Core Viewpoint - In 2025, Guangxi's general public budget revenue is projected to reach 192.205 billion yuan, marking a year-on-year growth of 4.6%, while expenditures are expected to total 674.218 billion yuan, with a growth of 4.2%, indicating a solid foundation for the "14th Five-Year Plan" with continuous growth in fiscal revenue and expenditure for 12 months [1] Group 1: Fiscal Performance - The general public budget revenue for 2025 is expected to be 192.205 billion yuan, a 4.6% increase year-on-year [1] - General public budget expenditure is projected at 674.218 billion yuan, reflecting a 4.2% year-on-year growth [1] - The fiscal revenue and expenditure growth rate has achieved continuous growth for 12 months, a first in nearly six years [1] Group 2: Investment in Major Projects - Guangxi plans to allocate over 37.3 billion yuan to major projects such as the Pinglu Canal and Beibu Gulf International Gateway Port [1] - More than 200.75 billion yuan will be used to support a new round of industrial revitalization and the development of industrial parks [1] - A total of 296.46 billion yuan will be coordinated to support the implementation of "two new" policies and accelerate the landing of "two heavy" projects [1] Group 3: Support for Enterprises - In 2025, tax reductions and refunds for technology innovation and manufacturing development are estimated to exceed 26 billion yuan [2] - Administrative and institutional fee income has decreased by 13.9% year-on-year, enhancing market vitality [2] - Over 1.151 billion yuan in preferential loans have been issued to benefit more than 44,000 business entities, reducing financing costs by over 1.2 billion yuan [2] Group 4: Technological Innovation and Development - Guangxi has established 11 policy measures aimed at allocating 15 billion yuan annually, totaling nearly 45 billion yuan over three years to support the development of new productive forces [3] - Funding for digital construction in Guangxi is set at 700 million yuan, a 133.3% increase year-on-year, to support AI infrastructure and international cooperation [3] - 30 billion yuan is allocated for innovation-driven development and technology development, promoting the integration of technological and industrial innovation [3] Group 5: Social Welfare Investment - In 2025, social welfare expenditure is projected to reach 539.235 billion yuan, accounting for 80% of general public budget expenditure, marking a historical high [3] - Expenditures in key areas such as transportation, energy conservation, social security, and cultural tourism have all seen double-digit growth [3] - Education spending is expected to be 131.71 billion yuan, a 7.4% increase, while social security and employment spending is projected at 125.144 billion yuan, growing by 10.7% [3]

Group 1 - The 12th National Congress of the Lao People's Revolutionary Party concluded, summarizing achievements over the past five years and setting future directions for socialist development, injecting new momentum into China-Laos relations [1] - The congress approved the 10th National Socio-Economic Development Plan (2026-2030), aiming for an annual economic growth rate of 6% during this period [1] - A significant focus of the congress was the approval of the party's third political program, which aims to elevate Laos to a middle-income country by 2055, coinciding with the 100th anniversary of the party [1] Group 2 - The China-Laos Railway has played a crucial role in promoting Laos' socio-economic development, with over 11.84 million passengers and 16.77 million tons of cargo transported since its operation began four years ago [1] - In addition to transportation infrastructure, cooperation projects in energy, healthcare, and poverty alleviation have made significant progress, enhancing the China-Laos community of shared destiny [2] - Bilateral trade between China and Laos is on the rise, with trade expected to reach $8.23 billion in 2024, and investments from China exceeding $18 billion, making it the largest source of foreign investment in Laos [2] Group 3 - The successful conclusion of the Lao People's Revolutionary Party's 12th Congress marks a new chapter in Laos' socialist construction and presents historical opportunities for the China-Laos community of shared destiny [3] - Both countries aim to deepen cooperation and address international challenges, enhancing mutual interests through the implementation of the action plan for the community of shared destiny [3] - The Chinese ambassador to Laos emphasized the commitment to high-quality cooperation and the establishment of a fair global governance system, contributing to the building of a community with a shared future for humanity [3]

Group 1: Foreign Investment Trends - Foreign institutions are increasingly enthusiastic about allocating assets in China, reflecting expectations of economic stabilization and the attractiveness of undervalued Hong Kong stocks [2][9] - In the first trading days of 2026, JPMorgan Chase significantly increased its holdings in several Hong Kong-listed companies across various sectors, including new energy and biomedicine [1][4][8] Group 2: Specific Investments by JPMorgan - JPMorgan Chase invested over 700 million HKD to increase its stakes in multiple Hong Kong stocks, including approximately 793,478 shares of Ningde Times at an average price of 514.76 HKD per share, totaling around 408 million HKD [4][6] - The bank also acquired shares in other companies such as Sinopharm and Ganfeng Lithium, with notable investments including 317.3 million shares of Sinopharm at an average price of 78.45 HKD, amounting to about 249 million HKD [6] Group 3: Broader Market Sentiment - The trend of foreign capital inflow into Chinese technology ETFs has been strong, with funds like Invesco's China Technology ETF seeing a 6.53% increase in assets to 3 billion USD since the end of 2025 [12][14] - Analysts believe that the long-term growth logic of China's technology sector remains solid, with expectations for continued performance in 2026, particularly in AI and advanced manufacturing [15][16] Group 4: Future Outlook - The outlook for 2026 suggests that foreign capital will continue to actively invest in China's advanced industries, with a focus on sectors like biomedicine and new energy, which have shown strong appeal to foreign investors [8][10] - Predictions indicate that the MSCI China Index and the CSI 300 Index could rise by 20% and 12% respectively in 2026, driven by accelerated corporate earnings growth [10]

Group 1 - The interest rates for short-term large-denomination certificates of deposit (CDs) have dropped below 1%, entering the "0" range, with many banks offering rates as low as 0.9% for 1-month and 3-month terms [1][2] - Over 30 banks have announced the issuance of the first phase of large-denomination CDs for 2026, indicating a trend in the banking sector towards lower interest rates [1][2] - Major state-owned banks, including ICBC, ABC, BOC, and CCB, are currently offering short-term large-denomination CDs with a minimum deposit requirement of 200,000 yuan [1][2] Group 2 - The Supreme People's Court of China has clarified that funds given for purchasing cars or houses with the intention of marriage can be considered as bride price, which can be adjudicated under the same rules as traditional bride price disputes [2] - A recent case highlighted that a payment of 66,000 yuan and a car purchase of 150,000 yuan were deemed as bride price, leading to a court ruling for the return of over 170,000 yuan after considering shared expenses [2] Group 3 - MiniMax, a large model company, debuted on the Hong Kong Stock Exchange with an initial public offering price of 165 HKD per share, closing at 345 HKD, marking a 109.09% increase and a market capitalization exceeding 100 billion HKD [2] Group 4 - The number of corporate bankruptcies in Germany has reached a 20-year high, with 17,604 bankruptcy applications recorded in 2025, reflecting significant structural pressures on the German economy [2] - In December 2025 alone, there were 1,519 bankruptcy applications, which is 75% higher than the average from 2016 to 2019 [2] Group 5 - Apple is reportedly accelerating the selection process for a new CEO, with John Ternus, the current Senior Vice President of Hardware Engineering, emerging as the leading candidate [3] - Tim Cook, the current CEO, has expressed a desire to reduce his workload and may step down as early as this year, potentially transitioning to the role of Chairman of the Board [3] Group 6 - Xiaomi has announced a price reduction for its Xiaomi 17 smartphone and has eliminated the use of small print in its marketing materials, responding to criticism of "small print marketing" practices [5] - The company aims to enhance transparency and user experience by using larger fonts for product information [5] Group 7 - The Chinese government is implementing a nationwide policy for the cross-province pooling of personal medical insurance accounts, allowing family members to share funds for medical expenses [10] - This policy aims to optimize the use of personal medical insurance accounts and enhance mutual assistance among family members [10]

Employment Situation - Non-farm payrolls increased by 50K in December, lower than the estimated 60-70K and the revised 56K from the previous month [1] - The unemployment rate fell by 20 basis points to 4.4%, marking the lowest level since September and the first month-over-month decrease since June [1] Labor Market Revisions - Revisions to prior months indicate a weakening labor market, with November's jobs revised down by 8K to 56K and October's revised down by 68K to a loss of 173K [2] - The four-month trailing average of jobs gained per month is now at 12K, below the previous average of 13K [2] Job Sector Performance - Private-sector jobs contributed significantly with an increase of 37K, while government jobs rose by 13K, despite a decrease of 6K in federal government employment [3] - Healthcare jobs saw the largest increase at 46K, followed by construction at 28K and social assistance at 18K; however, leisure/hospitality and transportation sectors experienced declines of 12K and 18K, respectively [3] Wage and Labor Participation - Hourly wages increased by 0.3% month-over-month and 3.8% year-over-year, which may not support a case for interest rate cuts by the Federal Reserve [4] - Average workweek and labor force participation rates remained low at 34.2 and 62.4%, respectively; the U-6 unemployment rate fell to 8.4%, the lowest since September [4] Housing Market Data - Housing starts for October decreased by 4.6% month-over-month to 1.25 million seasonally adjusted annualized units, with single-family starts increasing by 5.4% while multi-family starts dropped by 26% [5] - Building permits, a leading indicator for future housing starts, were at 1.41 million, down 0.2% month-over-month but up from expectations, with multi-family permits increasing by 0.4% [6]

Market Overview - A-shares showed strong performance with the Shanghai Composite Index breaking through 4100 points, closing at 4120.43 points, and trading volume exceeding 31,523 billion yuan, marking the sixth occurrence in history of trading volume surpassing 30 trillion yuan [1] - Hong Kong stocks lagged behind, with a slight increase of 0.32% [1] International Developments - The U.S. government is considering a cash incentive for Greenland residents to encourage their potential inclusion in the U.S., with discussions around distributing between 10,000 to 100,000 USD per person, totaling nearly 6 billion USD [1] - A joint military exercise named "Peace Intent-2026" involving China, Russia, and South Africa will take place in mid-January, highlighting a new security cooperation model among BRICS nations [1] Commodity and Metal Market - The U.S. dollar index surpassed 99, and the LMEX index for major base metals is expected to record its fourth consecutive week of gains, with copper and aluminum prices rising over 1% [2] - Companies like Luoyang Molybdenum (03993) and China Aluminum (02600) reached historical highs [2] AI and Technology Sector - MiniMax (00100) made a significant debut on the Hong Kong Stock Exchange, opening at 235.4 HKD, a 42.67% increase from its issue price of 165 HKD [2] - AI applications are thriving, with companies like Zhizhu (02513) seeing over a 20% increase in stock price, reaching a market cap of 720 billion HKD [2] Healthcare Innovations - OpenAI launched ChatGPT Health, a dedicated space for health-related conversations, which can integrate with electronic medical records [3] - Companies like iFlytek Medical Technology (02506) reported a significant increase in stock price, with their medical deep reasoning model achieving a 94% accuracy rate in diagnostic assistance [3] Aerospace and Automotive Sector - JunDa Co. (02865) and Goldwind Technology (02208) experienced initial surges in stock prices, while CIMC Anrui (03899) continues to perform well, with over 100 million RMB in revenue from aerospace-related business [4] - Black Sesame Intelligence (02533) secured a strategic investment of 500 million RMB, boosting its stock price by nearly 5% [4] Market Trends and Stock Movements - The price of crab-eating macaques has surged to 140,000 yuan each, leading to a 7% increase in shares of Zhaoyan New Drug (06127) due to market expectations [5] - Youjia Innovation (02431) repurchased 3,004,800 shares for approximately 44.88 million HKD, indicating confidence from cornerstone investors [5] Employment Data and Legal Decisions - The U.S. Labor Department is set to release December employment data, which is anticipated to be more reliable following the longest government shutdown in history [6] - The U.S. Supreme Court will make a final decision on the legality of tariffs imposed by former President Trump, which may have limited impact on the market [6] Mining Sector Developments - Rio Tinto and Glencore are in preliminary discussions regarding a potential merger, which could create the largest mining company with a market value exceeding 200 billion USD [7] - If the merger occurs, it may lead to increased concentration in the global resources sector, impacting companies like Luoyang Molybdenum (03993) and China Aluminum (02600) [7] Company Performance and Projections - Sanhua Intelligent Control (02050) expects a net profit of 3.87 to 4.65 billion yuan for 2025, representing a year-on-year increase of 25% to 50% [8] - The company is benefiting from growing demand for cooling components in data centers and is set to produce humanoid robots, with significant revenue contributions expected starting in 2026 [9]

Core Insights - In 2025, the provincial development and reform system achieved breakthroughs in securing funding, projects, and policies [1] Funding - The province secured over 41.7 billion yuan in central funding, including long-term special bonds and central budget investments, marking a 41.6% increase [3] - In the social sector, 7.28 billion yuan was secured to support 249 urban renewal projects [3] Major Projects - The approval and commencement of the Qian-Gui Railway second line and the national approval of feasibility reports for the Yulong and Yingwu reservoirs were significant achievements [3] - The province ranked among the top in the nation for the number of approved computing infrastructure projects [3] Policy Initiatives - The province successfully included the Guiyang airport-type national logistics hub and the Zunyi national backbone cold chain logistics base in the national construction list [3] - The Qianxinan Prefecture was included in the first batch of high-quality outdoor sports destination cities in the country [3] Investment Trends - The "5+3" major projects accounted for approximately 70% of the total provincial investment in the past year [3] - Private investment growth continued to outpace overall investment growth, increasing its share to 39.4% [3] Reforms and Economic Development - The development and reform department made substantial progress in reducing electricity prices and logistics costs [3] - A special rectification of malicious competition in investment attraction was conducted, leading to the establishment of provincial centers for private and regional economic development [3] Employment and Income - The implementation of labor-for-work projects helped 196,000 rural workers increase their income by over 10,000 yuan each [3] - The province secured 7.175 billion yuan for 129 social sector projects, facilitating the construction of student dormitories at Guizhou University and five other quality provincial universities [3] - All phase two projects of five national regional medical centers commenced construction [3]

港股今日反复震荡，三大指数最终集体收涨。截止收盘，恒生指数涨0.32%或82.48点，报26231.79点， 全日成交额为2451.3亿港元；恒生国企指数涨0.1%，报9048.53点；恒生科技指数涨0.15%，报5687.14 点。全周来看，恒指累跌0.41%，国指累跌1.31%，恒科指数累跌0.86%。 东吴证券认为，港股从现在进入震荡上行期，仍需将红利作为底仓，把握上半年的科技成长行情。南向 潜在增量资金保险和固收+会继续增配价值红利。考虑估值，AH对比视角，南向资金整体会增配港股 科技成长股票，但港股科技行情仍会受海外降息节奏和美股科技行情影响，需动态观察。 蓝筹股表现 长和(00001)表现活跃。截至收盘，涨3.72%，报57.15港元，成交额6.22亿港元，贡献恒指8.75点。据媒 体引述知情人士称，长和已选择由高盛、瑞银来推进其屈臣氏集团的IPO事宜。知情人士表示，屈臣氏 集团正与投行合作，研究香港和伦敦双重上市。相关讨论仍在进行中，IPO规模和时间等细节尚属初步 计划。 其他蓝筹股方面，阿里健康(00241)涨4.72%，报5.77港元，贡献恒指2.71点；申洲国际(02313)涨4.39%， ...

Group 1 - The core viewpoint of the articles emphasizes the successful completion of 45 livelihood projects in Jiangsu Province, enhancing social security and public service systems, thereby increasing the sense of gain, happiness, and security among the people [1][2][3] - In the transportation sector, 1,400 kilometers of rural roads were newly constructed or renovated, and 330 rural bridges were upgraded, improving accessibility and safety for rural residents [1] - In housing, 771 old residential communities were renovated, and government subsidies were provided for the replacement of elevators over 15 years old, ensuring safety upgrades at minimal cost to residents [1] Group 2 - Employment support was enhanced with 349 standardized employment service stations optimized, and 25 "Suqing Stations" provided free accommodation and policy packages for job-seeking youth, facilitating closer job access [2] - In education, 30 ordinary high schools were newly built or expanded, and 224 standardized psychological counseling rooms were established in junior high schools, reflecting tangible improvements in educational quality [2] - Healthcare services saw the completion of 13 county-level maternal and child health hospitals, with HPV vaccination coverage exceeding the 2025 target, allowing residents to access quality medical services locally [2] Group 3 - The development approach in Jiangsu is characterized by a systematic work framework that ensures projects are based on community needs, with financial support increasing by 858 million yuan for university dormitory renovations and special funds for HPV vaccine supply [3] - The methodology of "asking the people for needs, advice, and effectiveness" allows for continuous optimization of livelihood projects, addressing immediate concerns while focusing on long-term development [3] - The comprehensive completion of livelihood projects reflects a harmonious relationship between individual household well-being and broader societal development, indicating a commitment to enhancing public service levels and social security systems [3]

Market Overview - The Hong Kong stock market experienced slight gains, with the Hang Seng Index rising by 0.32%, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 0.1% and 0.15% respectively [1] Sector Performance - Large technology stocks showed mixed performance, with Alibaba and JD.com rising nearly 3%, while Baidu and Meituan fell over 2%, and Tencent experienced a slight decline [1] - Barclays significantly raised its price forecasts for gold, silver, and copper, leading to renewed activity in copper and gold stocks, particularly with Zhaojin Mining hitting a historical high [1] - International oil prices rebounded to a two-week high, and the announcement of a merger between Sinopec and China Aviation Oil resulted in a general increase in oil stocks [1] - The AI healthcare sector saw a new era of growth, with internet healthcare concept stocks rising collectively [1] - Gaming stocks, which had been declining, saw a rebound, with MGM Resorts ending a five-day losing streak [1] Airline and Solar Industry - Airline stocks faced a significant drop in ticket prices, leading to a decline in the three major airline stocks, with China Eastern Airlines falling over 4% [1] - Six leading solar companies were reportedly summoned for discussions, resulting in a lackluster performance for solar stocks throughout the day [1] New Listings and Market Activity - Three new stocks were listed today, with MINIMAX-WP soaring by 109%, Jin Xun Resources rising by 29%, and Reborn Bio-B increasing by 41.6% [1] - Zhihui's stock surged over 20% on its second day of trading, reaching a market capitalization of 72 billion HKD at one point [1] Fund Flows - The Hang Seng Technology Index ETF (513180) saw a net inflow of over 5.4 billion HKD, marking 23 consecutive days of significant investment [1] - The largest Hang Seng Pharmaceutical ETF (159892) rose by 1.5%, aiming for a third consecutive day of gains, while the Hang Seng Internet ETF (513330) also saw a net inflow exceeding 3.3 billion HKD [1]