Market Overview - The financial markets experienced a comprehensive sell-off, with the cryptocurrency market facing a "crash-like" decline, where Bitcoin fell over 12% and Ethereum dropped over 13% [1][3]. - Over 430,000 traders were liquidated in the cryptocurrency market within 24 hours, with a total liquidation amount reaching approximately $2.069 billion (around 144 million RMB) [4][5]. Cryptocurrency Market - Bitcoin's price fell to around $63,860.8, marking a 12.81% decrease, while Ethereum's price dropped to $1,867.6, down 13.10% [4]. - Other cryptocurrencies also saw significant declines, with XRP plummeting over 22% and SOL and Dogecoin both dropping over 14% [3][4]. - Since reaching its peak in October of the previous year, Bitcoin's price has fallen over 48%, with its market capitalization shrinking from $2.48 trillion to $1.27 trillion [4]. Stock Market - The U.S. stock market also faced severe declines, with all three major indices closing down over 1%. The Nasdaq experienced its worst three-day sell-off since April of the previous year, dropping 1.59% [8]. - Major tech stocks such as Amazon and Microsoft fell over 4%, while Tesla dropped over 2% [9]. Employment Data Impact - Weak employment data contributed to the market's bearish sentiment, with U.S. employers announcing 108,435 layoffs in January, the highest for that month since the global financial crisis [9]. - Initial jobless claims also exceeded expectations, indicating a potential decoupling of employment from economic growth [9]. Precious Metals Market - The precious metals market was similarly affected, with silver prices plummeting over 19% and gold dropping over 3% [10]. - Following the recent declines, the Chicago Mercantile Exchange (CME) announced adjustments to margin requirements for certain futures contracts, increasing the margin for gold to 9% and for silver to 18% [11].

前任董事长调离后，这家头部农商行迎来新任"掌舵人"！ 2月4日下午，据北京农商行公众号消息，该行当日召开2026年工作会，白晓东首次以行党委书记身份公开出席 该行工作会议，这也意味着现任北京农商行行长的白晓东或将接任董事长一职。就在半个月前，北京农商行原 董事长关文杰调任北京银行党委书记，将获聘为新任董事长。 券商中国记者注意到，近期北京农商行亦有多名管理层发生调整。2026年1月，该行副行长魏广慧任职资格获 监管核准；去年12月，李建航开始担任该行首席财务官。2025年，该行分别有1位新任副行长、1位首席财务官 和1位首席信息官就任。截至去年9月末，北京农商行资产总额突破1.3万亿至1.35万亿元，资产总额位列全国农 商行第4位。 新任"掌舵人"首次亮相 据北京农商行公众号消息，2月4日，该行召开党委四届五次全会暨2026年工作会，该行新任党委书记白晓东代 表行党委和经营班子作工作报告，该行党委副书记田晖主持会议并作总结讲话。按照惯例，待金融监管部门核 准等一系列法定程序完成后，白晓东将出任该行董事长一职。 北京农商行党委和经营班子在2026年工作会议上强调，2026年将领会"十五五"战略方位，重点抓好聚焦 ...

在股市升温以及监管层引导中长期资金入市的背景下，凭借相对稳健的业绩表现，量化私募基金获得保险 资金的青睐。 由于险资直接投资私募的路径尚未获得监管明确，因此通过私募MOM（管理人中管理人）模式进行"绕道"投 资成为部分险资机构的选择，这也直接推动私募MOM产品的发展。根据记者统计，2025年备案数量创下历史 新高。 过去一年新增备案的产品，其母基金管理人主要为券商资管、期货。然而，记者从多位券商资管人士处交叉核 实获悉，私募MOM产品新增备案已被叫停，主要因为监管担忧该业务在实践中可能异化为"通道"，偏离主动 管理。 担忧沦为通道业务 一直以来，市场持续关注保险资金"借道"私募MOM布局量化策略。（ 详见《调查｜险资"灰色"投资私募量 化，中小险企借道MOM试水》 ）但这一业务已被悄然按下"暂停键"。 "叫停至少有三个月了，至今没有恢复。"深圳一家中小券商资管人士向记者表示。中国证券投资基金业协会 （以下简称"协会"）公开信息显示，自2025年9月2日协会新增备案一批私募MOM产品后，再无新的私募MOM 产品备案记录。 谈及原因，多名券商资管人士均向记者表明，监管担心私募MOM业务"通道化"。华北地区一家中小 ...

日前，东鹏饮料登陆港交所，基石投资者中再现保险机构泰康人寿，这是今年泰康保险第7次参与港 股IPO的战略配售。 开年短短1个多月时间，以泰康保险为代表的险资加大了港股IPO的申购参与力度，作为基石投资者已参与了 壁仞科技、智谱、瑞博生物、MINIMAX-WP（稀宇科技）、兆易创新、鸣鸣很忙、东鹏饮料等7家新股申购， 累计获配资金达9.49亿港元。 去年以来，从险资参与港股IPO的情况看，泰康保险获配的家数最多。此外，中国平安也参与了壁仞科技的战 略配售，获配金额1.17亿港元；新华资产（香港）、大家人寿等险资也参与了兆易创新、豪威集团等港股IPO 项目。 险资近1个月获配7家港股IPO 港股IPO火热的战略配售，不止吸引了国际投资者，还吸引了越来越多的保险资金参与。 今年短短1个月时间，泰康保险（泰康人寿合并计算）已累计参与了7家港股IPO项目的国际配售。 其中，壁仞科技于1月2日在港交所挂牌上市，成为港股"国产GPU第一股"，泰康人寿便认购基石投资份额1000 万美元。此后，泰康保险又先后参与了智谱、瑞博生物、MINIMAX、兆易创新等港股IPO。 从获配金额来看，7家港股IPO项目累计认购金额达到9.49 ...

Core Viewpoint - The article highlights the significant impact of supply chain issues, particularly the shortage and price increase of memory chips, on the performance and outlook of major semiconductor companies like Qualcomm and Arm, leading to substantial stock price declines for both firms [1][6][9]. Qualcomm's Performance - Qualcomm's stock fell over 12% in pre-market trading due to disappointing earnings guidance, with a current decline of 11.18% [3][4]. - For Q1 of fiscal year 2026, Qualcomm reported revenue of $12.25 billion, a 5% year-over-year increase, slightly above market expectations [6]. - Adjusted net profit was $3.781 billion, a 1% decline year-over-year, with adjusted earnings per share at $3.50, up 3% and exceeding expectations [6]. - The mobile business generated $7.82 billion in revenue, a 3% increase, while the IoT and automotive segments saw revenue growth of 9% and 15%, respectively [6]. Earnings Guidance and Market Conditions - Qualcomm's guidance for Q2 of fiscal year 2026 is between $10.2 billion and $11 billion, with adjusted earnings per share projected between $2.45 and $2.65, falling short of analyst expectations of $11.11 billion in revenue and $2.89 in earnings per share [8]. - The company attributes the weak guidance to a global shortage of memory chips and rising prices, which are affecting smartphone manufacturers' order volumes [8]. - Qualcomm's CEO noted that while demand for high-end smartphones remains strong, the industry is facing severe memory shortages, leading to reduced production plans among manufacturers [8]. Arm's Performance and Market Impact - Arm's stock also dropped over 8% in pre-market trading, reflecting concerns about the smartphone market's challenges due to memory chip shortages [1][9]. - Arm reported a 26% year-over-year revenue increase to $1.24 billion for Q3 of fiscal year 2025, slightly above analyst expectations [9]. - However, the unexpected decline in licensing revenue, a key indicator of future design adoption, triggered a sell-off [9]. Broader Industry Implications - Counterpoint Research predicts that rising DRAM prices will increase the bill of materials (BoM) costs for smartphones by approximately 25% for low-end models, 15% for mid-range, and 10% for high-end models, with potential further increases of 10% to 15% by Q2 of 2026 [10]. - To offset memory price increases, mid-range smartphone manufacturers may need to raise prices by 17%, while flagship models may require a 7% increase [10]. - The ongoing memory chip supply constraints are expected to have a prolonged impact on the smartphone industry, with manufacturers already adjusting production strategies in response to rising costs [10].

Group 1 - The European Central Bank (ECB) decided to keep the three key interest rates unchanged, aligning with market expectations [1] - The deposit facility rate, main refinancing rate, and marginal lending rate remain at 2.00%, 2.15%, and 2.40% respectively [1] - The ECB's latest assessment indicates that inflation is expected to stabilize around the target level of 2% in the medium term [1]

2月5日，市场传出一则"小作文"，大体意思是"中财期货在价格暴跌前大规模做空，浮盈超过36亿元"，引发了 大家的关注。进入2月，随着白银价格的大幅回调，中财期货席位持卖单量逐步减少。数据显示，截至2月5日 收盘，该公司席位在白银期货部分合约上的持卖单量仍处于全市场前列。 值得一提的是，中财期货席位上的上述持仓均属于代客持仓，即中财期货经纪业务客户的整体持仓。因此，前 述"小作文"所谓的"中财期货做空盈利"的说法并不准确。 中财期货相关负责人也表示，交易所公布的中财期货席位在白银期货合约上的持仓数据及其变化，反映的是公 司客户在白银期货上的头寸变动。他同时强调，公司始终坚持合规经营，致力于为客户提供专业服务。 来源：期货日报 责编：汪云鹏 校对： 刘星莹 百万用户都在看 集体杀跌！三大变数，突袭股市！ 直线大跳水！刚刚，多股跌停！白银，崩了 A股突发！多只大牛股，紧急提示风险！ 利好来了！多只A股，突发公告！ AI，突传重磅！四大巨头，同时出手！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 q ...

近日，澳门英皇娱乐酒店大堂内，原本镶嵌在地砖内的大量黄金被连夜撤走一事，引发广泛关注。 2月4日晚间，港股上市公司英皇娱乐酒店（ 00296.HK） 公告确认， 这批总重超过 79公斤的黄金已被出 售，售价近1亿港元 。 公告显示，原本这批黄金被按照物业、厂房及设备入账， 账面价值仅有940万港元，这个价格也是公司购 入黄金的原始价格 。而扣掉此次交易费用后， 英皇娱乐酒店预计出售该黄金将确认收益约9020万港元 。 澳门英皇娱乐酒店为英皇娱乐酒店有限公司旗下酒店。根据英皇娱乐酒店介绍，该酒店位于澳门半岛，为 一座26层楼高的酒店，总楼面面积约65.5万平方米，设有311间客房。 近年来，黄金价格持续上涨，今年以来黄金价格更是持续大涨，现货黄金价格最高超过每盎司（约等于 31.1034768克）5500美元。日前，虽然经历调整，黄金价格仍处于历史高位。 英皇娱乐酒店在2月4日的公告中表示， 鉴于当前的市场状况以及该贵金属的市场价格目前处于高位水平， 董事认为出售事项对本集团而言为一个良好机会实现和释放该贵金属的价值 ，同时使本集团未来能够节省 与该贵金属相关的保安及保险费用。 英皇娱乐酒店表示，所得款项净额将 ...

2月5日，中国机械工业联合会发布数据显示，2025年，机械工业规模以上企业增加值同比增长8.2%，增速 高于全国工业和制造业2.3和1.8个百分点。实现营业收入33.2万亿元，总量创新高。实现利润总额1.7万亿 元，增速由上年的下降转为增长，同比增长5.9%。 中国机械工业联合会副会长叶定达表示，2025年机械工业经济运行呈高位趋缓、稳中有进态势，行业表现出向 新、向优的特点。2026年支撑行业高质量发展的有利条件也在不断积累和增多，预计行业全年主要指标增速在 5.5%左右。 营收利润双增，外贸格局不断优化 2025年，机械工业经济运行呈高位趋缓、稳中有进态势。全年机械工业规模以上企业增加值同比增长8.2%。 主要涉及的五个国民经济行业大类增加值均实现增长。其中，汽车制造业继续发挥引领作用，增速达11.5%； 电气机械和通用设备制造业保持较高增长水平，分别增长9.2%和8.0%；专用设备和仪器仪表制造业运行平 稳，分别增长4.3%和6.1%。 在"两重""两新"等政策带动下，机械工业产销形势整体好于上年。重点监测的122种主要机械产品中，85种产 品产量同比增长，较上年增加13种，增长面69.7%。特别是汽车 ...

Core Viewpoint - The Shanghai Futures Exchange announced adjustments to the price limits and margin requirements for various futures contracts, effective February 9, 2026, aiming to balance liquidity and risk in the market [1][2]. Group 1: Adjustments to Futures Contracts - The price limit for silver futures will be set at 20%, with a general margin requirement of 22% [2]. - For copper, aluminum, lead, and zinc futures, the price limit will be adjusted to 10%, with a general margin requirement of 12% [2]. - Other metals such as nickel and tin will have a price limit of 12% and a general margin requirement of 14% [2]. Group 2: Market Impact and Investor Behavior - The adjustments are expected to stabilize the market and attract funds towards industrial clients and professional institutions, which focus on long-term hedging rather than short-term speculation [3]. - On February 5, significant capital outflows were observed in the copper market, with over 15.2 billion yuan leaving the commodity futures market, and nearly 5 billion yuan specifically from copper [4]. Group 3: Copper Market Dynamics - The copper price has been cautious due to rising global visible inventories, fluctuating around the 100,000 yuan mark for over half a month [5]. - The China Nonferrous Metals Industry Association has emphasized strengthening copper strategic reserves, which may stabilize copper prices in the long term [5]. - The introduction of a dual reserve model for copper and copper concentrate is expected to enhance China's bargaining power against international mining giants and address supply disruption risks [5].