①The central bank and another government department announced that the minimum down payment ratio for commercial property mortgage loans has been adjusted to no less than 30%. ②Trump imposed additional tariffs on eight European countries over Greenland, with multiple EU nations considering countermeasures. ③The three major U.S. stock indices closed nearly flat last Friday, with most popular Chinese stocks declining. ④Uncertainty arose regarding the new leadership of the Federal Reserve. ⑤Landing buffer technology for manned spacecraft was successfully validated for the first time in China’s commercial aerospace sector.
On January 17 local time, U.S. President Trump announced via social media platforms that due to the issue concerning Greenland, all goods exported from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland to the United States would be subject to a 10% tariff starting February 1 this year. By June 1 this year, the tariff will increase to 25%. This tariff must be continuously paid until an agreement is reached to “fully and completely purchase Greenland.” Multiple EU countries are considering imposing retaliatory tariffs on $93 billion worth of American goods entering Europe or restricting U.S. companies’ access to the EU market, as a response to Trump’s imposition of tariffs on eight European nations over Greenland.
On January 17, the People’s Bank of China (PBOC) and the National Financial Regulatory Authority jointly issued a notice stating that the minimum down payment ratio for commercial property mortgages, including “mixed-use residential and commercial properties,” has been adjusted to no less than 30%. The provincial branches of the PBOC and the provincial offices of the National Financial Regulatory Authority will independently determine the lower limits of the minimum down payment ratios for cities within their jurisdictions based on municipal government control requirements and the principle of city-specific policies, while adhering to the national unified minimum down payment ratio standards.
Last Friday, Trump stated that if Hassett were to step down as Director of the National Economic Council, his administration would lose one of its strongest economic spokespersons, expressing a desire for him to remain in office. Hassett has long been considered one of the leading candidates to succeed Powell as Chair of the Federal Reserve.
The Ministry of Industry and Information Technology revised and released the latest Administrative Measures for the Tiered Cultivation of High-Quality Small and Medium Enterprises. The measures have expanded the cultivation base by incorporating science and technology SMEs into the tiered cultivation framework for the first time. Future high-quality SMEs will include technologically innovative SMEs, specialized and sophisticated SMEs, and specialized and sophisticated ‘little giant’ enterprises.
On January 17, the National Energy Administration announced that China’s total electricity consumption will historically exceed 10 trillion kilowatt-hours in 2025, reaching 10.4 trillion kilowatt-hours, representing a 5% year-on-year increase. This figure marks the first instance globally for a single country and is equivalent to more than twice the annual electricity consumption of the United States, surpassing the combined annual electricity usage of the European Union, Russia, India, and Japan.
On January 18, the experimental module of the Chuanyue-1 manned spacecraft, independently developed by Beijing Chuanyue Space Technology Co., Ltd., completed comprehensive verification testing of the landing buffer system. This represents the first key technology validation project for full-scale experimental modules of manned spacecraft in China’s commercial aerospace sector. The success marks Chuanyue as the third commercial aerospace enterprise globally to have developed and validated landing buffer technology for manned spacecraft.
Metals fell across the board last Friday, with spot gold dropping 0.7%, though it still rose 2% for the week. Silver declined by 2.4%, trading near $90 amid high volatility. Copper prices continued to correct, with LME copper falling more than 2%, reversing earlier weekly gains. The two-year U.S. Treasury yield increased by 3.03 basis points to close at 3.5945%, accumulating a weekly rise of 6.24 basis points.
Global Markets
The three major U.S. stock indices fluctuated narrowly last Friday, closing nearly unchanged. At the close, the Dow Jones Industrial Average fell 83.11 points, or 0.17%, to 49,359.33 points; the Nasdaq Composite Index dropped 14.63 points, or 0.06%, to 23,515.39 points; and the S&P 500 Index declined 4.46 points, or 0.06%, to 6,940.01 points.
Large-cap technology stocks showed mixed performance, with Microsoft rising 0.7%, Amazon gaining 0.39%, Alphabet A falling 0.84%, Apple dropping 1.04%, NVIDIA declining 0.44%, Tesla slipping 0.24%, and Meta falling 0.09%.
Most popular Chinese ADRs declined, with the Nasdaq China Golden Dragon Index falling 1.15%, Alibaba dropping more than 3%, and Bilibili, JD.com, Li Auto, and XPeng Motors each declining more than 1%. However, the Nasdaq China Golden Dragon Index gained 0.32% for the week.
Hong Kong’s three major stock indices experienced slight adjustments last Friday. At the close, the Hang Seng Index fell 0.29% to 26,844.96 points; the Hang Seng Tech Index dropped 0.11% to 5,822.18 points; and the Hang Seng China Enterprises Index declined 0.50% to 9,220.81 points.
The market demonstrated clear sector divergence, with optical communications and commercial aerospace stocks strengthening, while internet healthcare and AI healthcare stocks generally retreated.
Corporate News
China Shenhua (01088): Coal sales volume in 2025 reached 431 million tons, representing a year-on-year decrease of 6.4%.
New China Life Insurance (01336): Accumulated original insurance premium income in 2025 amounted to RMB 195.899 billion, reflecting a year-on-year increase of 15%.
Rongxin China (03301): Total contract sales in 2025 were approximately RMB 3.777 billion, marking a year-on-year decline of 50.96%.
Skyline International Group (02678): Announced positive profit alert, expecting a net profit increase of approximately 60% for the fiscal year 2025, primarily due to the recovery of domestic and international market orders during the period.
Quzhi Group (00917): Anticipated a turnaround to profitability in 2025, with net profits ranging between RMB 270 million and RMB 330 million, compared to a loss of RMB 1.663 billion in the same period last year.
International holidays
Due to Martin Luther King Jr. Day, the New York Stock Exchange and Nasdaq were closed for one day.
