★ Macro Dynamics ★ Two departments have issued a notice on further supporting urban renewal actions. The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development released the "Notice on Several Measures to Further Support Urban Renewal Actions," mentioning that utilizing existing land and property resources to develop industries and sectors supported by the state can enjoy a transitional policy for a certain period without changing the land use subject and planning conditions, with the transition period原则上 not exceeding 5 years. Upon the expiration of the transition period, if it complies with industrial development directions and regulatory requirements, land use procedures for the new purpose shall be handled according to law and agreement; if not, the transitional support policy shall be exited as agreed, maintaining the original land use purpose. When handling paid land use procedures after the transition period, leasing or agreement-based transfer methods may be adopted.
Oil prices will increase tonight. According to CCTV Finance, domestic refined oil price adjustment window will open at 24:00 on January 20th. Affected by rising international oil prices, domestic gasoline and diesel prices will be上调, marking the first increase in refined oil prices in 2026. Starting from 24:00 on January 20th, domestic gasoline and diesel prices will increase by 85 yuan per ton. On a national average: No. 92 gasoline, No. 95 gasoline, and No. 0 diesel will increase by 0.07 yuan per liter. Filling a 50-liter tank with No. 92 gasoline will cost an additional 3.5 yuan.
Guangzhou is actively promoting legislation for the renewal of buildings on state-owned land. According to Guangzhou Daily, Cai Sheng, Party Secretary and Director of the Guangzhou Municipal Housing and Urban-Rural Development Bureau, stated that urban renewal is an important抓手 for promoting high-quality urban development. They are actively promoting legislation for the renewal of buildings on state-owned land, including the renewal and renovation of types such as危旧城镇 housing, old residential communities, old neighborhoods (including historical and cultural blocks), old factory areas, and old buildings. Through this legislation, it is expected to systematically resolve core obstacles and implementation challenges in Guangzhou's urban renewal work on state-owned land: first, improving top-level design and establishing a new model for存量更新; second, standardizing the renewal process and building a full-process implementation system; third, addressing shortcomings in people's livelihoods and enhancing public welfare; fourth, preserving historical context and highlighting cultural value; fifth, promoting industrial upgrading and releasing economic momentum; sixth, stimulating endogenous motivation and building a new mechanism for funding closure.
Shanghai will gradually include eligible non-ferrous metal commodity futures and options品种 into the scope of对外开放品种. According to CCTV News, on January 20th, Shanghai released the "Action Plan for Strengthening Futures-Spot Linkage and Enhancing the Tier of Non-Ferrous Metal Bulk Commodities," which proposes to expand the high-level institutional opening of Shanghai's non-ferrous metal futures market, gradually include eligible non-ferrous metal commodity futures and options品种 into the scope of对外开放品种, and simultaneously improve business rules适配 to the对外开放品种. It will actively explore innovations in cross-border delivery mechanisms, deepen the "going global" of delivery services, and, under可控 risk, implement business models for establishing overseas warehouses and cross-border delivery. The "Action Plan" relies on financial infrastructure in Shanghai to strengthen the international influence of non-ferrous metal bulk commodities and enhance the influence of the "Shanghai Price."
Commercial aerospace launches reached 50 times in 2025. According to the National Space Administration, in 2025, China's commercial aerospace maintained rapid development. A total of 50 launches were completed throughout the year, accounting for 54% of the country's total space launches for the year. Among them, commercial carrier rocket launches totaled 25 times; the Hainan Commercial Aerospace Launch Site was put into use and conducted 9 launches, accumulating a total of 10 launches since its establishment; other commercial satellite launches numbered 16 times. A total of 311 commercial satellites were入轨 for the year, accounting for 84% of the total number of satellites入轨 in China. Reusable launch vehicle technology accelerated breakthroughs, with the Zhuque-3 reusable launch vehicle completing its maiden flight, successfully achieving second-stage orbit insertion, and conducting core technology verification such as first-stage re-entry and return.
Israel forcibly demolishes UNRWA office site. According to a Xinhua News Agency report, Israel's The Jerusalem Post reported on the 20th that Israel began demolishing the office of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) in East Jerusalem that day. It was reported that personnel from the Israel Land Authority, accompanied by police, entered the UNRWA office compound in the morning and used engineering machinery to destroy buildings and facilities within the compound. UNRWA was established in 1949 and is primarily responsible for providing humanitarian assistance, education, and medical services to registered Palestinian refugees living in the West Bank, Gaza Strip, as well as Jordan, Syria, and Lebanon. The Israeli parliament passed a law in October 2024 prohibiting UNRWA from operating within Israel, with the relevant law officially taking effect in early 2025.
★ Financial Institutions ★ Guiyang Bank: Shareholder Guiyang State-owned Assets and its concert parties have累计质押 approximately 280 million shares. Guiyang Bank (601997) announced on January 20th that shareholder Guiyang State-owned Assets pledged approximately 46.83 million shares and approximately 46.83 million shares of company stock to Guotai Haitong Securities (formerly Guotai Junan Securities) on January 11, 2023, and January 18, 2023, respectively. The original质押到期日 were January 9, 2026, and January 16, 2026, respectively, with the purpose of the质押融资资金 being working capital supplement. Recently, Guiyang Bank received a letter from shareholder Guiyang State-owned Assets, informing that it has handled质押展期 procedures for the relevant pledged shares. As of the date of this announcement, shareholder Guiyang State-owned Assets and its concert parties have累计质押 approximately 280 million shares, accounting for 7.65% of the bank's total shares. Among them, Guiyang State-owned Assets Investment Management Company has累计质押 approximately 233 million shares, accounting for approximately 49.77% of its shareholding; Guiyang Investment Holding Group Co., Ltd. has累计质押 46.34 million shares, accounting for approximately 49.99% of its shareholding.
Ansai ABC Rural Bank approved for dissolution, to be "absorbed" by Agricultural Bank of China. On January 20th, the Shaanxi Financial Regulatory Bureau released an approval showing that regulators have agreed to dissolve Ansai ABC Rural Bank, with all its business, property,债权债务, and other rights and obligations to be承继 by the Agricultural Bank of China.
Northeast Securities: 2025 net profit预计同比增长69.06%. Northeast Securities (000686) released its 2025 annual业绩预告 on January 20th,预计归属于上市公司股东的净利润为 1.477 billion yuan, an increase of 69.06% compared to the same period last year. During the reporting period, the company's operating performance achieved good improvement, primarily due to increased investment business收益 and wealth management business income.
★ Market Data ★ ChiNext Index falls 1.79%, real estate and chemical sectors buck the trend and strengthen. The three major indices opened higher but moved lower during the day, with the ChiNext Index一度 falling over 2% intraday. As of the close, the Shanghai Composite Index fell 0.01%, the Shenzhen Component Index fell 0.97%, and the ChiNext Index fell 1.79%. In terms of sector performance, the real estate sector strengthened, with stocks like Dayuecheng, Cheng Tou Kong Gu, Zhonghua Qiye, and Hefei Jianzhang hitting the daily limit-up. The chemical sector advanced, with multiple stocks like Jiangtian Huaxue, Cangzhou Dahua, and Hongbaoli hitting the daily limit-up. AI marketing concepts were active, with Zhewen Hulian and Yu Chuanmei hitting the daily limit-up. Precious metal concepts震荡走高, with Zhaojin Huangjin and Hunan Baiyin hitting the daily limit-up. Sectors such as real estate, household chemicals, chemical fibers, water utilities, and banks were among the top gainers; sectors like communication equipment, military informatization, aviation, satellite navigation, and commercial aerospace were among the top decliners.
Margin balance in the two markets decreased by 8.632 billion yuan. As of January 19th, the margin balance on the Shanghai Stock Exchange was reported at 1360.664 billion yuan, a decrease of 1.102 billion yuan from the previous trading day; the margin balance on the Shenzhen Stock Exchange was reported at 1336.157 billion yuan, a decrease of 7.53 billion yuan from the previous trading day; the combined total for the two markets was 2696.821 billion yuan, a decrease of 8.632 billion yuan from the previous trading day.
Hang Seng Index falls 0.29%, Hang Seng Tech Index falls 1.16%. On January 20th, at the close of Hong Kong stocks, the Hang Seng Index fell 0.29%, and the Hang Seng Tech Index fell 1.16%. Pop Mart and Hushang Ayi rose over 9%, Wanguo Huangjin Group rose over 7%, Zijin Huangjin International rose over 5%; Zhipu fell over 7%, SMIC fell over 3%.
★ Company News ★ Hikvision业绩快报: 2025归母净利润同比增长18.46%. Hikvision (002415) released its业绩快报 on January 20th, achieving operating revenue of 92.518 billion yuan in 2025, a year-on-year increase of 0.02%;归母净利润 of 14.188 billion yuan, a year-on-year increase of 18.46%; basic earnings per share of 1.545 yuan. In 2025, the company continued to strengthen accounts receivable collection management, leading to significant growth in operating cash flow.
Shanghai Stock Exchange terminates review of Qinheng Micro's STAR Market IPO. According to the SSE official website, the SSE has terminated the review of Qinheng Micro's STAR Market IPO, as the company and its sponsor主动撤回 the application documents.
Yonghui Superstores:预计2025净亏损2.14 billion yuan, impacted by store adjustments and asset impairments affecting current profit. Yonghui Superstores (601933) released its 2025 annual业绩预告 on January 20th,预计归属于上市公司股东的净利润为 -2.14 billion yuan. The figure for the same period last year was -1.47 billion yuan. In 2025, the company underwent significant operational strategic adjustments. In terms of store layout, the company深度调改 315 stores during the reporting period and closed 381 stores that did not align with the company's future strategic positioning. The impact of store adjustments on company profit mainly includes asset scrapping losses related to adjustments, loss of operating revenue from suspension for renovation, one-time startup cost investments, etc., with asset scrapping and one-time investments totaling approximately 910 million yuan. Additionally, the estimated gross profit loss from store suspensions for renovation is approximately 300 million yuan. Meanwhile, closing 381 stores also resulted in significant losses, primarily including asset scrapping losses, employee optimization severance compensation, lease-related违约赔偿, etc.
Langzi Shares: 2025 net profit预计同比增长245.25%—302.8%. Langzi Shares (002612) released its业绩预告 on January 20th,预计2025归母净利润为 900 million — 1.05 billion yuan, an increase of 245.25%—302.8% compared to the same period last year. During this period, the disposal of部分股票 of Ruoyuchen and the reclassification of the remaining equity in Ruoyuchen from long-term equity investment to trading financial assets确认投资收益 and subsequent fair value change损益, affecting net profit by approximately 725 million yuan.
Gree Electric's automotive-grade silicon carbide chips to enter mass production, Dong Mingzhu states future supply for GAC to reach half of its chip needs. According to a First Financial report, Feng Yin, Assistant President of Gree Electric (000651) and General Manager of Zhuhai Gree Electronic Components Co., Ltd., revealed at the Greater Bay Area Compound Semiconductor Ecological Application Conference that after mass-producing silicon carbide chips for home appliances, Gree Electric's silicon carbide chip factory will also mass-produce chips for photovoltaic storage and logistics vehicles this year. Gree Electric Chairman Dong Mingzhu jokingly remarked a few days ago when receiving GAC Group Chairman Feng Xingya that in the future, half of the automotive chips for GAC would be replaced by Gree products.
Deppon Shares: Plans to主动撤回 A-share listing on the SSE via shareholder resolution. Deppon Shares (603056) announced on January 20th that the company plans to主动撤回 the listing and trading of its A-shares on the Shanghai Stock Exchange via shareholder resolution, and apply for the stock to continue trading on the National Equities Exchange and Quotations (NEEQ) delisting sector. The company's stock will be suspended from trading starting from the market open on Wednesday, January 21, 2026.
Leo Shares: Completes suspension verification, stock resumes trading. Leo Shares (002131) announced on January 20th that during the suspension period, the company conducted verification regarding the stock price fluctuations. Given that the relevant self-inspection work has been completed, and in accordance with relevant regulations such as the "Shenzhen Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 6 – Trading Suspension and Resumption," upon the company's application, the company's stock will resume trading starting from the market open on Wednesday, January 21, 2026. The company is promoting the application and construction of AI-related business in some business scenarios, but it has not yet formed a large-scale profitable model overall, and its revenue accounts for a relatively small proportion of the company's total operating revenue, not having a significant impact on the company's overall operating performance and financial condition. The company's main business is divided into two parts: pumps and systems business, and digital marketing business. The company's business has not undergone major changes. The company and its subsidiaries are operating normally, and there is no major information that should be disclosed but has not been disclosed.
Tongfu Microelectronics: 2025 net profit预计同比增长62.34%—99.24%. Tongfu Microelectronics (002156) released its 2025 annual业绩预告 on January 20th,预计归属于上市公司股东的净利润为 1.1 billion — 1.35 billion yuan, an increase of 62.34%—99.24% compared to the same period last year. During 2025, the global semiconductor industry showed structural growth. The company actively进取, capacity utilization率 increased, operating revenue growth rate rose, especially revenue from mid-to-high-end products increased significantly. At the same time,得益于 strengthened operational management and cost control, the company's overall效益 improved significantly. Additionally, the company accurately grasped industry development trends,布局 industrial investments around the supply chain and upstream/downstream, and achieved good investment收益, contributing to the company's 2025 performance.
Tonghuashun: 2025 net profit预计同比增长50%—80%. Tonghuashun (300033) released its 2025 annual业绩预告 on January 20th,预计归属于上市公司股东的净利润为 2.735 billion — 3.282 billion yuan, an increase of 50%—80% compared to the same period last year. This year, the company increased investment in areas such as artificial intelligence, promoted the integration and innovation of products with large model technology, optimized the competitiveness of core products and user experience, leading to rapid growth in various business segments of the company; simultaneously, the活跃度 of the domestic capital market continued to回升, investor信心 repaired, market交投活跃度明显提升, and investor demand for financial information services strengthened; additionally, due to increased user活跃度 on the Tonghuashun website and APP, the company vigorously expanded生活, consumption, and technology类 customers, while demand from financial customers such as securities and funds increased, leading to corresponding growth in the company's advertising and internet promotion service revenue.
Comments