China's flagship overseas infrastructure program, the Belt and Road Initiative, is booming. The value of investment in construction contracts for the BarRi, increased three quarters to a record 213 billion in 2025. The spending increase highlights how the government in Beijing has sought to take advantage of wavering US influence around the world by pouring funding into development projects.Western government officials and analysts find the BarRi increasingly difficult to track and to analyze. This is becau ...

Core Viewpoint - Jiaxin International Resources Investment is initiated with an OUTPERFORM rating and a target price of HK$95.00, reflecting strong growth potential in the tungsten mining sector, particularly in Kazakhstan [1]. Industry Overview - Global tungsten supply is expected to remain tight due to scarce resources and increasing production standards, with a projected CAGR of 2.4% in raw tungsten supply from 2023 to 2028 [1]. - Demand for tungsten is anticipated to grow at a CAGR of 2.7% over the same period, driven by emerging applications in photovoltaic tungsten wire, AI PCBs, and geopolitical tensions leading to strategic stockpiling [2]. Price Outlook - With structural deficits in supply and demand and low global inventories, average tungsten prices are expected to experience steady upward pressure [3]. Company Advantages - Jiaxin has four core advantages: 1. Abundant resources at the Boguty tungsten mine, characterized by large reserves and low operating costs [4]. 2. Strategic location in Kazakhstan, benefiting from favorable transport links and the China-Kazakhstan partnership [4]. 3. A sound management mechanism with a mixed-ownership structure and experienced team [4]. 4. Strong growth potential in capacity expansion and resource development [4]. Financial Projections - EPS forecasts are HK$0.63 in 2025, HK$4.18 in 2026, and HK$6.56 in 2027, indicating a CAGR of 221.6%. Net profit attributable to shareholders is projected at Rmb0.26 billion in 2025, Rmb1.72 billion in 2026, and Rmb2.63 billion in 2027 [5]. - The stock is currently trading at 16.5x and 10.5x 2026e and 2027e P/E, with a target price offering a 38% upside [5].

Core Insights - Increased interest from Chinese and local issuers in listing debt and equity securities in Dubai indicates growing confidence in the Chinese economy and the strengthening economic corridor between China and the Middle East [1][4] Group 1: Market Developments - Emirates NBD Bank recently issued an offshore yuan bond worth 1 billion yuan (approximately US$143 million) on Nasdaq Dubai, marking a return to the dim sum bond market and allowing global investors access to yuan-denominated bonds outside China [2] - The issuance of the 1 billion yuan bond, which has a 2.4% coupon maturing in 2028, reflects strong investor confidence in the Chinese economy and highlights the demand for yuan-based funding and investment [4] - The Dubai International Financial Centre (DIFC) is home to several Chinese banks that are active in financial services and trade financing, particularly in relation to the Belt and Road Initiative [5] Group 2: Market Positioning - Dubai's debt market is robust, with Nasdaq Dubai hosting over US$145 billion in outstanding debt securities as of December, making it a leading platform for international fixed-income instruments, especially in the sukuk market [6] - The equity market in Dubai is still developing compared to Hong Kong, indicating potential growth opportunities in this sector [5] - The interest in dim sum bonds outside Hong Kong demonstrates a growing appetite for China-related financial products in Dubai [3]

Core Viewpoint - PICC Property and Casualty Company Limited has entered into reinsurance agreements with its sister entities, PICC Reinsurance and PICC HK, to enhance operational stability and support the "Belt and Road" initiative [1][3][4]. Group 1: Reinsurance Agreements - The agreements are effective from January 1 to December 31, 2026, and cover both outward and inward reinsurance [3]. - The annual cap for premiums ceded to PICC Reinsurance is estimated at RMB 6,500 million, with commissions capped at RMB 2,925 million [4]. - The annual cap for premiums assumed from PICC HK is set at RMB 3,500 million for 2026, reflecting a 15% growth in "China-overseas interest" business [5]. Group 2: Risk Management and Compliance - Cession ratios in the agreements range from 0.1% to 80%, with commission rates capped at 45%, determined through actuarial models and market-based negotiations [6]. - Outward reinsurance transactions are classified as continuing connected transactions under Hong Kong Listing Rules, requiring reporting and annual review, but are exempt from independent shareholders' approval [7]. - The company emphasizes internal control and compliance through detailed policies, early-warning mechanisms, and yearly internal audits [7][8]. Group 3: Oversight and Transparency - Oversight is provided by independent directors and external auditors, ensuring transparency in transaction terms disclosed via the reinsurance trading platform [8].

Core Insights - The Global Times conducted a survey covering 46 countries with approximately 51,700 respondents, revealing a rising international favorability towards China and recognition of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era [1][21][23] Group 1: Recognition of Xi Jinping Thought - Key concepts from Xi Jinping Thought, such as "building a community with a shared future for humanity," received nearly 80% approval from international respondents, with over 70% recognition for other related concepts [2][3] - Approval rates for these concepts exceed 80% among respondents from developing countries and surpass 60% in developed countries, indicating their significant value [2][3] Group 2: China's International Image - Nearly 70% of foreign respondents have a favorable impression of China, marking a 6 percentage-point increase from 2024, with 78% recognizing China's increasing national strength [21][22] - Over 90% of respondents expressed interest in China, with cultural interests dominating in developed countries and technology in developing countries [21][22] Group 3: China's Role in Global Governance - More than 70% of respondents expect China to play a greater role in international affairs, with around 80% anticipating actions in building a more equitable international order and mediating regional issues [32][33] - China's foreign policy is characterized by multilateralism and respect for sovereignty, distinguishing it from other global powers and enhancing its appeal [35][40] Group 4: Economic and Development Cooperation - China has become a major trading partner for over 150 countries, with economic ties reflecting the warmth and stability of bilateral relations [39] - China's development model emphasizes common growth and mutual benefit, which resonates with many nations, particularly in the Global South [31][40]

Core Insights - The completion of the PK330 Bridge by China Railway Construction Corporation (CRCC) marks a significant milestone in the development of a new railway aimed at unlocking Algeria's mineral wealth [1][3] - The railway, spanning 950km, connects the Gara Djebilet iron ore deposit to the industrial hub of Bechar, facilitating the export of iron ore [1][4] Group 1: Project Details - The PK330 Bridge is a 6km (3.7-mile) structure and is described as the "most technically demanding railway engineering feat ever undertaken in North Africa" [2][3] - The entire railway route is expected to be operational by January, with the Gara Djebilet mine projected to produce between 2 million and 4 million tonnes of iron ore, scaling up to 50 million tonnes per year by 2040 [4][5] Group 2: Strategic Implications - The railway is part of China's Belt and Road Initiative and is expected to enhance Algeria's export capabilities, particularly to Mediterranean ports [3][5] - China's strategic push to develop African iron ore deposits aims to diversify supply chains and reduce reliance on traditional suppliers like Australia and Brazil [7] Group 3: Regional Developments - The Algerian iron ore production is set to commence shortly after the start of shipments from Guinea's Simandou project, indicating a broader trend of increased sourcing from Africa [6] - The Mbalam-Nabeba project, a significant cross-border deposit, is progressing under new management, highlighting ongoing Chinese investment in African mining [8]

Core Insights - Tianjin, established as a garrison on December 23, 1404, has evolved into the largest northern port city in China, recognized for its historical significance in canal-based grain transportation [1][2] - The city is strategically positioned as a key intersection of land and maritime routes under the Belt and Road Initiative, enhancing its role in fostering a community with a shared future for humanity [2] - Tianjin is celebrated as the cradle of China's modern industry, having produced numerous national firsts, including the first television set and wristwatch, showcasing its industrial strength [3] Cultural and Historical Significance - Tianjin is a renowned cultural city with rich historical relics from ancient canal grain transportation and nearly 700 years of Mazu culture [4] - The "Wudadao (Five Great Avenues)" is a prominent tourist destination, known for its diverse and historic architecture, contributing to the city's unique urban skyline [5] Culinary Heritage - Tianjin cuisine is distinguished by its use of fresh river and seafood, seasonal ingredients, and diverse cooking techniques, with signature dishes like pan-fried prawns and crispy fried carp [6] Urban Development and Tourism - The city is actively working to establish itself as an international consumption center and a unique cultural tourism destination through urban renewal initiatives, revitalizing historic buildings into vibrant cultural hubs [7]

Core Insights - The third China Property Rights Trading Market Service "Belt and Road" High-Quality Development (Qianhai) Promotion Conference was successfully held in Shenzhen, marking the third consecutive year of national events focused on the "Belt and Road" initiative in Guangdong [1][3] Group 1: Conference Overview - The conference was organized by the China Enterprise State-owned Property Rights Trading Institution Association and featured key speeches from industry experts and government officials, emphasizing the importance of the property rights market in facilitating cross-border asset transactions [1][3][4] - The event highlighted the role of the property rights market as a crucial link between domestic and international markets, aiming to enhance the efficient allocation of production factors and promote high-level opening-up [3][4] Group 2: Key Contributions and Goals - Since the 14th Five-Year Plan, the property market has facilitated over 55.2 billion yuan in cross-border investment projects and foreign asset disposals, establishing a safety net for state-owned assets abroad [3][4] - The Guangdong Provincial State-owned Assets Supervision and Administration Commission aims to strengthen the property market's role as a key link in the national development strategy, enhancing cross-border resource allocation capabilities and building a comprehensive service system [4][5] Group 3: Expert Insights and Future Directions - Experts discussed the need for a comprehensive service ecosystem to support the "Belt and Road" initiative, focusing on creating a new hub for resource allocation and fostering collaborative efforts among various stakeholders [6][10] - The conference emphasized the importance of leveraging overseas economic and trade cooperation zones to achieve win-win outcomes for Chinese enterprises venturing abroad [6][12] Group 4: Collaborative Efforts - The event saw the launch of a cross-border resource flow and allocation service platform, aiming to enhance the service capabilities of the property market across regions and markets [7][9] - Central and local enterprises are collaborating to build a comprehensive service ecosystem that supports both outbound and inbound investments, ensuring a seamless connection between domestic and international markets [10][12]

Core Insights - Lianyungang's geographical significance has historically shaped its cultural and historical identity, being the eastern endpoint of the New Eurasian Land Bridge [1] Group 1: Cultural Initiatives - The "Reading the City" initiative launched in August 2025 aims to engage residents and visitors with the city's history and identity through its architecture and local brands [3] - The initiative invites exploration of Lianyungang's built environment and everyday landmarks, fostering a deeper connection to the city's cultural heritage [3] Group 2: Historical and Ecological Significance - The Huaguo Mountain, linked to the cultural narrative of "Journey to the West," symbolizes themes of discovery and resilience, with immersive visitor sites developed to enhance literary experiences [4] - Lianyungang's coastal areas serve as crucial stopovers for migratory birds, highlighting the region's ecological importance and its historical role as a hub for land and sea routes [5] - The port of Lianyungang maintains shipping connections with nearly 1,000 ports across over 160 countries and regions, integrating historical trade patterns with modern commerce under the Belt and Road Initiative [5]

Core Viewpoint - Hong Kong is enhancing its role as a strategic bridge between Asia and the Gulf, facilitating trade and investment while promoting collaboration across various sectors, including finance, technology, and sustainability [2][3]. Group 1: Role of HKETO Dubai - The Hong Kong Economic and Trade Office in Dubai (HKETO Dubai) serves as the official representative of Hong Kong in the GCC, focusing on strengthening economic and trade relations [4][5]. - HKETO Dubai promotes Hong Kong's strengths, including its free economic system and status as an international financial hub, to attract investment from the GCC [5][6]. - The office facilitates bilateral cooperation in culture, education, and technology, enhancing overall collaboration between Hong Kong and the Middle East [5][6]. Group 2: Sectors for Collaboration - There is growing interest in collaboration across diverse sectors, including logistics, hospitality, fintech, and IT security, with many Hong Kong businesses establishing a presence in the GCC [4][6]. - Middle Eastern firms are increasingly exploring opportunities in high-value sectors such as food and beverage, logistics, and consumer electronics, indicating a dynamic economic complementarity [6][7]. Group 3: Financial Connectivity - Hong Kong is recognized as a leading global IPO destination, providing GCC investors access to A-shares in China through the Mainland-Hong Kong Stock Connect [12]. - The establishment of exchange-traded funds (ETFs) tracking both the Saudi Arabian market and Hong Kong stocks signifies enhanced capital market connectivity [13]. - Hong Kong's position as the largest offshore Renminbi center and a premier bond issuance hub supports GCC investors in diversifying into RMB-denominated assets and Islamic bonds [14][15]. Group 4: Innovation and Technology - Hong Kong is engaging GCC partners in innovation, fintech, and green technologies, offering a full suite of investment solutions across the region [11][19]. - The Greater Bay Area (GBA) serves as a significant opportunity for GCC investors, with many delegations visiting to explore investment in tech-focused funds [16][18]. - Events like Hong Kong FinTech Week and the Asian Financial Forum are fostering deeper collaboration in emerging technologies and sustainable finance [18]. Group 5: Belt and Road Initiative - Hong Kong is positioned as a strategic platform for the Belt and Road Initiative (BRI), facilitating projects through its professional services and financial infrastructure [23][24]. - The city's outward direct investment in BRI countries reached $133 billion in 2023, indicating a strong commitment to global capital deployment [29]. - Hong Kong's legal and dispute resolution services enhance its attractiveness as a partner in BRI cooperation, ensuring efficient management of complex projects [30]. Group 6: Engagement with Gulf Investors - UAE and Saudi investors increasingly view Hong Kong as a resilient partner for accessing broader Asian markets, with active discussions on investment channels [40][41]. - The recognition of UAE exchanges by HKEX and the establishment of cross-listing opportunities signify growing financial connectivity [43]. - High-level delegations from the UAE and Saudi Arabia are visiting Hong Kong to explore partnerships and investment opportunities, highlighting mutual interests [44][45]. Group 7: Opportunities for Gulf Businesses - Hong Kong offers a competitive business environment with low taxes, a liquid capital market, and a robust financial system, making it an attractive gateway to Asia [48][49]. - The city serves as a springboard into Southeast Asia and broader Asia-Pacific markets, with strong alignment between Gulf economic diversification strategies and Hong Kong's strengths [52][53]. - Hong Kong's expertise in infrastructure development and project financing positions it as a valuable partner for Gulf governments investing in sustainable growth [54].