★ Macro Dynamics ★ For the first time, technology-based small and medium-sized enterprises have been incorporated into a tiered cultivation scope, as the Ministry of Industry and Information Technology released a new management measure. On January 17, the Ministry of Industry and Information Technology revised and issued the latest "Management Measures for the Tiered Cultivation of High-Quality Small and Medium-sized Enterprises," refining the certification standards and management service mechanisms to better leverage the exemplary and foundational role of high-quality SMEs in strengthening industrial chains. The measures expand the cultivation base by including technology-based SMEs in the tiered system for the first time; the future cohort of high-quality SMEs will encompass technology and innovation-oriented SMEs, specialized and sophisticated SMEs that produce new and unique products, and "little giant" enterprises. Furthermore, the measures impose stricter requirements on dynamic management and cultivation services to ensure the quality of nurtured enterprises. Simultaneously, the certification standards for specialized SMEs and "little giant" enterprises have been improved. It is understood that since the start of the "14th Five-Year Plan" period, China has cumulatively cultivated 17,600 "little giant" enterprises, driving the cultivation of over 140,000 specialized SMEs and more than 600,000 technology and innovation-oriented SMEs, essentially forming a tiered system for nurturing high-quality SMEs.
Two departments have announced that the minimum down payment ratio for commercial property (including "dual-use residential-commercial properties") purchase loans has been adjusted to no less than 30%. The People's Bank of China and the National Financial Regulatory Administration issued a notice making this adjustment. The provincial branches of the PBOC and the provincial offices of the NFRA are authorized to determine the lower limit for the minimum down payment ratio in their respective cities based on local government regulatory requirements and the principle of city-specific policies, building upon the nationally unified minimum.
China's annual electricity consumption has surpassed 10 trillion kilowatt-hours for the first time. The National Energy Administration announced on January 17 that the country's total electricity consumption historically exceeded 10 trillion kWh in 2025, reaching 10.4 trillion kWh, a year-on-year increase of 5%. This figure is a global first for a single nation, equivalent to more than double the annual electricity consumption of the United States and exceeding the combined annual electricity consumption of the EU, Russia, India, and Japan.
The World Health Organization stated that the United States has the right to withdraw, but must pay its outstanding arrears. The U.S. is set to formally exit the WHO, but it has not yet paid previously owed membership fees. On January 16 local time, WHO spokesperson Lindmeier said that the U.S. has the right to leave the organization, provided it settles its arrears. According to the WHO budget, the total assessed contributions for the U.S. for 2024 and 2025 amount to approximately $260 million.
★ Financial Institutions ★ AICRO has initiated A-share listing辅导, with China Securities acting as the辅导 institution. On January 17, disclosure on the CSRC website showed that AICRO Technology (Shanghai) Co., Ltd. has commenced listing辅导 for an A-share IPO, with China Securities as the辅导 institution. The辅导 filing report indicates that the company has no single shareholder holding directly more than 30% of shares and thus no controlling shareholder. According to AICRO's website, the company is a high-end chip design firm focused on the wireless communication sector, founded in 2018 and headquartered in Shanghai's Zhangjiang High-Tech Park, with R&D centers in Beijing, Shanghai, Shenzhen, and Chengdu.
★ Market Data ★ The Nasdaq closed slightly lower, while Micron Technology surged over 7%. On January 16 local time, the three major U.S. stock indices closed collectively lower, with the Nasdaq down 0.06%, the Dow Jones down 0.17%, and the S&P 500 down 0.06%. Chip stocks generally rose, with the Philadelphia Semiconductor Index gaining 1.15%. Micron Technology jumped over 7%, while Broadcom, Applied Materials, and ASML each gained over 2%. On a weekly basis, the Dow fell 0.29%, the Nasdaq declined 0.66%, the S&P 500 dropped 0.38%, while the Philadelphia Semiconductor Index climbed 3.78% for the week.
★ Company News ★ Galaxy Power issued an apology. On January 17 at 12:08 PM, the Ceres-2 commercial carrier rocket ignited and lifted off from the Jiuquan Satellite Launch Center; the flight experienced an anomaly, resulting in the failure of the maiden flight test mission. The specific cause is under further analysis and investigation. On the afternoon of January 17, Beijing Galaxy Power Aerospace Technology Co., Ltd. released a statement expressing its most sincere apologies to all parties involved in the mission and to all leaders and friends who care about and support Galaxy Power Aerospace. "We will always hold reverence for aerospace technology, make every effort to identify the cause of the failure, rigorously organize the fault resolution and return-to-flight work for the Ceres-2 rocket, and ensure the complete success of subsequent launch missions," Galaxy Power stated.
Zhuhai Wanda Commercial Management changed its CEO twice within half a year, with Xu Fen succeeding Huang Dewei. Zhuhai Wanda Commercial Management recently issued an internal personnel appointment, naming Xu Fen to replace Huang Dewei, a partner at PAG, as CEO, responsible for the comprehensive management and operation of the company. Huang Dewei no longer serves as CEO. Chen Qi was appointed as COO, while Xu Fen relinquished the COO role.
The parent company of Banmu Huadian submitted a listing application to the Hong Kong Exchange. According to HKEX filings, on January 16, Shandong Huawutang Cosmetics Co., Ltd., the parent company of Banmu Huadian, submitted a listing application to the HKEX, with CITIC Securities acting as the sole sponsor. The filing disclosed that the company's adjusted net profit increased by 249.4% from RMB 23.7 million in 2023 to RMB 82.8 million in 2024, and surged 197.2% from RMB 49.7 million in the nine months ended September 30, 2024, to RMB 147.7 million in the same period in 2025.
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