【Today's Headlines】
2025 New Subsidy Standards for Mobile Phones and 12 Categories of Home Appliances
On the 15th, the Ministry of Commerce and other departments released two documents to implement new subsidies for the purchase of mobile phones, tablets, smartwatches (bands), and to arrange for the 2025 old-for-new appliance replacement program, clarifying specific subsidy categories and standards. Among them, a maximum subsidy of 500 yuan is provided for each mobile phone and other digital products purchased, and a maximum subsidy of 2000 yuan is provided for each of the 12 categories of home appliances.
The implementation plan for new subsidies for mobile phones, tablets, and smartwatches (bands) specifies that individual consumers purchasing a single item with a sales price not exceeding 6000 yuan for these three categories of digital products can enjoy the new purchase subsidy. Each person can receive a subsidy for one item per category, with the subsidy amount being 15% of the final sales price after deducting all discounts from production, circulation, and mobile operators, with a maximum of 500 yuan per item. Localities will refine the implementation details based on this plan, which will be implemented nationwide starting January 20.
The notice on the 2025 old-for-new appliance replacement program clarifies that subsidies will be provided to individual consumers purchasing refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, range hoods, water purifiers, dishwashers, rice cookers, and microwave ovens that meet level 2 or higher energy efficiency or water efficiency standards. The subsidy standard is 15% of the final sales price of the aforementioned products, with an additional 5% subsidy on the final sales price for products that meet level 1 or higher energy efficiency or water efficiency standards. Each consumer can receive a subsidy for one item per category (with a maximum of 3 items for air conditioners), and the subsidy for each item does not exceed 2000 yuan. Localities will independently determine the specific varieties of the 12 categories of home appliances.
【Market Outlook】
December CPI Meets Expectations, US Stock Indices Surge
The US December CPI met expectations, leading to a surge in the three major stock indices. As of the close of trading overnight, the Dow Jones Industrial Average rose by 703.27 points, an increase of 1.65%, closing at 43221.55 points; the Nasdaq rose by 466.84 points, an increase of 2.45%, closing at 19511.23 points; the S&amp;P 500 index rose by 107.00 points, an increase of 1.83%, closing at 5949.91 points. Meta (META.US) and NVIDIA (NVDA.US) rose over 3%, while Tesla (TSLA.US) rose by 8%. The Nasdaq China Golden Dragon Index closed up 0.97%, Alibaba (BABA.US) rose by 0.9%, Douyu (DOYU.US) rose over 13%, and Li Auto (LI.US) fell by 2%. The Hang Seng Index ADR rose, closing at 19380.78, up 94.71 points or 0.49% compared to the Hong Kong close.
Bitcoin broke through the 100,000 yuan mark, rising over 3.5% during the day. The price of light crude oil futures for February delivery on the New York Mercantile Exchange rose by $2.54, closing at $80.04 per barrel, an increase of 3.28%; the price of Brent crude oil futures for March delivery rose by $2.11, closing at $82.03 per barrel, an increase of 2.64%. WTI crude oil futures hit $80 per barrel for the first time since last August and reached a new high since last July, due to new sanctions imposed by Western countries on Russia beginning to affect oil supply, while US inventories are tightening
[Hot Topics Preview]
Federal Reserve Beige Book: Economic activity slightly grows under holiday sales boost, optimistic outlook but policy concerns remain
The Federal Reserve Beige Book indicates that during the reporting period, overall prices increased to some extent, with the rise ranging from flat to moderate. Most respondents from the reserve districts reported moderate increases in sales prices, but there were also instances of prices remaining flat or declining, particularly in retail and manufacturing. Input costs have also risen, with respondents specifically mentioning increases in insurance prices, especially health insurance. Respondents expect prices to continue rising in 2025, with some pointing out that tariff increases may drive prices up.
Trump considers signing executive order to suspend TikTok ban after taking office
On January 15 local time, President-elect Trump is considering issuing an executive order after taking office to suspend the enforcement of the TikTok sales or ban law for 60 to 90 days. According to two informed sources, Trump may sign an executive order that would lift the nationwide ban on the app imposed by the Biden administration on the 19th. Trump stated that he has a wide following on this platform, with over 14 million fans. He hopes to fulfill his previous campaign promise.
State Council: Regulate intermediary agencies providing services for companies' public stock offerings
Premier Li Qiang recently signed a State Council order to announce the &#34;Regulations on Regulating Intermediary Agencies Providing Services for Companies' Public Stock Offerings&#34; (hereinafter referred to as the &#34;Regulations&#34;), which will take effect on February 15, 2025. The Regulations aim to standardize the behavior of intermediary agencies providing services for companies' public stock offerings, improve the quality of listed companies, protect investors' legitimate rights and interests, and promote the healthy and stable development of the capital market. Local governments at all levels are not allowed to reward issuers or intermediary agencies based on the results of public stock offerings. CITIC Securities believes that the introduction of the Regulations is significant for further protecting investors' legitimate rights and interests and promoting the healthy and stable development of the capital market.
Hong Kong to receive 44.5 million tourists in 2024, a year-on-year increase of 31%
According to reports from the main station, Hong Kong is expected to receive 44.5 million tourists in 2024, an increase of 31% compared to 2023. The Hong Kong Tourism Board stated on the 15th that overnight visitors account for half of the total tourists for the year, with an average stay of 3.2 nights. Among the visitors to Hong Kong, mainland tourists are the most numerous, reaching 34 million, a year-on-year increase of 27%; non-mainland tourists totaled 10.5 million, a year-on-year increase of 44%; the largest increase was seen among Indian tourists, with an increase of over 70%; followed by tourists from Indonesia and Malaysia, while long-haul tourists from Europe and the United States also saw a 50% increase. The Hong Kong Tourism Board pointed out that in the coming year, it will strengthen promotion to target markets and customer groups, attracting global tourists to Hong Kong through diversified tourism products and experiences.
Domestic video large model Vidu 2.0 officially released, with a minimum of 4 cents for one second of video generation
The domestic video large model Vidu 2.0 has been officially released. In terms of speed, Vidu 2.0 can generate a 4-second 512P single segment video in under 10 seconds, with the minimum unit price for the Vidu 2.0-4s-512 model generating one second of video costing only 4 cents. According to the official release, since its global launch at the end of July 2024, Vidu reached one million users within 20 days and ten million users within 100 days
Hong Kong Securities and Futures Commission: Guanglian Technology Holdings (02531) has a highly concentrated shareholding
According to Zhitong Finance APP, Guanglian Technology Holdings (02531) announced that the Securities and Futures Commission recently inquired about the company's share distribution. The inquiry results show that as of January 2, 2025, 20 shareholders, including three executive directors of the company, collectively held 348 million shares, accounting for 94.94% of the company's issued share capital. Therefore, only 18.5595 million shares (5.06% of the issued shares) are held by other shareholders.
Geely Obtains Patent Authorization for Autonomous Driving Recovery
According to Tianyancha intellectual property information, recently, Zhejiang Geely Holding Group Co., Ltd. and Geely Automobile Research Institute (Ningbo) Co., Ltd. were granted a patent for &#34;a method, device, electronic equipment, medium, and product for autonomous driving recovery.&#34; This patent achieves vehicle autonomous recovery by obtaining perception information during autonomous driving, inputting it into a recovery decision model, which identifies the type of trapped scenario and selects the highest priority recovery strategy. This innovative technology will significantly enhance Geely's autonomous vehicles' ability to handle complex road conditions, improve driving safety and user experience, marking an important advancement for Geely in the field of autonomous driving.
Air China: Passenger turnover in December increased by 14.1% year-on-year
Air China announced that in December 2024, the combined passenger turnover of the company and its subsidiaries increased year-on-year. Passenger capacity input increased by 10.7% year-on-year, and passenger turnover increased by 14.1% year-on-year. Among them, domestic passenger capacity input increased by 2.7% year-on-year, and passenger turnover increased by 5.0%; international passenger capacity input increased by 33.0% year-on-year, and passenger turnover increased by 41.9%; regional passenger capacity input increased by 11.5% year-on-year, and passenger turnover increased by 16.3%. The average passenger load factor was 77.7%, an increase of 2.3 percentage points year-on-year. Cargo capacity input increased by 19.1% year-on-year, and cargo turnover increased by 17.6% year-on-year.
October Rice Field (09676) Issues Earnings Upgrade, Expected Annual Adjusted Net Profit Not Less Than 341 Million Yuan, Year-on-Year Growth of No Less Than 110%
According to Zhitong Finance APP, October Rice Field (09676) announced that it expects the group to achieve an adjusted net profit (not measured in accordance with international financial reporting standards) of no less than RMB 341 million for the year ending December 31, 2024, an increase of no less than 110% compared to the adjusted net profit (not measured in accordance with international financial reporting standards) of RMB 162 million for the same period in 2023. The main reason for the growth in adjusted net profit (not measured in accordance with international financial reporting standards) is the group's continuous innovation and in-depth operation in the main kitchen food category, further optimization of product structure, and strategic layout of sales channels, significantly enhancing the group's profit quality.
Lihua Holdings Group (01346) Issues Earnings Upgrade, Expected Annual Net Profit to Increase to 16.4 Million to 17.4 Million USD Year-on-Year
According to Zhitong Finance APP, Lihua Holdings Group (01346) announced that despite incurring a trade receivables impairment loss of 2.4 million USD in the first half of 2024, resulting in a decrease of 1.5 million USD in after-tax net profit for the first half of 2024 compared to the previous period, the group expects to achieve an after-tax net profit of between 16.4 million USD and 17.4 million USD for the year ending December 31, 2024
As of the year ending December 31, 2023, a net profit after tax of USD 15.6 million was achieved.
【Stock Highlights】
XPeng-W (09868): Accelerating Ultra-Fast Charging Layout
According to the memorandum, XPeng Charging and bp pulse will mutually open their respective charging networks and conduct pilot projects in some core economic circle cities in China, aiming to establish an ultra-fast charging network in these cities. In addition, both parties plan to explore more cooperation models, including but not limited to integrated energy solutions such as solar storage charging networks and power demand response.
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The Ministry of Commerce and other departments have released the subsidy standards for purchasing new digital products such as mobile phones, tablets, and smartwatches. Individual consumers can enjoy a maximum subsidy of 500 yuan per item, with a subsidy ratio of 15% of the final sales price. In addition, the appliance trade-in program for 2025 has also been arranged, with subsidy standards for 12 categories of home appliances set at 15% of the final sales price, with a maximum of 2000 yuan per item. The three major U.S. stock indices surged due to the December CPI meeting expectations

- The Chinese Ministry of Commerce announced new subsidy standards for purchasing digital products and 12 categories of home appliances in 2025, with maximum subsidies of 500 yuan for digital products and 2000 yuan for appliances.  
- The subsidies apply to personal consumers buying specific products, with a 15% subsidy on the final sales price, and additional incentives for energy-efficient appliances.  
- In related news, U.S. stock indices surged following the December CPI report, while Bitcoin surpassed $100,000, and oil prices rose due to sanctions affecting Russian supply.

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Zhitong Hong Kong Stock Early Knowledge | The three major U.S. stock indices all surged, and subsidy standards for home appliances and mobile digital products were announced