Core Viewpoint - The recent nomination of Kevin to the Federal Reserve signifies a significant shift back to a more conservative monetary policy approach, marking a return to traditionalism after years of aggressive monetary interventions following the 2008 financial crisis [2] Group 1: Federal Reserve Policy Changes - The Federal Reserve's shift from a market-centric, aggressive stance to a more conservative approach is seen as a historical return to traditional monetary policy [2] - Kevin Walsh's perspective suggests that the Federal Reserve's actions may not just be technical adjustments but a fundamental restructuring of market pricing paradigms and narratives [2] - The anticipated reduction of the Fed's balance sheet (quantitative tightening) is expected to reinforce the dollar's credit system and alter global risk asset pricing mechanisms [2] Group 2: Economic Conditions and Market Reactions - The current U.S. economic environment is deemed capable of withstanding aggressive balance sheet reductions, which could lower interest costs for the Treasury and enhance its influence over dollar pricing [3] - The combination of balance sheet reduction and interest rate cuts is expected to be manageable due to the economy's growth entering a mid-to-high-speed growth phase [3] - Market participants are urged to prepare for potential volatility stemming from the Fed's balance sheet reduction, as expectations alone can lead to significant adjustments in investment structures [3] Group 3: Risk Mitigation Strategies - Investors are advised to implement risk mitigation strategies in anticipation of the Fed's balance sheet reduction, including stress testing and adjusting investment narratives [4] - The recent significant drop in the net value of a commodity fund highlights the need for a reevaluation of trading rules that may exacerbate panic rather than alleviate risk [4] - It is crucial for investors to maintain adequate liquidity and manage exposure to foreign exchange assets to prepare for potential impacts from the Fed's actions [5]

Core Insights - Nearly 50% of the 2957 A-share listed companies that disclosed their 2025 annual performance forecasts are expected to incur losses [2][3] - The real estate sector is identified as the most affected, with Vanke A (000002.SZ) being the largest loss-maker, projecting a net loss of approximately 82 billion yuan [6][7] Provincial Distribution of Losses - The provinces with the highest proportion of companies expecting losses are Hainan (44.44%), Jilin (41.67%), and Qinghai (40%) [4][5] - Guangdong has the highest number of companies expecting losses at 257, followed by Beijing (172), Jiangsu (160), and Zhejiang (133) [3][4] Industry Analysis - The IT services and software development sectors have the highest number of companies forecasting losses, with 60 companies each, followed by the real estate sector with 54 companies [6] - The top ten companies with the highest expected losses include five from the real estate sector, with Vanke A leading the list [6][7] Notable Loss-Makers - Vanke A is projected to incur a net loss of about 82 billion yuan due to decreased project settlement scale and increased business risks [6][7] - Other significant loss-makers in the real estate sector include China Fortune Land Development (华夏幸福) with expected losses between 16 billion to 24 billion yuan and Greenland Holdings (绿地控股) with losses of 16 billion to 19 billion yuan [7] - In the retail sector, M.K. Home (美凯龙) is expected to report a loss of 15 billion to 22.5 billion yuan, primarily due to investment property valuation losses [7][8] Sector-Specific Losses - The home appliance sector's largest loss-maker is Shenzhen Konka (深康佳A), projecting losses of 12.58 billion to 15.57 billion yuan [8] - The vaccine leader Zhifei Biological Products (智飞生物) is also expected to report a first-time loss of 10.7 billion to 13.73 billion yuan due to decreased public vaccination willingness [8] - In the photovoltaic sector, Tongwei Co. (通威股份) is projected to incur losses of 9 billion to 10 billion yuan due to industry oversupply and rising raw material costs [9]

2026.02.04 本文字数：2511，阅读时长大约4分钟 作者 |第一财经 祝嫣然 一份最新报告显示，中国坚持扩大开放，提升投资自由化便利化水平，全球投资大国地位进一步巩固， 利用外资质量稳步提升。 2月3日，由中国国际投资贸易洽谈会组委会、国务院发展研究中心信息中心和国务院发展研究中心对外 经济研究部联合编著的《中国双向投资报告2025》（下称《报告》）在北京发布。 上述《报告》称，中国长期保持全球投资者的重要投资目的地，为跨国公司国际化经营与发展提供巨大 市场以及产业链供应链、技术创新业态等良好支撑。 商务部研究院国家高端智库专家柴海涛表示，要密切关注当前全球出现经济霸权垄断与各国引资激励政 策扩大并存、国际FDI（外国直接投资）持续下降与数字经济投资逆势上扬并存、服务业投资比重加大 与亚洲制造业投资快速增长并存等三大趋势。在扩大双向投资合作空间方面，要在"固稳、促优、提 质"、改善外部环境，扩大投资合作朋友圈、抢占未来产业新赛道方面有所作为。 《报告》指出，中国企业对外投资合作，不仅促进东道国税收和就业增长，还通过加强产业集聚、完善 基础设施建设等方式"赋能"，促进东道国工业化进程和自主发展能力的提 ...

2月4日，美股三大指数开盘涨跌不一，道指涨0.43%，标普500指数涨0.07%，纳指跌0.17%。 热门中概股集体走低，金山云跌超5%，携程集团、网易、哔哩哔哩跌超4%，百度集团、富途控股跌超 3%。 | 名称 | 涨跌幅 ▲ | 现价 | | --- | --- | --- | | 我们之 | -5.45% | 12.414 | | 携程集团 | -4.84% | 57.550 | | 网易 | -4.20% | 122.970 | | 旋面临加 | -4.27% | 30.480 | | 百度集团 | -3.60% | 139.640 | | 富途控股 | -3.52% | 154.155 | | 小鹏汽车 | -2.10% | 16.800 | | 腾讯音乐 | -1.98% | 16.075 | | 小马智行 | -1.61% | 13.430 | | 搜狐 | -1.46% | 16.190 | | 京东集团 | -1.41% | 27.645 | | 蔚来 | -1.25% | 4.493 | | 阿里巴巴 | -1.12% | 161.820 | | 文远知行 | -0.79% | 7.520 ...

2月4日晚，晶科能源发布股票交易异常波动公告称，市场传闻，马斯克团队近期秘密走访了中国多家光 伏企业，公司与马斯克考察团接触。经核实，截至目前，公司未与相关团队开展任何合作，亦未签署任 何框架性协议或正式协议，未有在手订单。 此外，晶科能源表示，公司关注到近期资本市场对"太空光伏"等概念关注度较高，相关板块二级市场表 现较为活跃。目前"太空光伏"尚处技术初步探索阶段，产业化进程受技术发展、行业政策、市场环境等 多方面因素影响，未来技术应用与产业化落地仍需要一定的时间周期。 2月4日午后，光伏板块冲高，太空光伏方向强势领涨，晶科能源迅速拉出20%涨停。 | < W | 晶科能源(688223) | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 闭市 02-04 15:00:02 科 通 融 | | | | | | | 8.40 | 额 41.4亿 股本 100亿 市盈 -16.7 | | | | 万得 | | | +1.40 | 换 5.43% 市值1840亿 市净 3.08 +20.00% | | | | 盘口 | | | 晶能转债 135 ...

Group 1 - Vivo has confirmed the internal project for a Vlog camera aimed to compete with DJI's Pocket series, expected to be released in 2026 [2] - The related company, Vivo Mobile Communication Co., Ltd., has disclosed a patent for a "gimbal device" in the field of photography technology [2][4] - The patent describes a gimbal device that includes a main body, lens assembly, lens drive, and trigger component, with specific functionalities for lens movement and positioning [4][5] Group 2 - The patent application was filed on December 30, 2025, and is set to be published on January 30, 2026 [4] - The gimbal device's design allows the lens assembly to be partially housed within a receiving slot, with a mechanism for extending the lens when triggered [5] - The invention is categorized under multiple classifications related to gimbal and photography technology [4]

Summary of Key Points Core Viewpoint - Changan Automobile reported a significant decline in sales for January 2026, with total sales dropping by 51.14% year-on-year, indicating potential challenges in the market and operational performance [1][3]. Sales Performance - Total sales for Changan Automobile in January 2026 were 134,701 units, down from 275,700 units in the same month last year, reflecting a decrease of 51.14% [1][3]. - The sales of Changan's self-owned brands were 100,110 units, which is a 58.46% decline compared to 240,972 units in January 2025 [1][3]. - New energy vehicle sales reached 36,621 units, marking a 45.74% decrease from 67,487 units in the previous year [1][3]. Production Data - The production figures for Changan Automobile in January 2026 were 164,576 units, which is a 9.18% decrease from 181,212 units in January 2025 [3]. - The production of self-owned brands was 131,909 units, down 7.61% from 142,776 units year-on-year [3]. - New energy vehicle production increased by 13.28% to 53,098 units compared to 46,874 units in the same month last year [3].

Core Viewpoint - Panasonic Holdings announced an increase in layoffs from 10,000 to 12,000 as part of its structural reform, while continuing to focus on its AI strategy [1] Financial Performance - For the period from April to December 2025, Panasonic's sales decreased by 8% year-on-year to 5.8837 trillion yen [1] - The company's net profit fell by 57% year-on-year to 125.2 billion yen [1]

2026.02.04 本文字数：952，阅读时长大约2分钟 人才和市场 除了开发者人才库外，印度亦作为增量市场被科技公司看中。据印度互联网与移动协会（IAMAI）1月 末发布的报告，印度目前拥有9.58亿活跃互联网用户，同比增长8%，其中超60%消费短视频内容，44% 用户已在使用人工智能功能。 OpenAI和Anthropic相继在新德里和班加罗尔开设首个印度办公室，分别挖角WhatsApp和微软前高管担 任其印度公司的"1号员工"。两家公司都表示印度是继美国之外的第二大市场。 作者 |第一财经 程程 随着美国政府收紧签证政策，硅谷大厂正扩大在印度的招聘规模。 根据人力资源公司Xpheno Pvt的数据，过去一年中，美国科技大厂脸书、亚马逊、苹果、微软、奈飞和 谷歌在印度的员工总数增长16%，这是三年以来最大的增幅。 "净员工数增长得益于招聘活动的回归。"印度一家咨询公司的联合创始人卡伦斯（Kamal Karanth）分 析称，美国移民政策的变化，比如近期的H-1B签证费用调整，促使科技公司重新审视他们在印度的人 才招聘计划。 印度籍的科技行业从业者多持H-1B签证在美工作，但根据最新规定，若雇主在2025 ...

作者 |第一财经 李隽 2月4日上午，香港上市的科技股继续遭遇利空，上午恒生科技指数继续跌2.19%，中午报收5347点，截 至下午收盘跌逾1.8%；恒生指数下跌0.41%，中午报收26725点，半天成交1514亿港元，截至收盘则小 幅翻红，涨0.05%。 2026.02.04 本文字数：1284，阅读时长大约2分钟 光大证券国际策略师伍礼贤向第一财经分析，近日科技股消息较多，2月3日受税收增加传闻影响，2月4 日腾讯元宝被接入微信限制也受到市场关注，科技股市场气氛依然一般，传统经济板块表现可能更为理 想，如果美汇指数走弱，对传统经济板块的帮助可能较科技股更为明显。汇丰等国际银行股在当前环球 市场处于历史高点，对其财富管理等业务的帮助较大。 （注：我们会对线索进行核实。您的隐私将严格保密。） 博大资本国际行政总裁温天纳则称，恒生科技指数持续调整，主要受税收传言与资金面因素共同影响。 当前资金面呈现"金融强、科技弱"格局，资金更青睐高股息金融及其他价值股；外资受美联储政策不确 定性影响，避险情绪升温，资金从高弹性科技转向防御金融，加剧板块分化，短期该格局或延续。不过 中长期来看，人工智能商业化加速叠加南向资金" ...