The National Healthcare Security Administration issued the "Guidelines for Pricing Medical Service Items for Surgical and Therapeutic Auxiliary Operations" on the 20th, establishing unified pricing for innovative medical technologies such as 3D printing, robotic arms, and remote surgery to guide the transition from "traditional treatment" to "precision medicine." The guidelines establish three pricing tiers for projects: navigation, participation execution, and precision execution. Surgical robots with higher participation levels, more comprehensive functions, and greater precision can command higher fees, encouraging medical institutions to prioritize their use in complex surgeries and prevent misuse. To reduce patient burden, the guidelines specify that essential proprietary consumables used during robotic arm procedures are included in the price structure. A separate "remote surgical auxiliary operation fee" is established, allowing medical institutions to charge for remotely operating surgical instruments via a platform to participate in key steps or complete entire surgeries, with pricing standards linked to the primary surgery and specific rates reasonably set by local healthcare security departments. The guidelines standardize charging policies for reusable consumables like electrosurgical knives, ultrasonic knives, and radiofrequency knives, as well as disposable consumables. To ensure quality control and traceability for robotic arm and remote surgeries, the guidelines incorporate "storage and upload of medical data and equipment operation records" into the price structure; medical institutions performing auxiliary operations like 3D reconstruction, surgical path navigation, and remote surgery must save and upload this data, with reduced fees applied if data storage and upload services are not provided. Surgical robots involve Hong Kong stocks MEDBOT-B (02252) and EDGE MEDICAL-B (02675).
Overnight, the Dow Jones Industrial Average fell 870.74 points, or 1.76%, to close at 48,488.59. The S&P 500 dropped 143.15 points, or 2.06%, to 6,796.86, while the Nasdaq Composite declined 561.07 points, or 2.39%, to 22,954.32. Most major tech stocks fell, with Oracle and Broadcom down over 5%, Nvidia and Tesla down over 4%, and Amazon and Apple down over 3%. Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.45% and XPeng Motors falling over 3%. The Hang Seng Index ADR fell proportionally, closing at 26,246.02 points, down 241.49 points or 0.91% from the Hong Kong close. Gold and silver prices continued to hit new highs. The COMEX gold continuous contract rose $173.70, or 3.78%, to $4,769.10 per ounce. Spot gold increased by $84.97, or 1.82%, to $4,763.55 per ounce. The COMEX silver continuous contract gained $5.923, or 6.69%, to $94.46 per ounce, while spot silver rose $0.23, or 0.24%, to $94.60 per ounce.
According to the National Energy Administration, the national electricity load hit its third winter record high in 2026, with the winter load exceeding 1.4 billion kilowatts for the first time, reaching a peak of 1.417 billion kilowatts, and single-day electricity consumption surpassing 30 billion kilowatt-hours for the first time in winter, marking a critical period for heating supply security. The National Energy Administration has deployed tailored response measures province-by-province to ensure stable and orderly heating supply this winter and next spring, fully guaranteeing that the public stays warm. Firstly, electricity loads have repeatedly set new records. On January 4th, the national maximum power load reached 1.351 billion kilowatts, setting the first historical winter load record. This involves Hong Kong-listed power companies and power equipment enterprises.
The National Bank of Poland (NBP) stated on Tuesday local time that it has approved a plan to purchase up to 150 tonnes of gold, which will increase the country's total gold reserves to 700 tonnes. The NBP said in a statement, "This will place Poland among the top 10 countries globally with the largest gold reserves." NBP President Adam Glapiński announced last week that he wanted the central bank's management board to raise the gold holding ceiling from 550 tonnes as of December 31st to 700 tonnes.
The Portuguese Trade & Investment Agency (AICEP) issued a statement on January 20th, announcing that it would sign investment contracts that day with six companies including CALB (03931), Lift One, Savannah Lithium, and Topsoe, which are expected to invest a total of €3 billion in Portuguese lithium projects.
China Oilfield Services Limited (COSL) (02883) announced that it plans to convert $746 million of debt owed by its wholly-owned subsidiary COSLNorwegian AS into equity investment as of August 31, 2025, at a conversion price of 1 Norwegian Krone per share, resulting in 7.533 billion shares. This investment was approved by the board on January 20, 2026, and is subject to regulatory filing and Norwegian business registration. Upon completion, COSL and CSL will hold 83.02% and 16.98% of the equity, respectively. This investment does not involve connected transactions or major asset reorganization and will not change the consolidated reporting scope.
The recent surge in commercial aerospace activity has spurred active participation from banks. It was noted that satellites from several banks, including SPD Bank and China Merchants Bank, were successfully launched recently, attracting market attention. Interviews revealed that these bank satellites will primarily be used to enhance their own risk control capabilities. A banking source disclosed that using satellite remote sensing technology allows banks to remotely monitor the progress of loan projects and the status of collateral in real-time, effectively addressing the limitations of traditional manual inspections in terms of timeliness and coverage. Notably, with SPD Bank's recent entry, three joint-stock banks have now successfully launched satellites. Industry insiders believe that the application of satellite remote sensing technology in banking is becoming increasingly common, and as the commercial aerospace boom continues to drive down costs like those for constellation deployment, the penetration rate of related applications is expected to rise further.
Amid persistent low temperatures in parts of China and rising heating demand, natural gas supply security has entered a critical phase. The daily gas extraction volume of the Wenjisan Gas Storage Group, the first gas storage group in northwest China operated by PetroChina's Tuha Oilfield, exceeded 6.2 million cubic meters on January 19th, a 29% increase from the initial stage of the third extraction phase, setting a new historical record for daily extraction. This involves Hong Kong-listed PetroChina (00857).
Glori Pharma (01672) announced that ASC37 is a GLP-1R, GIPR, and GCGR triple-target agonist peptide independently developed using the company's structure-based AI-assisted drug discovery and ultra-long-acting drug development platform technology. In vitro experiments showed that ASC37's agonistic activity for GLP-1R, GIPR, and GCGR was approximately 5 times, 4 times, and 4 times stronger on average than retatrutide, respectively. Compared to the once-weekly administered retatrutide, the optimized ASC37 achieved a longer apparent half-life, supporting once-monthly subcutaneous administration with an injection volume not exceeding 1 milliliter.
JOINN (06127) announced that it expects net profit attributable to shareholders for 2025 to be approximately RMB 233 million to RMB 349 million, an increase of about RMB 159 million to RMB 275 million compared to the same period last year, representing a year-on-year increase of approximately 214.0% to 371.0%. During the reporting period, rising market prices for biological assets coupled with their natural growth-driven appreciation drove a positive fair value change, contributing positively to the company's performance.
Skyworth Group (00751) announced on January 20th that it will apply to the Stock Exchange of Hong Kong for the listing of and permission to deal in Skyworth Photovoltaic shares by way of introduction. As the proposed listing of Skyworth Photovoltaic is by way of introduction, it will not involve a public offering of Skyworth Photovoltaic shares. The company has applied to the Exchange for the resumption of trading of its shares from 9:00 a.m. on January 21, 2026.
Yanjing Beer released its 2025 performance forecast, expecting net profit attributable to shareholders to be between RMB 1,583.52 million and RMB 1,741.87 million, a year-on-year increase of 50% to 65%. During the reporting period, the company firmly advanced its major product strategy, actively explored innovative paths around product strength, brand strength, and channel strength, deepened the construction of an excellent management system, promoted brand rejuvenation, fashionability, and premiumization, implemented a tiered market development strategy, and maintained steady growth for Yanjing U8. The non-recurring gains and losses for 2025 were mainly due to the company recognizing compensation from the land reserve of a subsidiary, increasing net profit attributable to shareholders by approximately RMB 132 million. This involves Hong Kong-listed Beijing Enterprises Holdings (00392).
CHIFENG GOLD (06693) announced that it expects annual net profit attributable to shareholders for 2025 to be approximately RMB 3.0 billion to RMB 3.2 billion, an increase of about RMB 1.236 billion to RMB 1.436 billion compared to the same period last year (statutory disclosed data), representing a year-on-year increase of approximately 70% to 81%. It expects annual net profit attributable to shareholders after deducting non-recurring gains and losses to be approximately RMB 2.97 billion to RMB 3.17 billion, an increase of about RMB 1.27 billion to RMB 1.47 billion year-on-year, or approximately 75% to 86%. Zhongcai Futures stated on the 20th that in the short term, given ongoing geopolitical uncertainties, renewed uncertainty surrounding Federal Reserve independence, and persistent physical silver shortages, gold and silver still have room to rise, trending stronger with fluctuations, and subsequent attention should be paid to geopolitical risks and Fed signals.
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