Eight departments, including the Ministry of Industry and Information Technology, have issued the "Artificial Intelligence + Manufacturing" Special Action Implementation Opinions. The document outlines plans to create innovation vehicles, including the establishment of national manufacturing innovation centers in the AI field to enhance the supply capacity of key common technologies. It also involves deploying a number of key laboratories in AI to strengthen exploration of cutting-edge technologies like brain-inspired intelligence and world models. The plan aims to high-quality construct national AI application pilot bases in key manufacturing sectors, aggregating industrial innovation resources to rapidly develop a batch of replicable and scalable industry solutions. By 2027, China aims to achieve secure and reliable supply of key AI core technologies, with its industrial scale and enabling capabilities firmly positioned among the world's leaders. The goal is to promote the deep application of 3-5 general large models in manufacturing, form specialized, full-coverage industry large models, create 100 high-quality datasets for the industrial sector, and promote 500 typical application scenarios. It also targets cultivating 2-3 globally influential ecosystem-leading enterprises and a group of specialized, sophisticated, and new SMEs, creating a batch of enabling application service providers that "understand AI and are familiar with the industry," and selecting 1,000 benchmark enterprises. The initiative aims to build a globally leading open-source ecosystem with comprehensively enhanced security governance capabilities, contributing China's solutions to AI development.
Overnight, the Nasdaq Golden Dragon China Index fell by 1.58%. The Dow Jones Industrial Average dropped 466.0 points to close at 48,996.08, a decline of 0.94%. The S&P 500 index fell 23.89 points to 6,920.93, down 0.34%. The Nasdaq Composite Index rose 37.1 points to 23,584.27, a gain of 0.16%. Most large-cap tech stocks advanced, with Intel surging over 6%, Google up more than 2%, Microsoft rising over 1%, Nvidia gaining 1%, and Amazon edging higher. Meta fell over 1%, while Apple and Tesla saw slight declines. Most popular Chinese ADRs declined, with Full Truck Alliance dropping over 7%, Tencent Music down over 5%, and KE Holdings and NetEase falling over 3%. The Hang Seng Index ADR also fell, proportionally calculated to close at 26,184.20 points, down 274.75 points or 1.04% from the Hong Kong market close.
The National Medical Products Administration announced it will optimize the review and approval process for clinically urgently needed drugs already marketed overseas. The move aims to accelerate the domestic availability of these medicines to meet patients' urgent clinical needs. The NMPA stated it will adhere to a clinical value-oriented approach, encouraging applicants to conduct global synchronous R&D and synchronous market application submissions in China. It also encourages the submission of original innovator drugs and generic drugs that are clinically needed and already marketed overseas, with those meeting requirements eligible for inclusion in the priority review and approval channel. The announcement indicated the NMPA will optimize its review mechanisms to speed up the process and improve the inspection system to reflect product characteristics. This involves the innovative drug sector.
The People's Bank of China announced that on January 8th, it will conduct a 110 billion yuan outright reverse repo operation. According to the PBOC's open market outright reverse repo tender announcement published on January 7th, to maintain ample liquidity in the banking system, the central bank will conduct a 110 billion yuan operation on January 8th using a fixed amount, interest rate tender, and multiple-price winning method, with a maturity of 3 months (90 days).
Key domestic coking enterprises held a market analysis meeting, resolving to proactively communicate with steel mills and firmly halt shipments to those requesting further price cuts. On the afternoon of January 7th, representatives from major coking enterprises convened for a special market analysis session. They conducted an in-depth analysis of the supply-demand dynamics and price trends in the coke market, noting that coking enterprises are currently in a state of deep losses, with production curtailment rates maintained between 15-35%. With coke and coking coal futures hitting limit-up and the overall black commodities sector rallying, later-stage expectations have improved, and market sentiment has begun to turn positive. The participating coking enterprises reached a consensus to continue proactive production cuts and output reductions to further alleviate supply pressure, reduce or cease purchases of high-priced coal to optimize coal inventory structure and effectively control costs, and proactively engage with steel mills to stabilize prices, firmly stopping shipments to any party requesting further price reductions. This involves the Hong Kong stock coal sector.
The Hong Kong Stock Connect constituent list is set for an adjustment, with several new economy and technology stocks expected to be included. The Hang Seng Indexes Company recently announced it will declare the review results for the fourth quarter of 2025 for the Hang Seng Index Series on February 13th, with constituent changes taking effect on March 9th. Predictions from multiple institutions and big data platforms suggest this adjustment could lead to over 40 stocks being added to the Southbound Stock Connect, while over 20 stocks might be removed due to reasons like failing to meet free-float market capitalization requirements. The adjustment of Hong Kong Stock Connect constituents not only impacts the liquidity of related stocks but also presents new investment opportunities for investors.
Ping An Life Insurance has triggered a disclosure requirement by increasing its stake in Agricultural Bank of China's H-shares. On January 7th, Ping An Life Insurance Company of China, Ltd. announced that Ping An Asset Management, investing on behalf of Ping An Life, acquired Agricultural Bank of China H-shares, reaching 20% of the bank's H-share capital on December 30th, 2025. According to Hong Kong market rules, this triggered a disclosure requirement for Ping An Life.
The People's Bank of China has increased its gold reserves for 14 consecutive months. Throughout 2025, China's gold reserves increased by 860,000 ounces. According to the official reserve assets data updated by the PBOC on January 7th, as of the end of 2025, China's gold reserves stood at 74.15 million ounces, an increase of 30,000 ounces compared to the end of November. The central bank made purchases to increase its gold holdings every single month in 2025. Specifically, from January to December last year, the PBOC increased its gold reserves by 160,000 ounces, 160,000 ounces, 90,000 ounces, 70,000 ounces, 60,000 ounces, 70,000 ounces, 60,000 ounces, 60,000 ounces, 40,000 ounces, 30,000 ounces, 30,000 ounces, and 30,000 ounces, respectively.
TIANGONG INT'L (00826): Zhenjiang Qianyuan intends to transfer its 1.76% stake in Tiangong Tools to Tiangong New Materials for a consideration of 180 million yuan. TIANGONG INT'L (00826) announced that on December 28th, 2020, Tiangong Tools, Tiangong New Materials, Tiangong Hong Kong, other Tiangong parties, and investors (including Zhenjiang Qianyuan and Jinshi New Materials Fund) entered into an investment agreement. Pursuant to this, Zhenjiang Qianyuan and Jinshi New Materials Fund subscribed for a total registered capital of RMB 138 million, equivalent to approximately 5.29% of Tiangong Tools' equity at that time.
Regarding the grey market performance of new listings: Iluvatar CoreX (09903) closed up over 36% in the grey market, earning HKD 5,340 per lot; Sofront Medical-B (02675) closed up 37.84% in the grey market, earning HKD 1,636 per lot; and Zhipu AI (02513) closed up over 5% in the grey market, earning HKD 600 per lot.
HORIZONROBOT-W (09660): Its joint venture with the Aumway Group, Zhijia Dalu neueHCT, completed a financing round of nearly USD 200 million. This round of financing was jointly invested by leading industrial capital and market-oriented funds including Yunfeng Capital, Dachen (Dachen Caizhi, Guochen Chuangtou), Hundun Investment, Bihong Investment, and Ningbo Commerce Fund (Yongning Gaoxin Fund). Strategic shareholder Aumway Group (formerly the automotive subgroup of Continental AG) and Horizon Robotics made additional investments. This follows the initial market-oriented financing round in early 2025, which saw participation from Hillhouse Investment, CICC Porsche, and Zhejiang Jinkong.
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