Macroeconomics

1. [Reverse Repurchase Agreements] The People's Bank of China (PBOC) issued a tender announcement for open market reverse repurchase agreements, indicating that to maintain ample liquidity in the banking system, it will conduct a 900 billion RMB reverse repurchase operation on January 15th using a fixed quantity, fixed interest rate tender, and multiple price bidding method. The term is 6 months (181 days).

2. [Imports and Exports] According to customs statistics, my country's total foreign trade imports and exports reached 45.47 trillion RMB in 2025, a 3.8% increase. Exports totaled 26.99 trillion RMB, a 6.1% increase; imports totaled 18.48 trillion RMB, a 0.5% increase.

3. [Automobiles] The latest data released by the China Association of Automobile Manufacturers (CAAM) shows that in 2025, automobile production and sales reached 34.531 million and 34.4 million units respectively, representing year-on-year increases of 10.4% and 9.4%. Production and sales reached a new historical high, maintaining the top position globally for 17 consecutive years.

4. [US Tariffs] The White House announced that starting on the 15th, a 25% ad valorem import tariff will be imposed on certain imported semiconductors, semiconductor manufacturing equipment, and related products.

5. [Federal Reserve Beige Book] The Federal Reserve's Beige Book showed that in eight of the Federal Reserve's twelve districts, overall economic activity showed slight to moderate growth, three districts reported no change, and one district reported a slight decline. This represents an improvement compared to the previous three reporting periods (when most districts reported little change). Most banks reported slight to moderate growth in consumer spending during this period, mainly due to the holiday shopping season.

Building Materials

1. [Glass] Langfang Jinbiao First-Line Glass (designed capacity 600 tons/day), European gray glass production switched to gray-brown glass, feeding started on January 13th.

2. [Wastepaper] On January 14th, Zhejiang Shaoxing Huayu Paper Industry, the price of Grade 1 yellow cardboard remained stable, and the adjusted price without VAT, delivered to the factory, is 1,540 RMB/ton.

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