Group 1 - Spot gold prices increased by 1% to $4,705.52 per ounce as of 07:10 on February 3 [1] - Spot gold rose to $4,740 per ounce, marking a 1.7% increase as of 07:21 [2] - Spot gold reached $4,760 per ounce, reflecting a 2.2% increase as of 07:26 [3] Group 2 - Spot silver prices surpassed $80 per ounce, with a daily increase of over 1% as of 07:10 [1] - Spot silver rose over 3% to $81.6 per ounce as of 07:21 [2] - Spot silver increased by 4%, reaching $82.39 per ounce as of 07:56 [4]

据智通财经，2月1日有工作人员告诉记者， 公司在"杰我睿"等平台上有对冲操作，受此影响，公司目 前出现较大的现金缺口 。从公司所张贴的告示中可以看到，尽管兑付出现问题，目前云点当仍在正常 营业，呼吁大家不要轻信谣言。 继"杰我睿"之后，水贝又有黄金平台出现兑付异常， 多名用户反馈"云点当"平台无法正常打开 ，里面 的黄金存料、余额无法正常提现。 编辑：七三 ...

Core Viewpoint - The precious metals market experienced significant volatility following a panic sell-off, with silver showing over 8% price swings and other metals like platinum and palladium rebounding nearly 10% from early lows. Analysts are divided on the market outlook, with many believing the current downturn is temporary but suggesting that bottom-fishing may need to wait [1][2]. Market Performance - After a drop of over 5%, COMEX futures for February delivery recovered to $4,700, following an 11% plunge last Friday, marking the worst single-day performance since 1980. Gold futures hit a high of $5,626.80 per ounce but have since fallen 17% from that peak [2]. - UBS analysts predict gold prices will exceed $6,200 per ounce later this year, while JPMorgan forecasts a year-end price of $6,300 per ounce. Deutsche Bank maintains a $6,000 per ounce prediction based on sustained investor demand [2]. Market Dynamics - Short-term market volatility is expected to remain high, with the potential for further sell-offs due to ETF and options position liquidations triggering cascading futures market sell-offs. The risk of additional rounds of selling remains elevated, as crowded and one-sided trading positions have not been substantially reversed [3]. - Citigroup warns that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP soaring to 0.7%, the highest in 55 years. A return to historical norms could pose a risk of significant price declines [3]. Influencing Factors - Future trends in the precious metals market will depend on the monetary policy path under the new Federal Reserve chair, the movements of the dollar and real interest rates, ETF fund flows, and central bank gold purchasing patterns [4]. - The recent sell-off resulted in an evaporation of $8 trillion in market value for gold and silver, highlighting the liquidity issues that arise when large amounts of capital attempt to exit the same type of "safe-haven" trades simultaneously [4]. Investment Behavior - The sell-off has revealed pressure on holdings in gold, while silver's performance has exposed liquidity pressures in the market. The focus should shift from "what to buy" to "what type of buyer you are" to avoid blind trading during market turmoil [5][6]. - Buyers sensitive to price, typically long-term holders, should consider transactions from a value and asset allocation perspective, while liquidity-sensitive holders, such as those using futures or options, are driven by volatility and risk management rules [6]. Market Insights - The recent precious metals crash serves as a stress test for the market, demonstrating that even traditionally safe assets can become volatile when everyone relies on them for hedging. The true "safe signal" for the market will be a decrease in volatility rather than a price rebound [6].

Market Performance - The US stock market saw a positive trend with major indices rising, driven by gains in storage chip manufacturers and technology and financial sector stocks [2] - The Dow Jones Industrial Average increased by 515.19 points (1.05%) to close at 49,407.66, while the Nasdaq rose by 0.56% to 23,592.11, and the S&P 500 gained 0.54% to 6,976.44 [2] Technology Sector - Mixed performance among major tech stocks: Apple rose by 4.04%, Amazon by 1.53%, while Meta, Microsoft, and Tesla fell over 1%, and Nvidia dropped nearly 3% [3][4] - Oracle's stock fell by 2.75% as the company plans to raise up to $50 billion by 2026 to expand its cloud infrastructure [3] - Google's stock increased by 1.86%, with its Waymo division nearing a $16 billion funding round [3] Semiconductor Industry - Storage chip manufacturers benefited from increased demand in the AI sector, with SanDisk's stock soaring by 15.4%, Micron Technology up by 5.5%, and Advanced Micro Devices rising by 4% [3] Financial Sector - The financial sector showed strength, with Wells Fargo, Goldman Sachs, and Bank of America all rising over 1%, while Citigroup and JPMorgan Chase increased by more than 0.5% [4] Economic Indicators - The ISM manufacturing index for January rose to 52.6, marking the highest level since August 2022, indicating expansion in factory activity [7] - The US Treasury yields increased, with the 2-year yield rising by 4.7 basis points to 3.567% and the 10-year yield up by 3.6 basis points to 4.276% [6] Energy Sector - The S&P 500 energy sector index fell over 1% due to declining oil prices, with WTI crude oil dropping by 4.71% to $62.14 per barrel and Brent crude down by 4.36% to $66.30 per barrel [8] - Airline stocks performed well as lower energy prices boosted their performance, with major airlines seeing stock increases between 4% and 7% [8]

Market Overview - US stock market opened lower but closed higher, with the S&P 500 index approaching 7000 points, driven by gains in storage chip manufacturers and major tech and financial stocks [1] - The Dow Jones Industrial Average rose by 515.19 points, or 1.05%, closing at 49407.66 points; the Nasdaq increased by 0.56% to 23592.11 points; and the S&P 500 gained 0.54% to 6976.44 points [1] - The Chicago Board Options Exchange Volatility Index (VIX) fell over 6% after reaching a near two-week high, closing at 16.32 points [1] Stock Performance - Notable tech stocks showed mixed results: Apple rose by 4.04%, Amazon by 1.53%, while Meta, Microsoft, and Tesla fell over 1% [2][3] - Oracle's stock dropped by 2.75% after announcing plans to raise up to $50 billion by 2026 to expand its cloud infrastructure [2] - Google's stock increased by 1.86%, with its Waymo division nearing a $16 billion funding round [2] - Storage chip manufacturers benefited from AI demand, with SanDisk surging 15.4%, Micron Technology up 5.5%, and AMD rising 4% [2] Financial Sector - The financial sector showed strength, with Wells Fargo, Goldman Sachs, and Bank of America rising over 1%, while Citigroup and JPMorgan gained over 0.5% [2] Economic Indicators - The ISM manufacturing index for January rose to 52.6, the highest level since August 2022, indicating expansion in factory activity [6] - The US Congress is working on legislation to end the partial government shutdown, with a vote expected on Tuesday [6] Commodity Market - International oil prices fell significantly, with WTI crude down 4.71% to $62.14 per barrel and Brent crude down 4.36% to $66.30 per barrel [7] - Precious metals experienced increased volatility, with COMEX gold futures dropping 1.94% to $4622.50 per ounce and silver futures down 1.93% to $78.77 per ounce [7]

2026.02.02 本文字数：1577，阅读时长大约3分钟 作者 |第一财经 黄思瑜 继日盘跌停后，2月2日夜盘沪银期货主力合约开盘后不久便下跌20%，触及跌停。日盘跌停的沪锡、原 油、燃油、沪镍等期货主力合约也大幅下跌。 上期所当日发布通知称："近期国际形势复杂多变，市场波动较大。请各有关单位关注市场动态，加强 风险管理，提示投资者进一步提高风险防范意识，理性参与，合规交易，共同维护市场平稳运行。" 国信期货首席分析师顾冯达对第一财经记者称，当前市场正经历一场由美国金融市场崩盘引发的"连锁 反应"冲击。在美联储下任主席提名"鹰派"人物凯文·沃什的消息刺激下，此前创出新高的贵金属金银出 现历史级暴跌，因美联储主席人选意外变化和"鹰派"表态，动摇了市场对"无约束宽松"的预期，导致海 外科技股及金银等高杠杆投机盘集中踩踏。 金瑞期货研究员吴梓杰也称，贵金属高位下市场风险逐步上升。在此背景下，上海期货交易所持续强化 市场监测与风险防范，多次发布公告提示市场风险，并推出一系列有针对性的风控措施，此举有助于引 导市场参与者以理性态度进行投资，进而保障市场的平稳有序运行。建议市场参与者保持理性，谨慎操 作，严格控制持仓 ...

Core Viewpoint - The "luwei" (marinated food) industry is undergoing significant differentiation and deep adjustments, with major players showing contrasting performance signals, highlighting the challenges of slowing growth, store reductions, and intensified competition [2][3]. Performance Divergence - ST Juewei (603517.SH) has announced an expected revenue of 5.3 billion to 5.5 billion yuan for 2025, representing a year-on-year decline of 12.09% to 15.29%, and anticipates its first annual loss since its listing, estimated between 160 million to 220 million yuan [3]. - In contrast, Huang Shang Huang (002695.SZ) forecasts a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [4]. Store Count Reduction - Despite the increase in net profit for Huang Shang Huang and Zhou Hei Ya (1458.HK), both companies are reducing their store counts. Zhou Hei Ya reported a decrease of 167 stores, bringing the total to 2,864 by mid-2025 [5]. - Huang Shang Huang had 2,898 stores in June 2025, down from 3,660 at the end of 2024 [6]. Industry Challenges - The overall growth of the "luwei" industry is hindered by several factors, including high prices, changing consumer willingness, and competition from snacks and ready-to-eat meals [7]. - The industry is experiencing a slowdown, with a compound annual growth rate (CAGR) of 6.42% from 2018 to 2023, and a market size of approximately 318 billion yuan in 2023 [6]. Market Dynamics - The industry faces three main pain points: competition from alternative products, product homogeneity among top brands, and pricing issues where leading brands have an average product price exceeding 50 yuan per jin, leading to insufficient perceived value among consumers [7].

Market Overview - The three major U.S. stock indices opened lower, with the Dow Jones down 0.13%, the S&P 500 down 0.31%, and the Nasdaq down 0.39% [1] Chinese Stocks - Chinese stocks experienced a broad decline, with Xpeng Motors falling over 6%, NIO down over 3%, Baidu and iQIYI down over 2%, and Weibo and Bilibili down over 1% [1] Oracle Corporation - Oracle's stock rose by 3.8% as the company plans to raise up to $50 billion and initiate a dollar bond issuance [1] U.S. Rare Earth Companies - U.S. rare earth companies saw a 7.2% increase, following reports that Trump plans to establish a $12 billion strategic reserve for critical minerals [1] Disney - Disney's stock dropped over 7%, with the company reporting Q1 revenue of $25.98 billion, reflecting a year-over-year growth of 5% [1]

邮储银行也于当日发布公告称，近期国内外贵金属市场价格波动剧烈，不确定因素显著增多。为保护黄 金积存、实物贵金属业务客户利益，该行特别提示相关客户，请客户加强风险防范意识，在审慎评估自 身财务状况及风险承受能力的基础上，理性投资、合理配置、避免追涨杀跌，密切关注贵金属行情变 化，控制持仓规模，防范贵金属价格波动带来的资金损失。 除了风险提示，多家银行依据上海黄金交易所最新通知，宣布调整黄金、白银延期合约涨跌幅限制，上 调相关合约保证金比例。 2026.02.02 本文字数：1710，阅读时长大约3分钟 作者 |第一财经 亓宁 面对黄金价格从历史性暴涨到历史性暴跌，银行的风险提示和风控手段调整频率明显提高。 2月2日，黄金白银延续跌势，国际黄金现货价格一度跌至4403.64美元/盎司，日内最大跌幅超过9%；国 际白银现货价格最低触及71.33美元/盎司，日内最大跌幅接近15%。 同日，工商银行再度发布《关于加强防范贵金属市场价格波动风险的提示》称，近期国际贵金属市场波 动率显著增加，引发价格快速变化，风险进—步显现，提醒客户在审慎评估自身风险承受能力的基础 上，保持理性投资心态，避免盲目追涨杀跌。"建议从中长期视 ...

2026.02.02 本文字数：3506，阅读时长大约6分钟 作者 |第一财经 王方然 "期限长就看这几家""经营贷也能30年低息了"……近期，伴随经营贷续贷高峰到来，此类诱人宣传频频 出现，吸引企业主与房贷置换者的注意。 然而，第一财经采访发现，所谓"30年期限"实为长期授信额度，借款人仍面临每3至5年的续贷审核，且 能否持续获批充满不确定性。在房地产市场下行的背景下，抵押物价值缩水可能触发银行重估风险，导 致续贷失败。 记者了解到，所谓"超长期限"实为银行授予客户的长期授信额度，而非单笔贷款期限。实际操作中，借 款人仍需每3至5年办理一次续贷，并接受银行重新审核。 授信期限与用款期限不同，是指银行给借款人核定的信用额度使用有效期，到期前可循环使用额度。 深圳一位专做抵押贷的中介李志告诉第一财经，银行虽提供长期授信，但关键在"单笔提款期限"与"续 签"。目前单笔贷款周期普遍为3年或5年，续贷时可通过手机APP办理，无需过桥还款。 "授信期限其实不是最重要的，多长时间重新续贷才是关键。"华南一家小规模中介的负责人王鹏指出， 这类贷款均需定期办理无本续贷，因此选择续贷周期更长的产品可能更具优势。 一位国有大行华 ...