The United States has eased restrictions on NVIDIA's H200 chip exports to China. Former U.S. President Donald Trump stated via social media that his administration will permit NVIDIA to sell H200 artificial intelligence chips to China. The sales will be subject to approval and security review by the U.S. Department of Commerce, which will also collect fees from the related transactions.
A surge of up to 520%! A batch of A-share companies disclosed impressive preliminary earnings, with seven firms announcing net profit doubling in a single evening. On the evening of January 13, numerous A-share companies released performance forecasts. Several companies reported substantial profit growth: BIWIN Storage expects its 2025 net profit to increase by 427.19%–520.22% year-on-year; Chenguang Biotech projects a 272.14%–330.62% rise; TCL Technology forecasts a 169%–191% increase; and Han's CNC anticipates growth of 160.64%–193.84%. Furthermore, Wohua Pharmaceutical and HaoPeng Technology also reported profit increases exceeding 100%.
The industrial internet sector receives another boost! The Ministry of Industry and Information Technology (MIIT) announced a target to have over 450 influential industrial internet platforms and more than 120 million connected industrial devices by 2028. On January 13, the MIIT released the "Action Plan for High-Quality Development of Industrial Internet Platforms (2026–2028)." The plan specifies that by 2028, significant progress will be made in the high-quality development of industrial internet platforms, with a multi-level system of "specialized + industry-specific + collaborative" platforms continuing to expand, exceeding 450 influential platforms. Platform capabilities for connecting essential resources will be substantially enhanced, with key platforms seeing significant improvements in data value-added services, model accumulation, and AI development applications, and connected industrial devices surpassing 120 million units. Platform penetration rate is expected to exceed 55%, essentially establishing a new-generation industrial internet platform ecosystem characterized by ubiquitous connectivity, digital-intelligent integration, deep collaboration, and open source.
Data shows that industrial internet applications in China now cover all 41 major industrial categories, with key platforms connecting over 100 million industrial devices. MIIT Minister Li Lecheng stated in a media interview that China's core industrial internet industry scale is projected to exceed 1.6 trillion yuan in 2025, driving industrial value-added growth of approximately 2.5 trillion yuan.
Former President Trump adds fuel to the Federal Reserve investigation firestorm, criticizing Chair Jerome Powell as "either incompetent or corrupt." Following the uproar caused by the Department of Justice's investigation into the Fed, Trump accused Powell of being either "incompetent" or "corrupt." Trump told reporters on Tuesday while leaving the White House for Detroit, "He's over budget by billions and billions of dollars. He's either incompetent, or he's corrupt. I don't know which one it is, but it's obvious he's not doing a good job." This investigation marks a significant escalation in the Trump administration's attacks on the Fed, raising questions about the institution's independence. Trump had previously explored whether Powell could be removed before his term ends in May and is currently weighing potential nominees for the next chair. Trump had seemingly tried to distance himself from the investigation, telling NBC News he was unaware of the subpoenas. Trump has long criticized Powell and repeatedly called for interest rate cuts. He also stated he would not appoint a new chair unless candidates commit to lowering rates, a criterion that further undermines the Fed's independence.
The GEO concept continues its fervent run, prompting multiple listed companies to issue intensive announcements aimed at "cooling" market enthusiasm, clarifying that mature business models and substantial revenue have not yet been formed. In recent days, the GEO concept has garnered widespread attention due to its stellar performance, with Yeahky, Chinese Online, and Tianlong Group being dubbed the new "Yi-Zhong-Tian" combination by the market. According to Wind data, year-to-date, Yeahky's stock price has surged 72%, Chinese Online has accumulated a 47% gain, and Tianlong Group has jumped 82%. Regarding GEO, Galaxy Securities noted in a research report that Generated Engine Optimization (GEO) is a new concept emerging alongside generative AI, proposed to address the limitations of traditional SEO in AI dialogue scenarios. It refers to optimizing content to make it more easily retrieved and recommended in the responses of generative AI engines. On January 12 and 13, several listed companies intensively released abnormal fluctuation announcements, responding to GEO business progress and highlighting risks.
U.S. CPI unexpectedly disappoints, fueling expectations for Federal Reserve rate cuts. Data released by the U.S. Labor Department on January 13 showed the Consumer Price Index (CPI) rose 2.7% year-on-year in December 2025. The core CPI, excluding volatile food and energy prices, increased 2.6% year-on-year. Following the data release, U.S. short-term interest rate futures rose significantly, with traders increasing their bets on Fed rate cuts. Although traders still view a June cut as the most likely outcome, the probability of an April cut rose to 42%, up from 38% before the data release.
Former President Trump advises allies to "evacuate" Iran. When asked by reporters in Detroit on January 13 whether the U.S. was advising allies to leave Iran, Trump responded, "They should evacuate. It's a good idea."
Spot silver surges over 2%! Geopolitical tensions boost oil prices; Trump claims cancellation of all talks with Iranian officials! Dow Jones falls nearly 400 points amid major Fed news. International oil prices rose on January 13. At the close, the February WTI crude oil futures contract increased by $1.65 to settle at $61.15 per barrel, a gain of 2.77%. The March Brent crude futures contract rose by $1.60 to settle at $65.47 per barrel, up 2.51%. Both WTI and Brent crude gained over 2%.
Eight government departments issue a document to promote the silver economy, outlining 14 measures to cultivate elderly care service business entities and encouraging the development of elderly care service robots. The Ministry of Civil Affairs, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Natural Resources, the Ministry of Commerce, the State Administration for Market Regulation, and the National Intellectual Property Administration jointly released the "Several Measures on Cultivating Elderly Care Service Business Entities and Promoting the Silver Economy." The document proposes 14 specific measures, including encouraging elderly care service business entities to build and promote their brands, and encouraging the development of the elderly care service robot industry. Li Banghua, Director of the Department of Elderly Care Services at the Ministry of Civil Affairs, stated at a press conference on January 13 that the primary aim of the measures is to continuously optimize the development environment through systematic and targeted policy support, further cultivate elderly care service business entities, stimulate operational vitality, advance supply-side structural reform in elderly care services, and promote high-quality development of the silver economy.
Google's alliance with Apple on AI propels its market capitalization to the $4 trillion mark, making Elon Musk uneasy. On January 13, Apple announced a strategic partnership with Google in the field of artificial intelligence, confirming that it will integrate Google's Gemini large model and cloud technology as foundational capabilities for future core AI features, including its base model and a new version of Siri. This is seen as a critical move by Apple in the generative AI era, accelerating the system-level implementation of AI capabilities through external cooperation while maintaining control over its system and privacy principles. The collaboration between Apple and Google is not unexpected, as Apple executives had previously hinted at potential future AI cooperation with Google when partnering with OpenAI. Following the announcement, shares of Google's parent company, Alphabet, rose, pushing its market capitalization above the $4 trillion threshold for the first time, joining NVIDIA, Microsoft, and Apple in the $4 trillion market cap club. However, the partnership has sparked discussion. Tesla founder Elon Musk publicly commented that, given Google's existing control over Android and Chrome, such cooperation would lead to an unreasonable concentration of power.
Kweichow Moutai regains pricing power: After eight years, a dynamically adjustable retail price mechanism arrives. At the Moutai distributor conference at the end of 2025, when management proposed that Moutai product prices should "fluctuate with the market," many were puzzled: Could Moutai's prices really change freely? On the afternoon of January 13, Kweichow Moutai announced that its board of directors had reviewed and passed the "2026 Kweichow Moutai Market-Oriented Operation Plan," detailing specific measures regarding the product system, operational model, channel layout, and pricing mechanism. The announcement explicitly stated, for the first time, that regarding the pricing mechanism, it will build a dynamic adjustment mechanism for the retail price within its self-operated system that is "market-oriented, relatively stable." The announcement listed retail prices for up to 15 Moutai products, including the flagship 53-degree 500ml Feitian Moutai, and indicated that "the current self-operated system retail prices have already been implemented on the i-Moutai platform and in self-operated stores."
Ronbay Technology faces a rapid inquiry from the Shanghai Stock Exchange regarding its 120 billion yuan order. The company received an inquiry letter from the SSE requiring verification and supplementary disclosure of matters related to the "Lithium Iron Phosphate Cathode Material Procurement Cooperation Agreement" signed with Contemporary Amperex Technology Co., Limited (CATL). The company's disclosed built LFP production capacity falls far short of the projected supply volume under this agreement. The inquiry letter requests the company to disclose specific annual capacity commitments in the agreement and clearly explain whether it possesses the corresponding履约 capability based on its planned and under-construction capacity, capacity acquisition plans during the agreement period, capital reserves, and strategic plans. It also demands disclosure of whether any agreements have been signed regarding capacity construction, annual delivery quantities, product price adjustment mechanisms, etc., and requires a comprehensive self-inspection and complete disclosure of all important content of the agreement. Additionally, the company must disclose whether it currently possesses the technical, standard, and quality prerequisites for product delivery, and the impact of various costs required to meet expectations on its production, operations, and financial condition. The letter further asks for disclosure of the mandatory obligations of both parties and specific liability for breach of contract, including the estimated impact on the company if such liabilities are triggered.
Luxshare Precision responds to the dispute with Wingtech Technology regarding their transaction, stating that relevant assets cannot undergo ownership transfer procedures. Following Wingtech Technology's announcement on the evening of January 12 clarifying the dispute between its subsidiary, India Wingtech, and Luxshare Precision's subsidiary, Luxshare Lian Tao, concerning the transaction of the India business asset package, Luxshare Precision issued an explanatory announcement on the evening of January 13. Luxshare stated that since the agreement was signed, it has actively promoted various pre-closing preparations and has paid part of the transaction consideration as agreed. However, due to circumstances such as asset seizures and freezes affecting the relevant assets of India Wingtech, which hinder the closing process, the ownership transfer for the relevant asset transaction has not been completed. Based on these substantive closing obstacles caused by the counterparty, the contractual purpose of this India asset transfer agreement can no longer be achieved.
Market capitalization locks in at trillions at the close! "The Maotai of non-ferrous metals" hits a historic high, the "trillion-yuan club" expands, with this sector accounting for nearly half. Improved risk appetite coupled with demand growth suggests the upward trend in non-ferrous metal prices may continue. The commercial aerospace concept experiences local adjustments; multiple STAR Market companies clarify business boundaries; experts call for a return to rationality. Over 140 companies disclose annual performance forecasts, with 19 achieving doubled net profits.
The stellar performance of the Chinese capital market in 2025 has laid a solid foundation for 2026. Donny Ming of UBS noted that the total market capitalization of A-shares surpassed the 100 trillion yuan mark for the first time in 2025, with annual turnover reaching a record 400 trillion yuan; the Hong Kong Hang Seng Index rose nearly 30%, ranking as the second-best performance in the past decade. Behind this trend is the active allocation of global capital. "The China weighting in the portfolios of the top 40 international investment institutions tracked long-term by UBS has reached a new high since 2023. Active overseas funds are re-adding Chinese assets, with tactical investors particularly aggressive in their pace, while strategic investors continue to optimize the weight of Chinese assets in their global portfolios," said Donny Ming. Foreign favor is evident not only in the secondary market but also, more significantly, in the cornerstone investment area of Hong Kong IPOs. Leng Leng Hu, Co-Head of Asia Pacific Equity Capital Markets at UBS Global Investment Banking, pointed out that in 2025, foreign institutions like M&G and Schroders ventured into Hong Kong cornerstone investments for the first time. The six-month lock-up period for cornerstone investments signifies investors' long-term optimism for the market beyond 12 months. The fact that European, Middle Eastern, and U.S. funds are increasing their stakes through this method essentially reflects recognition of the value of Chinese assets for global diversified allocation. Meanwhile, leading Chinese institutions like Boyu and Hillhouse remain active, forming a combined force with international investors to support the medium to long-term positive trend of the market. The relative advantage of Chinese stock valuations further enhances their appeal. Wang Zonghao, Head of China Equity Strategy Research at UBS, stated that although Chinese stock valuations have rebounded from historical lows, they remain within a reasonable range compared to global markets and are below historical averages relative to emerging markets. Wang believes that, from a capital flow perspective, foreign investment will continue to increase its allocation to China, and major long-term funds typically make allocation decisions at the beginning of the year, especially as idle funds from the first-quarter "kick-off" period become available and may be invested in risk assets. "We believe the attractiveness of Chinese assets will further increase this year. Against the backdrop of growing global emphasis on investment diversification, China is expected to become an important incremental market for international capital's multi-asset allocation. International investors are increasingly choosing China based on recognition of its transformation, upgrading, and growth potential. Letting capital see value and allowing value to transcend cycles is the underlying logic for rebuilding confidence in this round," said Donny Ming.
Trading Halt: 002931 Fenglong Shares. Trading Resumption: 603056 Deppon Logistics; 300376 East Group; 600165 Ningxia Xingxing; 300506 Masters Gallery.
Key Announcements: Kweichow Moutai: Establishes a "market-oriented, relatively stable" dynamic adjustment mechanism for retail prices in its self-operated system. Kweichow Moutai released a resolution announcement from its fourth board of directors' first meeting of 2026, stating that to better adapt to market and consumption trends and effectively advance the market-oriented transformation of its marketing system centered on consumers and driven by market demand, the meeting approved the "2026 Kweichow Moutai Market-Oriented Operation Plan." The main contents include: product system, operational model, channel layout, and pricing mechanism. Guided by the market, it will build a dynamic adjustment mechanism for the retail price within its self-operated system that is "market-oriented, relatively stable." Current self-operated system retail prices have already been implemented on the i-Moutai platform and in self-operated stores. Tongyu Communication: Warns of overheated market sentiment and irrational speculation in its stock trading. Tongyu Communication announced that its stock price has accumulated an increase of 256.08% since November 27, 2025, significantly higher than the gains of the industry and the Shenzhen Component Index during the same period. The company's fundamentals have not undergone major changes, and there is a risk of a short-term rapid decline in the stock price. The company's latest price-to-book ratio and static P/E ratio are significantly higher than the industry average. For the first three quarters of 2025, the company achieved operating revenue of 815 million yuan, a year-on-year decrease of 3.34%, and a net profit attributable to shareholders of 25.2746 million yuan, a year-on-year decrease of 50.91%. The company confirmed no major undisclosed matters. Tongdah Information Technology: AI-driven revenue accounts for a low proportion of total revenue; expects a net loss for 2025. Tongdah Information Technology released an abnormal trading fluctuation announcement, noting recent widespread market attention on the "AI application" concept. Currently, the company's AI large model-related applications and services are still in the initial stage, with significant uncertainty regarding large-scale commercial promotion. AI-driven revenue accounts for a relatively low proportion of the company's total operating revenue and does not have a major impact on overall operations. Apart from this, the company is unaware of any other media reports or market rumors that could significantly affect its stock price. Preliminary calculations by the finance department indicate an expected net loss attributable to shareholders for 2025, meaning the company's 2025 operating performance will be in the red. *ST Wanfang: Expects 2025 revenue below 3 billion yuan with both pre- and post-extraordinary net losses; faces potential delisting due to financial indicators. *ST Wanfang announced that it expects 2025 annual revenue to be less than 3 billion yuan and both pre- and post-extraordinary net profit to be negative, potentially triggering financial delisting criteria. Preliminary financial department calculations indicate expected 2025 revenue below 3 billion yuan, and the lower of profit总额, net profit, or net profit after deducting non-recurring gains/losses to be negative. According to relevant Shenzhen Stock Exchange rules, if audited 2025 revenue is below 3 billion yuan and the lower of these profit figures is negative, the company's stock will face termination of listing. China First Heavy Industries: Included in "controlled nuclear fusion" concept stocks but has only undertaken minimal related component projects generating no revenue. China First Heavy Industries announced that its stock price had deviated by over 20% in three consecutive trading days, constituting an abnormal fluctuation. While the company is included in the "controlled nuclear fusion" concept, it has only undertaken a very small number of related component projects, and these products have not yet generated revenue. The company confirmed that, as of the announcement date, daily production and operations are normal, with no major adjustments to its main business, market environment, or industry policies, and no significant fluctuations in production costs or sales. 3-consecutive-limit-up Jiaoyun Co., Ltd.: Expects an operating loss for 2025. Jiaoyun Co., Ltd. announced that its planned major asset swap related-party transaction is still subject to multiple conditions before implementation, including board and shareholder approval of the formal plan, and approval from relevant state-owned asset supervision authorities. The timing and outcome of obtaining these approvals are uncertain. Additionally, the stock price has risen significantly in the short term, posing a risk of a sharp decline. The company also expects an operating loss for 2025 and has made a 162 million yuan asset impairment provision. 7 limit-ups in 9 days for Youbang Decoration: Stock price severely deviates from fundamentals, high risk of rapid decline. Youbang Decoration issued an abnormal trading fluctuation announcement, stating the current stock price has severely deviated from the company's fundamentals, with a high risk of a rapid decline. As of January 13, 2026, the closing price was 62.33 yuan per share, with a static P/E of -71.88 and P/B of 9.02. According to industry classification, the average static P/E for its sector is 51.31 and P/B is 5.61. The company's ratios differ significantly from the industry, urging investors to invest rationally and be aware of risks.
Performance Review: Shanghai Pudong Development Bank: 2025 net profit up 11% year-on-year; group NPL balance and ratio both decline. SPDB released its 2025 performance快报, with operating revenue of 173.964 billion yuan, up 1.88% year-on-year. Net profit attributable to parent company shareholders was 50.017 billion yuan, up 10.52%. At the end of the reporting period, the group's non-performing loan balance and ratio both decreased; the NPL balance was 71.990 billion yuan, a decrease of 1.164 billion yuan from the end of the previous year, and the NPL ratio was 1.26%, down 0.10 percentage points. The provision coverage ratio was 200.72%, up 13.76 percentage points. Yonyou Network: Expects a 2025 net loss of 1.3 billion - 1.39 billion yuan. Yonyou Network announced that its stock price saw cumulative deviations exceeding 20% over three trading days (Jan 9, 12, 13, 2026), constituting abnormal fluctuations. The company confirmed normal production, operation, and internal order. It expects a 2025 net loss attributable to owners of 1.3 billion to 1.39 billion yuan, representing a reduced loss of 671 million to 761 million yuan compared to the previous year. The market environment and industry policies remain unchanged. KingMed Diagnostics: Expects a net loss attributable to shareholders for 2025. KingMed Diagnostics announced it expects a net loss for 2025, primarily due to extended collection cycles for some accounts receivable leading to significant credit impairment losses. China Yangtze Power performance快报: 2025 net profit of 34.2 billion yuan, up 5.14% year-on-year. China Yangtze Power announced its 2025 performance快报, with operating revenue of 85.882 billion yuan, up 1.65% year-on-year. Net profit attributable to shareholders was 34.167 billion yuan, up 5.14%. Basic EPS was 1.3964 yuan, up 5.14%. The growth was attributed to increased electricity sales revenue and reduced financial expenses.
Share Repurchases: Huazhijie: Plans 30-50 million yuan share repurchase. Huazhijie announced its intention to repurchase shares via centralized bidding, with an amount between 30 million yuan (inclusive) and 50 million yuan (inclusive). Funding will come from自有 funds and raised funds. Repurchased shares will be used for employee持股 plans or equity incentive. Nanshan Aluminum: Plans 300-600 million yuan share repurchase for cancellation. Nanshan Aluminum announced a plan to repurchase shares via centralized bidding, with an amount between 300 million yuan and 600 million yuan, aimed at reducing registered capital. The repurchase price will not exceed 7.52 yuan per share. The repurchase period is up to 12 months from shareholder meeting approval. Directors, senior management, and controlling shareholders have no减持 plans for the next 3 and 6 months. The plan requires creditor consent, posing a risk if creditors demand early debt repayment.
Shareholding Changes: Digiwin Intelligent Technology: Major shareholder Foxconn Industrial Internet reduces stake by 1.14% between Jan 9-12. Digiwin Intelligent Technology announced that its shareholder holding over 5%, Foxconn Industrial Internet Co., Ltd. (Industrial富联), following its disclosed reduction plan, cumulatively reduced its holding by 3.107 million shares (1.14% of total shares) between January 9 and January 12, 2026. Post-change, the combined holding of Industrial富联 and its concert parties decreased from 21.69% to 20.54%, crossing a 1% integer threshold. This reduction will not change control and has no major impact on governance or operations. Jixin Technology: Shareholder Zhang Jie plans to reduce stake by no more than 1%. Jixin Technology announced that shareholder Zhang Jie (holding over 5%) plans to reduce holdings by no more than 9.6903 million shares (not exceeding 1% of total shares) via centralized bidding between February 5 and May 5, 2026, for personal funding needs.
Major Contracts: Opt Machine Vision: Wins Goertek's 2026 2D Vision Solution Tender Project. Opt Machine Vision announced it recently received a "Winning Bid Notice" from Goertek Co., Ltd. for the 2026 2D Vision Solution Tender Project, with a winning bid amount of 120 million yuan. This will not affect 2025 performance; the impact on 2026 depends on the contract signing date and履约 period. PowerChina: Subsidiaries sign two major contracts totaling approximately 15.589 billion yuan. PowerChina announced that its subsidiary, Sinohydro Engineering Group International Engineering Co., Ltd., signed an EPC contract for the Phase I (East Zone) of the "Nur Balashak Zasel" Multifunctional Rehabilitation Center project in Kazakhstan with Nur Balashak Zasel Limited Liability Company, valued at approximately 6.873 billion yuan. Another subsidiary, PowerChina International Engineering Group Co., Ltd., along with PowerChina (Laos) Co., Ltd., signed an EPC contract for the 770MW Balai Hydropower Project in Laos with Balai Power Co., Ltd. (Laos), valued at approximately 8.716 billion yuan. The total value of the two contracts is about 15.589 billion yuan. Ankua Intelligent Electric: Signs 62.978 million yuan power equipment contract for a North American data center project. Ankua Intelligent Electric announced it signed a contract with Customer A to supply power equipment for their North American data center project. The contract amount is $8.983 million USD, equivalent to approximately 62.978 million yuan based on the January 12, 2026, exchange rate, representing about 5.80% of its audited 2024 operating revenue. Pingzhi Information: Subsidiary pre-qualified for approximately 37.5884 million yuan new-form set-top box procurement project. Pingzhi Information announced that its subsidiary, Shenzhen Zhaoneng Xuntong Technology Co., Ltd., has been pre-qualified as the winning bidder for the "Shandong Mobile 2025 New-form Set-top Box Procurement Project" published on China Mobile's procurement website, with a winning bid amount (including tax) of approximately 37.5884 million yuan.
Past Issues.
