Real-time News

On January 20th, "Today's Wellness" announced the completion of a seed round of financing totaling tens of millions of yuan. Investors included Hillhouse Capital (GLVentures), Zhiyuan Robotics, Xilinmen, and Yunjiu Capital. The company plans to release a series of software and hardware products in the second half of this year and also plans to expand overseas. Wang Teng stated, "The rapid development of AI big data models has significantly improved the user experience of many products. Many factors affect sleep, such as light, temperature, sound, and air quality. Today's Wellness will proactively sense people's needs by combining more sensors with big data models."

On January 20th, CICC released a report stating that the AI glasses market is experiencing rapid growth, creating growth opportunities for the upstream supply chain. The bank is optimistic about Connet Optics (02276.HK) continuing to solidify its leading position as a core optical supplier. Considering Connet Optics' strong sales of functional lenses, cost reduction due to economies of scale, and declining financial expenses, CICC raised its 2025 and 2026 earnings forecasts by 3% and 3% respectively, to RMB 566 million and RMB 701 million. It also introduced a 2027 earnings forecast of RMB 916 million for the first time, shifting the valuation to 2026. The current share price corresponds to a P/E ratio of 37x and 28x for 2026 and 2027, respectively. Considering the upward revision in earnings and increased risk appetite in the sector, the target price was raised by 12% to HKD 65, corresponding to a P/E ratio of 40x and 30x for 2026 and 2027, respectively. The "Outperform" rating was maintained.

On January 20th, Wang Changlin, Vice Chairman of the National Development and Reform Commission (NDRC), stated that the central and western regions possess significant development potential and are a crucial force supporting China's stable and positive economic growth in the current and future periods. Regarding security, the central and western regions demonstrate their responsibility in consolidating national strategic security and play a particularly important role in safeguarding national food security, ecological security, energy resource security, and the security of industrial and supply chains. In promoting openness, the central and western regions, especially the western region, are moving from the periphery of openness to the forefront. Regarding promoting coordination, the central and western regions are accelerating efforts to address shortcomings in public service infrastructure, and people's living standards are steadily improving. Going forward, the NDRC will work with relevant departments and central and western provinces to consistently and deeply promote strategies such as the Western Development Strategy and the Rise of the Central Region, further transforming their potential advantages.

On January 20th, Wang Renfei, Director of the Comprehensive Department of System Reform of the National Development and Reform Commission, stated at a press conference held by the State Council Information Office that the synergy between reform and innovation policies will be strengthened. This includes synergistically advancing reforms of access factors and scenarios, improving market access systems, optimizing the market access environment for new business models and fields, deepening market-oriented allocation reforms of factors of production, and actively exploring allocation methods for new factors such as space, ocean, underground space, and spectrum, especially leveraging the role of scenarios, scarce resources, and new policy tools.

On January 20th, the State Council Information Office held a press conference to introduce the implementation of the spirit of the Central Economic Work Conference and the relevant situation regarding promoting a good start to the 15th Five-Year Plan. The press conference stated that regarding the trade-in program for old consumer goods, illegal activities will be cracked down on, strict review will be enforced, and various illegal and irregular activities will be accurately identified. Strict price management will be implemented; any instances of fraudulent subsidy claims, price gouging followed by subsidies, etc., will be investigated, punished, exposed, and cracked down upon.

On January 20th, Wang Changlin, Vice Chairman of the National Development and Reform Commission, stated that since the fourth quarter of 2025, price trends have shown positive changes. Going forward, relevant departments will earnestly implement the spirit of the Central Economic Work Conference, strengthen structural regulation, adhere to a two-pronged approach of addressing both supply and demand, and employ a comprehensive policy package. One aspect is in terms of aggregate policy: a more proactive fiscal policy and a moderately loose monetary policy will be implemented, with promoting a reasonable recovery in prices being a key consideration in monetary policy, thus fostering a virtuous cycle between economic growth and price recovery.

On January 20th, Wang Changlin, Vice Chairman of the National Development and Reform Commission (NDRC), stated at a press conference that the focus of economic development will remain on the real economy, accelerating the construction of a modern industrial system. The real economy is the foundation of my country's economic development. It must adapt to the needs of industrial transformation and upgrading, continuously generating new supply and creating new jobs through innovation. The NDRC will adhere to the principles of intelligentization, green development, and integration, promoting the upgrading of key industries, vigorously cultivating and expanding emerging and future industries, and deeply implementing the "Artificial Intelligence+" initiative.

On January 20, Zhou Chen, Director of the Department of National Economic Comprehensive Affairs of the National Development and Reform Commission, said that by 2025, the added value of China's digital economy is expected to reach 49 trillion yuan, accounting for about 35% of GDP, and will create a larger market space in the future.

Hong Kong-listed chip stocks declined, with Hua Hong Semiconductor (01347.HK) falling over 5%, SMIC (00981.HK) down 3.8%, Innoscience (02577.HK) down 2.5%, and Biren Technology (06082.HK) down 2.4%.

Malaysian Prime Minister: To date, reforms to fuel and electricity subsidies have saved RM15.5 billion.

On January 20th, U.S. Trade Representative Greer stated in an interview with The New York Times that if the Supreme Court overturns the global tariffs imposed by President Trump under the National Emergency Act, the Trump administration could implement new tariffs almost immediately. The Supreme Court is likely to rule on the tariff case in the coming weeks, possibly as early as Tuesday. This case represents a major test of presidential power and whether the Supreme Court is willing to limit the broad powers Trump has wielded since returning to the White House in January 2025. Greer indicated that the government would replace these tariffs with other taxes "starting the next day."

On January 20th, Futures News reported that with the recent easing of tensions in the Middle East, market concerns about oil supply disruptions have diminished, leading to a decline in the geopolitical premium for crude oil prices. The market is now refocusing on the fundamental situation of weakening demand, resulting in weak price fluctuations. Zhuochuang Information predicts that while OPEC+ has suspended production increases, keeping oil supply stable, weak demand remains a drag on fundamentals, causing weak price fluctuations. The outlook is as follows: In the short term, demand is supported, but overall inventory levels remain high, insufficient support for price increases, and a slight stalemate between buyers and sellers. The market is expected to continue its stable-to-strong trend, with prices remaining generally stable and the supply of low-priced goods decreasing.

On January 20th, the State Council Information Office held a press conference to introduce the implementation of the spirit of the Central Economic Work Conference and the progress in achieving a good start to the 15th Five-Year Plan. Zhou Chen, Director of the Department of National Economic Comprehensive Affairs of the National Development and Reform Commission, stated that looking ahead to 2026, my country's economic structure will continue to optimize, development momentum will continue to evolve, and the overall development trend will continue to improve. Specifically, new technologies, new products, and new scenarios will emerge, and the National Development and Reform Commission is currently planning and promoting a number of landmark and leading major projects in high-tech industries during the 15th Five-Year Plan period. Online, the innovation chain, industrial chain, and talent chain are accelerating their integration. By 2025, the added value of my country's digital economy is expected to reach 49 trillion yuan, accounting for approximately 35% of GDP, creating even greater market space in the future. On a broader scale, the innovation-leading role of power source regions continues to strengthen. Currently, my country has 24 innovation clusters ranked among the world's top 100, ranking first in the world for the second consecutive year.

Yuichiro Tamaki, leader of Japan's opposition Democratic Party for the People, said he will decide whether to lower the consumption tax after the results of the spring wage negotiations are released.

Yuichiro Tamaki, leader of Japan's opposition Democratic Party for the People: If real wage growth can be achieved, there is no need to lower the consumption tax. We are currently closely monitoring the situation.