On Thursday, January 29, the main highlights from the front pages of today's newspapers are summarized as follows.
The international gold price surged significantly, leading to a wave of limit-up gains for A-share precious metal stocks, with over 20 companies, including Zhongjin Gold Corp.,Ltd. and others, hitting the upper limit. On the evening of January 28, several top-performing gold concept stocks issued announcements to warn of trading risks. Companies such as Zhongjin Gold Corp.,Ltd. and Sichuan Gold indicated that their stock prices had experienced substantial short-term increases and there might be a risk of a decline.
Two major exchanges took action! They adjusted the price limit margins and margin requirements for related contracts such as nickel and silver. On January 28, the Shanghai Futures Exchange issued a notice adjusting the price limit margins and trading margin ratios for nickel futures and other related contracts. Simultaneously, the Shanghai Gold Exchange released a notice adjusting the margin levels and price limits for silver deferred contracts. The SHFE notice indicated that starting from the close of settlement on Friday, January 30, 2026, the price limit margin for listed nickel futures contracts would be adjusted to 11%, the margin ratio for hedging positions to 12%, and the margin ratio for speculative positions to 13%.
An on-the-ground visit revealed that the price for a 1000g silver bar has broken through 30,000 yuan! Investment silver bars are becoming popular. Recently, as gold and silver began a round of accelerated price increases, investment silver bars have gained popularity in the Shuibei market in Shenzhen. On the afternoon of January 28, visits to several shopping malls in Shuibei found many counters selling investment silver bars in specifications ranging from 100g to 1000g, with the price for a 1000g bar reaching up to 33,800 yuan in some cases.
A major move by Dan Bin! The top holding has changed. Recently, Dan Bin's Orient Harbor Investment Fund submitted its U.S. stock holdings data as of the end of the fourth quarter of 2025 to the SEC. At the end of Q4 2025, the fund's total portfolio value was approximately $1.316 billion, equivalent to over 9 billion RMB, a slight increase from the $1.292 billion at the end of Q3 2025. Disclosures showed that in Q4 2025, it made significant additional purchases of Google, changing its top holding from NVIDIA to Google.
State-owned Assets Supervision and Administration Commission (SASAC) and central enterprises are focusing efforts for 2026: promoting mergers and reorganizations, planning for emerging industries, and researching and drafting a working document on promoting the cultivation of emerging pillar industries by central enterprises. On January 28, the State Council Information Office held a press conference where SASAC Vice Chairman Pang Xiaogang and other relevant officials reported on the high-quality development of state-owned assets and central enterprises in 2025 and outlined key directions for efforts in 2026 across major industries. The conference addressed next steps for market-focused areas such as M&A, the formation of new central enterprises, aerospace, and embodied AI. Additionally, an important message was revealed: SASAC is researching and drafting a working document on promoting the cultivation of emerging pillar industries by central enterprises.
Through extensions or restructurings, leading real estate companies have made substantial progress in debt resolution. Since the beginning of 2026, debt disposal for leading property developers has shown positive momentum. Three domestic bonds of China Vanke Co.,Ltd. were successfully extended, and the debt restructuring plan for six domestic debts of Powerlong Real Estate Holdings Limited was approved by creditors. Meanwhile, the debt restructurings of Country Garden and Sunac China Holdings, approved at the end of 2025, entered the implementation phase in 2026, which is expected to significantly reduce future debt pressure for these companies.
The latest trends in Chinese AI are here! A look ahead at AI development trends in China for 2026: the number of AI enterprises exceeds 6,000, and the core AI industry scale is expected to surpass 1.2 trillion yuan, a year-on-year increase of nearly 30%.
Taking on a "massive" volume of maturing deposits, insurance sales see spring on the horizon. Zhang Xing (a pseudonym), who transitioned from being a branch manager at a joint-stock bank in a central region to an insurance agent less than a year ago, did not expect this year's "good start" to be so busy. Recruiting new staff, visiting clients, and introducing products are Zhang Xing's daily "main tasks." Recently, many former bank colleagues have also expressed their intention to change careers to Zhang Xing.
SASAC: Solidly advance the formation of new central enterprises and strategic reorganizations. By the end of 2025, the total assets of central enterprises exceeded 95 trillion yuan; in 2025, they achieved a total profit of 2.5 trillion yuan, completed fixed asset investments of 5.1 trillion yuan, and paid taxes and fees of 2.5 trillion yuan; R&D investment reached 1.1 trillion yuan, exceeding the trillion-yuan mark for four consecutive years... On January 28, the State Council Information Office held a press conference where SASAC announced the annual report card for central enterprises.
Dispelling the sense of alienation: The "cold and heat" of Jensen Huang's China visit. On January 28, outside the building of NVIDIA Semiconductor (Shenzhen) Co., Ltd. in Nanshan District, Shenzhen, NVIDIA CEO Jensen Huang, dressed in a black jacket and black pants, appeared. After greeting onlookers and signing autographs, Huang left by car surrounded by security personnel.
Times Observation | Declining interest rates drive deposit migration; cognitive upgrades reshape wealth management views. Recently, against the backdrop of falling deposit rates and the maturity of a large volume of high-interest time deposits, the migration of household deposits into the market has once again become a focus of attention. A wave seeking "deposit alternatives" is quietly rising. These savings funds, which once lay securely in bank accounts, are now dissatisfied with the meager interest from deposits yet wary of the high volatility of pure equity products. They are转而 seeking "middle-ground" products that can provide stable base returns while also sharing in the growth dividends of the capital market.
Behind over 9 million tons of locked-in orders: The "positioning battle" for lithium iron phosphate intensifies, and the competition for high-end capacity becomes white-hot. With the explosion in downstream demand, the lithium battery industry is experiencing a strong recovery. Upstream and downstream players in the industrial chain are deeply binding through "lock-in" agreements, becoming a new main theme for industry development. This phenomenon is particularly prominent between battery manufacturers and lithium iron phosphate (commonly known as "LFP") companies. Since last year, a series of long-term agreements worth tens of billions, even hundreds of billions, have been signed one after another. Publicly disclosed LFP sales contracts have already reached 9.3694 million tons. A common characteristic of these contracts is their long duration, with many agreements locking in supply relationships until 2030 or even longer.
Minmin Luo, Director of the Beijing Institute for Brain Science and Class Intelligence and Neurobiologist: Recommends establishing a high-standard regulatory system for invasive brain-computer interface technology. As an interdisciplinary cutting-edge technology deeply integrating life sciences and information science, brain-computer interface technology has become a new focus of global technological competition. At the beginning of 2026, the BCI "unicorn" Zhejiang BrainCo announced the completion of a Series C financing of approximately 2 billion yuan. This financing not only set a record for the second-largest single financing round in the global BCI field besides Musk's Neuralink but also demonstrates strong capital confidence in the development of the BCI industry.
Chinese autonomous driving accelerates onto city roads. Recently, a special fleet appeared on Beijing's highways. Thirty Arcfox Alpha S (L3 version) vehicles equipped with L3-level autonomous driving systems officially launched a large-scale road pilot, successively entering designated sections of the Beijing-Taipei Expressway, Airport North Line Expressway, and Daxing Airport Expressway to operate in real traffic environments.
A silver world opens a golden track; the ice and snow industry forms chains, gathers momentum, and upgrades fervently. Since the beginning of this year, various regions have intensively introduced supportive policies and innovative development measures targeting the ice and snow economy track. From the snowfield landscapes of the northern forests welcoming guests to the bustling indoor snow venues in the south, the ice and snow "cold resources," once limited by season and climate, are transforming into a "hot engine" driving comprehensive consumption and empowering industrial upgrading.
Why is the non-ferrous metals market so "hot"? The non-ferrous metals market showed initial signs of strength in 2025, and at the beginning of 2026, it entered a "boiling moment" without any warm-up. The prices of the three major precious metals—gold, silver, and platinum—led the gains, while heavy metals like copper and aluminum followed with steady increases, and rare metals such as lithium and tungsten saw multiple points of growth. A market feast is brilliantly unfolding.
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