继日盘跌停后，2月2日夜盘沪银期货主力合约开盘后不久便下跌20%，触及跌停。日盘跌停的沪锡、原 油、燃油、沪镍等期货主力合约也大幅下跌。 上期所当日发布通知称："近期国际形势复杂多变，市场波动较大。请各有关单位关注市场动态，加强 风险管理，提示投资者进一步提高风险防范意识，理性参与，合规交易，共同维护市场平稳运行。" 国信期货首席分析师顾冯达对第一财经记者称，当前市场正经历一场由美国金融市场崩盘引发的"连锁 反应"冲击。在美联储下任主席提名"鹰派"人物凯文·沃什的消息刺激下，此前创出新高的贵金属金银出 现历史级暴跌，因美联储主席人选意外变化和"鹰派"表态，动摇了市场对"无约束宽松"的预期，导致海 外科技股及金银等高杠杆投机盘集中踩踏。 金瑞期货研究员吴梓杰也称，贵金属高位下市场风险逐步上升。在此背景下，上海期货交易所持续强化 市场监测与风险防范，多次发布公告提示市场风险，并推出一系列有针对性的风控措施，此举有助于引 导市场参与者以理性态度进行投资，进而保障市场的平稳有序运行。建议市场参与者保持理性，谨慎操 作，严格控制持仓比例，切实做好风险防控工作。 "交易所提高保证金水平还是有效果，白银期货以前的杠杆水平是 ...

国信期货首席分析师顾冯达对第一财经记者称，当前市场正经历一场由美国金融市场崩盘引发的"连锁 反应"冲击。在美联储下任主席提名"鹰派"人物凯文·沃什的消息刺激下，此前创出新高的贵金属金银出 现历史级暴跌，因美联储主席人选意外变化和"鹰派"表态，动摇了市场对"无约束宽松"的预期，导致海 外科技股及金银等高杠杆投机盘集中踩踏。 除了提示风险外，2月2日上期所还对部分客户采取限制开仓监管措施。 "此次下跌主因源自境外宏观情绪恶化与流动性扰动，并非国内基本面主导。"中信建投期货贵金属首席 分析师王彦青也认为，有色及贵金属市场出现极端波动，主要在于前期市场对"去美元"等长期逻辑进行 了短期的集中交易，市场积累的风险快速释放所致，从市场运行情况也可以看到，外盘白银出现了单日 30%以上的波动，从而导致国内白银期货价格跌停，并对部分有色金属及贵金属品种形成显著冲击。 这轮金银价格在1月29日见顶后大跌。其中，伦敦现货黄金价格在1月29日创出历史新高5598.75美元/盎 司后，大幅下跌，截至2月2日发稿时，每盎司跌到4600美元左右；伦敦现货白银价格也暴跌，从1月29 日的历史新高121.647美元/盎司，到2月2日发稿时每 ...

"提高保证金比例后，白银期货杠杆水平有所下降。" 继日盘跌停后，2月2日夜盘沪银期货主力合约开盘后不久便下跌20%，触及跌停。日盘跌停的沪锡、原 油、燃油、沪镍等期货主力合约也大幅下跌。 上期所当日发布通知称："近期国际形势复杂多变，市场波动较大。请各有关单位关注市场动态，加强 风险管理，提示投资者进一步提高风险防范意识，理性参与，合规交易，共同维护市场平稳运行。" 国信期货首席分析师顾冯达对第一财经记者称，当前市场正经历一场由美国金融市场崩盘引发的"连锁 反应"冲击。在美联储下任主席提名"鹰派"人物凯文·沃什的消息刺激下，此前创出新高的贵金属金银出 现历史级暴跌，因美联储主席人选意外变化和"鹰派"表态，动摇了市场对"无约束宽松"的预期，导致海 外科技股及金银等高杠杆投机盘集中踩踏。 "此次下跌主因源自境外宏观情绪恶化与流动性扰动，并非国内基本面主导。"中信建投期货贵金属首席 分析师王彦青也认为，有色及贵金属市场出现极端波动，主要在于前期市场对"去美元"等长期逻辑进行 了短期的集中交易，市场积累的风险快速释放所致，从市场运行情况也可以看到，外盘白银出现了单日 30%以上的波动，从而导致国内白银期货价格跌停，并 ...

Group 1 - The core focus of the Shanghai Municipal Political Consultative Conference is on the construction of a modern industrial system termed "2+3+6+6," which aims to enhance Shanghai's international economic status and promote high-end industrial clusters [1][2] - The three leading industries identified are integrated circuits, biomedicine, and artificial intelligence, with projected manufacturing output growth of 9.6% by 2025, including 15.1% for integrated circuits and 13.6% for artificial intelligence [2][3] - The importance of leveraging the advantages of leading industries to drive the transformation and upgrading of traditional industries is emphasized, highlighting the need for financial and capital support [3][4] Group 2 - The biomedicine sector is undergoing a transition from chemical generics to innovative drugs, with a focus on international market expansion for innovative products [4][5] - Recommendations include establishing a specialized working group for the development of the robotics industry in Shanghai, which is seen as a potential global hub [5][6] - The low-altitude economy is projected to reach a scale of approximately 80 billion yuan by 2028, with a focus on technological innovation and equipment manufacturing [6][7] Group 3 - The AI industry is rapidly advancing, with significant developments in high-quality data sets and GPU companies gaining market recognition [8][9] - The need for standardized systems in GPU and software development is highlighted, with calls for industry associations to lead the establishment of such standards [9][10] - Blockchain technology is proposed as a means to ensure data security and compliance in AI applications, with potential opportunities in data processing services and compliance auditing tools [9][10]

袁惟仁一生写了将近200首歌，写尽痴男怨女的悲欢离合，成就了华语乐坛令人怀念的黄金时代。 "我们会带他回台北，与我父亲合葬在一起，一个有山有水、他熟悉的地方。"2月2日，袁惟仁的姐姐以一则简短 讣告，证实知名词曲作者、音乐制作人袁惟仁因病逝世，终年57岁。 这一消息引来全网哀悼。老狼在微博只写了四个字："R.I.P 小胖。"简短中蕴含无言惋惜。歌手张宇以"我们亲爱 的小胖今天离开我们了"转发消息，游鸿明则用《离家500里》暗喻："这次，他离家不止500里了。" 更多的歌迷在留言中感叹，他们青春成长的过程中，无论悲伤、平静，或是深夜、开车时，都会听袁惟仁的 歌。"听着《征服》分手，又听着它走出了低谷。" "婚礼播了《梦一场》，现在，写歌的人走了。" 袁惟仁一生写了将近200首歌，写尽痴男怨女的悲欢离合，成就了华语乐坛令人怀念的黄金时代。但他生命的最后 八年，却是漫长无声的病痛折磨。 2018年，袁惟仁在意外摔倒之后引发脑溢血，2020年再次摔倒后，被判定为植物人状态。这些年，他早已远离公 众视野，长期卧床，接受母亲、姐姐的照顾。 投身音乐创作的袁惟仁，被称为"金曲制造机"。1993年，他创作的《执迷不悔》，让王 ...

Core Viewpoint - Shanghai is focusing on building a "2+3+6+6" modern industrial system to enhance its international economic status and promote the "Shanghai Manufacturing" brand, with significant attention from representatives and committee members [1][2]. Group 1: Modern Industrial System - The "2+3+6+6" modern industrial system includes promoting the digital and green transformation of traditional industries, accelerating the development of three leading industries, and focusing on six emerging pillar industry clusters [2]. - By 2025, the manufacturing output of Shanghai's three leading industries is expected to grow by 9.6% year-on-year, with integrated circuit manufacturing output increasing by 15.1% and artificial intelligence manufacturing output by 13.6% [2]. Group 2: Robotics Industry - Shanghai is positioned to become a global hub for the robotics industry, with a recommendation to establish a "Shanghai Robotics Industry Development Task Force" to coordinate planning and implement a four-phase cultivation plan [7]. - The robotics industry is transitioning from "technology validation" to "scale application," necessitating a focus on core technology breakthroughs and the establishment of a competitive industrial system [8]. Group 3: Biopharmaceutical Industry - The biopharmaceutical sector is experiencing a shift from chemical generics to innovative drugs, with a call for Shanghai to support companies aiming to become global biopharmaceutical enterprises [4]. - The focus should be on innovative drug development and international market expansion, leveraging Shanghai's strengths in research and manufacturing [4]. Group 4: AI and Data Security - The AI industry is rapidly advancing, with a focus on high-quality data sets and the need for unified standards in GPU and software development [11][12]. - Blockchain technology is proposed as a solution for ensuring data security and compliance in AI applications, with potential opportunities in data processing services and compliance auditing tools [12]. Group 5: Low-altitude Economy - Shanghai aims to develop a low-altitude economy, targeting a core industry scale of approximately 80 billion yuan by 2028, with a focus on technological innovation and commercial demonstration [9]. - The city is positioned to leverage its existing industrial foundation to become a leader in low-altitude economic sectors, including eVTOL and related applications [9]. Group 6: Future Industries - The emphasis on future industries includes space computing and the need for strategic research and industrial layout to enhance Shanghai's global influence in technology innovation [10]. - The development of AI applications and the integration of various technologies are seen as critical for driving growth across multiple sectors [11].

Core Viewpoint - The recent volatility in gold and silver prices has prompted banks to increase their risk warnings and adjust their risk control measures significantly. Group 1: Price Volatility - On February 2, international gold prices fell to $4403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices hit a low of $71.33 per ounce, with a drop close to 15% [1] - Agricultural Bank and Postal Savings Bank both issued warnings about the significant fluctuations in precious metal prices, urging clients to assess their risk tolerance and maintain a rational investment mindset [1][2] Group 2: Risk Management Adjustments - Industrial and Commercial Bank of China (ICBC) announced an increase in the margin ratio for personal clients trading silver contracts from 60% to 66% effective February 2, following a notice from the Shanghai Gold Exchange [2] - On January 27, ICBC had already raised the margin ratio for gold and silver contracts due to increased market risks, with gold contract margins adjusted from 43% to 60% and silver from 47% to 60% [3] - China Merchants Bank also raised the margin ratio for its gold and silver contracts to 70% on February 2, while maintaining the price fluctuation limit for gold contracts at 15% [4] Group 3: Client Advisory - Banks are advising clients to avoid impulsive trading behaviors such as chasing price increases or selling off during declines, emphasizing the importance of monitoring market conditions and controlling position sizes [1][2] - The banks are also adjusting the entry requirements for personal gold accumulation business, raising the minimum subscription amounts in response to the recent price surges [4]

Group 1 - The core viewpoint is that battery suppliers are becoming more profitable than automakers in the automotive industry, with significant profit forecasts for companies like Ruipu Lanjun and Guoxuan High-Tech [2] - Ruipu Lanjun expects a net profit of approximately 630 million to 730 million yuan in 2025, recovering from a net loss of 1.353 billion yuan in 2024, driven by increased sales volume and improved capacity utilization [2] - Guoxuan High-Tech anticipates a net profit of 2.5 billion to 3 billion yuan in 2025, representing a year-on-year growth of 107.16% to 148.59% [2] Group 2 - The profitability of the battery industry has improved significantly compared to automakers, with CATL's net profits for 2023, 2024, and the first three quarters of 2025 being 44.121 billion, 50.745 billion, and 49 billion yuan respectively [2] - BYD's net profits during the same period are 30.041 billion, 40.254 billion, and 23.333 billion yuan, highlighting a clear disparity in profitability between battery suppliers and automakers [2] - In the automotive industry, the sales profit margin is projected to be only 4.1% in 2025, down from 4.3% at the end of 2024, with a significant drop to 1.8% in December 2025, indicating ongoing pressure on profitability [3]

Core Viewpoint - The "luwei" industry is undergoing significant differentiation and deep adjustments, with major players showing contrasting performance signals amid a backdrop of slowing growth and intensified competition [2] Performance Divergence - ST Juewei (603517.SH) has announced an expected revenue of 5.3 billion to 5.5 billion yuan for 2025, representing a year-on-year decline of 12.09% to 15.29%, and anticipates its first annual loss since its listing, estimating a loss of 160 million to 220 million yuan [3] - In contrast, Huangshanghuang (002695.SZ) forecasts a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [4] Store Count Reduction - Despite the increase in net profit for Huangshanghuang and ST Juewei, both companies are reducing their store counts. Huangshanghuang had 2,898 stores in June 2025, down from 3,660 at the end of 2024 [6] - ST Juewei has seen a net reduction of over 4,000 stores in a year and a half, with approximately 10,713 stores remaining as of February 2026 [6] Industry Challenges - The overall "luwei" industry is facing challenges such as product homogenization, high prices, and changing consumer willingness, leading to the closure of inefficient stores and a search for transformation among leading companies [2][7] - The industry growth has slowed significantly, with a CAGR of 6.42% from 2018 to 2023, and the market size reaching approximately 318 billion yuan in 2023 [6] Competitive Landscape - The industry is experiencing threats from alternative products, including snacks and hot pot brands, which are encroaching on the "luwei" market [7] - There is a high degree of product overlap among the top 10 brands, with 80% of their offerings being similar, leading to concerns about pricing and consumer value perception [7]

专家表示，该公司的交易行为实际上是与客户对赌，一旦客户集中获利了结，极易引发挤兑，风险迟早 爆发。 深圳水贝又一黄金平台爆雷！第一财经记者实探"云点当"公司所在地，发现公司门口聚集了来自全国多 地的受害者。"云点当"工作人员告诉记者，如果要一次性兑付只能拿到40%，目前公司的大额资金账户 已被封控。 （文章来源：第一财经） ...