Special Topic: Highlights from Four Major Securities Journals

On Friday, January 30, the main highlights from today's newspapers are summarized as follows:

China Securities Journal The General Office of the State Council issued a work plan to accelerate the cultivation of new growth points in service consumption, guiding financial institutions to increase credit support for relevant business entities. A message from the Chinese government website on January 29 stated that the General Office of the State Council recently issued the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption." The work plan proposes optimizing the implementation of loan discount policies for business entities in the service industry; guiding financial institutions to increase credit support for business entities in areas identified as new growth points for service consumption, reasonably determining loan interest rate levels, and innovatively developing specialized financial products and services. Ministry of Civil Affairs: Explore using investment and financing channels to establish a Civil Affairs Sci-Tech Innovation Fund. News from the Ministry of Civil Affairs on January 29 indicated that the recently issued "Guiding Opinions on Further Promoting Civil Affairs Sci-Tech Innovation" explicitly propose exploring the use of investment, financing, charitable donations, and other channels to establish a Civil Affairs Sci-Tech Innovation Fund, supporting the research and development, industrialization, and application scenarios of suitable technological products. The main goal set by the opinions is that by 2030, the systems and mechanisms for civil affairs sci-tech innovation will be continuously improved, sci-tech investment will steadily increase, innovation levels and efficacy will be significantly enhanced, a number of key core technologies will be broken through, a batch of landmark sci-tech achievements will be formed, the localization rate of high-end equipment and products will be noticeably raised, a group of leading talents, innovation teams, and sci-tech enterprises in civil affairs sci-tech innovation will emerge, and the integration of civil affairs sci-tech innovation and industrial innovation will continuously deepen, providing strong support for serving economic and social development and improving people's livelihoods. Cycle funds bet heavily on non-ferrous metals for a狂欢, but extreme returns require extreme "清醒." The performance gap between the top and bottom funds with "cycle" in their names over the past year has exceeded 100 percentage points,上演ing a fierce performance divergence. This reflects vastly different investment strategies: heavily concentrating bets on the non-ferrous metals track to seek extreme elasticity, or diversifying across multiple pro-cyclical sectors to pursue diversified returns? This contest of "same name, different fate" questions the positioning of fund products and the active management capabilities of fund managers. Furthermore, industry insiders reveal that expectations from channels and other aspects regarding product performance and scale have also become significant drivers behind the concentrated betting strategy. Global interest rate cut节奏slows down; where to anchor major asset allocation? As of press time by a China Securities Journal reporter at Beijing time on January 29, since the beginning of January, central banks of several Western economies including the Federal Reserve, the Swedish Central Bank, the Norwegian Central Bank, and the Bank of Canada have announced their latest interest rate decisions, all choosing to hold rates steady. The further slowing of the rate-cutting process warrants attention regarding its impact on global assets.

Shanghai Securities News State Council General Office issues 12 measures to accelerate cultivation of new service consumption growth points,首次concentrated deployment for key areas like transportation, housekeeping, and automotive aftermarket. The General Office of the State Council released the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" on January 29, proposing 12 specific measures across three aspects: stimulating development vitality in key areas, cultivating development momentum in potential areas, and strengthening support guarantees. Experts interviewed believe that by clarifying key directions and improving supporting systems, the plan reduces uncertainties for enterprises entering and expanding in the service consumption market, facilitating increased supply-side investment, extended service chains, and deeper segmentation. Simultaneously, the establishment of vocational and standardization systems safeguards a fair and open market environment, effectively enhancing market operational efficiency. More importantly, this service-centric approach to expanding consumption helps form a virtuous cycle of "income-consumption-employment." Federal Reserve holds steady at year's start; timing for restarting rate cuts may be pushed back. As market expected, in its first interest rate decision of 2026, the Federal Reserve announced maintaining the federal funds rate target range at 3.5% to 3.75%. Although the decision received majority approval, internal divisions within the Fed persist, with two Fed governors dissenting and advocating for a 25-basis-point cut. Against the backdrop of full market pricing, the focus of this meeting was not "whether to cut rates" but how the Fed maintains its independence防线under political pressure. During the monetary policy press conference, faced with sensitive questions about remaining as a governor and criminal investigations, Fed Chair Powell avoided direct answers while emphasizing his hope for a successor who "stays away from politics." Strong demand for AI computing infrastructure; optical fiber industry有望usher in new cycle. "Meta will pay Corning $6 billion by 2030 for optical fiber cables used in its AI data centers." Recently, surging demand for optical fiber from overseas AI data center construction has once again drawn market attention to the optical communication industry. "Overseas communication infrastructure and AI infrastructure have strong demand for optical fiber cables; currently, the impact of domestic AI data center construction on fiber demand is not yet significant," a responsible person from a listed communication company told the Shanghai Securities News, stating that the large-scale普及of AI applications imposes higher requirements on bandwidth, which will be a key factor determining demand trends for related industries like optical fiber cables. From "solar solo" to "hydro-solar symphony": first mixed-asset expansion REIT revitalizes "dormant" assets. Two hydropower stations located on the Binglang River mainstream in Baoshan, Yunnan, which have been generating stable power for years, along with photovoltaic power stations in Shaanxi and Hubei, have been bundled into the same financial asset package. Recently, the expansion shares of China Aviation Jinneng Photovoltaic Closed-end Infrastructure REIT listed, marking a substantive step in the REIT market's exploration of the "mixed-asset expansion" model, providing a vivid footnote for the asset diversification of public REITs.

Securities Times Ministry of Industry and Information Technology: Resolutely break the "involutionary" competition in the photovoltaic industry. On January 29, the Ministry of Industry and Information Technology released news that Minister Li Lecheng chaired a symposium with photovoltaic industry entrepreneurs on January 28, listening to opinions and suggestions from key enterprises and the photovoltaic industry association on "anti-involution" work, and研究deploying measures to advance photovoltaic industry governance. The meeting emphasized that under the current situation, "anti-involution" is the principal contradiction in standardizing photovoltaic industry governance. All departments must strengthen coordination, align efforts, and comprehensively utilize measures such as capacity regulation, standard guidance, quality supervision, price law enforcement, prevention of monopoly risks, intellectual property protection, and promotion of technological progress to jointly promote the photovoltaic industry's return to a track of healthy competition and rational development through market-oriented and rule-of-law means. Simultaneously, the photovoltaic industry association should actively履行its functions, promote industry self-discipline according to laws and regulations, innovate methods, and resolutely break the industry's "involutionary" competition. Storage price hike "shockwave" hits; consumer electronics industry launches cost defense war. Since the beginning of 2026, storage products have continued their sharp rally. Samsung Electronics and SK Hynix recently raised the contract supply prices for Q1 NAND flash memory by over 100%. DRAM also faces supply tightness, with prices持续climbing. Net profit of 1.7 trillion yuan! Holdings of the world's largest pension fund revealed. On January 29, Norges Bank Investment Management officially released the 2025 annual investment report. Data shows that the Government Pension Fund Global, one of the world's largest sovereign wealth funds, achieved an overall return of 15.1% in 2025. The fund's size reached 21.268 trillion Norwegian kroner as of December 31, 2025. China to layout more "space+" future industries. It was learned from the Commercial Spacecraft and Application Industry Chain Co-Chain Action Conference held in Shanghai on the 29th that China will layout more "space+" future industries. According to reports, China Aerospace Science and Technology Corporation, as the "chain leader" unit of China's commercial spacecraft and application industry chain, will, during the "16th Five-Year Plan" period, focus on the national strategic deployment for developing commercial aerospace, leverage the strategic leadership and ecosystem-building functions of central enterprises, drive upstream, midstream, and downstream enterprises in the chain to jointly plan new development, build new capabilities, and forge a new ecosystem, implementing five major projects. These include implementing a future industry development cultivation project, planning and promoting new areas such as space digital infrastructure, space resource development, space traffic management, and space tourism.

Securities Daily Multiple reusable rockets有望make maiden flights this year. News from China Aerospace Science and Technology Corporation Commercial Rocket Co., Ltd. on January 28 showed that the company recently held its 2026 annual work conference. The meeting emphasized that 2026 is the first year of the "16th Five-Year Plan" and a crucial year for the company to solidify its foundation and exert full effort. The company will deepen resource coordination,誓保the success of the maiden flight and recovery. Moonshot AI releases new generation open-source model Kimi K2.5. Nearing the end of the month, the AI industry迎来a wave of密集new releases and traffic competition. For instance, both Tencent and Baidu are vying for AI application traffic by distributing红包worth hundreds of millions of yuan; Alibaba announced its largest and most powerful reasoning model, Qwen3-Max-Thinking; the DeepSeek team released the全新DeepSeek-OCR 2 model and open-sourced it. Chemical ETFs gain追捧; shares of multiple products grow rapidly within the year. Since the start of the year, the cyclical theme has continued to play out in the A-share market, with the chemical and non-ferrous metals sectors moving higher in tandem, becoming the two core directions within the cyclical主线. The increased market attention on the chemical sector has driven significant increases in the shares of multiple chemical ETFs. Furthermore, it is understood that managers of several active equity funds had already allocated to the chemical sector in their portfolios previously. Industry insiders stated that against the backdrop of "anti-involution," the profitability of the chemical industry is gradually recovering, highlighting its配置value. Multiple banks adjust margin ratios for individual clients' Shanghai Gold Exchange deferred contracts. Recently, multiple banks issued notices adjusting the margin ratios for individual clients' Shanghai Gold Exchange deferred contracts. On January 28, China Construction Bank issued a notice stating that starting from the close清算on Thursday, January 29, 2026, the margin ratio for Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, NYAuTN12, and Ag(T+D) contracts will be adjusted from 44% to 60%.