The Central Committee of the Communist Party of China and the State Council have approved the "Spatial Coordination Plan for a Modern Capital Metropolitan Circle," outlining a spatial framework of "one core, two wings, dual cities with multiple points, dual corridors with multiple circles." The plan emphasizes leveraging Beijing's core radiating influence, strengthening its "four centers" functionality, enhancing "four services" capabilities, and creating a first-class central administrative environment. It calls for high-standard development of the Xiongan New Area in Hebei and transforming the Beijing Municipal Administrative Center into a new growth pole for the capital, enabling the "two wings" to develop synergistically. High-quality integration of the Beijing-Tianjin "dual cities" is prioritized, with Tianjin bolstering its role as a core northern international shipping hub to jointly establish a regional development highland. Hebei's node cities will provide crucial support, forming a functional pattern characterized by complementary advantages and coordinated development. Hong Kong-listed stocks related to the Xiongan New Area include JINYU GROUP (02009), BEIJING ENTERPRISES WATER GROUP (00371), XINTIAN GREEN ENERGY (00956), CHINA GAS HOLD (00384), and BEIJING ENTERPRISES HOLDINGS (00392).
Overnight, the Dow Jones Industrial Average climbed 515.19 points, or 1.05%, to close at 49,407.66. The S&P 500 index advanced 37.41 points, or 0.54%, settling at 6,976.44, while the Nasdaq Composite increased by 130.29 points, or 0.56%, finishing at 23,592.11. Most major tech stocks gained ground, with Intel surging over 5%, and both Apple and AMD rising more than 4%. Google climbed over 1% to a record high, whereas Nvidia fell nearly 3%, Tesla dropped 2%, and both Microsoft and Meta declined over 1%. U.S. memory chip stocks rallied sharply, with SanDisk jumping over 15%, Western Digital gaining nearly 8%, and Micron Technology up over 5%. Cryptocurrency, precious metals, and energy stocks broadly declined, with Robinhood dropping over 9% and Circle falling nearly 8%. Most popular U.S.-listed Chinese stocks retreated, as the Nasdaq Golden Dragon China Index closed down 0.65%; XPeng fell over 8%, while both Baidu and NIO dropped more than 3%. Bilibili declined over 2%, whereas PDD Holdings and New Oriental each gained over 2%. The Hang Seng Index ADR rose proportionally, indicating a gain of 179.35 points, or 0.67%, to 26,954.92 compared to its Hong Kong close. At settlement, the NYMEX WTI crude oil front-month contract fell $2.88, or 4.42%, to $62.33 per barrel. The COMEX gold front-month contract dropped $64.20, or 1.35%, to $4,680.90 per ounce. The COMEX silver front-month contract increased by $0.73, or 0.93%, settling at $79.265 per ounce. Spot gold declined by $205.25, or 4.22%, to $4,660.10 per ounce, while spot silver fell $5.49, or 6.48%, to $79.21 per ounce.
Controversy surrounding a U.S. immigration enforcement operation has triggered political turbulence in the House of Representatives, potentially prolonging a partial government shutdown that began on Saturday. If the shutdown persists through this week, the highly anticipated non-farm payrolls report scheduled for Friday could be delayed, and the tax filing season initiated last week might also face disruptions. Ten government departments, including the State Administration for Market Regulation and the Central Air Traffic Management Commission, jointly issued the "Guidelines for the Construction of a Low-Altitude Economy Standard System." The guidelines focus on five core areas: low-altitude aircraft, low-altitude infrastructure, low-altitude air traffic management, safety supervision, and application scenarios. They aim to establish a "four-dimensional integrated" standard supply system that merges technical standards with management norms, domestic standards with international rules, mandatory standards with recommended standards, and foundational standards with scenario-specific standards. By 2027, the low-altitude economy standard system is targeted for basic establishment to meet safety and healthy development needs. By 2030, over 300 standards in the low-altitude economy sector are planned, forming a structurally optimized, advanced, reasonable, and internationally compatible standard system to provide robust support for safe and healthy development.
Regulations from the Ministry of Finance and others stipulate that starting in 2026, tax categories for services like mobile data will be adjusted from value-added telecom services to basic telecom services, with the tax rate increasing from 6% to 9%. This change is estimated to potentially impact the combined net profit of China's three major telecommunications operators by tens of billions of yuan in 2026. On February 2, shares of the three major operators declined. Analysts suggest that business revenue may be reclassified, and some basic telecom services have already reached saturation. Currently, the future development direction for the three operators centers on keywords like digital intelligence, computing power, and services, which represent the emerging core businesses of the telecommunications industry. Australian spodumene concentrate shipments to China for the week of January 26 to February 1 totaled 35,000 tonnes, a decrease of 76,000 tonnes from the previous week. The average weekly shipment volume to China was 69,000 tonnes, while Australian ore shipments globally for the week amounted to 67,000 tonnes. This development involves the lithium mining sector.
Huawei, in collaboration with CHOW TAI FOOK (01929), has launched gold earphone accessories. On February 2, Huawei's official terminal account announced that the Huawei FreeClip 2 ear-clip earphones were jointly created with Chow Tai Fook as fashionable electronic accessories. Chow Tai Fook's official Weibo stated that pre-sales for the accessories would begin on February 2. Inquiries revealed that the "Huawei FreeClip 2 x Chow Tai Fook 'Phoenix Sheng Charm Gold Accessory Set Gift Box'" is now available for 4,888 yuan, while the "Instant Fortune Gold Accessory Set Gift Box" is priced at 3,388 yuan. Huawei customer service indicated that the "Phoenix Sheng Charm" style accessory weighs approximately 1.31 grams per piece, and the "Instant Fortune" style weighs about 0.68 grams per piece. CITIC SEC (06030) announced that its full-year 2025 revenue reached 74.830 billion yuan, a year-on-year increase of 28.75%, with net profit at 30.051 billion yuan, up 38.46% year-on-year. The company maintained leading positions across various businesses, including domestic equity and bond underwriting, cross-border capital operations, and mergers and acquisitions. As of year-end, its assets under management were approximately 4.8 trillion yuan, with financial product custody scale exceeding 800 billion yuan. The company will also conduct an interim dividend for the second consecutive year, proposing a distribution of 2.90 yuan per 10 shares, totaling a cash dividend of approximately 4.298 billion yuan, to be completed by February 9, 2026. Additionally, the company revised its Articles of Association to improve its governance structure.
EASTROC BEVERAGES (09980) announced its allotment results, indicating that its global offering of 40,889,900 shares (prior to any over-allotment option exercise) was oversubscribed by 57.46 times in the Hong Kong public offering. The Hong Kong public offering comprised 10% of the total, with international offering accounting for 90%. The final offer price was set at HK$248 per share, with net proceeds from the global offering estimated at approximately HK$9.9943 billion. Each board lot consists of 100 shares, and the H shares are expected to commence trading on the Stock Exchange at 9:00 a.m. (Hong Kong Time) on February 3, 2026.
YOFC (06869) is benefiting from robust AI data center (AIDC) demand. Notably, Meta has committed to paying Corning $6 billion by 2030 for optical fiber and cable used in its AI data centers. According to industry reports, the average domestic tax-inclusive price for G.652.D optical fiber in the fourth quarter of 2025 was approximately 25 yuan per core kilometer, a roughly 25% increase from the 20 yuan per core kilometer in the second quarter of 2025. For the first three quarters of 2025, YOFC reported operating revenue of 10.275 billion yuan, an 18.18% year-on-year increase, but net profit attributable to shareholders was about 470 million yuan, down 18.02% year-on-year. A report from the authoritative third-party market analysis firm CRU indicates that YOFC has ranked first globally in market share for preforms, optical fiber, and optical cables for nine consecutive years since 2016. Industry chain research suggests that the average market price for G.652.D optical fiber has risen for two consecutive quarters, indicating a clear price recovery trend. Concurrently, several companies have noted that growing overseas demand for new fiber and cable products from computing data centers is driving up prices for some export fibers, with domestic fiber prices expected to see a significant increase in 2026. During institutional research in late December 2025, YOFC highlighted its global leadership in hollow-core fiber, having pioneered its transition from the laboratory to practical network applications. In 2025, the company assisted China Mobile, China Telecom, and China Unicom in launching the first commercial hollow-core fiber line and remains committed to furthering its industrialization and large-scale commercial adoption.
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