On the afternoon of January 13th, the Ministry of Finance, in conjunction with relevant departments, convened a nationwide video conference to advance the package of policies aimed at promoting domestic demand through fiscal and financial synergy, held both online and offline in Beijing. The meeting thoroughly implemented the spirit of the Central Economic Work Conference, carried out the arrangements made by the State Council executive meetings, and deployed the work of promoting the package of policies for fiscal-financial synergy to boost domestic demand. It required financial departments at all levels to work together with relevant departments and operating agencies to fully and accurately grasp the requirements of these policies, simplify processes and procedures, strengthen execution tracking, and effectively promote the implementation and tangible results of the policies. Participants included relevant departments and units under the State Council, provincial-level financial departments, the Ministry of Finance's local supervision bureaus, and relevant operating agencies.
Overnight, all three major US stock indices closed lower, while silver and gold prices continued to hit new highs. The Dow Jones Industrial Average fell by 42.36 points, or 0.09%, to close at 49,149.63. The S&P 500 index dropped 37.14 points, or 0.53%, to settle at 6,926.6. The Nasdaq Composite Index declined by 238.12 points, or 1.0%, finishing at 23,471.75. Large-cap tech stocks were mostly lower, with Oracle and Broadcom both falling over 4%. US oil and gas concept stocks generally rose, with ConocoPhillips up over 4%, and ExxonMobil and Devon Energy gaining nearly 3%. Most popular Chinese ADRs declined, with the Nasdaq Golden Dragon China Index down 0.23%; Trip.com Group Limited plunged over 17%. The Hang Seng Index ADR also fell, calculated proportionally to close at 26,783.18 points, down 216.63 points or 0.8% from the Hong Kong market close. Silver and gold prices reached new peaks. The COMEX gold continuous contract rose by $34.80, or 0.76%, to $4,633.9 per ounce. The COMEX silver continuous contract surged by $6.847, or 7.93%, to $93.815 per ounce.
Three ministries convened a symposium for new energy vehicle industry enterprises: firmly resisting disorderly "price wars". On January 14th, the First Department of Equipment Industry of the Ministry of Industry and Information Technology, the Department of Industrial Development of the National Development and Reform Commission, and the Price Supervision, Inspection and Anti-Unfair Competition Bureau of the State Administration for Market Regulation jointly held a symposium for new energy vehicle industry enterprises, deploying work related to standardizing competition order within the new energy vehicle industry. Responsible comrades from the Equipment Industry Development Center of the Ministry of Industry and Information Technology, the China Association of Automobile Manufacturers, and 17 key automobile enterprises attended the meeting. The meeting called for thoroughly implementing the decisions and deployments of the Party Central Committee and the State Council, adhering to innovation-driven development and quality first, firmly resisting disorderly "price wars," and promoting the establishment of a market order characterized by high quality commanding fair prices and fair competition. The three departments will further strengthen coordination, enhance cost investigation and price monitoring, increase supervision and law enforcement efforts, intensify inspections for product production consistency, and deal seriously with违规 enterprises according to laws and regulations to maintain a fair and orderly market environment and promote the high-quality development of the automobile industry.
Three departments: Extend the implementation of the individual income tax policy supporting residents' home replacement. The Ministry of Finance and two other departments announced that from January 1, 2026, to December 31, 2027, taxpayers who sell their own homes 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 of their original home.
The US White House announced a 25% tariff increase on specific semiconductors and other goods. On January 14th, the US White House declared that, effective January 15th, it would impose an additional 25% ad valorem tariff on certain imported semiconductors, semiconductor manufacturing equipment, and derivatives.
WUXI BIO and ZAI LAB enter into a research service agreement for an innovative T-cell engager. On January 14th, WUXI BIO announced that it has signed a research service agreement with ZAI LAB for an innovative T-cell engager. ZAI LAB will obtain global exclusive development and commercialization rights for this TCE in the treatment of solid tumor indications. The discovery of this TCE is based on WUXI BIO's proprietary CD3 technology platform, combined with its multispecific antibody research capabilities and cutting-edge biological insights. Three TCE molecules developed based on this platform are currently in clinical development stages. According to the agreement terms, WUXI BIO will receive an upfront payment and is eligible for development, regulatory, and sales milestone payments, as well as royalties post-commercialization and payments from re-licensing or other BD transactions.
BIODLINK-B receives cash offer from WUXI XDC at approximately 99% premium; trading resumes on January 15th. BIODLINK-B and the offeror, WUXI XDC, jointly announced that on January 14, 2026, the Board was informed by the Offeror that Citigroup will make a voluntary conditional cash offer for and on behalf of the Offeror to acquire all issued shares (excluding those already owned or agreed to be acquired by the Offeror and parties acting in concert with the Offeror) at an offer price of HK$4.00 per Offer Share, and to cancel all outstanding share options. The Offer Price represents a premium of approximately 99.00% over the undisturbed closing price of HK$2.01 per Share on the Stock Exchange. The Company has applied to the Stock Exchange for the resumption of trading in the Shares from 9:00 a.m. on January 15, 2026 (Hong Kong time).
Trip.com Group-S: Receives investigation notice from SAMR. Trip.com Group-S announced that the Company has received an investigation notice issued by the State Administration for Market Regulation. According to the notice, the SAMR has initiated an investigation into the Company pursuant to the Anti-Monopoly Law of the People's Republic of China. The Company will fully cooperate with the relevant investigation. The Company's business currently remains normal.
PHARMARON proposes placing a total of 58.4408 million shares at a discount of approximately 8.50%, raising net proceeds of about HK$1.319 billion. PHARMARON announced that on January 14, 2026, the Company entered into a placing agreement with the placing agents, whereby each placing agent agreed (severally, not jointly nor jointly and severally) to act as the agent of the Company and use its best efforts to procure placees to subscribe for a total of 58,440,800 new H shares on the terms and conditions set out in the Placing Agreement. The number of Placing Shares represents approximately 16.57% and 3.19% of the total number of issued H Shares and the total number of issued Shares, respectively, as enlarged immediately following completion. The Placing Price of HK$22.82 per Placing Share represents a discount of approximately 8.50% to the closing price of HK$24.94 per H Share on the Hong Kong Stock Exchange on January 14, 2026.
Weichai Power: The company has completed laboratory research on industry-leading sulfide all-solid-state batteries. Weichai Power stated on an interactive platform on January 14th that the company has completed laboratory research on industry-leading sulfide all-solid-state batteries and is conducting R&D work for industrial application; demand for power generation products for data centers is strong, with both production and sales booming; the company is accelerating the increase of SOFC production capacity to meet customer demand.
DR Power: Plans to invest 30 million yuan for a stake in Xingyi Xinneng to establish a manufacturing JV for CPI film and CPI film combined with crystalline silicon battery products. DR Power announced that the company intends to contribute cash of 30 million yuan to subscribe for a capital increase of 461,539 yuan in Shanghai Xingyi Xinneng Technology Co., Ltd., obtaining a 16.6667% equity stake in the target company. The target company and its subsidiaries, together with DR Power and its subsidiaries, will establish a manufacturing joint venture for CPI film and products combining CPI film with crystalline silicon batteries. The advancement of this equity cooperation aims to seize the development opportunities presented by global low-orbit satellite networking and space computing power industries. It is conducive to fully leveraging the core strengths of both parties in photovoltaic industrialization capabilities, perovskite technology accumulation, space scenario adaptation capabilities, and aerospace resource integration, achieving complementary advantages and mutual benefit.
WUXI XDC issues profit alert, expects 2025 net profit to increase over 38% year-on-year. WUXI XDC announced that the Group is expected to achieve the following financial results for the year ended December 31, 2025: (1) Revenue: an increase of over 45% compared to the year ended December 31, 2024; (2) Gross profit: an increase of over 70% compared to the year ended December 31, 2024.
CITIC Securities: 2025 net profit 30.051 billion yuan, up 38.46% year-on-year. CITIC Securities announced that its 2025 operating revenue was 74.83 billion yuan, a year-on-year increase of 28.75%; net profit was 30.051 billion yuan, a year-on-year increase of 38.46%. In 2025, the domestic capital market generally showed an upward trend, with significant improvement in market trading activity and enhanced investor confidence. Major A-share indices all achieved gains. The company actively seized market opportunities, steadily expanded its customer market scale, and saw rapid growth in revenue from brokerage, investment banking, and proprietary trading businesses. Meanwhile, the company firmly advanced its international layout, deepened its cross-border service capabilities, and coupled with the strong performance of the Hong Kong market, achieved rapid growth in overseas revenue.
BBMG: Expects 2025 net loss of 900 million - 1.2 billion yuan. BBMG announced that, based on preliminary calculations by the Company's finance department, it is estimated that the net profit attributable to shareholders of the listed company for 2025 will be in the range of -900 million to -1.2 billion yuan. Based on preliminary calculations by the Company's finance department, it is estimated that the net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses for 2025 will be in the range of -3.45 billion to -3.75 billion yuan. During the reporting period, both the Company's building materials and real estate businesses were in a downward industry cycle. For the cement business, the Company continuously optimized its strategic layout, solidly advanced cost reduction and efficiency enhancement work, and achieved a turnaround to profitability year-on-year in operating performance. The real estate business was affected by the market, with weakened demand and pressure on selling prices, impacting the operating profit of the Company's real estate business.
Alibaba Health: A practitioner in the commercialization of AI healthcare. It is reported that Alibaba's Tongyi Qianwen will release a major product iteration this Thursday. The high growth of the company's pharmaceutical e-commerce platform business is primarily due to the inclusion of Alibaba Health's marketing review services and growth services, achieving a closed-loop solution for health brands. The company actively explores AI healthcare, improving operational efficiency in multiple scenarios such as pharmaceutical search and recommendation model optimization, smart supply chain for the large pharmacy, intelligent product operation, and smart customer service. On one hand, it empowers consumers by establishing an AI-driven product search engine; on the other hand, it is expected to develop more AI knowledge platform products for doctors in the future, serving scenarios like medical knowledge exchange. A CITIC Securities research report stated that medical AI will accelerate the restructuring of the trillion-yuan pharmaceutical market. The report believes that the logic for AI healthcare in 2026 has undergone a fundamental change, with the core being that the payers for AI healthcare this year are more clearly defined and possess stronger payment capabilities. Therefore, 2026 is expected to be a year with greater certainty for the commercialization of AI healthcare, opening up the space for its commercialization. It is recommended to focus on five main themes and related targets: AI drug discovery, primary-level AI healthcare applications, medical data circulation and trading, AI pathological diagnosis, and AI healthcare models and C-end expansion channels.
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