The central bank announced a 0.25 percentage point cut to the interest rates of various structural monetary policy tools, indicating there is still some room for RRR and interest rate cuts in 2026. On January 15, People's Bank of China spokesperson and Deputy Governor Zou Lan stated at a press conference that the PBOC will lower the interest rates on various structural monetary policy tools by 0.25 percentage points. The one-year rate for various relending facilities will be reduced from the current 1.5% to 1.25%, with corresponding adjustments for other maturity brackets. These changes will take effect from January 19, 2026. This move follows a previous 0.25 percentage point cut in May 2025. Beyond the rate cut, Zou Lan also mentioned the need to improve structural tools and enhance support to further aid economic restructuring and optimization. Specific measures involve integrating the use of relending and rediscount facilities for supporting agriculture and small businesses, establishing a separate relending facility for private enterprises, increasing quotas and expanding the scope of support for sci-tech innovation and technical transformation relending, and merging to establish a risk-sharing tool for bonds issued by sci-tech innovation and private enterprises.
The PBOC clarified its exchange rate stance, stating the policy is clear and consistent, with no intention to seek trade advantages through depreciation. There is no need, nor intention, to gain international trade competitive advantage through currency depreciation. Global financial market volatility intensified in 2025, with factors such as monetary policy adjustments in developed economies and geopolitical disturbances intertwining; the RMB exchange rate demonstrated strong resilience in this complex environment. By the end of 2025, driven by market forces, the RMB to USD exchange rate broke through 7. On January 15, at the press conference, PBOC Deputy Governor Zou Lan indicated this was primarily due to the easing Sino-US economic and trade situation since May 2025 and a weakening US dollar index, leading to RMB appreciation against the USD.
The 2025 financial data is out: Aggregate financing to the real economy (AFRE) and M2 saw high growth, with the proportion of direct financing rising significantly. Full-year 2025 financial data has been released. Data published by the People's Bank of China on January 15 shows: Preliminary statistics indicate that by the end of 2025, the outstanding AFRE was 442.12 trillion yuan, up 8.3% year-on-year; outstanding RMB loans were 271.91 trillion yuan, up 6.4% year-on-year; and the broad money supply (M2) balance was 340.29 trillion yuan, up 8.5% year-on-year. Industry experts stated that in 2025, China's monetary and credit aggregates grew steadily with continuously optimized structure. The increased share of direct financing within the total AFRE highlights the effectiveness of financial supply-side structural reforms. Concurrently, the overall financing cost for society decreased further, better meeting the funding needs of enterprises and households, and creating a suitable monetary and financial environment for economic recovery and improvement.
The Ministry of Commerce responded to the "soft landing" of the China-EU electric vehicles case, stating it will significantly boost market confidence. The recent "soft landing" of the electric vehicles case between China and the EU has attracted high attention and positive evaluation from the international community. At the Ministry of Commerce's regular press conference on January 15, spokesperson He Yongqian responded to the matter. He Yongqian stated that on January 12, 2026, China and the EU simultaneously announced positive results achieved through multiple rounds of consultations on the electric vehicles case. Industries from both sides "highly welcome and fully agree," believing the "soft landing" will significantly boost market confidence and inject new momentum into China-EU automotive trade and investment cooperation.
A silver merchant in Shuibei has defaulted; "The boss hasn't run away but cannot deliver cash or goods!" Multiple merchants suffered losses ranging from tens of thousands to millions of yuan; a rights protection group has over 350 members! Police are involved. Amid soaring silver prices, a major case involving a defaulting silver merchant has emerged in Shenzhen's Shuibei market. Reports indicate that recently, several netizens in Shenzhen, Guangdong, posted on social media claiming that a silver store in Shuibei suddenly closed, leaving many unable to receive the precious metal plate materials they purchased, and the owner could no longer be contacted. On January 15, a reporter contacted Mr. Jin, a partner of the involved silver store, who stated he had known the owner for years. This time, he ordered 5 kilograms of silver plate material, but the store failed to deliver. Including previous offset payments, the store owner owes him over 27,000 yuan.
Wang Yajun from Goldman Sachs recently stated that there is no bubble in Chinese AI yet. On January 15, Wang Yajun, Co-Head of Equity Capital Markets for Goldman Sachs in Asia (ex-Japan), stated at an online media briefing that the Hong Kong capital market will remain active in 2026. Both IPO and secondary financing activities are expected to stay at high levels, with overall fundraising scale above the historical average. Compared to the explosive 170% growth in 2025 over 2024, the growth rate in 2026 is expected to slow but remain high. Discussing the hot AI sector, Wang Yajun said there is no bubble in China's AI yet.
Takaichi Sanae demanded China retract its measures; China responded: Firmly oppose, do not accept! On the afternoon of January 15, the Ministry of Commerce held a regular press conference. A media question noted that Japanese Prime Minister Takaichi Sanae recently stated on a TV program that China's strengthened controls on dual-use item exports target only Japan and do not conform to international practice, demanding China retract them. What are China's considerations regarding this? In response, Ministry of Commerce spokesperson He Yongqian stated, "We have noted the relevant remarks by Japanese Prime Minister Takaichi Sanae. China firmly opposes and does not accept this. The root cause of China's measures against Japan lies in Prime Minister Takaichi's erroneous words and actions, which Japan is well aware of."
The sixth one! US forcibly seizes another oil tanker in the Caribbean Sea. The US Southern Command announced on social media on the 15th that US forces forcibly seized an oil tanker named "Veronica" in the Caribbean Sea before dawn that day. This is the sixth oil tanker seized by the US since the end of 2025. The message stated that the US Joint Task Force "Southern Spear," supported by the Department of Homeland Security and operating from the aircraft carrier USS Ford, "successfully intercepted" the tanker. The "interception" operation also involved several naval vessels, including the USS Iwo Jima. The message claimed the tanker "ignored" the US "ban" on operations in the Caribbean Sea, stating that any oil leaving Venezuela must be "properly coordinated and legally transported."
Ukraine's new defense minister: Approximately 200,000 deserters have appeared in the military. Reports citing AP on January 14 stated that Ukraine's new Defense Minister, Mykhailo Fedorov, said on the 14th that as the Russia-Ukraine conflict nears four years, the Ukrainian military faces many challenges, including a large number of deserters in the military and 2 million people evading conscription. Fedorov told the Verkhovna Rada that other problems faced by the Ukrainian armed forces include excessive bureaucracy, outdated management methods, and hindered equipment supplies for troops along the 1,000-kilometer front line. Fedorov said: "We cannot fight with new technologies while using old organizational structures." He stated that approximately 200,000 deserters have appeared in the military, and about 2 million people are evading conscription.
US Treasury Department announces new sanctions on Iran. On January 15 local time, the US Treasury Department announced sanctions on multiple Iranian individuals and entities, as well as several foreign companies linked to Iran. Ali Larijani, Secretary of Iran's Supreme National Security Council, was included on the sanctions list. Additionally, the US Treasury designated 18 individuals and entities, alleging their involvement in Iran's oil and petrochemical product export sectors.
Pakistani Prime Minister confirms: Multiple countries actively negotiating purchase of "JF-17 Thunder" fighter jets. In recent days, news about Pakistan exporting JF-17 "Thunder" fighter jets has been frequent, with several countries seemingly interested in purchasing. According to a report by Pakistan's Dawn on January 15 local time, as multiple countries show interest in purchasing the "JF-17 Thunder" fighter from Pakistan, Prime Minister Shehbaz Sharif confirmed on January 14 that several countries are actively negotiating with Pakistan for the procurement of this fighter model. The report noted that this fighter jet has become a focus of international attention since the "India-Pakistan air battle" in May last year.
Chinese embassy urgent reminder: Abandon the erroneous idea of "buying foreign brides,"切勿偷渡. On January 15, the Chinese Embassy in Myanmar issued a reminder for Chinese citizens to be vigilant about risks related to cross-border marriages and illegal work: Strictly abide by legal red lines. According to Chinese laws and regulations, no matchmaking agency may engage in or covertly engage in cross-border marriage introduction services, and no individual may engage in or covertly engage in cross-border marriage introduction activities through deception or for profit. Myanmar strictly cracks down on human trafficking; "buying" a marriage by paying high introduction fees or "bride prices" may lead to arrest on suspicion of human trafficking, facing lengthy judicial procedures or even imprisonment.
Weak tourism, lower-than-expected economic growth prompt Philippines to suddenly announce visa-free entry for Chinese citizens. China's visa-free "circle of friends" expands again. The Philippine Department of Foreign Affairs announced on the 15th that starting January 16, 2026, Chinese citizens entering through Manila and Cebu airports can enter the Philippines visa-free for a maximum stay of 14 days. The Philippine Department of Foreign Affairs stated: "This measure is in line with the President's directive to promote trade, investment, tourism, and strengthen people-to-people exchanges between the two countries."
Xibei to close 102 stores! Jia Guolong speaks out. On January 15, the topic "Xibei to close 102 stores" trended on Weibo's hot search list, with attention continuously rising. Recent reports indicated that Xibei held a meeting at its Hohhot base, announcing the one-time closure of 102 stores nationwide, accounting for about 30% of the total store count and involving approximately 4,000 employees. Furthermore, related reports claimed that since the debate over pre-made dishes between Xibei and Luo Yonghao sparked discussion in September 2025, not a single store has been profitable, and Xibei's losses have exceeded 500 million yuan to date. Based on details from an online store closure list, Xibei's closures are mainly concentrated in first and second-tier cities. Shanghai has the highest number of affected stores, followed by Beijing, Shenzhen, and Guangzhou. Stores in Hangzhou, Wuhan, Changsha, Chengdu, Foshan, Kunming, Suzhou, Dongguan, Guiyang, Hefei, and other cities are also on the closure list.
"Yu Hui Tong Xing" selling 3 "Wanxi Ma Huang Chickens" for 84 yuan? Association President: This price can't even buy half a chicken! A "Dabie Mountain Butter Hen" product sold during the "Yu Hui Tong Xing" livestream's Anhui special session in December last year faced public "counterfeiting" accusations from the Lu'an Ma Huang Chicken Industry Association because the live broadcast introduction and product details page mentioned "Wanxi Ma Huang Chicken." According to the association's statement, the price of this chicken, as low as about 28 yuan per bird, is far from the cost of a single Wanxi Ma Huang Chicken exceeding 150 yuan, and there are no supply records from major local breeders. On the evening of January 13, a reporter contacted Li Shujun, President of the Lu'an Ma Huang Chicken Industry Association, who stated that he accidentally discovered online that during Dong Yuhui's team's Anhui special session promoting related chicken products from the Baishixuan Official Flagship Store, the host claimed the product was "Wanxi Ma Huang Chicken."
Xunlei sues former CEO, seeking 200 million yuan: He is a US citizen, has stayed overseas for 5 years! According to multiple media reports, after over five years, Xunlei Corporation and its subsidiary Wangxin Technology have filed a civil lawsuit against former CEO Chen Lei and his core team for "dispute over liability for damage to company interests," seeking compensation up to 200 million yuan. The case has been accepted and filed by relevant courts in Shenzhen. In fact, as early as October 8, 2020, Xunlei Corporation announced that former CEO Chen Lei was suspected of duty encroachment and had been placed on file for investigation by the Shenzhen Public Security Bureau, calling on Chen Lei to return to China to cooperate with the investigation at the end of the announcement. Reports indicate that to evade investigation, Chen Lei left the country in early April of the same year along with Xunlei's former Senior Vice President Dong Xia, and has used his US citizenship to remain overseas long-term, refusing to cooperate with the investigation, leading to the case eventually being dropped.
Supply contraction expectations drive nickel prices up nearly 30% in a month; discussions heat up on nickel metal cycle reversal and demand increments. Commercial aerospace: Various regions showcase their capabilities; industrial layout "race" begins. Space-based photovoltaics: Companies eagerly scrambling to layout; must "look up at the stars" while "keeping feet on the ground." Low-altitude economy: Adapt to local conditions to "take off" first; be prepared for a marathon.
Dongwu Securities Chief Economist Lu Zhe released a latest view stating that, based on the average cycle and rise magnitude from 2010 to 2025, the current spring rally has already entered the latter half in terms of space and about halfway in terms of time. From the perspective of volume-price relationship, the trend of rising volume and price has temporarily paused. If market turnover does not continue to rise, while market sentiment remains relatively positive, a divergence similar to the volume-shrinkage-price-rise scenario seen from September to October 2025 might occur. After turnover peaks, indices may still fluctuate upwards for about a month before entering a consolidation period. During this time, indices may still trend upwards but with reduced volatility, and market style rotation will be faster.
Huajin Securities Chief Strategist Deng Lijun released a view stating that the short-term spring rally is not over, and the A-share market's slow-rise trend continues: firstly, profit growth rates for tech and cyclical sectors may continue to rise; secondly, liquidity remains loose; thirdly, current external risks are relatively limited. Short-term recommendations continue to focus on growth sectors playing catch-up: firstly, historically, catch-up plays may occur during the main rising phase of spring rallies, and sectors with strong policy and industrial trends may remain strong; secondly, policies and industrial trends for tech growth and some cyclical sectors may continue to improve in the short term, making them relatively advantageous; thirdly, sectors like electronics, computers, and non-ferrous metals have seen significant financing inflows recently.
[Highlights] Leo Group: Will review stock trading fluctuations, trading halt from the 16th. *ST Chengchang: Trading halt review concluded, stock resumes trading on the 16th. Zhitai New Materials: Trading halt review concluded, stock resumes trading on the 16th. Zhongtian Rocket: Company's carbon/carbon thermal field materials business segment reported losses. Aerospace Development: Controlling shareholder reduced holdings by 12.2609 million shares during the stock trading anomaly period. Winsan Tiancheng: Current AI-related business revenue accounts for a relatively low proportion of total company revenue. WenFeng Group: Company Vice President Qin Guofen released from residential surveillance and changed to order awaiting investigation. Tiansheng New Materials: Company's actual controller proposed to change to Wei Lidong, stock resumes trading on the 16th.
[Operating Performance] Beijing Ding: 2025 net profit 111 million yuan, up 59.05% year-on-year. Sieyuan Electric: 2025 net profit 3.163 billion yuan, up 54.35% year-on-year. Zhongji Renjian: 2025 net profit 152 million yuan, up 14.71% year-on-year. SAIC Motor: 2025 net profit预计同比增长438%—558%. Sainor Life Sciences: 2025 net profit预计同比增长204.42%—280.53%. Sanmei Stock: 2025 net profit预计同比增长155.66%—176.11%. Fute Technology: 2025 net profit预计同比增长121.98%—164.26%. Jinchuang Group: 2025 net profit预计同比增长78.77%—105.25%. Zhenyu Technology: 2025 net profit预计同比增长96.89%—116.58%. Navitech: 2025 net profit预计同比增长54.51%—75.03%. China Molybdenum: 2025 net profit预计同比增长47.8%—53.71%. Southwest Securities: 2025 net profit预计同比增长47%—57%. Jinaobo: 2025 net profit预计同比增长40.24%—59.58%. Basime: 2025预计盈利23.68 million—34.06 million yuan, turning a profit year-on-year. Xuerong Bio: 2025预计盈利29 million—40 million yuan, turning a profit year-on-year. Tianji股份: 2025预计盈利70 million—105 million yuan, turning a profit year-on-year.
[Shareholding Changes & Repurchases] Defu Technology: Plans to repurchase shares with 75 million—150 million yuan. Feilihua: Actual controller, directors, senior execs plan to collectively reduce holdings by no more than 1.05% of company shares. Jiuzhitang: General Manager Li Zhenguo plans to reduce holdings by no more than 2% of company shares. Xinchai股份: General Manager Zhu Guanlan plans to reduce holdings by no more than 1% of company shares. Sinonavigation: Director Zhai Chuanrun plans to reduce holdings by no more than 0.18% of company shares. Shanwaishan: Shareholder Liu Yunjun plans to reduce holdings by no more than 1% of company shares. Hongchuan Wisdom: Hongchuan Supply Chain plans to reduce holdings by no more than 2% of company shares.
[Others] Triangle Tire: Plans to invest 3.219 billion yuan to build an annual production of 7 million high-performance radial tire project in Cambodia. Zhongyuan Neipei: Plans to acquire 59% equity in joint venture Zhongyuan GKN for 143 million yuan. Jizhi Technology: Transferred 15.75 million yuan AI large model special investment fund份额. Keheng股份: Plans to sign a cooperation framework agreement with Gree Supply Chain. Nongshang Environment: Controlling subsidiary's computing infrastructure project failed to proceed as originally planned. Baoxin Technology: Plans to publicly list and sell part of subsidiary's assets.
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