Domestic News: 1. President Xi Jinping will deliver his 2026 New Year's address at 7 PM on January 31st. 2. State subsidies continue: A plan to optimize the implementation of policies related to new infrastructure and new urbanization in 2026 has been released. 3. The Ministry of Commerce and eight other departments issued the "Detailed Rules for the Implementation of the 2026 Automobile Trade-in Subsidy Program." 4. The "Regulations for the Implementation of the Value-Added Tax Law of the People's Republic of China" have been promulgated and will take effect on January 1, 2026. 5. Ministry of Foreign Affairs: South Korean President Lee Jae-myung will pay a state visit to China from January 4th to 7th, 2026. 6. Central Rural Work Conference: A province-wide pilot program to extend land contracts for another 30 years after their expiration will be fully launched. 7. The first batch of 62.5 billion yuan in ultra-long-term special treasury bonds for 2026 to support the trade-in of old consumer goods has been allocated ahead of schedule. 8. The Ministry of Industry and Information Technology and three other departments issued the "Implementation Plan for Digital Transformation of the Automotive Industry," proposing that by 2027, the intelligent manufacturing capability maturity level of benchmark vehicle manufacturers will be upgraded by one level. 9. Two departments announced: Individuals selling homes purchased less than two years ago will pay value-added tax (VAT) at a rate of 3% on the full sale price; individuals selling homes purchased two years or more ago will be exempt from VAT. International News: 1. OPEC representative: OPEC+ expects to continue suspending its crude oil production increase plan. 2. Japanese and South Korean stock markets close the year: The KOSPI index recorded its largest gain in 26 years, and the Nikkei firmly established itself above 50,000 points. 3. Federal Reserve meeting minutes: Officials were deeply divided, with most believing that interest rates could fall as inflation declines. 4. Overnight, spot silver rebounded by 5.6%, platinum rose by 3.5%, while gold and palladium rose and then fell back. 5. Situation in Yemen— ① The chairman of the Yemeni Presidential Leadership Council declared a state of emergency, opposed by members of the council, including leaders of the Southern Transitional Council (STC). ② The Saudi-led coalition launched airstrikes on Yemeni ports, claiming that weapons-laden ships from the UAE entered the ports without permission, accusing the UAE of supporting the STC. The UAE denied the accusation. ③ Saudi Arabia demanded the withdrawal of UAE military forces from Yemen, and the UAE decided to withdraw the remaining personnel of its counter-terrorism team. ④ The aforementioned forces all belong to the coalition against the Houthi rebels in Yemen. The Yemeni Presidential Leadership Council represents the Yemeni government, the STC, and several armed groups. ⑤ The STC seeks self-determination and independence in southern Yemen. It has repeatedly clashed with the Yemeni government, and its alliance is loose and fragile.

Country Garden (02007.HK): The restructuring effective date has been set for December 30, 2025.

U.S. State Department: U.S. Secretary of State Marco Rubio spoke with the Deputy Prime Minister and Foreign Minister of the United Arab Emirates to discuss the situation in Yemen.

A U.S. appeals court allowed the Trump administration to enforce a law in 22 states that stripped Planned Parenthood of its Medicaid funding.

U.S. API crude oil production for the week ending December 26 was -58,000 barrels per day, compared to -57,000 barrels per day in the previous week.

U.S. refined product imports for the week ending December 26 were -441,000 barrels per day, compared to 121,000 barrels per day in the previous week.