Macro Economy - The State Council has deployed a package policy for fiscal and financial coordination to promote domestic demand, emphasizing the importance of effective demand expansion and innovative macro-control measures [2] - The National Business Work Conference highlighted the need to accelerate the cultivation of new growth points in service consumption and optimize the implementation of the old-for-new consumption policy [3] - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026, and a reduction in the VAT export tax rebate rate for battery products from 9% to 6% until the end of 2026 [4] Capital Market - The China Securities Regulatory Commission has significantly increased the rewards for whistleblowers reporting violations in the securities and futures markets, with the maximum reward rising to 1 million yuan for major cases [10] - The Shanghai Stock Exchange issued over 130 disciplinary penalties for information disclosure violations in 2025, with a focus on financial fraud and serious violations leading to delisting [11] Industry Dynamics - The first successful flight of the "Tianma-1000" unmanned transport aircraft was reported, which is designed for logistics transport and emergency rescue, showcasing its capabilities in complex terrains [16] - New Jian Transmission, a first-tier supplier for humanoid robots, has initiated its IPO process, indicating strong industry interest due to its connection with Tesla's Optimus supply chain [17] - The domestic first 3D-printed aviation engine has completed its flight test, marking a significant milestone in China's aerospace technology [30] Company News - Tianpu Co., Ltd. is under formal investigation for significant disclosure omissions, raising concerns about its market conduct [33] - Guizhou's Green Land Holdings has projected a net loss of 16 billion to 19 billion yuan for 2025, attributed to declining asset prices and increased promotional efforts [36] - The stock of Guozheng Technology is set to resume trading after a suspension due to abnormal price fluctuations, with an expected net loss for the fiscal year [39]

Group 1 - The new fiscal budget for Hong Kong will be announced on February 25, benefiting from a robust financial market and increased overall revenue, including stamp duty, allowing the government to restore operating surplus earlier than expected [1][3] - The financial sector, which accounts for 26% of Hong Kong's GDP, showed strong performance last year, leading to greater market demand and positive expectations for the industry [3] - The trade sector, contributing 15% to the GDP, also supported the economy due to strong exports, while major events attracted more tourists, enhancing the market atmosphere [3] Group 2 - The government has implemented a strengthened fiscal consolidation plan, achieving some success in controlling expenditure growth, although overall spending continues to rise, with education, healthcare, and social welfare accounting for nearly 60% of government expenditure [3] - The government plans to invest in future developments, particularly in the Northern Metropolis area, despite recording a deficit in the capital account due to increased investment in public works [3][4] - The ratio of the government's outstanding debt to GDP is approximately 12%, which is considered very healthy on an international scale [4]

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 - In 2025, the general public budget revenue in Guangxi is projected to reach 192.205 billion yuan, a year-on-year increase of 4.6%, while general public budget expenditure is expected to be 674.218 billion yuan, up 4.2%, marking the first time in nearly six years that both revenue and expenditure have shown continuous growth for 12 months [2] - Guangxi plans to allocate over 373 billion yuan to major projects such as the Pinglu Canal and the Beibu Gulf International Gateway Port, and over 200.75 billion yuan to support a new round of industrial revitalization and industrial park development [2] - The region will also utilize 296.46 billion yuan in special long-term bonds and matching funds to support the implementation of "two new" policies and accelerate the landing of "two heavy" projects, aiming to boost consumption and stimulate domestic demand [2] Group 2 - In 2025, the total tax reductions and refunds for supporting technological innovation and manufacturing development are estimated to exceed 26 billion yuan, with administrative fees decreasing by 13.9% year-on-year, enhancing market vitality [3] - The financial support plan for enterprises aims to provide over 115.1 billion yuan in subsidized loans, benefiting more than 44,000 business entities and reducing financing costs by over 1.2 billion yuan [3] - The Guangxi government investment guidance fund has facilitated investments in 147 local enterprises, including 45 high-tech companies and 34 specialized and innovative small enterprises [3] Group 3 - Guangxi has established 11 policy measures to support the development of new productive forces, with an annual budget of 15 billion yuan, totaling nearly 45 billion yuan over three years [4] - The funding for digital construction in Guangxi is set at 700 million yuan, a 133.3% increase year-on-year, aimed at supporting artificial intelligence infrastructure and international cooperation [4] - In 2025, social spending in Guangxi is projected to reach 539.235 billion yuan, accounting for 80% of general public budget expenditure, with significant increases in education, social security, and health spending [4]

Regulatory Developments - The National Internet Information Office has drafted the "Regulations on the Collection and Use of Personal Information by Internet Applications (Draft for Comments)," which prohibits frequent requests for personal information permissions that affect users' normal use of other functions [1] - The State Administration for Market Regulation has announced a revised "Complaint Handling Measures for Market Supervision," effective from April 15, which clarifies the jurisdiction of complaints for online stores and live broadcast platforms, and aims to regulate malicious claims [1] Economic Insights - The Ministry of Commerce has issued a task for comprehensive pilot projects to expand the opening of the service industry in Dalian and eight other cities [2] - The National Healthcare Security Administration has revised the coding rules for traditional Chinese medicine pieces, assigning a new "medical identity" to each piece [2] - China's chief economist forum indicates a historic shift in China's financial structure, with a decrease in the proportion of indirect financing and an increase in direct financing [2] - Predictions suggest that monetary policy will likely adopt a "small step" approach in the near term, with room for rate cuts [2] - A significant shift of funds from deposits to asset management products is expected as a large volume of fixed-term deposits matures this year [2] Investment Trends - Rising storage costs have begun to impact the consumer electronics sector, leading to price increases for smartphones and laptops, particularly among leading PC manufacturers [4] - Fund companies have been notified to utilize more QDII quotas for public offerings, which is seen as a measure to guide financial resources towards ordinary investors [4] - The Hong Kong stock market has seen a net subscription of over 10 billion in thematic ETFs within the first four trading days of the year, with several ETFs reaching new highs since their launch [4] - Gold prices have reached historical highs multiple times in 2025, with a cumulative increase of over 60%, while the US dollar index has dropped by 9.4% [4][5] Company Movements - Hangzhou Xinjian Electromechanical Transmission Co., Ltd. has initiated listing guidance with CITIC Securities as the advisory institution, noted for its close ties to Tesla's Optimus supply chain [6] - Xiaomi's CEO expressed pride in the SU7 model, which has reportedly outperformed the Tesla Model 3 in sales [6] - The new chief scientist at Tencent indicated that the potential for productivity improvements related to current models is just beginning to be realized [6] - BAIC New Energy and Beijing Mobility have launched a pilot operation for the BAIC Arcfox Alpha S (L3 version) on designated highways, with plans to gradually open to individual users by the second quarter of this year [6] - Changying Precision has stated that while it provides structural components for portable satellite communication stations, this business constitutes a very small portion of its revenue [6]

2026.01. 10 在黄奇帆看来，资本市场两个"轮子"一起转，形成国民经济的一个重要推动力。解决中国企业效益问题和风险问 题，需要形成长期的、可持续的企业资本金补充机制，额外调度资金降低企业负债率。 两个"轮子"要一起转 "我们国家长期存在的问题就是工商企业股权资本不够、补充机制不够，（往往）起步的时候够了，过五年、十 年又不够了，没有形成长远的补充机制。"黄奇帆说。 他提到，上世纪90年代由国家主导的国有企业破产核销坏账和债转股，以及股票市场的建设发展，对补充企业 资本起到了重要作用。 "到2000年的时候，中国上市公司的资本金一度达到70%以上，国有企业资本金也都在50%以上，这个时候是比 较丰富的。但是，过了十年，不管国有企业还是民营企业，包括上市公司在内，我国的企业负债率都在70%左 右，它们的债务资本是净资本的200%，比美国、欧洲工商企业30%～40%的负债率高了1倍。这个问题长期存 在，其实就是中国企业效益问题、风险问题等各种比较脆弱问题的一个聚焦点。"黄奇帆说。 "所以，怎么样解决好中国企业，包括国有、民营、上市公司在内的企业资本金的持续形成机制，是国民经济体 制改革的重要环节，"他认为， ...

Core Viewpoint - The primary mission of the financial industry is to serve the real economy, with an emphasis on financial innovation to promote economic innovation and enhance wealth accumulation for widespread benefits [3]. Group 1: Future Development Direction - Financial innovation should be leveraged to foster economic innovation and support the continuous growth of national wealth [3]. - The financial industry must focus on the implications of wealth accumulation and its role in promoting inclusive wealth growth [3]. Group 2: Current Challenges - The rapid advancement of technology and information poses significant challenges, particularly concerning "black and gray industries" and risk prevention [3]. - The diversity of financial risks has increased, blurring the lines between traditional financial risks and non-financial risks, which requires urgent attention and effective solutions [3]. - Defining the boundaries of financial business and balancing financial innovation with risk management will be critical challenges for the industry moving forward [3].

Employment Data Overview - December non-farm payrolls increased by 50,000, below the expected 60,000, while the unemployment rate fell to 4.4%[2] - The labor force participation rate declined to 62.4%, which statistically suppresses the unemployment rate, diluting its actual significance[4] Employment Sector Insights - Private sector added 37,000 jobs, with leisure and hospitality, and education and healthcare contributing 88,000 jobs combined, significantly boosting overall non-farm employment[14] - Job losses were evident in the goods-producing sectors, with construction, manufacturing, and mining losing 11,000, 8,000, and 2,000 jobs respectively, indicating weakening demand in the real economy[14] Wage Trends - Average hourly earnings in the service sector rose by 3.7% year-on-year, while goods-producing sectors saw a 4.1% increase, driven more by structural factors than by demand[20] - The increase in average wages reflects a structural effect where low-wage positions are being eliminated, raising the average wage of remaining employees[20] Monetary Policy Outlook - The probability of a rate cut in January is near zero, with the Federal Reserve likely to maintain a cautious stance due to the current employment and inflation dynamics[24] - The Fed's policy decisions will be influenced by upcoming inflation data and potential changes in the Federal Open Market Committee (FOMC) membership, which could reshape market expectations[24]

Core Viewpoint - The development of the Huangpu River and Suzhou River waterfront areas during the 14th Five-Year Plan period has significantly enhanced public spaces, transportation accessibility, and cultural activities, making these areas popular destinations for residents and tourists [2][3][5]. Group 1: Waterfront Development - During the 14th Five-Year Plan, 24 kilometers of new waterfront connectivity were added along the Huangpu River, with over 80 hectares of new riverside green spaces and public areas along the Suzhou River [3]. - The Huangpu River waterfront has seen the construction of over 520 hectares of new waterfront green spaces and public areas, including parks and cultural sites [3]. - Key projects include the completion of the Yangpu Riverside Park and various ecological corridors, enhancing the overall landscape and recreational opportunities [3][4]. Group 2: Transportation Improvements - The construction of Metro Line 23 has commenced, along with the initiation of several river tunnels and bridges, improving connectivity across the waterfront [4]. - Upgrades to riverside roads and the establishment of new ferry terminals have strengthened waterway access and transportation options for visitors [4]. Group 3: Cultural and Recreational Activities - Over 60,000 square meters of high-grade public facilities have been built, including cultural centers and museums, enhancing the cultural landscape along the rivers [5]. - A variety of sports and cultural events, such as the Shanghai Tourism Festival and the International Light and Shadow Festival, have been organized, attracting significant visitor numbers [5]. - By 2025, over 800 themed events are expected to be held along the waterfront, with peak attendance exceeding 120,000 in certain areas [5]. Group 4: Economic Development - The formation of world-class waterfront business districts is underway, with a focus on finance, technology, and culture, particularly in the "Golden Triangles" of the city [6]. - New industries are rapidly emerging in areas like digital economy and cultural creativity, with significant developments in the Yangpu Riverside area [6]. Group 5: Governance and Community Engagement - The governance model for waterfront areas is shifting from management to service, with enhanced community involvement and resource sharing among districts [7]. - Initiatives have been implemented to improve public service facilities and ensure accessibility for all age groups, including the establishment of barrier-free zones [7].

Core Viewpoint - Shenzhen is accelerating its development as a leading demonstration zone for socialism with Chinese characteristics, leveraging its unique urban positioning and economic vitality to achieve high-quality growth [1]. Group 1: Urban Positioning - Shenzhen has transformed from an early processing trade model to a technology-driven industrial transformation, supported by multiple strategic advantages such as being a special economic zone and a core engine of the Guangdong-Hong Kong-Macao Greater Bay Area [1][10]. - The city aims to cultivate new productive forces, with the added value of strategic emerging industries accounting for 42.3% of GDP in 2024, maintaining the highest total industrial output value and added value among cities in China for three consecutive years [1][18]. Group 2: Industrial Growth - Shenzhen has established leading advantages in several frontier industries, including a complete semiconductor and integrated circuit supply chain, rapid growth in the smart connected vehicle sector, and a strong foundation in high-end medical devices [2][18]. - The "20+8" industrial cluster strategy is being upgraded to create several trillion-yuan and 500-billion-yuan industrial clusters, showcasing strong development potential [1][18]. Group 3: Collaborative Development - The city's development relies on both internal collaboration and close ties within the Greater Bay Area, with key districts like Nanshan and Futian leading in technological innovation and international finance, respectively [2][18]. - Shenzhen's cooperation with Hong Kong is advancing towards deeper integration of rules and cross-border flow of innovative factors, while collaboration with surrounding cities like Dongguan and Huizhou forms an efficient industrial chain [2][18]. Group 4: Advantages and Challenges - Shenzhen's high-quality development is supported by its innovative capabilities, with a 10.5% year-on-year growth in the added value of strategic emerging industries in 2024, and a significant increase in high-tech manufacturing investments [18][25]. - The city faces challenges such as external uncertainties, competition in key technologies, and regional competition, necessitating continued efforts in economic reform, optimizing the business environment, and enhancing the innovation ecosystem [3][18]. Group 5: Future Opportunities and Policy Recommendations - The report emphasizes the need for Shenzhen to strengthen its competitive edge in artificial intelligence, semiconductors, and biomedicine through institutional innovation and capital empowerment, positioning itself as a global leader in industrial innovation [3][18].