Core Viewpoint - The global semiconductor industry is experiencing a significant surge in demand, driven by the AI wave, as evidenced by South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [1][3]. Group 1: Semiconductor Export Growth - South Korea's semiconductor exports in January 2026 reached $20.5 billion, marking a 102.7% year-on-year increase and the second-highest monthly record in history [3]. - The overall export value for South Korea in January increased by 33.9% year-on-year to $65.85 billion, setting a historical record for the same period [3]. - The trade surplus for South Korea in January was $8.7 billion, with a continuous surplus for 12 months [3]. Group 2: Price Increase in Semiconductor Industry - A price increase trend is emerging in the semiconductor industry, with companies like Yingjixin announcing price hikes for certain products due to rising upstream costs [6]. - Zhongwei Semiconductor and Guokaiwei have also issued price increase notices, with increases ranging from 15% to 80% for various products [7]. - Analysts predict that the price increase trend for domestic chips will continue into the first half of 2026, with potential for more companies to follow suit [7]. Group 3: Supply and Demand Dynamics - The global trend of major companies focusing on high-end AI chips will not change in the short term, leading to a continued shortage of general-purpose chip capacity until 2027 [7]. - The demand for AI chips and storage chips is surging due to the expansion of AI data centers by major cloud service providers, resulting in shortages and price increases for server CPUs from leading manufacturers like Intel and AMD [7]. - According to招商证券, the overall supply of global storage is expected to remain tight throughout 2026, with AI demand growth outpacing capacity expansion [8].

多家银行发文提示风险。 2月1日，工商银行通过"工银金行家"公众号发布关于进一步做好贵金属市场风险防范的提示。 工商银行称，近期国内外贵金属价格波动剧烈，市场不确定性显著增强。建议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。建议从中长期视角考虑，坚持分批分散、适度均衡的原则进行投 资配置。请密切关注行情变化，合理控制持仓规模，有效防范市场波动风险。 此前，工商银行还分别在1月29日及30日发布风险提示称，国际市场复杂多变，贵金属价格波动剧烈，建议投资者理 性投资。 当地时间1月30日， 贵金属市场全线暴跌。现货白银、COMEX白银跌超25%，铂金、钯金期现均跌超 10%，黄金现货跌超9%，COMEX黄金跌超8%。此外，有色金属亦普遍下跌，LME锡跌超8%，LME 铜、LME镍跌超4%。 更早前，1月30日，建设银行发布公告称，自2月2日9:10起，个人黄金积存业务定期积存起点金额（包括日均积存及 自选日积存）上调至1500元。该行后续将持续关注黄金市场变动情况，适时对上述起点金额进行调整。 建设银行还表示，近期国内外贵金属价格波动加剧，市场风险提升。请客户增强贵金属业务的风险 ...

关注一下美伊最新局势。 图片来源：央视新闻 当地时间2月1日，伊朗最高领袖哈梅内伊在会见民众时向美国发出严正警告。他表示："美国人应当清楚，如果他们挑起战争，这一次将不再是局限于一 地的冲突，而将是一场全地区性的战争。" 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 稍早前，美国总统特朗普1月31日称，伊朗正"严肃地"与美国对话，他不能透露是否已就对伊行动作出最终决定。 特朗普当天在总统专机"空军一号"上作出上述表态。被问及是否已就对伊行动作出最终决定时，特朗普称不能透露，但"我们有非常强大的船舰正在驶向 伊朗"。 特朗普还称希望能够谈判达成一项双方都能接受、"令人满意"的协议，确保伊朗不拥核。 综合自：央视新闻 责编：李丹 校对：盘达 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 同日，伊朗伊斯兰革命卫队副总司令瓦希迪（Vahidi）准将就地区局势发表强硬表态。他强调，伊朗武装部队目前的动员能力与战斗准备，已远超此前伊 以"12日战争"时期的水平。 瓦希迪明确表示，敌方在地区内的一举一动都在伊朗的全面监 ...

重点关注 锋龙股份（002931）2月1日晚间公告称，停牌期间，公司就股票交易波动情况进行了核查。目前，相关核查工作已完成，公司股票自2 月2日起复牌。公司股票自2025年12月25日至2026年1月23日已连续17个交易日涨停，价格涨幅为405.74%。 同日，嘉美包装（002969）公告称，公司股票自2025年12月17日至2026年1月23日期间价格涨幅为408.11%，已背离公司基本面。停 牌期间，公司就股票交易波动情况进行了核查。相关核查工作已完成。公司股票自2月2日起复牌。 宏观•要闻 统计局最新发布，重要经济数据出炉 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示，1月份，制造业采购经理指数（制造业PMI）、非制 造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。不过，价格指数 释放积极信号，1月份，主要原材料购进价格指数和出厂价格指数双双回升，其中出厂价格指数近20个月来首次升至临界点（50%）以上。同时，新动能 延续扩张态势，金融业商务活动指数较上月和去 ...

Core Viewpoint - The announcement from the State Taxation Administration clarifies the management of value-added tax (VAT), particularly regarding the threshold standards and tax incentives, aiming to enhance tax efficiency and fairness in the system [1]. Group 1: VAT Threshold Adjustments - The threshold for individual taxpayers under the VAT system has been raised from 500 yuan to 1000 yuan per transaction, effective this year [1]. - Specific scenarios, such as renting out real estate or selling scrapped products through "reverse invoicing," will not apply to the 1000 yuan threshold but will instead follow a monthly sales threshold of 100,000 yuan [1]. Group 2: Small-scale Taxpayer Benefits - Small-scale taxpayers can choose to forgo tax exemptions for all or part of their taxable transactions if their sales do not reach the threshold, allowing them to issue VAT special invoices [2][3]. - This flexibility is primarily aimed at meeting the needs of downstream customers who require VAT special invoices for input tax deductions [2].

中东突发。 加沙地带民防部门1月31日发表声明说，以色列自当天凌晨起对加沙多地的空袭已造成32人死亡。巴勒斯坦伊斯兰抵抗运动（哈马斯）说，以方对其"违反 停火协议"的指控是"无稽之谈"。 据加沙民防部门声明，搜救行动已结束，32人在以军行动中丧生，其中大部分为妇女和儿童。 哈马斯发言人哈齐姆·卡西姆在另一份声明中说，以色列国防军声称轰炸加沙是对哈马斯违反停火协议的回应，这种说法纯属"无稽之谈"，是其屠杀平民 的"拙劣借口"。此类毫无事实根据的指控，反映出以方对协议斡旋方、担保方乃至所谓"和平委员会"各参与方的公然蔑视。 声明呼吁国际社会、联合国及相关人权组织明确谴责以色列的屠杀行径，采取切实措施予以制止并追究其责任，以防止今后再次发生针对平民的杀戮并维 护停火协议的有效性。 卡塔尔谴责以色列一再违反加沙停火协议 卡塔尔外交部1月31日发表声明，强烈谴责以色列在加沙地带一再违反停火协议。 声明说，以方有关行为已造成多人伤亡，是危险的升级举动，可能进一步激化局势，并削弱本地区和国际社会为恢复加沙地带稳定所作的努力。 声明指出，以军当天空袭住宅楼、避难中心和民事警察站，造成大量人员死亡，其中包括妇女和儿童。声明表示 ...

1月30日，王石视频号发布骑行视频。王石在发布的骑行视频中专门标注了时间为1月30日，当日他在深圳马峦山骑行14.44公里，历时两个小时。 同日，王石朋友圈转发视频，并发文称："现实与魔幻(02)01月30日晨，深石集团总办团建——公路/山地自行车20公里⋯⋯手机在自行车赛装的后背袋， 行进中，手机像失控的震颤，没有理睬⋯⋯结束行程，一身臭汗，岂一个'爽'了得！打开手机，喔，这么多哥们儿短信！简单的问询：你在哪？！明白 了，被老友记惦记着，谢！" 2月1日消息，近日，王石在朋友圈和视频主页更新了最新动态，疑似回应失联传闻。 市场数据显示，在业绩仍面临严峻考验下，万科在去年保质交付房屋11.7万套，经营服务业务营收保持稳健，积极推动开发业务的降本增效，实现开发业 务管理费用连续两年下降。据了解，万科在2025年已完成近两年需交付量约70%，交付高峰期已过，后续交付压力将显著下降。 此外，近日，备受市场关注的万科在债务化解方面接连取得一些进展。1月27日，万科宣布旗下"22万科MTN004"和"22万科MTN005"两笔中期票据的展期 方案，也在持有人会议上获得100%表决通过。至此，万科于2025年末首批开始寻 ...

Core Viewpoint - The article emphasizes the importance of avoiding risky investment behaviors and highlights the principle of missing out on opportunities rather than making wrong investment decisions [2]. Group 1: Investment Risks - Recent declines in commercial aerospace, AI applications, and robotics stocks have exceeded 40% from their peaks, indicating potential financial disasters for investors who used leverage or bought into unfamiliar assets [2]. - Prominent financial influencers have faced penalties for promoting speculative investments, leading to significant losses for investors who followed their advice [2]. - Investors are advised to create a negative checklist to avoid known risks, focusing on what not to do rather than what to do [2]. Group 2: Wealth Accumulation - The pursuit of quick wealth is discouraged, as it often leads to gambling-like behavior rather than sound investment practices [3]. - Wealth accumulation requires time, patience, knowledge, discipline, and hard work, and those promoting easy riches should be approached with caution [3]. - The article references Charlie Munger's view that seeking quick wealth can lead to negative traits like jealousy and arrogance, resulting in poor investment decisions [4]. Group 3: Common Investment Mistakes - Avoid trying to discover the next big company like Microsoft; instead, focus on reliable companies whose stock prices are undervalued [5]. - The belief that "this time is different" in the market is a costly lesson, as historical patterns tend to repeat themselves [6]. - Investors should not let personal preferences for a company's products cloud their judgment regarding its profitability [6]. - Panic selling during market downturns is discouraged, as stocks are often most attractive when no one wants to buy them [6]. - Timing the market is deemed an investment myth, with no strategy consistently predicting the best times to buy or sell [7]. - Valuation should not be overlooked; investments should be based on current value rather than speculation on future buyers [7]. - Cash flow analysis is crucial for assessing a company's financial health, as it provides a clearer picture than earnings figures alone [7].

Core Insights - The article highlights the recent institutional investor research activities involving 113 listed companies, with notable stock performance from companies like Kewen Technology and Hason Co., which saw increases exceeding 30% [3]. Group 1: Shanghai Bank - Shanghai Bank received the highest number of institutional investor visits last week, with 75 institutions participating, focusing on the bank's credit deployment plans for the new year [5]. - The bank's management indicated an improvement in the quantity and quality of its "New Year Red" credit projects, particularly in retail credit, emphasizing housing and automotive sectors [5]. - The bank anticipates a slight decline in net interest margin due to expected decreases in both loan and deposit pricing, influenced by market competition and the ongoing repricing of existing assets [5]. Group 2: Tainkang - Tainkang was visited by 57 institutional investors, with a focus on its upcoming product approvals and commercialization strategies [7]. - The company announced significant revenue targets for 2026-2028, aiming for 1 billion, 1.5 billion, and 2 billion respectively, with profit targets of 300 million, 500 million, and 800 million [7][8]. - Tainkang plans to leverage existing products and new approvals to achieve substantial revenue growth, particularly with its unique formulations expected to dominate the market [8]. Group 3: Bee Assistant - Bee Assistant also received 57 institutional visits, with a focus on its developments in AI applications and commercial aerospace [8]. - The company is positioning itself in the aviation internet sector, aiming to enhance communication services and follow advancements in low-orbit satellite technology [8]. Group 4: ST Jingji - ST Jingji engaged with 48 institutional investors, reporting significant breakthroughs in the North American market as a core equipment supplier for photovoltaic components [10]. - The company is preparing for advancements in space photovoltaic technology, having made technical reserves in response to emerging opportunities in this field [10][11]. - ST Jingji emphasizes the importance of lightweight and flexible solar technology for space applications, aligning its R&D efforts with these requirements [11].

此外，特朗普1月31日还称，伊朗正"严肃地"与美国对话，他希望能达成双方都能接受的协议。 伊朗最高国家安全委员会秘书、最高领袖顾问拉里贾尼1月31日晚在社交媒体发文，称"与人为制造的媒 体战氛围相反，谈判架构正在逐步形成"。国际媒体对此普遍解读为，伊朗朝与美国开始谈判的方向取 得进展。 重大进展。 美国总统特朗普1月31日称，围绕格陵兰岛的谈判已经开始，他认为即将达成一致。 格陵兰岛自治政府总理延斯·弗雷德里克·尼尔森在格陵兰广播公司30日播发的采访中说，尚未达成有关 格陵兰岛的任何协议，局势仍充满挑战。 格陵兰岛是世界第一大岛，也是丹麦自治领地，有高度自治权，国防和外交事务由丹麦政府掌管。特朗 普自2025年上任以来多次以所谓"国家安全"为由扬言要得到格陵兰岛。 同日，特朗普谈及古巴时说，他认为将达成协议。 当前，古巴和美国关系处于高度紧张状态。1月3日，美国对委内瑞拉发动大规模军事打击。特朗普随后 暗示，古巴可能成为美国下一个关注目标。特朗普1月29日签署行政令，威胁对向古巴提供石油国家的 输美商品加征从价关税。1月30日，古巴外交部长罗德里格斯回应特朗普签署行政令，指美方最新举动 威胁整个国际社会，古巴 ...