★ Macro Dynamics ★ The Ministry of Commerce announced it will optimize the implementation of consumer goods trade-in programs to boost consumption of major durable goods such as home appliances. At a press conference held by the State Council Information Office on January 26 regarding commercial operations in 2025, it was outlined that in 2026, the Ministry of Commerce will deepen actions to stimulate consumption, focusing on three areas: policy introduction, event organization, and scenario enhancement. First, regarding policy, efforts will increase惠民力度 by optimizing trade-in programs for consumer goods to promote spending on automobiles, home appliances, digital and smart products, and other major durable items. Pilot reforms in automobile circulation and consumption will be conducted to further unlock automotive consumption potential. The pilot program for lottery-linked invoices will proceed, with the list of pilot cities announced last weekend. Practical policy measures, including those promoting the首发经济, will be advanced. Second, event organization aims to create a vibrant consumption atmosphere. Focusing on goods consumption, service consumption, and consumption scenarios, over 20 "Shopping in China" themed events will be organized this year. Fifteen international consumption environment pilot cities will host "City Spotlight" events, supported by local "Local Station" activities, creating a unified yet distinctive event matrix to foster a strong consumption vibe. Third, scenario optimization seeks to improve the consumption environment. This involves accelerating the cultivation and construction of international consumption centers, advancing pilots for international consumption environments and new business formats, models, and scenarios, and developing a batch of influential, high-visibility new consumption scenes to enhance the consumer experience for domestic and international shoppers.
People's Bank of China Deputy Governor Zou Lan stated support for increasing the Hong Kong Monetary Authority's RMB business funding arrangement scale from 100 billion yuan to 200 billion yuan. According to the Shanghai Securities News, speaking at the 19th Asian Financial Forum on January 26, Zou Lan noted that Hong Kong has become the world's largest and most influential offshore RMB business hub. The next step involves the PBOC firmly supporting and steadily advancing the development of Hong Kong's offshore RMB market. Increasing the scale of RMB business funding arrangements will provide more ample liquidity support for the Hong Kong offshore market. To better meet market demand, the PBOC supports the HKMA's move to double the funding scale. Concurrently, it supports Hong Kong's RMB clearing bank in obtaining RMB liquidity of various tenors from the mainland market through methods like issuing interbank certificates of deposit and account financing, employing multiple measures to enhance the offshore RMB liquidity level in Hong Kong.
The Chinese Academy of Sciences released a report that, for the first time, identified the "Ten Key Scientific and Technological Issues" concerning REBCO high-temperature superconducting tapes. According to CCTV News, on January 26, the Institute of Physics of the Chinese Academy of Sciences officially released the "2025 Strategic Research Report on REBCO High-Temperature Superconducting Tapes." This is the first international strategic report focusing on the development of high-temperature superconducting tapes. It systematically reviews the global R&D, industrialization, and application status of Rare-Earth Barium Copper Oxide (REBCO) high-temperature superconducting tapes and, for the first time, distilled and proposed the "Ten Key Scientific and Technological Issues" facing the field, providing a clear roadmap for the large-scale application of high-temperature superconducting materials.
Domestic tourist trips in China exceeded 6.5 billion in 2025. According to CCTV News, based on sample survey results, domestic tourist trips reached 6.522 billion in 2025, an increase of 907 million trips, or 16.2% year-on-year. Among these, urban residents made 4.996 billion trips, up 14.3% year-on-year, while rural residents made 1.526 billion trips, surging 22.6% year-on-year. Domestic tourism spending in 2025 totaled 6.30 trillion yuan, an increase of 550 billion yuan, or 9.5% year-on-year. Urban residents spent 5.30 trillion yuan, up 7.5%, and rural residents spent 1.00 trillion yuan, jumping 21.4%.
Multiple airlines announced extensions to the fee-waived refund and change policies for China-Japan routes until October 24 this year. According to CCTV News, on January 26, major carriers including Air China, China Eastern Airlines, China Southern Airlines, as well as Shandong Airlines, Xiamen Airlines, and Shanghai Airlines, again issued notices regarding special handling for tickets on Japan-related routes. The fee-waived refund and change policy for eligible tickets has been extended to October 24 this year. Previously, several airlines had issued notices on November 15, 2025, allowing free changes and refunds for flights departing from or arriving in Japan (including stopovers) before December 31, 2025. On December 5, 2025, multiple airlines further adjusted their special handling schemes for Japan-related tickets, allowing free changes and refunds for flights involving departure from, arrival in, or transit through Japan scheduled before March 28, 2026.
★ Financial Institutions ★ Agricultural Bank of China announced that its Gold Accumulation Plan business will now require a risk tolerance assessment. A notice from the bank stated that, to implement regulatory requirements and further protect financial consumer rights, it will add a risk tolerance assessment as an access requirement for individual clients participating in Gold Accumulation Plan transactions. Specifically, starting January 30, 2026, when individual clients apply for Gold Accumulation Plan services (including Plan 1 and Plan 2) for signing up, buying, or setting up fixed investments, they must undergo a risk tolerance evaluation using the bank's unified questionnaire via the application channel and achieve a assessment result of "Cautious" or above. Clients with existing valid assessments do not need to retake it. Operations such as selling, physical delivery for already signed-up clients, execution and termination of valid fixed investment plans, and account cancellation are not subject to these new conditions. The Agricultural Bank advises clients to enhance risk awareness and rationally participate in the Gold Accumulation Plan based on their financial situation and risk tolerance.
The China Development Bank's railway loan disbursements in 2025 increased by 27.8% year-on-year. According to Xinhua News Agency, citing information obtained from the CDB on January 26, the bank disbursed over 200 billion yuan in railway loans in 2025, a 27.8% increase year-on-year. The outstanding balance of railway loans exceeded 1 trillion yuan for the first time.
Citi suggested that Lao Feng Xiang might raise prices after the Lunar New Year. Analysts at Citi noted in a report that Lao Feng Xiang could potentially increase prices post-Lunar New Year to offset short-term profit pressures from rising costs. Citi pointed out that during previous major promotions, most inventory was typically sold out by October, implying that gold for current sales was likely procured starting November. Given the significant surge in gold prices since then, Lao Feng Xiang's average procurement costs may have risen, potentially compressing the gross profit margin for Lunar New Year sales to around 36%, down from approximately 40% in December. Citi forecasts that Lao Feng Xiang's revenue and net profit will grow by 45% and 57%, respectively.
★ Market Data ★ The ChiNext Index fell 0.91%, while the gold concept sector continued its strong performance. On January 26, the Shanghai Composite Index fluctuated within a narrow range throughout the day, while the Shenzhen Component Index and the ChiNext Index opened higher but closed lower. At the close, the Shanghai Composite was down 0.09%, the Shenzhen Component fell 0.85%, and the ChiNext dropped 0.91. Sector-wise, the gold concept remained strong, with over ten stocks, including Hunan Gold, Shengda Resources, Sichuan Gold, and China Gold, hitting the daily limit-up. Resource sectors like oil, coal, and gas were active, with Heshun Petroleum and Zhouji Oil & Gas also limit-up. The virus prevention concept surged, with Microbio, KHBio, ZJ Bio, and Hualan Vaccine reaching the limit-up. Additionally, mining, minor metals, non-ferrous metals, insurance, fertilizers, securities, and the titanium dioxide concept led the gains. Decliners included motors, auto parts, semiconductors, communication equipment, satellite internet, robot actuators, and the commercial aerospace concept. Over 1,600 stocks advanced across the market, with the day's turnover reaching 3.28 trillion yuan.
The balance of margin trading in the two markets decreased by 1.41 billion yuan. As of January 23, the Shanghai Stock Exchange's margin balance stood at 1,365.417 billion yuan, an increase of 273 million yuan from the previous trading day. The Shenzhen Stock Exchange's margin balance was 1,331.731 billion yuan, a decrease of 1.683 billion yuan. The combined total for both exchanges was 2,697.148 billion yuan, down 1.41 billion yuan from the previous session.
The Hang Seng Index rose 0.06%, while the Hang Seng Tech Index fell 1.24%. At the close of Hong Kong markets on January 26, the Hang Seng Index edged up 0.06%, whereas the Hang Seng Tech Index declined 1.24%. China Silver Group surged over 19%, China Gold International gained over 8%, and Lao Feng Xiang and Chifeng Gold rose over 7%. SMIC fell over 3%, and GigaDevice declined over 2%; Jufang Investment Holdings plummeted nearly 26%.
★ Corporate News ★ China Rare Earth expects to report a net profit between 143 million yuan and 185 million yuan for 2025, turning a profit year-on-year. China Rare Earth (000831) released an earnings forecast on January 26, anticipating a net profit attributable to shareholders of 143 million to 185 million yuan for 2025, a turnaround from a loss of 287 million yuan in the same period last year. In the first half of 2025, the rare earth market generally experienced rising prices. The company strengthened market analysis, adjusted sales strategies, and managed procurement and sales rhythms effectively, achieving year-on-year sales growth and improving operational efficiency. However, in the second half, influenced by market conditions and supply-demand adjustments, prices for some medium and heavy rare earth products declined, with a notable drop in the fourth quarter. In accordance with accounting standards, the provision for inventory decline recognized in Q4 increased quarter-on-quarter, offsetting part of the company's profits.
CYTS Tours Holding forecasts a 47.72% year-on-year decrease in net profit for 2025. CYTS Tours Holding (600138) issued a 2025 performance快报 on January 26, estimating operating revenue of 11.339 billion yuan, up 13.88% year-on-year. Net profit attributable to shareholders was 83.8872 million yuan, down 47.72% year-on-year. Basic earnings per share were 0.116 yuan. During the reporting period, changes in the revenue structure led to the decline in net profit. Although revenue from tourism product services and strategic investment businesses grew well, their gross profit margins were relatively low. The scenic spot operation business was affected by intensified market competition and weather conditions, and investment income decreased further.
Joyson Electronics anticipates a approximately 40.56% year-on-year increase in net profit for 2025. Joyson Electronics (600699) announced on January 26, based on preliminary calculations by its finance department, an estimated net profit attributable to owners of the parent company of about 1.35 billion yuan for 2025. This represents a year-on-year increase of approximately 40.56% compared to the statutory disclosed data for the same period last year. During the reporting period, various profit improvement and business integration measures implemented by the company gradually showed results across its global business regions, with the profitability of overseas operations continuing to recover.
Baiyin Nonferrous Group Co.,Ltd., which saw five consecutive limit-up sessions, indicated that revenue from silver products accounts for a relatively low proportion of its total operating revenue. On January 26, Baiyin Nonferrous (601212.SH), after five straight trading days hitting the upper limit, issued a stock trading risk warning announcement. It stated that the revenue from its silver products constitutes a relatively small part of its total operating revenue. In the first half of 2025, the company's operating revenue was 44.559 billion yuan, with revenue from silver product sales at 2.023 billion yuan, accounting for 4.54% of the total.
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