Market concerns over a potential US-Europe trade war have driven international gold and silver prices to record highs, spurred by President Trump's escalated efforts to acquire Greenland, which has heightened fears of a disruptive trade conflict. In late New York trading on Monday, COMEX gold futures rose 1.77% to settle at $4,676.70 per ounce. Prices surged sharply at the start of the Asia-Pacific session, reaching $4,698 at 07:32 Beijing time—setting a new intraday record high after several days, with prices largely maintaining a narrow, high-range consolidation for most of the day. COMEX silver futures climbed 6.49% to close at $94.280 per ounce, also hitting a historic high in early Asia-Pacific trading at 01:45 when they reached $94.705. COMEX copper futures advanced 1.28% to $5.9055 per pound, recovering after two consecutive sessions of declines. Trump's assertive moves have put pressure on the US dollar while boosting demand for safe-haven assets. Over the past 12 months, international gold prices have surged approximately 70%, and the recent concerns triggered by Trump's pursuit of Greenland have injected fresh momentum into this record-breaking rally. In recent weeks, escalating geopolitical tensions, coupled with renewed attacks on the Federal Reserve's independence, have driven investors to flock into the gold market.
Reminder: US stock markets were closed on Monday in observance of Martin Luther King Jr. Day, with trading resuming on Tuesday, January 20. CME Group's precious metals and US crude oil futures contracts closed early at 03:30 Beijing time on the 21st, while index futures trading concluded early at 02:00 Beijing time.
The International Monetary Fund (IMF) released an update to its World Economic Outlook report on the 19th, raising China's economic growth forecast for 2025 by 0.2 percentage points to 5%, while also upgrading its growth expectation for 2026. Two important press conferences related to economic development are scheduled for today. The State Council Information Office will hold a press conference at 10:00 AM on January 20, 2026, where Vice Chairman Wang Changlin of the National Development and Reform Commission will discuss implementing the spirit of the Central Economic Work Conference and promoting a strong start to the "16th Five-Year Plan," followed by a Q&A session. Another press conference is set for 3:00 PM the same day, with Vice Minister of Finance Liao Min explaining the role of proactive fiscal policy in driving high-quality economic and social development, also with a Q&A.
Jinhong Co., Ltd. (02603) issued a positive profit alert, expecting its 2025 net profit attributable to shareholders to be approximately 273 million to 291 million yuan, representing a year-on-year increase of 50% to 60%. The company anticipates total net profit of about 331 million to 349 million yuan, up 79.40% to 89.26%, and net profit after deducting non-recurring gains or losses to be around 240 million to 258 million yuan, an increase of 49.98% to 61.35%.
Truly International (00732) announced that on January 9, 2026, its indirectly wholly-owned subsidiary Truly Optoelectronic and Guangdian Renshou entered into a capital increase agreement with the group's associate company Truly Renshou. Under the agreement, Truly Optoelectronic agreed to inject a total of 500 million yuan into Guangdian Renshou, while Truly Renshou agreed to inject 340 million yuan. Prior to the agreement, Guangdian Renshou was wholly owned by Truly Optoelectronic, which had already contributed 10 million yuan. Following the capital increase, the company's stake in Guangdian Renshou will decrease from 100% to 60%.
According to informed sources, Tencent Holdings, Fidelity International, and Temasek plan to invest in the Hong Kong IPO of Chinese snack retailer Ming Ming Hen Mang Group. The sources, who requested anonymity as the information is not public, indicated that the three companies are expected to be cornerstone investors in the IPO, which could raise up to $500 million. Ming Ming Hen Mang may begin taking investor orders as early as Tuesday, although discussions are ongoing and details could change.
Just weeks after its market capitalization first surpassed £200 billion, a senior executive at HSBC Holdings PLC (00005) stated that the company's market value is now advancing towards exceeding £300 billion. Despite simmering geopolitical crises, Michael Roberts, CEO of HSBC's corporate and institutional banking business, said in an interview that the bank could grow even larger and believes there is potential for the share price to rise more than 50%. The stock is currently trading near all-time highs. "From £200 billion to where we are today, getting to £300 billion is absolutely within the realms of the achievable," Roberts said Monday during the World Economic Forum in Davos, adding, "In our view, based on the level of profits we can create, the company deserves a higher valuation multiple."
CIMC Enric (03899) recently delivered key equipment for a leading European semiconductor project. Its subsidiary, CIMC S.D. Cryogenic, successfully supplied the first batch of four high-standard, customized on-site engineering cryogenic storage tanks for a landmark semiconductor manufacturing project in Europe. This project is not only the first large-scale new semiconductor plant built in Europe in nearly two decades but also sets a new benchmark for CIMC Enric in high-end precision equipment manufacturing under the stringent EN system.
China Tourism Group Duty Free Corp. (01880) announced on January 19 that its wholly-owned subsidiary, CTG International, has signed a framework agreement with DFS Venture Singapore Pte. Ltd. and DFS Group Limited (both ultimately owned by LVMH Moët Hennessy Louis Vuitton SE and the Miller family). The agreement stipulates that CTG International will acquire equity and assets related to DFS's travel retail business in Greater China for a cash consideration not exceeding $395 million. The acquisition includes a 100% equity stake in DFS Cotai Limitada held by DFS Singapore and DFS Hong Kong, related assets of two stores held by DFS Hong Kong, and intangible assets of DFS's Greater China business. The company also signed separate share subscription agreements with Delphine SAS and Shoppers Holdings HK Limited, agreeing to issue no more than 7,330,100 and 4,637,400 H shares respectively to them at HK$77.21 per share after the acquisition is completed.
XPeng's (09868) Chairman He Xiaopeng announced that the first robot developed to automotive standards, the ET1 version, has successfully been completed. He stated that after a full day of viewing and discussions with the team, this marks a critical step towards the mass production of high-level humanoid robots within the year.
China Eastern Airlines announced that on January 19, 2026, its wholly-owned subsidiary Shanghai Airlines signed a contract with China Eastern Property, transferring its持有的凯迪克大厦 Shanghai Airlines property and ancillary equipment assets to China Eastern Property for approximately 134 million yuan. This transaction constitutes a connected transaction under Hong Kong listing rules Chapter 14A, with the price being not lower than the assessed value after evaluation and filing. The deal aims to optimize Shanghai Airlines' asset-liability structure and allow it to focus resources on its core aviation business.
Ming Ming Hen Mang announced on the Hong Kong Exchange that its Hong Kong IPO will involve the issuance of 14,101,100 H shares, with a price range between HK$226.6 and HK$236.60 per share. Trading of the H shares is expected to commence on January 28.
Sany International (00631) has seen an improvement in its operational quality. For the first three quarters of 2025, the group achieved revenue of approximately 18.147 billion yuan, a year-on-year increase of 14.1%, and profit attributable to owners of the parent company of about 1.709 billion yuan, up 22.9% year-on-year. The company successfully completed a lithium industry acquisition, establishing a new revenue stream that has positively contributed to overall financial performance since integration. The trend towards electrification, coupled with breakthroughs in hybrid technology for electric mining trucks, is driving mining companies to seek new suppliers due to significant advantages in fuel efficiency and maintenance requirements. In its port business, the post-pandemic recovery in global trade and supply chain disruptions have pushed the company's book-to-bill ratio to a record high.
