Core Viewpoint - The semiconductor sector, particularly memory chip stocks, is experiencing significant stock price volatility despite strong fundamentals, with expectations of continued price increases in the memory industry through 2026 [1][2][3]. Group 1: Stock Performance - Major memory chip companies saw substantial stock declines on February 2, with companies like Zhongwei Semiconductor down 13.67% and Puran shares down 13.01% [2]. - The recent downturn is attributed to profit-taking after a period of gains and concerns over weakening DRAM spot prices, alongside negative sentiment from the U.S. semiconductor market [2][3]. Group 2: Earnings Forecasts - Companies in the memory sector are projecting strong earnings for 2025, with Bawei Storage expecting revenue between 10 billion and 12 billion yuan, a year-on-year increase of 49.36% to 79.23% [3][4]. - Jiangbolong anticipates revenue of 22.5 billion to 23 billion yuan, reflecting a growth of 150.66% to 210.82% compared to the previous year [3][4]. Group 3: Market Dynamics - The global shift in memory production and rising prices are benefiting Chinese memory companies, driven by increased demand from AI servers and edge computing [6]. - The demand for high-profit memory products is expected to rise, with significant growth in AI server shipments projected for 2024 [6]. Group 4: Price Trends - Predictions indicate that memory product prices will continue to rise, with NAND Flash prices expected to increase by 33% to 38% and DRAM prices by 55% to 60% in the first quarter of 2026 [7][8]. - TrendForce has revised its forecasts, now expecting DRAM contract prices to rise by 90% to 95% and NAND Flash prices by 55% to 60% in the same period, reflecting ongoing supply-demand imbalances [8].

华夏时报记者叶青北京报道 近日国际黄金价格上演惊心动魄的"过山车"行情，涨跌交替、波动剧烈，尽显贵金属市场的极端不确定性。COMEX黄金期货方面，2月2日盘中突然跳 水，最低下探至4400美元/盎司，随后整体走出触底反弹走势。2月3日该合约一改颓势，盘中一度冲高至5000美元/盎司，日内涨幅达6%。 "国际金价此番下跌，导火索是美国总统特朗普提名沃什出任下一任美联储主席。不过，这一因素并不足以解释短期内黄金、白银同步出现断崖式暴跌， 其主因还是强制平仓与保证金上调引发的连锁反应。"北京黄金经济发展研究中心研究员许亚鑫在接受《华夏时报》记者采访时表示。 小利空引发大崩盘 2月2日黄金、白银期货延续暴跌态势，核心原因是政策预期逆转、美元反弹、杠杆踩踏与监管收紧多因素共振。对此，创元期货分析师何燚接受《华夏时 报》记者采访时表示，近期金银价格大幅下跌的核心因素是短期多头交易拥挤，当前金银正处于高波动率市场，且波动率远超历史水平。任何资产在高波 动率背景下都会显现出极强的脆弱性，而前期的交易拥挤进一步放大了这种脆弱性，在此背景下，一个微小的利空因素就足以引发行情剧烈波动。 "1月份以来，金银价格连续暴涨，尽管交易所多 ...

本报（chinatimes.net.cn）记者谢碧鹭 北京报道 资本市场再融资板块的暖意持续蔓延，其中定向增发作为上市公司直接融资的核心渠道，正呈现出稳步 扩容、结构优化的良好态势。 Wind数据显示，以上市日为基准，截至2月4日午间，2026年以来已有20家上市公司顺利实施定向增 发，累计再融资金额达1267.7亿元。较去年同期相比，实施定增的公司数量同比增长33.33%，募资总额 同比增幅更是高达56.89%，实现数量与规模的双重大幅增长，为全年再融资市场平稳运行奠定坚实基 础。 回溯2025年，A股再融资市场已实现全面回暖，定向增发与可转债发行齐头并进，募资规模较2024年实 现跨越式增长。 Wind数据显示，以上市日为基准，截至2月4日午间，今年以来已有20家上市公司完成定向增发发行工 作，累计再融资金额达1267.7亿元，分别较去年同期增长33.33%和56.89%，增速显著高于市场预期，凸 显出定增市场的强劲增长动力。2026年以来，A股定增市场延续了2025年的回暖态势，开局表现强劲。 从融资规模分布来看，今年以来的定增市场呈现出明显的"头部聚集"特征，少数大额定增项目贡献了绝 大部分募资额度， ...

本报（chinatimes.net.cn）记者何一华 李未来 北京报道 国内成品油价格开启2026年第二轮上涨。 2月3日下午，国家发改委发布公告称，近期国际市场油价波动上升，根据2月3日的前10个工作日平均价 格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自2月3日24时起，国内汽、 柴油价格每吨分别上涨205元和195元。 本次涨价政策落实之后，用油成本有所上涨。卓创资讯测算，油箱容量在50升的小型私家车加满一箱油 将比之前多花8元左右。以月跑两千公里，百公里油耗在8升的小型私家车为例，到下次调价窗口也就是 2月24日24点之前，消费者用油成本将增加18元。 与此同时，物流行业，以月跑10000公里，百公里油耗在38L的重型卡车为例，在下次调价窗口开启 前，单辆车的燃油成本将增加452元左右。 隆众资讯成品油分析师徐雯雯告诉记者，本轮调价后，全国大多数地区车柴价格6.6—6.8元/升，92号汽 油零售限价在6.9—7.0元/升。 地缘冲突扰动 近期两周左右时间，原油价格持续走高，以美原油为例，最低处于55美元/桶，最高涨到66美元/桶，上 涨幅度超过10美元/桶；布伦特原油期货价格更 ...

本报（chinatimes.net.cn）记者付乐 北京报道 "眼看着金价跌了40分钟，至少指纹识别了100多次。都在抄底，抄不进去，点着点着睡着了。"有00后 投资者分享道。 近日，部分银行出现了积存金买不进，交易火爆的现象。2月3日，博通分析金融行业资深分析师王蓬博 对《华夏时报》记者表示，这一现象就是金价波动下交易需求短期集中爆发，直接超出了银行系统的承 载能力，再叠加银行主动管控交易节奏，属于运营层面的阶段性问题，不是产品底层逻辑或者市场系统 性风险的问题，而是银行端应对交易高峰的适配能力未及时跟上。 "买不进"的困局 某银行积存金购买界面（由受访者供图） 1989年出生的冬冬（化名）在深圳从事房地产中介，2月3日晚上，她对本报记者表示，自己前几天在某 大行以均价1190元/克左右的价格购入积存金，陆续买入一两百克，投入资金数十万元。"当时买不进 去，之后又买进去了，买入后金价便出现波动，当前已跌至1090元/克左右。" "我是纯跟风玩一下，银行的朋友跟我说最近几个月黄金行情还行，投资有20%的收益，没想到自己刚 买入就被套牢。"冬冬直言，黄金投资赌性大、风险高，自己回本后便会撤出。 "现在买黄金的人 ...

Core Viewpoint - The recent volatility in international gold prices, characterized by sharp fluctuations, is primarily driven by market uncertainties and a combination of factors including policy expectations, dollar rebound, and increased margin requirements [2][3][4]. Market Dynamics - On February 2, gold and silver futures experienced significant declines due to a reversal in policy expectations, a rebound in the dollar, and forced liquidations triggered by increased margin requirements [3][4]. - The Chicago Mercantile Exchange announced an increase in trading margin requirements for precious metals, which contributed to the market's forced deleveraging and heightened volatility [5][6]. Investor Behavior - The market has seen a shift from passive selling to active repositioning by institutions, with a notable reduction in long positions among major financial institutions like JPMorgan and Goldman Sachs, while retail investors continued to increase their positions [7][8]. - The crowded long positions in silver, particularly, were a key factor in the recent dramatic price drop, as any negative news led to a rush to liquidate positions [7][8]. Future Outlook - Despite the recent volatility, analysts believe that the long-term bull market for gold is not over, as the fundamental support factors remain intact, including central bank purchases and a potential decline in real interest rates [11][12]. - The upcoming market dynamics will be influenced by various factors, including U.S. government developments, geopolitical tensions, and economic data releases [11][12][13].

广州银行在公告中表示，广州银行信用卡中心佛山、东莞、中山、惠州、珠海、江门、深圳分中心终止 营业后，信用卡服务（包括信用卡申请、激活、额度调整、账单查询、分期办理、 还款等）将由广州 银行统一管理。 广州银行信用卡业务后续如何调整？对此，《华夏时报》记者于2月3日致电该行披露电话，并同步致函 披露邮箱进行采访，但截至发稿前未获回复。 本报（chinatimes.net.cn）记者李明会 北京报道 信用卡退潮持续蔓延。 近日，广州银行发布的一份临时信息披露公告显示，根据该行战略调整，经国家金融监督管理总局各派 出机构批准，广州银行信用卡中心佛山、东莞、中山、惠州、珠海、江门、 深圳七家信用卡分中心终 止营业及金融许可证注销。 根据广州银行2024年财报，该行共有7家信用卡分中心，也就是说，广州银行信用卡分中心全面关停。 Wind数据显示，2025年以来，全国已有超60家信用卡分中心关停，部分银行机构加速布局调整。 中国邮政储蓄银行研究员娄飞鹏对《华夏时报》记者表示，信用卡分中心关停后，业务逐步由总行集中 运营转向属地分行承接，信用卡服务深度融入零售综合金融体系。同时，银行强化线上渠道与AI技术 应用提升服务效率 ...

美东时间2月3日（周二），伴随着市场风格切换至周期和价值股，叠加新一轮"AI抢饭碗"的软件股抛售潮和美伊对峙升温影响，美国股市三大股指全线收 跌，纳斯达克指数盘中跌幅达2.39%，美股科技巨头走弱。 截至收盘，标普500指数跌0.84%，报6917.81点；纳斯达克综合指数跌1.43%，报23255.19点；道琼斯工业平均指数跌0.34%，报49240.99点。纳斯达克指数 近乎跌去年内涨幅。 美股科技七巨头中，仅微软收涨，英伟达、脸书、亚马逊跌幅均超过2%。 英伟达盘中一度跌超5%，截至收盘跌2.84%，市值一夜蒸发1281亿美元（约合人民币8888亿元）。 | 名称 | 现价 | 涨跌幅 ◆ | 成 三 | | --- | --- | --- | --- | | 微软(MICROSOFT | 411.210 | -2.87% | 186.93亿 | | MSFT.O | | | | | 英伟达(NVIDIA) | 180.340 | -2.84% | 262.88亿 | | NVDA.O | | | | | 脸书(META PLATF | 691.700 | -2.08% | 67.18亿 | | MET ...

Core Viewpoint - Shanghai is enhancing its focus on public welfare construction, aiming to complete the construction of 74,000 affordable rental housing units by 2025, reaching a cumulative total of 610,000 units [2] Group 1: Affordable Housing Initiatives - The acquisition of second-hand housing for affordable rental housing has officially started, with pilot projects in Pudong New District, Jing'an District, and Xuhui District [2][3] - The selection criteria for housing sources include matching housing types, mature supporting facilities, and convenient transportation [3][4] - The acquisition process is led by government entities, focusing on older residential areas with clear property rights and a total price not exceeding 4 million yuan [4] Group 2: Financial Support and Operational Models - Financial support for the acquisition will be provided by China Construction Bank, which will offer a comprehensive financial service plan [5] - Xuhui District will use district-level financial funds and bank loans to ensure stable funding for the acquisition of small-sized housing units [5] - Jing'an District has established a specialized working group to manage the entire acquisition process, ensuring professional operations from source identification to contract signing [4][5] Group 3: Market Impact and Trends - In January, Shanghai's second-hand housing transactions reached 22,834 units, marking a three-month streak of over 22,000 transactions, the highest in five years [6] - The second-hand housing market has shown signs of price stabilization, with a 25% year-on-year increase in transactions compared to January of the previous year [6] - The pilot acquisition initiative is expected to further stabilize the market and enhance liquidity in the second-hand housing sector [6][7] Group 4: Broader Context and Similar Initiatives - Other regions, such as Hunan Province and Haikou City, are also exploring similar policies to acquire existing housing for public welfare, indicating a trend towards "buying old to replace with new" strategies [9][10] - The approach aims to combine public welfare, market stability, and housing security, addressing the challenges of increasing second-hand housing listings in major cities [10]

Core Viewpoint - Recent rumors regarding potential increases in value-added tax (VAT) rates for the gaming and financial industries have caused significant fluctuations in gaming stocks, but these rumors have been debunked by industry experts and authorities [3][4]. Group 1: Stock Market Reactions - On February 3, gaming stocks experienced a sharp decline, with Tencent (00700.HK) dropping over 6% and NetEase (09999.HK) falling more than 3% during intraday trading [1]. - A recovery was observed by the end of the trading day, with A-share gaming stocks rebounding, including Century Huatong and Gigabit Technology, both rising over 2% [1]. - The gaming index (BK1406) increased by more than 3.4%, with several component stocks, such as Shunwang Technology, surging by 13.8% [1]. Group 2: Tax Rumors and Clarifications - Recent rumors suggested that the VAT rate for the gaming industry could rise from 6% to 32%, which sparked concern among investors [3]. - Experts confirmed that these rumors lack credibility, stating that the maximum VAT rate in China is capped at 13%, and no adjustments to the tax policies for the gaming and financial sectors have been made [4]. - The implementation of the new VAT law and related announcements by the tax authorities have clarified that the tax rates for these industries are stable and well-defined [4].