Macro Economy
1. Ministry of Civil Affairs: In 2024, the number of marriage registrations nationwide fell to 6.106 million, down approximately 20.5% year-on-year, while divorce registrations rose 1.1% to 2.621 million. After a brief rebound in 2023, marriage registrations have resumed their decline.
2. Xinhua News Agency: Rumors circulated online claiming that centrally procured drugs "fail to lower blood pressure, anesthetics do not induce sleep, and laxatives lack efficacy." The medical insurance and drug regulatory authorities swiftly launched investigations. These claims largely stem from anecdotal reports and subjective perceptions. China’s drug consistency evaluation methodology adheres to internationally recognized stringent standards, aligning with global technical requirements.
3. CCTV News: On February 8 (Day 26 of the Spring Festival travel rush), cross-regional passenger traffic reached 205.678 million trips, down 2.5% from the previous day but up 17.3% year-on-year. Railway passenger volume totaled 13.184 million trips, down 7.5% daily and 1.5% annually.
4. Weather China: Widespread warming continued across most of China on February 10, with temperatures approaching or exceeding seasonal norms. A cold front is expected to affect central and eastern regions from February 11 to 13.
Real Estate Dynamics
1. Shanghai: Since January 4, the property market has maintained a weekly release of three new projects. To date, 15 new developments offering 1,735 units (total area: ~210,000 sqm) have been launched, including six projects with recorded average prices exceeding ¥100,000/sqm.
2. Shenzhen, Guangdong: In 2024, local banks approved 292 "whitelist" projects with financing totaling ¥360.472 billion, ranking among the highest nationally.
3. Zhengzhou, Henan: Two residential plots were auctioned on February 8, covering 68,085.21 sqm with a total starting price of ¥1.036 billion. The Jinshui District plot saw intense bidding, concluding with an 87.48% premium after nearly six hours, while the Zhongyuan District plot sold at the reserve price.
4. Poly Development: January contract sales area fell 35.01% YoY to 772,000 sqm, with contract value down 11.36% to ¥18.015 billion. Three new residential projects were added, covering 146,400 sqm.
Stock Market Recap
1. Friday Close:
- Shanghai Composite: +1.01% to 3,303.67 (weekly +1.63%).
- Shenzhen Component: +1.75% to 10,576 (weekly +4.13%).
- ChiNext Index: +2.53% to 2,174.35 (weekly +5.36%).
2. Hong Kong:
- Hang Seng Index: +1.16% to 21,133.54 (weekly +4.49%).
- Hang Seng Tech Index: +1.80% to 5,150.35 (weekly +9.03%).
- HSCEI: +1.22% to 7,784.07 (weekly +5.44%).
3. CITIC Securities: Global investors are reassessing Chinese tech assets, narrowing the China-U.S. valuation gap. Focus on AI-driven sectors and pivot toward non-U.S. exports and dividend strategies.
4. Stock Highlights:
- MeiG Smart (5-day limit up): No business ties with DeepSeek; early-stage model adaptation ongoing.
- Mengwang Tech (3-day limit up): No involvement in DeepSeek’s core tech or business.
- Capital Online: Listed as a DeepSeek concept stock, but business impact remains uncertain.
- STEP: Trading halted due to potential control transfer.
- Changan Auto & Dongfeng Tech: Parent companies in restructuring talks; control may shift but ultimate ownership unchanged.
- ST Yinjiang & ST Zhongdi: Face delisting risks due to audit issues or financial metrics.
5. Share Unlocks: 37 stocks to release 2.945 billion shares (¥55.241 billion) this week, led by HQ Tech (¥26.156B), HC Semitek (¥6.149B), and Shanghai Hejing (¥5.358B).
Wealth Focus
1. China Fund News: QDII funds see fee cuts—78 of 307 products reduced fees YTD, averaging a 0.42% drop.
2. Ministry of Commerce: 20.092 million consumers applied for subsidies on 25.414 million new digital devices (Jan 20–Feb 8).
3. Shenzhen Regulators: 2024 insurance premiums rose 9.47% to ¥195.821B, outpacing national growth.
4. Beijing Medical Insurance Bureau: 200 standardized TCM formula granules, including common and premium herbs, to receive payment benchmarks from Feb 28.
Industry Watch
1. NDRC & Energy Bureau: Establish a sustainable pricing and settlement mechanism for new energy. Grid firms to manage price differentials via system operation fees.
2. Maoyan: 2025 box office surpasses ¥15B as of Feb 9, led by Ne Zha: The Devil’s Fury (51.3% share).
3. CATA: January domestic flights averaged 13,537 daily (+12.23% MoM, +27.49% YoY), 15.68% above 2019 levels.
4. CCTV Finance: Yiwu small commodity market hit ¥279.803B in 2024, with daily foreign trader visits exceeding 3,900.
5. CCTV News: Guangxi’s China-Vietnam rail freight surged 760% YoY in January to 3,062 TEUs.
6. Xinjiang Daily: Alashankou railway port handled 1.533M tons in January (+12.2% YoY), driven by mineral imports and tech exports.
7. Securities Times: USTC researchers observed ultra-strong quantum correlations, advancing high-dimensional quantum systems.
Corporate Updates
1. DeepSeek: Adjusted API pricing effective Feb 9: ¥0.5/M input tokens (cached) and ¥8/M output tokens.
2. Xiaomi Auto: Denied rumors of SU7 axle failures after pothole tests, calling them "baseless."
3. Alibaba Cloud: Launched six DeepSeek models on its AI platform, enabling one-click deployment for enterprises.
4. Elon Musk: Denied interest in acquiring TikTok after Trump’s suggestion.
Global Perspective
1. Trump: Claimed discussions with Putin to end Ukraine war; Kremlin neither confirmed nor denied.
2. Japan: PM stated Japan may avoid U.S. tariffs due to its investments and job creation in America.
3. Baltic States: To disconnect from Russia’s grid and join Europe’s network.
Financial Data
1. NEEQ: Added 4 listings last week; turnover rose 178.23% to ¥330M. Total listings: 6,094.
2. Shanghai ETS: Carbon allowances fell 0.54% weekly to ¥92.93/ton.
3. U.S. Stocks: Dow (-0.99%), S&P 500 (-0.95%), Nasdaq (-1.36%) on Friday; weekly losses for all.
4. Europe: DAX (-0.53%), CAC 40 (-0.43%), FTSE 100 (-0.31%); marginal weekly gains.
5. Commodities: Gold +1.83% weekly to $2,886.8/oz; WTI crude -2.11% to $71/barrel.
Secretary’s Insight: Humanoid Robots – The Future Arrives
- Jianghai Securities: Industry nears commercialization, accelerated by domestic projects and DeepSeek’s AI integration.
- Founder Securities: Global market to grow at 45.5% CAGR, reaching $66B by 2032. Tesla, Figure AI, and NVIDIA advancing applications.
- Zheshang Securities: Core components like planetary roller screws and harmonic reducers to see explosive demand. Domestic tech gaps remain in sensors and software.
- Soochow Securities: Forecasts 136M/1.16B robots by 2030/2035. Early adoption in automotive/3C, expanding to services and households. Rotational/linear actuators to dominate ¥215.4B/¥273.5B markets by 2035.