New Year's Day heavy schedule: Federal Reserve Chairman may reveal, Buffett retires, "Hong Kong stock GPU first stock" listed

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December 29 - January 4 Weekly Major Financial Events Overview, all times are in Beijing Time:

Key Focus for Next Week: New Year's holiday market closures for Shanghai and Shenzhen, U.S. stock markets, and commodity exchanges; China and U.S. PMI data. The Federal Reserve's monetary policy minutes will be released, the candidate for the Federal Reserve Chair may be revealed, and Buffett will officially step down as CEO of Berkshire Hathaway. "Hong Kong Stock GPU First Stock" BIREN TECH and "Physical AI First Stock" 51WORLD are about to be listed.

In addition, the CITIC Silver LOF has tightened subscription restrictions again after severe price fluctuations in the secondary market. The "Regulations on Promoting Cross-Strait Standardization" in Fujian Province will take effect on January 1. The "price increase wave" on the industrial side is fierce, with many paper companies raising prices.

Economic Indicators

• China's December Official Manufacturing PMI

On December 31, China will release the official manufacturing data for December. Following the November manufacturing PMI recorded at 49.2, which is in the contraction zone, the market is concerned whether the economic climate can further improve by year-end. Institutions such as CITIC Securities expect that, with policy support, the manufacturing PMI may continue to show a slight recovery trend. The main focus will be on the new orders index reflecting domestic demand recovery and the performance differences among enterprises of different sizes.

• U.S. December S&P Global Manufacturing PMI

On January 2, the U.S. will release the December S&P Global Manufacturing PMI data. Additionally, on December 29, the U.S. will announce the November Existing Home Sales Index, and on December 31, the number of initial jobless claims for the week ending December 27 will be released.

• Federal Reserve to Release Monetary Policy Meeting Minutes

The Federal Reserve's December policy meeting minutes will be released on Tuesday, December 30. The market expects that this minutes will continue to reveal the "strong divergence" among Fed officials regarding the short-term policy path. The October minutes indicated that "most" officials believed further rate cuts might be necessary, while "several" officials felt that December may not be suitable for another 25 basis point cut.

Financial Events

• U.S. President Trump May Designate New Federal Reserve Chair in the First Week of January

According to reports, U.S. President Trump will designate a new Federal Reserve Chair in the first week of January. Popular candidates to succeed Powell include White House economic advisor Hassett, former Fed governor Warsh, and current Fed governors Waller and Bowman. Powell's four-year term as chair will expire in May 2026 This event is an uncertain event, and the possibility of postponement is high.

• Buffett officially steps down as CEO of Berkshire, succeeded by Abel

At the Berkshire Hathaway shareholder meeting in May this year, Buffett announced that he would step down as CEO of the company at the end of 2025, with Vice Chairman Greg Abel taking over the position from January 1, 2026. Meanwhile, Buffett will continue to serve as Chairman of the Board.

• During the New Year's holiday, A-shares, Hong Kong stocks, US stocks, UK, Japan, and South Korea will be closed, and the China Financial Futures Exchange and the Guangzhou Futures Exchange will also be closed

January 1 to January 4 is the New Year's holiday.

The Shanghai and Shenzhen Stock Exchanges issued a notice stating that according to the relevant notices from the China Securities Regulatory Commission, the arrangements for the market closure during certain holidays in 2026 are as follows. For New Year's Day: the market will be closed from January 1 (Thursday) to January 3 (Saturday), and will reopen as usual on January 5 (Monday). Additionally, January 4 (Sunday) is a weekend closure.

The China Financial Futures Exchange and the Guangzhou Futures Exchange announced the arrangements for the market closure during certain holidays in 2026: New Year's Day: the market will be closed from January 1 (Thursday) to January 3 (Saturday), and will reopen as usual on January 5 (Monday). January 4 (Sunday) is a weekend closure.

In addition, Hong Kong stocks, US stocks, UK, South Korean stocks, Japanese stocks, Singapore, and Malaysia will also be closed on January 1. The Japanese stock market will also be closed on January 2.

• BIREN TECH is expected to be listed and traded on the Hong Kong Stock Exchange on January 2

The "first GPU stock in Hong Kong," BIREN TECH, has confirmed its Hong Kong IPO price range at HKD 17.00 to 19.60 per share, and plans to be listed for trading on January 2 next year, with the stock code "6082." The company holds approximately 822 million yuan in uncompleted binding orders, and the IPO proceeds will mainly be used for the research and commercialization of the next generation of chips.

• 51WORLD and Lin Qingxuan are expected to be listed on the Hong Kong Stock Exchange on December 30

The "first Physical AI stock," 51WORLD, launched its public offering on December 18. The company is offering a total of 23.975 million shares globally, priced at HKD 30.5 per share. If the overallotment option is fully exercised, it could raise approximately HKD 841 million and is expected to be listed on December 30. Lin Qingxuan plans to issue H-shares at a price of HKD 77.77 per share, and is expected to be listed on December 30.

• Guotou UBS Silver LOF: The A-class regular investment limit is reduced back to 100 yuan, and the C-class shares will begin to suspend subscriptions, effective from December 29

The Guotou UBS Silver Futures Securities Investment Fund (LOF) has tightened subscription restrictions again after severe price fluctuations in the secondary market, announcing that starting from December 29, the regular investment limit for A-class fund shares will be reduced back to 100 yuan. This limit was previously relaxed to 500 yuan to guide arbitrage funds to stabilize premiums. The fund has adjusted the investment limit multiple times in just two months, dropping from 6000 yuan to 100 yuan on October 20, then rising from 100 yuan to 500 yuan on December 19, and the latest announcement has reduced it back to 100 yuan The Guotou Ruijin Silver Futures Securities Investment Fund (LOF) has announced the suspension of subscription (including regular investment) for Class C fund shares. To protect the interests of fund share holders, the subscription for Class C fund shares of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) will be suspended starting from December 29, 2025. The specific time for the cancellation or adjustment of the suspension of subscription for Class C fund shares (including regular investment) from December 29, 2025, will be announced separately.

• SHFE adjusts the price limits and margin standards for gold and silver

SHFE: Starting from the settlement at the close on December 30, 2025 (Tuesday), the price limit for gold and silver futures contracts will be adjusted to 15%, the margin ratio for hedging positions will be adjusted to 16%, and the margin ratio for general positions will be adjusted to 17%; the price limit for the silver AG2602 contract will remain at 15%, the margin ratio for hedging positions will remain at 16%, and the margin ratio for general positions will remain at 17%.

• Guangqi Exchange: From January 1, fee reductions for delivery, futures to spot, warehouse receipt transfer, warehouse receipts as margin, and hedging fees

Guangqi Exchange: After research, it has been decided that from January 1, 2026, to December 31, 2026, the following fee reduction measures will be implemented. 1. All fees for the following futures varieties will be waived: delivery fees; standard warehouse receipt futures to spot fees; standard warehouse receipt transfer payment fees; standard warehouse receipt as margin fees. 2. The hedging transaction fees for all futures and options varieties will be halved, charged directly according to the trading fee standards. 3. Excluding high-frequency traders recognized by the exchange.

• Price increase wave in the paper industry! Jilin Chemical Fiber, Hunan YN Energy, Bohui Paper, Asia Pacific Senbo, Hubei Rongcheng Recycling Technology, Shanying Paper, Wuzhou Special Paper raise prices

Jilin Chemical Fiber announced that starting from January 1, 2026, the price of its wet-process 12TK carbon fiber and 3K carbon fiber will increase by 5,000 yuan and 10,000 yuan per ton, respectively.

Bohui Paper industrial paper price increase notice: starting from January 1, 2026, prices will increase by 200 yuan/ton (including tax) based on December 2025 prices.

Asia Pacific Senbo: Starting from January 1, 2026, all products will increase by 200 yuan/ton (including tax) based on current prices.

Hunan YN Energy announced that starting from January 1, 2026, the processing fee for its entire series of lithium iron products will increase by 3,000 yuan/ton (excluding tax).

Hubei Rongcheng Recycling Technology: Starting from January 4, 2026, the price for our recycled paper/cardboard will increase by 50 yuan/ton.

Shanying Paper: Starting from January 4, 2026, the price for T paper will increase by 50 yuan/ton.

Wuzhou Special Paper: Starting from January 4, 2026, the price for the group's white rhinoceros packaging paper products will increase by 50 yuan/ton based on current prices.

• "Fujian Province Promotion of Cross-Strait Standard Commonality Regulations" will be implemented from January 1 On November 27th, the 19th meeting of the 14th Standing Committee of the Fujian Provincial People's Congress voted to pass the "Fujian Province Regulations on Promoting Cross-Strait Standardization," which is the first local regulation aimed at promoting standardization across the Taiwan Strait and will take effect on January 1, 2026. At the same time, the "Fujian Province Private Economy Promotion Regulations" will also take effect on January 1, 2026.

• Shanji: Will release AI glasses in collaboration with Fujian Ship

Shanji: The company has received new investment and will release AI glasses in collaboration with Fujian Ship on December 29th.

• Korean foreign exchange market will be closed on December 31st

The Korean foreign exchange market will be closed on December 31st and will resume trading at 10 AM on January 2nd.

• Hubei Jingmen's fertility support policy will take effect on January 1, 2026

Hubei Jingmen's fertility support policy will take effect on January 1, 2026: A subsidy of 10,000 yuan will be available for in vitro fertilization