Group 1 - The market is expected to enter a medium to long-term consolidation phase after a short-term momentum decline [10] - The Shanghai government has initiated a program to purchase second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [5] - The Ministry of Industry and Information Technology has approved a new national standard for automotive door handles, set to be implemented in 2027, addressing safety and usability issues [5] Group 2 - The National Development and Reform Commission and other departments have released guidelines for the construction of a low-altitude economy standard system, aiming for over 300 standards by 2030 [3] - The Ministry of Finance has introduced a temporary method for long-term asset input tax deduction, allowing full deduction for mixed-use assets upon purchase [4] - The stock of Guokai Military Industry has experienced significant price fluctuations, with a recent announcement clarifying that its commercial aerospace projects are still in the R&D phase and have minimal impact on revenue [7]

近日，联合国秘书长古特雷斯在给成员国的致信中写道，若会员国未能及时足额缴纳会费，联合国可能 在7月面临现金流中断的风险。 据报道，联合国官员透露，美国目前拖欠的经常预算会费累计为21.9亿美元，拖欠维和行动经费约24.08 亿美元，拖欠国际法院和国际刑事法院等法庭费用0.44亿美元，共计约46.4亿美元。 当地时间2月2日，世卫组织（WHO）总干事谭德塞表示，由于美国和阿根廷相继宣布停止"缴费"， WHO正被迫大幅裁员。 在难以强制美国缴费的情况下，联合国在7月后是否确实可能无法正常运转？ 1月，美国正式完成退出WHO程序。WHO近期报告透露该机构将在2026年年中前裁减约25%员工。截 至2024年底，世卫共有9457名员工。 欠债本应还钱。 据新华社，美国总统特朗普2月1日接受美国媒体电话采访时称，他能"轻松"解决联合国财政危机，但他 绝口不提美国是否会支付拖欠的联合国会费。 朱杰进：联合国的财政与行政规则体系，包括会费分摊方式，需通过联合国大会第五委员会（联大五 委）进行修订。古特雷斯提及了一项现行规则，该规则要求联合国在未能执行预算时，须将特定项目的 未使用资金退还给成员国，类似于预算执行中"钱未花完 ...

Core Viewpoint - The "luwei" industry is undergoing significant differentiation and deep adjustment, with major players showing contrasting performance signals amid a backdrop of slowing growth, store reductions, and intensified competition [1] Performance Divergence - ST Juewei (603517.SH) has announced a projected 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 expects its first annual loss of 160 million to 220 million yuan [2] - In contrast, Huangshanghuang (002695.SZ) anticipates a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [2][3] Store Count Reduction - Despite the increase in net profit for Huangshanghuang and Zhou Hei Ya (1458.HK), both companies are reducing their store counts. Zhou Hei Ya reported a decrease of 167 stores, bringing the total to 2,864 [4] - Huangshanghuang had 2,898 stores as of June 2025, down from 3,660 at the end of 2024 [5] - 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 [5] Industry Challenges - The "luwei" industry is facing severe operational pressures, with a significant slowdown in growth. The compound annual growth rate (CAGR) from 2018 to 2023 was 6.42%, with a market size of approximately 318 billion yuan in 2023 [6] - Key challenges include high prices, reduced consumer willingness, and competition from snacks and ready-to-eat meals, which are impacting the industry's growth [6] - The industry is also experiencing product homogeneity, with 80% of products from the top 10 brands overlapping, leading to concerns about value perception among consumers [6]

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]