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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>TOP STORIES China Signals Continued Stimulus With Elevated Deficits in 2026 China will maintain elevated budget deficits and government debt levels in 2026 as part of a broader strategy to sustain stimulus and keep public spending on an upward trajectory, Vice Finance Minister Liao Min said Tuesday.</li><li>China Launches $72 Billion Loan Guarantee Plan to Boost Private Sector Lending China on Tuesday unveiled a 500 billion yuan ($72 billion) state-backed loan guarantee program aimed at boosting private investment and easing credit access for small and midsize enterprises, marking a major shift in how lending risks are distributed between banks and the government.</li><li>FINANCE &amp; ECONOMY Shanghai Futures Exchange Tightens Rules Amid Precious Metals Surge The Shanghai Futures Exchange will raise margin requirements and widen daily price limits for gold, silver, copper and aluminum futures contracts starting this week, in an effort to rein in risk amid a sharp rally in precious metals.</li></ul>

TOP STORIES China Signals Continued Stimulus With Elevated Deficits in 2026 China will maintain elevated budget deficits and government debt levels in 2026 as part of a broader strategy to sustain stimulus and keep public spending on an upward trajectory, Vice Finance Minister Liao Min said Tuesday.China Launches $72 Billion Loan Guarantee Plan to Boost Private Sector Lending China on Tuesday unveiled a 500 billion yuan ($72 billion) state-backed loan guarantee program aimed at boosting private investment and easing credit access for small and midsize enterprises, marking a major shift in how lending risks are distributed between banks and the government.FINANCE &amp; ECONOMY Shanghai Futures Exchange Tightens Rules Amid Precious Metals Surge The Shanghai Futures Exchange will raise margin requirements and widen daily price limits for gold, silver, copper and aluminum futures contracts starting this week, in an effort to rein in risk amid a sharp rally in precious metals.

CX Daily: China Signals Continued Stimulus With Elevated Deficits in 2026 

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.</li><li>Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.</li><li>The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn units during Dec 2025, down 12% YoY compared to 2.95mn units in Dec 2024.Cumulatively, local manufacturing/assembly reached 30.21mn units in 2025, down 4% YoY.The decline in overall manufacturing is primarily attributable to subdued consumer demand amid extended replacement cycles, which have increased globally to around 40 months.

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

<ul><li>Cover Story: How Resource Nationalism Is Redrawing the Global Mineral Playbook</li><li>Hong Kong IPOs Seen Topping HK$300 Billion in 2026 on Tech Boom</li><li>China Threatens EU After Carbon Border Tax Takes Effect</li><li>Trump Orders Chinese-Controlled Firm to Unwind Purchase of U.S. Chip Assets</li></ul>

Cover Story: How Resource Nationalism Is Redrawing the Global Mineral PlaybookHong Kong IPOs Seen Topping HK$300 Billion in 2026 on Tech BoomChina Threatens EU After Carbon Border Tax Takes EffectTrump Orders Chinese-Controlled Firm to Unwind Purchase of U.S. Chip Assets

CX Daily: How Resource Nationalism Is Redrawing the Global Mineral Playbook 

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.</li><li>While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.</li><li>However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

<ul><li>Cover Story: China’s AI Titans Escalate Battle for Control of Digital Gateways</li><li>China to Allow Interest on Digital Yuan in Major Overhaul</li><li>China Rolls Out Nationwide Cross-Border Cash-Pooling Program</li><li>Hong Kong Fully Allocates $14 Billion Under Offshore Yuan Funding Facility </li></ul>

Cover Story: China’s AI Titans Escalate Battle for Control of Digital GatewaysChina to Allow Interest on Digital Yuan in Major OverhaulChina Rolls Out Nationwide Cross-Border Cash-Pooling ProgramHong Kong Fully Allocates $14 Billion Under Offshore Yuan Funding Facility 

CX Daily: China’s AI Titans Escalate Battle for Control of Digital Gateways 

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

CX Daily: China Signals Continued Stimulus With Elevated Deficits in 2026

TOP STORIES China Signals Continued Stimulus With Elevated Deficits in 2026 China will maintain elevated budget deficits and government debt...

Caixin Global

Topline Flash Note: Local Manufacturing/Assembly of Mobile Phones up 7% MoM in Nov-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.61mn...

Topline Securities

CX Daily: How Resource Nationalism Is Redrawing the Global Mineral Playbook

TOP STORIES Cover Story: How Resource Nationalism Is Redrawing the Global Mineral Playbook In early December, the Democratic Republic of Congo...

Caixin Global

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

We believe expansion of AI computing demand and edge AI innovation will become major growth drivers in 2026, and recommend two key structural...

CMB International

CX Daily: China’s AI Titans Escalate Battle for Control of Digital Gateways

Cover Story: China’s AI Titans Escalate Battle for Control of Digital Gateways China to Allow Interest on Digital Yuan in Major Overhaul China...

Caixin Global

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