1. The People's Bank of China (PBOC): Net financing of government bonds reached 13.8 trillion yuan in 2025, an increase of 2.5 trillion yuan compared to 2024. 2. The PBOC: As of the end of 2025, the outstanding balance of bonds under custody in the

Domestic News: 1. "Guidelines on Anti-Monopoly in the Public Utilities Sector" issued. 2. Yu Yuan Tan Tian: China could initiate anti-dumping and countervailing duty investigations on French wines. 3. The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) promotes central enterprises to actively expand effective investment in computing power. 4. Ministry of Commerce: The prize money for prize-winning invoices during the 9-day Spring Festival holiday will exceed 1 billion yuan. 5. China Association of Automobile Manufacturers: In January, automobile production and sales reached 2.45 million and 2.346 million vehicles respectively. 6. Wingtech Technology: Extremely disappointed and strongly dissatisfied with the latest ruling by the Dutch Corporate Court in the Nexperia case. 7. Li Qiang emphasized during a study session the need to comprehensively promote technological innovation, industrial development, and application empowerment in artificial intelligence. 8. Zhipu released its new generation flagship model, GLM-5. Zhipu confirmed that the mysterious model "Pony Alpha" is indeed GLM-5. 9. The low-altitude demonstration and verification of the Long March 10 carrier rocket system and the maximum dynamic pressure escape flight test of the Mengzhou manned spacecraft system were successful. 10. National Bureau of Statistics: In January, the Consumer Price Index (CPI) rose 0.2% year-on-year; the Producer Price Index (PPI) fell 1.4% year-on-year and rose 0.4% month-on-month. International News: 1. Venezuelan Acting President meets with US Energy Secretary at a committee meeting. 2. Indonesia plans to cut production at the world's largest nickel mine by 70%. 3. Sources: Trump privately weighs whether to withdraw from the USMCA (United States-Mexico-Canada Agreement). 4. Trump meets with Israeli Prime Minister, stating that reaching an agreement with Iran would be his "preferred option." 5. Trump pushes for the operation of US coal-fired power plants to provide power support for the Department of Defense. 6. Governor of the Central Bank of Kenya: He expects to begin purchasing gold as an additional buffer. 7. The US Congressional Budget Office projects a deficit of $1.9 trillion in 2026, roughly the same as in 2025. 8. Zelensky: He is ready to negotiate in the US on February 17th or 18th. It is understood that the US is pressuring Ukraine to hold presidential elections in the spring and a referendum on the Russia-Ukraine peace agreement. 9. Federal Reserve – ① Schmid: Favors maintaining interest rates at a “somewhat restrictive” level. Further rate cuts could lead to persistent inflation. ② Milan: If nominated, I would like to remain at the Fed. 10. US January Non-Farm Payrolls Report – ① Seasonally adjusted non-farm payrolls increased by 130,000, far exceeding market expectations and marking the largest increase since April 2025. ② After the non-farm payrolls report was released, traders lowered their expectations for a Fed rate cut. ③ Trump praised the non-farm payrolls data and urged the Fed to cut rates to the “lowest in the world.” ④ Spot gold rose more than 1% at the end of the US session, and spot silver rose more than 4%.

Hong Kong stocks closed lower, with the Hang Seng Index down 0.86% and the Tech Index down 1.65%. NetEase (09999.HK), Kingdee International (00268.HK), Meituan (03690.HK), and Lenovo Group (00992.HK) all fell by more than 4%, while SenseTime (00020.HK) rose by more than 6.5% and Zijin Mining (02899.HK) rose by nearly 3.5%.