The General Office of the State Council has issued the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption." This plan aims to optimize and expand the supply of services, promote the quality improvement and public benefit of service consumption, and provide strong support for high-quality economic development. The work plan proposes support policies in three key areas. First, focusing on key sectors such as transportation services, home services, online audio-visual services, travel and residence services, automotive aftermarket services, and inbound consumption, efforts will be made to optimize service supply, promote pilot initiatives, innovate consumption scenarios, and strengthen talent cultivation to stimulate development vitality. Second, targeting potential areas like performance services, sports event services, and experiential/emotional services, actions will involve improving incentive mechanisms, optimizing safety management, cultivating high-quality brands, and building platform carriers to foster development momentum. Third, support and guarantees for cultivating new growth points in service consumption will be strengthened through measures such as improving standard systems, enhancing credit systems, and reinforcing fiscal and financial support. The work plan requires all regions and relevant departments to strengthen policy design, innovate support measures, optimize the service consumption environment, and formulate and issue specific support policies for service consumption sectors as needed.
The three major US stock indices closed mixed, with the Nasdaq down 0.72%, the S&P 500 down 0.13%, and the Dow Jones up 0.11%. Former US President Donald Trump stated that the Federal Reserve Chair nominee would be announced next week and that interest rates should be two to three percentage points lower than current levels. Individual stocks saw mixed performances among tech shares; Microsoft fell 10%, erasing $357 billion in market value; Tesla dropped over 3%, Oracle fell more than 2%, while Meta surged over 10% and IBM rose over 5%. Popular Chinese concept stocks were also mixed; the Nasdaq Golden Dragon China Index closed up 0.35%. Futu fell over 2%, Nio rose over 3%, and TAL Education Group surged over 18%. Gold and silver prices plunged overnight! Spot gold once approached $5,600 per ounce during the session but began a sustained sell-off around 23:00 Beijing time, plummeting as much as 5% to near $5,100. It is currently down over 2%, trading around $5,360. The red-hot spot silver reversed from a session high of +4% to a drop of over 8%, tumbling directly from a record high of $121 to $107. It is currently down over 2%, trading around $115.
Elon Musk announced a shift in focus towards robotics technology. Tesla's profits exceeded expectations, benefiting from stronger-than-expected margins. The company stated it will invest $20 billion in xAI, a private artificial intelligence company founded by CEO Elon Musk, and will convert part of its automobile manufacturing operations to produce robots. Analysts at Evercore wrote that the company's free cash flow would turn negative due to its unexpected capital expenditures. These analysts noted that the announcement caused the stock's pre-market gains to slightly narrow. They also indicated that the sustainability of the company's high margins remains unclear. Tesla will spend over $200 billion on a large-scale reorganization of factory production lines. This adjustment also reflects Elon Musk's strategic repositioning of the automaker after years of declining sales. This planned capital expenditure for 2026 is more than double last year's investment and almost twice Wall Street's expectations. The funds will be used to expand production capacity for vehicles, batteries, and robots across its six factories. To free up capacity for the production of the next-generation Optimus humanoid robot, Tesla will discontinue its two oldest models - the Model S sedan and the Model X SUV.
AstraZeneca announced it plans to invest over 100 billion yuan in China by 2030 to expand its footprint in pharmaceutical production and R&D. These investments will further deepen AstraZeneca's R&D presence in China, including its global strategic R&D centers in Beijing and Shanghai. These centers collaborate with over 500 clinical hospitals and have led a significant number of global clinical trials over the past three years. Concurrently, the company will upgrade its production bases in Wuxi, Taizhou, Qingdao, and Beijing, and will announce plans for new production bases in due course. Existing bases are currently supplying high-quality innovative medicines to patients in China and over 70 global markets. Through these investments, AstraZeneca's workforce in China will exceed 20,000 employees, creating thousands of additional jobs throughout the healthcare ecosystem.
According to the latest TV shipment survey from TrendForce, the TV industry will face simultaneous price increases for memory, panels, and precious metals in 2026, driving up production costs. The trade-off between profitability and market share for brands will become more pronounced. The full-year TV shipment forecast for 2026 has been revised down from the previously estimated year-on-year decline of 0.3% to a decline of 0.6%, settling at approximately 194.81 million units. Furthermore, as the existing cost structure can no longer support previous low-price strategies, price increases for new models are inevitable.
Spring Medical (01858) announced that it expects its net profit attributable to owners of the parent for the full year 2025 to be between 245 million yuan and 288 million yuan. This represents an increase of 120 million yuan to 163 million yuan compared to the same period last year, a year-on-year rise of 96.01% to 130.41%. Net profit attributable to owners of the parent after deducting non-recurring gains and losses is expected to be between 230 million yuan and 270 million yuan, an increase of 135 million yuan to 175 million yuan year-on-year, up 142.80% to 185.11%. For the same period last year, net profit attributable to owners of the parent was 125 million yuan, and the figure after non-recurring items was 94.536 million yuan.
Ganfeng Lithium (01772) announced that in January 2026, its wholly-owned subsidiary, GFL International Co., Ltd., sold 32,190,000 ordinary shares of PLS Group Ltd through block trades on the secondary market, with total proceeds of 160,225,725 Australian dollars. The cumulative pre-tax profit from this sale is estimated to be approximately 709,429,571 yuan, of which approximately 119,725,072 yuan will be recognized in the current year's profit and loss. The cumulative profit from this sale accounts for 34.21% of the company's net profit attributable to shareholders of the listed company from the most recent audited period.
Tianqi Lithium (09696) announced that it expects a net profit for 2025 in the range of 369 million yuan to 553 million yuan, compared to a loss of 7.905 billion yuan in the same period last year. The change in performance is primarily attributed to shortened pricing cycles for lithium ore from its controlling subsidiaries, production costs aligning more closely with recent purchase prices, and a significant increase in investment income from its important associate, SQM.
Guo Quan (02517) announced on the Hong Kong Exchange that the Group expects to achieve revenue of approximately 7.75 billion yuan to 7.85 billion yuan for the full year 2025, representing a year-on-year increase of approximately 19.8% to 21.3%. It expects a net profit of approximately 443 million yuan to 463 million yuan, a year-on-year increase of approximately 83.7% to 92.0%.
Innocare (09969) announced that it expects an annual net profit for 2025 of approximately 633 million yuan, turning a profit compared to a loss of 441 million yuan in the same period last year. It expects to achieve total operating revenue of approximately 2.365 billion yuan for 2025, an increase of approximately 134% compared to the same period last year.
Data from a third-party platform on January 29th showed that the wholesale price of 53-degree, 500ml Feitian Moutai liquor continued to rise. Specifically, the price for a case of 2025 Feitian Moutai increased by 20 yuan per bottle from the previous day, reaching 1,620 yuan per bottle. Additionally, the price for a case of 2026 Feitian Moutai also rose by 20 yuan per bottle from the previous day, reaching 1,610 yuan per bottle. Guosheng Securities pointed out that the Spring Festival peak season sales for baijiu are gradually commencing. Positive feedback on Moutai's sales and wholesale prices is expected to lead the industry towards better-than-expected improvements. In the short term, they suggest focusing on the rigid demand during the Spring Festival, while for the medium term, they recommend positioning in leading companies across various price segments. Kaiyuan Securities stated that the current valuation of the baijiu sector is at a low level in recent years, market expectations are low, and the shareholding structure is favorable. With fundamentals nearing a bottom, the sector possesses investment value. Preparations for the Spring Festival peak season will be a key catalyst for the sector's performance. They recommend focusing on two main themes: first, targets that have undergone sufficient adjustment and possess high potential for rebound; second, industry leaders with strong earnings stability and prominent risk resistance.
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