Group 1 - The latest price of February gold futures is $4481.00 per ounce, down $6.90 from the previous close, reflecting a decline of 0.16% [1] - The trading range for the day is between $4485 and $4493.7 per ounce, with an opening price of $4489.30, which is higher than the previous close of $4487.90 [1] Group 2 - The U.S. non-farm payroll report for December 2025 is expected to show an increase of approximately 60,000 jobs, with an average hourly wage growth of 0.3% month-on-month and a year-on-year increase of 3.6%, while the unemployment rate is projected to slightly decrease to 4.5% [3] - Market expectations indicate that the Federal Reserve is likely to pause interest rate cuts this month unless there is a negative job growth or the unemployment rate rises above 4.7% [3] - The report's release may be overshadowed by a Supreme Court ruling on Trump's "emergency" tariffs, potentially limiting immediate market volatility [3] Group 3 - February gold futures closed at $4436.00 per ounce, significantly down from $4475.6, indicating a short-term correction phase [4] - The price has effectively broken below the upper Bollinger Band, with the RSI falling to around 50, shifting from a neutral to a balanced state [4] - Despite the significant increase in actual non-farm payroll data to 1.369 million, which exceeded the expected 690,000, gold prices did not experience dramatic fluctuations as the market had already priced in the positive news [4] - Major institutions like Goldman Sachs, UBS, and JPMorgan maintain a target price for 2026 between $4900 and $5055, driven by ongoing central bank gold purchases and expectations of Fed rate cuts [4]

Market Overview - Stock benchmarks are expected to open slightly higher after four consecutive sessions of losses due to renewed US tariff concerns, with investors awaiting a US Supreme Court ruling on the legality of the tariffs [1][3] - Nifty and Sensex have declined by 1.7% and 1.8% respectively over the last four sessions, following US President Trump's indication of potential tariff increases on Indian goods due to India's purchase of Russian crude [2] Tariff Impact - The US has imposed tariffs of up to 50% on imports from India, which is the second-largest buyer of Russian oil, while India is working on finalizing a trade deal with the US [2] - A US Supreme Court ruling that deems the tariffs "illegal" could result in the US government needing to refund nearly $150 billion to importers [3] Investor Sentiment - Analysts expect buying interest around current market levels after the recent decline, but emphasize that resolution of trade uncertainties and strong domestic corporate earnings are essential for a sustained market uptrend [3] Foreign Investment - Foreign portfolio investors have sold approximately $900 million worth of Indian shares in January 2026, following record outflows of $19 billion in 2025 [4] Company News - Reliance Industries is considering purchasing Venezuelan oil if sales to non-US buyers are permitted [5] - Bajaj Finserve reports that Bajaj Group has acquired a 23% stake in its insurance subsidiaries from Allianz SE for 213.90 billion rupees ($2.38 billion) [5] - BHEL has secured an order worth 54 billion rupees from JV Bharat Coal Gasification & Chemicals [5] - Venus Remedies has received marketing authorization in Indonesia for its antibiotic combination Ceftazidime and Avibactam [5]

消息面上，1月6日，九方智投控股发布公告，内容有关(其中包括)收购目标公司JF Financial Company Limited(前称Yintech Financial，"JF Financial")全部股权及核心信息系统。于本公告日期，完成收购事项 的所有先决条件已获达成。完成已于本公告日期作实。于完成后，目标集团的成员公司由公司持有 100%，并合并为公司的全资附属公司；及公司取得核心信息系统的所有权。 九方智投控股(09636)盘中涨超4%，截至发稿，涨3.96%，报57.7港元，成交额7593.43万港元。 ...

Core Viewpoint - ESG financing integrates Environmental, Social, and Governance factors into financing decisions, emphasizing sustainable development for companies in Hong Kong, which can help reduce risks, enhance returns, attract more investments, and promote a sustainable economic system [1] Group 1: Advantages - Enhanced competitiveness: Implementing ESG practices fulfills social responsibilities, attracts investors, and strengthens market competitiveness [2] - Cost reduction: Companies with good ESG performance can secure low-cost financing that aligns with investor preferences [3] - Reputation enhancement: ESG practices help shape brand image and gain trust from consumers and investors [4] Group 2: Innovative Cases - Green bonds: The Hong Kong government issued $5.75 billion equivalent in green bonds, marking the largest ESG bond issuance in Asia, with companies actively following suit [5] - ESG funds: The scale of ESG funds in Hong Kong reached $151 billion, providing diversified financing channels for companies [6] - Transition finance: The Hong Kong Monetary Authority is actively exploring transition finance to assist traditional industries in achieving carbon reduction goals [7] Group 3: ESG Performance Standards - ESG performance standards require companies to demonstrate energy conservation and emission reduction, safeguard employee rights, promote community development, and maintain transparent governance structures [7] - Clear target plans: Companies should set clear ESG goals and implementation plans, ensuring they are measurable, achievable, relevant, and time-bound [7] - Information disclosure norms: Companies must adhere to the Hong Kong Stock Exchange's ESG disclosure rules, regularly publishing ESG reports to ensure transparency and accuracy [7] Group 4: Process for ESG Financing - Self-assessment: Companies should evaluate their current ESG status, set strategic goals, and build management systems [8] - Channel selection: Options include green bonds for specific environmental projects, ESG funds for equity financing, and sustainability-linked loans [8] - Material preparation: Companies need to prepare ESG reports, project feasibility reports, and financial statements [9][10] - Contract signing and disbursement: After approval, companies sign agreements to receive funds as per the terms [11] - Monitoring and disclosure: Companies must track ESG performance and regularly disclose information to ensure compliance [12] - ESG report verification: Utilizing professional auditing procedures to verify ESG report data enhances credibility for investors [12] - Consulting and planning services: Professional expertise helps companies build ESG management systems, set strategic goals, and assess ESG risks and opportunities [12] - Financial data support: Providing professional support for cost-benefit analysis and financial forecasting related to ESG projects [12] - Due diligence assistance: Offering financial and ESG-related data interpretation during financing due diligence to help financing institutions understand company conditions [12] Group 5: Conclusion - ESG financing is becoming a key pathway for sustainable development for companies in Hong Kong. In a complex financing environment, companies must adhere to financing conditions and standardized processes to seize opportunities. Hong Kong accounting firms, through professional services, provide full-process support, which will enhance the competitiveness of Hong Kong companies in the international market and promote regional economic green transformation [13]

Macro Commentary - Global markets showed mixed performance, with the Hang Seng Index closing at 26,149, down 1.17% for the day but up 2.02% year-to-date [1] - The US stock market exhibited varied results, with the Dow Jones increasing by 0.55% and the S&P 500 slightly up by 0.01%, while the Nasdaq fell by 0.44% [1] - The Eurozone's unexpected drop in PMI to 6.3% indicates a potential slowdown, with implications for the European Central Bank's interest rate decisions [3] Sector Performance - In the Hong Kong market, the financial sector led declines with the Hang Seng Financial Index down 1.53%, while the real estate sector saw a gain of 1.04% [2] - The Chinese stock market experienced a pullback, particularly in the non-bank financial, non-ferrous metals, and telecommunications sectors, while defense, media, and construction sectors showed strength [3] Economic Insights - The US economy remains resilient, supported by a strong services sector, with the services PMI reaching a one-year high, while manufacturing PMI continues to contract [4] - The labor market shows signs of resilience, with initial jobless claims lower than expected, indicating a stable employment environment despite some signs of slowdown [3][4] - Oil prices are influenced by US inventory declines and strategic moves by the White House to control oil prices around $50, aiming to reduce inflation and support political approval [3]

Group 1: Reliance Industries - Reliance Industries (RIL) is awaiting clarity on access to Venezuelan crude oil for non-US buyers following a major military operation by Washington in Venezuela [1] - Speculation suggests that the US intervention is unlikely to result in an immediate increase in crude oil production and exports from Venezuela's aging infrastructure within the next six months [1] Group 2: Bharat Forge - Bharat Forge has signed a strategic collaboration agreement with Germany-based Agile Robots SE to explore AI-driven robotics and intelligent industrial automation [2] - The collaboration aims to deploy advanced solutions in the automotive, healthcare, and consumer electronics sectors [2] Group 3: Bajaj Finserv - Bajaj Finserv, along with Bajaj Holdings & Investment Ltd and Jamnalal Sons Private Ltd, has acquired a 23% stake in its insurance subsidiaries from Allianz SE for ₹21,390 crore [3] - This acquisition increases Bajaj Group's ownership in Bajaj General Insurance and Bajaj Life Insurance to 97%, providing complete control with a 75.01% stake [3] Group 4: Hindustan Unilever - Hindustan Unilever Ltd (HUL) has received an income tax assessment order of ₹1,559.69 crore for the financial year 2021-22 [4] - HUL stated that the order will not materially impact its financials or operations and plans to appeal the decision [4] Group 5: National Stock Exchange of India - The National Stock Exchange of India (NSE) is in discussions for a strategic collaboration with Indian Gas Exchange (IGX) to develop Indian Natural Gas Futures [5] - This partnership aims to leverage NSE's derivatives market expertise and IGX's capabilities in spot natural gas trading [5] Group 6: Bartronics India - Bartronics India has approved an investment of up to ₹3 crore to acquire up to 51% equity in Shree Naga Narasimha [6] - The investment is intended for strategic expansion and to achieve operational and financial synergies [6] Group 7: Prestige Group - Prestige Group, through Canopy Living LLP, has signed an agreement to purchase a 16.381-acre land parcel in Padi, Chennai, from Sundaram Clayton [7] Group 8: PM Green - PM Green, a subsidiary of Power Mech Projects, has secured a ₹3,126 crore order from WBSEDCL to set up a 1,000 MWh battery storage system [8] - The order includes a 100% off-take guarantee and a greenshoe option of 250 MW/1,000 MWh for the Durgapur Project Ltd campus [8] Group 9: UPL Ltd - UPL Ltd has acquired the remaining 25% stake in UPL Agro Ltd for $17.86 million, making it a wholly-owned subsidiary [9] - This acquisition consolidates UPL's control over Yoloo (Laoting) Biotechnology Ltd in China, enhancing its position in the Chinese crop protection market [9] Group 10: Brainbees Solutions - Brainbees Solutions (Groww) has completed the acquisition of 100% equity in Solis Hygiene Private Ltd through a share-swap transaction [10] - This deal increases Brainbees' shareholding in Swara Baby Products from 75.92% to 76.59% [10] Group 11: Eureka Forbes - Eureka Forbes Ltd is involved in a tax dispute regarding an assessment order demanding ₹16.22 crore for alleged excess input tax credit claims [11] - The company has contested the order and is in the process of fulfilling a court condition to deposit 10% of the disputed amount [11]

Group 1 - The U.S. labor market is expected to show moderate improvement in December, with non-farm payrolls projected to increase by 73,000 and the unemployment rate slightly decreasing to 4.5% [1] - The average monthly job growth for the first 11 months of 2025 was 55,000, indicating that December's expected growth is slightly above this average and better than November's figure of 64,000 [1] - Despite the low unemployment rate, some Federal Reserve policymakers express concerns about potential cracks in the labor market becoming more apparent this year [1] Group 2 - Employment growth has primarily been concentrated in sectors benefiting from expansionary fiscal policies, particularly healthcare and government [2] - A notable trend for 2026 is the emphasis on employee retention, with employers focusing on keeping existing staff rather than aggressive hiring or layoffs [2] - The upcoming report will be the first timely employment report since the government shutdown ended in mid-November, with some economists expecting a "clean" report free from disruptions only by February [2]

Core Viewpoint - The Federal Reserve is likely to maintain interest rates in January with an 88.4% probability, reflecting a complex monetary policy debate amid conflicting employment and inflation data [1][2]. Group 1: Monetary Policy Dynamics - The consensus to maintain interest rates was supported by all voting members in the December meeting, but significant divisions are expected by 2025 [2][4]. - The labor market is showing signs of strain, with only 22,000 new non-farm jobs added in August 2025 and an unemployment rate rising to 4.3%, while core PCE inflation remains relatively high at 2.6% [2][4]. - Internal disagreements among Federal Reserve officials are evident, with 9 out of 18 supporting two rate cuts and 6 advocating for only one, highlighting differing economic outlooks [4]. Group 2: Market Reactions - Financial markets are reacting to the policy stalemate, with a 40.3% probability of a 25 basis point rate cut by March, while the probability of maintaining rates is at 55.4% [5]. - The uncertainty has led to fluctuations in the dollar index between 103 and 105, and gold prices have surged past $2900 per ounce, reaching a new high since 2025 [5]. Group 3: Structural Economic Challenges - The U.S. labor market is undergoing significant adjustments, with a downward revision of 911,000 jobs from April 2024 to March 2025, indicating that 51% of previously reported jobs may not exist [6]. - Inflation management is complicated by tariffs that push costs onto consumers, with CPI rising 3.1% year-on-year in August 2025, and a 4.2% increase in the service price index [8]. Group 4: Global Market Implications - Emerging markets are expected to see increased capital inflows during the Fed's rate-cutting cycle, with historical data showing an average increase of 15%-20% [9]. - The 10-year U.S. Treasury yield remains high amid the policy stalemate, while German bond yields have dropped to -0.2% due to the European Central Bank's tightening [9]. - Gold prices have risen by 28% due to policy uncertainty, while WTI crude oil prices are fluctuating around $65 per barrel, indicating a lag in the transmission of rate cuts to industrial commodity prices [9]. Group 5: Decentralized Finance Insights - Decentralized financial assets are gaining traction, with Bitcoin and Ethereum averaging a 45% increase over the past three months, outperforming traditional safe-haven assets [11]. - The international demand for the Chinese cross-border payment system (CIPS) has increased, with a 42% year-on-year growth in transaction amounts in the first half of 2025 [11]. - The ongoing policy stalemate is expected to accelerate the diversification of the global monetary system, with central banks increasing their allocations to gold and cryptocurrencies [11].

Core Viewpoint - The Trump administration is initiating a $200 billion mortgage bond purchase plan to lower mortgage rates and address the housing affordability crisis in the U.S. [2] Group 1: Government Actions - President Trump announced a plan to purchase $200 billion in mortgage bonds to reduce mortgage rates and improve housing affordability [2] - The initiative will be executed by Fannie Mae and Freddie Mac, which are government-sponsored enterprises responsible for acquiring and repackaging mortgage loans into mortgage-backed securities [3] - The bond purchase does not require Congressional approval, allowing for swift implementation [3] Group 2: Economic Context - The current average rate for a 30-year fixed mortgage is 6.16%, despite the Federal Reserve's previous rate cuts [4] - The housing affordability crisis has become a pressing challenge for U.S. lawmakers, exacerbated by rising living costs since the pandemic [3][4] - The proposed bond purchase plan mirrors the Federal Reserve's actions during the 2008 financial crisis, aimed at stabilizing the financial system and stimulating economic recovery [4] Group 3: Financial Capacity - Fannie Mae and Freddie Mac each have a limit of $225 billion on mortgage investments, with approximately $124 billion currently held, allowing for an additional $100 billion in mortgage-backed securities purchases [3] - The Trump administration claims that the decision not to sell Fannie Mae and Freddie Mac during his first term allowed these entities to accumulate $200 billion in cash, facilitating the current bond purchase plan [2]

Core Insights - The "Zijin·Jinhua" co-creation plan aims to accelerate the development of technology innovation enterprises through a collaboration between the Dongcheng District government and China International Capital Corporation (CICC) [1][2] - The plan integrates financial capital and industrial ecology to create an open service ecosystem for high-quality technology companies [1] - It provides a comprehensive service solution that includes financing, intelligence, and a shared opportunity environment for enterprises [1] Group 1 - The "Zijin·Jinhua" co-creation plan is a pioneering initiative that combines government and enterprise efforts to empower technology innovation companies [1] - The plan will utilize policy support, resource matching, and professional services to establish an efficient platform for enterprise engagement [1] - The comprehensive service scheme is the first of its kind in China, designed specifically for technology enterprises by a state-owned financial institution in collaboration with local government [1] Group 2 - Dongcheng District aims to enhance the agglomeration effect of the technology innovation industry by optimizing the business environment [2] - CICC will leverage its specialized service system to integrate capital market resources and address the financing challenges faced by early-stage enterprises [2] - The co-creation plan will continue to attract partners from the industrial chain and professional service institutions to enrich the service ecosystem and improve service quality for technology enterprises throughout their lifecycle [2]