During the Spring Festival, grab red envelopes! Tencent Yuanbao will distribute 10 billion yuan, while Baidu will distribute 5 billion yuan. On January 25, Tencent Yuanbao and Baidu App respectively announced their Spring Festival red envelope distribution plans. On the same day, the Tencent Yuanbao WeChat official account published a "Notice on Distributing 1 Billion Yuan in Cash for Spring Festival," stating that it will launch the Spring Festival event on February 1. Users can go to the Yuanbao App to share 1 billion yuan in cash red envelopes, with individual red envelopes potentially reaching 10,000 yuan.
The portfolio adjustments of "long-distance running" fund managers are revealed: they reduced positions in hot stocks against the trend, and their stock concentration has declined. With the conclusion of the 2025 Q4 reports for public funds, the adjustment paths of a group of top-performing "long-distance running" fund managers who have weathered bull and bear markets have been exposed. Compared to the overall adjustment path of public funds, managers with leading performance over seven and ten-year periods (as of the end of 2025) are staging scenes of contrarian operations—reducing positions against the trend as funds flowed into Zhongji Xuchuang, proactively diversifying amidst the trend of concentrated holdings, and making forward-looking layouts in the application end during the peak of AI computing heat. These operations might just hold the core code to their ability to navigate cycles.
A 480 billion yuan market cap leader completes the acquisition and delivery of a gold mine! As gold prices soar, A-share gold mining companies forecast significant profit growth. On the evening of January 25, Zhaojin Gold and Hunan Gold released their full-year 2025 preliminary profit increase announcements. Benefiting from continuously rising gold prices, the performance of listed gold mining companies has shown significant growth. Notably, although gold prices are at high levels, listed companies have not halted their expansion efforts in gold mining. On the evening of January 25, Hunan Gold disclosed a plan to issue shares to purchase assets and raise supporting funds, constituting a connected transaction. On the same day, China Molybdenum disclosed an announcement regarding the completion of the acquisition and delivery of a gold mine project.
The "Electronic Wooden Fish" is a hit across the internet. Has POP MART stopped its decline? POP MART's "Electronic Wooden Fish" has recently become a viral hit across the internet. After falling for four consecutive months, POP MART experienced a strong rebound this week. From January 19 to 23, POP MART's stock price rose nearly 23%, with its total market capitalization recovering to HK$294.6 billion.
The PBOC's focus on money market interest rates has shifted; the overnight rate may become the "new anchor," and short-end liquidity is expected to remain reasonably ample. Industry insiders believe this statement indicates that the PBOC's approach to managing short-term interest rates is clearer, and the importance of DR001 in monetary policy operations is rising, although the 7-day reverse repo rate remains the core policy rate. With a clearer interest rate corridor and the coordination of more abundant tools, short-end liquidity is expected to remain reasonably ample and balanced with a slight easing bias.
Beijing clarifies its main economic tasks for 2026: Multiple measures to expand domestic demand and develop high-precision and sophisticated industries. It was learned on January 25 from the Fourth Session of the 16th Beijing Municipal People's Congress that Beijing's expected GDP growth rate for 2026 is around 5%. The main economic tasks are: continuously expanding domestic demand and accelerating the development of new quality productive forces; vigorously developing high-precision and sophisticated industries and fully implementing the "AI+" initiative.
Three companies signal IPO intentions on the same day; is the big year for Embodied AI industry listings beginning? At the beginning of 2026, capital activities in the embodied AI industry have been frequent. On January 23, it was learned that Xinghai Tu and Zhongqing Robot have completed their shareholding system reforms. On the same day, Magic Atom announced it would accelerate its listing process. In the industry's view, following Yushu Technology's率先 "starting gun," 2026 is set to become a "big year" for embodied AI companies entering the secondary market. Behind the wave of listings is the industry's pursuit of sustainable financing capabilities. Listing means companies will gain tools for continuous financing, such as secondary offerings and rights issues, which is key for them to "stay at the table" before their technological paths converge and business models become clear.
Twin themes leading the way: Can 2026 scale new heights again? Global stock markets ended 2025 on a strong note, with major global indices like the KOSPI, Shenzhen Component Index, Hang Seng Index, Nikkei 225, and Germany's DAX all rising over 20%. From an investment theme perspective, technology and resources sectors became the two main drivers leading the market higher. Looking ahead to 2026, many institutions believe that against a backdrop of expected continued loose liquidity conditions, the ongoing evolution of the AI wave, and generally friendly policy support, the technology and resources sectors are expected to maintain their active performance.
The US dollar index plummeted, and the gold price approached the $5,000 per ounce mark. As the situation in Greenland continues to develop and US-Europe relations become increasingly tense, European investors, driven by anxiety, are seeking to exit US dollar assets. Against this backdrop, gold, as a safe-haven asset, has become a safe alternative to the US dollar and continues to attract strong fund inflows. Over the past week, the US dollar had its worst week since June 2025, with the dollar index falling nearly 2%; gold, meanwhile, achieved its best weekly performance in nearly six years, rising 8.4%, while silver surged 14.4%. Previously, the dollar index had already fallen 9.5% in 2025, its largest annual decline since 2017, and currently shows no signs of stopping its decline. Meanwhile, the silver price broke through the $100 per ounce mark, and the gold price also approached the $5,000 per ounce level.
New rules for fund performance benchmarks take effect, providing a practical "reference scale" for fund investors to choose funds. On January 23, after more than two months of public consultation, the China Securities Regulatory Commission and the Asset Management Association of China simultaneously officially issued the "Guidelines for Publicly Offered Securities Investment Fund Performance Benchmarks" and the "Implementation Rules for Publicly Offered Securities Investment Fund Performance Benchmarks." This marks the formal implementation of institutional reforms centered on the public fund performance benchmark, a core "anchor" and "scale."
Funds for new share subscriptions on the Beijing Stock Exchange break through one trillion yuan for the first time, significantly raising the bar for winning allotments. On January 25, the results of the new share issuance for Beijing Stock Exchange newcomer Meide Le showed that the effective online subscription amount for its new shares reached a staggering 1,058.86 billion yuan. This is the first time that subscription funds for a Beijing Stock Exchange new share have surpassed the one trillion yuan mark, setting a new historical record. "This indicates that Beijing Stock Exchange new shares are attracting increasing investor attention, and cash-based new share subscriptions on the Beijing Stock Exchange are becoming one of the important wealth management tools for the public."
Downstream market demand is robust; multiple lithium battery industry chain companies forecast significant profit growth. Benefiting from strong market demand in downstream sectors such as new energy vehicles, energy storage, and consumer electronics, many companies in the lithium battery industry chain have forecast substantial profit growth for 2025.
Holding nearly 200 billion yuan in quota, why are insurance funds "restrained" in entering the gold market? With gold prices repeatedly hitting new highs, their future trajectory and investment value are sparking widespread discussion in the industry. Currently, it has been nearly a year since the National Financial Regulatory Administration launched the pilot program for insurance fund investments in gold, making the movements of insurance funds in gold investments a natural focus of market attention. So, have insurance funds entered the market in a big way? Recent exclusive insights from relevant insurance companies indicate that several insurers have begun experimenting with gold investments, but overall, they have not allocated large proportions. Regarding this, multiple interviewees stated that the short-term caution of insurance funds stems from the necessary prudent exploration during the initial pilot phase, the time required for team building, and the fact that gold prices have been consistently high over the past year. From a long-term perspective, gold possesses distinct safe-haven characteristics but is also a non-interest-bearing asset. For insurance funds with long-term capital, strategically allocating and holding it long-term is a sound choice for diversifying their asset allocation.
Rejecting speculative theme炒作, building a solid foundation for rationality in the capital market. On the evening of January 23, the Shenzhen Stock Exchange issued an announcement stating that recently, the stock price of "Fenglong Co., Ltd." had shown severe abnormal fluctuations. Some investors engaged in abnormal trading behaviors that disrupted the normal order of stock trading during transactions of this stock. The Shenzhen Stock Exchange has, according to regulations, taken self-regulatory measures against the relevant investors, including suspending their trading.
Commercial aerospace leaps from "daring to think" to "daring to act." From January 23 to 25, the 2026 Beijing International Commercial Aerospace Exhibition was held at the Beijing Yizhuang Beiren Yichuang International Convention and Exhibition Center. A reporter from the Securities Daily visited the exhibition halls and observed that every exhibit in sight vividly outlined the vibrant and dynamic development trajectory of the commercial aerospace industry.
International silver prices hit a new high; the industry expects price volatility to intensify in the short term. Recently, the spot price of silver on the international market once again set a historical record. Wind data shows that the spot price of London silver surged 7.42% on January 23, breaking above the $100 per ounce integer mark and reaching a historic intraday high of $103.372 per ounce. Looking at a longer timeframe, from the beginning of 2026 until the close on January 23, the spot price of London silver has accumulated an increase of 44.38%.
Comments