February 6th: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and important financial media

February 6th (Friday), the main highlights of today’s headlines are as follows:

China Securities Journal

2026 National Service Consumption and Service Trade Work Conference Proposes Cultivating New Growth Points for Service Consumption, Encouraging Support for Service Exports

According to the Ministry of Commerce on February 5, the 2026 National Service Consumption and Service Trade Work Conference was held in Beijing from February 4 to 5. The meeting emphasized that the current consumption structure is accelerating its shift from primarily goods consumption to primarily service consumption. Service trade has also stepped onto a new level based on trillions of dollars. It is necessary to lead with high-level opening-up, adhere to a dual-driven approach of “policy + activities,” cultivate new growth points for service consumption, encourage support for service exports, innovate digital trade development, promote high-quality exhibition industry development, and strive for a good start to the “14th Five-Year Plan” high-quality development.

2025 Mechanical Industry Above-Scale Enterprises Value-Added Growth of 8.2%

On February 5, the China Mechanical Industry Federation held a “2025 Annual Mechanical Industry Economic Operation Situation Briefing,” revealing that in 2025, the mechanical industry’s economic operation showed a high-level slowdown with steady progress. A good start was made in the first quarter; in the second quarter, affected by tariff fluctuations and other factors, growth slowed but quickly stabilized with active responses; in the third and fourth quarters, the trend of high-level slowdown continued, resulting in relatively rapid growth for the year.

Resilience of Hong Kong Consumer and Dividend Sectors Highlights Public Fund Favorable Structural Investment Opportunities

On February 5, the A-shares and Hong Kong stock markets diverged. Major Hong Kong indices rose in the afternoon, closing with gains contrary to the trend. The Hong Kong consumer sector performed notably, with several related ETFs leading market gains. Notably, during recent market fluctuations, the Hang Seng Tech Index plunged significantly. In contrast, the consumer and dividend sectors in Hong Kong demonstrated strong resilience, with many related funds’ net asset values rising accordingly. Looking ahead, many public fund institutions believe that Hong Kong stocks remain a global valuation bargain, and short-term disturbances are unlikely to change the long-term investment value, favoring structural investment opportunities.

CITIC Securities Wu Weichen: Industry Trends and Fundamentals Drive, Solid-State Battery Sector Enters Value Realization Period

After a rally since the beginning of the year, the solid-state battery sector recently entered a phase of fluctuation and adjustment, attracting market attention. Recently, Wu Weichen, Chief Analyst of Batteries and Energy Management at CITIC Securities, told China Securities Journal that the strength of the solid-state battery sector is not merely speculative but supported by fundamental improvements in related companies along the industry chain and accelerated industry development, which are rational and sustainable. Benefiting from a comprehensive reversal in lithium battery industry chain prices, orders, and profits, along with the solicitation of national standards for solid-state batteries and successful vehicle testing by multiple companies, the industry is moving from concept to industrialization, with equipment, materials, and batteries benefiting sequentially. The sector’s medium- and long-term structural investment value is prominent.

Shanghai Securities News

Global Growth Slows, Photovoltaic Industry Urgently Needs New Breakthroughs

On February 5, the China Photovoltaic Industry Association held a seminar in Beijing reviewing the 2025 development and outlook for 2026. On-site sources noted that during the “14th Five-Year Plan” period, the global and Chinese new installed capacity growth rates for photovoltaics are expected to slow significantly. While crystalline silicon photovoltaic technology continues to improve, it is approaching its limits, reducing the marginal gains from cost reduction and efficiency improvements. Photovoltaic companies must face the challenge of high-quality development and seek new breakthroughs.

Replenishing Pre-Holiday Funds, Central Bank Reinitiates 14-Day Reverse Repo Operations

Liquidity arrangements around the Spring Festival have been implemented. On February 5, the People’s Bank of China conducted a net injection of 64.5 billion yuan through a combination of 7-day and 14-day reverse repos. Industry insiders believe this move is not only a precise hedge against pre-holiday funding needs but also reflects refined liquidity management under the backdrop of steady growth.

Hainan Launches “Zero Tariff” Policy: Residents on the Island Enjoy 10,000 Yuan Annual Duty-Free Import Quota

To solidly promote the construction of Hainan Free Trade Port and enhance residents’ sense of gain, the Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly issued a notice on February 5, clarifying that the “zero tariff” policy for imported goods consumed by residents within the Hainan Free Trade Port has been implemented from the date of announcement. The notice states that imported goods purchased by residents within designated business premises are exempt from import tariffs, value-added tax, and consumption tax within the duty-free quota and list scope. Residents include Chinese citizens holding Hainan ID, residence permits, or social security cards, as well as foreign personnel working and living in Hainan with residence permits. The duty-free quota is 10,000 yuan per person per year, with no limit on purchase frequency.

Meituan Plans to Acquire Dingdong Maicai for $717 Million, Changing the Fresh Retail Landscape

The fresh retail sector sees new changes. On February 5 after market close, Meituan announced on the Hong Kong Stock Exchange that it would acquire 100% equity of Dingdong Maicai’s Chinese operations for approximately $717 million. This acquisition will make Dingdong an indirect wholly owned subsidiary of Meituan, with its financial performance consolidated into Meituan’s financial statements.

Securities Times

Eight Departments: A Preliminary Formation of a Coordinated Whole Industry Chain for Traditional Chinese Medicine by 2030

On February 5, the Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, and the Financial Regulatory Administration, among others, jointly issued the “Implementation Plan for High-Quality Development of Traditional Chinese Medicine (2026–2030)” (hereinafter “Plan”), clarifying development goals, key tasks, and safeguard measures for the next five years, promoting comprehensive upgrade of the entire traditional Chinese medicine industry chain.

Central Bank: Ensure Financial Support for the Construction of the Western Land-Sea New Passage

On February 5, a meeting on financial support for the Western Land-Sea New Passage was held in Chongqing. Pan Gongsheng, Party Secretary and Governor of the People’s Bank of China, stated that providing financial support for the construction of the Western Land-Sea New Passage is an important responsibility of the PBOC and the financial system. The passage is significant for forming a new pattern of “internal and external linkage, bidirectional mutual support between east and west.” In December last year, the PBOC and eight other departments jointly issued the “Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Passage,” deploying 21 key measures, including increasing financial resource coordination, optimizing settlement systems, and expanding cross-border use of RMB, to improve the financial service system for the passage.

If Metal Prices Continue to Rise, CPI May Experience Moderate Rebound

Since August last year, prices of upstream raw materials represented by base metals have surged significantly. The Producer Price Index (PPI) has improved for five consecutive months, and in December, the Consumer Price Index (CPI) reached its highest increase in nearly three years. Currently, with continued rising prices of upstream materials like copper, attention is on whether domestic PPI and CPI can further rebound at low levels this year.

Supply and Demand Improve, Prices Stabilize, Multi-Point Growth in Lithium Battery Industry Chain

By 2025, driven by dual factors of supply-side “anti-involution” and demand-side expansion, the supply and demand of the lithium battery industry are gradually improving, supporting stable product prices and corporate profits. Data from Wind shows that as of February 5, 2026, 70 A-share listed companies in the industry chain have disclosed earnings forecasts or quick reports, with 50 achieving year-on-year profit growth (including loss reduction), accounting for over 70%, and 19 turning losses into profits.

Securities Daily

Eight Departments: By 2025, a Preliminary Formation of a Coordinated Whole Industry Chain for Traditional Chinese Medicine

On February 5, the State Administration for Market Regulation announced that in 2025, it will implement hundreds of standards across production, consumption, and recycling to support industry upgrading and expanded consumption, focusing on optimizing traditional industries and increasing demand-supply matching for consumer goods. It also plans to revise standards around ten traditional industries for transformation and upgrading.

(Article source: Oriental Fortune Research Center)