Morning News

**Source**: Wall Street Insights

### Market Overview

The slowdown in core CPI inflation failed to sustain the upward momentum of U.S. stocks, with the three major stock indexes turning lower intraday. The S&P 500 and the Dow Jones Industrial Average pulled back from record highs, weighed down by bank stocks as the financial sector dropped nearly 2%. JPMorgan Chase fell more than 4% after releasing its Q4 earnings report and its CFO hinted that the company might be hit by Trump’s proposed cap on credit card interest rates; credit card giant Visa also slid over 4%.

On the flip side, Google rose more than 1%, hitting a new all-time high for four consecutive days. The semiconductor index and NVIDIA extended gains for two straight sessions. After being upgraded by institutional investors, AMD surged over 6% and Intel jumped more than 7%.

Following the release of U.S. CPI data, U.S. Treasury prices jumped and yields refreshed intraday lows; the U.S. Dollar Index erased some of its earlier gains in the short term and touched an intraday low, but later extended its rally to approach a four-week high.

The Japanese yen weakened for six consecutive trading days, hitting a one-and-a-half-year low. After the U.S. CPI announcement, the offshore renminbi turned higher briefly, then broke below the 6.97 mark, pulling back from a 20-month high; Bitcoin once rallied nearly 4% from its intraday low, breaking above the $94,000 level.

Crude oil climbed for four straight days, closing at a more than two-month high. Oil prices surged over 3% intraday after Trump announced the cancellation of talks with Iran. Gold turned lower after hitting an intraday record high for the second consecutive day; silver rose nearly 5% intraday, setting new all-time highs for two days in a row. LME tin advanced over 3%, approaching its record peak, while LME copper snapped a two-session winning streak and failed to continue its move toward the record high.

During the Asian trading session, A-shares recorded a new all-time high in trading volume. The ChiNext Index fell 2%, with commercial aerospace stocks undergoing a collective correction, while the stocks related to the new "Yi Zhongtian-style" concept maintained their strength. The Hang Seng Index rose nearly 1%, driven by active performance of pharmaceutical stocks, and lithium carbonate bucked the trend with a gain of over 7%.

### Top News

G7 finance ministers stated that they will reduce their reliance on Chinese rare earths. The Chinese Foreign Ministry responded: China’s stance on safeguarding the stability and security of the global critical mineral industrial chain remains unchanged. In response to Trump’s plan to impose a 25% tariff on Iran’s commercial partners, the Foreign Ministry said China will firmly uphold its legitimate and lawful rights and interests.

China’s Ministry of Commerce announced that starting from January 14, 2026, anti-dumping duties will continue to be levied on imported solar-grade polysilicon originating from the United States and South Korea, with an implementation period of five years.

U.S. core inflation slowed more than expected. The December core CPI growth rate came in below expectations, rising 2.6% year-on-year and matching the near five-year low; the headline CPI increased 2.7% year-on-year, in line with expectations. Wall Street does not expect an interest rate cut this month, and the "Fed Wire" commented that the Fed’s wait-and-see stance is unlikely to change.

Trump added fuel to the fire of the Fed investigation, criticizing Jerome Powell for being "either incompetent or corrupt." He claimed that the CPI data gives Powell an opportunity to implement a sharp interest rate cut, and that a rate cut should be made if the economic situation is favorable.

After Powell was sued, the third-ranking official of the Federal Reserve spoke out, saying that the Fed is not under strong pressure to change interest rates.

Central banks of multiple countries issued a joint statement to "fully support" Powell. The Governor of the Bank of Canada stated that Powell "embodies the highest level of public service."

Trump said he has canceled all talks with Iranian officials, sending crude oil prices up more than 3% intraday.

After the sharp rise in precious metals, the Chicago Mercantile Exchange (CME) took action again, changing the contract margin from "fixed" to "floating." Driven by strong retail demand, CME will launch 100-ounce silver futures contracts.

CCTV News reported: The United States has relaxed export controls on NVIDIA’s H200 chips to China.

The next target of price controls is "electricity prices." Trump stated that "tech giants must bear the power costs of data centers, and Microsoft will make changes this week"; Microsoft responded that it is willing to bear high electricity prices to cover the power costs of its data centers.

OpenAI’s first hardware product is reportedly an AI headset, with a sales target of 50 million units this year.

Liang Wenfeng authored a new paper, proposing to equip large models with a "dictionary." By separating computing and memory functions, the model’s "IQ" can be significantly improved, which may hint at the upcoming DeepSeek V4.

Moore Threads, in collaboration with Zhiyuan Research Institute, has verified for the first time the high efficiency of training embodied intelligence models on a domestic 1,000-card cluster, with a 1,000-card scaling efficiency exceeding 90%.

Ronbay Technology signed a huge 120 billion yuan contract with CATL for lithium iron phosphate products.

JPMorgan Chase’s Q4 revenue rose 7% year-on-year, exceeding expectations, with equity trading revenue surging 40% year-on-year. However, weak bond underwriting business dragged down net profit by 7%, and investment banking business fell short of guidance.

South Korea’s prosecution has demanded the death penalty for Yoon Suk-yeol, with the verdict scheduled to be announced on February 19.

### Market Closing Quotes

**European and U.S. Stock Markets**:

- S&P 500: -0.19% to 6,963.74 points

- Dow Jones Industrial Average: -0.80% to 49,191.99 points

- Nasdaq Composite: -0.10% to 23,709.873 points

- Euro Stoxx 600 Index: -0.08% to 610.44 points

**A-shares**:

- Shanghai Composite Index: -0.64% to 4,138.76 points

- Shenzhen Component Index: -1.37% to 14,169.40 points

- ChiNext Index: -1.96% to 3,321.89 points

**Bond Market**:

By the end of the bond trading session, the yield on the 10-year U.S. Treasury note stood at around 4.18%, flat from Monday; the yield on the 2-year U.S. Treasury note was about 3.53%, also unchanged from Monday.

**Commodities**:

- WTI Crude Oil Futures (February contract): +2.77% to $61.15 per barrel

- Brent Crude Oil Futures (March contract): +2.51% to $65.47 per barrel

- COMEX Gold Futures (February contract): -0.34% to $4,599.1 per ounce

- COMEX Silver Futures (March contract): +nearly 1.5% to $86.338 per ounce

- LME Copper: -nearly 0.4% to $13,164 per ton

- LME Nickel: -about 1.2% to $17,681 per ton

- LME Tin: +nearly 3.3% to $49,528 per ton

### Details of Top News

#### Global Headlines

Finance ministers of the Group of Seven (G7) stated that they will reduce reliance on rare earths from China. The Chinese Foreign Ministry responded that China's stance on safeguarding the stability and security of the global critical mineral industrial chain remains unchanged.

Donald Trump announced plans to impose an additional 25% tariff on Iran's commercial partners, prompting a response from the Chinese Foreign Ministry. According to Xinhua News Agency, Foreign Ministry Spokesperson Mao Ning stated at a regular press conference on the 13th when answering relevant questions that China's position on the tariff issue is very clear: there are no winners in a tariff war. China will firmly uphold its legitimate and lawful rights and interests.

China's Ministry of Commerce announced that starting from January 14, 2026, anti-dumping duties will continue to be levied on imported solar-grade polysilicon originating from the United States and South Korea, with an implementation period of 5 years.

U.S. core inflation slowed more than expected. The December core CPI growth rate came in below expectations, rising 2.6% year-on-year and matching the near five-year low; the headline CPI increased 2.7% year-on-year, in line with expectations. The U.S. December CPI readings, both year-on-year and month-on-month, were in line with expectations. The core CPI rose 2.6% year-on-year, the lowest level since March 2021 and below the expected 2.7%; month-on-month, it increased by 0.2%, lower than the expected 0.3%. The data strongly confirms that inflation is continuing to ease.

What signal does the CPI release? Wall Street does not expect an interest rate cut this month, and the "Fed Wire" commented that the Fed's wait-and-see stance is unlikely to change. Market participants believe that the CPI report provides more conclusive evidence that price pressures are cooling, but it is still not enough to push the Federal Reserve to cut interest rates this month. The "Fed Wire" pointed out that to resume interest rate cuts, Fed officials may need to see new evidence indicating that the job market is weakening or that price pressures are subsiding. The latter may require at least a few more months of inflation reports to be confirmed.

Trump added fuel to the fire of the Fed investigation, criticizing Jerome Powell as "either incompetent or corrupt." Trump said he will announce the nominee for Federal Reserve Chair in the coming weeks, and the Department of Justice investigation will not affect this timetable. Media reports indicate that prosecutor Pirro, who is in charge of the investigation, did not seek approval from her superiors at the Department of Justice before issuing subpoenas to the Fed and has no intention of abandoning the investigation. Pirro stated that she had contacted the Fed multiple times but was ignored, so she had to take legal procedures. Media reports mentioned that the Fed received two emails during the winter holiday, neither of which conveyed any urgent information nor mentioned a criminal investigation.

Trump described Powell as "very rigid" and said that if the economic situation is good, the Federal Reserve should cut interest rates. He argued that if economic data is strong, the market should rise rather than fall, and he hopes to see interest rate cuts when the market is performing well. After the release of the CPI data, Trump claimed that the U.S. inflation rate is very low, giving the slow-moving Powell an opportunity to "deliver a nice, big rate cut for us."

After Powell was sued, the third-ranking official of the Federal Reserve spoke out, saying that the Fed is not under strong pressure to change interest rates. New York Fed President John Williams warned against undermining the central bank's independence, noting that attacks on central bank independence often lead to very unfortunate economic consequences, including high inflation. At the same time, he stated that the current monetary policy stance is prudent, and there is no need to adjust interest rates in the short term. He projected that U.S. GDP will grow by 2.5%-2.75% in 2026, and inflation will fall back to the 2% target in 2027.

Central banks of multiple countries issued a joint statement to "fully support" Powell. The Governor of the Bank of Canada commented that Powell "embodies the highest level of public service." Major global central banks released a joint statement in support of Federal Reserve Chair Jerome Powell, jointly responding to the Trump administration's use of judicial means to pressure the central bank and threaten its independence. A number of officials have successively voiced their support, and Powell's tough stance has also unexpectedly gained widespread public support from U.S. retail investors.

Trump said he has canceled all talks with Iranian officials, sending crude oil prices up more than 3% intraday. According to CCTV News, on January 13 local time, U.S. President Trump posted on social media that he had canceled all meetings with Iranian officials. On the same day local time, Iranian Army Chief of Staff Hatami stated that after the previous Israel-Iran conflict, the combat capability of Iran's armed forces in responding to relevant security threats has been significantly enhanced.

Following the sharp rise in precious metals, the Chicago Mercantile Exchange (CME) took action again, changing contract margin requirements from "fixed" to "floating." According to a notice issued by CME on January 12, the margin setting method for gold, silver, platinum, and palladium contracts will be adjusted from a fixed amount to a percentage of the contract's notional value. The margin ratio for some non-high-risk portfolio gold contracts will be adjusted to approximately 5% of the notional value, and around 9% for silver. This mechanism shift means that risk exposure will directly fluctuate with the market. Periods of high prices or high volatility may trigger frequent margin calls, making capital occupation unstable, and high-leverage traders will face particularly significant pressure.

Driven by strong retail demand, CME will launch 100-ounce silver futures contracts.

Will silver experience a roller-coaster ride this year? UBS warns: it may surge another 25% in the first half but could pull back in the second half. UBS believes that fueled by a surge in trading activity in the Chinese market and investor enthusiasm, silver prices may jump another 25% in the first half of the year; however, as the market returns to fundamentals in the second half, prices are likely to retrace. Market participants will need time to assess how supply and demand factors adapt to the new price dynamics, which may lead to increased price volatility. The bank reaffirmed its bullish view on gold, expecting it to continue rising in the first half of the year, with an estimated upside of about 9% from current levels in the base case scenario.

The United States has relaxed export controls on NVIDIA's H200 chips to China. According to CCTV News, earlier, Trump stated via social media that the U.S. government will allow NVIDIA to sell H200 artificial intelligence chips to China. It is reported that the above-mentioned sales to China will be subject to approval and security review by the U.S. Department of Commerce, and the U.S. side will also collect fees from related transactions.

The next target of price controls is "electricity prices." Trump stated that "tech giants must bear the power costs of data centers, and Microsoft will make changes this week." U.S. electricity price increases have outpaced overall inflation, fueling voter dissatisfaction with the cost of necessities such as energy. Trump emphasized that while data centers are "critical" to the AI boom, the large tech companies building these facilities must "pay their own way." Microsoft has been exploring issues related to cost-sharing for AI infrastructure.

Microsoft responded that it is willing to bear high electricity prices to cover the power costs of its data centers. The company launched a "community-first" AI infrastructure initiative, promising not to pass on data center electricity costs to residents. It will require utility companies to set sufficiently high electricity prices to cover their own power costs and invest in upgrading grid capacity and efficiency.

OpenAI's first hardware product is reportedly an AI headset, with a sales target of 50 million units this year. OpenAI is accelerating its foray into the hardware sector. Its first audio hardware product, codenamed "Sweetpea," is expected to be released in September this year, aiming to directly compete with and replace Apple AirPods. Designed by the team of former Apple Chief Design Officer Jony Ive, the product features a unique pebble-shaped metal main unit and a split behind-the-ear wearing design. It is reported that it will be powered by a 2nm process chip, targeting local inference for most AI tasks. Foxconn has received a notice to prepare for mass production, with a first-year shipment target of 40-50 million units.

Liang Wenfeng authored a new paper, proposing to equip large models with a "dictionary." By separating "memory" from "computation"—assigning memorization tasks to the "dictionary" and computational tasks to the model's core—the reasoning ability of AI will experience a counterintuitive explosive growth. This breakthrough may mark the eve of the birth of DeepSeek V4.

Moore Threads and Zhiyuan Research Institute jointly verified for the first time the high efficiency of training embodied intelligence models on a domestic 1,000-card cluster, with a scaling efficiency exceeding 90%! Based on the FlagOS-Robo framework and relying on the MTT S5000 1,000-card intelligent computing cluster, Moore Threads and Zhiyuan successfully completed the full-process training of Zhiyuan's self-developed embodied brain model RoboBrain 2.5. This is the industry's first verification of the usability and high efficiency of domestic computing clusters in training large embodied intelligence models, marking a key step forward for domestic AI infrastructure in addressing complex multimodal tasks.

Ronbay Technology signed a huge 120 billion yuan lithium iron phosphate contract with CATL! Ronbay Technology and CATL signed a "Lithium Iron Phosphate Cathode Material Procurement Cooperation Agreement." From the first quarter of 2026 to 2031, Ronbay Technology will supply a total of 3.05 million tons of lithium iron phosphate cathode materials to CATL in the domestic market, with the total contract value exceeding 120 billion yuan.

JPMorgan Chase's Q4 revenue rose 7% year-on-year, exceeding expectations, with equity trading revenue surging 40% year-on-year. However, weak bond underwriting business dragged down net profit by 7%. Despite strong performance in trading and interest income, investment banking business fell short of guidance, resulting in a "divergent" overall earnings report. Investment banking fees for the quarter fell 5% year-on-year, significantly lower than the company's previous guidance of "low-single-digit growth," becoming the biggest surprise in this earnings release.

Venezuela's stock index hit a new high, surging 130% in ten days, and the first U.S.-listed ETF related to Venezuela was filed. A political upheaval in Venezuela triggered a market rally, with the benchmark IBC index soaring over 130% in ten days to a record high. Wall Street is quickly betting on an economic turnaround and oil renaissance, and U.S. ETF issuer Teucrium has filed for the first ETF focused on exposure to the country. Despite the extreme fragility of its $170 billion external debt, global capital is gambling on a "complete re-rating" of Venezuela.

South Korea's prosecution has demanded the death penalty for Yoon Suk-yeol, with the verdict scheduled for February 19. On the evening of the 13th, the special prosecution team investigating the emergency martial law incident in South Korea requested the court to sentence former President Yoon Suk-yeol to death on charges of leading an insurrection. The court announced in the early morning of the 14th that the first-instance verdict will be delivered on February 19.

#### Selected Research Reports

Goldman Sachs Annual Institutional Survey: U.S. stocks fall out of favor, Mag7 underperform, geopolitics becomes the biggest "gray rhino," and gold prices are seen hitting $6,000. The survey reveals an extremely divided picture: investors are unprecedentedly optimistic on a macro level, while frantically seeking safe-haven assets and viewing "geopolitics" as the Sword of Damocles hanging over their heads. The years-long trading logic of "U.S. exceptionalism" is disintegrating, and capital is preparing for an epic rotation from U.S. tech giants to cyclical stocks, emerging markets, and hard assets (gold, copper).

Big Tech vs. Value Stocks: As the U.S. earnings season kicks off, Wall Street's "rotation trade" faces a make-or-break test. Currently, capital in U.S. stocks is rotating from the tech giants that have led gains for years to value sectors such as banking and industrials, and the earnings season will serve as a crucial test. Tech stocks are expected to still contribute the main profit growth (with a growth rate of 20-30%), while the growth rate of non-tech sectors may plummet to 1%. Institutions believe that if traditional industries fail to deliver better-than-expected earnings guidance, this large-scale "rotation trade" will be unsustainable. The market is in urgent need of seeing broader profit recovery beyond tech stocks to support the sustainability of the rotation.

From Large Models and Robots to Dating Apps: In 2026, the market's pricing standard for AI has fully shifted to return on investment! In 2026, the market's pricing standard for AI technology has shifted from pure expectations of technological breakthroughs to rigorous assessment of return on invested capital (ROIC). Morgan Stanley is particularly bullish on giants such as Amazon, META, and Doordash that can achieve efficiency improvements and business expansion through AI, and expects cloud service providers to usher in strong growth. Conversely, for segments facing disruptive uncertainties from autonomous driving or agent technologies, such as ride-hailing, online travel, and smaller advertising platforms, the market will assign lower valuation multiples.

### Domestic Macroeconomy

The Ministry of Industry and Information Technology (MIIT) held a forum with manufacturing enterprises: Focus on stabilizing effective investment in manufacturing and consciously resist "involution".

Leaders of 12 enterprises from key industries including steel, non-ferrous metals, new materials, automobiles, machinery, ships, light industry, pharmaceuticals and electronics attended the forum. The meeting emphasized coordinating policies to stabilize effective investment in manufacturing and stimulate private vitality. Meanwhile, it called on enterprises to deepen innovation, strengthen self-discipline, consciously resist "involution", gain competitive advantages with high-quality products, and jointly maintain a sound industry ecosystem.

MIIT: Implement the integration and empowerment action of industrial internet and artificial intelligence; by 2028, there will be over 450 influential platforms.

The Ministry of Industry and Information Technology issued the *Action Plan for Promoting the High-Quality Development of Industrial Internet Platforms (2026–2028)*. By 2028, positive results will be achieved in the high-quality development of industrial internet platforms; the multi-level platform system of "specialized + industrial + collaborative" types will continue to expand, with over 450 platforms of certain influence; the number of connected industrial devices will exceed 120 million units (sets); the platform penetration rate will reach over 55%, basically building a new-generation industrial internet platform ecosystem characterized by ubiquitous connectivity, digital-intelligent integration, in-depth collaboration, openness and source sharing.

**Flexible breakthrough** in China-EU electric vehicle case: Price commitments replace tariffs, sending positive signals.

According to The Paper, on January 12, the Ministry of Commerce announced the progress of consultations on the China-EU electric vehicle case. The statement noted that both China and the EU agreed that it is necessary to provide general guidance on price commitments to Chinese exporters of pure electric vehicles to the EU, so that Chinese exporters can address relevant concerns in a more practical, targeted and WTO-consistent manner.

How will sales perform in 2026 after China-EU reach "price commitment" framework on electric vehicle tariffs?

China and the EU have reached a "price commitment" framework on electric vehicle tariffs, allowing Chinese automakers to replace high tariffs by committing to minimum import prices. The mechanism requires enterprises to set price floors and match with commitments on investment in European factories. In the first half of 2025, the market share of Chinese vehicles in the EU has reached 6%, up from 5% in 2024. It is expected that under this controlled market access mechanism, sales will maintain growth momentum in 2026, with the market share expected to reach 10% by 2030.

### Domestic Companies

Shanghai Stock Exchange (SSE) takes action: Two "commercial aerospace" concept stocks receive regulatory warnings.

Dianke Digital and Hangxiao Steel Structure have received regulatory warning decisions issued by the SSE. The decisions indicated that the two companies had inaccurate and incomplete disclosure of information related to concepts such as "commercial aerospace", with insufficient risk warnings, which may mislead investors' decision-making. The commercial aerospace sector has been the most eye-catching main theme in the A-share market since the beginning of this year.

The "infrastructure maniac" starts making satellites.

PowerChina has successfully developed its first energy engineering-specific satellite "PowerChina-1", marking the transformation of geological disaster monitoring for major projects in China from the traditional ground-based model to an integrated "space-air-ground" model. Equipped with all-weather observation capabilities, the satellite breaks through the dilemma of traditional monitoring being "subject to weather conditions and external constraints", and achieves a complete independent technology chain from satellite manufacturing to data processing. With a total mass of only 300 kilograms, it can achieve millimeter-level deformation monitoring and shorten the revisit cycle to a daily basis. In the future, it can be widely applied to national strategic projects such as hydropower, transportation and energy, ushering in a new "satellite + infrastructure" model.

SPD Bank 2025 Express Report: Double-digit net profit growth, "inflection point" in asset quality emerges.

SPD Bank released the first 2025 results report among listed banks, disclosing operating revenue of RMB 146.55 billion and net profit attributable to shareholders of RMB 50.017 billion.

### Overseas Macroeconomy

World Bank upgrades 2026 economic outlook due to "remarkable" economic resilience.

The World Bank raised its global economic growth forecast for this year, stating that the global economy has shown unexpectedly strong resilience amid a "historic" escalation of global trade tensions. The institution noted that the resilience of the world economy is "remarkable", but risks remain tilted to the downside, and there is a significant risk of renewed escalation in trade tensions. The World Bank report includes forecasts for Brent crude oil prices in 2026.

Morgan Stanley delays expectation for first rate cut this year, saying Fed's focus has shifted from employment to inflation.

Morgan Stanley postponed its expectation for the Fed's first rate cut this year from January and April to June and September, with 25 basis points each time. The core logic has shifted from "stabilizing employment" to "combating inflation", and policy actions need to wait for the full impact of tariffs to manifest and inflation to clearly fall back to the 2% target. The bank maintained its forecast for the terminal interest rate at 3.0%-3.25%.

U.S. stock volatility is too cheap; Bloomberg strategists warn: Be cautious of "volatility squeeze" near the S&P 7000 level.

U.S. stocks have fallen into extreme complacency as they sprint towards the 7000-point mark, with index volatility being severely underestimated. Analysts believe that short volatility positions are currently extremely crowded, highly similar to the eve of the crash in July 2024. With the release of CPI data this week and the options expiration date on January 16 approaching, policy risks and geopolitical uncertainties are likely to trigger a "volatility squeeze", leading to a chain-reaction pullback at high levels.

"Takashi Market Trade" makes a comeback; Japanese stocks hit new highs, bonds and currency slump simultaneously.

Driven by news that Sanae Takaichi may hold a general election at the end of January, the Nikkei 225 Index surged more than 3% on Tuesday, while government bonds and the foreign exchange market fell across the board. Analysts believe that if Sanae Takaichi secures a stronger mandate in the early general election, it will further consolidate her expansionary fiscal stance and preference for loose monetary policy. While this prospect boosted the stock market, it also triggered market concerns about Japan's debt sustainability, thereby exacerbating selling pressure on bonds and the Japanese yen.

Is the "Takashi Market Trade" a misjudgment? Nomura: Early general election is not about strengthening reflation, but shifting to structural reforms.

A Nomura Securities report pointed out that the market's interpretation of Japan's early general election as a continuation of "reflation" policies is a misjudgment. The bank believes that the election is essentially to gain political capital and promote the shift of policies from short-term stimulus to structural reforms and deregulation.

### Overseas Companies

Anthropic launches Claude Cowork: No coding required for Claude Code!

Anthropic released Cowork, empowering ordinary users with AI code execution capabilities to batch process files, crawl data and other complex tasks without programming skills. This "civilian version" developer tool is said to disrupt hundreds of single-function SaaS products, triggering a major reshuffle in the B2B software market. The market expects that OpenAI and Gemini will soon follow up with similar products, potentially ushering in the first year of competition in "desktop AI agents".

### Industry/Concepts

1.  **Photovoltaics (PV)** | On January 13, the Ministry of Commerce issued an announcement releasing the final review ruling on anti-dumping measures applicable to imported solar-grade polysilicon originating from the United States and South Korea. The Ministry of Commerce ruled that if the anti-dumping measures are terminated, dumping of imported solar-grade polysilicon originating from the United States and South Korea into China may continue or recur, and the injury to China's solar-grade polysilicon industry may also continue or recur. In accordance with the recommendations of the Ministry of Commerce, the Tariff Commission of the State Council decided to continue levying anti-dumping duties on imported solar-grade polysilicon originating from the United States and South Korea starting from January 14, 2026, with an implementation period of 5 years.

Chuangyuan Futures believes that affected by restrictions on opening positions and increased trading hands for polysilicon, the liquidity of polysilicon has tightened significantly. Meanwhile, due to the cooling of anti-involution efforts and heightened anti-monopoly concerns, long positions in the market have triggered panic selling, leading to a sharp drop in prices from high levels. Therefore, it is expected that the profits of the PV industry will still face long-term constraints; while demand is subject to long-term restrictions, supply also faces marginal constraints that make it difficult to further reduce production significantly. From a macro perspective, driven by expectations of a new export tax rebate policy, there will be a certain rush-installation demand in 2026, which will provide strong support for the exports of polysilicon and the PV industry. It is necessary to focus on the spot price support of mainstream enterprises and the growth rate of external demand.

2.  **Industrial Internet** | MIIT supports high-quality development of industrial internet; intelligent driving becomes the key. On January 13, the website of the Ministry of Industry and Information Technology released the *Action Plan for Promoting the High-Quality Development of Industrial Internet Platforms (2026-2028)*. The Action Plan proposed that by 2028, positive results will be achieved in the high-quality development of industrial internet platforms; the multi-level platform system of "specialized + industrial + collaborative" types will continue to expand, with over 450 platforms of certain influence; the factor resource connection capability of platforms will be greatly enhanced, the data value-added, model precipitation and artificial intelligence development and application capabilities of key platforms will be significantly improved, and the number of connected industrial devices will exceed 120 million units (sets); the platform penetration rate will reach over 55%, basically building a new-generation industrial internet platform ecosystem characterized by ubiquitous connectivity, digital-intelligent integration, in-depth collaboration, openness and source sharing.

3.  **Low-Altitude Economy** | Countdown to the Low-Altitude Economy Innovation and Development Conference; the industrial chain faces revaluation. The 2nd China eVTOL Innovation and Development Conference will be held in Shanghai from January 15 to 16, 2026, with the theme of "Innovation Leads, Intelligence Ushes in the New Commercial Era of eVTOL", focusing on technological breakthroughs and commercialization of electric vertical take-off and landing (eVTOL) aircraft.

4.  **Robots** | Eight ministries including the Ministry of Civil Affairs recently issued *Several Measures on Cultivating Elderly Care Service Entities and Promoting the Development of Silver Economy*. It mentioned encouraging R&D in elderly care technology and products. It encourages the development of the elderly care service robot industry; in response to the needs of families and institutions for daily care, emotional companionship and social support for the elderly, it promotes cross-industry collaboration and technological integration of robot technology, medical rehabilitation, smart home and other fields to provide comprehensive intelligent elderly care support for the elderly. Accelerate the R&D of products such as embodied intelligence technology, emerging material technology, gene technology and rehabilitation aids, and actively explore technologies such as brain-computer interfaces, exoskeleton robots and muscle exoskeletons to provide technical support for the elderly with degraded physical functions.

5.  **Solid-State Batteries** | According to IT Home, the research team led by Professor Ma Cheng from the University of Science and Technology of China has made important progress in the key technologies of all-solid-state batteries, with relevant results published in *Nature Communications* on January 8. The new solid-state electrolyte developed by the team has greatly reduced the pressure dependence of all-solid-state batteries, while slashing costs by 95%, which is expected to accelerate the practical application of all-solid-state batteries.

6.  **Electronic Skin** | According to National Business Daily, the GR-Dexter system recently released by ByteDance's Seed Team has achieved a breakthrough in the robot field, becoming the world's first integrated framework that extends VLA models to high-degree-of-freedom dexterous hands, successfully solving three major problems: curse of dimensionality, perception blind spots and data scarcity. The 56-degree-of-freedom dual-arm system (21 degrees of freedom per hand) can perform long-sequence tasks such as vacuuming and bread splitting, and operate stably in the face of unknown objects and abstract instructions, laying the foundation for the implementation of general household and medical care robots. The key to supporting the precise tactile sensation of this dexterous hand is "high-density tactile electronic skin", which has advantages such as full curved surface coverage, ultra-high precision and wide-range adaptability to meet demand. The latest breakthrough of ByteDance's GR-Dexter marks that robots are moving from executable operations to human-like operations, taking a crucial step forward.

### Today's News Preview

- China's December import and export data

- U.S. November PPI

- OPEC releases monthly crude oil market report

- U.S. November retail sales

- U.S. December existing home sales

- Weekly U.S. EIA crude oil inventory change

- The U.S. Supreme Court may announce its judgment on the Trump tariff case on January 14

- Speeches by Philadelphia Fed President Paulson, Minneapolis Fed President Kashkari and New York Fed President Williams

- The Federal Reserve releases the Beige Book of economic conditions

**End of Full Text**

### Risk Warning and Disclaimer

The market is risky and investment needs to be prudent. This document does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situations or needs of individual users. Users should consider whether any opinions, views or conclusions in this document are in line with their specific circumstances. Investment decisions made based on this document shall be at the user's own risk.