Group 1 - The State Council meeting emphasized the need to enhance effective investment through various financial tools, including central budget investments, long-term special bonds, and local government bonds [1][2] - The introduction of new policy financial tools has significantly supported over 2,300 projects with a total investment of approximately 7 trillion yuan, indicating a strong investment drive [1][2] - The National Development and Reform Commission (NDRC) has outlined plans for 2026, including a list of major construction projects and a central budget investment plan totaling around 295 billion yuan [2] Group 2 - The meeting highlighted the importance of planning major projects in key sectors such as infrastructure, urban renewal, public services, and emerging industries to stimulate effective investment [2][3] - Local governments are actively responding to the call for stabilizing investment, with specific measures to enhance industrial and livelihood investments, as well as new infrastructure projects [3] - The focus for 2026 includes a rebound in infrastructure investment driven by government initiatives, which is expected to support the overall investment growth [4] Group 3 - Experts predict that the investment growth rate will recover in 2026, driven by comprehensive policy measures aimed at promoting effective investment [4] - The emphasis will be on government-led infrastructure investments, manufacturing upgrades, and stabilizing the real estate market to foster economic growth [4] - The coverage of new policy financial tools is expected to shift towards emerging industries, further stimulating technology innovation investments [4]

八部门发文，强化虚拟货币监管 日前，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中 国证监会、国家外汇管理局印发《关于进一步防范和处置虚拟货币等相关风险的通知》，进一步防范和 处置虚拟货币、RWA代币化相关风险，明确虚拟货币相关业务活动属于非法金融活动，严格监管赴境 外开展RWA代币化相关业务活动。 央行连续第15个月增持黄金 国家外汇管理局2月7日发布的数据显示，截至2026年1月末，中国黄金储备为7419万盎司，环比增加4万 盎司，为中国央行连续第15个月增持黄金。 我国成功发射可重复使用试验航天器 下周，A股将迎来春节前的最后一个交易周。业内机构认为，春节前市场或维持区间震荡，建议均衡配 置；春节后市场焦点可能重新转向具备产业催化、业绩确定性的成长板块。 大宗商品市场方面，国际金价继续宽幅震荡。在业内机构看来，尽管调整可能意味着出现布局良机，但 黄金的波动性已显著加大，投资者应将其作为资产配置的一部分，而非单一投机工具。 影响后市投资大事件 兴业证券：持股过节兼具胜率与赔率 近期全球叙事变化对市场情绪冲击最大的时刻或正逐步过去，后续事件催化增多、"春节效应"等因素， ...

Core Insights - The upcoming Spring Festival has led to a surge in gold consumption in Shenzhen's Shui Bei market, driven by a strong demand for gold jewelry as gifts [1][2] Group 1: Market Activity - The Shui Bei International Jewelry Trading Center is experiencing high foot traffic, with consumers actively purchasing gold jewelry as gifts for the New Year [2] - Recent fluctuations in gold prices have influenced consumer behavior, with a notable increase in sales as prices have slightly decreased from 1400 yuan per gram to around 1250 yuan [2] - The volume of business at the Shenzhen Gem Testing Center has increased significantly, with daily inspections of 200 to 300 items as consumers become more concerned about the quality and authenticity of gold products [3] Group 2: Changing Consumer Demographics - There is a noticeable increase in younger consumers participating in gold purchases, driven by diverse motivations including traditional gifting and personal enjoyment [4] - Young consumers are favoring lightweight and intricately designed gold items, such as 1 to 5-gram products, over heavier pieces, indicating a shift in purchasing preferences [4][5] Group 3: Industry Adaptation - Gold jewelry companies are recognizing the need to innovate in product design, distribution channels, and customer service to meet changing consumer preferences [5] - Companies like Zhou Silu are adapting to current trends by increasing the sales of investment gold bars and lightweight products, while also developing culturally relevant designs to appeal to modern consumers [6]

春节假期临近，白酒市场终端零售价格正显现出回暖迹象。 "酒价内参"2月8日发布的数据显示，中国白酒市场十大单品的整体打包售价达到9192元，较前一日上涨39 元，创2026年以来新高。贵州茅台（600519）飞天酒上涨25元/瓶，实现价格四连涨。 分析人士认为，这波价格上行主要由飞天茅台等头部产品带动，而部分中腰部产品价格则出现小幅回调， 市场分化格局依然明显。 春节市场现分化 2月8日，贵州茅台飞天酒大幅上涨25元/瓶，实现价格四连涨，延续春节前需求支撑的强势表现；洋河梦之 蓝M6+和青花郎均上涨10元/瓶；精品茅台上涨5元/瓶，突破2400元关口；国窖1573小幅上涨4元/瓶。古井 贡古20下调11元/瓶；习酒君品回落2元/瓶；五粮液（000858）普五八代与青花汾20均小幅下调1元/瓶；水 晶剑南春价格保持稳定，与前一日持平。 | 合 贵州茅台酒（飞天） 53度/500ml | 1755/瓶 | 25元▲ | | --- | --- | --- | | 员 贵州茅台酒 (精品) | 2403/瓶 | 5元▲ | 这种感受，与整体数据反映出的"高端热、中端平"分化趋势一致。以飞天茅台为代表的头部品牌动销较 ...

分析人士认为，这波价格上行主要由飞天茅台等头部产品带动，而部分中腰部产品价格则出现小幅回调， 市场分化格局依然明显。 春节市场现分化 2月8日，贵州茅台飞天酒大幅上涨25元/瓶，实现价格四连涨，延续春节前需求支撑的强势表现；洋河梦之 蓝M6+和青花郎均上涨10元/瓶；精品茅台上涨5元/瓶，突破2400元关口；国窖1573小幅上涨4元/瓶。古井 贡古20下调11元/瓶；习酒君品回落2元/瓶；五粮液普五八代与青花汾20均小幅下调1元/瓶；水晶剑南春价 格保持稳定，与前一日持平。 春节假期临近，白酒市场终端零售价格正显现出回暖迹象。 "酒价内参"2月8日发布的数据显示，中国白酒市场十大单品的整体打包售价达到9192元，较前一日上涨39 元，创2026年以来新高。贵州茅台飞天酒上涨25元/瓶，实现价格四连涨。 尽管高端酒价格有所提振，但白酒市场的整体动销感受并不均衡。北京朝阳区某渠道商对记者表示："最 近飞天（茅台）确实'走得快'，问的人多，货也紧俏，价格自然就上去了。但次高端价格带的酒，问的人 相对少，价格也不太稳得住。"他表示，今年节前备货更谨慎，主要精力都放在周转快、有确定需求的一 线品牌上。 这种感受，与整体 ...

Core Viewpoint - Yongtai Technology plans to acquire a 25% stake in Yongtai High-tech held by CATL through a share issuance and raise matching funds, with CATL becoming a shareholder post-transaction [1][4]. Group 1: Transaction Details - The transaction involves Yongtai Technology purchasing a 25% stake in Yongtai High-tech from CATL, with Yongtai Technology currently holding a 75% stake [1][4]. - The companies have signed a Letter of Intent for the equity acquisition, with final terms to be determined in a formal agreement [6]. - Trading of Yongtai Technology's shares will be suspended starting February 9, with a plan to disclose the transaction details within 10 trading days, by March 3 [1][4]. Group 2: Company Background - Yongtai High-tech was established on June 30, 2016, with a registered capital of 300 million RMB, focusing on new material technology research and chemical product manufacturing [5][6]. - The company operates in various sectors, including pharmaceuticals, agricultural protection, and new energy materials, with a vertically integrated supply chain [8]. Group 3: Financial Outlook - Yongtai Technology expects a reduced net loss of 25.6 million to 48.6 million RMB in 2025, compared to a loss of 478.35 million RMB in the previous year [8]. - The anticipated growth in demand for new energy vehicles and energy storage is expected to significantly boost sales and prices of lithium battery materials, driving improved gross margins [8]. - The company aims to enhance profitability and risk resilience by focusing on core operations and optimizing market strategies [8].

Group 1 - The core viewpoint of the article highlights the upcoming IPO of Tongbao Optoelectronics, a leading player in the automotive electronics sector, with an issuance price of 16.17 yuan per share and a price-to-earnings ratio of 14.99 [1] - Tongbao Optoelectronics is recognized as a national-level "specialized and innovative" small giant enterprise, having received multiple accolades and certifications, including being named a "Jiangsu Province Industrial Design Center" and a "Jiangsu Province Advanced Intelligent Factory" [2] - The company has shown significant revenue growth projections, with expected revenues of 3.90 billion yuan in 2022, increasing to 7.17 billion yuan by 2025, alongside net profits rising from 0.37 billion yuan to 0.80 billion yuan during the same period [2] Group 2 - The article mentions that three additional new stocks will be listed on February 10, including Aide Technology, a provider of orthopedic consumables, with the lowest issuance price of 7.67 yuan per share this year, and Dike Blue Sky, a core supplier of aerospace power [2] - Year-to-date, 11 new stocks have been listed on the A-share market, with an average first-day increase of 179.29% [2] - The highest return from new stock listings this year was from Hengyun Chang, which saw a first-day surge of 302.8%, resulting in a profit of nearly 140,000 yuan for a single subscription [3]

继伯克希尔出手押注谷歌后，私募巨头景林和但斌旗下东方港湾都大举加仓谷歌。 东方港湾董事长但斌近日公开表示看好AI应用。他表示，如果说2025年是人工智能的起步蓄力阶段，那么2026年很可能成为AI应用万马奔腾的一年， （各类创新）此起彼伏。 谷歌成为景林在美第一大重仓股 当地时间2月6日，私募巨头景林资产的海外主体景林资产管理香港有限公司，向美国证券交易委员会（SEC）提交了截至2025年末的美股持仓数据。 2025年第四季度，景林香港公司大举增持谷歌-A（GOOGL）近93万股，使其成为新的第一大重仓股，季末持仓市值达到8.42亿美元，仓位占比超20%； 同时大幅减持英伟达154万股，减持Meta约23万股。 景林香港公司2025年第四季度主要持仓变动 图片来源：WhaleWisdom.com 增减持方面，除谷歌之外，景林香港公司还在2025年四季度增持了拼多多、富途控股、英特尔、华住集团等股票，新建仓博通；除减持英伟达、Meta之 外，景林香港公司还在2025年四季度减持了贝壳、联合健康、台积电等股票。 伯克希尔、但斌都重金买入谷歌 | BY CHANGE IN % PORTFOLIO | BY I | ...

"目前新进资金存三年定期，利率可达1.95%，前几天刚开始执行，较此前上调约10个基点。"宁波银行 北京地区一网点理财经理向记者介绍。 近日，记者走访并致电多家银行了解到，临近春节，不少银行推出特色存款和大额存单产品，阶段性上 调存款利率。 差异化调整 湖南新晃农商银行近日宣布上调存款利率。新年"开门红"期间，该行3万元起存的一年期、二年期、三 年期存款产品利率，分别为1.3%、1.4%、1.75%，20万元起存的一年期、三年期大额存单产品利率，分 别为1.4%、1.8%。 此外，部分银行针对不同期限的定期存款产品进行差异化调整。 "近期，我行推出'金彩稳盈存''金彩社保盈'个人存款产品。其中，100元起存的一年期存款产品利率， 较挂牌利率上浮25个基点；20万元起存的一年期大额存单产品利率，较挂牌利率上浮30个基点。除5年 期产品外，其他不同期限的存款产品利率，上调幅度为5个基点到15个基点不等。"内蒙古农商银行清水 河支行相关工作人员告诉记者。 阶段性揽储 "近期存款利率上调主要集中于城商行、农商行、村镇银行等机构，属于阶段性、差异化的揽储行为， 并非利率周期反转。国有大行及全国性股份行基本保持按兵不动。 ...

Core Insights - The price of tungsten, known as "industrial teeth," has been continuously rising, attracting market attention due to its role as a key raw material in high-end manufacturing sectors such as photovoltaic tungsten wire and electric vehicle motors [1] Price Trends - As of February 6, the price of 65% black tungsten concentrate is reported at 675,000 RMB per standard ton, an increase of 46.7% since the beginning of 2026 [2] - The price of 65% white tungsten concentrate is reported at 674,000 RMB per standard ton, up 46.8% year-to-date. Ammonium paratungstate (APT) is priced at 990,000 RMB per ton, reflecting a 47.8% increase. European APT prices range from 1,100 to 1,398 USD per ton (equivalent to 676,000 to 859,000 RMB per ton), up 35.8% [3] - Tungsten powder is priced at 1,650 RMB per kilogram, a 52.8% increase, while tungsten carbide powder is at 1,600 RMB per kilogram, up 53.9% [3] - In January, the average price of 65% black tungsten concentrate in China was 510,600 RMB per ton, showing a month-on-month increase of 26.69% and a year-on-year increase of 254.75% [3] Supply Constraints - Global tungsten production is projected to be approximately 82,800 tons in 2024, with a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2%. Factors such as tightening resource endowments, extended development cycles, and insufficient capital investment are reinforcing supply constraints [4] - The current supply situation remains tight, with challenges including reduced mining quotas, declining shipments from tungsten mines, and unstable import volumes, leading to a pronounced supply-demand imbalance in the global tungsten market [4] Demand Dynamics - Explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is identified as the core driver for rising tungsten powder prices. The strategic value of tungsten as a key functional material is increasingly recognized, enhancing overall industry prosperity [6] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, marking a phase of scaled application. The industrialization of heterojunction (HJT) battery technology is anticipated to add approximately 6,400 tons of new tungsten demand by 2026 [6] Company Performance - Xiamen Tungsten Industry (600549) reported a revenue of 46.469 billion RMB for 2025, a year-on-year increase of 31.37%, with a net profit of 2.311 billion RMB, up 35.08% [7] - Xianglu Tungsten Industry (002842) forecasts a net profit of 125 million to 180 million RMB for 2025, representing a year-on-year growth of 239.66% to 301.11%. The company benefits from improved pricing power and increased sales volume, particularly in hard alloy and photovoltaic tungsten wire products [8] - Zhangyuan Tungsten Industry (002378) anticipates a net profit of 260 million to 320 million RMB for 2025, reflecting a growth of 51% to 86%. The company leverages its full tungsten industry chain advantages to enhance product performance and stabilize supply capabilities [8]