**Market Review**

On Wednesday, the A-shares market performed modestly, with the Shanghai Composite Index closing at 4085.77 points, up 0.05%, with a trading volume of 11974.23 billion. The Shenzhen Component Index rose 0.06% to 14030.56 points, with a trading volume of 16567.97 billion. The ChiNext Index performed relatively strongly, up 0.31% to 3329.69 points, with a trading volume of 7632.51 billion. In terms of individual stocks, the market still experienced more declines than gains, with over 3100 stocks falling. The combined trading volume of the two markets reached 2.85 trillion, an increase of 476 million compared to the previous trading day, indicating a rise in market participation.

Market hotspots are dispersed, with sectors such as photoresists, industrial gases, coal mining, and semiconductors leading the gains, reflecting market attention to technology and energy sectors. Meanwhile, financial technology, geographic information, securities, and non-bank financial sectors lagged, with the largest declines.

**Commodity Market Highlights**

The precious metals market has reached a new milestone. Domestic gold jewelry prices have broken through 1400 yuan per gram, hitting a new high. The central bank has increased its gold reserves for the 14th consecutive month, adding 860,000 ounces last year, demonstrating the importance placed on gold as a reserve asset.

**Liquidity and Policy Outlook**

The central bank conducted a 3-month reverse repurchase operation of 110 billion yuan on January 8, injecting liquidity into the market and supporting market stability.

Policy measures are being introduced intensively. Relevant departments announced the "Regulations on Supervision and Administration of Online Trading Platform Rules," explicitly prohibiting platforms from engaging in big data "price gouging," to protect consumer rights. The Cyberspace Administration continues to crack down on irregularities in online live-streaming e-commerce, including vulgar "borderline" content and AI impersonation of public figures.

Technology industry policies are also being actively promoted. Eight departments jointly set goals that by 2027, China’s key core technologies in artificial intelligence will achieve secure and reliable supply, providing guidance for related enterprises in the AI industry chain.

**International Trade Developments**

The Ministry of Commerce has initiated anti-dumping investigations on imported dichlorosilane originating from Japan. Meanwhile, sources revealed that China is studying tightening the review of export licenses for rare earths to Japan, indicating a cautious attitude toward trade in strategic resources.

The international situation continues to evolve. The U.S. European Command announced the seizure of oil tankers in the North Atlantic, claiming they violated U.S. sanctions. Canadian Prime Minister Trudeau plans to visit China from the 13th to the 17th of this month. The Trump administration has also taken new steps in energy diplomacy, claiming that Venezuela will transfer 30 to 50 million barrels of oil to the U.S., with the related funds under U.S. supervision. Tensions are also rising in Iran, with protests sweeping nearly half of the provinces, resulting in at least 36 deaths.

Japan is working on developing a domestic satellite internet system to advance strategic infrastructure independence.