Core Insights - Hong Kong Stock Exchange (HKEX) regained the top position globally in IPO fundraising in 2025, completing 119 listings with a total fundraising amount of HKD 285.8 billion [1] Group 1: Factors Driving IPO Success - The resurgence of Hong Kong's IPO market is attributed to multiple factors, including strong capital market performance, increased attractiveness of Chinese assets, and rising international allocation demand [1] - Mainland enterprises played a crucial role, with 111 companies successfully listing in Hong Kong, raising a total of HKD 228.6 billion, accounting for 94% of new listings and 88% of total fundraising [2] - Improved market liquidity, enhanced domestic asset attractiveness, and a favorable policy environment contributed to the IPO boom, as noted by UBS executives [2] Group 2: International Investor Engagement - Increased attention from international investors significantly impacted the IPO landscape, with many re-entering as cornerstone investors and forming teams to study Chinese market opportunities [3] - Hong Kong's unique capital market positioning, backed by China and its connectivity mechanisms, serves as a vital gateway for international capital entering China and for domestic companies connecting with global investors [3] Group 3: Outlook for 2026 - The momentum in the Hong Kong IPO market is expected to continue into 2026, with 11 companies already listed in early January 2026, raising HKD 33.1 billion [4] - HKEX aims to leverage its advantages, such as the unique connectivity with mainland markets and a diverse, liquid market, to attract more listings and meet global investor needs [4] - The IPO market in 2026 is anticipated to exhibit characteristics of globalization, diversification, and high-quality reforms, driven by the rapid development of Chinese enterprises and global investor demand [5] Group 4: Market Trends and Innovations - Globalization of Chinese enterprises is evolving from product export to comprehensive brand and capital structure strategies, which will drive IPOs and cross-border mergers [5] - The Hong Kong market is witnessing a diversification of industries, including new consumption, AI technology, and healthcare, along with a mix of established and emerging companies seeking listings [5] - Innovations in financing, such as convertible bonds, are expected to become more flexible, while the focus on fundamental company performance and governance is leading to lower IPO failure rates [5]

1月14日，中国人民银行发布公告称，为保持银行体系流动性充裕，2026年1月15日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展9000 亿元买断式逆回购操作，期限为6个月（181天）。 | 中国人民银行 | | | | 货币政策司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | THE PEOPLE'S BANK OF CHINA | | | | | Monetary Policy Department | | | | | | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | 金融科技 人民币 国际交往 | | | 经理国库 | | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 政策解读 政务公开 图文直播 | | | 公告信息 | | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | 服务互动 网送 ...

1月14日，财政部、税务总局、住房城乡建设部发布《关于延续实施支持居民换购住房有关个人所得税政策的公告》（以下简称"公告"）表示，为继续支 持居民改善住房条件，延续实施支持居民换购住房有关个人所得税政策。 公告显示，自2026年1月1日至2027年12月31日，对出售自有住房并在现住房出售后1年内在市场重新购买住房的纳税人，对其出售现住房已缴纳的个人所 得税予以退税优惠。 其中，新购住房金额大于或等于现住房转让金额的，全部退还已缴纳的个人所得税。 新购住房金额小于现住房转让金额的，按新购住房金额占现住房转让金额的比例退还出售现住房已缴纳的个人所得税。 记者了解到，换房退个税政策于2022年9月30日落地，并在2023年8月延期至2025年12月31日，本次为第二次延期。此次三部门发文将退税政策延期至2027 年底，意在继续支持改善性住房需求，支持居民改善住房条件。 "该政策自推出以来续期了两次，反映出政策对市场持续的纾困力度。希望通过降低交易成本，从而涵养税源，促进市场交易活跃度提升，带动总税收的 稳定。同时，降税也有利于从交易成本来稳定市场情绪。"广东省城乡规划院住房政策研究中心首席研究员李宇嘉分析称。 中 ...

Core Viewpoint - The State Council Information Office will hold a press conference on January 15, 2026, to discuss the effectiveness of monetary and financial policies in supporting high-quality economic development and to outline future work directions [1] Summary by Relevant Categories Financial Support for Economic Development - The press conference will summarize the financial support provided to the economy in the previous year and discuss the effectiveness of financial work in 2025 [1] - It will also introduce key focus areas for financial support in 2026 [1] Key Personnel - The conference will feature remarks from the spokesperson of the China News Office and the Deputy Governor of the State Administration of Foreign Exchange, Zou Lan, and Li Bin, respectively [1] Engagement with the Public - Journalists will be present to provide real-time updates on the key points discussed during the press conference, and the public is encouraged to submit questions of interest [1]

Core Viewpoint - *ST Chengchang has applied for a trading suspension due to significant stock price fluctuations, which have been identified as severe abnormal trading behavior, following multiple instances of unusual trading patterns over a 10-day period [1] Group 1: Stock Trading and Suspension - The company has experienced severe abnormal trading fluctuations, leading to a trading suspension starting January 13, pending an investigation [1] - The stock has seen four instances of abnormal trading within ten consecutive trading days, prompting the company to take action to protect investor interests [1] Group 2: Business Performance and Market Position - *ST Chengchang is positioned as one of the few companies in China capable of providing complete and advanced microwave and millimeter-wave phased array T/R chip solutions, as well as aerospace-grade chip R&D, testing, and production [5] - The company has reported a stock price increase of 177% since early December, with 20 trading days of price limits up and 2 days down, indicating strong market interest [5] - The company’s products are based on GaN, GaAs, and silicon technologies, applied in various fields including detection, communication, navigation, and electronic countermeasures [5] Group 3: Financial Outlook and Future Prospects - For the fiscal year 2024, *ST Chengchang is projected to achieve revenue of 212 million yuan, a decrease of 26.38% year-on-year, while for the first three quarters of 2025, revenue is expected to rise to 306 million yuan, an increase of 204.78% [8] - The company aims to lift its stock from the delisting risk warning status by achieving positive net profit and revenue above 300 million yuan in 2025 [8] - The company has noted a significant improvement in its performance for the first three quarters of 2025, attributing this to a recovery in downstream demand and an increase in project numbers and order amounts [9] Group 4: Industry Context and Demand - The commercial aerospace industry is in its early stages, with uncertainties regarding the mass launch and networking pace of low-orbit satellite constellations [7] - The company is expanding its product coverage in the satellite sector and has established close cooperation with key downstream institutions to meet customer demands [10] - The company is optimistic about its annual performance, citing accelerated industry demand and a significant increase in orders and projects [10]

Group 1 - The financing margin ratio for the Shanghai and Shenzhen Stock Exchanges was reduced from 100% to 80%, leading to a steady increase in financing scale and trading volume [2] - The exchanges indicated that recent financing transactions have become notably active, with market liquidity being relatively ample, prompting a return to a 100% financing margin ratio to help lower leverage levels and protect investors' rights [2] - The adjustment applies only to newly opened financing contracts, while existing contracts will continue under the previous regulations [2] Group 2 - As of January 14, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 1.20%, 1.98%, and 2.24% respectively, with over 4,700 stocks in the market increasing [2] - The total market turnover reached 2.25 trillion yuan, with the A-share market achieving a daily turnover exceeding 3 trillion yuan for three consecutive days from January 9 to 13, setting a new historical record [2] - Sectors such as internet, software, and cultural media saw significant gains, while the AI application sector continued to strengthen [2]

Core Viewpoint - In 2025, China's foreign trade demonstrated strong resilience and vitality, achieving a total import and export value of 45.47 trillion yuan, an increase of 3.8% compared to the previous year [1][3]. Group 1: Trade Growth and Characteristics - The total import and export value exceeded 45 trillion yuan, marking a historical high and maintaining China's position as the world's largest goods trading nation [1]. - Trade with over 240 countries and regions was recorded, with exports to countries along the "Belt and Road" reaching 23.6 trillion yuan, a growth of 6.3%, accounting for 51.9% of total trade [1]. - High-tech product exports reached 5.25 trillion yuan, growing by 13.2%, with green products like "new three samples" and wind turbine generators seeing increases of 27.1% and 48.7% respectively [1]. Group 2: Import Dynamics - Imports maintained growth for three consecutive quarters starting from the second quarter, with total imports of 18.48 trillion yuan, a growth of 0.5% [2]. - Key imports included mechanical and electrical products valued at 7.41 trillion yuan, increasing by 5.7%, with electronic components and computer parts growing by 9.7% and 20% respectively [2]. - Consumer goods such as fresh and dried fruits and edible vegetable oils saw import values increase by 5.6% and 16.6% respectively [2]. Group 3: Business Vitality and Market Potential - Over 780,000 enterprises engaged in import and export activities, with private enterprises contributing significantly, achieving a total trade value of 26.04 trillion yuan, a growth of 7.1% [2]. - China's large population and growing middle-income group provide substantial market potential, with domestic economic recovery driving production and consumption demand [4]. - China's complete industrial system and continuous innovation enable it to adapt to international market demands, with equipment manufacturing exports reaching 16.03 trillion yuan, growing by 9.2% [4]. Group 4: Future Outlook and Challenges - Despite a challenging global trade environment, China's foreign trade is expected to remain stable, supported by institutional, market, and industrial advantages [5][6]. - The global trade growth forecast for 2026 has been significantly downgraded to 0.5%, indicating a tough external environment for trade [6]. - China's trade policies and measures are designed to enhance resilience and provide stability for future trade growth [6].

Core Insights - The article highlights the significant role of insurance in providing support and financial security during health crises, emphasizing that it is more than just a contract but a source of comfort and dignity in difficult times [1] Group 1: Personal Experience - A case study of a woman from Liaoning, Ms. Li, illustrates the impact of insurance on personal health challenges, as she joined the Taikang Life Health Wealth Planner (HWP) team and purchased comprehensive insurance policies with an annual premium exceeding 200,000 yuan [2] - After a routine health check-up, Ms. Li was diagnosed with breast cancer, which led to a swift initiation of insurance claims, resulting in a total of 60,000 yuan received for critical illness and surgery allowances shortly after her diagnosis [2][3] Group 2: Medical Support Services - The article describes the challenges faced during the treatment journey, including the need for expedited medical services, which were facilitated by Taikang's "Green Channel Service," allowing Ms. Li to receive timely appointments and necessary medical procedures without long waiting times [3] - Financial support was also provided through hospitalization advances, totaling 14,023.84 yuan, with additional insurance payouts covering 64,000 yuan throughout her treatment, alleviating her financial burden significantly [4] Group 3: Emotional and Professional Reflection - Ms. Li's experience led to a deeper appreciation for the warmth and care provided by the insurance process, transforming her perception of the industry from a mere promise to a tangible support system [4] - As both a client and an industry professional, Ms. Li expressed a profound respect and pride for her work in the insurance sector, recognizing the importance of the services offered during critical health challenges [4]

在浙江嘉兴嘉善县一家医院的病房里，80多岁的章大伯刚从急性胃炎、肺炎的病情中稳定下来，可 行动不便的他，让家人犯了难：怎么安全出院回家？正当一筹莫展之时，他们想起了人保财险浙江嘉兴 嘉善支公司长护险业管中心提醒过，长护险参保人员可预约"善诚护送"服务。"以前出院转运要自己花 钱，现在两次转运下来，160元费用直接减免，体贴入微的政策真是帮到了心坎上！"章大伯的儿子告诉 记者。 据人保财险相关人士介绍，党中央作出"健全基本公共服务体系，提高公共服务水平"决策部署，推 动非急救转运服务纳入长护险保障范围。当地人保财险工作人员深入社区、医院、养老机构，与失能家 庭、医护人员面对面座谈，全面梳理群众在出院转运环节的急难愁盼问题。2024年10月，嘉善县成为浙 江省首个非急救转运惠民机制试点城市。一年下来，这项服务已使用106次，为不少失能患者解决了出 院回家的实际困难。 "多亏了黄医生，她精神好多了，孩子们终于能喘口气奔事业了！"在河北邢台清河县葛仙庄，张阿 姨的老伴摩挲着护理日志上的"红勾"，向人保财险的长护险专员道谢。此前，张阿姨突发脑出血后僵卧 在床，儿女们分身乏术无法及时照料，直到村医黄医生定期上门服务，为张 ...

Core Viewpoint - The "Art Returns to the Mountains" public welfare project initiated by China Life Insurance aims to bridge the gap in aesthetic education between urban and rural areas, providing quality art education resources to rural children [1][2]. Group 1: Project Overview - The "Art Returns to the Mountains" project was launched in 2020, focusing on delivering quality aesthetic education resources to rural areas through offline art experiences, art courses, and donations of art supplies [1]. - As of now, the project has reached 188 schools across 159 cities in China, benefiting 45,000 students [1]. Group 2: Educational Activities - The project includes various themed art classes, such as "Space Technology" and "My Hometown," where children engage in creative activities that enhance their understanding of traditional culture and personal expression [2]. - China Life Insurance collaborates with art institutions and renowned teachers to bring quality courses to rural classrooms, ensuring children have access to professional art education [2]. Group 3: Resource Provision - The company has prepared customized art toolkits for rural schools, which include painting supplies and educational materials, alongside donations of children's books and sports equipment [2][3]. - Over the years, the project has consistently provided high-quality aesthetic education resources and support to rural children in various provinces, including Gansu, Hunan, Shandong, and Jiangxi [3]. Group 4: Community Engagement - Volunteers from China Life Insurance actively participate in delivering art toolkits and organizing outdoor activities, fostering a supportive environment for children [3]. - The project has become a long-term partner in rural aesthetic education, with annual expectations from children for the art classes and resources provided [3].