A-share pre-market news summary (2026-01-29)

1. The Federal Reserve pauses interest rate cuts, statement does not signal timing for the next cut

The Federal Reserve maintained the benchmark interest rate at 3.50%-3.75%, voting 10-2 to pause the consecutive rate cuts that began last September. The statement did not provide guidance on the timing of the next rate cut, reiterating that policy direction will be determined based on data. It raised its assessment of economic activity, stating that the U.S. economy is expanding at a robust pace, with signs of stabilization in the labor market, although inflation remains slightly above target. Powell indicated that the current rate is at the upper end of the neutral range, with no preset path for policy, and that rate hikes are not a basic assumption. If tariff-induced inflation peaks and recedes, it could create conditions for policy easing. The fundamentals of the U.S. economy are solid, with a stabilizing labor market and reduced risks for both inflation and employment, although inflation remains elevated in the short term. In the market, expectations for rate cuts over the year have slightly decreased, still pricing in about 46 basis points of cuts this year, with a roughly 60% probability of a cut in June. Gold prices have fluctuated to reach a new historical high, while the dollar, U.S. Treasury yields, and overall U.S. stock market volatility remain limited.

2. Ministry of Industry and Information Technology holds symposium for photovoltaic industry entrepreneurs

On the afternoon of January 28, Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, hosted a symposium for entrepreneurs in the photovoltaic industry. The meeting emphasized that in the current situation, "anti-involution" is the main contradiction in the standardized governance of the photovoltaic industry. Various departments should strengthen collaboration and work in the same direction, using a combination of capacity regulation, standard guidance, quality supervision, price enforcement, risk prevention against monopolies, intellectual property protection, and promotion of technological advancement to jointly push the photovoltaic industry back to a track of healthy competition and rational development. The photovoltaic industry association should actively fulfill its functions, promote industry self-discipline in accordance with laws and regulations, innovate methods, and resolutely eliminate "involution-style" competition within the industry. (MIIT WeChat)

3. Goldman Sachs: Earnings growth is the main driver of this year's rise in Chinese stocks

In 2026, Goldman Sachs is "overweight" on Chinese stocks in the Asia-Pacific region. Goldman Sachs' Chief China Equity Strategist Liu Jinjun pointed out on the 28th that earnings growth is the main reason driving the rise of Chinese stocks this year. He also mentioned that excluding foreign capital, an estimated 3.6 trillion yuan of incremental funds will flow into the Chinese stock market, with some of this capital entering the Hong Kong stock market through the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect." According to Goldman Sachs' estimates, in 2026, domestic individual investors are expected to inject about 2 trillion yuan into the stock market due to increased stock allocation; on the institutional side, approximately 1.6 trillion yuan will flow into Chinese stocks, driven primarily by insurance companies increasing their allocation to equity assets. (Caixin)

4. Real estate companies' "three red lines" end the trend of high debt levels in the real estate industry

On January 28, it was reported that multiple real estate companies are no longer required by regulatory authorities to report "three red lines" related data monthly; only some distressed companies need to regularly report core financial indicators such as asset-liability ratios to the risk disposal task force in their headquarters cities. A relevant person from a large state-owned enterprise stated, "Other companies may not know, but we have not been asked to report related indicators monthly." An insider from a mixed-ownership real estate company also indicated that they had not received any reporting requirements. Two distressed companies interviewed expressed similar sentiments. One distressed company's president stated, "It hasn't been confirmed yet, but the bank has indeed indicated that the control of the 'three red lines' is no longer being emphasized. However, the approval and supervision of new loans by banks remain strict." Another distressed company clearly stated that they "have not needed to report for a long time." Overall, the "three red lines" policy has basically exited the stage of real estate industry development. "With changes in the industry, bank loans to private real estate companies have already dropped to the bottom in recent years, and what needed to be cleared has been cleared. The original 'three red lines' policy has lost its meaning and target in the current context," said the president of the distressed company. (China Real Estate News)

5. China Commercial Rocket: Resolutely win the first flight and recovery battle of the main rocket, fully break through reusable technology

China Aerospace Science and Technology Corporation Commercial Rocket Co., Ltd. held its 2026 annual work meeting. The meeting emphasized that 2026 is the first year of the "14th Five-Year Plan" and a key year for China Commercial Rocket to solidify its foundation and make comprehensive efforts. The company will resolutely win the first flight and recovery battle of the main rocket with a firm belief in victory, a courageous determination for reform, a pragmatic and efficient work style, and a passionate spirit of entrepreneurship, fully breaking through reusable technology and efficiently fulfilling commercial launch missions, making greater contributions to enhancing China's capacity for large-scale and efficient access to space.

6. Shenzhen: Encourages smart home companies to accelerate adaptation to domestic operating systems and chips to promote full AI integration in furniture, TVs, and robotic vacuums

The Shenzhen Municipal Market Supervision Administration and four other departments issued the "Shenzhen City Three-Year Action Plan for Optimizing the Consumption Environment (2026-2028)." It proposes to vigorously promote home consumption. Improve the development ecosystem of the smart home industry, create smart home consumption experience centers, and build a "big home" ecological system. Encourage smart home companies to accelerate adaptation to domestic operating systems and chips, promoting full AI integration in furniture, TVs, audio-visual entertainment, door locks, kitchenware, lighting, robotic vacuums, fitness equipment, and more, creating "flagship products" in smart homes. Vigorously promote the "renewal" of home decoration consumer goods, carry out consumption promotion activities such as home consumption seasons, home textile consumption festivals, and home decoration consumption festivals, and encourage renovations of old houses, partial modifications, and home aging-friendly transformations. Promote the deep integration of "open-source Harmony + whole-house intelligence," build smart home display areas, and create a human-centered smart living space.

Individual Stock News

1. Industrial Fulian: Expected net profit of 35.1 billion to 35.7 billion yuan in 2025, a year-on-year increase of 51%-54%

Industrial Fulian announced that it expects a net profit attributable to the parent company of 12.6 billion to 13.2 billion yuan in the fourth quarter of 2025, an increase of 4.5 billion to 5.1 billion yuan compared to the same period last year, representing a year-on-year increase of 56% to 63%. It expects a full-year net profit attributable to the parent company of 35.1 billion to 35.7 billion yuan in 2025, an increase of 11.9 billion to 12.5 billion yuan compared to the same period last year, representing a year-on-year increase of 51% to 54%.

2. iFlytek: Expected net profit growth of 40%-70% in 2025

iFlytek announced that it expects a net profit attributable to the parent company of 785 million to 950 million yuan in 2025, an increase of 40%-70% compared to the same period last year, with non-recurring net profit expected to grow by 30%-60% year-on-year. At the same time, total sales receipts exceeded 27 billion yuan, an increase of over 4 billion yuan compared to the same period last year, and the net cash flow from operating activities at the end of the reporting period exceeded 3 billion yuan, both reaching historical highs.

3. China Gold: The company's main business has not changed, and it does not own exploration or mining rights

China Gold announced that from January 23 to January 28, 2026, its stock price hit the daily limit for four consecutive trading days, with a cumulative increase of 46.42% during this period, while the Shanghai Composite Index had a cumulative increase of 0.70%. The company's stock price increase has significantly deviated from the index, indicating that there is a market sentiment overheating situation, which may pose a risk of decline after a large short-term increase. The company's main business has not changed, primarily engaged in the research and development, processing, retail, wholesale, and repurchase of gold jewelry, and does not own exploration or mining rights. Consumers are advised to make rational decisions and invest cautiously.

4. Hunan Silver: Expected net profit growth of 67.88%-126.78% in 2025

Hunan Silver announced that it expects a net profit of 285 million to 385 million yuan for the year 2025, representing a year-on-year increase of 67.88%-126.78%. During the reporting period, the company's management further focused on its main business, actively promoting refined management, cost reduction and efficiency enhancement, and technological upgrades, resulting in significant improvements in production technology and economic indicators compared to the same period last year. During the reporting period, the production of the company's main products, silver and gold, saw a significant increase, and the overall market prices of precious metals, silver, and gold rose, with sales prices increasing in line with the market.

5. Silver Industry: The revenue from the company's gold and silver products accounts for a low proportion of total operating income

Silver Industry announced that its main business involves the mining, smelting, processing, and trading of metals such as copper, lead, zinc, gold, and silver. The revenue from the company's gold and silver products accounts for a low proportion of total operating income. In the first half of 2025, the company's operating income was 44.559 billion yuan, with sales revenue from gold products at 8.318 billion yuan, accounting for 18.67% of the company's operating income, and sales revenue from silver products at 2.023 billion yuan, accounting for 4.54% of the company's operating income. The company's production and operations are normal. The company's stock price has seen a significant short-term increase, which may pose a risk of decline.

6. Sichuan Gold: The company currently only owns one operating mine, the Suoluo Gold Mine, and has relatively few gold resources compared to peers

Sichuan Gold issued an announcement regarding abnormal fluctuations, stating that its stock price has deviated by more than 20% for two consecutive trading days and has accumulated a deviation of over 100% for ten consecutive trading days. According to the relevant provisions of the Shenzhen Stock Exchange trading rules, this situation falls under abnormal stock trading fluctuations and severe abnormal fluctuations. Gold prices are influenced by various factors, including market supply and demand, global macroeconomic conditions and expectations, the trend of the U.S. dollar, and significant global political events. The price of the company's gold concentrate products is greatly affected by fluctuations in gold prices; if gold prices fluctuate significantly in the future, it will have a considerable impact on operating performance. The company currently only owns one operating mine, the Suoluo Gold Mine, and has relatively few gold resources compared to peers, posing risks related to single mine operations and resource reserves.

7. Honghe Technology: Expected net profit growth of 745%-889% in 2025, increased demand for electronic-grade fiberglass cloth

Honghe Technology (603256.SH) announced that it expects a net profit attributable to shareholders of the listed company to be between 193 million and 226 million yuan for the year 2025, representing a year-on-year increase of 745% to 889%. The demand in the terminal market for 2025 is expected to increase due to the rapid growth of AI demand, leading to an increase in the market demand for electronic-grade fiberglass cloth. The selling price of the company's products is also expected to rise due to market demand, resulting in rapid growth in net profit. The net profit for Q3 was 51 million yuan, based on which the expected net profit for Q4 is estimated to be between 54 million and 87 million yuan, with a quarter-on-quarter change of 4%-68%. Analysts predict a net profit of 55 million yuan for the fourth quarter.

8. *ST Chengchang: Expected net profit of 95 million to 124 million yuan in 2025

*ST Chengchang (001270.SZ) announced that it expects a net profit attributable to shareholders of the listed company to be between 95 million and 124 million yuan in 2025, compared to a loss of 31.1179 million yuan in the same period last year, achieving a turnaround. During the reporting period, relying on the steady landing of orders from various core business segments and the orderly advancement of bulk deliveries, the company's operating income is expected to significantly increase compared to the same period last year, with profitability steadily improving and operational efficiency significantly enhanced. The expected annual operating income for 2025 is between 380 million and 435 million yuan.

9. Wolong Nuclear Materials: Expected net profit growth of 30%-39% in 2025, Q4 net profit below expectations

Wolong Nuclear Materials (002130.SZ) announced that it expects a net profit attributable to shareholders of the listed company to be between 1.1 billion and 1.18 billion yuan in 2025, an increase of 29.79%-39.22% compared to the same period last year. During the reporting period, the market demand for the company's electronic materials, communication cables, power products, and new energy vehicle products continued to rise, with all business segments achieving varying degrees of revenue growth. Among them, the communication cable and new energy vehicle product segments grew rapidly, mainly due to the rapid release of demand in downstream industries such as data communication, significantly increasing market demand for related products and driving rapid revenue growth. The new energy vehicle product segment continued to maintain a good growth trend under the sustained push of industrial policies.

10. 10 days, 6 boards for Sichuan Gold: Currently only owns one operating mine, the Suoluo Gold Mine, posing risks related to single mine operations and resource reserves

Sichuan Gold (001337.SZ) announced that its stock price has deviated by more than 20% for two consecutive trading days and has accumulated a deviation of over 100% for ten consecutive trading days, indicating abnormal stock trading fluctuations and severe abnormal fluctuations. The company may face the following risks: (1) Gold price fluctuation risk: Gold prices are influenced by market supply and demand, global macroeconomic conditions and expectations, the trend of the U.S. dollar, and significant global political events. The price of the company's gold concentrate products is greatly affected by fluctuations in gold prices; if gold prices fluctuate significantly in the future, it will have a considerable impact on operating performance; (2) Risks related to single mine operations and resource reserves: The company currently only owns one operating mine, the Suoluo Gold Mine, and has relatively few gold resources compared to peers, posing risks related to single mine operations and resource reserves; (3) Risks of safety production and rising production costs: The company may face risks of accidents during exploration, mining, and beneficiation processes, affecting production and operations, and as the Suoluo Gold Mine begins underground mining, it may lead to an increase in production costs.

Risk warning and disclaimer: The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk.