Shang Hai Zheng Quan Bao·2026-01-21 23:06Group 1 - The Ministry of Housing and Urban-Rural Development emphasizes the ongoing progress of new urbanization in China, highlighting the potential for high-quality development in the real estate sector and the importance of city-specific policies for market regulation [4] - The Ministry of Finance, the State Taxation Administration, and the China Securities Regulatory Commission announced the extension of tax policies for innovative enterprises issuing depositary receipts (CDRs) from January 1, 2026, to December 31, 2027, including tax exemptions on capital gains and differentiated tax policies on dividends [4] - A notification was issued to establish and adjust a number of duty-free shops at ports, significantly increasing the number of such shops across 41 ports, including Wuhan Tianhe International Airport, thereby expanding the coverage of duty-free shopping [5] Group 2 - The State Grid reported a record high electricity load due to a cold wave, with the maximum load reaching 1.168 billion kilowatts, a 12.2% increase from the previous year's peak of 1.041 billion kilowatts, indicating a rising demand for electricity and the need for enhanced supply capabilities [7] - The investment focus of the State Grid during the 14th Five-Year Plan includes the construction of a new power system to support an annual increase of approximately 200 million kilowatts in renewable energy capacity, with R&D expenditures expected to exceed 240 billion yuan [8] - The People's Bank of China is accelerating the development of a cross-border payment system for the renminbi, aiming for high-quality development of the modern payment system, which may create new opportunities for digital renminbi and related infrastructure [9] Group 3 - Intel's CFO indicated that the demand for data center and client CPUs has exceeded expectations, leading to a rapid depletion of chip inventory, with potential supply challenges anticipated in Q1 2026 [10] - The domestic GPU company Moer Technology expects to achieve revenue of 1.45 to 1.52 billion yuan in 2025, representing a year-on-year growth of 230.7% to 246.67%, despite a projected net loss of 950 million to 1.06 billion yuan [12] - The company Demingli forecasts a net profit of 650 to 800 million yuan for 2025, reflecting a growth of 85.42% to 128.21% year-on-year, driven by enhancements in storage solutions and manufacturing capabilities [12]