公告显示，2025年，芯导科技功率器件产品销量增加，其中生态链产品与核心业务形成强力协同使得销 量同步增长，SGT MOS进一步壮大了产品阵容，并逐步实现批量出货，在前述因素驱动下，公司主营 业务收入实现增长。 公司表示，受市场利率下行影响，公司理财收益较上年同期减少。2025年，公司实施第二类限制性股票 激励计划，本期未满足相应归属条件，限制性股票已全部取消归属并作废失效，相较2024年股份支付费 用减少了592.74万元。 重大资产重组草案出炉 2月2日晚，沪市首份2025年年报出炉。芯导科技2025年营业收入为3.94亿元，同比增长11.52%；归属于 上市公司股东的净利润为1.06亿元，同比下降4.91%；拟每10股派4.3元。 同日晚间，芯导科技发布重大资产重组草案，公司拟发行可转换公司债券及支付现金购买吉瞬科技 100%的股权以及瞬雷科技17.15%的股权并募集配套资金。交易价格（不含募集配套资金金额）为4.026 亿元。本次交易完成后，公司将直接/间接持有吉瞬科技和瞬雷科技100%的股权。本次交易构成重大资 产重组。 Wind数据显示，2月2日，芯导科技股价收跌5.14%，报73.88元/股，最 ...

2月2日晚间，国投瑞银基金发布公告称，调整国投白银LOF场外基金份额净值估值方式。 数据显示，最新公布的国投白银LOF的A份额净值为2.2494元，C份额净值为2.2290元，单日跌幅达 31.5%。 国投瑞银基金在公告中表示，国投瑞银白银期货证券投资基金（LOF）主要投资于上海期货交易所（上 期所）挂牌交易的白银期货合约。鉴于近期白银国际主要市场价格出现显著波动，与上期所白银期货差 异较大。为保护基金持有人利益，确保基金净值能够真实、公允地反映底层资产状况，经与相关基金托 管人协商一致，决定参考白银期货国际主要市场的价格变动幅度，对基金资产进行合理重估。 自2月2日起，国投瑞银基金对旗下国投白银LOF持有的白银期货合约AG2604、 AG2605、AG2606、 AG2608、AG2610、AG2612，参考估值日北京时间下午3点的白银期货国际主要市场价格相对前一交易 日北京时间下午3点的波动幅度进行估值调整。此次估值方法的调整，不改变基金的投资目标、投资范 围、风险收益等特征，仅为确保净值能够真实、公允地体现资产价值。 这一估值调整主要是依据国投白银LOF基金合同中约定的"如有确凿证据表明按上述方法进行估 ...

Core Viewpoint - Chongqing Three Gorges Water Conservancy and Electric Power (Group) Co., Ltd. announced a cash dividend distribution plan for the first three quarters of 2025, with a dividend of 0.05 yuan per share (including tax) [1] Group 1: Dividend Distribution Details - The profit distribution will be conducted in cash, with no stock dividends or capital reserve transfers [1] - The total cash dividend to be distributed amounts to 94,659,565.65 yuan (including tax), calculated based on the total share capital of 1,912,142,904 shares minus the repurchased shares [1] - The number of shares participating in the distribution is 1,893,191,313 shares after excluding 18,951,591 shares held in the company's repurchase account [1] Group 2: Key Dates - The key dates for the dividend distribution are as follows: the A-share equity registration date is February 6, 2026, the ex-dividend date is February 9, 2026, and the cash dividend payment date coincides with the ex-dividend date [1] - The dividends for shareholders without designated transactions will be temporarily held until the designated transaction is processed [1] - The company will adjust the per-share distribution ratio if there are changes in the total share capital before the equity registration date, with further announcements to be made [1]

2月2日，贵金属市场巨震，一则关于"持赢私募回撤50%"的的市场消息引发广泛关注。 对此，持赢私募相关人士回应中国证券报·中证金牛座记者称，实际回撤数据需要等待明日托管人复核 后才能知晓，此外，申赎情况也会对最终回撤数据产生影响。自去年8月底以来，公司未对相关产品进 行加仓操作，此次产品出现波动系市场获利回吐所致。目前，公司旗下相关产品持仓以黄金为主，杠杠 率较低。 据三方平台数据，截至2025年年底，持赢私募管理规模在10亿元至20亿元之间。 2月2日晚间，持赢私募在公众号平台表示，持赢私募已对产品展开主动减仓操作，有信心应对"风暴"。 目前行情走势是市场极度恐慌引发的踩踏现象，以持赢过往的经验来看，持续时间不会太长。 ...

Market Overview - On February 2, over 30 ETF products hit the daily limit down, primarily from the gold and non-ferrous metal sectors, while ETFs related to electric grids, food and beverages, and banks showed resilience with gains [1][5] - The overall ETF market saw only about 50 products in the green at the close of trading [3] ETF Performance - The New Economy ETF by Yinhua (159822) recorded the highest single-day gain of over 7% on February 2 [3] - Several ETFs in the electric grid and food and beverage sectors demonstrated significant anti-drawdown characteristics, with notable performances including: - New Economy ETF Yinhua: 0.80 CNY, +7.57% - Food and Beverage ETF: 0.55 CNY, +1.48% - Electric Grid Equipment ETF: 1.75 CNY, +1.33% [4] Fund Flows - In January, multiple broad-based ETFs experienced significant net outflows, with a total exceeding 570 billion CNY from four major Hu-Shen 300 ETFs [8] - The specific net outflows for January included: - Huatai-PineBridge Hu-Shen 300 ETF: -190.84 billion CNY - E Fund Hu-Shen 300 ETF: -152.66 billion CNY - China Asset Hu-Shen 300 ETF: -137.59 billion CNY - Harvest Hu-Shen 300 ETF: -98.69 billion CNY [9] Market Sentiment - Current market conditions are characterized as a short-term emotional disturbance period, with expectations of a spring rally not yet concluded [3] - Analysts suggest that while there may be short-term volatility, the underlying logic supporting risk assets remains intact due to anticipated easing in 2026 and limited tightening actions from the Federal Reserve [3][7] Precious Metals Market - The precious metals market has seen a significant correction, attributed to a combination of speculative trading and increased margin requirements, leading to a technical clearing rather than a fundamental policy shift [6][7] - Despite recent volatility, long-term trends suggest continued support for precious metals due to weakening dollar credit and ongoing central bank purchases [7]

券商2026年2月"金股"名单出炉。据中国证券报记者不完全统计，截至2月2日发稿时，已有超过200只A 股及港股标的入围券商2月"金股"名单。从推荐频次看，阿里巴巴-W、腾讯控股、紫金矿业 （601899）、中际旭创（300308）、中国平安等标的推荐频次居前。 作为港股市场明星标的，截至2月2日记者发稿，阿里巴巴-W已入围6家券商2月"金股"组合，是机构青 睐标的，看好的券商包括光大证券、华源证券、兴业证券、国盛证券（002670）、申万宏源证券 （000562）、国信证券。从推荐理由看，华源证券认为，阿里巴巴-W云业务高速增长，市场份额领 先；C端AI产品打通生态，用户量快速增长；大模型研发顺利，性能持续提升。 包括阿里巴巴-W在内，截至2月2日记者发稿时，已有201只A股及H股标的入围券商2月"金股"名单，腾 讯控股2月共获得5家券商联合推荐，看好的券商包括光大证券、中国银河（601881）、国盛证券、国联 民生（601456）、申万宏源证券；福斯特（603806）、中际旭创、紫金矿业均获得4家券商联合推荐， 关注度相对较高。 从券商2月"金股"行业分布情况看，电子行业继续成为含"金"量最高的板块，合计 ...

Market Overview - The Asia-Pacific stock markets experienced widespread declines, with the South Korean Composite Index dropping over 5%, triggering a trading halt for 5 minutes [1][5] - The A-share market saw all three major indices fall by more than 2%, with the Shanghai Composite Index down 2.48%, the Shenzhen Component down 2.69%, and the ChiNext Index down 2.46% [1][6] - The Hang Seng Index and the Hang Seng China Enterprises Index also fell by over 2%, while the Hang Seng Technology Index dropped by 3.36% [1][6] Sector Performance - The A-share non-ferrous metals sector underwent significant corrections, with precious metals and industrial metals leading the declines; stocks like Sichuan Gold and Chifeng Jilong Gold hit the daily limit down [2] - The storage chip concept saw expanded declines in the afternoon, with stocks such as Kaipu Cloud and Wanrun Technology also hitting the daily limit down [2] - Other sectors like oil and gas, chemicals, coal, and semiconductors also faced notable declines [2] Key Factors Influencing Market Movement - A sudden shift in expectations regarding the Federal Reserve's policy, particularly with the nomination of Kevin Walsh as the next Fed Chair, raised concerns about potential delays in interest rate cuts, impacting global risk asset valuations [7] - Profit concerns in the AI industry led to a sell-off in technology stocks, with major players like Samsung Electronics and SK Hynix experiencing declines of over 6% and 8%, respectively [7] - Pre-holiday risk aversion and reduced market liquidity contributed to a lack of buying support, as investors opted to secure profits ahead of the upcoming Spring Festival [7] - Technical adjustments were also noted, as some sectors had reached high valuation levels after significant prior gains [7] Food Sector Insights - The food sector saw some stocks, such as Youyou Food, experience sharp increases, with several others following suit [8] - Analysts suggest that the rise of healthy snacks and the penetration of online channels are key growth drivers in the market [11] - The food and beverage industry is currently at a historical low in valuation, presenting potential investment opportunities as market dynamics shift [11]

Market Overview - The Asia-Pacific stock markets experienced a widespread decline, with the South Korean Composite Index dropping over 5%, triggering a trading halt for 5 minutes [1][4] - The A-share market saw all three major indices fall by more than 2%, with the Shanghai Composite Index down 2.48%, the Shenzhen Component down 2.69%, and the ChiNext Index down 2.46% [1][4] - The Hang Seng Index and the Hang Seng China Enterprises Index both fell by over 2%, while the Hang Seng Technology Index dropped by 3.36% [1] Sector Performance - The A-share non-ferrous metals sector experienced a significant pullback, with precious and industrial metals leading the declines; stocks like Sichuan Gold and Chifeng Jilong Gold hit the daily limit down [4] - The storage chip sector also saw expanded losses, with stocks such as Capcloud and Wanrun Technology hitting the daily limit down [4] - Other sectors like oil and gas, chemicals, coal, and semiconductors also faced notable declines [4] Commodity Market - Domestic commodity futures closed lower across the board, with major contracts for silver, palladium, platinum, nickel, tin, copper, aluminum, international copper, crude oil, fuel oil, aluminum alloy, and lithium carbonate all hitting the daily limit down [4] Factors Influencing Market Movement - A sudden shift in expectations regarding the Federal Reserve's policy, particularly with the potential nomination of Kevin Walsh as the next Fed Chair, has raised concerns about delayed interest rate cuts and tightening liquidity, impacting global risk asset valuations [6] - Profit concerns in the AI sector have led to a sell-off in technology stocks, with major players like Samsung Electronics and SK Hynix experiencing significant declines of over 6% and 8%, respectively [6] - Pre-holiday risk aversion and reduced trading volume have contributed to market weakness, as investors are inclined to secure profits ahead of the upcoming Spring Festival [6] - Technical adjustments are also at play, as some sectors in the Asia-Pacific region have reached high valuation levels after substantial prior gains [6] Consumer Sector Insights - The rise of healthy snacks and the penetration of online channels are identified as key growth drivers in the market, with projections indicating that the Chinese leisure food industry will reach 1.18 trillion yuan by 2025 and 1.24 trillion yuan by 2027 [10] - Current valuations in the food and beverage sector are at historical lows, suggesting potential investment opportunities as market dynamics shift [10] - Three main investment themes are suggested: focusing on industry leaders with stable demand and strong risk resilience, companies innovating in new products and channels, and segments within the mass consumer goods industry that have reasonable valuations post-adjustment [10]

Core Viewpoint - TaiLi Bio is a clinical-stage biopharmaceutical company focused on discovering and developing innovative cancer therapies, with its core candidate drug TSN1611 being a selective oral KRAS G12D inhibitor [1][3]. Group 1: Company Overview - TaiLi Bio was established in 2017 and has submitted its listing application to the Hong Kong Stock Exchange [1]. - The company has a pipeline that includes four candidate drugs, with TSN1611 currently in Phase 2 clinical trials in the US and China [3]. Group 2: Financial Performance - The company reported net losses of 70.461 million yuan and 123 million yuan for the first three quarters of 2024 and 2025, respectively [1][6]. - Research and development expenses for the same periods were 72.813 million yuan and 91.17 million yuan [6]. Group 3: Business Model and Strategy - TaiLi Bio's business model focuses on the independent discovery and development of innovative drugs in the oncology field, particularly small molecule drugs and ADC candidates [3]. - The company aims to accelerate the clinical development and commercialization of TSN1611 and plans to pursue external collaborations to maximize the global value of its technology platform and product pipeline [3][4]. Group 4: Research and Development - The company has established three core self-developed technology platforms that provide a competitive advantage in the development of small molecules and ADCs [3]. - As of January 23, 2026, TaiLi Bio holds 97 patents and patent applications [6]. Group 5: Regulatory Status - As of the latest update, TaiLi Bio has not received any regulatory approvals for its candidate drugs and has not generated any revenue from product sales [6].

Core Viewpoint - Tesla is set to unveil its third-generation humanoid robot, Optimus, which is designed from first principles and aims to learn new skills by observing human behavior, with a projected annual production of one million units [2][5]. Group 1: Product Development - The third-generation humanoid robot will be a general-purpose robot capable of performing tasks demonstrated through videos or verbal instructions, as shown in a promotional video featuring CEO Elon Musk [5]. - Tesla has not utilized any existing supply chain systems for this robot, opting for a complete redesign from first principles, with a goal of producing one million units annually [5][6]. - The production line for the humanoid robot will be established at the Fremont factory, which will cease production of the Model S and Model X to focus on this new initiative [6]. Group 2: Financial Performance - In the fourth quarter of 2025, Tesla reported revenues of $24.9 billion, a year-over-year decline of 3.1%, with an operating profit of $1.41 billion, down 11% [5]. - The total revenue for the year was $94.8 billion, reflecting a 3% decrease compared to 2024, attributed to a reduction in vehicle delivery volumes [5]. - Vehicle deliveries in the fourth quarter of 2025 fell by 16% year-over-year, with an annual decline of 8.6% in total deliveries [5]. Group 3: Market Outlook - The humanoid robot is still in the early development stage, with current applications limited to basic tasks in factories for learning purposes, and significant production increases are not expected until the end of 2026 [7]. - According to IDC, the global shipment of humanoid robots is projected to reach approximately 18,000 units in 2025, marking a year-over-year growth of about 508%, with Chinese manufacturers leading in the commercialization process [7].