Core Insights - The launch of the Southern Dongying CSI A500 Index ETF in Singapore marks a significant step in the internationalization of China's capital markets, providing foreign investors with an efficient tool to access leading companies across various industries in China [1][4] - The CSI A500 Index is recognized as a core broad-based index in China, comprising 500 securities with large market capitalization and good liquidity, reflecting the balance between traditional industries and emerging growth sectors [3][4] Summary by Sections Launch Details - The Southern Dongying CSI A500 Index ETF (stock code: SUN) was officially listed on the Singapore Exchange on January 20, 2026, with an initial price of 1 Singapore dollar per share and an annual management fee of 0.89% [2] - This ETF is a feeder fund that will invest at least 90% of its net assets in the Southern CSI A500 ETF, utilizing QFII quotas and other legal investment methods [2] Market Position - As of January 8, 2026, the Southern CSI A500 ETF had an asset management scale of 471 billion RMB, ranking second globally and first among similar products on the Shenzhen Stock Exchange, showcasing its low tracking error and scale advantages [2] Investment Opportunities - The CSI A500 Index is designed to represent China's economic transformation and emerging growth drivers, with a focus on sectors like information technology and communication services, while maintaining a balance with traditional industries [3] - Investors in Singapore can trade this ETF conveniently in Singapore dollars, with a minimum investment of just 1 Singapore dollar, allowing them to participate in the long-term growth of China's core assets [3] Strategic Importance - The launch of this ETF is a milestone in the ongoing ETF mutual recognition between Shenzhen and Singapore, enhancing the accessibility of A-share investments for Singaporean investors and broadening the overseas investment channels for Shenzhen's ETFs [4]

Core Viewpoint - The Chinese government is focused on implementing policies to ensure a strong start for the 14th Five-Year Plan, emphasizing economic resilience, high-quality development, and improved living standards [1][3]. Economic Development Goals - By 2025, the main economic and social development goals are expected to be achieved, with economic operations showing steady progress and resilience [3]. - The government aims to implement more proactive macro policies, promote high-level technological self-reliance, and enhance the quality of life for citizens [3]. Technological and Industrial Advancements - The digital economy's added value is projected to reach 49 trillion yuan by 2025, accounting for approximately 35% of GDP, creating significant market opportunities [4]. - The government is planning to advance several major high-tech industry projects during the 14th Five-Year Plan period [4]. Domestic Demand and Supply Optimization - The government recognizes the current imbalance of strong supply and weak demand, aiming to expand domestic demand and optimize supply to achieve a dynamic balance [6]. - Key strategies include focusing macro policies on strengthening domestic circulation, enhancing the real economy, and promoting a unified national market [7]. Investment and Consumption Initiatives - In 2025, over 360 million people are expected to apply for subsidies for replacing old consumer goods, driving sales of related products to exceed 2.6 trillion yuan [9]. - The "Two New" policies are expected to support over 8,400 equipment upgrade projects, leading to total investments exceeding 1 trillion yuan and a projected 11.8% increase in equipment investment [9]. Policy Effectiveness and Future Plans - The government plans to optimize the "Two New" policies to enhance their effectiveness, including lowering barriers for project applications and improving management of funding [11][12]. - Future initiatives will focus on increasing residents' income to boost consumption, with plans for a new action plan aimed at stabilizing jobs and increasing urban and rural residents' income [14].

Group 1 - The spokesperson of Xiaomi responded to two incidents involving a vehicle fire at a car repair shop in Haikou, Hainan, and a traffic accident involving a Xiaomi YU7 in Henan, stating that the company is fully cooperating with investigations and assisting users with related matters [1][3] - The fire incident in Haikou occurred on January 19, where a vehicle caught fire shortly after the driver and passenger exited. The fire was extinguished by the fire department without any injuries reported [3] - The traffic accident in Henan involved a Xiaomi YU7 that collided with a truck due to slippery road conditions. The vehicle was in normal driving mode before the accident, and the driver and passengers evacuated safely without injuries [3] Group 2 - Previously, Xiaomi's spokesperson refuted rumors regarding a fire in the battery production line, clarifying that it was a deviation during production process adjustments and not due to design flaws or manufacturing defects [4] - Xiaomi's founder and CEO Lei Jun announced a target of over 410,000 vehicle deliveries by 2025 and 550,000 by 2026 during a New Year live stream [4] - As of December 2025, Xiaomi's vehicle deliveries exceeded 50,000 units, with the first-generation Xiaomi SU7 set to launch on March 28, 2024, and achieving over 360,000 deliveries within 21 months, making it the best-selling car over 200,000 yuan [4]

Market Overview - A-shares opened high but closed lower, with the Shanghai Composite Index down 0.3% at 4101.62 points, Shenzhen Component down 1.22%, and ChiNext Index down 1.83% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.85 trillion yuan, an increase of 568 billion yuan compared to the previous trading day [2] Sector Performance - The communication equipment, aerospace military, electronic components, basic metals, and energy equipment sectors experienced significant declines [2] - The banking and insurance sectors saw a notable rise, with food and beverage, real estate, and semiconductor sectors also performing well [2] Banking and Insurance Sector - The banking and insurance sector showed resilience, with major insurance stocks like China Life and Ping An rising over 1% [3] - Key banking stocks such as CITIC Bank increased by over 2%, while other banks like China Construction Bank and Bank of China rose by over 1% [5] - A report from China Galaxy Securities indicated that structural monetary policy tools and a marginal improvement in RMB credit could support bank lending [5] Food and Beverage Sector - The food and beverage sector was active, with food processing stocks leading the gains, including Hongmian Co., Jingji Zhino, and Weizhi Xiang, all hitting the daily limit [6] - Notable performers included Hongmian Co. with a 10.13% increase and Jingji Zhino with a 10.01% increase [7] Real Estate Sector - The real estate sector showed a rebound, with stocks like Dayue City and Chengtou Holdings hitting the daily limit, and others like China Merchants Shekou and Binjiang Group rising over 5% [8] - Recent data from the National Bureau of Statistics indicated a slight decrease in new residential sales prices in first-tier cities, which may influence market sentiment [10] Aerospace and Military Sector - The aerospace and military sector faced significant declines, with stocks like Tongyu Communication and Aerospace Power hitting the daily limit down, and Aerospace Hongtu dropping 13% [11] - Other companies in the sector, such as China Satellite and China Aerospace, also saw declines exceeding 6% [12]

Core Viewpoint - The Chinese government is committed to implementing policies that promote economic stability and growth, focusing on enhancing domestic demand and optimizing supply to achieve a balanced and sustainable economic development during the 14th Five-Year Plan period [2][4][10]. Group 1: Economic Development Goals - By 2025, the main economic and social development goals are expected to be achieved, with economic operations showing steady progress and resilience [2]. - The focus will be on implementing proactive macro policies, advancing high-level technological self-reliance, and addressing economic circulation bottlenecks [2][4]. - The digital economy's added value is projected to reach 49 trillion yuan by 2025, accounting for approximately 35% of GDP, indicating significant market potential [3]. Group 2: Domestic Demand and Supply Optimization - The government aims to expand domestic demand and optimize supply to achieve a dynamic balance and virtuous cycle at a higher level [4][10]. - A strategic plan for expanding domestic demand from 2026 to 2030 is being developed to align new demand with new supply [4]. - Emphasis will be placed on strengthening the real economy and modernizing the industrial system, with a focus on innovation and the development of new industries [5]. Group 3: Investment and Consumption Initiatives - In 2025, over 360 million people are expected to apply for subsidies for replacing old consumer goods, driving sales of related products to exceed 2.6 trillion yuan [6][7]. - The "Two New" policies are expected to support over 8,400 equipment renewal projects, leading to total investments exceeding 1 trillion yuan and a projected 11.8% increase in equipment investment [7]. - The government plans to enhance the effectiveness of the "Two New" policies by optimizing support ranges and subsidy standards, ensuring better management of project funding [8][9]. Group 4: Consumer Income and Spending Power - Increasing consumer income is identified as a crucial aspect of boosting domestic demand, with plans for actions to stabilize and expand employment and enhance residents' income [10]. - The government will continue to implement the old-for-new consumption policy, with an initial allocation of over 60 billion yuan to stimulate consumption [10]. - A combination of policy support and reform innovation will be pursued to enhance the effectiveness of domestic demand strategies [11].

站在行业发展的十字路口，中银基金固定收益投资部副总经理陈玮认为，无风险利率下行、居民资产配 置持续向权益资产迁移是时代发展的大趋势，在这一过程中，"固收+"产品践行混合资产投资理念，通 过债券、股票、转债等多元资产的配置，在追求资产稳健增值的前提下，适度参与权益市场投资，有望 分享资本市场改革红利，给投资者创造价值。 不押注单一资产 追求基金资产长期稳健增值 陈玮是中银基金具有代表性的基金经理，他早期担任商业银行金融市场部交易员，之后进入中银基金， 经过多年历练，从基金经理助理一路升至固定收益投资部副总经理。应用数学专业出身的他，将数学背 景定义为构建"量化分析框架"的工具，从而辅助去做风险收益特性比较，判断各类资产的胜率与赔率。 最近几年，居民财富向净值型产品转型浪潮汹涌，"固收+"基金凭借"控风险、求收益"的产品特质，成 为公募基金行业竞逐的核心赛道。与此同时，行业改革不断深化，如何在激烈的市场竞争中坚守初心、 探索差异化发展路径，考验着每一位从业者的智慧。 中银基金团队在"固收+"领域长期深耕，以系统化实践，为这一行业课题交出了中银答卷。团队通过体 系化的投研框架、阶梯化的人才培育与清晰分层的产品矩阵， ...

Market Overview - US stock futures showed a significant decline with Dow Jones futures down 0.83%, S&P 500 futures down 0.88%, and Nasdaq 100 futures down 1.09% due to the market being closed for a holiday [1] - Major European stock indices also fell, with the Euro Stoxx 50 down 1.72%, FTSE 100 down 0.39%, CAC 40 down 1.78%, DAX 30 down 1.34%, and FTSE MIB down 1.32% [1] Precious Metals - Gold prices reached a historical high, with spot gold rising by 2% to $4690.88 per ounce, currently reported at $4675.76 per ounce [3] - Silver prices also surged over 5%, reaching $94.726 per ounce, currently reported at $94.479 per ounce [4] Economic Concerns - Economists warned that if President Trump quickly advances new tariff threats, the UK could face a recession risk, with GDP projected to decline by 0.3% to 0.75% [6] - The World Bank estimated that if tariffs are raised to 25% starting in June, the UK economy could suffer a loss of £21.6 billion [6] - Current quarterly growth for the UK economy is only 0.2% to 0.3%, and a sudden shock could trigger a recession [6] Federal Reserve Developments - Federal Reserve Chairman Powell is set to attend a Supreme Court hearing regarding the potential dismissal of Fed Governor Cook, marking an unusual public statement of support [6] - The Supreme Court is reviewing whether President Trump has the authority to dismiss Cook, who was appointed by former President Biden [6] - According to CME FedWatch, the probability of a 25 basis point rate cut in January is 5%, with a 95% chance of maintaining current rates; by March, the cumulative probability of a 25 basis point cut rises to 20.7% [7]

Group 1: Market Overview - U.S. stock markets were closed due to a holiday, but futures indicated a significant decline, with Dow Jones futures down 0.83%, S&P 500 futures down 0.88%, and Nasdaq 100 futures down 1.09% [1] - European stock indices also experienced collective declines, with the Euro Stoxx 50 down 1.72%, FTSE 100 down 0.39%, CAC 40 down 1.78%, DAX 30 down 1.34%, and FTSE MIB down 1.32% [1] Group 2: Precious Metals - Gold and silver prices reached historical highs due to increased safe-haven demand triggered by Trump's tariff threats against Europe, with spot gold rising 2% to $4690.88 per ounce and currently at $4675.76 per ounce [3] - Spot silver increased over 5%, reaching $94.726 per ounce and currently at $94.479 per ounce [3] Group 3: Economic Impact of Tariffs - Economists warned that if President Trump quickly advances new tariff threats, the UK could face a recession risk, with GDP projected to decline by 0.3% to 0.75% [4] - The World Bank estimated that if tariffs are raised to 25% starting in June, the UK economy could suffer a loss of £21.6 billion [5] - The Chief Economist for Capital Economics indicated that the UK economy is currently growing at only 0.2% to 0.3% per quarter, and a sudden shock could trigger a recession [6] Group 4: Federal Reserve Developments - Federal Reserve Chairman Jerome Powell is set to attend a Supreme Court hearing regarding the potential dismissal of Fed Governor Cook, marking an unusual public statement of support for Cook [6] - The Supreme Court is reviewing whether President Trump has the authority to dismiss Cook, who was appointed by former President Biden [6] - According to CME FedWatch, the probability of a 25 basis point rate cut in January is 5%, while the probability of maintaining the current rate is 95% [6]

Core Viewpoint - The stock of Yidian Tianxia experienced a significant increase of 100.79% from December 31, 2025, to January 14, 2026, leading to a trading suspension starting January 15, 2026, to protect investor interests [2]. Group 1: Stock Performance - Yidian Tianxia's stock price reached 81.32 yuan per share before the suspension, with a total market capitalization of 38.37 billion yuan [2]. - The company has a rolling price-to-earnings (P/E) ratio of 159.61, which is significantly higher than the industry average P/E ratio of 43.69 [5]. Group 2: Business Operations - Yidian Tianxia confirmed that its business does not involve GEO operations and has not generated related revenue. The main business includes overseas integrated marketing, digital marketing, advertising monetization, AI digital creativity, BI decision-making, and CI intelligent multi-cloud management [5]. - The company reported a non-recurring net profit attributable to shareholders of 112 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 39.16% [5]. Group 3: Market Conditions - The company indicated that its fundamentals have not changed significantly, but the stock price is severely deviating from its fundamentals, suggesting an overheated market sentiment and high trading risk [6]. - Yidian Tianxia may apply for another trading suspension if the stock price continues to rise abnormally [6].

Group 1 - The company *ST Lifan announced that its stock will resume trading on January 20 after a one-day suspension for verification due to market rumors [1] - As of January 16, the company's stock closed at 0.67 yuan per share, having been below 1 yuan for four consecutive trading days, which puts it at risk of being delisted if it remains below 1 yuan for twenty consecutive trading days [3] - The company has received a notice from the China Securities Regulatory Commission regarding potential major violations that could lead to forced delisting [3] Group 2 - For the first three quarters of 2025, the company reported a revenue of 203 million yuan, a year-on-year decrease of 0.44%, and a net loss attributable to shareholders of 62.21 million yuan, a decline of 20.59% [3][4] - The company is facing audit risks as its auditing firm, Zhongxing Cai Guanghua, is under investigation and may not be able to conduct the audit for the 2025 annual report [4] - The company specializes in new digital infrastructure and cloud services, with major business segments including intelligent hardware and software, digital intelligent services, and mobile information services [5]