than the same period last year. The subdued rise in January bill discount rates may partly reflect this trend.
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