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On January 27th, TRS announced that it expects a net loss attributable to shareholders of the listed company of RMB 250 million to RMB 310 million in 2025, compared to a loss of RMB 94.1456 million in the same period last year. The change in performance is mainly due to the slower-than-expected recovery of the industry in which its subsidiary, Tianxing Network Security, operates, resulting in a proposed impairment provision of RMB 140 million to RMB 160 million for goodwill. This is compounded by the postponement of downstream customer projects, the delay in new procurement, the contraction of traditional business during the artificial intelligence transformation period, and the rigid investment in period expenses.

On January 27th, Jinpan Technology announced its plan to issue H shares overseas and list on the Main Board of the Hong Kong Stock Exchange. The company's board of directors has authorized management to initiate preliminary preparations for the H-share listing, with the authorization period lasting 12 months from the date of board approval. The company plans to discuss the specific details of the H-share listing with relevant intermediaries. Details regarding the H-share listing have not yet been finalized.

Volkswagen CEO: (On the EU-India trade agreement) We are optimistic about India's potential in Volkswagen's business and will closely review this agreement.

Driven by the surge in silver prices, U.S.-listed silver mining stocks rose in pre-market trading. Heckler & Co. (HL.N) rose 3.1%, Cordell Minerals (CDE.N) rose 2.2%, Silvercorp Metals (SVM.A) rose 2.3%, and Endeavour Silver (EXK.N) rose 2.8%.

The U.S. proposed a slight increase in payments to health insurance underwriters, causing CVS Health (CVS.N) shares to fall 8.5% in pre-market trading.

According to a Hong Kong Stock Exchange filing, BlackRock reduced its long position in Great Wall Motor (02333.HK) from 8.09% to 7.53% on January 21.

According to a Hong Kong Stock Exchange filing, Citigroup reduced its long position in ZTE Corporation (00763.HK) from 7.46% to 6.45% on January 21.

Salesforce (CRM.N) shares rose 2.1% in pre-market trading after the U.S. Army awarded the company a $5.6 billion contract.

On January 27th, a study by the European Central Bank (ECB) found that a relatively controlled price shock could trigger a large-scale inflationary event if it spreads across closely connected networks of businesses. ECB economists Anton Nakoff and Michel Gascib, a researcher at the Barcelona Centre for International Economic Studies, wrote in an article published on the ECB's website on Tuesday that this is because shocks can have cascading effects through supply chains (the cost of one firm's output is the input cost of another firm). They pointed out that when the shock is large, this cascading effect can be disproportionately amplified. Major disruptions (such as a sharp decline in productivity or a sustained surge in global commodity prices) can ripple through the entire economy. This finding helps explain why the eurozone's inflation rate climbed above 10% after the Russia-Ukraine conflict caused energy costs to soar. ECB officials underestimated the impact on prices at the time.

According to statistics from the People's Bank of China, as of the end of the fourth quarter of 2025, 275,000 technology-based SMEs received loan support, with a loan approval rate of 50.2%, 2 percentage points higher than at the end of last year. The outstanding balance of RMB and foreign currency loans to technology-based SMEs reached 3.63 trillion yuan, a year-on-year increase of 19.8%, 13.6 percentage points higher than the growth rate of all loans. At the end of the fourth quarter of 2025, 265,400 high-tech enterprises received loan support, with a loan approval rate of 57.3%, 0.4 percentage points higher than at the end of last year. The outstanding balance of RMB and foreign currency loans to high-tech enterprises reached 18.61 trillion yuan, a year-on-year increase of 7.5%, 1.3 percentage points higher than the growth rate of all loans.

German Economy Minister: The Davos Summit shows that we need to find new partners, including Canada, the Middle East and Asian countries.

German Economy Minister: Global uncertainty is high, and the alliances we once trusted are becoming fragile.

According to statistics from the People's Bank of China, at the end of the fourth quarter of 2025, the outstanding balance of RMB real estate loans was RMB 51.95 trillion, a year-on-year decrease of 1.6%, and a decrease of RMB 963.6 billion for the whole year. At the end of the fourth quarter of 2025, the outstanding balance of real estate development loans was RMB 13.16 trillion, a year-on-year decrease of 3.0%, and a decrease of RMB 357.5 billion for the whole year. The outstanding balance of personal housing loans was RMB 37.01 trillion, a year-on-year decrease of 1.8%, and a decrease of RMB 676.8 billion for the whole year.

Micron Technology (MU.O) shares rose 3% in pre-market trading after the company announced plans to invest $24 billion in a memory chip manufacturing plant in Singapore.

UnitedHealth Group (UNH.N) shares fell more than 8% in pre-market trading after the U.S. proposed a slight increase in payments to health insurance underwriters.

On January 27th, Deutsche Bank analysts pointed out that with a weakening dollar this year, gold reaching a price target of $6,000 per ounce is achievable. Based on its outperformance over the past two years, gold prices could even reach $6,900 per ounce. Furthermore, regarding silver, the bank believes that even if the gold-silver ratio corrects later, the absolute price of silver is likely to maintain its upward trend.

Fitch Ratings: Despite economic uncertainties, the performance of major Nordic banks is expected to remain strong.

German Economy Minister: Grid expansion is a key bottleneck in Germany, and investment conditions need to be improved.

German Economy Minister: Wind power tenders will be pushed forward to expand production capacity.

CEO of India's state-owned natural gas company GAIL: Price is the biggest concern driving natural gas demand in India's power sector.