February 4th: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and important financial media

February 4th (Wednesday), today’s newspaper headlines and key highlights are as follows:

China Securities Journal

State-owned Assets Supervision and Administration Commission: Accelerate the Development of Emerging Pillar Industries Leading Future Competition

On February 3, the State-owned Assets Supervision and Administration Commission of the State Council announced that the Party Committee of the SASAC recently held a special meeting emphasizing the need to proactively position ourselves within the overall development of the Party and the country, plan and promote various tasks, focus on solving major technological issues that impact national development security and long-term interests, strengthen independent and original innovation, cultivate emerging and future industries, accelerate the creation of new pillar industries leading future competition, and better support the construction of a modern industrial system.

Central No. 1 Document Systematically Deploys Normalized Precision Assistance for the First Time

On February 3, the “Opinions of the Central Committee of the Communist Party of China and the State Council on Anchoring Agricultural and Rural Modernization and Solidly Promoting Rural Revitalization” was made public. This is the 14th central document guiding “agriculture, rural areas, and farmers” since the 18th National Congress. It is another No. 1 document themed around comprehensive rural revitalization. For the first time, this year’s No. 1 document introduces the concept of “normalized precision assistance.” Additionally, it makes important deployments in stabilizing grain and oil production, developing new agricultural productivity suited to local conditions, and expanding rural consumption.

State-owned Capital Funds Accelerate Deployment in Strategic Emerging Industries

Under the strategic guidance of cultivating new productivity, state-owned capital is accelerating investments in strategic emerging industries and cutting-edge technological innovation. Data shows that by 2025, central enterprises will complete 2.5 trillion yuan in investments in strategic emerging industries, accounting for 41.8% of total investments; currently, the total scale of central enterprise venture capital funds is nearly 100 billion yuan. It is reported that SASAC will establish a merger and acquisition fund for emerging industries. Industry insiders believe that from central to local levels, a “patient capital” national team focusing on strategic emerging industries and key core technologies is taking shape through coordinated efforts. Through systematic, full-cycle investment layouts and continuously optimized fault-tolerance incentive mechanisms, a solid foundation for high-quality economic development in China is being laid.

Several A-share Listed Companies Increase Copper Mining Business

Recently, multiple A-share listed companies announced increased focus on copper mining. Influenced by rising copper prices and other factors, many companies involved in copper mining are significantly optimistic about their 2025 annual reports. Some companies also mentioned in their earnings forecasts that copper production in 2026 is expected to increase compared to 2025.

Shanghai Securities News

New Opportunities for Rural Revitalization from the 2026 Central No. 1 Document

On February 3, the “Opinions of the Central Committee of the Communist Party of China and the State Council on Anchoring Agricultural and Rural Modernization and Solidly Promoting Rural Revitalization” (referred to as “Opinions”) was released. This is the 14th central document guiding “agriculture, rural areas, and farmers” since the 18th National Congress. The “Opinions” consists of six parts: enhancing comprehensive agricultural productivity and quality, implementing normalized precision assistance, actively promoting stable income for farmers, advancing livable and business-friendly rural construction suited to local conditions, strengthening institutional and mechanism innovation, and reinforcing the Party’s overall leadership over “agriculture, rural areas, and farmers.”

People’s Bank of China Continues 3-Month Forward Repurchase Operations

On February 3, the People’s Bank of China announced that to maintain ample liquidity in the banking system, on February 4, it will conduct 800 billion yuan of 3-month forward repurchase operations through fixed amount, rate bidding, and multi-price bidding methods. Considering that 700 billion yuan of 3-month forward repos mature in February, this operation will result in a net injection of 100 billion yuan. Dong Ximiao, Chief Economist at UnionPay and Deputy Director of Shanghai Financial and Development Laboratory, told reporters that February remains a month with relatively concentrated credit issuance, and combined with the impact of cash withdrawals before the Spring Festival, market liquidity demand is increasing. The central bank has been injecting medium- and short-term liquidity into the market through forward repos and medium-term lending facilities (MLF) for several months to ensure stable financial market operation at year-end and the beginning of the new year.

Cooling Agent Industry Remains Prosperous, Leading Companies Expect First-Quarter Performance

During the off-season for traditional refrigerants, the market remains stable or slightly strong. According to Baichuan Yingfu Market Monitoring, since January 2026, the average price of the third-generation mainstream refrigerant R32 has stabilized at 63,000 yuan/ton, a year-on-year increase of about 45%; R134a’s average market price remains at 58,000 yuan/ton, up 32% year-on-year; as of February 3, R125 and R410a increased by 16% and 29% respectively compared to the same period last year, and both have shown continuous upward trends since Q4 2025.

Tongrentang Group Plans to Take Control of Jiashitang

On the evening of February 3, Jiashitang announced that its shareholders, China Everbright Industrial (Group) Co., Ltd. and China Everbright Healthcare Industry Co., Ltd., signed a “Share Transfer Agreement” with Tongrentang Group, whereby they will transfer 41.1808 million shares and 41.8764 million shares (totaling 28.48% of the total share capital) respectively to Tongrentang Group. After the transaction, the company’s controlling shareholder will change to Tongrentang Group, and the actual controller will change to the State-owned Assets Supervision and Administration Commission of Beijing Municipality.

Securities Times

People’s Bank of China Conducts 800 Billion Yuan Forward Repo Operations Today

On February 3, the People’s Bank of China announced that on February 4, it will conduct 800 billion yuan of 3-month forward repos through fixed amount, rate bidding, and multi-price bidding methods. This will result in a net injection of 100 billion yuan, as 700 billion yuan of repos mature this month.

Eight Departments Issue New Regulations on Cross-Border Security for Automotive Data, First Nine Exemptions to Support “Going Global”

On February 3, the Ministry of Industry and Information Technology, along with seven other departments, jointly issued the “Guidelines for the Security of Automotive Data Outbound (2026 Edition)” (referred to as “Security Guidelines”). The document aims to improve the efficiency and safety of cross-border automotive data flow, promote high-quality development of the automotive industry, and establish a high-level, secure, and healthy interaction pattern. The guidelines specify management methods and applicable conditions for outbound automotive data activities, propose nine exemption scenarios, detail important data judgment rules for R&D, manufacturing, autonomous driving, software upgrades, and connected operations, and clarify requirements for data security assessments, standard contracts for personal data outbound, and personal data outbound certification. It also sets out protection requirements from management systems, technical safeguards, log management, and emergency response to guide enterprises in standardizing outbound data activities and enhancing automotive data security.

Metal Industry Chain Experiences Mixed Fortunes; Upstream Profits Soar, Downstream Under Pressure

In 2025, driven by a bull market in precious metals, international prices of non-ferrous commodities steadily rose, with many metals reaching historic highs. Throughout the year, London spot gold prices rose from below $2,600 per ounce, surpassing $3,000 and $4,000 thresholds, reaching over $4,500 per ounce by year-end, an increase of over 73%. London spot silver prices also surged from below $29 per ounce to over $80 per ounce at year-end, with a maximum increase of 175%.

Demand Surge and Performance Release: Semiconductor Equipment Sector Booms

Recently, the global chip testing leader Teradyne disclosed its Q4 2025 results, with revenue up 43.9% year-on-year to $1.08 billion, exceeding analyst expectations of $976 million; adjusted operating profit was $314 million, higher than the expected $249.8 million.

Securities Daily

123 Companies on the Beijing Stock Exchange Announce 2025 Annual Performance Forecast, Over 60% Expect Profits

The annual performance forecast disclosures for 2025 on the Beijing Stock Exchange have concluded. Data shows that 123 listed companies have disclosed their forecasts, with 75 expecting to turn a profit, covering over 60%. Among the optimistic forecasts, 24 companies expect increased profits, 13 expect to return to profit from loss, and 3 expect slight growth.

People’s Bank of China Continues 3-Month Forward Repo Operations

On February 3, the People’s Bank of China issued a tender announcement for the 3-month forward repos of 800 billion yuan. The operation will be conducted on February 4 through fixed amount, rate bidding, and multi-price bidding methods, with a maturity of 91 days.

Two Major Shanghai Exchanges Adjust Precious Metal Risk Control Parameters

On February 2 and 3, the Shanghai Gold Exchange announced adjustments to the trading margin levels and price limits for silver deferred contracts based on market risk conditions. On February 3, the Shanghai Futures Exchange announced that from the close of February 4, it will adjust the price limits and trading margin ratios for silver futures; on the same day, the Shanghai Gold Exchange announced plans to adjust the margin levels and price limits for certain gold contracts.

Multiple Oil LOFs Currently at High Premiums; Public Fund Purchase Restrictions Warnings

Recently, with increased volatility in the international crude oil market, domestic oil and gas themed funds have seen a surge in trading activity, causing secondary market prices of related products to deviate significantly from their net asset values, creating notable premium risks. In early February 2026, fund companies such as E Fund, GF Fund, Hua An Fund, and Harvest Fund issued notices warning of high premium trading risks for their oil and petroleum LOFs (listed open-ended funds), and have taken measures such as suspending trading and imposing strict purchase limits to cool market enthusiasm.

China National Radio

Clarification on VAT Input Tax Deduction

Recently, the Ministry of Finance’s official website disclosed several documents, including the “Announcement on Matters Related to VAT Input Tax Deduction” (referred to as “Announcement”), the “Prepaid VAT Management Measures,” and the “Interim Measures for Deduction of Long-term Asset Input Tax,” clarifying relevant issues.

Home Appliance, Digital, and Smart Product Subsidies Fully Implemented; Over 15 Million Units Subsidized in January

On the 3rd, the Ministry of Commerce announced that in 2026, it will work with various regions and departments to optimize the implementation of old-for-new home appliance and digital and smart product purchase subsidies, support offline retail development, and promote green smart products. In January, sales of six categories of home appliances and four categories of digital and smart products exceeded 15 million units, with sales approaching 59 billion yuan.

Yicai Finance

Continued Enhancement of the “Five Centers” Capacity, Shanghai Releases Construction Plan

In 2025, Shanghai, ranked fifth globally in economic size, has outlined future development goals and key tasks. The 16th Shanghai Municipal People’s Congress opened on the morning of February 3, with Mayor Gong Zheng delivering the government work report.

Multiple Tools from the Central Bank Support Liquidity, 80 Billion Yuan Repos Before the Holiday

On February 3, the People’s Bank of China announced that on February 4, it will conduct 800 billion yuan of 3-month forward repos through fixed amount, rate bidding, and multi-price bidding methods. This will result in a net injection of 100 billion yuan, as 700 billion yuan of repos mature this month. The same day, the central bank’s liquidity injection data for January 2026 showed a net purchase of 1 trillion yuan in government bonds in the open market.

Economic Reference Daily

Eight Departments Issue New Regulations to Promote Efficient, Convenient, and Safe Cross-Border Automotive Data Flow

On February 3, the Ministry of Industry and Information Technology, along with the Cyberspace Administration, National Development and Reform Commission, and National Data Bureau, jointly issued the “Guidelines for the Security of Automotive Data Outbound (2026 Edition)” (referred to as “Security Guidelines”). The document aims to establish an efficient, convenient, and secure cross-border automotive data flow mechanism, improve outbound data facilitation, and promote high-quality development and high-level safety of the automotive industry.

Engine Optimization or Data Pollution? AI Search Hides “Gray Areas”

As “consulting AI when in doubt” becomes a common habit, AI search is reshaping information dissemination logic. The emerging GEO (Generative Engine Optimization) technology has sparked a market frenzy but also controversy over data pollution and manipulation of search results, making it a gray area in AI search.

(Source: Oriental Wealth Research Center)