Special Topic: Highlights from the Four Major Securities Newspapers
On Thursday, January 15, the main highlights from today's newspaper front pages are as follows:
China Securities Journal The policy supporting individual income tax benefits for home replacement transactions has been extended! According to an announcement on January 14 from the Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development, to continue supporting residents in improving their housing conditions, from January 1, 2026, to December 31, 2027, taxpayers who sell their own home and repurchase another home on the market within one year of the sale will be eligible for a refund of the individual income tax already paid on the sale. If the amount of the newly purchased home is greater than or equal to the sale amount of the original home, the full amount of individual income tax paid will be refunded; if the amount of the newly purchased home is less than the sale amount of the original home, the refund will be proportional to the ratio of the new purchase amount to the original sale amount.
Five high-flying stocks issue announcements: Further price increases may lead to trading suspension for verification. On the evening of January 14, several listed companies, including Shangwei New Materials, Zhuoyi Information, Youbang Dianding, Guangyun Technology, and Yinli Media, issued risk warnings stating that if their stock prices rise further, the companies may apply for a trading suspension for verification.
Entering the space-based solar power market! Junda股份 ventures into a trillion-yuan market. Photovoltaic companies are accelerating their "advance" into space. On the evening of January 14, Junda股份 announced an external investment to acquire a stake in Shanghai Xingyi Xinneng Technology Co., Ltd. Junda股份 plans to invest 30 million yuan in cash to subscribe for 461,539 yuan of newly increased registered capital in Xingyi Xinneng, obtaining a 16.6667% stake, initiating a strategic extension from ground-based photovoltaics to space-based photovoltaics.
On-the-ground investigation: "Renting a safety deposit box is much harder than buying gold!" "With gold prices rising sharply, I've also bought some gold bars, but I don't dare keep valuables at home. A friend suggested renting a bank safety deposit box," investor Xiao Li revealed. He now holds over 200 grams of gold, but when he inquired about bank safety deposit box services, he found that "renting a box is much harder than buying gold."
Shanghai Securities News Increased from 80% to 100%: Shanghai, Shenzhen, and Beijing Stock Exchanges adjust the margin ratio for margin trading. On January 14, to strengthen counter-cyclical adjustment of margin trading and approved by the China Securities Regulatory Commission (CSRC), the Shanghai, Shenzhen, and Beijing Stock Exchanges issued a notice adjusting the margin ratio for margin trading, raising the minimum margin ratio required for investors when buying securities on margin from 80% to 100%. This notice will take effect on January 19, 2026. The adjustment follows the principle of "grandfathering existing positions." Margin contracts existing before the implementation date, and any subsequent extensions of these contracts, will still be executed according to the original rules, maintaining the 80% margin requirement.
When photovoltaic companies encounter record-high silver prices... During the day session on January 14, the main silver futures contract on the Shanghai Futures Exchange surged sharply, with intraday gains reaching up to 9.13%, touching 22,995 yuan per kilogram, a record high for the contract. It finally closed up 8.03% at 22,763 yuan per kilogram. Over the past month, the contract's price has accumulated gains of over 54%; extending the timeframe to six months, the silver price has more than doubled.
Another batch of popular concept companies warns of abnormal stock price volatility risks. Recently, A-share concepts like GEO (Generative Engine Optimization) and AI applications have been extremely popular. On the evening of January 14, several listed companies, including BlueFocus, Yidian Tianxia, Tianlong Group, Tianxia Xiu, and Yinli Media, issued warnings about secondary market trading risks, with some companies' stocks also facing trading suspensions for verification. BlueFocus stated in its announcement that its stock price had seen excessive short-term gains, with cumulative increases severely deviating from fundamentals, posing a risk of a rapid short-term decline. The company's current production and operations are normal, with no significant recent changes in its operating conditions or internal/external environment. Revenue driven by AI accounts for a small proportion of total operating revenue, does not substantially impact operating performance or financial condition, and has no significant effect on overall operations.
Tianpu股份's board re-election inquiry. On January 14, Tianpu股份 held its first extraordinary shareholders' meeting of 2026, electing the company's fourth board of directors. Specifically, Yang Gong Yifan, Li Chenling, and Kang Xiao were elected as non-independent directors, with Yang Gong Yifan elected as chairman of the board. Ma Ying and Shen Baixin were elected as independent directors. In recent days, Tianpu股份, which resumed trading after a suspension for verification, has experienced highly volatile trading. On January 12 and 13, the company's stock price fell by the daily limit for two consecutive trading days. On January 14, Tianpu股份's stock price hit the daily limit-up again, closing at 194.26 yuan per share.
Securities Times Minimum margin ratio for margin trading raised to 100% to safeguard long-term healthy market development. On January 14, approved by the CSRC, the Shanghai, Shenzhen, and Beijing Stock Exchanges issued a notice adjusting the margin ratio for margin trading, increasing the minimum margin ratio required when investors buy securities on margin from 80% to 100%. In August 2023, the exchanges had reduced the margin ratio from 100% to 80%, leading to steady growth in margin trading scale and transaction volume. Recently, margin trading has become significantly more active, and market liquidity is relatively ample. According to statutory counter-cyclical adjustment arrangements, appropriately raising the margin ratio back to 100% helps moderately reduce leverage levels, effectively protect the legitimate rights and interests of investors, and promote long-term, stable, and healthy market development.
Three government departments: Policy allowing individual income tax refunds for home replacement extended until the end of 2027. On January 14, three departments—the Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development—jointly announced the extension of the policy supporting individual income tax benefits for home replacement transactions until December 31, 2027. Taxpayers who sell their own home and repurchase another home on the market within one year will be eligible for a refund of the individual income tax paid on the sale.
Nationwide video conference held on promoting a package of policies for fiscal and financial coordination to boost domestic demand; streamlining processes to ensure effective implementation. Recently, the Ministry of Finance, together with relevant departments, held a nationwide video conference in Beijing to promote the implementation of a package of policies aimed at coordinating fiscal and financial measures to stimulate domestic demand. The conference deployed tasks for advancing these policies, requiring a complete, accurate, and thorough understanding of the requirements, simplifying processes, strengthening execution tracking, and effectively ensuring the policies are implemented and yield results.
Silver futures prices continue to climb; exchanges at home and abroad join forces to cool the market. On January 14, the precious metals market continued its strong performance, led by silver. Domestic silver futures surged 8%, again setting a new record high since listing. In overseas markets, the spot price of silver in London also broke through the $90 per ounce mark historically. As gold and silver prices rose, international institutions frequently raised their target prices. However, the "short squeeze" issue behind silver suggests increasing market volatility. Many industry insiders also reminded investors to pay attention to risks.
Securities Daily Optimizing the medium to long-term ecology of the capital market: Shanghai, Shenzhen, and Beijing Stock Exchanges adjust the margin ratio for margin trading. On January 14, approved by the CSRC, the Shanghai, Shenzhen, and Beijing Stock Exchanges issued a notice adjusting the margin ratio for margin trading, raising the minimum margin ratio required for investors when buying securities on margin from 80% to 100%. The relevant arrangements will officially take effect on January 19. It is important to note that this adjustment applies only to new margin contracts; margin contracts existing before the implementation date and their extensions will still be executed according to the pre-adjustment regulations.
Three government departments: Policy supporting individual income tax benefits for home replacement transactions extended. According to a January 14 announcement from the Ministry of Finance, to continue supporting residents in improving their housing conditions, the Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development issued the "Announcement on Extending the Implementation of the Policy Supporting Individual Income Tax Benefits for Home Replacement Transactions." The announcement clarifies that from January 1, 2026, to December 31, 2027, taxpayers who sell their own home and repurchase another home on the market within one year will be eligible for a refund of the individual income tax paid on the sale. The refund rules are based on the comparison between the new purchase amount and the original sale amount.
PBOC increases volume for 6-month outright reverse repo operations. On January 14, the People's Bank of China (PBOC) released a tender announcement for open market outright reverse repos, indicating that to maintain ample liquidity in the banking system, it will conduct 900 billion yuan in outright reverse repo operations on January 15 using a fixed amount, interest rate tender, and multiple-price winning method, with a maturity of 6 months (181 days).
What is the significance of non-US central banks accelerating reserve diversification? The global landscape of reserve assets is quietly changing. The latest data from the World Gold Council shows that as of the end of November 2025 (with data for some countries as of the end of October), the total official gold reserves of non-US countries had exceeded 900 million troy ounces, valued at approximately $3.82 trillion based on gold prices at that time. According to data from the US Treasury Department, as of the end of October 2025, the scale of US Treasury holdings by non-US official institutions was $3.88 trillion.
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