Macro Economy - The Ministry of Industry and Information Technology (MIIT) issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming to have over 450 influential platforms and more than 120 million industrial devices connected by 2028, with a platform penetration rate exceeding 55% [2] - MIIT held the 18th manufacturing enterprise symposium, emphasizing active participation in industry rule-making and self-regulation to promote a win-win environment and protect industry development [2] Investment News - On January 13, A-shares experienced a collective pullback, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64%. The total trading volume in Shanghai, Shenzhen, and Beijing reached 3.7 trillion, setting a new historical record [5] - The Hang Seng Index rose by 0.9%, with the Hang Seng Technology Index increasing by 0.11%. Pharmaceutical stocks performed well, with WuXi AppTec rising over 8% and WuXi Biologics nearly 6%. The H-share listing of Zhaoyi Innovation saw a peak increase of over 53% on its first day, closing with a 37.53% rise, valuing the company at 155.2 billion HKD [5] - As of January 12, the management scale of ETF products under Huaxia Fund officially surpassed 1 trillion RMB, reaching 1,016.424 billion RMB, making it the first domestic ETF manager to enter the "trillion club" [5] - Approximately 130 A-share listed companies have disclosed their 2025 performance forecasts, with around 70 companies expecting positive results, including profit increases and recoveries [5] - A total of 186 listed companies have been subject to concentrated research by public funds and brokerages, with the number of research instances reaching 220, indicating strong interest in popular stocks like Aipeng Medical and Entropy Technology [5] Company Movements - Guizhou Moutai is establishing a dynamic adjustment mechanism for retail prices based on market orientation, aiming for a "market-following, relatively stable" self-operated system [6] - The "Dead or Alive APP" will officially adopt the global brand name Demumu in its upcoming new version [7] - Alibaba Cloud has completed further strategic investment in ZStack, achieving a controlling stake, and plans to create a standardized and inclusive cloud-edge integrated solution [7] - DeepSeek published a new paper on conditional memory for large language models, co-authored with Peking University [7] - Huaxia Happiness expects a net loss of 16 billion to 24 billion RMB in 2025, with potential delisting risk warnings for its stock [8] - Zhongwen Online anticipates a net loss of 580 million to 700 million RMB in 2025, as its overseas short drama business is still in the investment phase [8] - Luxshare Precision has terminated its acquisition of the business asset package held by India's Wingtech [8]

惠誉：由于全球贸易政策的不确定性持续对借款人造成压力，中国和韩国结构性融资行业的资产表现将继续承压，对中国RMBS（住房抵押贷款支持证券）和汽车贷款以及韩国信用卡的资产表现展望在2026年为“恶化”，而对日本汽车贷款的展望为“中性”。未来全球贸易流动的任何中断都将进一步抑制消费者信心和经济复苏前景。 ...

Core Insights - Despite declining interest rates and more competitive pricing for new cars, the automotive financing leasing business is expected to remain stable in the second half of 2025 due to cautious lending strategies by financial institutions, weak consumer purchasing power, oversupply in the used car market, and limited demand for trucks [1] Summary by Categories Automotive Financing Leasing - The financing leasing business for various types of vehicles has shown a downward trend throughout 2024 and the first half of 2025 [1] - Factors contributing to this trend include cautious lending strategies, weak consumer purchasing power, and an oversupply in the used car market [1] Market Trends - There are signs of recovery in the passenger car financing leasing business, driven by competitive pricing in the used car market and a growing demand for hybrid electric vehicles as consumers shift towards more environmentally friendly transportation options [1]

Core Viewpoint - The statement from FHFA Director Mark Calabria highlights a disconnect between Federal Reserve Chair Jerome Powell and hardworking Americans who are spending on auto loans, credit cards, and mortgages [1] Group 1 - The FHFA Director criticizes Powell for being out of touch with the financial struggles of average Americans [1] - The focus is on the financial burdens faced by consumers in relation to their spending habits on loans and mortgages [1]