This weekend's key market-moving news included: Trump's forceful control over Venezuelan President Maduro and his wife, pledging to allow major US oil companies into Venezuela; the full and smooth implementation of the three-phase fee reduction reform for public funds, with the State Council issuing the "Comprehensive Solid Waste Management Action Plan"; international gold and silver posting their largest annual gains since 1979; Warren Buffett's formal retirement; Baidu's plan to spin off Kunlun Chip for an independent listing on the Hong Kong Stock Exchange; and BYD's sales surpassing Tesla for the first time.
South Korean President Lee Jae-myung arrived in Beijing, commencing his first state visit to China since taking office. The visit, occurring from the 4th to the 7th, marks President Lee's inaugural trip to China as president and the first visit by a South Korean president in six years. Prior to the visit, President Lee reiterated in an exclusive interview that South Korea consistently respects the one-China principle and, regarding Taiwan, a core concern for China, will steadfastly maintain its position of respecting the one-China policy.
US President Donald Trump held a press conference on January 3rd regarding US military actions in Venezuela. Trump stated that all of Venezuela's military forces "have lost combat effectiveness" and that Maduro and his wife would face US judicial proceedings. Trump also hinted that the US had cut off power supplies to Caracas, the Venezuelan capital. Furthermore, Trump announced intentions to facilitate the entry of major American oil companies into Venezuela.
A spokesperson from the Ministry of Foreign Affairs responded to inquiries concerning the US's forced control and deportation of Venezuelan President Maduro and his wife. The spokesperson expressed serious concern over the US actions, labeling them a clear violation of international law and fundamental norms of international relations, contrary to the purposes and principles of the UN Charter. China urged the US to ensure the personal safety of President Maduro and his wife, immediately release them, cease attempts to subvert the Venezuelan government, and resolve issues through dialogue and negotiation.
Turkey announced a visa exemption for Chinese citizens holding ordinary passports. A presidential decree published in Turkey's Official Gazette on December 31st stated that, effective January 2nd, 2026, Chinese passport holders would be granted visa-free entry. Under the new rules, the permitted stay is up to 90 days within any 180-day period for tourism and transit purposes, as per Article 18 of Turkey's Law on Foreigners and International Protection.
The three-phase fee reduction reform for publicly offered securities investment funds has been fully and smoothly implemented. The revised "Regulations on the Administration of Sales Fees for Publicly Offered Securities Investment Funds" were officially released. Key changes include increasing the redemption fee for holding periods between 7 and 30 days from the current 0.7% to 1%, and explicitly prohibiting the continued charging of sales service fees for fund shares held for over one year. These measures are expected to save investors approximately 51 billion yuan annually in investment costs, reducing the comprehensive fee level of public funds by about 20%.
The State Council issued the "Comprehensive Solid Waste Management Action Plan," emphasizing strengthened environmental law enforcement and supervision. The plan calls for strict adherence to laws and regulations concerning solid waste pollution prevention and control, enhancing full-chain supervision from production to disposal. It also vows to severely crack down on environmental crimes related to solid waste, holding violators accountable according to law, with particular focus on punishing intentional and severely harmful illegal activities such as secret discharge through concealed pipes.
Shanghai released measures aimed at linking with the Yangtze River Delta to accelerate the development of an advanced manufacturing cluster for the low-altitude economy. The measures include scientifically planning the layout of low-altitude infrastructure, formulating and releasing a low-altitude infrastructure construction plan, strengthening land resource guarantees, improving financial support, and enhancing government funding for the construction of non-profit low-altitude infrastructure projects like safety protection systems.
China's total box office revenue for 2025 reached 51.832 billion yuan, a year-on-year increase of 21.95%, according to data released by the National Film Administration on January 1st, 2026. Cinema admissions in urban areas totaled 1.238 billion, up 22.57% year-on-year. Domestic films contributed 41.293 billion yuan to the total, accounting for 79.67%.
During the 2026 New Year holiday period, China's cultural and tourism market remained generally stable and orderly, with sustained consumption vitality. Data from the Ministry of Culture and Tourism's data center estimated 142 million domestic tourist trips over the three-day holiday, generating total domestic tourism spending of 84.789 billion yuan.
The three major US stock indices closed mixed on Friday, with the Nasdaq turning lower after a higher open to finish down 0.03%, while the S&P 500 edged up 0.19% and the Dow Jones gained 0.66%. Performance among major tech stocks was divergent: ASML surged over 9% and Micron Technology jumped over 10%, both hitting record highs. AMD rose over 4%, Nvidia gained over 1%, and Google saw a slight increase; conversely, Tesla and Microsoft fell over 2%, Amazon dropped nearly 2%, Meta declined over 1%, and Apple dipped slightly.
International gold and silver registered their largest annual gains since 1979. COMEX gold futures accumulated an approximate 55% gain for 2025. Spot gold ended the year up over 64%. COMEX silver futures surged over 128% in 2025, while spot silver skyrocketed over 147%.
Famed investor Warren Buffett officially retired on December 31st, 2025, stepping down as CEO of Berkshire Hathaway. The 95-year-old had long served as CEO of the renowned investment company. In November 2025, he announced his intention to resign from his executive roles by year-end but would continue as chairman of the board and retain a "significant" number of shares.
LandSpace's IPO application for the Science and Technology Innovation Board (STAR Market) has been accepted. The company aims to raise 7.5 billion yuan.
Tesla reported fourth-quarter deliveries of 418,227 vehicles, a 16% decrease year-on-year, falling short of the estimated 440,907. Fourth-quarter production was 434,358 vehicles, down 5.5% year-on-year and below the estimate of 470,780. For the full year, Tesla's deliveries totaled 1.64 million, an 8.6% decrease from the previous year, slightly above the estimate of 1.6 million.
BYD announced on the 1st that its 2025 pure electric vehicle sales surged nearly 28% year-on-year to 2.2567 million units, claiming the top spot in global annual electric vehicle sales. This marks the first time Tesla has been surpassed in annual EV sales by a Chinese automaker, specifically BYD.
Baidu announced via the Hong Kong Stock Exchange that on January 1st, Kunlun Chip, through its joint sponsors, submitted a confidential application (Form A1) to the Hong Kong Stock Exchange for the proposed listing and trading of its shares on the Main Board. The current plan involves the proposed spin-off through a global offering of Kunlun Chip shares, comprising (i) a public offering in Hong Kong for subscription by the Hong Kong public, and (ii) a placing of Kunlun Chip shares to institutional and professional investors. As of the announcement date, Kunlun Chip is a non-wholly owned subsidiary of the company. Following the proposed spin-off, Kunlun Chip is expected to remain a subsidiary of the company.
Tongling Nonferrous Metals Group announced a delay in the Phase II project of the Mirador copper mine, held by its controlling subsidiary, China Railway Construction and Tongling Nonferrous's investment company. The project, originally scheduled for completion in June 2025, trial production from July to December 2025, and formal operation in early 2026, is now delayed. Due to political volatility and frequent personnel changes in Ecuador, the signing progress of the "Mining Contract" has been affected. Formal operation cannot commence until the contract is signed. The exact start date for Phase II remains uncertain and is expected to have some impact on the company's 2026 operating performance.
The Shanghai Stock Exchange issued a regulatory letter to Tianpu Holdings on December 31st concerning suspected violations of information disclosure rules. The letter involves the listed company, its directors, senior management, controlling shareholders, and ultimate controllers.