Economic Information - The Dalian Commodity Exchange announced adjustments to the trading fees and limits for lithium carbonate futures contracts, effective January 15, 2026, with a trading fee set at 0.032% of the transaction amount and a daily opening limit of 400 lots for non-futures company members or clients on specific contracts [2] - According to a report by CRIC, 30 key listed real estate companies achieved a total sales amount of 232.86 billion yuan in December 2025, with 22 companies showing month-on-month growth, while only China Jinmao and Greenland Holdings recorded annual growth [2] Company Alerts - Fenglong Co., Ltd. experienced a cumulative increase of 214% from December 25, 2025, to January 13, 2026, and is now suspended for verification [3] - Huaxia Happiness is expected to report a net loss of 16 billion to 24 billion yuan for 2025, with potential delisting risk warnings for its stock [3] - Yijing Optoelectronics anticipates a negative net asset value by the end of 2025, which may also lead to delisting risk warnings [3] - Hangxiao Steel Structure announced it does not have a "commercial aerospace" business and is under regulatory warning from the Shanghai Stock Exchange [3] - TCL Zhonghuan expects a net loss of 8.2 billion to 9.6 billion yuan for 2025, while China Gold anticipates a year-on-year net profit decline of 55% to 65% [9] - Shengxin Lithium Energy forecasts a net loss of 600 million to 850 million yuan for 2025, attributed to increased exchange losses due to the depreciation of the US dollar [9] - Woge Optoelectronics expects a net loss of 100 million to 140 million yuan for 2025 [9] Shareholder Reductions - Multiple companies, including Hongdi Technology, Xiangyu Medical, and New China Group, have announced plans for shareholder reductions, with reductions ranging from 0.75% to 4.68% of total shares [3][9]

会议指出，辽宁建筑业高质量发展急需高校在人才培养、科技攻关上发挥更大作用，应聚焦城市更新、 智能建造等重点领域，深化产教融合。 主旨报告中，多位国内知名专家围绕土木工程人才培养、建筑教育师资评聘、AI赋能专业改革等前沿 议题分享见解。专题研讨设主会场与两个平行分会场，与会代表就跨专业课程构建、现代产业学院建 设、"双碳"目标下技术创新等展开深度交流，凝聚起"资源共享、优势互补"的合作共识。 本次会议实现全省26所相关高校全覆盖，对推动学科专业高质量发展、服务辽宁产业升级具有重要示范 意义。 本报讯 记者张铂报道 首届辽宁省高校建筑类（土木类）院长研讨会近日在沈阳建筑大学召开。会议 以"协同创新，育才兴辽——城市更新引领建筑业高质量发展"为主题，汇聚省内外高校专家、行业精英 及政府部门负责人，共商学科建设与人才培养创新路径，为辽宁振兴注入教育动能。 ...

Monetary Policy Operations - The central bank conducted a 7-day reverse repurchase operation on January 13, with a fixed rate and a total amount of 358.6 billion yuan, at an interest rate of 1.40%. The total bid amount matched the amount awarded, resulting in a net injection of 342.4 billion yuan for the day after accounting for 16.2 billion yuan in reverse repos maturing [1]. Market Liquidity - The interbank market showed a tightening trend, with the weighted average interest rate of D R001 rising over 6 basis points to 1.39%. Overnight quotes in the anonymous click (X-repo) system increased to 1.52%, with limited supply. Non-bank institutions borrowing overnight against credit bonds saw rates approaching 1.6%, indicating rising costs [3]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks remained stable at 1.64% compared to the previous day [7]. Bond Market Overview - The yields on major interbank bonds varied, with long-term bonds showing strength. For instance, the yield on 10-year government bonds was reported at 2.292%, while the yield on 30-year government bonds increased by 0.28% [11]. Key Industry Meetings - The Ministry of Industry and Information Technology held its 18th symposium with representatives from key industries such as steel, non-ferrous metals, and automotive. The meeting emphasized the importance of self-discipline and the establishment of a healthy ecosystem to promote industry development and resist "involution" [15]. Global Economic Insights - Recent statements from U.S. Federal Reserve officials indicated a favorable economic outlook, with no immediate pressure for interest rate adjustments. The labor market is expected to stabilize and strengthen, with inflation projected to peak in mid-2026 [17]. Bond Issuance and Events - The Agricultural Development Bank plans to issue up to 27 billion yuan in financial bonds on January 14. Additionally, the yield on 10-year Japanese government bonds rose to 2.135%, the highest level since February 1999 [20].

Group 1 - European stock markets are experiencing a downturn, primarily driven by the construction sector, with Sika AG's shares dropping by 9.5% due to disappointing earnings [1][4] - The Stoxx Europe 600 index closed down approximately 0.1%, with energy stocks showing relative strength while telecommunications and automotive sectors recorded the largest declines [1][4] - Ørsted's stock rose by 5.4% after a U.S. judge ruled that the renewable energy producer could resume construction on the Rhode Island offshore wind farm project while challenging the government's latest stop-work order [1][4] Group 2 - Major European stock indices started the year strongly, leading to discussions about whether positive news has been fully priced in, with the relative strength index surpassing 80, indicating a potential consolidation phase or nearing a market peak [3][6]

Core Viewpoint - The Shanghai Stock Exchange issued regulatory warnings to Hangxiao Steel Structure and China Electronics Technology Digital due to inaccurate and incomplete information related to commercial aerospace, which has led to significant market reactions and stock price volatility [2][6][10]. Group 1: Hangxiao Steel Structure - Hangxiao Steel Structure was involved in a joint bid for a project related to a large liquid rocket, with a contract value of approximately 2.53 billion yuan, of which the company's portion is about 69.32 million yuan [6]. - The company stated that this contract represents less than 1% of its audited revenue for 2024 and will not have a significant impact on its annual performance [6]. - The Shanghai Stock Exchange emphasized the need for accurate and comprehensive disclosures, especially in the context of the highly scrutinized commercial aerospace sector, to avoid misleading investors [6][7]. Group 2: China Electronics Technology Digital - China Electronics Technology Digital reported that its satellite communication products had total orders of approximately 3.9 million yuan for the entire year of 2025, which is less than 0.1% of its overall business [10]. - The company acknowledged that its AI products are still in the early stages of delivery and have not yet achieved large-scale sales, with total orders around 10 million yuan, indicating low revenue impact [10][11]. - The Shanghai Stock Exchange noted that the company failed to accurately reflect the development stage and sales scale of its products, which could mislead investors regarding the company's overall operational situation [11][12].

工业企业增产最高奖励 70 万元；软件和信息技术服务业最高奖励60万；汽车购置最高补贴 5000 元、家 电消费最高补贴 500 元、餐饮消费最高满减 100 元、住房 "以旧换新" 单套最高补贴 3 万元…… 1月13 日，《2026年珠海市推动一季度经济高质量发展行动方案》（下文简称方案）正式出炉，为力拼2026年 经济"开门红"送出一篮子政策大礼包。 南都记者从珠海市发展和改革局获悉，珠海是2026年广东省内第一个出台一季度开门红方案的地级市， 相较于2025年，今年的政策进一步提升了奖励范围和力度，在去年主要支持工业、软件和信息技术服务 业的基础上，新增了对批发业、零售业、金融业、租赁和商务服务业、科学研究和技术服务业的支持， 同时加码工业项目建设奖补；内容更丰富，"粤享暖冬 乐购广东"消费季活动、购房"以旧换新"等既有 政策，叠加支持工业投资、金融业、租赁和商务服务业扶持等新政策，惠及面更广；方式也有创新，除 资金支持外，还新增荣誉奖励，将评选20家建筑业优质诚信企业，给予招投标免保证金、提升融资额度 等支持。 回顾2025年，珠海"开门红"方案政策成效显著，一季度GDP同比增长4.0%，为去年单季 ...

Group 1 - In 2025, the number of corporate bankruptcies in Japan is expected to reach a new high since 2013, with small enterprises making up the majority [1] - There were 10,300 bankruptcy cases involving companies with liabilities exceeding 10 million yen (approximately 439,000 RMB), marking a 2.9% year-on-year increase and the fourth consecutive year of growth since 2022 [1] - 77% of bankrupt companies had liabilities below 100 million yen (approximately 4.39 million RMB), reaching a historical high, and about 90% of these companies had fewer than 10 employees [1] Group 2 - The number of bankruptcies due to labor shortages surged by 40% to 397 cases, also a historical high, attributed to rising labor costs, recruitment difficulties, and employee turnover [1] - There were 767 bankruptcy cases linked to inflation, marking a continuous increase over three years [1] - Among 10 industries, 7 experienced higher bankruptcy cases compared to the previous year, with the service industry leading at 3,478 cases (up 4.4%), and the construction industry following with 2,014 cases, surpassing 2,000 for the first time in 12 years [1] Group 3 - The Tokyo Shoko Research Company predicts an upward trend in corporate bankruptcies until the end of the 2025 fiscal year, driven by struggling businesses and those abandoning restructuring efforts [2] - Factors such as yen depreciation, high prices, rising interest rates, Trump's tariff policies, and deteriorating relations with China are contributing to the increased operational risks for companies [2]

（来源：CGTN） 【你不知道的美国：芝加哥中低收入家庭的住房困境】近期，美国"斩杀线"成为网友热议的焦点，相关 话题屡次登上社交平台热搜榜。美国的"斩杀线"是指个人或家庭财务状况跌破某个临界点后，会因一系 列连锁社会排斥机制（如失业、信用破产、无家可归）迅速从中产滑落至生存绝境的现象。《你不知道 的美国》系列聚焦美国普通百姓的生活，从不同角度和视角解读他们所面临的问题。在芝加哥，能否负 担得起住房是租户和政策制定者面临的最严峻挑战之一。据芝加哥《2025年无家可归问题年度报告》显 示，该市正遭遇十年来最严峻的可负担住房缺口。芝加哥市在 2025 年 1 月 23 日进行的年度人口普查中 估计，有 7452 人在收容所或无住所地点遭遇无家可归的状况。为应对这一挑战，芝加哥已实施了如附 加住宅单元等分区和土地使用改革措施，以促进住宅密度的提高。本期视频中，建筑行业从业者尼克· 塞拉（Nick Serra）与社会工作者史蒂文·万斯（Steven Vance）共同解析了芝加哥民众面临的住房问题， 附加住宅单元政策的成效和面临的局限性。他们提出，芝加哥存在着租赁危机，租金的涨幅在全美都名 列前茅。附加住宅单元政策为芝 ...

Core Viewpoint - The first financial meteorological AI model "Entropy Machine" has been launched in China, developed by Fudan University and the National Meteorological Information Center, aiming to explore the role of meteorological factors in financial asset pricing and provide innovative tools for risk management and investment decision-making [1][2]. Group 1: Model Development and Purpose - "Entropy Machine" is based on global meteorological reanalysis data and stock price-volume data, capable of predicting short-term returns for the majority of A-share market stocks [1]. - The model's validation shows that it accurately identifies industries highly sensitive to meteorological factors, such as renewable energy (wind and solar), traditional oil and chemical industries, construction, and agriculture, aligning with the World Meteorological Risk Management Association's listed industries [1]. Group 2: Investment Strategy and Performance - Investment strategies constructed based on the model's test results have demonstrated consistent positive returns during historical backtesting across multiple time periods, preliminarily validating the effectiveness and application potential of meteorological factors in the A-share market [1]. Group 3: Applications and Implications - The "Entropy Machine" has broad applications in the financial sector, allowing companies in climate-sensitive industries to manage climate risks and maintain market value [2]. - Financial institutions such as banks and insurance companies can utilize the model for risk control in equity pledge businesses and expand into innovative climate investment and financing [2]. - Investors can use the model as an auxiliary tool for quantitative investment, while academia can leverage its outputs to test and refine asset pricing theories [2].

Group 1: Economic Discrepancies - By the end of 2025, production indicators such as high furnace operation and PTA operation weakened, while manufacturing PMI rose by 0.9 percentage points to 50.1%[3] - Consumer retail volume for automobiles and home appliances showed a downward trend, but the overall consumer goods PMI increased by 1 percentage point to 50.4% in December[3] - Cement shipment rates and rebar apparent consumption remained low, with December year-on-year changes of -1.8% and -10% respectively, yet the construction PMI rose by 3.2 percentage points to 52.8%[4] Group 2: Factors Behind Economic Discrepancies - The shift in economic growth momentum has led to new sectors lacking high-frequency indicators contributing more to the economy, with AI-related industries boosting GDP by approximately 1.5 percentage points[5] - Consumer sectors face "demand overdraw risks," while service consumption, which lacks tracking indicators, has shown resilience, with service retail growth rising since September[5] - Previous debt management affected investment rhythms, with industrial product improvements reflecting raw material purchases rather than actual investments[5] Group 3: Economic Outlook for Early 2026 - The "old-for-new" policy is expected to face downward pressure, but service consumption may benefit from increased policy support, with domestic travel and spending during the New Year holiday exceeding 2019 levels[6] - Infrastructure investment is anticipated to rebound in early 2026 due to reduced special refinancing bond issuance and new infrastructure policies, focusing on digital infrastructure and carbon reduction investments[6] - The delayed Spring Festival in 2026 may extend the "export rush" window, potentially boosting January export figures compared to the previous year[6]