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On January 9th, a research report from CITIC Securities stated that the Hang Seng Composite Index will undergo a new round of review on February 13th, with the adjustments officially taking effect on March 9th. The Hong Kong Stock Connect will also be adjusted accordingly. We expect 38 stocks to be included in the Hong Kong Stock Connect, with information technology, healthcare, materials, and consumer discretionary sectors having higher market capitalization weightings. A-shares and H-shares do not need to wait for periodic adjustments; they can be directly included in the Hong Kong Stock Connect after a price stabilization period. Therefore, one stock may have already been included before March 9th. We also suggest investors pay attention to timing opportunities between the Hang Seng Composite Index announcement date and the Hong Kong Stock Connect effective date. Furthermore, since some arbitrage funds may position themselves before the Hong Kong Stock Connect takes effect, while passive funds often adjust their positions on the trading day before the effective date, some less liquid stocks may experience a surge in trading volume at the end of the day.

Market news: South Korean President Lee Jae-myung will visit Japan from January 13 to 14.

US Treasury Secretary Bessenter: We will not force institutional investors to withdraw from real estate investments.

According to the Wall Street Journal, Nvidia (NVDA.O) has hired Google veteran Alison Wagonfeld as its first chief marketing officer.

On January 9th, German Chancellor Merz stated on January 8th that the proposed formation of a "multinational force" to be deployed to Ukraine after a ceasefire between Russia and Ukraine would not be feasible without Russia's consent. Merz made these remarks after attending a closed-door meeting of the Christian Social Union (CSU) in Bavaria, southern Germany. He noted that the leaders of Germany, France, and the United Kingdom agreed in December to sign a memorandum of understanding with Ukraine regarding the deployment of troops, but this involved security guarantees for Ukraine after a ceasefire agreement. Merz emphasized that a ceasefire must be achieved first, followed by security guarantees for Ukraine and a long-term agreement with Russia; this order must be followed. All of the above would be impossible without Russia's consent.

According to TankerTrackers, a US-sanctioned oil tanker that departed Venezuela last week is currently anchored off the coast of Colombia.

New Energy Vehicles: 1. Geely Automobile obtains L3-level autonomous driving road test license. 2. Tesla's Shanghai Gigafactory rolls its 5 millionth electric drive system. 3. Faraday Future: Aims to produce and sell approximately 250 vehicles by 2026. 4. He Xiaopeng: 2026 will be the true beginning of the autonomous driving era for China and the United States. Artificial Intelligence: 1. EU orders X platform to retain chatbot data until the end of the year. 2. Nvidia-backed data center company Nscale reportedly seeks $2 billion in funding. 3. Ministry of Commerce responds to review of Meta's acquisition of Manus: Enterprises engaging in overseas investment and other activities must comply with Chinese laws and regulations. Other: 1. Apple will hold its annual shareholder meeting online on February 24. 2. Alibaba: Firmly committed to increasing investment in Taobao Flash Sale to achieve absolute market leadership. 3. Sources: Major US tech companies are exempt from strict restrictions in EU digital rules reform. 4. Guangzhou: Promoting the construction of the Nansha Zhongke Aerospace liquid rocket assembly and testing base and the Huangpu Xinghe Power rocket assembly base to be completed as soon as possible.

1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.55% to 49,266.11 points, the S&P 500 rose 0.01% to 6,921.46 points, and the Nasdaq Composite fell 0.44% to 23,480.02 points. Nike rose more than 3%, and Home Depot rose nearly 3%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index fell 0.26%, with Nvidia falling more than 2%, Microsoft falling more than 1%, and Apple falling 0.5%. Most Chinese concept stocks rose, with 21Vianet rising nearly 11% and GDS Holdings rising more than 8%. Investors continued to withdraw funds from technology stocks and invest in other sectors, and sector rotation put pressure on the Nasdaq. Apple closed lower for the seventh consecutive trading day. 2. European stock indices closed mixed. The German DAX rose 0.02% to 25,127.46 points, the French CAC40 rose 0.12% to 8,243.47 points, and the UK FTSE 100 fell 0.04% to 10,044.69 points. The market as a whole exhibited a volatile pattern, with the divergence mainly influenced by currency movements, sector rotation, and overnight external market sentiment. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 1.86 basis points to 3.488%, the 3-year Treasury yield rose 2.83 basis points to 3.550%, the 5-year Treasury yield rose 2.78 basis points to 3.729%, the 10-year Treasury yield rose 2.17 basis points to 4.169%, and the 30-year Treasury yield rose 0.71 basis points to 4.838%. 4. The WTI crude oil futures contract closed up 4.3% at $58.4 per barrel; the Brent crude oil futures contract rose 4.57% to $62.7 per barrel. 5. International precious metals futures closed mixed. COMEX gold futures rose 0.57% to $4487.90 per ounce, while COMEX silver futures fell 1.19% to $76.69 per ounce. 6. Most London base metals fell. LME aluminum rose 0.15% to $3088.0 per tonne, LME zinc fell 0.92% to $3131.0 per tonne, LME copper fell 1.27% to $12702.0 per tonne, LME lead fell 2.04% to $2016.5 per tonne, LME tin fell 2.18% to $43675.0 per tonne, and LME nickel fell 3.34% to $17065.0 per tonne.

The Central Bank of Peru kept its benchmark interest rate at 4.25%.

Nick Timiraos, the Fed's mouthpiece, reports that Trump has instructed his representatives to purchase $200 billion worth of mortgage-backed securities to narrow mortgage spreads and lower interest rates. The primary mechanism for achieving this is through Fannie Mae and Freddie Mac's retained portfolios, under which each company is limited to holding no more than $225 billion in mortgage investments under their existing agreements with the U.S. Treasury. As of November 2025, each company holds approximately $124 billion in these portfolios, meaning they can each purchase an additional $100 billion in mortgage-backed securities.

January 9th - On January 8th local time, the U.S. House of Representatives passed three government funding bills, taking another step towards providing funding for the federal government before the January 30th government shutdown deadline. These three funding bills, known as the "minibus," will provide funding for the Department of Energy, the Department of Commerce, the Department of Justice, as well as water projects, the Environmental Protection Agency (EPA), and federal research projects, covering the remainder of the fiscal year. The bills are expected to be submitted to the Senate for consideration next week. Senate Majority Leader John Thune stated that the funding package could be considered as early as next week.

Federal Housing Finance Agency President Pulte: (Regarding Trump's directive to purchase $200 billion in mortgage-backed securities) We are working on it.

Apple (AAPL.O) will hold its annual shareholder meeting online on February 24.

Foreign central banks held $32.218 billion in U.S. Treasury securities in the week ending January 9, compared with a previous week's figure of -$18.023 billion.

According to SEC filings, Apple (AAPL.O) stated that CEO Tim Cook's total compensation in 2025 will be $74.3 million.

Moody's: Increased defense spending will boost GDP growth, but the resulting additional government revenue cannot offset the increase in spending.

Rio Tinto (RIO.N): We have taken note of Glencore's announcement and confirm that Rio Tinto and Glencore have begun preliminary discussions. It is currently uncertain whether a takeover offer will be made, nor are the terms of the offer (if an offer is made).

According to the Financial Times, the UK has excluded financial services from its plans to push for closer coordination with the EU.