A-share evening hot spots | Central Bank speaks out! There is still room for reserve ratio cuts and interest rate cuts this year.

1. This year, there is still some room for reserve requirement ratio cuts and interest rate cuts, Pan Gongsheng's latest statement Importance: Pan Gongsheng, Governor of the People's Bank of China, stated in an interview that in 2026, the People's Bank of China will continue to implement moderately loose monetary policies, flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts to maintain liquidity, ensuring that the growth of social financing scale and money supply matches the economic growth and expected target of overall price level. There is still some room for reserve requirement ratio cuts and interest rate cuts this year. The People's Bank will also carry out the execution and supervision of interest rate policies to promote the low-level operation of comprehensive social financing costs. 2. Rumors: Alibaba's chip subsidiary Plain Brother plans IPO Concept stocks overview Importance: On January 22, it was reported that Alibaba is preparing to list its chip company Plain Brother to cater to investors' strong interest in the hot field of artificial intelligence accelerators. However, Alibaba has not commented on this news. Stocks in the A-share market that have both Alibaba and chip concepts may benefit from rumors of Alibaba's Plain Brother independent listing. Some stocks show promising growth potential, with companies like Jiangsu NanFang Precision, Biwin Storage Technology, and Zhejiang Wazam New Materials anticipating net profit growth of over 100% by 2025. 3. Nine departments: Encouraging pharmaceutical retail companies to carry out horizontal mergers and reorganizations in accordance with the law Importance: The Ministry of Commerce and other 9 departments issued opinions to promote high-quality development of the pharmaceutical retail industry, proposing to optimize the industry structure, including supporting retail pharmacies to carry out mergers and reorganizations, encouraging the integrated development of wholesale and retail, and optimizing the pharmaceutical marketing system. In terms of supporting retail pharmacies to carry out mergers and reorganizations, they propose encouraging pharmaceutical retail enterprises to conduct horizontal mergers and reorganizations in accordance with the law. 4. Central bank to carry out 900 billion yuan MLF operation on Friday Importance: The People's Bank of China announced on January 22 that it will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on January 23, 2026, to maintain ample liquidity in the banking system. This operation will be carried out with a fixed quantity, interest rate tender, and multiple price bids, with a term of one year. Wang Qing, Chief Macro Analyst at Orient Securities, stated that the large-scale MLF operations by the central bank in January, significantly increasing the medium-term liquidity injection, can effectively respond to potential liquidity tightening trends and maintain a relatively stable and sufficient fund. 5. Related to Japanese companies importing China Rare Earth Resources And Technology, China purchasing H200 chips, Ministry of Commerce responds Importance: On January 22, the Ministry of Commerce held a routine press conference. When asked about Japanese companies importing China Rare Earth Resources And Technology, spokesperson for the Ministry of Commerce, He Yongqian, stated that China has always been committed to maintaining the stability and security of the global supply chain, and export control applications and reviews are carried out in accordance with laws and regulations. Another question raised was that there are reports that some tech companies were informed by the Chinese government that they would only approve the purchase of H200 chips in special circumstances. He Yongqian responded that he was not aware of the situation. 6. Zhongji Innolight's Science and Technology Innovation Board IPO accepted, planning to raise 6 billion yuan Importance: On January 22, the Shanghai Stock Exchange website showed that the Science and Technology Innovation Board IPO of Shanghai Zhongji Innolight Technology Co., Ltd. has been accepted, with plans to raise 6 billion yuan. As one of the leading domestic GPU companies headquartered in Shanghai, Zhongji Innolight Technology started its IPO counseling in August 2024 and completed the fifth phase of IPO counseling in September 2025. 7. Xiaomi announces plans to buy back up to HK$2.5 billion Importance: On January 22, Xiaomi Group announced on the Hong Kong Stock Exchange that it plans to repurchase up to HK$2.5 billion worth of Class B ordinary shares. The repurchase plan will start on January 23 and continue until the day before the annual general meeting in 2026, reaching the total repurchase amount of HK$2.5 billion or the earliest termination of the agreement. The company will cancel the shares repurchased under the share repurchase plan. 8. Implementing the latest financial interest subsidy policy for personal consumer loans, six major banks collectively announce Importance: Recently, Industrial and Commercial Bank of China, Agricultural Bank Of China, BANK OF CHINA, China Construction Bank Corporation, BANKCOMM, Postal Savings Bank Of China have all issued announcements to implement the financial interest subsidy policy for personal consumer loans and optimize related services. In terms of raising the subsidy standard, the requirement for a maximum subsidy amount of 500 yuan per transaction has been removed, as well as the requirement for a cumulative subsidy cap of 1000 yuan for borrowers under 50,000 yuan at one handling institution. 9. Zhongji Innolight becomes the largest holding stock of public funds, followed by Eoptolink Technology Inc., Contemporary Amperex Technology Importance: At the end of the fourth quarter of 2025, Zhongji Innolight ranked as the largest holding stock of public funds, with a market value held by public funds reaching 78.421 billion yuan. The second to tenth largest holding stocks of public funds are Eoptolink Technology Inc., Contemporary Amperex Technology, TENCENT, Zijin Mining Group, BABA-W, Kalray, Luxshare Precision Industry, Kweichow Moutai, and Suzhou Dongshan Precision Manufacturing. Market opportunities to watch include: 1. The resurgence of commercial aerospace: SpaceX has already booked more than 20 space tourists, expected to achieve manned first flight in 2028. 2. Gas: U.S. natural gas prices surge 50% in two days, set to achieve the largest weekly gain in 34 years. 3. Pre-fabricated meals: The State Council's Food Safety Office and other departments will seek public opinions on national standards for pre-fabricated meals. 4. Chips: Chinese scientists successfully developed "fiber optic chips". 5. Computing power: Beijing aims to have a cumulative computing power scale of around 200,000P by 2027. 6. Storage Chips: Alibaba Cloud's senior vice president Li Feifei predicts that memory prices are expected to increase by two to three times. In terms of positive announcements, pay attention to Hengyi Petrochemical's announcement of a buyback plan exceeding 5 billion yuan in shares. In terms of negative announcements, watch for recent reductions in holdings of Piotech Inc. by major funds. Positive Announcements: 1. Hengyi Petrochemical: Plans to repurchase shares worth 5 billion to 10 billion yuan 2. Jilin Province Xidian Pharmaceutical Sci-Tech Development: Plans to repurchase company shares worth 25 million to 50 million yuan 3. Jiangsu Yunyi Electric: Director and Deputy General Manager Zhang Jing plans to increase holdings of company shares by no less than 5 million yuan and no more than 10 million yuan 4. Lizhong Sitong Light Alloys Group: Subsidiary awarded aluminum alloy wheel project, estimated sales amount during the project period around 1.37 billion yuan 5. Wuhan Huakang Century Clean Technology: Expected to win bid for hospital expansion project Negative Announcements: 1. Piotech Inc.: National big fund reduced holdings by 2.98 million shares between January 13th and January 22nd 2. Advanced Micro-Fabrication Equipment Inc. China: Largest shareholder Shanghai Chuangtou reduced holdings by 1% of company shares from January 6th to January 21st 3. NSFOCUS Technologies Group: Shareholders Net An Fund and Lei Yan Investment plan to collectively reduce holdings by no more than 4% 4. Rayitek Hi-Tech Film: Shareholder Taijuyao Kun plans to reduce holdings by no more than 3% 5. Cendes Co., Ltd.: Shareholder Che Lu plans to reduce holdings by no more than 3% Earnings Forecasts/Reports: 1. Founder Technology Group: Expected net profit of 430 million to 510 million yuan in 2025, a year-on-year increase of 67.06% to 98.14% 2. Maxone Semiconductor: Expected net profit of 368 million to 399 million yuan in 2025, a year-on-year increase of 57.87% to 71.17% 3. GigaDevice Semiconductor Inc.: Expected net profit of around 1.61 billion yuan in 2025, a year-on-year increase of about 46% 4. Infotmic Co., Ltd, which has achieved 3 consecutive board meetings: Expected net loss of 69 million to 97 million yuan in 2025