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Morning News

# Market Overview (Source: Wall Street CN)

Japanese long-term bonds were sold off, experiencing a "Truss moment". Coupled with the Greenland crisis, risk - aversion sentiment heated up, and a "Sell America" trade emerged in the market.

Major U.S. stock indexes plummeted across the board, with the S&P 500 erasing all its gains so far this year. Although the U.S. small - cap stock index also dropped by 1.2%, it outperformed the S&P 500 for the 12th consecutive trading day. The CBOE Volatility Index (VIX) rose to its highest level since last November. The Magnificent Seven tech giants suffered heavy losses. NVIDIA fell by more than 4.3%, Tesla by over 4%, Oracle by nearly 6%, and Netflix dropped by nearly 5% after releasing its after - hours earnings report.

U.S. long-term bonds were sold off. The yield on the 10-year U.S. Treasury note climbed 8 basis points to 4.293%, and the yield on the 2-year Treasury note went up 1.89 basis points. Japan's bond yields entered the "4% era", with the 40-year government bond yield rising 27 basis points to 4.215%.

The U.S. dollar once fell below 98, losing nearly 0.5% intraday. The RMB briefly rose above 6.95 during the trading session, then experienced a V - shaped trend and was basically flat compared with yesterday's closing price.

Bitcoin fell below $90,000 intraday, recording its largest single - day drop since October 10 last year. Ethereum plummeted by nearly 7%, falling below $3,000.

Safe - haven funds drove gold to a new high, rising nearly 2% intraday to $4,762. Silver consolidated near Monday's high. Crude oil had an inverted V - shaped reversal. It rose by more than 1.8% at one point during the day, then the increase narrowed, and Brent crude turned to a decline. Due to the U.S. cold wave weather forecast, U.S. natural gas futures prices soared by 23%, marking the largest single - day increase since 2022.

During the Asian trading session, the ChiNext Index fell nearly 2%. The chemical and gold sectors rose against the trend, while the commercial aerospace and computing power hardware sectors collectively corrected. The Hang Seng Tech Index dropped more than 1%, Pop Mart rose by 9%, and lithium carbonate futures hit the daily limit.

## Key News

He Lifeng attended the World Economic Forum Annual Meeting and visited Switzerland, putting forward four viewpoints in his speech at the forum.

China's Ministry of Finance stated that the overall fiscal expenditure intensity in 2026 will "only increase and not decrease", and the government debt ratio remains relatively low. It will implement an interest - subsidy policy for loans to small, medium - sized and micro - enterprises and extend the implementation period of the fiscal interest - subsidy policy for personal consumer loans.

China's Loan Prime Rate (LPR) remained unchanged for the eighth consecutive month in January. The LPR for terms over 5 years stood at 3.5%, and the 1-year LPR was 3%.

Bessent calmed the market, saying that the European sell - off of U.S. debt is a "false narrative". The sell - off of Japanese bonds has spread to U.S. bonds, and he has communicated with relevant Japanese officials. The new Federal Reserve Chairman will be announced as early as next week.

Japan's Finance Minister called on the market to remain calm, stating that the government's budget dependence on debt is decreasing, and it plans to invest over $330 billion in AI and chips.

"Greenland to become U.S. territory in 2026"! Trump posted a photoshopped picture "late at night", showing that Canada and Venezuela were both incorporated into the U.S. territory. Canada simulated a U.S. military invasion for the first time in a hundred years.

The European Parliament suspended the ratification process of the U.S. - EU trade agreement. Danish pension fund AkademikerPension plans to liquidate its U.S. debt holdings, claiming that U.S. credit risk is "unignorable". The National Bank of Poland, one of the largest gold buyers, approved the purchase of 150 tons of gold.

The U.S. Supreme Court once again failed to rule on Trump's tariffs and will wait at least another month.

Foreign capital is flowing back to Southeast Asia. It has attracted over $700 million in January, and ASEAN stock markets may see the first consecutive net inflow of foreign capital in nearly 16 months.

The data on NVIDIA's technical blog that overstated the copper demand for data centers by more than 2,000 times was quietly revised recently, triggering a violent correction in the copper market.

Microsoft CEO Satya Nadella warned that if AI fails to be widely implemented, it will eventually become a speculative bubble.

Elon Musk fulfilled his promise to open - source X's recommendation algorithm, which is 100% AI - driven with zero manual rules.

It is reported that TSMC will expand its WMCM packaging capacity, which may double to 120,000 wafers by 2027, in preparation for the iPhone 18.

## Market Closing Quotes

### U.S. and European Stock Markets

- S&P 500: Down 2.06%, closing at 6,796.86 points.

- Dow Jones Industrial Average: Down 1.76%, closing at 48,488.59 points.

- Nasdaq Composite Index: Down 2.39%, closing at 22,954.322 points.

- STOXX Europe 600 Index: Down 0.70%, closing at 602.80 points.

### Chinese A - shares

- Shanghai Composite Index: Closed at 4,113.65 points, down 0.01%.

- Shenzhen Component Index: Closed at 14,155.63 points, down 0.97%.

- ChiNext Index: Closed at 3,277.98 points, down 1.79%.

### Bond Market

- Yield on the 10-year U.S. Treasury note: Rose 6.76 basis points to 4.2906%.

- Yield on the 2-year U.S. Treasury note: Rose 0.87 basis points to 3.5947%.

### Commodities

- WTI Crude Oil Futures for February: Up 1.51%, closing at $60.34 per barrel.

- Brent Crude Oil Futures for March: Up 1.53%, closing at $64.92 per barrel.

- COMEX Gold Futures: Up 3.70%, closing at $4,765.50 per ounce.

- COMEX Silver Futures: Up 6.71%, closing at $94.480 per ounce.

# Detailed Breaking News

## Global Headlines

He Lifeng attended the World Economic Forum Annual Meeting and paid a visit to Switzerland, putting forward four key points in his speech at the forum. According to Xinhua News Agency, He Lifeng put forward four key points in his speech at the forum: First, firmly support free trade and work together to promote inclusive economic globalization. Second, firmly uphold multilateralism and promote the improvement of a more fair and reasonable international economic and trade order. Third, adhere to win-win cooperation, strive to expand the pie of cooperation together, and make joint efforts to solve development challenges. Fourth, adhere to mutual respect and equal consultation, and make good use of dialogue to properly manage differences and resolve issues.

China's Ministry of Finance: The overall fiscal expenditure intensity in 2026 will "only increase and not decrease", and the government debt ratio remains relatively low. The Ministry of Finance made it clear that it will implement a "strong" proactive fiscal policy in 2026 to ensure that the expenditure intensity "only increases and not decreases", and make budget arrangements for the enterprise - beneficial policies such as the interest subsidy for small, medium - and micro - enterprises released on the same day. The press conference emphasized that it will reduce the financing costs and thresholds for private enterprises through a combination of measures including loan interest subsidies and special guarantees, and continue to issue ultra - long - term special treasury bonds. It also pointed out that the actual scale of China's fiscal subsidies is much lower than international estimates, and the competitiveness of enterprises stems from research and development as well as innovation.

China's Ministry of Finance: Implement an interest - subsidy policy for loans to small, medium - and micro - enterprises and extend the implementation period of the fiscal interest - subsidy policy for personal consumer loans. On January 20, the Ministry of Finance issued a series of new policies aimed at precisely supporting the private economy and boosting domestic demand. For small, medium - and micro - enterprises, it launched a 1.5% annual interest subsidy for fixed - asset loans, with a maximum limit of 50 million yuan per enterprise, focusing on supporting more than ten industrial chains such as new energy vehicles and artificial intelligence. Meanwhile, it extended the fiscal interest - subsidy policy for personal consumer loans until the end of 2026, lifted restrictions on consumption sectors and raised the interest - subsidy standards, so as to reduce residents' credit costs and stimulate consumption potential.

China's Loan Prime Rate (LPR) remained unchanged for the eighth consecutive month in January: the LPR for terms over 5 years stood at 3.5%, and the 1 - year LPR was 3%. In January, the LPR for terms over 5 years was 3.5%, and the 1 - year LPR was 3%. Experts believe that the fundamental reason why the LPR quotation has remained unchanged since June 2025 is driven by factors such as the sustained strong export and the rapid development of new quality productive forces represented by high - tech manufacturing. Regarding the monetary policy in 2026, the Deputy Governor of the People's Bank of China stated recently that there is still some room for reserve requirement ratio and interest rate cuts this year.

The Greenland crisis and fiscal pressure triggered a global bond market sell - off, with U.S. and Japanese bonds leading the decline! Market concerns are fermenting on multiple fronts: the expanding U.S. fiscal deficit has weakened the safe - haven appeal of U.S. treasury bonds; European countries may sell trillions of dollars of U.S. treasury bonds in response to the tariff war; and Japanese investors may withdraw capital due to the rise in local yields.

Japanese bond auction met with a cold reception, and the sell - off intensified, with yields entering the "4% era". The yield on the 40 - year Japanese government bond rose 27 basis points to 4.215%. As Prime Minister Sanae Takaichi's aggressive fiscal expansion plan triggered market panic and the demand for the 20 - year government bond auction was weak, Japanese government bonds experienced a historic sell - off. The yield on the 30 - year Japanese government bond rose 26.5 basis points to 3.875%, and the yield on the 40 - year Japanese government bond climbed 27 basis points to 4.215%, continuing to hit a record high.

Bessent calmed the market: the European sell - off of U.S. debt is a "false narrative"; the sell - off of Japanese bonds has spilled over to U.S. bonds, and he has communicated with relevant Japanese officials; the new Federal Reserve Chairman will be announced as early as next week. Japan's Finance Minister called on the market to remain calm.

Bessent said that the candidate for the Federal Reserve Chairman may be announced as early as next week, and there are four highly potential candidates for the position. Rick Rieder, the global chief investment officer of fixed income at BlackRock, has attracted much attention recently. Regarding the EU's countermeasures that the market is worried about, Bessent said that Europe has not discussed selling U.S. treasury bonds, and European countries will definitely continue to hold U.S. treasury bonds.

Bessent attributed part of the decline in U.S. bonds on Tuesday to the "spillover effect" of the Japanese bond market, saying that the Japanese bond market had a volatility of "six standard deviations". Japan's Finance Minister Satsuki Katayama stated that Japan's dependence on debt issuance is the lowest in 30 years, its fiscal deficit is the smallest among the G7 countries, and the government will consider tax reduction measures as a financing option.

Japan's Finance Minister: The government's budget dependence on debt is decreasing, and it plans to invest over 330 billion US dollars in AI and chips. Japan's Finance Minister Satsuki Katayama said at Davos that the government's budget dependence on debt is on the decline, and at the same time, it plans to invest more than 330 billion US dollars to focus on the layout of the AI and chip industries. In response to the recent surge in government bond yields, she emphasized that while expanding fiscal expenditure, the government will adhere to maintaining fiscal sustainability and conveyed to the market its determination to maintain long - term fiscal stability. Earlier, Prime Minister Sanae Takaichi announced the "end of fiscal austerity", which triggered a sell - off of government bonds.

Is this a currency war? Trump's attack on the US dollar and Sanae Takaichi's weakening of the yen. Nomura analysts pointed out that Trump imposed tariffs on Europe due to the dispute over Greenland, which led to the weakening of the US dollar due to political risks. In order to win the early general election on February 8, Japanese Prime Minister Sanae Takaichi unexpectedly turned to an aggressive tax - reduction policy.

It is reported that TSMC is actively expanding its advanced packaging capacity to meet the demand for 2 - nanometer chips such as Apple's iPhone 18 and foldable phones. Technically, it will upgrade from InFO to the WMCM architecture to optimize heat dissipation and AI performance. Analysts believe that the capacity expansion plans such as the AP7 factory are expected to make the monthly WMCM capacity exceed 120,000 wafers by 2027 and drive the synchronous transformation of the testing supply chain.

Netflix delivered excellent Q4 results but provided a weak Q1 outlook. It suspended share repurchases for the acquisition of Warner Bros., and its stock price once dropped by more than 5% after hours. Despite the adverse impact of foreign exchange fluctuations, Netflix's Q4 revenue still increased by nearly 18% year - on - year, exceeding expectations, driven by the growth in paying users and stronger - than - expected advertising sales. The number of subscribers exceeded 325 million at the end of the year, an increase of nearly 8% over the past year. However, its Q1 profit guidance was far below expectations, with the EPS guidance more than 7% lower than analysts' expectations and the full - year operating profit margin also falling short of expectations. Netflix said that the full - year guidance includes about 275 million US dollars in acquisition - related expenses, and it plans to increase its spending on film and television content by 10% throughout the year. It is expected to continue to raise prices this year, and its annual advertising revenue will double to 3 billion US dollars compared with last year.

Netflix is going all out with cash to step up the bidding war for Warner Bros., vowing to build a subscription empire with 450 million users. The new terms have eliminated the main criticism of Paramount on Netflix's bidding plan - the stock payment part made its offer inferior to that of competitors. If Netflix successfully acquires Warner Bros., the combined number of subscribers of the two companies will reach about 450 million, and it will provide Netflix with a huge content library to compete with rivals such as Disney and Amazon.

## Selected Research Reports

Ray Dalio of Bridgewater Associates warned that Trump's policies may trigger a "capital war". Dalio believes that the escalating trade tensions and rising fiscal deficits may weaken the confidence of the outside world in U.S. debt, prompting investors to turn to hard assets such as gold. He suggested that investors take gold as a key hedging tool and allocate 5% - 15% of gold in a typical investment portfolio.

With 10 trillion US dollars of U.S. stock and bond assets in hand, dare Europe launch a "capital war"? European countries' holdings of U.S. bonds and stocks have intensified speculation about the "weaponization of capital". However, most of these assets are held by private funds beyond the control of the government, making it difficult for policymakers to force a sale. Any move to weaponize European - held U.S. assets will constitute a serious escalation of the situation, expanding the trade war into a financial conflict.

Are tariffs not the "core risk"? Wilson of Morgan Stanley: The EU's "anti - coercion" tool will be the next "invisible storm" for tech giants. Morgan Stanley warned that the core risk of the U.S. - EU trade dispute is not tariffs, but that the EU may use the "anti - coercion" tool to crack down on U.S. tech giants. This move will have a more serious structural impact on their European operations than tariffs, leading to the market's early sell - off of tech stocks and the transfer of funds to small - cap stocks and gold for safe - haven purposes.

JPMorgan Chase: Don't panic! The Greenland crisis may be resolved at Davos. Regarding the U.S. - EU tariff dispute triggered by Greenland, JPMorgan Chase holds an optimistic attitude, believing that this move is actually the "art of the deal" aimed at creating bargaining chips for negotiations. It is expected that the two sides will eventually reach an agreement to expand the U.S. security and resource rights and interests in Greenland while maintaining Denmark's sovereignty. Investors do not need to panic excessively due to the current fluctuations, and a solution may emerge during the World Economic Forum in Davos.

A time of extreme greed! BofA Fund Manager Survey: The expectation of a "no - landing" global economy has become a consensus for the first time, and the stock hedging ratio has dropped to an eight - year low. The latest survey by Bank of America shows that the market sentiment has reached its highest level since 2021. The expectation of "no - landing" has replaced "soft landing" for the first time, driving the cash position to a historical low and the stock allocation to soar. There are contradictory signals amid the extreme optimism: "going long on gold" has surpassed tech stocks to become the most crowded trade, indicating that while chasing risks, funds are buying "hedging insurance" against the lingering geopolitical risks.

BofA Asia Fund Manager Survey: India is out of favor, China's narrative has reversed, and semiconductors are still the "most popular sector". For the Chinese market, investors' positive sentiment has reached a new high in the survey, and AI and semiconductors have become the core allocation themes. The Indian market has turned from a slight overweight last month to a net 8% underweight, which may reflect investors' disappointment with the delay of its trade agreement with the United States. Overall, the semiconductor sector continues to dominate investors' preferences, with 54% of respondents overweighting this sector, ranking first among all industries.

Cathie Wood's 2026 Outlook: An upgraded version of "Reaganomics", the U.S. stock market will continue its "golden age", and the strong U.S. dollar will suppress gold. In a letter to investors, Cathie Wood stated that the U.S. nominal GDP growth rate is expected to remain in the range of 6% - 8% in the next few years. With the integration of deregulation, tax cuts, sound monetary policy and innovative technologies, the U.S. stock market will usher in another "golden age". She predicted that the relative advantage of U.S. investment returns will drive a substantial rise in the U.S. dollar exchange rate, repeating the situation in the 1980s when the U.S. dollar almost doubled in value, and warned that the strengthening of the U.S. dollar will suppress the price of gold.

# Domestic Macroeconomics

President Xi Jinping delivered an important speech at the opening ceremony of a special training program for leading cadres at the provincial and ministerial levels on studying and implementing the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China. He emphasized that building a modern industrial system and achieving an overall upgrade of the industrial system are important strategic tasks during the 15th Five-Year Plan period. All regions and industries should find their positions accurately, adhere to the direction of intelligentization, greenization, and integration, give play to their comparative advantages, and form a vivid situation where upstream and downstream industries are connected with each other, each showing their strengths and making joint efforts in the same direction. We should maintain a reasonable proportion of the manufacturing industry and vigorously develop advanced manufacturing. We will develop new quality productive forces according to local conditions and promote the in-depth integration of scientific and technological innovation and industrial innovation. We should build modern infrastructure.

The National Development and Reform Commission (NDRC) stated that it will study and formulate and introduce an implementation plan for the strategy of expanding domestic demand and explore the establishment of a national-level merger and acquisition fund. The NDRC mentioned that it will comprehensively rectify the "involutionary" competition and realize the transformation from "price competition" to "value optimization". It is necessary to give full play to the benchmarking role of the National Venture Capital Fund in the industry, study the establishment of a national-level merger and acquisition fund, strengthen government investment and fund layout planning, so as to promote innovation, entrepreneurship and creation, and accelerate the cultivation and development of new quality productive forces. Efforts will be made to promote high-quality and full employment, gradually implement free preschool education, and promote the optimization of holiday arrangements.

A front-page article in China Securities Journal stated that in order to prevent sharp fluctuations in the market and consolidate the steady and positive momentum of the capital market, the regulatory authorities have launched counter-cyclical adjustments. Recently, the regulatory authorities have continuously strengthened supervision and started counter-cyclical adjustments. When the market is overheated, they guide the market to return to rationality through appropriate intervention to achieve long-term stable and positive development. Industry insiders believe that counter-cyclical adjustments help maintain trading fairness, solve the weak position of small and medium-sized investors in information asymmetry, and guide funds to return from thematic speculation to real entity value, laying a solid foundation for the capital market to serve scientific and technological innovation and industrial upgrading.

Learning from history, how to "exit at the top" in a bull market? Guolian Minsheng Securities said that although the current A-share sentiment is high and the RSI has entered the overbought zone, there is still room before the real peak is reached. From the perspective of valuation, neither the asset securitization rate nor the risk premium has touched historical extremes; from the perspective of trading, although it is at a high level, the MACD golden cross indicates that the trend has not reversed. Investors can pay attention to the combined signal of "overheated sentiment + MACD death cross".

## Domestic Companies/Industries

Q4 results exceeded expectations, but investors are more concerned about "why TSMC is so aggressive"? Morgan Stanley pointed out that the core reason for TSMC's substantial upward revision of its capital expenditure guidance lies in seizing the long-term demand for AI, coping with the tight supply of equipment, consolidating its market share in advanced manufacturing processes, and avoiding the loss of market share in 2-3 years. The next catalysts will mainly focus on the AI market, paying attention to the capital expenditure guidance of global cloud service providers, the expansion of the semiconductor market scale, and NVIDIA's GTC conference to be held in March.

The daily limit and down limit range of lithium carbonate futures is about to be adjusted, and the Guangzhou Futures Exchange responded. The Guangzhou Futures Exchange announced that starting from the settlement on January 21, 2026, the daily limit and down limit range of lithium carbonate futures contracts will be raised to 11%, and the margin for speculation and hedging will be adjusted to 13% and 12% respectively. This move aims to cope with the recent sharp fluctuations in lithium carbonate prices and the high market popularity. By increasing leverage costs and risk buffer space, it can curb excessive speculation and enhance market stability.

Hikvision: Profit increased by 18.46% year-on-year to 14.188 billion yuan.

## Overseas Macroeconomics

U.S. ADP recruitment slowed slightly, with an average of 8,000 new jobs added per week, lower than the previous value of 11,750. The latest weekly ADP data showed that in the four weeks ending December 27, 2025, the U.S. private sector added an average of 8,000 new jobs per week, a slowdown from 11,750 in the previous week, indicating a slight decline in the recruitment pace at the end of the year. Earlier, private employment increased by 41,000 in December, reversing the decline in November, but slightly lower than market expectations. Overall, after experiencing short-term fluctuations, the job market has shown stable resilience, and the weekly trend is still a moderate adjustment.

Trump forced U.S. companies to invest 100 billion US dollars in Venezuela, putting Chevron CEO in a dilemma: withdraw from the market if not investing, and suffer losses if investing. Trump's goal of lowering oil prices to 50 US dollars per barrel runs counter to industry interests. Industry analysts pointed out that if oil prices fall to the level of 50 US dollars per barrel, considering the characteristics of heavy crude oil in Venezuela, its selling price will drop to the range of more than 30 US dollars. "Spending billions of dollars to extract oil priced below 40 US dollars is not economically viable, which will not work anywhere in the world."

Moving towards "7*24-hour" trading! The New York Stock Exchange has submitted an application for a "round-the-clock blockchain trading platform". The New York Stock Exchange announced that it is developing a blockchain-based tokenized securities trading platform and plans to seek approval from regulatory authorities. The platform aims to realize the "7*24-hour" round-the-clock trading and instant settlement of stocks, so as to solve the problems of capital occupation and risks brought by the traditional "T+1" settlement system.

The decline of the Korean won narrowed. Reports said that South Korea plans to suspend 20 billion US dollars of investment in the United States to ease the pressure of the local currency's depreciation. South Korea decided to suspend the original plan of investing up to 20 billion US dollars in the United States this year to ease the continuous depreciation pressure on the Korean won.

Understand the world. The core of the world model is to enable AI to build an interactive world internally, understand physical rules, simulate future states, predict action results, and gradually move from static image and video generation to a multi-modal visual-language-action model (VLA) with action control. In the future, the ability to build an AI system "beyond human values" may redefine the boundary of interaction between humans and machines.

6. Bio-manufacturing | The team led by Professor Xu Tao from the Research Institute of Tsinghua University in Shenzhen announced that it has successfully manufactured a self-beating "mini-heart" organoid using biological 3D printing technology. This achievement provides a new technical path for heart disease research, drug testing and future organ repair. Professor Xu Tao said that the biological printer developed by the team can print heart tissues with rhythmic contraction function. Looking forward to the future, it is expected to realize the 3D printing of relatively simple organs such as islets and bladders within the next three to five years; for patients with early liver failure, 3D printed "mini-livers" may be used for local repair and treatment. This breakthrough marks an important progress in China's field of bio-manufacturing and regenerative medicine.

Comment: China Securities Journal pointed out that Chinese scientists' successful printing of a beating heart organoid is not only a technological leap in the field of bio-manufacturing, but also marks a key step for humans on the road to solving the problem of organ transplantation. The islet, bladder printing and liver local repair technologies to be implemented within the next three to five years will directly benefit millions of patients, making "on-demand customized organs" a reality from science fiction.

7. AI Medical Care | On January 20, Ant Fortune upgraded its PC terminal and launched the DeepSearch function to build a Chinese version of "OpenEvidence", providing free professional services for general medical personnel such as doctors, medical students and primary medical workers. The PC terminal of Ant Fortune provides two professional capabilities: health consultation and DeepSearch, which can become an AI intelligent assistant for doctors in literature search, clinical diagnosis and treatment, and scientific research work, greatly reducing the daily work burden.

Comment: According to Securities Times, Ant Fortune has completed brand upgrading and multiple rounds of product iterations, becoming a phenomenal C-end AI health management application in China, with monthly active users exceeding 30 million and daily average health Q&A volume exceeding 10 million, achieving in-depth penetration in third-tier and below cities. Relying on the Ant Medical Large Model, Ant Fortune has integrated three core functions: health consultation, health companionship and health services, and has established in-depth cooperation with 300,000 doctors and more than 5,000 medical institutions across the country, supporting one-stop services such as registration, drug purchase, report interpretation and health data analysis. Ant Fortune has completed the upgrade of product capabilities, platform support and multi-modal AI capabilities on the PC terminal, and with the characteristics of in-depth structured retrieval and intelligent assistance such as "DeepSearch", it has accelerated the AI empowerment of the doctor group.

8. Surgical Robots | On January 20, the National Healthcare Security Administration officially issued the "Guidelines for the Project Approval of Medical Service Price Items for Surgical and Therapeutic Auxiliary Operations (Trial)", which unified the price approval for innovative medical technologies such as robotic surgery and remote surgical assistance. The "Guidelines" have standardized the formation of 37 price items, 5 additional items and 1 extended item, covering auxiliary operation fees in multiple fields such as medical 3D reconstruction, biological 3D printing, intraoperative microscopic imaging, surgical path navigation, computed tomography guidance, surgical robotic arms and remote surgery.

Comment: Securities Times pointed out that the surgical robot industry has received strong policy support in recent years. Earlier, in 2025, the State Drug Administration issued special measures to optimize the review and approval of high-end medical devices, clarified the classification guidelines for surgical robots, and accelerated localization. Driven by favorable policies and new technologies such as AI, surgical robots are evolving towards AI integration, intelligentization and remote surgery, and the industry is developing rapidly. Relevant data show that the scale of China's market reached 9.59 billion yuan in 2024, a year-on-year increase of 33.8%. With the intensification of aging, the increase in minimally invasive demand and the gradual inclusion of medical insurance/volume-based procurement policies, institutions predict that the industry will maintain a compound annual growth rate of more than 16% from 2025 to 2030, and the localization penetration rate is expected to increase from less than 20% to more than 40%, with broad market space.

## News Preview for Today

- Donald Trump delivered a speech at the World Economic Forum in Davos.

- The U.S. Supreme Court held a hearing on Trump's attempt to dismiss Federal Reserve Governor Lisa Cook.

- European Central Bank President Christine Lagarde and BlackRock CEO attended the World Economic Forum discussion.

- U.S. December housing starts and building permits.

- U.S. December pending home sales index.

- UK December CPI.

- Johnson & Johnson released its financial report.

- IEA released its monthly oil market report.

## Risk Warning and Disclaimer

The market is risky and investment needs to be cautious. This article does not constitute personal investment advice and does not take into account the special investment objectives, financial conditions or needs of individual users. Users should consider whether any opinions, viewpoints or conclusions in this article are in line with their specific circumstances. Investment based on this is at your own risk.