Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued a notice to promote green consumption, outlining 20 specific measures across seven areas to support the development of a green economy and society. Group 1: Green Consumption Initiatives - The notice proposes the establishment of a green consumption infrastructure project library to regularly recommend quality projects to financial institutions [1] - It supports the issuance of Real Estate Investment Trusts (REITs) for eligible projects in the infrastructure sector [1] - The Ministry of Commerce will guide localities in implementing green consumption initiatives and summarizing successful practices to further expand green consumption [1] Group 2: Promotion of Green Products - The notice emphasizes promoting green consumption in the automotive sector, supporting the purchase of new energy vehicles, and exploring the potential of the second-hand car market and new consumption models like RV camping and car-sharing [1] - It encourages the purchase of certified green smart home appliances and green building materials, focusing on energy efficiency and sustainability [1] Group 3: Green Agricultural Products - The initiative encourages enterprises to expand the procurement of green food, organic products, and geographical indication products, and to establish dedicated sales areas for these products [2] - It promotes direct sourcing activities between green agricultural production bases and large supermarkets or restaurants to increase market supply [2] Group 4: Innovation in Green Consumption Models - The notice advocates for the integration of artificial intelligence with green consumption to innovate smart products and enhance resource utilization through advanced technology [2] - It calls for stronger policy integration to support green consumption initiatives alongside modern commerce and retail innovations [2] Group 5: Financial Support for Green Consumption - The notice encourages financial institutions to increase support for green consumption loans and to provide convenient services for users with good green consumption records [2] - It promotes the development of insurance products for green consumption and the establishment of a project library for green consumption infrastructure [3]

一是以政务环境"优"促运转高效。汕头以"能取消的取消、能下放的下放、能上网的上网、能秒批的秒 批"为原则，深化综合审批制度改革，在简政放权、数字赋能、服务升级三方面取得积极成效。简政放 权方面，累计形成三批免提交清单，涉及211项政务服务事项、290项证明材料；争取7项省级行政职权 由南澳县实施，进一步便利基层企业。数字赋能方面，实现高频政务服务事项全流程网办275项、跨域 通办事项超1500项；推出119项"秒报"和40项"秒批"服务，大幅提升办事效率。服务升级方面，创新推 出"新办纳税人开业"等11项本地"特色一件事"，上线23项"高效办成一件事"服务；12345热线涉企诉求 按时办结率100%，满意率达99.63%。提供重点项目代办服务，实现功能区和产业园区全覆盖。 二是以市场环境"好"助安商惠商。汕头聚焦企业关切，多措并举降低经营成本、激发市场活力。降本减 负方面，全市新发放贷款加权平均利率同比下降0.69个百分点，为企业节约利息成本4.02亿元；"汕金惠 企通"平台撮合融资197.2亿元，承保金额26.63亿元。便利准入方面，全面落实市场准入负面清单制度， 在2024年省效能评估中获评"优秀"。优化 ...

对冲基金经理雷伊・达利欧发文警告，曾推动华尔街科技股走高的人工智能（AI）热潮目前已进入泡 沫初期阶段。他指出，2025年美国股市表现显著落后于非美股市及黄金资产。"显然，相较于美国股 票，投资者更愿意配置非美股票；同理，他们也更倾向于持有非美债券，而非美国债券与美元现 金。""当然，未来美联储的政策走向以及生产力增速，都存在巨大的不确定性。" 达利欧表示。"种种 迹象表明，新任美联储主席及联邦公开市场委员会，大概率会倾向于压低名义利率与实际利率。这一举 措虽会对资产价格形成支撑，但也会进一步吹大泡沫。" 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Viewpoint - The article discusses the significant correlation between the Hong Kong stock market and the Renminbi (RMB) since 2016, highlighting a recent divergence where the RMB appreciated rapidly while the Hong Kong stock market struggled to gain momentum [1][2]. Group 1: RMB and Hong Kong Stock Market Relationship - Historically, there has been a notable positive correlation between the RMB and the Hong Kong stock market, with a negative correlation of -0.54 between the Hong Kong stock index and the USD/RMB exchange rate since 2016 [2][7]. - When the RMB appreciates by more than 1.5% in a month, the Hang Seng Index has a 93.5% probability of rising in that month [2][7]. - However, since November 13, 2025, the RMB appreciated by 1.9%, while the Hang Seng Index fell by 4.8%, marking a significant divergence from historical trends [2][24]. Group 2: Reasons for the Divergence - The weak performance of key sectors in the Hong Kong stock market has limited the RMB's ability to amplify profits for Hong Kong-listed companies [3][30]. - The appreciation of the RMB can both amplify profits and losses, and the earnings per share (EPS) for the Hang Seng Index has been declining since the fourth quarter of 2025, weakening the revaluation effect [3][30]. - The real estate and energy sectors, which are typically favored during RMB appreciation, have not stabilized, further dragging down the Hong Kong stock market [3][30]. Group 3: Future Outlook for RMB and Hong Kong Stock Market - There is potential for the Hong Kong stock market to realign with the RMB as earnings improve and foreign capital flows increase [4][50]. - The combination of rising earnings expectations and the current downward adjustment in profit forecasts may signal a recovery in the Hong Kong stock market [4][50]. - The recovery of the Producer Price Index (PPI) could attract foreign investment, enhancing the reallocation of domestic savings towards the Hong Kong stock market [4][58]. - Looking ahead, the RMB's appreciation may once again support the Hong Kong stock market, especially after the year-end profit-taking period ends, which typically leads to a strong January effect [4][67].

Market Overview - US stock index futures showed mixed performance with Dow futures down 0.08%, S&P 500 futures up 0.25%, and Nasdaq futures up 0.63% [1] - European indices also saw gains, with Germany's DAX up 0.68%, UK's FTSE 100 up 0.18%, France's CAC40 up 0.16%, and the Euro Stoxx 50 up 0.65% [2] Oil Market Dynamics - WTI crude oil rose by 0.63% to $57.68 per barrel, while Brent crude increased by 0.51% to $61.06 per barrel [3] - The arrest of Venezuelan President Maduro led to a drop in oil prices, alleviating inflation concerns and causing US Treasury yields to rise [4] - Goldman Sachs indicated that the short-term impact on oil prices from the Venezuelan situation is expected to be limited, but long-term production may increase, potentially putting pressure on global oil prices [6] Company-Specific News - Chevron (CVX.US) stock rose by 6% in pre-market trading following the US government's actions in Venezuela, which may lead to a relaxation of sanctions on Venezuelan oil [9] - Tesla (TSLA.US) faced challenges in the Chinese market, with a significant decline in annual shipments compared to 2024, losing its top position in the electric vehicle market to BYD [10] - Novo Nordisk (NVO.US) launched its oral weight loss drug Wegovy in the US, priced at $149 per month for self-paying patients, which could enhance its competitive position against Eli Lilly (LLY.US) [10] - L3Harris Technologies (LHX.US) is nearing a significant deal to sell 60% of its aerospace and propulsion business to AE Industrial Partners, focusing on national security technology [11] - Trump Media Technology Group (DJT.US) saw a surge in short positions following a merger announcement with TAE Technologies, valued at over $60 billion [12]

Core Viewpoint - The Ministry of Commerce and nine other departments jointly issued a notice to promote green consumption during the "14th Five-Year Plan" period, aiming to enhance the green consumption incentive mechanism and facilitate a transition to a green, low-carbon lifestyle, thereby injecting green momentum into high-quality development [2][3][4]. Group 1: Green Agricultural Products - The notice encourages enterprises to expand the procurement of high-quality green food, organic agricultural products, and geographical indication products, and supports the establishment of dedicated sales areas for green agricultural products [2]. - It promotes direct procurement activities between green agricultural production bases and large supermarkets, community stores, and catering enterprises to increase the market supply of quality green agricultural products [2]. Group 2: Green Home Appliances and Renovation - The notice advocates for the purchase of green certified smart home appliances and encourages the use of green building materials in home renovations [3]. - It aims to improve energy and water efficiency standards for home appliances and supports the inclusion of qualified green home appliance brands in the list of Chinese consumer products [3]. Group 3: Green Automotive Consumption - The notice supports consumers in purchasing new energy vehicles and aims to strengthen the automotive industry chain while exploring the potential of the used car market and new consumption models such as RV camping and car-sharing [3]. Group 4: Green Dining - The notice urges catering service providers to comply with relevant laws and standards, promoting practices that reduce waste and encourage the use of biodegradable packaging [3]. - It encourages initiatives like the "Clean Plate Campaign" and the introduction of "green dining" service labels by internet platforms [3]. Group 5: Green Accommodation - The notice promotes the development of green hotels that utilize non-toxic, water-saving, and biodegradable cleaning products, and encourages the use of refillable toiletries [4]. - It suggests that online platforms actively promote green hotels through special designations and incentives for consumers [4]. Group 6: Green Housekeeping - The notice advocates for the use of environmentally friendly housekeeping products and innovative service models, including online booking and shared housekeeping services [4]. - It encourages the application of smart devices to enhance the efficiency and quality of housekeeping services [4]. Group 7: Financial Support for Green Consumption - The notice encourages financial institutions to increase support for green consumption loans and to provide convenient services for users with good green consumption records [4]. - It promotes the innovation of financial products to support green consumption, including insurance and the establishment of a project library for green consumption infrastructure [4].

Core Insights - The Hong Kong IPO market experienced a strong recovery in 2025, with 119 new companies listed, marking a significant increase in fundraising and a resurgence in investor interest [3][20] - The total amount raised reached nearly HKD 290 billion, a year-on-year increase of 224%, reclaiming the top position globally for IPO financing [4][20] - A notable 24 new stocks saw their prices double, highlighting a robust "money-making effect" for investors [4][20] Key Data Highlights - In 2025, 119 companies successfully listed on the Hong Kong Stock Exchange, representing a growth of over 60% compared to previous years [4][14] - The number of companies with stock price increases exceeding 100% accounted for over 20% of the new listings, significantly surpassing the average of the past five years [4][15] - Exceptional cases included the listing of Jinye International Group, which achieved a subscription rate of 11,465 times, and Miexue Group, which raised HKD 1.84 trillion in frozen capital, becoming the "frozen capital king" of Hong Kong IPOs [4][15] Market Dynamics - The recovery of the IPO market was driven by multiple factors, including policy incentives, capital inflows, and industry developments [6][16] - The introduction of the "Science and Technology Enterprise Special Line" in May 2025 improved the listing efficiency for innovative companies, while the IPO pricing mechanism reform in August reduced the new stock failure rate to 28.83%, the lowest in five years [6][16] - The influx of 19 A-share companies into the Hong Kong market raised nearly HKD 140 billion, accounting for almost half of the total IPO amount for the year [6][16] Capital Flow and Investor Behavior - 2025 saw a significant increase in southbound capital inflows, providing strong support for the new stock market [7][17] - Foreign capital also returned, with major investment institutions participating in cornerstone subscriptions, doubling their investment amounts compared to the previous year [7][17] - Despite the overall positive performance, signs of market differentiation emerged in the fourth quarter, with an increase in the failure rate of new stocks, prompting a shift in investor strategy towards selective targeting of quality stocks [8][18] Outlook for 2026 - The outlook for the Hong Kong IPO market in 2026 remains optimistic, with over 300 listing applications already submitted, indicating a robust supply of new stocks [8][19] - Predictions suggest around 160 new listings in 2026, with total fundraising expected to reach at least HKD 300 billion, and some estimates going as high as HKD 330 billion [8][19] - High-tech, biomedicine, and advanced manufacturing sectors are expected to dominate new listings, reinforcing Hong Kong's position as a gateway for investment in Chinese assets and high-tech industries [8][19]

下一步，国家外汇管理局北京市分局将不断完善绿色外债试点运行机制，持续跟踪试点政策实施效果， 加强政策宣传与指导，充分释放试点政策红利，推动做好金融"五篇大文章"，服务实体经济高质量发 展。 绿色外债试点政策是国家外汇管理局深入贯彻落实党中央、国务院绿色金融发展决策部署，支持绿色金 融发展的一项新政，北京地区被列入首批试点。国家外汇管理局北京市分局经国家外汇管理局同意发布 《绿色外债试点业务指引（试行）》（京汇发〔2025〕74号文印发），积极支持辖内非金融企业借入外 债资金用于绿色或低碳转型项目。试点政策生效首日，辖内银行成功为4家企业办理绿色外债签约登 记，签约金额合计逾6000万人民币，所涉资金将投向于光伏行业、绿色智能交通体系及信息化建设等， 为首都绿色金融再添新章。 北京商报讯（记者 岳品瑜 董晗萱）2026年1月5日，据人民银行北京市分行官微消息，绿色外债试点政 策施行首日四笔业务顺利落地。 ...

Core Viewpoint - The article emphasizes the importance of promoting green consumption as a means to accelerate economic and social development while achieving a comprehensive green transformation during the "14th Five-Year Plan" period [1]. Group 1: Enriching Green Product Supply - Encourage the supply of green agricultural products, including organic and high-quality goods, and support the establishment of dedicated sales areas for these products [1]. - Promote the purchase of green home appliances and building materials, focusing on energy efficiency and sustainability [2]. - Support the consumption of new energy vehicles and explore the potential of the automotive aftermarket [2]. Group 2: Enhancing Green Service Consumption - Develop green dining practices by encouraging restaurants to adopt standards that reduce waste and promote the use of biodegradable materials [3]. - Foster green accommodation by promoting eco-friendly practices in hotels and encouraging the use of sustainable products [4]. - Innovate in green housekeeping services by promoting the use of non-toxic cleaning products and smart home technologies [4]. Group 3: Innovating Green Consumption Models - Promote the development of green supply chains and encourage the use of environmentally friendly products and packaging [5]. - Establish a green consumption points system to incentivize consumers for purchasing green products and services [5]. - Encourage innovative sharing models in green consumption, leveraging technology for efficient resource use [6]. Group 4: Promoting Green Circular Recycling - Reduce the use of single-use plastic products and promote the use of reusable alternatives [7]. - Establish a comprehensive recycling system for waste materials, focusing on furniture, electronics, and textiles [8]. - Support the development of second-hand goods markets and encourage community initiatives for recycling and reuse [8]. Group 5: Optimizing the Green Consumption Environment - Promote energy-efficient facilities and encourage the use of green electricity in businesses [9]. - Raise awareness of green consumption and advocate for low-carbon lifestyles among consumers [9]. - Strengthen public awareness campaigns to promote green consumption as part of national environmental initiatives [9]. Group 6: Strengthening Policy Support - Enhance policy integration and coordination among various departments to support green consumption initiatives [12]. - Increase credit support for green consumption loans and encourage financial institutions to collaborate with businesses [12]. - Innovate financial products to provide insurance and investment opportunities for green consumption projects [12].

Core Viewpoint - The Ministry of Commerce and nine other departments jointly issued the "Notice on Implementing Green Consumption Promotion Actions," outlining arrangements for green consumption during the 14th Five-Year Plan period, aiming to enhance the incentive mechanism for green consumption and promote a green, low-carbon lifestyle for high-quality development [1][5]. Group 1: Enhancing Green Product Supply - The notice emphasizes increasing the supply of green agricultural products, encouraging enterprises to expand procurement of high-quality items such as organic and geographical indication products, and supporting the establishment of dedicated sales areas for green products [2][6]. - It advocates for the promotion of green home appliances and home decoration, encouraging the purchase of certified green products and improving energy and water efficiency standards [2][6]. - The notice also supports the promotion of green automotive consumption, including the purchase of electric vehicles and the exploration of potential in the used car and car-sharing markets [2][6]. Group 2: Improving Green Service Consumption - The notice calls for the development of green dining services, urging restaurants to implement standards that reduce waste and promote the use of biodegradable packaging [3][7]. - It highlights the need for green accommodation, encouraging hotels to adopt eco-friendly practices and provide sustainable amenities [3][7]. - The notice promotes green housekeeping services, advocating for the use of non-toxic cleaning products and innovative service models [3][7]. Group 3: Financial Support for Green Consumption - The notice proposes increasing credit support for green consumption loans, encouraging financial institutions to offer favorable services to consumers with good green consumption records [4][8]. - It calls for the innovation of financial products to provide insurance for green consumption and the establishment of a project library for green consumption infrastructure [4][8].