Group 1 - Precious metals prices have rebounded significantly, with gold futures rising above $4,800 per ounce, reported at $4,828.6 per ounce as of 11:47 AM Beijing time [1] - Silver futures are reported at $82.822 per ounce as of 11:48 AM Beijing time [3] Group 2 - Analysts from multiple banks and the Shanghai Gold Exchange have warned investors about market volatility risks, emphasizing the need for rational investment [5] - Nanhua Futures analyst Xia Yingying noted that the recent volatility in precious metal prices has exceeded what fundamentals can explain, with emotional factors becoming dominant. Overcrowded bullish positions led to a rapid activation of negative feedback mechanisms, resulting in a significant sell-off [5] - CITIC Securities indicated that major global economies will continue a loose liquidity stance through 2026, with rising precious metal prices stimulating trading enthusiasm for commodities. Silver, copper, tin, and lithium carbonate may benefit from active trading, leading to price increases beyond expectations. The firm believes that after a significant rally in 2025, the upward momentum for non-ferrous metal prices and stock markets remains strong, supported by supply disruptions, localized high demand, and stockpiling behaviors [5]

Core Viewpoint - The release of the top ten green trust cases by the China Trust Industry Association highlights the role of trust mechanisms in supporting green transition projects, showcasing their characteristics of asset independence, risk isolation, and long-term sustainability [1][3] Group 1: Green Trust Development - Green trust is becoming a core tool for revitalizing green assets and empowering low-carbon transitions due to its unique advantages of flexible systems and diverse services [1][3] - The development of green trust is seen as a necessary choice for the trust industry to return to its roots, reshape business logic, and find growth points [1][3] Group 2: Case Examples - The ten cases include four asset service trusts, such as Kunlun Trust's carbon capture project and Huaxin Trust's clean energy hydroelectric project, and four asset management trusts, including Wukuang Trust's zero-emission wastewater project [2] - Two charity trust cases focus on biodiversity and endangered species protection, demonstrating the diverse applications of green trust [2] Group 3: Policy and Market Support - The rapid development of green trust is supported by an improving policy framework and increasing market demand, with new guidelines clarifying classification and disclosure standards [3] - The guidelines introduce a quantitative standard for recognizing green projects, addressing previous ambiguities in business definitions and operational standards [3] Group 4: Opportunities for Trust Companies - Trust companies have significant opportunities to enhance their competitiveness by leveraging their unique functions in financing services, carbon finance, and family trusts [4] - They can explore green trust loans, green asset securitization, and green equity investments to support green industry development [4] - In the carbon finance sector, trust companies can focus on carbon asset management services to enhance market liquidity and financial attributes [4]

2月2日，为期40天的2026年春运正式开启，全社会跨区域人员流动量预计将达95亿人次。各地铁路、民 航等部门聚焦提升运能、优化服务、科技赋能，全力保障客货运输安全、便捷、顺畅，绘出一幅充满暖 意的春运图景。 舒心：祥和喜庆氛围足 本报记者 柳 洁 董庆森 "能帮我看看候车地点在哪儿吗？""请问车票在哪儿改签？""特殊乘客可以送站吗？"2月2日早上7点， 武汉汉口站"心连心"服务台队员师诚一到岗，就和团队一起忙碌起来，为旅客们答疑解惑。 记者在汉口火车站检票口处看到，安检门从6个增至12个，旅客正依次排队检票进站。"几分钟就通过安 检，基本不用排队，比往年省心不少。"带着行李准备前往南京的旅客李博说。 与汉口火车站一样，武汉火车站在春运首日同样热闹非凡。"马到成功""一马当先""平安喜乐"……不少 旅客拿着各式吉祥标语，在车站设立的打卡点处与工作人员合影。春运首日，武铁和湖北省文联携手， 在湖北省17市州、豫南地区4市共26个客运车站和多趟旅客列车上组织举办"文化列车千里行·送万福进 万家"文化惠民活动，将站车空间打造成流动的"文化会客厅"。 地处全国铁路网中部和地理位置中心的武汉是全国铁路的重要枢纽。今年春 ...

自2026年2月2日起，该基金将对AG2604、AG2605、AG2606、AG2608、AG2610、AG2612等白银期货 合约的估值，参考估值日北京时间下午3点国际主要市场价格，相对于前一日同期的波动幅度进行合理 重估，以使基金资产估值更能反映国际市场价格变动。 公司将综合参考各项相关影响因素并与基金托管人协商，自上述合约交易体现了活跃市场交易特征后， 恢复按结算价估值方法进行估值，届时不再另行公告。 2月2日晚间，国投瑞银基金发布公告称，经与基金托管人协商一致，决定对旗下国投白银LOF基金持有 的白银期货合约估值方法进行调整。 2月2日，场内交易的国投白银LOF复牌一字跌停，报4.722元/份。同日晚间，国投白银LOF公告显示， 该基金二级市场交易价格明显高于基金份额净值，出现较大幅度溢价。特此提示投资者关注二级市场交 易价格溢价风险，投资者如果盲目投资于高溢价率的基金份额，可能面临重大损失。为保护投资者利 益，该基金将于2月3日开市起至当日10:30 停牌，自2月3日10:30复牌。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 此前，国投白银LOF持仓估值主要取决于交易所挂牌交易的 ...

上周，美国总统特朗普就美元有关问题作出回应，被市场视为"对外释放容忍美元贬值"。其言论看似是 对短期汇率波动的轻描淡写，实则反映出美国政府对美元国际价值的态度发生转变。美国"唱衰"美元， 不仅会直接加剧美元长期跌势，影响全球资本流向，也牵动着全球金融体系传导机制的重塑。 责任编辑：栎树 有分析认为，在美联储独立性受疑、关税举措不确定、财政赤字高企、全球去美元化趋势暗流涌动等背 景下，这种表态不啻为对美元结构性弱势的政策确认，"尽管风险资产表现良好，但美元可能承压"。此 番发言后，衡量美元对6种主要货币的美元指数加速下跌至交易日低点95.566，创下自2022年2月以来的 新低。 本届美国政府释放容忍美元贬值的信号，其短期内提升美国出口竞争力的意图十分明显，这也符合特朗 普一贯的"美国优先"经济逻辑。然而，美元作为全球储备货币，在享受交易与结算便利的同时，也需要 维系各方对美元价值长期的基本信任。容忍美元贬值的策略会进一步削弱美元国际地位。当国际储备货 币的发行国政府明确表露出对货币价值漠不关心，甚至乐于见到其贬值时，国际持有者的信心势必遭受 根本性动摇。这可能导致全球官方与私人投资者重新评估其资产配置中的美元 ...

Core Insights - The new national standard for electric bicycles has been fully implemented, with 33 models from 17 leading brands showcased at a promotional event, indicating a shift towards compliance and safety in the industry [1][2] - The electric bicycle market is experiencing significant growth, with 165 million new standard models already released and an expected production of 7.55 million units by the end of Q1 2025, reflecting a robust supply capability [2] - Safety and compliance are emphasized as fundamental for the survival and development of electric bicycle companies, with stricter technical requirements introduced in the new standard [3] Group 1: Market Overview - The event featured a variety of new models that cater to diverse consumer needs, showcasing brands like Yadea, Aima, and Niu [1] - The electric bicycle has become an essential tool for daily commuting, with a projected production of 54.9 million units by 2025, representing a 29% year-on-year increase [2] - The industry is expected to see a peak in new model launches in March, as more companies aim to capture market share [2] Group 2: Compliance and Safety - The new national standard imposes stricter requirements on fire resistance, plastic composition, anti-tampering, and braking performance, marking a transition to high-quality development in the industry [3] - A public commitment was made by 20 key electric bicycle companies to resist non-compliance, emphasizing integrity and adherence to standards [3] - The Ministry of Industry and Information Technology stresses the importance of quality and safety as a lifeline for companies, aiming to prevent the circulation of non-compliant vehicles [3]

Group 1 - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023-2035)" [1] - On February 2, the expected cross-regional personnel flow is 187.91 million trips, an increase of 13% compared to the same period in 2025 [2] - The Ministry of Commerce and nine other departments issued the "2026 'Buy New Spring' Special Activity Plan," encouraging localities to increase subsidies for replacing old consumer goods during the Spring Festival and enhance support for offline retail [2] - Tsinghua University's Integrated Circuit Institute, in collaboration with Peking University and other institutions, developed the world's first large-scale flexible digital computing chip "FLEXI," achieving a breakthrough in flexible electronics and edge AI hardware [2] - The State Administration for Market Regulation, along with ten departments, released the "Low-altitude Economy Standard System Construction Guide (2025 Edition)," focusing on five core areas: low-altitude aircraft, infrastructure, air traffic management, safety supervision, and application scenarios [2] - China Huaneng announced that the first batch of wind turbines for the 300,000 kW wind power project in Aheqi County, the highest altitude wind power project in Northwest China, has successfully connected to the grid [2] - The Shanghai Gold Exchange adjusted the margin levels and price fluctuation limits for silver futures contracts due to significant price volatility [2] Group 2 - In January, the national price index for "vegetable basket" products remained stable, with vegetable prices showing a slight decrease month-on-month [3] - On February 2, the South Korean stock market experienced a sharp decline, with the KOSPI index dropping over 5%, triggering a trading halt for five minutes [3] - On February 2, international oil prices fell significantly, with NYMEX light crude oil futures dropping below $63 per barrel and Brent crude oil futures falling below $67 per barrel, both down over 3% [3] - February 2 is World Wetlands Day; China has been strengthening wetland ecological protection and restoration, with its wetland area ranking first in Asia and fourth in the world [3] - The National Healthcare Security Administration announced that in 2026, it will continue to increase the intensity of flying inspections, covering all provinces and various stakeholders in health insurance [3] - On February 2, China Eastern Airlines' domestically produced C919 aircraft began regular commercial flights from Shanghai Hongqiao to Zhuhai, with a total of 14 C919 aircraft operating 18 routes [3]

实施扩大内需战略是保持我国经济长期持续健康发展的需要，促进消费是扩大内需的重要方面。"十五 五"规划建议对"建设强大国内市场"作出重要部署，要求"坚持扩大内需这个战略基点，坚持惠民生和促 消费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、 供给和需求良性互动"。如何坚持投资于人，更好推动消费扩容提质，是落实扩大内需战略、畅通国内 大循环的一个重要课题。 二是加大教育培训力度。重点是推动新增劳动力供给与经济发展需求相匹配。要适应新一轮科技革命和 产业变革趋势，加强在岗人员教育培训，健全终身职业技能培训制度，增强现代化产业体系就业协同 性。完善重点群体就业支持体系，加强求职就业、技能培训等服务，拓宽劳动者就业增收空间。 三是优化公共消费支出。增加教育、医疗、养老、托育等方面的公共消费支出，提升民生领域公共服务 质量。顺应居民日益增长的绿色、健康、休闲等消费需求，增加公共卫生、文化、体育、公园等方面的 公共消费性投资。加强消费制度环境建设，完善提振消费的体制机制，为消费者提供安全放心的消费环 境。 四是适度增加消费者闲暇时间。引导全社会正确认识休假的重要性，更好落实带薪休假等 ...

Core Insights - Artificial intelligence (AI) is a disruptive technology of the 21st century, influencing economic and social development at an unprecedented pace, creating new opportunities while posing challenges to labor skills, corporate structures, and social security systems [1][2] Group 1: Impact on Employment - AI has dual effects on employment: it creates new jobs while also replacing existing ones, particularly in standardized and procedural tasks such as customer service and data entry [2][3] - The demand for composite skills is increasing, with a focus on algorithm application, data processing, and human-machine collaboration, even in traditional roles [3] - The labor market is experiencing new characteristics, with stable demand for high-end technical positions and low-skill service jobs, while middle-tier conventional roles are being squeezed [3][4] Group 2: Current Stage of AI Impact - The current phase of AI's impact on the labor market in China is characterized by visible replacement effects, emerging job creation, and structural adjustments [4][5] - Industries with strong digital foundations, such as finance and manufacturing, are the first to feel the impact, while sectors like healthcare rely more on AI as an auxiliary tool [4][5] Group 3: Long-term Observations and Recommendations - The long-term effects of AI on employment require careful observation, as the dynamic relationship between replacement and creation effects is still unclear [3][4] - A comprehensive policy framework is recommended to monitor and evaluate AI's impact on employment, optimize talent training systems, and enhance employment services and rights protection [5][6] - Workers are encouraged to adopt a mindset of lifelong learning and adaptability, focusing on developing skills that AI cannot easily replicate, such as creative thinking and emotional communication [6]

Core Viewpoint - The India-EU Free Trade Agreement (FTA) has been reached, covering 25% of global GDP and one-third of global trade, with expectations of doubling bilateral trade in the next five years [1] Group 1: Trade Agreement Details - The FTA will significantly reduce tariffs on over 90% of goods from both sides, with the EU eliminating tariffs on 99.5% of Indian exports over seven years, while India will lower tariffs on nearly 97% of EU goods [2] - Notable tariff reductions include India's automotive tariffs decreasing from 110% to 10%, and a quota of 250,000 EU cars per year being allowed [2] - Other significant tariff reductions include wine tariffs dropping from 150% to 75% and eventually to around 20%, olive oil tariffs decreasing from 45% to zero over five years, and substantial cuts in machinery, chemicals, and pharmaceuticals tariffs [2] Group 2: Sensitive Sectors and Non-Tariff Barriers - Agricultural products such as soybeans, beef, sugar, rice, and dairy are excluded from the agreement due to high domestic protection in India [3] - The FTA also addresses service trade and personnel movement, aiming to reduce non-tariff barriers through simplified customs procedures and regulatory cooperation [3] Group 3: Economic Implications - The agreement is expected to benefit labor-intensive sectors in India, such as seafood, textiles, and jewelry, while the EU automotive and wine industries will expand in the Indian market [3] - The EU estimates that the agreement could save up to €4 billion in tariffs annually and double EU exports to India by 2032 [3] Group 4: Geopolitical Context - The FTA's conclusion is influenced by the current global trade tensions, particularly the high tariffs imposed by the US on both India and the EU, prompting both parties to seek diversification in trade relationships [4] - The agreement reflects a strategic move by India and the EU to enhance economic security and autonomy in response to US economic policies, signaling support for a resilient global multilateral system [4] - The FTA still requires approval from EU member states, the European Parliament, and the Indian Parliament before it can take effect, which may take several months [4]