Market Overview - The three major U.S. stock indices opened mixed on February 3, with the Nasdaq up 0.36%, the Dow Jones up 0.22%, and the S&P 500 up 0.20% [1]. Index Performance - Dow Jones Industrial Average is at 49,515.08, up by 107.42 points, representing a 0.22% increase [2]. - Nasdaq Index stands at 23,676.02, up by 83.91 points, reflecting a 0.36% rise [2]. - S&P 500 is at 6,990.31, increasing by 13.87 points, which is a 0.20% gain [2]. Sector Performance - Mining stocks surged, with Coeur Mining rising over 8% and Pan American Silver increasing more than 6% [2]. - Storage sector showed strength, with Western Digital up over 4% and SanDisk up over 5% [3]. - Technology stocks mostly rose, with Intel increasing over 4% and Google rising more than 1% [4]. Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.40%, with notable declines in stocks such as Bilibili, Alibaba, and NetEase, each down over 2%, and Baidu and JD down over 1%. However, Xpeng Motors rose over 2% [4]. Notable Declines - PayPal experienced a significant drop, falling over 18% [5].

Core Insights - Shanghai aims to achieve a GDP growth rate of around 5% for the year, with a focus on enhancing its status as a global economic center and improving various sectors including finance, trade, and technology [2][3][10] Economic Goals - The expected GDP growth for Shanghai in 2025 is set at approximately 5%, with local public budget revenue projected to increase by 2% [2] - The "15th Five-Year Plan" outlines a target for average annual GDP growth of around 5% over the next five years, with potential growth levels estimated between 4.6% and 5.2% [2][10] Development Strategies - The report emphasizes the enhancement of the "Five Centers" including international economic, financial, trade, shipping, and technological innovation centers [3][5] - Key industries targeted for development include smart connected vehicles, marine economy, low-altitude economy, aerospace, and satellite internet [3][8] Technological Innovation - The report highlights the importance of integrating technological and industrial innovation to foster new productive forces, with a focus on accelerating the application of major scientific achievements [7][12] - Shanghai's R&D expenditure is expected to reach 4.6% of GDP, with significant growth in sectors like integrated circuits, biomedicine, and artificial intelligence [7][11] Future Industry Focus - The "2+3+6+6" modern industrial system aims to promote the digital and green transformation of traditional industries, develop three leading industries, and establish six emerging pillar industry clusters [8][12] - Future industries will include advanced manufacturing, future information, future materials, future energy, future space, and future health [12][13] Legislative and Regulatory Framework - The development of smart shipping is identified as a strategic direction, with a focus on legislative support for smart vessels to enhance China's competitive position in the international shipping system [4][10] - Recommendations include accelerating the establishment of standards in low-altitude economy sectors to improve Shanghai's regulatory influence [9][12]

编辑丨瑜见 2月3日，现货白银持续走高，截至发稿，站上88美元/盎司，完全收复昨日的跌幅，日内涨幅超11%。 (封面由AI生成) ...

Core Viewpoint - The article emphasizes the transformation of the manufacturing industry through AI, highlighting the importance of smart manufacturing as a key direction for technological change and optimization in China [2]. Group 1: AI and Manufacturing Transformation - The Chinese government is focusing on utilizing AI technology to reshape the entire production and manufacturing cycle, aiming for technological innovation and product upgrades while maintaining scale advantages [2]. - The ongoing discussions at the Shanghai meetings center around building a modern industrial system during the "14th Five-Year Plan" period, which includes promoting the digital and green transformation of traditional industries and developing new emerging industrial clusters [2][3]. - By 2026, China aims to leverage AI to become a leader in future industries and economies, which is crucial for securing a position in the AI-driven physical world [2][3]. Group 2: Opportunities and Challenges - China possesses extensive manufacturing experience and data, which are strategic resources for competing in the AI-driven physical world, but it also faces challenges in balancing existing manufacturing capacity with the need for AI-driven transformation [3]. - The transformation requires a willingness to embrace trial and error, as well as the courage to fundamentally restructure traditional manufacturing logic [3][4]. - The shift driven by AI will not only test operational and technological capabilities but also necessitate a reformation of the economic and social systems to create a more flexible environment for innovation [3][4]. Group 3: Successful Practices and Economic Environment - Learning from successful industrial layouts in various regions is essential, as exemplified by Shanghai's introduction of Tesla, which has helped establish an international supply chain for the new energy vehicle industry [4]. - The core experience from successful practices includes creating a free and open economic environment, which has been crucial for the international competitiveness of China's new energy vehicle sector [4][5]. - The future of manufacturing will increasingly depend on the openness of markets, the openness of technology, and the inclusiveness of systems, making these factors essential for survival and development in the AI era [5].

作者 |第一财经 周楠 超四成公司交出"成绩单"，北交所2025年的业绩全貌正逐渐清晰。 2026.02.03 本文字数：2359，阅读时长大约4分钟 Wind统计显示，截至1月底，3家北交所公司发布2025年业绩快报，另有123家披露了当期业绩预告，合 计占到北交所公司总数的四成以上。上述公司里，去年实现盈利的有77家，盈利面超过六成。 有6家北交所公司预计2025年净利润过亿元。其中，去年年底上市的蘅东光（920045.BJ）业绩领先，去 年预计实现净利润2.7亿元至3.1亿元，增幅在八成以上。广信科技（920037.BJ）、吉林碳谷 （920077.BJ）等去年也增收增利，净利润超亿元。 北证50成份股继续发挥业绩"压舱石"作用，去年净利润排在前列的公司中，多家为该指数成份股，涉及 林泰新材（920106.BJ）、富士达（920640.BJ）等。值得一提的是，逾10家北交所公司有望在去年扭亏 为盈。 13家公司去年扭亏 截至1月底，3家已披露业绩快报的北交所公司是基康技术（920879.BJ）、联迪信息（920790.BJ）和华 信永道（920592.BJ）。其中，基康技术去年增收增利，当期营收4.08 ...

2026.02.03 本文字数：1759，阅读时长大约3分钟 作者 |第一财经 高雅 封图 |AI生成 长期以来，黄金与美元之间始终维持着一种稳定的反向关联。然而，当前这种传统线性关系似乎正在瓦 解，两者的波动幅度已出现失衡。 在过去一个完整的年度交易周期（260个交易日）内，金价涨幅与美元跌幅之比高达7.2倍；在半年维度 下，这一倍数更是达到了31倍。 这种显著的敏感度偏离与非线性涨幅，是否意味着锚定金价的传统建模方式已经失效？全球投资咨询公 司BCA Research反向投资策略（Counterpoint）研究服务主管乔希（Dhaval Joshi）在近期金银价格剧烈 回调前接受第一财经记者采访时表示，金银价格与美元走势之间的背离已达到极端水平，而这种极端行 情发生逆转是可以预期的。 "对比黄金和美元走势的波动幅度，美元走软时黄金往往上涨，但若仔细观察具体数据，便会发现近期 黄金的上涨幅度似乎超出了合理范围。两者并非简单的一比一对应关系。理论上，美元下跌1%时，黄 金的涨幅通常更大，这符合历史规律。然而即便如此，当前黄金的相对涨幅仍显得过于超前。而且，我 认为其他贵金属的上涨态势更是有过之而无不及。"他表 ...

2026.02.03 本文字数：2006，阅读时长大约4分钟 作者 |第一财经 陆涵之 "油烟机清洗的订单一直排到大年三十，根本忙不过来。"京东家政家电清洗师侯建峰节前的订单日程已 经全部排满，他决定春节留岗以获得更高的收入。 侯建峰的感受不是个例。随着春节临近，家政服务市场迎来订单量激增，部分项目已经爆单。 部分项目供不应求 保洁公司春晖到家目前覆盖12个城市，月活跃保洁师规模在1000人到2000人之间。负责人仲作宇对第一 财经记者介绍，春节前夕公司订单量增速明显，近两周订单量环比上涨35%，同比去年同期上涨29%左 右。此外，擦窗保洁是所有项目中近期增长最快的项目，同比日常增长了200%，已经出现供不应求的 情况。 订单的增长也带来了保洁师收入的增长。仲作宇表示，近期保洁师人均收入环比近两周上涨约70%，同 比去年同期上涨约25%。收入上涨明显主要源于春节前需求上涨，劳动者提前回家过年双重因素导致平 均订单价上涨。 京东家政也有不少保洁师因为节前订单的猛增出现收入上涨。来自江苏徐州的保洁师丁还乡，在春节前 密集收到许多老客户的周期订单，已经连续3个月收入超过万元。 侯建峰则表示，今年春节留在北京过年，假 ...

Core Insights - Zhongbei has won the prestigious "Seven Star Award" in the food health sector, highlighting its significant role in the supply chain and the transformation of the value chain through high standards [1][18] - The company has focused on the egg tart category for over a decade, with a compound annual growth rate of 20% for Portuguese egg tarts, driven by innovative products like "baking cream" [1][18] Company Development - Founder Yang Xiaoqing emphasizes the importance of meticulousness in every step of production, from ingredient selection to process refinement, which has led to recognition and validation of their long-term commitment [4] - The company has developed a unique 64-layer puff pastry technology that ensures each layer is independently crisp, achieved through precise control of dough and butter ratios, temperature, and humidity [6][7] Consumer Insights - Consumer preferences have shifted towards products that not only satisfy taste but also provide emotional value and cater to various consumption scenarios, prompting the company to enhance product experience [5][12] - The introduction of a "clean label" concept reflects the growing consumer demand for simple, natural ingredients with minimal additives, indicating a future trend in product development [12][19] Market Strategy - Zhongbei has expanded its market presence from baking channels to supermarkets and hotels, which has tested and strengthened its supply chain capabilities [12] - The company has transitioned from being a supplier to a growth partner, collaborating with clients to innovate and define products, thus enhancing market value and expanding the egg tart market [15][16] Technological Innovation - Significant investment in R&D has allowed Zhongbei to address consumer pain points, resulting in increased sales and market capacity, with individual stores selling up to 3000 egg tarts daily [10][19] - The company has successfully developed technologies that maintain the crispness of egg tarts even when served cold, ensuring quality across different consumption scenarios [7][10] Industry Impact - Zhongbei's approach illustrates a shift in the Chinese manufacturing sector towards quality production and value chain enhancement, emphasizing the importance of deep industry insights and collaborative ecosystems [18][19] - The company's story signifies a broader trend in the industry where the focus is on establishing standards and activating value chains through collaborative thinking, rather than mere product promotion [18][19]

2月3日，上交所数据显示，2026年1月A股新开户491.58万户，环比增长89%，同比增长213%。 编辑丨瑜见 | 关于 > 刊物 > 上证统计月报 > | | | | | | --- | --- | --- | --- | --- | | 上证统计月报 | | | | | | | 代码 / 简称 / 关键词 | Q | | | | 上证统计月报 | 投资者 | | | | | 市场概况 | 账户新开户状况表 (单位:万户)敷据日期:2026-01 | | | | | 证券指数 | 日期 总数 | A 取 | 8 服 | ਸ਼ੋਤ | | 上市公司 | | | | | | 会员 | 2026.01 546.27 | 491.58 | 0.05 | 54.63 | ...

2月3日，香港恒生指数收涨0.22%，恒生科技指数跌1.07%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 26834.77 | 59.20 | 0.22% | | 恒生科技 | 5467.26 | -59.05 | -1.07% | | 恒生生物科技 | 15086.65 | 236.76 | 1.59% | | 恒生中国企业指数 | 9053.11 | -27.08 | -0.30% | | 恒生综合指数 | 4109.45 | 15.58 | 0.38% | 编辑丨瑜见 | 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | | 万国黄金集团 | 14.670c | 13.63% | | 紫金黄金国际 | 217.200c | 7.85% | | 龙资源 | 7.780c | 7.31% | | 赤峰黄金 | 37.540c | 7.13% | | 中国白银集团 | 0.680 c | 6.25% | | 漳关黄金 | 3.290 c | 6.13% | | 灵宝黄金 | 22.440c | 5.85% | ...