EUR/USD
1.19287
-0.350%
Gold
5109.69
-4.961%
Oil
64.524
-1.101%
USD/JPY
154.040
0.609%
GBP/USD
1.37532
-0.406%
GBP/JPY
211.859
0.210%
Real-time News
On January 30, the China Securities Regulatory Commission (CSRC) publicly solicited opinions on the "Decision on Amending the Opinion on the Application of Securities and Futures Law No. 18 (Draft for Solicitation of Opinions)." The draft clarifies the basic requirements for capital investors. Building upon long-term, substantial shareholding and nomination of directors to participate in corporate governance, capital investors are required to have a deep understanding of the listed companys industrial development, be able to help the listed company introduce strategic resources, significantly improve the listed companys governance and internal control, and promote the listed companys market resource integration or enhance its core competitiveness.On January 30th, according to a research report from Yide Futures, crude oil prices have risen rapidly recently, driven by fundamental supply shortages and geopolitical tensions. As of the close of trading on January 29th, Brent crude oil futures rose to a high of $70.71 per barrel, nearly $10 per barrel higher than the end of 2025, representing a 16% increase. The new round of tensions between the US and Iran has lasted for nearly a month, with both sides now on the brink of conflict. The US continues to exert maximum pressure on Iran, sometimes discussing military strikes far exceeding those planned for June 2025, with a "fleet" reportedly heading towards Iran; other times, it expresses a desire for de-escalation, emphasizing dialogue over military action. Iran, not to be outdone, has adopted a hardline stance and plans military exercises in the Strait of Hormuz. The crude oil volatility index (OVX) has currently reached 55.37, a relatively high point. Historically, if a military conflict were to occur between the US and Iran, the OVX (Oil Void Index) could rise to 80, potentially leading to further increases in oil prices. Short-term geopolitical factors will continue to dominate the crude oil market, resulting in high price volatility. Our valuation model indicates that current oil prices already reflect a geopolitical premium of $3-4 per barrel. If the situation escalates, this premium could widen to $5-10 per barrel; conversely, if the US-Iran tensions ease, the geopolitical premium will gradually decline. (This content and opinion are for reference only and do not constitute any investment advice.)On January 30th, Wu Jingfang, Deputy Director of the Tariff Department of the Ministry of Finance, stated that imported goods subject to "zero tariffs" are exempt from import duties, import-related value-added tax, and consumption tax. This significantly reduces import costs for enterprises and is conducive to improving the level of liberalization and facilitation of trade in goods. Since the customs closure until January 27, 2026, the import value of "zero-tariff" goods reached 857 million yuan, a year-on-year increase of 2.43 times, covering multiple industries such as chemicals, mineral product manufacturing, and healthcare. Tax reductions and exemptions amounted to approximately 129 million yuan, a year-on-year increase of 2 times. More than 10,000 enterprises have applied to become beneficiaries of the "zero-tariff" policy, with over 5,700 newly registered foreign trade enterprises. There is still great potential for further expansion of "zero-tariff" goods imports in the future.January 30th – Today (January 30th), the Ministry of Finance held a press conference to release information on the fiscal revenue and expenditure for 2025, introducing the overall fiscal revenue and expenditure situation for the year. Data shows that in 2025, national general public budget revenue was 21,604.5 billion yuan, a decrease of 1.7% compared to 2024. Among this, national tax revenue was 17,636.3 billion yuan, an increase of 0.8%; non-tax revenue was 3,968.2 billion yuan, a decrease of 11.3%, mainly due to the one-time arrangement in 2024 for special revenue remitted by central government units, which raised the base figure. In 2025, national general public budget expenditure was 28,739.5 billion yuan, an increase of 1% compared to 2024. Expenditure in key areas such as social security and employment, education, and health was well protected.On January 30th, Air China announced that it expects a net loss attributable to shareholders of the listed company of approximately RMB 1.3 billion to RMB 1.9 billion for the fiscal year 2025. Excluding non-recurring gains and losses, the net loss attributable to shareholders of the listed company is expected to be between RMB 1.9 billion and RMB 2.7 billion.
