A-shares Evening Highlights | People's Bank of China Speaks Out! Speeding Up the Construction of Renminbi Cross-border Payment System

1. Central Bank: Accelerate the Construction of RMB Cross-border Payment System and Promote Cross-border Payment Interconnection On January 15, 2026, the People's Bank of China held a payment settlement work meeting for the year 2026. The meeting required the acceleration of the construction of the RMB cross-border payment system, promotion of cross-border payment interconnection, and advancement of diversified and multi-level development of the cross-border payment system. It also emphasized the strict implementation of thorough supervision of payment institutions and payment business functions, taking full advantage of the complementary roles of regulation and self-discipline, creating a healthy industry ecosystem of compliance for the long term. 2. Official Announcement! Establishment of 41 New Duty-free Shops at Ports of Entry According to the customs announcement, to support consumer spending, the Ministry of Finance, Ministry of Commerce, Ministry of Culture and Tourism, General Administration of Customs, and the State Administration of Taxation recently jointly issued a notice to establish and continue to set up duty-free shops at ports of entry across the country. Among them, 41 ports of entry, such as Wuhan Tianhe International Airport, will each set up one duty-free shop. 3. Premium Rate Exceeds 50%! State-owned Silver LOF Issued a Sudden Announcement: Suspension of Trading from Market Open on January 22 to Market Close State-owned Ruijin Fund Management Co., Ltd. announced that due to significant fluctuations in the trading price of the A-class units of the State-owned Ruijin Silver Futures Securities Investment Fund (LOF) in the secondary market, investors should closely monitor the net asset value of the fund. As of January 20, 2026, the net asset value of the fund unit was 2.6095 yuan, and by January 21, 2026, the closing price in the secondary market was 3.920 yuan, significantly higher than the net asset value. In order to protect the interests of investors, the fund will be suspended from trading from the market open on January 22 to market close. 4. Rectify "Inward-looking" Competition: Ministry of Finance Promotes Resolving the Issue of Abnormally Low Prices in Government Procurement In order to rectify the "inward-looking" competition in government procurement and establish a market order of quality, fair competition, the Ministry of Finance issued a notice to promote the resolution of the issue of abnormally low prices in government procurement. Procuring entities are required to determine a reasonable highest limit price based on actual work needs, bidding information from similar projects, market supply, industry development conditions, market prices of materials, labor, industry cost standards, and other market research factors to create a scientifically, complete, and clear procurement demand to provide a basis for competitive bidding by suppliers. 5. Chinese Response to US Proposal for New Round of Trade Negotiations: Implement the Consensus of the Leaders On January 21, the spokesperson for the Ministry of Foreign Affairs, Guo Jiakun, chaired a regular press conference. A Bloomberg reporter asked whether China and the US are considering holding another round of potential trade negotiations, as stated by US Trade Representative Grier at Davos, and where such a meeting would take place. Guo Jiakun suggested directing specific questions to the relevant Chinese authorities. He emphasized that both China and the US should jointly implement the important consensus reached by the leaders of the two countries, to inject more stability and certainty into China-US economic and trade cooperation and the global economy. 6. Ministry of Housing and Urban-Rural Development: Utilize Real Estate Financing White List System Effectively to Support Reasonable Financing Needs of Real Estate Companies According to Xinhua News Agency, the Secretary of the Party Group and Minister of the Ministry of Housing and Urban-Rural Development, Ni Hong, stated in an interview that they will continue to adhere to tailored, precise, and differentiated policies, control incremental supply, reduce inventory, and improve the supply of high-quality housing while effectively utilizing the real estate financing "white list" system to support the reasonable financing needs of real estate companies and residents' demands for both essential and improved housing, promoting the stable operation of the real estate market. 7. Not Less Than 30%! Guangdong Adjusts Minimum Down Payment Ratio for Commercial Property Loans On January 21, the People's Bank of China Guangdong Branch announced the policy adjustment of the minimum down payment ratio for commercial property purchases in 20 cities in Guangdong Province (excluding Shenzhen). Effective immediately, the minimum down payment ratio for commercial properties (including "commercial-residential dual-use properties") in 20 cities in Guangdong Province (excluding Shenzhen) has been adjusted to not less than 30%. 8. Three Ministries Announce the Continuation of Tax Incentives for Innovative Enterprise CDR Pilot Phase The Ministry of Finance and two other departments issued an announcement regarding the continuation of tax policies for the pilot phase of innovative enterprises issuing domestic depository receipts (CDRs). From January 1, 2026, to December 31, 2027, the capital gains earned by individual investors from the transfer of innovative enterprise CDRs will be temporarily exempt from individual income tax. In terms of market investment opportunities, the following areas are worth noting: 1. Guangdong: Promoting the Landing Application of Large-scale Automatic Driving Models Guangdong has issued several policy measures for enabling transportation with artificial intelligence to promote high-quality development. Among these measures is the promotion of the landing application of large-scale automatic driving models and support for the gradual and orderly opening of automatic driving road tests in various scenarios and the expansion of advanced-level automatic driving application areas. Huatai believes that 2026 is a crucial year for the industrialization of L4-level automatic driving globally. With the clear federal legislative framework in the United States combined with the accelerated trial implementation of L3 in China and the commercialization of L4, it is recommended to focus on core targets in the automatic driving industry chain. Additionally, the following sectors are also worth paying attention to: 2. Gas: US natural gas futures surged by more than 20% at one point. 3. Storage Chips: Some storage chip manufacturers have begun supply negotiations for 2030. 4. Siasun Robot & Automation: The first Siasun Robot & Automation articulated automation production line in Zhangjiang, Shanghai, has started operation, speeding up the mass production of humanoid Siasun Robots & Automation. 5. Nuclear Power: China National Nuclear Power, Alibaba, and others have established a nuclear energy company in Xiangshan, Ningbo. In terms of positive announcements, it is advised to pay attention to Hangzhou Alltest Biotech's stock repurchase plan, among others. For negative announcements, keep an eye on Yongan Futures' shareholder reducing their stake by 3%, among others. Positive Announcements: 1. Hangzhou Alltest Biotech: Plans to repurchase company shares worth 1 to 2 billion yuan. 2. Moon Environment Technology: Signed a construction project contract worth over 3.2 billion yuan. 3. Nanchang Mineral Systems: Signed a 2.96 billion yuan equipment sales contract, expected to positively impact the company's performance. 4. Optowide Technologies: Signed a sales order for high-end optical devices in the communication field worth 89.15 million yuan. 5. Sdic Zhonglu Fruit Juice: The company's asset restructuring and supporting financing plan has been approved by the State-owned Assets Supervision and Administration Commission. Negative Announcements: 1. Yongan Futures: Shareholder Zhejiang Orient Financial Holdings Group plans to reduce its stake by up to 3%. 2. Hangzhou Greenda Electronic Materials: Shareholder Juhie Investment plans to reduce its stake by up to 3%. 3. Hefei Snowky Electric: Shareholder Zhidao Investment plans to reduce its stake by up to 3%. 4. Colorlight Cloud Tech: Controlling shareholder and one of the actual controllers plan to collectively reduce their stake by up to 3%. 5. Zhejiang Huada New Materials: Shareholders collectively plan to reduce their stake by up to 1.46%. Performance Forecasts/Reports: 1. Mooreline: Expects a net loss of 950 million to 1.06 billion yuan in 2025. 2. Goldenmax International: Expects a net profit of 280 million to 360 million yuan in 2025, a year-on-year increase of 655.53% to 871.40%. 3. Dajin Heavy Industry: Expects a net profit of 1.05 billion to 1.2 billion yuan in 2025, a year-on-year increase of 121.58% to 153.23%. 4. Shenzhen Techwinsemi Technology: Expects a net profit of 650 million to 800 million yuan in 2025, a year-on-year increase of 85.42% to 128.21%. 5. Zhejiang Juhua: Expects a net profit of 3.54 billion to 3.94 billion yuan in 2025, a year-on-year increase of 80% to 101%. 6. Cinda Real Estate: Expects a net loss of 7.6 billion to 8.2 billion yuan in 2025. 7. Suzhou TFC Optical Communication: Expects a net profit of 1.881 billion to 2.15 billion yuan in 2025, a year-on-year increase of 40% to 60%. This article is a reprint from "Tencent Stock Selection", edited by Li Fo.