★ Macro Dynamics ★ The Ministry of Finance announced that the securities transaction stamp tax reached 203.5 billion yuan in 2025, marking a significant increase of 57.8%. The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity electricity price mechanism on the generation side. It stipulates that the proportion of fixed costs recovered for coal-fired power units through the capacity electricity price should be raised to no less than 50%. According to the China Academy of Information and Communications Technology, domestic mobile phone shipments in December 2025 totaled 24.473 million units, a sharp decrease of 29.1% year-on-year. Within this, 5G phone shipments were 22.132 million units, down 27.3%, accounting for 90.4% of all phone shipments. The Customs Tariff Commission of the State Council announced that a provisional import tariff rate of 5% will be applied to whiskey starting February 2, 2026. As of now, childcare subsidies have benefited over 30 million infants and young children nationwide. For approved applications from 2025 that have not yet been disbursed, authorities will expedite the process to ensure full payment by the end of March 2026. ★ Financial Institutions ★ The Industrial and Commercial Bank of China (ICBC) has announced adjustments to its Ruyi Gold Accumulation Plan. Effective February 7, 2026, ICBC will implement quota management for this plan on weekends and public holidays when the Shanghai Gold Exchange is closed. Quotas will include daily accumulation/redemption limits and single-transaction volume caps, which will be dynamically adjusted, though physical gold withdrawals remain unaffected. Jiang Yisheng, former Chairman of Industrial and Commercial Bank of China (Macau) Company Limited, has been expelled from the Communist Party and dismissed from public office for severe violations of discipline and law, including suspected bribery. China International Capital Corporation Limited (CICC) announced that it expects its 2025 net profit attributable to equity holders to reach between 8.542 billion yuan and 10.535 billion yuan, representing a substantial year-on-year increase of 50% to 85%, driven by growth in its core businesses. ★ Market Data ★ In A股 trading on January 30, the three major indices closed mixed. The Shanghai Composite Index fell 0.96%, the Shenzhen Component Index declined 0.66%, while the ChiNext Index rose 1.27%. The total turnover for the Shanghai and Shenzhen markets was approximately 2.84 trillion yuan. The Hong Kong stock market also closed lower on January 30. The Hang Seng Index dropped 2.08%, and the Hang Seng Tech Index fell 2.1%. Gold stocks saw significant declines, with Chifeng Gold and Shandong Gold falling over 14%. ★ Company News ★ Chang Rui has been appointed as the Deputy Party Secretary, Director, and General Manager of BAIC Group. Sino Medical projects its 2025 net profit attributable to shareholders to be between 43 million yuan and 50 million yuan, a massive increase of 2,767% to 3,233% year-on-year. Novo Nordisk China announced that its Global Senior Vice President and President for Greater China, Zhou Xiaping, will step down, with her last working day being March 31, 2026. Cai Yan has been appointed as her successor.