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Xtep International (01368.HK): Xtep main brand retail sales growth (including online and offline channels) in the fourth quarter of 2025 was flat year-on-year; Xtep main brand retail sales growth (including online and offline channels) in 2025 was low single digits year-on-year.

On January 23, Capital Economics reported that the Bank of Japan's more optimistic stance on the economic outlook has led it to believe that a rate hike may come sooner than previously expected. At its first policy meeting in 2026, the Bank of Japan kept interest rates unchanged while raising its GDP growth forecasts for the current and next fiscal years. Marcel Thieliant of Capital Economics noted that despite the government's announcement of energy subsidies last November, the Bank of Japan did not lower its inflation forecast, leading him to believe that underlying inflation will no longer remain subdued but will instead rise moderately. With the real policy rate still deeply negative, further tightening is almost a certainty. Even with the possibility of future consumption tax cuts that could distort prices, Capital Economics believes inflationary pressures will remain robust. The firm previously predicted a July rate hike by the Bank of Japan, but now the risks seem to favor an earlier move. Regardless, the firm expects the policy rate to rise to 1.75% by the end of 2027.

On January 23, Yiyitong received research from multiple institutions including Guotai Haitong, Great Wall Securities, and First Capital Securities on January 21. In response to questions about its chip and storage layout, the company stated that its subsidiary, Xingyi, was among the earliest storage companies in China. With the advancement of AI technology, user data is increasing, and the demand for storage will also grow. In the future, the company will provide more resources to focus on this track, while also considering investing in and acquiring related companies.

Fitch Ratings upgrades Vietnam's long-term senior secured debt rating to BBB-.

On January 23, Investinglive analyst Eamonn Sheridan stated that the Bank of Japan's decision to hold rates steady limited short-term market reactions, but dissenting opinions and upward revisions to core inflation expectations reinforced market expectations for further monetary tightening later this year. The Bank of Japan maintained its policy rate at 0.75% by an 8-1 vote, with board member Hajime Takada calling for an immediate rate hike to 1.0%. The Bank of Japan kept its core CPI forecast for fiscal year 2025 unchanged at 2.7%, while slightly raising its forecasts for the next few years. The median core CPI forecast for fiscal year 2026 was revised from 1.8% to 1.9%, while the forecast for fiscal year 2027 remained unchanged at 2.0%. More notably, the "core-core" inflation forecast, excluding fresh food and energy prices, was revised upward throughout the forecast period. These revisions further confirm the view that underlying domestic inflationary pressures remain stronger than expected. Today's statement and report still hint at the possibility of further rate hikes, and we may get more information about the timing of rate increases from Bank of Japan Governor Kazuo Ueda.

Following the Bank of Japan's interest rate decision, the yield on 2-year Japanese government bonds rose from 1.215% to 1.230%.

On January 23, Citigroup issued a research report stating that Tencent (00700.HK) has recently accelerated its AI team restructuring and model update process. It is expected that management may share the latest AI strategy in the earnings release, particularly regarding the upgrade of the "Intelligent Agent AI" WeChat ecosystem. Given that Tencent's share price has fallen 0.25% year-to-date, underperforming the broader market, the bank believes this presents a better buying opportunity. Therefore, it reiterated its "Buy" rating, raising the target price to HK$783 based on forecasts extended to 2027, and initiating a 90-day positive catalyst watch. Tencent will announce its Q4 2025 results on March 18. The bank forecasts total revenue for Q4 2025 to increase by 11.3% year-on-year to RMB 191.9 billion, and non-GAAP net profit to increase by 17% year-on-year to RMB 64.7 billion, with a profit margin of 33.7%.

Following the Bank of Japan's interest rate decision, 10-year Japanese government bond futures fell, last down 0.17 yen to 131.43 yen.

On January 23, the Bank of Japan (BOJ) kept interest rates unchanged on Friday. In its quarterly outlook report, the BOJ raised its economic growth forecasts for fiscal years 2025 and 2026 and maintained its view of a moderate economic recovery. The BOJ also raised its core consumer inflation forecast for fiscal year 2026 to 1.9% from 1.8% three months ago, stating that the risks to the economic and price outlook are roughly balanced. However, the BOJ also noted that core consumer inflation may slow to below 2% in the first half of this year. The BOJ reiterated that it will continue to raise interest rates if economic and price developments meet its expectations. The market is closely watching BOJ Governor Kazuo Ueda's press conference for clues on when the central bank might raise interest rates again. Market volatility following Prime Minister Sanae Takaichi's announcement of a snap election next month has further complicated the central bank's interest rate decision.

On January 23, the China Air Transport Association (CATA) announced that, in order to further guide airlines to standardize their seat reservation practices and better meet the diverse and differentiated seat selection needs of passengers, under the guidance of the Civil Aviation Administration of China (CAAC), CATA is organizing airlines to study and formulate the "Rules for Reserving Seats on Flights of Public Air Transport Enterprises" group standard, which aims to regulate key aspects such as the types, scope, proportions, and passenger information notification for reserved seats.

According to statistics from Haikou Customs, during the 14th Five-Year Plan period, Hainan enterprises' total import and export volume of goods reached 1.13 trillion yuan (1.1317 trillion yuan), exceeding the trillion-yuan mark for the first time, representing a 19.2% increase compared to the 13th Five-Year Plan period. Exports totaled 379.28 billion yuan, a 21.6% increase, while imports reached 752.42 billion yuan, an 18.1% increase. The number of foreign trade entities with import and export performance reached 5,241, a 2.9-fold increase compared to the 13th Five-Year Plan period. Among them, private enterprises numbered 5,017, a 3.3-fold increase; their import and export volume reached 670.69 billion yuan, a 32.9% increase, accounting for 59.3% of the province's total import and export volume, a 34.1 percentage point increase compared to the 13th Five-Year Plan period.

January 23 - According to the Guangdong Branch of the People's Bank of China, by 2025, Guangdong's cross-border RMB settlement volume will rank among the top three provinces in China, with a year-on-year increase of 21.5%, accounting for more than 50% of total cross-border receipts and payments in both local and foreign currencies, both of which are record highs.

On January 23, Tencent Group released an anti-fraud report, stating that throughout 2025, Tencent's anti-fraud investigation department discovered and investigated more than 70 cases of violations of Tencent's "red lines," and more than 90 people were dismissed for violating Tencent's "red lines." Among them, more than 20 people were transferred to the public security organs for suspected crimes, and more than 30 external personnel involved in the cases were also arrested by the public security organs.

Bank of Japan: Regarding the US economy, it is necessary to pay attention to factors such as the impact of tariffs on employment and income formation through deteriorating corporate profits.

On January 23, the Bank of Japan (BOJ) kept its benchmark interest rate unchanged to observe the impact of last month's rate hike on the economy. The statement said the BOJ kept the benchmark interest rate at 0.75% on Friday, consistent with the forecasts of all economists surveyed. Borrowing costs are at their highest level in 30 years. The BOJ will monitor its impact on prices and the economy and consider the timing of its next move accordingly. Just days earlier, Japanese Prime Minister Sanae Takaichi pledged to suspend the consumption tax on food, a move that triggered turmoil in financial markets. BOJ Governor Kazuo Ueda will elaborate on the reasons for the bank's decision, possible interest rate trends, and the inflation outlook at a press conference this afternoon. His comments could influence the yen's exchange rate, and any comments he makes about the recent surge in long-term yields will be closely watched.

Bank of Japan: The output gap is expected to improve along with the trend and widen moderately.

Bank of Japan: Medium- to long-term inflation expectations are likely to continue to rise moderately.