Core Viewpoint - The medium-term upward trend of the A-share market remains unchanged despite recent volatility and significant sector differentiation, supported by three main factors [1]. Group 1: Market Trends - The global backdrop of "asset scarcity" continues, coupled with frequent geopolitical conflicts, maintaining the long-term trend of "patient capital" flowing into the stock market [1]. - Domestic policies aimed at reducing "involution" are being deeply implemented, gradually improving corporate profit expectations and providing a floor for the capital market [1]. - The recent rapid adjustments in sectors are primarily reactions to short-term market sentiment and trading dynamics, not fundamentally altering the medium to long-term upward trend [1]. Group 2: Investment Opportunities - Focus on AI-related industries, as domestic AI industry chain support policies continue to be implemented, with expectations of increased global capital expenditure in computing power and steady improvement in AI adoption rates [2]. - Attention to the enhancement of Chinese brand competitiveness, with domestic brands transitioning from "cheap goods" to "quality products at reasonable prices" and achieving significant advancements in sectors like innovative pharmaceuticals, power equipment, and construction machinery [2]. - Resource sectors, particularly copper and minor metals, exhibit genuine scarcity and anti-inflation properties, forming stable supply alliances and showcasing significant long-term investment value [2]. - The adjustment in the non-ferrous metals sector is seen as a trading reaction rather than a fundamental change, with expectations that the market will present more attractive buying opportunities post-adjustment [2].

【资讯导读】 ·特朗普：将降低印度输美商品关税税率 ·美国众议院审议拨款法案或将结束政府部分"停摆" ·美国1月ISM制造业PMI指数升至52.6 ·日本央行会议纪要直指加息紧迫性 ·美国1月ISM制造业PMI指数升至52.6，远高于预期的48.5，创2022年8月以来新高，主要受新订单和产 出稳健增长的提振。 ·俄罗斯总统新闻秘书佩斯科夫确认，将于当地时间2月4日至5日在阿布扎比进行下一轮乌克兰问题谈 判。 ·印度政府近日宣布，将为使用本土数据中心服务全球客户的超大规模云服务商提供长达20年的税收豁 免，旨在将人工智能（AI）驱动的关键业务引入印度。 ·日本央行1月政策会议的会议纪要显示，在当局密切关注日元疲软对通胀的影响之际，决策层对及时加 息必要性的认识正在增强。 【全球市场动态】 ·美国三大股指全线收涨，道指涨1.05%报49407.66点，标普500指数涨0.54%报6976.44点，纳指涨0.56% 报23592.11点。 ·美油主力合约收跌4.42%，报62.33美元／桶；布油主力合约跌4.1%，报66.48美元／桶。 【市场资讯】 ·美国总统特朗普2日在社交媒体上发文说，他当天上午与印度总理莫 ...

Core Viewpoint - The Japanese Finance Minister, Shunichi Suzuki, indicated that Prime Minister Fumio Kishida did not overly emphasize the benefits of the yen's depreciation, suggesting a cautious approach to government intervention risks [1] Group 1 - Finance Minister Suzuki stated that Kishida's comments on the yen's exchange rate were textbook responses and did not particularly highlight the advantages of a weak yen [1] - Suzuki agreed with Kishida's stance that the depreciation of the yen has both advantages and disadvantages [1] Group 2 - As the House of Representatives election approaches on February 8, traders are preparing for increased market volatility [1] - There is speculation that Kishida's ruling Liberal Democratic Party may achieve a significant victory, which could pave the way for more aggressive fiscal policies [1] - Such outcomes may lead to higher inflation and put pressure on the yen and Japanese government bonds [1]

消息面上 国务院国资委：2026年国资国企要深入实施"一企一策"分类考核健全科技创新激励保障机制 近日，国务院国资委召开2026年度中央企业、地方国资委考核分配工作会议，会议强调，2026年，国资 国企要聚焦高质量发展主题，进一步深化改革，深入实施"一企一策"分类考核，切实加强收入分配管 理，健全科技创新激励保障机制，推动三项制度改革走深走实，深化考核分配信息系统建设应用，推动 考核分配体系化制度更加科学，专业化监管更加精准，数智化赋能更加有效，引导支持国有企业和国有 资本做强做优做大，实现"十五五"良好开局。 新华财经北京2月3日电 A股三大指数2月3日早盘高开回落，盘中一度翻绿，后又震荡拉升，至午间收盘 时均小幅收涨，全市场超4400只个股上涨。沪深两市半日成交额1.6万亿，较上个交易日缩量385亿。盘 面上，商业航天概念爆发，十余只成分股涨停，巨力索具、通宇通讯、神剑股份、中超控股涨停；太空 光伏概念集体走强，双良节能、钧达股份等多股涨停；CPO等算力硬件股延续强势，天通股份等涨停， 罗博特科涨超17%创新高。下跌方面，有色金属板块再度下挫，贵金属概念领跌，四川黄金、招金黄金 等多股跌停。 截至午间收盘 ...

Core Insights - The article highlights the evolution and significance of soybean oil futures in China over the past twenty years, emphasizing its role in price stabilization, risk management, and integration into the global pricing system [1][5][6] Group 1: Industry Transformation - Soybean oil futures have transformed from a survival necessity to a crucial tool for reshaping trade pricing logic within the industry [1][2] - Companies have shifted from passive price acceptance to proactive risk management, utilizing soybean oil futures for hedging and decision-making [2][3] - By 2025, it is projected that 52% of soybean oil futures positions will be held by industry clients, with over 90% of large soybean crushing enterprises employing these futures for hedging [3] Group 2: Pricing Mechanism Changes - The traditional "one price" model is being replaced by basis trading based on futures prices, enhancing pricing strategies across the industry [3][4] - The correlation between soybean oil and cottonseed oil prices has been noted, with a 95% alignment over three years, indicating the broader applicability of futures pricing [4] Group 3: Market Growth and International Integration - Daily trading volume of soybean oil futures has increased from 43,100 contracts in 2006 to 445,000 contracts by 2025, reflecting significant liquidity growth [5] - The inclusion of soybean oil futures in the Qualified Foreign Institutional Investor (QFII) trading scope marks a milestone in the internationalization of China's futures market [5][6] - The pricing of soybean oil exports is increasingly based on domestic futures prices, showcasing the integration of domestic and international markets [5][6] Group 4: Future Outlook - The opening of soybean oil futures is seen as a critical step towards aligning China's market with global standards, enhancing the resilience and efficiency of the global oilseed industry [6] - The evolution of soybean oil futures is positioned as a key driver for high-quality development and increased international competitiveness in the industry [6]

Group 1 - The ISM manufacturing index for January in the U.S. rose unexpectedly to 52.6, indicating strong economic signals and marking the first expansion in nearly a year [1] - The increase in the manufacturing index was driven by significant growth in new orders and production, with new orders rising nearly 10 points and production indicators showing steady improvement [1] - The Federal Reserve indicated an improving economic outlook by removing warnings about employment downturn risks, suggesting a delay in further interest rate cuts [1] Group 2 - Despite positive signals from the data, caution is advised due to seasonal factors influencing demand growth and companies' procurement behaviors aimed at mitigating potential price increases from tariffs [2] - The bond market anticipates that the U.S. Treasury will maintain a stable debt issuance plan in its upcoming financing statement, with no major adjustments expected [2] - There is ongoing debate regarding whether the Treasury will increase the issuance of medium to long-term bonds to address the expanding fiscal deficit, with potential delays in such actions until 2027 [3]

资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 截至2月2日，全球最大的黄金ETF——SPDR Gold Trust的黄金持仓量为1,087.10吨，与前一交易日持 平。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

截至2月2日，全球最大白银ETF——iShares Silver Trust的白银持仓量为16,546.59吨，较前一交易日增加1023.23吨。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授权，且Mysteel保留对任何侵权行为和有悖原创内容原意的 引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 | Net Assets of Fund | $43,588,488,480 | Fund Inception | | --- | --- | --- | | as of Feb 02, 2026 | | | | | | Asset Class | | Exchange | NYSE Arca | | | | | Bloomberg Index Ticker | | Reference Benchm ...

Core Insights - Turkey's merchandise exports in January decreased by 3.9% year-on-year, amounting to $20.3 billion, primarily due to declines in gold and energy-related product exports [1] - The trade deficit widened by 11.2% year-on-year, with imports slightly increasing by 0.03% to $28.7 billion [1] Export Structure - Intermediate goods remain the largest export category for Turkey, although their export value fell by 4.4% year-on-year [1] - Consumer goods exports saw a significant decline of 10.6% year-on-year [1] - Manufacturing continues to dominate Turkey's exports, accounting for nearly 93% of total exports in January, while agriculture and mining combined represent less than 7% [1] Export Destinations - Germany was the largest export market for Turkey in January, followed by the United States and the United Kingdom [1] - The European Union continues to hold the largest share of Turkey's exports [1] Seasonal Factors - The Turkish Trade Minister noted that January typically experiences weaker export momentum, with this year's reduced working days, including New Year holidays and extended weekends in the private sector, significantly impacting export volumes [1]

Group 1 - The core message emphasizes the importance of implementing policies effectively to promote development and improve people's livelihoods, aligning with the directives from the central government [1] - The focus on intelligent manufacturing as a key direction for industrial technological transformation and optimization, highlighting the need for increased R&D investment and collaboration between software and hardware [2] - The significance of clean heating for both public welfare and ecological protection, with a call for enhanced regional energy coordination and the application of green low-carbon technologies [2] Group 2 - The meeting with government representatives aimed to gather feedback on the "Government Work Report" and the draft of the "14th Five-Year Plan," stressing the need for local governments to actively implement central policies and foster new growth points [3] - The emphasis on high-quality development and the necessity for local governments to create precise and practical plans for the "14th Five-Year Plan," avoiding overly ambitious projects [3]