【Top Headlines】 The National Development and Reform Commission (NDRC) is studying the implementation plan for the strategy of expanding domestic demand. On January 20, Wang Changlin, Vice Chairman of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that China successfully accomplished its major economic and social development goals for 2025, with the economy operating steadily and making progress, further demonstrating its resilience. Social policies showed greater consideration for people's livelihoods, resulting in a high-quality report card. However, he also noted that the current economic operation faces the issue of strong supply but weak demand. To address the problem of insufficient demand, the NDRC will persist in focusing its macroeconomic policy efforts on strengthening the domestic cycle and expanding domestic demand in all respects. Wang Changlin revealed that this year, they will study and formulate an implementation plan for the strategy of expanding domestic demand for the period 2026-2030.
Six government departments have extended tax and fee incentives for elderly care, childcare, domestic services, and other community-based household services. On January 20, the Ministry of Finance and five other departments issued an announcement, declaring the extension of tax and fee preferential policies for community-based household services such as elderly care, childcare, and domestic services until December 31, 2027, continuing to support the development of these industries. In June 2019, the Ministry of Finance and five other departments introduced these tax and fee preferential policies. Since their implementation, they have been regarded by sectors like community childcare and domestic services as a significant "tax and fee reduction package" encouraging industry development and promoting a nurturing environment. Following this latest announcement from the six departments, the policy period will be further extended until the end of 2027.
"Trump Plans to Visit China in April," Chinese Side Responds. How does China assess the impact of Trump's foreign policy during his first year in office and its effect on the international situation? The Ministry of Foreign Affairs responded. On the 20th, Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference. A reporter from Japan's NHK asked: President Trump of the United States has been in office for one year. His foreign policy moves during this period have attracted significant international attention, including tough measures on Venezuela and recent statements threatening to "annex" Greenland. How does China assess the impact of Trump's foreign policy during his first year and its effect on the international situation? Furthermore, regarding reports that Trump plans to visit China this April, can China provide more details? Guo Jiakun stated that over the past year, China-US relations have experienced fluctuations but achieved overall dynamic stability, which aligns with the common interests of the peoples of both China and the United States and meets the common expectations of the international community.
Canada Simulates US Military Invasion for First Time in a Century. On January 20, it was learned by a CCTV reporter that two senior Canadian government officials indicated that the Canadian Armed Forces have conducted simulations of a military invasion of Canada by the United States and Canada's potential responses. It is believed that this is the first time in a century that the Canadian Armed Forces have simulated an attack on their country by the United States. Canada is a founding member of NATO and a partner in the North American Aerospace Defense Command (NORAD).
US Military Exposed for Secretly Collecting Intelligence on Military Facilities in Greenland. Recently, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland announced the deployment of troops to Greenland, an autonomous territory of Denmark, to participate in the "Arctic Endurance" military exercise initiated by Denmark on the island. According to a Xinhua News Agency report, the Dutch Ministry of Defense issued a statement on the 19th, stating that two naval officers previously sent to Greenland for a joint survey mission had completed their tasks as planned and were withdrawn that day. Prior to this, Germany announced on the 18th the withdrawal of its military personnel from Greenland.
One Philippine Official Aircraft Illegally Intruded into Chinese Airspace over Huangyan Dao Without Chinese Government Permission. According to a message released on January 20 via the "Southern Theater Command" WeChat official account, Senior Colonel Tian Junli, spokesperson for the Southern Theater Command of the People's Liberation Army, stated that on January 20, one Philippine official aircraft, without permission from the Chinese government, illegally intruded into the airspace of China's Huangyan Dao. The Southern Theater Command organized naval and air forces to warn and expel the aircraft according to law and regulations. The Philippine action constitutes a serious violation of China's sovereignty and a serious breach of relevant Chinese laws and international law. Huangyan Dao is China's inherent territory. We sternly warn the Philippines to immediately cease its infringements, provocations, and false hype.
Gold Prices May Surge Towards $5,000 in the First Half of the Year; Structural Support for Silver and Copper Prices Strengthens. On January 20, driven by safe-haven demand, international gold prices once again hit a record high, with both the spot price of London gold and the COMEX gold futures price breaking through $4,700 per ounce. Since the start of 2026, the international precious metals market has continued its strong trend, and copper prices have also remained elevated. As global macroeconomic uncertainties intensify, the market trends of precious and base metals are attracting significant attention. Joni Teves, a precious metals strategist at UBS, recently stated in an exclusive interview that demand for diversification is the core driver behind the current rise in gold prices. Institutional investors, retail investors, and central banks are all increasing their gold holdings to hedge against macroeconomic uncertainties.
Multiple Provinces and Cities Have Fully Launched New Year's National Subsidy Work. The year 2026 marks the beginning of the 15th Five-Year Plan period, with multiple policies being front-loaded to achieve a strong economic start. Following measures such as the central bank's reduction of interest rates on various structural monetary policy tools, the National Development and Reform Commission and the Ministry of Finance have also signaled positive moves, clarifying policy directions for 2026 aimed at promoting consumption, stabilizing investment, and fostering emerging industries. On the morning of January 20, a relevant official from the National Development and Reform Commission stated at a State Council Information Office press conference that they are planning and advancing a number of landmark and leading major high-tech industry projects for the "15th Five-Year Plan" period, studying and formulating the implementation plan for expanding domestic demand from 2026 to 2030, and are researching and formulating actions to stabilize, expand, and improve employment, as well as plans to increase urban and rural residents' incomes, aiming to amplify the pulling effect of policies related to new initiatives.
US Stocks, Bonds, and Currency Under Pressure! Dow Drops Over 870 Points, NVIDIA's Market Cap Evaporates Nearly 1.3 Trillion Yuan! Affected by the latest tariff threats from the United States, the three major US stock indices fell sharply on January 20. At the close, the Dow Jones Industrial Average fell by 870.74 points, a decline of 1.76%; the S&P 500 index fell by 143.15 points, a decline of 2.06%; and the Nasdaq Composite Index fell by 561.07 points, a decline of 2.39%. Technology stocks fell across the board, with Oracle and Broadcom down over 5%, NVIDIA and Tesla down over 4%, and Amazon and Apple down over 3%. NVIDIA's market capitalization evaporated by $195.615 billion overnight (approximately 13.617 trillion yuan).
【Featured Companies】 Half of Chips to be Made by Gree? GAC Denies: Not True. GAC Group issued a statement on January 20, refuting recent online rumors claiming "Dong Mingzhu: In the future, half of GAC Group's automotive chips will be replaced by Gree chips," clearly stating that the content is "not true." The statement said that on January 15, 2026, Feng Xingya, Chairman of GAC Group, led a team to visit Gree Electric Appliances, where they discussed the integrated development of the "human-vehicle-home" smart ecosystem and explored industrial synergy with Gree's Chairman Dong Mingzhu and the management team. Any specific progress regarding cooperation will be released through official channels as soon as it occurs.
People's Daily Publishes Third Commentary on the "Xibei Store Closure" Incident. A casual remark, or so-called "complaint," by a prominent online influencer stating that "almost everything is pre-made food, and it's still so expensive" sparked controversy, subsequently leading to an operational crisis for the involved company. This has caused many entrepreneurs to feel anxious about the complex and severe nature of the online public opinion environment. Excessive anxiety is unnecessary; specific issues need to be analyzed specifically. Overall, the online public opinion environment has improved significantly in recent years. The vast majority of prominent online influencers have played a positive role, using the characteristics and advantages of the internet to promote positive values, forming a beneficial supplement to the voices of mainstream media online. We must not fail to see the mainstream due to individual inappropriate words and actions, or "tar everyone with the same brush."
Yu Minhong Announces Hiring of Chen Xingjia with an Annual Salary of 1.5 Million Yuan. On January 20, Yu Minhong, founder of New Oriental Education & Technology Group, posted a notice on social media stating: New Oriental Education & Technology Group has hired Teacher Chen Xingjia as the Chief Consultant for New Oriental Education, East Buy, and New Oriental Cultural Tourism, with an annual salary of 1.5 million RMB. The notice also disclosed that Yu Minhong has joined the Heng Hui Foundation founded by Chen Xingjia, and New Oriental Education & Technology Group will donate no less than 1 million RMB annually to the foundation. Public information shows that Chen Xingjia was born in 1971, holds a bachelor's degree from Hubei University, and a master's degree from Tsinghua University. He has served as Town Mayor and Mayor of a county-level city. In 2011, he became the Party Secretary of Badong County. After his term ended in December 2016, he resigned from public office and founded the Shenzhen Heng Hui Foundation.
Struggle for Control of Nexperia Continues: Heated Debate in Dutch Court. On January 14, 2026, the Amsterdam Enterprise Court held a hearing regarding the control dispute over Nexperia. The disputing parties are the current provisional European management of Nexperia and its sole shareholder, China-based Wingtech Technology. The dispute can be traced back to late September to early October 2025. At that time, the Dutch Ministry of Economic Affairs and Climate Policy issued a ministerial order, effectively "freezing" Nexperia's normal operations. Subsequently, the Enterprise Court, based on an urgent application, ruled to suspend Zhang Xuezheng's position as CEO of Nexperia and restrict Wingtech Technology's control over Nexperia. Although the Dutch government department later revoked the ministerial order, the Enterprise Court's ruling remains in effect, leaving the company's control in a deadlock.
【Industry Highlights】 Divergence Between Performance and Market Performance: Securities Sector 'Lingering at Low Levels' May Be Accumulating Momentum. Rising Metal Prices Lift Listed Companies' Performance. 'Earnings Season Momentum' Gains Pace; These Tech Stocks Possess High Growth Potential. AI Agents Accelerate Commercialization; Seventeen Concept Stocks Favored by Financing Funds.
【Market Strategy】 The strategy team of Zhang Qiyao at Industrial Securities recently released a research report stating that the 2026 "good start" rally, driven by liquidity and risk appetite, has exhibited noticeable characteristics of concentrated hotspots and theme-driven moves, leading to structural overheating in some sectors. Recent regulatory moves, such as increasing margin requirements, aim to prevent systemic risks and guide the market back to rationality, leading the market into a consolidation phase. The team believes that the core logic supporting the upward spring rally, including fundamentals and regulatory support, remains unchanged. The capital market will continue to interact dynamically with the real economy and technological innovation, forming a positive feedback loop. Furthermore, as the previous market overheating was more evident at the structural level, this round of sentiment cooling will also be more structural rather than systemic. By comparison, the current spring rally is still only halfway through in terms of both time and space. After a short-term consolidation, the spring rally is expected to continue.
【Announcements Summary】 【Regarding Delisting Risks】*ST XinYan: The Shenzhen Stock Exchange has reviewed and agreed to revoke the delisting risk warning imposed due to the company's restructuring. *ST ZhongZhuang: The delisting risk warning is revoked, but other risk warnings continue to be implemented; the stock will be suspended for one day starting tomorrow. ST SaiWei: Pre-estimated net loss of 720 million to 1.02 billion yuan for 2025; there is a possibility that the stock trading will be subject to a delisting risk warning.
【Operating Data】Hikvision Performance Report: Net profit attributable to shareholders in 2025 increased by 18.46% year-on-year. Langzi Shares: Pre-estimated net profit for 2025 increased by 245.25%—302.8% year-on-year. Zhaoyan New Drug: Expected net profit for 2025 to increase by 214% to 371% year-on-year. Huachen Equipment: Pre-estimated net profit for 2025 increased by 193.64%—242.04% year-on-year. Qianyuan Power: Pre-estimated net profit for 2025 increased by 160%—190% year-on-year. Jinfang Energy: Pre-estimated net profit for 2025 increased by 123.97%—193.7% year-on-year. Zhongfu Industrial: Expected net profit for 2025 to increase by 120.27%—141.59% year-on-year. Bati Shares: Pre-estimated net profit for 2025 increased by 117.53%—139.53% year-on-year. Zhongrong Electric: Pre-estimated net profit for 2025 increased by 104.89% to 131.10% year-on-year. Kaisheng New Materials: Pre-estimated net profit for 2025 increased by 96.47% to 150.06% year-on-year. Putailai: Expected net profit for 2025 to increase by 93.18%—101.58% year-on-year. Dongfang Tower: Pre-estimated net profit for 2025 increased by 91.4%—125.07% year-on-year. Pulike: Pre-estimated net profit for 2025 increased by 89.64%—110.11% year-on-year. Huapont Health: Pre-estimated net profit of 660 million to 730 million yuan for 2025, turning a profit year-on-year. Hongyuan Green Energy: Expected net profit of 180 million to 250 million yuan for 2025, turning a profit year-on-year. Kangda New Materials: Pre-estimated net profit of 125 million to 135 million yuan for 2025, turning a profit year-on-year. Longshine Technology: Pre-estimated net profit of 100 million to 150 million yuan for 2025, turning a profit year-on-year. Hualv Biology: Pre-estimated net profit of 100 million to 130 million yuan for 2025, turning a profit year-on-year.
【M&A and Restructuring】Kangxin New Materials: Plans to acquire 51% equity of Yubang Semiconductor for 392 million yuan. IBC Medical: Plans to obtain control of Demei Medical.
【Shareholding Changes, Repurchases】Hengtong Shares: Plans to repurchase company shares with 80 million to 100 million yuan. Haier Smart Home: Plans to repurchase company D-shares with a maximum of 2 million euros. Lanyu Shares: Shareholders plan to reduce their holdings collectively by no more than 3.02% of the company's shares. Hoshine Silicon: Controlling shareholder Hoshine Group plans to reduce its holding by no more than 3% of the company's shares. Aolian Electronics: Shareholder Liu Junsheng plans to reduce his holding by no more than 3% of the company's shares. Lanfeng Biochemical: Hainan Wenqin plans to reduce its holding by no more than 3% of the company's shares. Zhixin Precision: Shareholders plan to reduce their holdings by no more than 3% of the company's shares. Beijing Medical: Peking University Medical Group plans to reduce its holding by no more than 3% of the company's shares.
【Others】Leo Group: The self-inspection work has been completed; trading of the stock will resume on January 21. Yongxing Materials: The comprehensive technological transformation project for green, intelligent, and efficient lithium extraction from lepidolite has reached production capacity. Deppon Logistics: Plans to voluntarily withdraw the listing and trading of its A-shares on the Shanghai Stock Exchange through a resolution of the shareholders' meeting.
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