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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.3 occurred at 15:27 on January 28 near Sunan County, Zhangye City, Gansu Province (38.93 degrees north latitude, 98.22 degrees east longitude). The final result is subject to the official rapid report.

On January 28th, a research report from Hai Securities pointed out that China Merchants Bank (03968.HK) is expected to see a 0.01% year-on-year increase in revenue and a 1.21% year-on-year increase in net profit attributable to shareholders in 2025. The positive contribution of net interest income is expected to increase, deposit growth is stable year-on-year, and the non-performing loan ratio is basically stable year-on-year. The report maintains a "buy" rating. Both revenue and profit are accelerating. The company's revenue in Q4 2025 increased by 1.6% year-on-year, and net profit attributable to shareholders increased by 3.4% year-on-year, both improvements compared to the first three quarters of 2025. Deposit growth is stable year-on-year, and the "deposit migration" effect may still need to be observed. The bank estimates that the net non-performing loan ratio is basically stable year-on-year, indicating that the company maintains a prudent risk appetite.

Morgan Stanley raised its price target for Boeing (BA.N) from $235 to $245.

Morgan Stanley raised its price target for General Motors (GM.N) from $90 to $100.

Morgan Stanley lowered its price target for UnitedHealth Group (UNH.N) from $409 to $375.

On January 28th, the China Association for Public Companies (CAPC) released its December 2025 statistical report. As of December 31, 2025, based on closing prices at the end of 2025, the total market capitalization of listed companies in China approached 109 trillion yuan, the highest point in the past five years. Among them, the market capitalization share of hard technology industries such as optical modules and chips further increased. Zhongji Xuchuang and Cambricon entered the top ten privately-owned listed companies by market capitalization, with year-to-date market capitalization growth exceeding 100%. In 2025, one new company had a market capitalization exceeding one trillion yuan, 44 new companies had a market capitalization exceeding one hundred billion yuan, 427 new companies had a market capitalization exceeding one hundred billion yuan, and 379 fewer companies had a market capitalization below two billion yuan. At the end of 2025, the median market capitalization of listed companies was 6.508 billion yuan, an increase of nearly 30% year-on-year.

The draft joint statement indicates that the EU and Vietnam intend to reach an agreement on closer cooperation on “trustworthy” communications infrastructure.

The draft joint statement indicates that the EU is considering transferring security technology to Hanoi and seeking infrastructure investment.

Chart: Speculative Sentiment Index on Wednesday, January 28, 2026

On January 28th, the Shanghai Futures Exchange (SHFE) reported the following data on energy and chemical warehouse receipts and changes: 1. Pulp futures warehouse receipts: 129,494 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 11,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 0 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 3,840 tons, an increase of 1,000 tons from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 13,580 tons, up 3,580 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 28,480 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,464,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 10,530 tons, up 4,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

Shares of Unisound (09678.HK) in Hong Kong surged further in the afternoon, rising as much as 99.45% to HK$438.44, with trading volume exceeding HK$1.6 billion. The company recently announced that it expects to achieve total revenue of approximately RMB 600 million to RMB 620 million from its large-scale model-related business by 2025, representing a year-on-year increase of approximately 1057%-1095%.

British Prime Minister Starmer: Britain will continue to work closely with international partners to support Ukraine's security.

French Finance Minister: France is steadily advancing its fiscal consolidation process.

French Finance Minister: The French budget is expected to be finalized within a week.

Hong Kong-listed auto stocks continued to rise in the afternoon, with Li Auto (02015.HK) and BYD (01211.HK) up more than 4%, NIO (09866.HK) up nearly 4%, and XPeng (09868.HK) and Great Wall Motor (02333.HK) up more than 2%.

On January 28th, Hengrui Medicine announced that its subsidiary, Shandong Shengdi Pharmaceutical Co., Ltd., received a "Drug Clinical Trial Approval Notice" from the National Medical Products Administration, authorizing the company to conduct a Phase III clinical trial of its independently developed Class 1 innovative oral small molecule GLP-1 receptor agonist, HRS-7535 tablets, for the indication of hypertension complicated by overweight or obesity. HRS-7535 tablets are a novel oral small molecule GLP-1R agonist; currently, there are no other oral small molecule GLP-1R agonists on the market globally.