Policy News - The State Council held a meeting on January 9 to implement a package policy for fiscal and financial coordination to boost domestic demand, emphasizing the need to guide social capital in promoting consumption and expanding investment, particularly in supporting resident consumption upgrades and private investment development [1] - The People's Bank of China emphasized the continuation of moderately loose monetary policy during its 2026 work meeting, aiming to support stable growth in the real economy and financial market, while also addressing financial risks in key areas [1] - Recent adjustments to the real estate financing coordination mechanism allow projects on the "white list" to extend loans for up to five years, compared to the previous maximum of two and a half years [1] Market News - In 2025, the total land transfer fees for residential land in 300 cities decreased by 10.6% year-on-year, with a total of 2.3 trillion yuan, and the planned building area for residential land transactions fell by 13.5% to 620 million square meters [4] - The top 20 cities accounted for 52% of the national residential land transfer fees, indicating a concentration of land acquisition by major enterprises in core cities [4] Real Estate Company News - Vanke announced that Yu Liang has retired due to age, resigning from his positions as director and executive vice president, with no impact on the board's operation [8] - Country Garden's four bonds resumed trading on January 9 after early cash repayment was completed on December 26, 2025 [12] - Sunac China reported three new overdue debts totaling approximately 640 million yuan, with the main reasons being unpaid principal [13] - R&F Properties disclosed that as of November 30, 2025, the total overdue debt reached 38.7 billion yuan, primarily due to various financial obligations not being repaid [14] - Several real estate companies reported their 2025 sales performance, with Poly Developments achieving a signed sales amount of 253.03 billion yuan and China Overseas Development reaching 251.23 billion yuan [15]

Core Viewpoint - The Federal Reserve Chairman Jerome Powell is under criminal investigation by the U.S. Attorney's Office for the District of Columbia regarding the renovation project of the Federal Reserve headquarters in Washington and whether he made false statements to Congress about the project's scale [1][3]. Group 1: Investigation Details - The investigation includes an analysis of Powell's public statements and a review of related expenditure records, which was approved by the office's head, Jenny Pirro, in November of last year [3]. - Prosecutors from Pirro's office have repeatedly contacted Powell's team for documents related to the renovation project [3]. Group 2: Powell's Response - Powell issued a rare public statement describing the investigation as a blatant attack on the political independence of the Federal Reserve [3]. - He stated that the Department of Justice served a grand jury subpoena to the Federal Reserve, threatening criminal charges related to his testimony before the Senate Banking Committee last June, which involved the historic renovation project [3]. Group 3: Political Context - This investigation marks the beginning of a significant new legal offensive against Powell, who has faced long-standing criticism from former President Trump for not significantly lowering interest rates as requested [3]. - Trump has previously threatened to fire Powell and suggested potential lawsuits against him regarding the Federal Reserve headquarters renovation project [3].

Core Viewpoint - Jiangxi Province is implementing a strategy for the high-quality development of the low-altitude economy, focusing on meteorological services to support various applications such as emergency rescue, power operation, cultural tourism, and logistics delivery [1] Group 1: Low-altitude Economic Meteorological Services - The Jiangxi Meteorological Bureau, in collaboration with various provincial departments, has selected ten key low-altitude economic meteorological service application scenarios for 2025 [1] Group 2: Specific Application Scenarios - Low-altitude traffic safety meteorological support service aims to enhance operational safety by integrating road and airspace weather data, developing risk level forecasting products, and optimizing route planning [2] - Police low-altitude patrol meteorological support service focuses on real-time monitoring of wind speed and visibility in urban areas to improve patrol planning and emergency response efficiency [4] - Power operation drone meteorological support service integrates key weather elements to provide hourly meteorological reports, ensuring flight safety and operational efficiency while reducing maintenance costs [6] - International parachuting competition meteorological support service establishes a comprehensive monitoring and warning mechanism to meet the stringent weather requirements of the event, providing hourly weather data for participating athletes [8] - Forestry low-altitude patrol meteorological support service develops products to monitor visibility and wind in forest areas, optimizing patrol plans to protect forest resources [10] - Communication facility maintenance meteorological support service focuses on monitoring severe weather impacts on communication towers, providing real-time alerts to guide safe operations [12] - Mountainous drone logistics meteorological support service creates tailored weather services to enhance delivery efficiency and safety in challenging terrains [14] - Low-altitude flight performance meteorological support service integrates various data sources to provide comprehensive weather support for aerial performances [16] - Geological disaster drone monitoring meteorological service enhances drone patrol arrangements during flood seasons, significantly improving patrol completion rates from 60% to 95% [18] - Flight training meteorological customization service develops a comprehensive system for flight training, ensuring safety through detailed weather forecasts and real-time alerts [20]

Group 1 - The public REITs market in China experienced a positive start in 2026, with optimism driven by policy benefits and improved market ecology, leading to high-quality development opportunities [1] - In 2025, the REITs market raised a record $12 billion, providing financing avenues for cash-strapped developers, with 40 applications planned to raise approximately 105 billion yuan, compared to only 7 applications totaling 13 billion yuan in 2024 [1] - Developers are attracted to the faster approval process and asset diversification of REITs, which include not only shopping centers but also office buildings and hotels, potentially reshaping business models and valuations in the real estate sector [3] Group 2 - The average yield of Chinese REITs is estimated at 5%, higher than the 3%-4% yield of listed companies, compensating investors for lower liquidity and longer lock-in periods [3] - Insurance companies and Chinese brokerage asset management departments have become major investors in private REITs, drawn by stable income and competitive yields in a low-interest-rate environment [3] - Market participants note that while REITs may not directly restore developers' financial health, they face challenges in acquiring high-quality assets [3]

Group 1 - Global capital allocation towards Chinese assets has surged since the beginning of 2026, with foreign investments showing strong confidence in the resilience and value of the Chinese economy [1] - Morgan Stanley has invested over 1 billion HKD in multiple Hong Kong-listed companies, reflecting a bullish sentiment towards the market [1] - Goldman Sachs predicts that the Chinese stock market will expand further in 2026, driven more by profit growth rather than mere valuation increases, with internet and hardware companies expected to see around 20% annual profit growth [1] Group 2 - CITIC Securities attributes the market excitement at the start of 2026 to a concentration of previously cautious funds entering the market, indicating a "desire for growth" among investors [4] - The current market heat is considered high, but sentiment indicators have not shown signs of weakening, suggesting that the upward trend in thematic and small-cap stocks may continue until after the Two Sessions [4] - Analysts recommend focusing on structural investment opportunities and suggest that investors take advantage of dips in the market, particularly before the important window for 2025 annual performance forecasts [4]

【环球网财经综合报道】2026年第一个完整交易周，贵金属继续强势行情，黄金和白银期货价格均实现上 涨，但波动性明显加剧。有多家机构预计，即便面临短期下行压力，2026年贵金属和工业金属价格仍有上涨 空间。 半岛电视台近日发文称，在黄金价格表现最强劲的2025年之后，大规模投资者并未准备放弃对黄金的押注。 彭博社的一份报告和Investing.com平台的分析师表示，推动2025年黄金价格创纪录的因素仍然存在，虽然2026 年可能会更加谨慎，但自1980年以来一直坚挺的通胀数据，对贵金属依旧有支撑。 报道还提到，黄金在2025年飙升了约65%，为近半个世纪以来的最佳表现。对于这种异常表现，大多数基金经 理预计2026年不太可能重现这一行情，但他们也不会预期黄金价格出现大幅度回调。Fideliti International的托 管专员伊恩·萨姆森表示，预计2026年黄金将继续上涨，中央银行的购买、利率下降和财务赤字的增加.，仍然 是推动黄金价格上涨的基本因素。 此外，还投资者认为，主权货币的信心丧失已成为黄金坚挺表现的基石之一，摩根士丹利投资主管迈克·威尔 逊认为，黄金已"成为对抗纸币的更有效的赌注"，他还建议 ...

Core Viewpoint - The Chinese photovoltaic industry is undergoing a significant policy shift with the complete removal of export VAT rebates for solar products, indicating a departure from previous fiscal support and a potential restructuring of the industry's valuation system [1][4]. Group 1: Policy Changes - The Chinese government plans to eliminate export subsidies for solar panels and batteries in the coming months to curb excessive domestic competition and strengthen China's position in the global market [1]. - The China Photovoltaic Industry Association (CPIA) has praised this move, suggesting it may facilitate a "reasonable recovery" in overseas markets and reduce trade friction risks while alleviating government financial pressure [4]. Group 2: Market Position - According to the International Energy Agency, China's market shares in global solar photovoltaic chip, battery, and silicon production are projected to be 78%, 87%, and 97% respectively by 2024 [4]. - A report from SNE Research indicates that by October 2025, China will control six of the top ten battery manufacturers globally, accounting for 68.9% of the market [4]. Group 3: Analyst Insights - Analysts suggest that given China's dominant market position, there is no need for tax rebate programs to maintain the competitiveness of these products, as the country can leverage additional revenue sources [4].

Group 1 - The core viewpoint of the articles highlights China's rapid development in the commercial space industry, with a reported market size exceeding 2.5 trillion RMB [1][5] - China has submitted multiple satellite constellation plans to the International Telecommunication Union (ITU), with a total scale exceeding 200,000 satellites, including the largest constellations CTC-1 and CTC-2, each comprising 96,714 satellites [1] - The collaboration between government and private sectors is driving technological advancements, with new generation commercial rockets like Zhuque-3, Tianlong-3, and Gravity-2 alleviating satellite launch pressures and increasing launch frequency [1] Group 2 - The visibility and vitality of China's aerospace industry on a global scale are increasing, with significant progress in space infrastructure, particularly in the deployment of low Earth orbit satellite internet networks entering a large-scale constellation phase [5] - Due to the scarcity of satellite frequency and orbital resources, competition for global space resources is intensifying, governed by a "first come, first served" principle [5] - The satellite industry chain has shown strong performance in the capital market, with several satellite ETFs experiencing over 60% growth in the past month, and the total scale of satellite-related ETFs and linked products reaching 23.76 billion RMB, nearly doubling since the end of 2025 [5]

另据伊朗官方媒体报道，伊朗政府11日宣布为骚乱期间死难的"烈士"举行为期三天的全国哀悼，并 号召民众于12日举行游行以表达对"恐怖犯罪分子"暴力行为的谴责。 近期，伊朗多地出现针对物价上涨和货币贬值的抗议活动，其间发生骚乱，造成安全人员和民众伤 亡。伊朗总统佩泽希齐扬在伊朗国家电视台11日播出的专访中表示，伊朗政府重视倾听民众诉求，决心 解决好伊朗人民面临的经济困难，但不能容许美国和以色列教唆"暴乱者"在伊朗制造动荡。 伊朗总统：决心解决好经济困难，骚乱是美以阴谋 伊朗已有111名安全人员在近期骚乱中丧生 伊朗总统佩泽希齐扬在伊朗国家电视台11日播出的专访中表示，伊朗政府重视倾听民众诉求，决心 解决好伊朗人民面临的经济困难，但不能容许美国和以色列教唆"暴乱者"在伊朗制造动荡。 据伊朗塔斯尼姆通讯社11日援引伊朗官方信息报道，伊朗全国范围已有111名安全部门人员在近期 骚乱期间维持秩序过程中丧生。 佩泽希齐扬还说，伊朗近期出现的骚乱和打砸公共设施等行为是美国和以色列的阴谋，肇事者"不 是抗议者，而是暴乱者"。他呼吁所有同胞团结起来，坚决抵制破坏行为。 近日，伊朗因物价上涨和货币贬值爆发示威活动，多地发生骚乱，造 ...

Group 1 - The U.S. Department of Commerce has quietly withdrawn a proposal to restrict the import of Chinese-made drones, which was initially announced in September last year citing information and communication technology supply chain security [1][3] - The proposal was submitted for White House review on October 8 last year and was officially withdrawn on January 8 this year, as indicated by updates on the White House website [1] - The timing of the withdrawal coincides with President Trump's planned visit to China this year, suggesting a diplomatic context behind the decision [3] Group 2 - The withdrawal follows consultations between the White House and the Department of Commerce, which included meetings with representatives from Chinese drone manufacturer DJI, who argued that comprehensive restrictions on Chinese drones were unnecessary and would severely harm U.S. stakeholders [3] - On January 7, the Federal Communications Commission (FCC) announced exemptions for certain foreign-made drones and key components from a comprehensive import ban, effective until the end of 2026, primarily benefiting products from France and Switzerland [4] - The FCC had previously placed all foreign-made new drones and key components on a "regulated list" in December, citing unacceptable risks to U.S. national security, which raised concerns among various domestic groups, including the American Soybean Association [4][5]