Market News - CPI and PPI data will be released on January 9, 2026, with an expected CPI year-on-year growth of 0.7% and a PPI year-on-year decline of 1.9% [3] - The 2026 childcare subsidy application will open on January 5, 2026, with over 24 million people having received subsidies in 2025, achieving an 80% issuance rate [4] - The first adjustment of refined oil prices in 2026 will occur on January 6, with gasoline and diesel prices decreasing by 170 yuan and 165 yuan per ton, respectively [5] - The U.S. non-farm payroll data will be released on January 6, with unemployment rate predictions ranging from 4.5% to 4.7% [6] Sector Events - The 2026 International Consumer Electronics Show (CES) will commence on January 6, featuring major tech companies and new exhibitors from China, including Lenovo and Hisense [8] - Honor Power2 will be officially launched on January 5, featuring a 10000mAh battery and MediaTek Dimensity 8500Elite chip, achieving a benchmark score of over 2.4 million [9] Company News - Zhongwei Company plans to acquire 64.69% of Hangzhou Zhongwei's equity through a combination of stock issuance and cash payment, with the company specializing in CMP equipment [11] - Meike Home intends to acquire 100% of Wanda's equity to expand into the high-speed interconnect field, with stock resuming trading on January 5, 2026 [12] - ST Asia Pacific has completed its restructuring, with a reference price of 7.05 yuan per share for its stock resumption on January 5, 2026 [13] - Jiaheng Homecare's controlling shareholder will change to Hangzhou Pinpianyi, with a share transfer price of 33.21 yuan per share [15] Lock-up Expiration - A total of 36 stocks will have their lock-up periods expire from January 5 to January 9, 2026, with a total market value exceeding 160 billion yuan [17] - Notable expirations include Fenghuo Electronics with 11,424.9 million shares valued at 139.612 million yuan and Construction Industry with 62,994.3 million shares valued at 1.689 billion yuan [18] New Stock Calendar - Two new stocks will be issued from January 5 to January 9, 2026, including Zhixin Co. on the Shanghai Stock Exchange and Kema Materials on the Beijing Stock Exchange [21] Institutional Outlook - Institutions expect the market to transition from a "structural bull" to an "index bull" in 2026, with a focus on AI applications, humanoid robot mass production, and mergers and acquisitions [24] - Zhongtai Securities emphasizes the potential in AI application industries, predicting a positive outlook for the computer sector [25] - Huachuang Securities anticipates accelerated development of domestic AI computing chips due to restrictions on overseas chips [26] - Goldman Sachs notes that overseas investments are increasingly favoring Chinese assets, predicting a 13% average price increase in global stocks in 2026 [29]

Group 1: Open Market Operations - The central bank conducted a 365 billion yuan 7-day reverse repurchase operation on January 4, with a fixed interest rate of 1.40%, and the full bid amount was accepted [1] - On the same day, 4,701 billion yuan in reverse repos matured, resulting in a net withdrawal of 4,336 billion yuan [1] Group 2: Funding Conditions - The scale of the central bank's reverse repurchase operations significantly decreased on the first trading day of 2026, indicating a relaxed interbank market liquidity [3] - After the year-end, the weighted average rate for overnight repos dropped by over 8 basis points to around 1.25% [3] - The latest overnight financing rate in the U.S. is reported at 3.87% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.625% [7] Group 4: Key News and Information - The State Council's report on urban-rural integration development suggests a significant reduction or elimination of household registration restrictions in most Chinese cities [13] - The central bank is set to have 13,236 billion yuan in reverse repos maturing this week, with specific amounts maturing from Monday to Wednesday [13] Group 5: Global Macro - The U.S. has reportedly captured Venezuelan President Maduro, leading to international condemnation and calls for adherence to international law [15] Group 6: Bond Market Events - Vanke will hold a bondholder meeting on January 16, 2026, to discuss adjustments to the repayment arrangements [17] - E-House Holdings disclosed progress on offshore debt restructuring, aiming for completion by 2026 [17] - The Trading Association issued a severe warning to Yunnan Trust for facilitating unauthorized trading in the interbank bond market [17]

Group 1 - TSMC has received an annual license from the US government to export chip manufacturing equipment to its factory in Nanjing, ensuring uninterrupted operations and product delivery. The 2nm process mass production plan is on schedule, with risk trial production expected to start in 2027 [2] - Guizhou Moutai has spent 120 million yuan to repurchase approximately 87,100 shares of its stock. Additionally, the maximum purchase limit for its Feitian 53% vol 500ml Moutai liquor has been adjusted from 12 bottles to 6 bottles per person per day from January 4 until before the Spring Festival [2] - Xiaomi's CEO Lei Jun revealed that the company aims to deliver over 410,000 vehicles in 2025 and 550,000 in 2026, addressing concerns about the materials used in their vehicles and refuting rumors about the company's marketing practices [3] Group 2 - Baidu's AI chip subsidiary Kunlun has officially submitted its main board listing application to the Hong Kong Stock Exchange, with its valuation increasing from approximately 13 billion yuan in 2021 to 21 billion yuan by July 2025 [5] - BYD's pure electric vehicle sales are projected to reach 2.2567 million units by 2025, surpassing Tesla's expected delivery of 1.636 million units, marking the first time BYD has outperformed Tesla in annual sales [5] - SK Hynix's target price has been raised to 840,000 KRW by Morgan Stanley, indicating a significant improvement in the company's profitability trajectory [11]

1. A股市场将迎来2026年首个交易日。元旦假期期间，港股迎来新年开门红，在美上市的中国资产也有强势表现，一定程度上提振市场对A股新年开门红 的预期。 展望后市，机构认为，开年后A股震荡向上的概率更高，投资者对春季行情应保持耐心，消费与成长板块有望成为春季行情的两条主线。 2. 针对"上市绿色通道被叫停"传闻，宇树科技辟谣称，相关报道与事实情况不符，公司未涉及申请"绿色通道"相关事宜。 相关报道误导公众认知，已严 重侵害宇树科技合法权益。公司已向主管部门反映，同时督促相关方撤回不实报道。目前，宇树科技上市工作正常推进。 3.美国"闪击"委内瑞拉，委内瑞拉总统马杜罗最早可能于1月5日在纽约曼哈顿的联邦法院出庭受审。中国外交部发言人表示，中方呼吁美方确保马杜罗总 统夫妇人身安全，立即释放马杜罗总统和夫人，停止颠覆委内瑞拉政权，通过对话谈判解决问题。 尽管美国突袭委内瑞拉并逮捕马杜罗引发地缘政治震 动，但全球原油市场已显示出消化冲击的迹象，因该国关键石油设施未受损，且其产量仅占全球供应不足1%。 4.本周全球市场大事不断！委内瑞拉局势备受关注，泽连斯基将与美方举行新一轮会谈，韩国总统李在明访华；中国将于1月9日公 ...

Group 1 - The article highlights the upcoming online courses offered by Wind in January 2026, aimed at providing high-quality learning experiences for global users [2][3] - Courses include topics such as AI-driven derivatives signal tracking, gold price logic analysis, professional asset allocation schemes, and cross-border investment research experiences [2][4] - The schedule features both Chinese and English sessions, with specific dates and times for each course, facilitating easy planning for participants [2][3] Group 2 - The article promotes the Wind Insights Essential Training Series, which includes tools for trading interest rate bonds and leveraging Excel for data extraction [4] - Additional courses focus on AI applications in asset allocation and fund selection strategies, emphasizing the integration of technology in financial decision-making [4] - The content encourages users to scan a QR code to reserve spots for courses and access exciting live sessions and replays [4]

Course Offerings - Wind continues to provide high-quality online courses globally, with a focus on various financial topics including AI-driven derivatives, gold price logic, and professional financial asset allocation plans [2][3]. - The January 2026 course schedule includes sessions on derivatives, economic database analysis, bank financing, and cross-border investment research, all scheduled for Thursdays at 16:00 [2][3]. Essential Training Series - The Wind Insights Essential Training Series features courses on IR bond trading instruments, with two sessions planned in January 2026, focusing on empowering money market and interest rate bond traders [3][4]. - Additional topics in the Essential Training Series include equity research empowerment and AI-driven asset allocation strategies, with sessions available in both English and Chinese [5][6]. Course Registration - Participants are encouraged to scan the QR code provided at the end of the article to register for courses of interest and access live broadcasts and replays [2][5].

Group 1 - The U.S. has successfully conducted military actions against Venezuela, capturing President Maduro and his wife, which has drawn strong condemnation from China and the UN Secretary-General [3][12][16] - The domestic tourism market in China has seen a significant increase during the New Year's holiday, with ticket bookings for scenic spots rising over four times year-on-year, and the post-00s generation making up the largest travel demographic at 39% [3][5][6] Group 2 - Silver prices have reached historical highs, with some hedge fund managers acknowledging that current valuations are over 30% higher than reasonable estimates, yet they remain reluctant to exit the market [4] - The A-share market is expected to continue its bull run in 2026, with a focus on fundamental improvements and potential structural risks in the technology sector [7] - The quantum computing industry is projected to grow significantly, with the global market expected to rise from approximately $5 billion in 2024 to around $800 billion by 2035 [9] Group 3 - Xiaomi's CEO revealed plans for the company to deliver over 410,000 vehicles in 2025, with a target of 550,000 in 2026, while addressing concerns about the materials used in their vehicles [10] - BMW China has adjusted the prices of 31 models, with reductions of up to 30.1 million yuan, indicating a strategic response to consumer expectations rather than a price war [11]

Market Overview - The A-share market experienced a volatile adjustment last week, with major indices showing mixed performance. The Shanghai Composite Index slightly increased by 0.13% to close at 3,968.84 points, while the Shenzhen Component Index fell by 0.58%, and the ChiNext Index dropped by 1.25% [1][10] - The Hong Kong stock market started the year positively, with the Hang Seng Tech Index rising by 4%, indicating a positive signal from foreign capital towards emerging markets [1] Industry Performance - Most sectors in the Wande primary industry index declined last week, with Communication Services (+2.13%) and Energy (+1.54%) leading the gains, benefiting from policy expectations and stabilization in commodity prices. Conversely, Utilities (-2.64%) and Healthcare (-1.99%) faced pressure, likely due to risk-averse sentiment and weak consumption [1][10] Fund Issuance - A total of 33 funds were issued last week, including 21 equity funds, 6 mixed funds, 4 bond funds, and 2 FOFs, with a total issuance of 11.916 billion units [1][16] Fund Performance - The Wande All-Fund Index decreased by 0.31% last week. The Wande Ordinary Equity Fund Index fell by 0.76%, and the Wande Mixed Equity Fund Index declined by 0.63% [5][6] Global Market Overview - Global markets showed a mixed pattern last week, with U.S. stock markets generally retreating, while European markets rebounded moderately, led by a 1.13% increase in the French CAC40. Asian emerging markets performed strongly, with the Korean Composite Index rising by 4.36% and the Hang Seng Index increasing by 2.01% [2]

Group 1 - China will become the first economy to pay interest on central bank digital currency, with the new digital RMB framework set to be implemented on January 1, 2026, transitioning from "digital cash" to "digital deposit currency" [2] - The interest rates for existing "public housing fund + commercial loans" will be lowered starting January 1, 2026, with first home rates dropping to 2.1% for loans under 5 years and 2.6% for loans over 5 years [2] - The 2026 national subsidy plan has been officially released, with 62.5 billion yuan allocated for consumer goods replacement and new categories like smart glasses and smart home products added [3] Group 2 - Several automotive companies reported their sales figures for December 2025, with BYD's sales declining by approximately 18.2% year-on-year, while its total annual sales increased by 7.73% [4] - Public fund institutions have released their investment strategies for 2026, with technology being a widely favored sector, indicating a shift towards dual drivers of "profit and valuation" [5] - A significant policy change in the real estate market will reduce the VAT rate on the sale of homes held for less than two years from 5% to 3%, effective January 1, 2026, which is expected to boost second-hand home transaction activity [6] Group 3 - Silver has emerged as a standout asset in 2025, with a cumulative increase of approximately 147% for the year, significantly outperforming gold [7] - The Trump Media & Technology Group announced plans to issue a new cryptocurrency to its investors, collaborating with Crypto.com for its launch [7] - Tesla has significantly reduced the prices of its models in South Korea, with reductions of up to 9.4 million won for the Model 3 [7]

Core Viewpoint - The essence of management is rooted in the philosophy of "altruism," as demonstrated by Kazuo Inamori, who founded two Fortune 500 companies and successfully turned around Japan Airlines at the age of 78 [3][4][12]. Group 1 - Kazuo Inamori is known as the "God of Management" and emphasizes that true management begins with a "heart of altruism" [3][7]. - Inamori's belief that "self-interest leads to survival, while altruism leads to longevity" encapsulates the true essence of management [5][12]. - Establishing long-term trust relationships with clients is more valuable than pursuing one-time transactions [8][10]. Group 2 - The focus should be on genuinely helping clients solve problems and achieve their goals, which is more meaningful than merely meeting targets [10][12]. - Inamori's approach suggests that sincerity and professionalism are more impactful than flashy techniques in winning clients' hearts [10][12].