Group 1: Real Estate Market - The Ministry of Housing and Urban-Rural Development aims to stabilize the real estate market this year by implementing city-specific and precise policies, supporting reasonable financing needs of real estate companies, and addressing residents' housing demands [1] - Key initiatives include establishing a project company system for real estate development, promoting a main bank system for financing, and implementing a "see what you get" system for the sale of commercial housing [1] Group 2: Market Regulation - The State Administration for Market Regulation reported that in 2025, it urged mobile power production companies to recall 1.3977 million problematic power banks due to safety concerns [2] - The number of complaints regarding mobile power products has decreased by 85% compared to the peak in July 2025, indicating improved consumer satisfaction [2] Group 3: Environmental Initiatives - The Ministry of Ecology and Environment announced the first batch of 23 beautiful rural pilot areas, focusing on ecological protection and rural development [4] - By 2025, rural environmental quality is expected to improve significantly, with over 24,000 administrative villages undergoing environmental remediation [4] Group 4: Transportation Impact - The recent cold wave has led to the closure of 161 sections of national and provincial highways across 14 provinces due to snow and icy conditions [5] Group 5: Electric Vehicle Infrastructure - As of December 2025, the number of electric vehicle charging facilities in China has surpassed 20 million, supporting over 40 million new energy vehicles [6] - The growth rate of charging facilities has accelerated, with the number doubling from 10 million to 20 million in just 18 months [6] Group 6: Robotics Industry - In 2025, over 140 domestic companies have produced more than 330 humanoid robot models, marking a significant advancement in the industry [6] - The Ministry of Industry and Information Technology plans to promote technological innovation and safety in humanoid robots to support the broader development of embodied intelligence [6] Group 7: Telecommunications - China has built 4.838 million 5G base stations, with over 1.2 billion 5G users, establishing the largest and most advanced information infrastructure globally [7] - The first phase of 6G technology trials has been completed, with over 300 key technologies developed, and the second phase of trials has recently begun [7] Group 8: Consumer Market - The total retail sales of consumer goods in 2025 are projected to exceed 50 trillion yuan, with a growth rate of 3.7% [8] - The contribution of final consumption expenditure to economic growth is expected to reach 52%, highlighting its role as a key driver of economic development [8]

Market Overview - The A-share market experienced a narrow fluctuation with over 3,700 stocks in the red, while the Shanghai Composite Index slightly increased by 0.12% and the Shenzhen Component Index and ChiNext Index fell by 0.74% and 0.86% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 2.26 trillion yuan [1] Sector Performance - Sectors such as semiconductors, retail, liquor, and real estate saw declines, while insurance, oil, non-ferrous metals, coal, and brokerage sectors showed gains [1] - Gold and biopharmaceutical concepts were active in the market [1] Short-term Market Outlook - According to Zhongyin Securities, the market is currently in a high-level fluctuation phase with increasing structural differentiation, driven by expectations for domestic demand expansion policies and supply-side policies to curb industry "involution" [1] - There is a caution regarding the impact of short-term regulatory easing on the marginal increase of ETF and leveraged funds on the market [1] - The market may enter a phase of oscillation and speculation before the holiday, with a focus on performance-driven stocks [1] Industry Insights - The non-ferrous metals industry is expected to benefit from dual drivers of industrial trends and financial attributes by 2026 [1] - The anticipated interest rate cuts by the Federal Reserve and risk aversion are expected to enhance the industry's valuation [1] - In the context of Sino-US competition, strategic metals such as rare earths, tungsten, and antimony may see a revaluation of their strategic value [1] - In the short term, the upward slope of the industry may slow down, with a focus on industrial metals and precious metals that have performance support [1]

二十年代的天津正处于近代化发展的关键时期，作为北方重要的通商口岸，城市融合了中西文化，形成 了独特的风貌。当时的天津以租界区为核心，呈现出繁华与多元的特点。这种中西合璧的景象并非单纯 的文化交流产物，其根源在于中国近代的屈辱历史。 天津当时有英、法、日、德、意等多国租界，各具特色。解放北路（原"维多利亚道"和"大法国路"）是 金融中心，聚集了大量外国银行，被誉为"东方华尔街"；当时尚未有"五大道"这一称呼，但该区域已作 为高级住宅区发展，以英式、意式等风格的建筑为主，商业设施受限，环境幽静；劝业场是当时中国最 大的商场之一，位于滨江道，与之相邻的"小洋楼"区域（今和平路）是繁华的商业街，被称为"梨栈大 街"。小白楼和黄家花园也是重要的商业区。海河是城市命脉，沿岸码头繁忙；金汤桥（当时称"万国 桥"）是连接租界与华界的重要通道，可开启供船只通行。 黄包车是主要的市内交通工具，绿牌电车（有轨电车）已在部分街道运行，如旭街（今和平路）；中西 合璧的建筑遍布，如西开天主教堂、利顺德大饭店（1863年建成，当时已是地标）、戈登堂（英租界工 部局大楼）等。意租界的马可波罗广场（今意式风情街）和法租界的巴黎路（今吉林路）建 ...

Market Overview - The A-share market experienced a narrow fluctuation with over 3,700 stocks in the red, while the Shanghai Composite Index slightly increased by 0.12% and the Shenzhen Component Index and ChiNext Index decreased by 0.74% and 0.86% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 2.26 trillion yuan [1] Sector Performance - Sectors such as semiconductors, retail, liquor, and real estate saw declines, while insurance, oil, non-ferrous metals, coal, and brokerage sectors showed gains [1] - Gold and biopharmaceutical concepts were notably active in the market [1] Short-term Market Outlook - According to Zhongyin Securities, the market is currently in a high-level fluctuation phase with increasing structural differentiation, driven by expectations for domestic demand expansion policies and supply-side policies aimed at curbing industry "involution" [1] - There is an anticipation of a phase of oscillation and speculation in the market before the holiday, with a focus on performance-driven stocks [1] Industry Insights - The non-ferrous metals industry is expected to benefit from dual drivers of industrial trends and financial attributes by 2026, with expectations of a Federal Reserve interest rate cut and risk aversion boosting industry valuations [1] - In the context of Sino-US competition, strategic metals such as rare earths, tungsten, and antimony may see a revaluation of their strategic value [1] - In the short term, the upward slope of the industry may slow down, with a focus on industrial metals and precious metals that have performance support [1]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai Composite Index slightly up by 0.12%, while the Shenzhen Component and ChiNext indices fell by 0.74% and 0.86% respectively [1] Market Performance - As of the midday close, the Shanghai Composite Index stood at 4141.01 points, the Shenzhen Component at 14332.86 points, and the ChiNext at 3320.81 points [1] - The top-performing sectors included precious metals, oil and gas extraction and services, and industrial metals, while sectors such as military electronics, military equipment, and gaming experienced significant declines [1] Sector Performance Rankings - The top sectors by percentage increase included: - Audio and video equipment: +9.31% with a total trading volume of 925.58 million hands and a net inflow of 270.28 million [2] - Oil and gas extraction and services: +4.73% with a trading volume of 2098.10 million hands and a net inflow of 146.91 million [2] - Industrial metals: +4.02% with a trading volume of 6526.45 million hands and a net inflow of 1002.47 million [2] - The sectors with the largest declines included: - Military electronics: -4.63% with a trading volume of 1899.58 million hands and a net outflow of 74.76 million [2] - Military equipment: -2.95% with a trading volume of 2273.68 million hands and a net outflow of 83.28 million [2] - Gaming: -2.74% with a trading volume of 926.31 million hands and a net outflow of 22.32 million [2]

Group 1 - The core viewpoint is that Chinese brands are rapidly expanding globally, establishing a new image through innovative product design, marketing strategies, and cultural output [1][2][10] - The perception of Chinese products has shifted positively, especially among younger generations in the U.S., leading to a historical high in consumption of Chinese-made goods [2][12] - Chinese tea and beverage brands are successfully entering the U.S. market, with several brands expanding their presence and establishing operations in Southeast Asia and Australia [4][5] Group 2 - Chinese automotive brands have significantly increased their market share in Kazakhstan, rising from approximately 2% in 2020 to 34.5% in the first nine months of 2025 [5] - The global cosmetics market is witnessing a rise in Chinese brands, driven by strong domestic demand and successful international expansion [5][6] - Chinese brands are competing not only on price but also on quality and creativity, with a notable increase in global trust and influence over the past six years [6][11] Group 3 - The innovative capabilities of Chinese companies are being recognized globally, with a growing number of products showcasing advanced technology and design [7][10] - Chinese brands are increasingly focusing on localizing their operations and hiring local employees to enhance cultural integration and reduce friction [8][10] - The transition from merely selling products to building ecosystems marks a significant evolution in the strategy of Chinese brands in global markets [10][11] Group 4 - The global sales network established by Chinese e-commerce platforms and the effective use of social media for targeted marketing are accelerating the globalization of Chinese brands [11] - The cultural perception of China is evolving, with a growing recognition of Chinese creativity and influence in global trends [12] - China's rise in the global soft power index reflects its increasing influence, suggesting that future cultural phenomena may emerge from Chinese cities [12]

Core Insights - Shanghai's retail sales reached 1,660.093 billion yuan in 2025, marking a year-on-year growth of 4.6%, surpassing the national average growth rate [1][4] - The growth reflects the effectiveness of Shanghai's government policies aimed at boosting consumption and stabilizing economic growth, showcasing the city's resilience and innovative capacity in the consumer market [1][4] Economic Performance - The retail sales growth of 4.6% is seen as a significant achievement, boosting market confidence and indicating strong recovery potential in Shanghai's consumption landscape [4][5] - Fashion categories, including clothing and cosmetics, account for nearly 40% of total retail sales, reinforcing Shanghai's status as a "fashion consumption capital" [1][4] Policy and Measures - The Shanghai government has implemented various measures to stimulate service consumption and enhance the quality of services, indicating a systematic expansion of service supply to meet diverse consumer needs [5][10] - Policies such as "two new" initiatives (large-scale equipment updates and trade-in programs) have shown positive results, with significant growth in retail sales across various categories [7][10] Consumer Trends - The online consumption share increased from 45.3% in 2024 to 50.5% in 2025, highlighting the robust innovation in business models [4][11] - The "immediate purchase and refund" tax refund service for international tourists saw a remarkable growth of approximately 80% in sales, indicating its effectiveness in attracting inbound consumption [11] Future Outlook - In 2026, Shanghai aims to continue driving high-quality development in the business sector by aligning new demand with new supply, fostering a more vibrant consumer market [2][12] - The city plans to enhance its consumption ecosystem by optimizing supply, innovating consumption scenarios, and maintaining a dual-driven approach of policies and activities [14][15]

24 January 2026 | 12:02AM HKT Portfolio Strategy Research CHINA WEEKLY KICKSTART Markets edged down 1%; Q4 GDP in line with expectations amid mixed December activity data MXCN/CSI300 both edged down by 0.6% this week. Vice Premier He Lifeng delivered a keynote speech at the World Economic Forum in Davos on Jan 20. MoF hosted a press conference on Jan 20 and reiterated its commitment to maintaining proactive fiscal policy in 2026. CSRC released Guidelines for performance benchmarks of mutual funds, effective ...

Group 1 - The "2026 Pudong New Year Carnival" will take place in five core business districts of Pudong, featuring unique themed experiences that blend international trends, urban festivities, and holiday warmth from now until March [1] - Starting January 30, Pudong New District will distribute "Pudong New Year Consumption Coupons" every Friday at noon through Alipay, valid for shopping and dining until March 5 [1] - Various activities are planned in different districts, including art installations, ice skating, and themed events at shopping malls, enhancing the festive atmosphere [1] Group 2 - The "New Year Carnival" coincides with the "Shanghai Global Food Festival - European Flavor Season," with over 100 restaurants participating, offering a range of international cuisines [2] - Domestic tourists can unlock multiple benefits at various shopping malls by presenting their train or flight tickets upon arrival in Shanghai [2] - From January 26 to January 3, 2027, Pudong will host a year-long promotion where consumers spending over 1,000 yuan in physical stores can enter a weekly lottery to win a 5-gram gold bar [2]

2026 年 01 月 26 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：73 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 73 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：商业航天、银行、消费 1、商业航天主题：埃隆·马斯克正积极推进 SpaceX 的 IPO 计划，目标在今年 7 月前完成。作为行业标杆，其上市预期 极大地提振了全球市场对整个商业航天赛道的关注与信心。 另外，低轨轨道和频谱资源遵循"先占先得"的国际规则。 数据显示，可用轨位空间已十分紧张，中国已申请超 20 万颗 卫星的轨道频率，这直接倒逼各国加快卫星制造与发射节奏 以抢占资源，是行情核心驱动力。相关标的：中国卫星 （600118）、航天电子（600879） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6. ...