Core Insights - Romania's service trade totalled €687.6 billion from January to November 2025, marking a 13.4% increase [1] - Exports reached €398.7 billion, up 12.1%, while imports were €288.9 billion, increasing by 15% [1] - The service trade surplus was €109.8 billion, reflecting a growth of 4.9% [1] Group 1: Transportation Services - Transportation services trade amounted to €143.8 billion, a growth of 11.2%, accounting for 20.9% of total service trade [1] - Exports in this sector were €99.8 billion, up 15.8%, while imports were €44 billion, remaining stable [1] - Road transport services dominated with a trade value of €92.1 billion, representing 64% of transportation services [1] Group 2: Other Business Services - Other business services recorded a trade value of €171.3 billion, increasing by 21%, making up 24.9% of total service trade [2] - Exports were €94.4 billion, up 14.7%, and imports were €76.9 billion, rising by 30.8% [2] - Technical, trade-related, and other business services accounted for €88.8 billion, growing by 20.5% [2] Group 3: Communication, Computer, and Information Services - Trade in communication, computer, and information services reached €139.5 billion, a 10.7% increase, comprising 20.3% of total service trade [3] - Exports were €101.6 billion, up 11.8%, while imports were €37.9 billion, increasing by 7.6% [3] Group 4: Tourism Services - Tourism services trade totalled €140.6 billion, growing by 4.4%, and accounted for 20.4% of total service trade [4] - Exports were €48.9 billion, up 4.7%, and imports were €91.7 billion, increasing by 4.2% [4] Group 5: Processing Trade Services - Processing trade services saw a decline, with a total trade value of €27.5 billion, down 2.9%, representing 3.9% of total service trade [5] - Exports were €26.3 billion, decreasing by 2.6%, while imports remained stable at €1.2 billion [5] - The five sectors mentioned accounted for 90.4% of total service trade [5] Additional Insights - Financial services trade surged to €15.79 billion, a remarkable growth of 101% [5] - Intellectual property fees trade reached €12.23 billion, increasing by 18.5% [5] - Construction services trade was €14 billion, up 2.8%, while insurance and pension services trade was €5.38 billion, growing by 13.7% [5]

Core Insights - The Hong Kong capital market has seen a significant increase in refinancing activities at the beginning of 2026, with over HKD 27 billion raised by listed companies through various methods, marking a more than 20-fold increase compared to HKD 1.1 billion in the same period of 2025 [1][2]. Group 1: Market Activity - As of January 18, 2026, Hong Kong listed companies have raised a total of HKD 27 billion through placements, rights issues, and other means, indicating a strong market confidence and financing demand [2][3]. - The robust start to refinancing in 2026 builds on a historical high in 2025, where the total refinancing scale reached HKD 325.32 billion, surpassing the IPO fundraising scale for the first time [2][3]. - Major companies like BYD, Xiaomi, and Geely have completed significant fundraising rounds in 2025, contributing to a trend of continuous capital replenishment [2][3]. Group 2: Structural Characteristics - The refinancing activities in early 2026 show a diverse industry distribution, including sectors such as oil and petrochemicals, construction, software services, and healthcare [4]. - Notably, five companies raised over HKD 1 billion each, with the majority of funds being allocated to support international expansion, enhance R&D capabilities, and optimize financial structures [4][5]. - Placement remains the dominant method for refinancing, with over 75% of the 36 cases in 2026 utilizing this approach, highlighting its efficiency and flexibility [4][5]. Group 3: Emerging Trends - A notable trend in 2026 is the strategic mutual holdings between companies through cost issuance, exemplified by the collaboration between SF Express and Jitu Express [5]. - The refinancing landscape is characterized by a higher proportion of traditional and consumer industries compared to emerging sectors, reflecting the complementary nature of Hong Kong and A-share markets [5][6]. - Future trends indicate that refinancing will maintain high levels but with a more stable growth rate, driven by ongoing demand in capital-intensive industries and an increasing focus on optimizing capital structures and enhancing R&D capabilities [6][7].

Market Overview - The Shanghai Composite Index fell by 0.30% today, with a trading volume of 1,065.52 million shares and a total transaction value of 18,654.95 billion yuan, an increase of 3.30% compared to the previous trading day [1]. Industry Performance - The real estate sector showed the highest increase with a rise of 2.14%, followed by transportation at 1.00% and oil and petrochemicals at 0.93% [1]. - Conversely, the defense and military industry experienced the largest decline at 3.16%, followed by telecommunications at 2.92% and the comprehensive sector at 2.85% [1]. Top Performing Industries - Real Estate: Increased by 2.14%, with a transaction value of 263.72 billion yuan; leading stock was Dayue City, up 10.17% [1]. - Transportation: Increased by 1.00%, with a transaction value of 201.09 billion yuan; leading stock was Milkway, up 6.22% [1]. - Oil and Petrochemicals: Increased by 0.93%, with a transaction value of 107.96 billion yuan; leading stock was Hengli Petrochemical, up 3.67% [1]. Underperforming Industries - Defense and Military: Decreased by 3.16%, with a transaction value of 1,118.61 billion yuan; leading stock was Haige Communication, down 8.92% [1]. - Telecommunications: Decreased by 2.92%, with a transaction value of 1,001.82 billion yuan; leading stock was Tongyu Communication, down 10.01% [1]. - Comprehensive: Decreased by 2.85%, with a transaction value of 33.68 billion yuan; leading stock was Nanjing New Hundred, down 9.95% [1].

Market Overview - The Shanghai Composite Index fell by 0.73% as of 10:27 AM, with a trading volume of 783.95 million shares and a transaction value of 1,378.36 billion yuan, an increase of 0.13% compared to the previous trading day [1] Industry Performance - Real estate, oil and petrochemicals, and beauty care sectors showed the highest gains, with increases of 0.86%, 0.72%, and 0.70% respectively [1] - The defense and military, comprehensive, and communication sectors experienced the largest declines, with decreases of 3.41%, 3.19%, and 3.06% respectively [1][2] Leading Stocks - In the real estate sector, Chengdu Investment Holdings led with a gain of 10.11% [1] - In the oil and petrochemical sector, Blue Flame Holdings increased by 2.86% [1] - In the beauty care sector, Yanjiang Co. rose by 9.34% [1] Detailed Industry Data - Real Estate: 0.86% increase, transaction value of 189.40 billion yuan, up 20.93% from the previous day [1] - Oil and Petrochemicals: 0.72% increase, transaction value of 80.28 billion yuan, up 26.01% from the previous day [1] - Beauty Care: 0.70% increase, transaction value of 35.84 billion yuan, up 11.01% from the previous day [1] - Defense and Military: 3.41% decrease, transaction value of 883.06 million yuan, up 45.81% from the previous day [2] - Communication: 3.06% decrease, transaction value of 754.04 million yuan, up 0.40% from the previous day [2]

Group 1 - The Red Chip ETF (510720) has seen a net inflow of nearly 300 million yuan over the past four days, highlighting the value of dividend-style investments [1] - Dongwu Securities projects that growth may dominate in the first half of 2026, with insurance capital benefiting from the "New Year effect" leading to significant net inflows in January [1] - In the second half of the year, the dividend style is expected to regain strength as growth sectors face pressure, with domestic fundamentals and liquidity pricing likely favoring dividend stocks [1] Group 2 - The Red Chip ETF tracks the National Dividend Index (000151), which selects high-dividend and stable dividend-paying companies across sectors like banking, coal, and transportation [1] - The index employs a rigorous assessment of constituent stocks' dividend yields and sustainability, using a cross-industry diversification strategy to effectively manage investment risks [1] - The Red Chip ETF has consistently distributed dividends for 21 consecutive months since its listing, with monthly evaluations of dividends [1]

Group 1 - Zhengzhou city management system is accelerating the removal of snow from roads in response to recent heavy snowfall [2][5] - Municipal sanitation workers are actively spreading de-icing agents on key road sections to ensure safety and traffic flow [4][5] - The city has initiated emergency plans to maintain safety, traffic continuity, power supply, and stability during the low-temperature snow and ice weather [5] Group 2 - The Zhengzhou Urban Management Bureau has upgraded its response measures, deploying additional personnel and equipment to clear snow and prevent ice formation on major roads and bridges [5] - The provincial transportation system has entered an emergency state, working continuously to ensure safe and smooth traffic across the province [5] - The Zhengzhou Bureau of the National Railway Group has quickly responded to the situation, enhancing passenger and freight transport safety measures [5] Group 3 - The Municipal Bureau of Commerce prioritizes ensuring sufficient supply and stable prices of essential goods for residents [6]

Group 1 - In the second week of January, the total net inflow of funds into the market was 7.2 billion, a significant decrease from the previous week's inflow of 71.5 billion [1][7] - The short-term sentiment indicator is at a high level since 2005, with the recent weekly turnover rate (annualized) at 682%, placing it in the 92nd percentile historically [1][13] - The long-term sentiment indicator is at a medium-low level since 2005, with the recent A-share risk premium at 2.45%, in the 46th percentile historically [2][13] Group 2 - The top three industries by transaction volume in the past week were defense and military industry (100%), semiconductors (97%), and electric power equipment (96%), while the lowest were real estate (0%), food processing (0%), and transportation (0%) [2][13] - The highest financing transaction ratio industries were electric power equipment (93%), machinery equipment (93%), and basic chemicals (92%), while the lowest were oil and petrochemicals (34%), coal (45%), and retail (46%) [2][13]

Picton Investments的负责人David Picton表示，如果美国总统特朗普任命一位被视为过于唯命是从的美联 储主席，债券市场将迅速惩罚美国，而贵金属仍然是对冲政治波动的良好工具。 "特朗普发的帖子数量与货币贬值交易（即黄金、白银和这些基于大宗商品的对冲工具）的表现之间存 在某种联系，"Picton说道。 上周初，随着政府升级对现任美联储主席鲍威尔的攻击，黄金和白银价格跳涨，"抛售美国"的情绪在市 场蔓延。周一，在特朗普就格陵兰岛问题升级对欧洲国家的威胁，并重申美国必须控制这一长期属于丹 麦的北极岛屿的观点后，贵金属再次上涨。 司法部已就鲍威尔关于央行总部翻新项目的证词向美联储发出传票。但美联储主席表示，这项刑事调查 是一个借口，旨在惩罚他没有更快地降息。 对鲍威尔的调查加剧了人们对白宫在侵蚀美联储自主权方面会走多远的担忧。包括北卡罗来纳州共和党 参议员汤姆·蒂利斯在内的关键决策者已承诺，现在将对特朗普的美联储提名人选进行更严格的审查。 Picton的公司管理着约166亿加元（约合119亿美元）的资产，他表示他不认为美联储最终会失去独立 性，但特朗普对鲍威尔的反复口头攻击"极度没有帮助"。 " ...

Core Viewpoint - The Hong Kong capital market has seen a significant increase in refinancing activities at the beginning of 2026, with over HKD 27 billion raised, marking a more than 20-fold increase compared to the same period in 2025, setting a vibrant tone for the year ahead [1][2]. Group 1: Market Activity and Trends - As of January 18, 2026, Hong Kong listed companies have raised over HKD 27 billion through various refinancing methods, a substantial increase from HKD 1.1 billion in the same period of 2025 [1]. - The 2025 Hong Kong refinancing market reached a historic high of HKD 325.32 billion, surpassing the IPO fundraising scale for the first time [1][2]. - The active refinancing market is attributed to a 27.77% increase in the Hang Seng Index in 2025, which improved market sentiment and valuation [2]. Group 2: Structural Characteristics of Financing - The refinancing activities in early 2026 show a diverse industry distribution, including sectors such as oil and petrochemicals, construction, software services, and healthcare [3]. - Notable companies like SF Express and Jitu Express raised over HKD 10 billion each, while 10 other companies raised over HKD 1 billion [3]. - The primary use of raised funds is aligned with core business strategies, including international expansion, technology R&D, and financial structure optimization [3]. Group 3: Financing Methods and Innovations - Placement remains the dominant method for refinancing, with 27 out of 36 cases in 2026 utilizing this approach, highlighting its efficiency and flexibility [3]. - A notable trend in 2026 is the diversification of financing methods, including strategic mutual holdings through consideration issuance, which promotes industry chain integration [4][5]. - The issuance of convertible bonds, particularly zero-coupon convertible bonds, is becoming increasingly active, with financing concentrating on leading enterprises [6]. Group 4: Future Outlook - The Hong Kong refinancing market is expected to maintain high activity levels, with a stable growth rate and continued demand from capital-intensive industries [6]. - The flexible and efficient issuance system is likely to attract more listed companies, with refinancing volumes expected to exceed IPOs [6]. - The importance of hard technology and biotechnology companies is anticipated to rise, while the participation of cross-border capital is expected to enhance market liquidity [6].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint In 2025, facing complex changes in the domestic and international economic environment, China's national economy withstood pressure, moved forward, and achieved new results in high - quality development under the strong leadership of the Party Central Committee and the implementation of various policies, successfully fulfilling the main goals and tasks of economic and social development and concluding the "14th Five - Year Plan" victoriously [4]. 3. Summary by Directory Macroeconomic Data - **GDP**: The annual GDP was 1,401,879 billion yuan, a 5.0% increase at constant prices. The added values of the primary, secondary, and tertiary industries increased by 3.9%, 4.5%, and 5.4% respectively. Quarterly GDP growth rates were 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4. The Q4 GDP increased by 1.2% quarter - on - quarter [5]. - **Industry**: The annual added value of large - scale industries increased by 5.9%. The added values of the mining, manufacturing, and power sectors increased by 5.6%, 6.4%, and 2.3% respectively. The added values of equipment manufacturing and high - tech manufacturing increased by 9.2% and 9.4% respectively. In December, the added value of large - scale industries increased by 5.2% year - on - year and 0.49% month - on - month [5]. - **Services**: The annual service industry added value increased by 5.4%. In December, the service industry production index increased by 5.0% year - on - year. The business activity index and business expectation index of the service industry increased in December [6]. - **Consumption**: The annual total retail sales of consumer goods were 501,202 billion yuan, a 3.7% increase. Online retail sales increased by 8.6%. In December, total retail sales of consumer goods increased by 0.9% year - on - year and decreased by 0.12% month - on - month. The annual service retail sales increased by 5.5% [7]. - **Investment**: The annual fixed - asset investment (excluding rural households) was 485,186 billion yuan, a 3.8% decrease. Real estate development investment decreased by 17.2%. In December, fixed - asset investment (excluding rural households) decreased by 1.13% month - on - month [8]. - **Import and Export**: The annual total goods import and export volume was 454,687 billion yuan, a 3.8% increase. Exports were 269,892 billion yuan, a 6.1% increase, and imports were 184,795 billion yuan, a 0.5% increase. In December, the total import and export volume increased by 4.9% year - on - year [9]. - **Prices**: The annual CPI was flat compared to the previous year. The core CPI increased by 0.7%. The annual PPI decreased by 2.6%, and the annual purchase price of industrial producers decreased by 3.0% [10]. - **Employment**: The annual average urban survey unemployment rate was 5.2%. In December, it was 5.1%. The total number of migrant workers increased by 0.5% [11]. - **Income**: The annual per - capita disposable income of national residents was 43,377 yuan, a 5.0% nominal increase. After deducting price factors, the real growth was also 5.0%. The per - capita consumption expenditure increased by 4.4% [12]. - **Population**: The year - end national population was 1,404.89 million, a decrease of 3.39 million. The birth rate was 5.63‰, the death rate was 8.04‰, and the natural growth rate was - 2.41‰. The urbanization rate was 67.89%, an increase of 0.89 percentage points [13]. Economic Growth and Business Climate Index No specific summary content other than the index names such as GDP quarterly growth rate, sub - industry GDP growth rate, and PMI index is provided [16]. Industrial Production No specific summary content other than the names of indicators such as industrial added value, power generation, steel production, coal production, railway freight volume, and Keqiang Index is provided [18]. Import and Export No specific summary content other than the names of indicators such as import and export amounts, growth rates, main export country growth rates, and export quantity and price indices is provided [23]. Investment No specific summary content other than the names of indicators such as real estate investment, infrastructure investment, manufacturing investment, and real estate - related indicators is provided [25]. Consumption No specific summary content other than the names of indicators such as total retail sales of consumer goods, automobile and petroleum product retail sales, furniture and building decoration material retail sales, and per - capita disposable income is provided [26]. Finance No specific summary content other than the names of indicators such as M1 and M2 growth rates, M2 - M1 growth rate difference and CPI, loan and social financing total, and corporate and household medium - and long - term loan amounts is provided [32]. Inflation No specific summary content other than the names of indicators such as CPI, PPI, and prices of pork and vegetables is provided [34].