2026年2月3日星期二 ➢ 美制造业意外扩张；华府降印度关税。 A股大跌，将近吞没1月以来涨幅。上证 指数跌2.48%报4015.75点，深证成指跌 2.69%，创业板指跌2.46%。电网股抗跌。 港股跳水，香港恒生指数收跌2.23%报 26775.57点，恒生科技指数重挫3.36%， 恒生中国企业指数跌2.54%。贵金属暴跌。 大市成交额3478.857亿港元。外盘方面， 欧洲主要股指收盘全线上涨，美国三大 股指全线收涨，道指涨1.05%报49407.66 点，标普500指数涨0.54%报6976.44点， 纳指涨0.56%。美国制造业扩张速度创 2022年以来最快。特朗普将印度关税从 25%大幅下调至18%，并宣布启动战略性 关键矿产储备项目。 资料来源：彭博 | 26775.57 | -2.23 | 4.47 | | --- | --- | --- | | 9080.19 | -2.54 | 1.87 | | 5526.31 | -3.36 | 0.19 | | 119.06 | 0.42 | -3.56 | | 4015.75 | -2.48 | 1.18 | | 13824.35 | -2.69 ...

2026年1月30日星期五 ➢ 美国敦促人民币升值；中英达成多项积 极成果。A股坚挺。上证指数收涨0.16% 报4157.98点，深证成指跌0.3%，创业板 指跌0.57%。贵金属、采掘行业、酿酒涨 幅居前。港股持续上涨，香港恒生指数 收涨0.51%报27968.09点；恒生科技指数 跌1%，恒生中国企业指数涨0.42%。保险、 地产、油气领涨。大市成交额3319.942 亿港元。外盘方面，欧洲三大股指收盘 涨跌不一，美股三大指数收盘涨跌不一， 道琼斯工业指数上涨0.11%，标普500指 数跌0.13%报6969.01点，纳斯达克指数 跌0.72%。美国财政部称人民币被严重低 估，敦促中国允许本币及时升值。中英 达成多项积极成果，包括增设在英人民 币清算行。 | 27968.09 | 0.51 | 9.12 | | --- | --- | --- | | 9552.58 | 0.42 | 7.17 | | 5841.10 | -1.00 | 5.89 | | 117.52 | 0.19 | -4.81 | | 4157.98 | 0.16 | 4.77 | | 14300.08 | -0.30 | 5.73 ...

Market Performance - The Shanghai Composite Index rose by 0.16% to 4157.98 points, while the Shenzhen Component fell by 0.3% and the ChiNext Index dropped by 0.57%[1] - The Hong Kong Hang Seng Index increased by 0.51% to 27968.09 points, with the Hang Seng Tech Index declining by 1% and the Hang Seng China Enterprises Index rising by 0.42%[1] - The total market turnover in Hong Kong was 3319.942 million HKD[1] Currency and Economic Relations - The U.S. Treasury Department labeled the Chinese yuan as "severely undervalued" and urged China to allow timely appreciation of its currency[12] - China and the UK reached several positive outcomes during Prime Minister Keir Starmer's visit, including the establishment of a yuan clearing bank in the UK[12] Corporate Earnings - Apple reported a record quarterly revenue of 143.8 billion USD, exceeding Wall Street expectations, with a 38% increase in revenue from China[12] - The anticipated net profit for Sunny Optical Technology is expected to increase by 70% to 75%, reaching approximately 4.589 to 4.724 billion RMB[14] - Baidu's expected net profit for the year is projected to increase by 384% to 443%[14] Commodity Market Trends - Gold prices fell from above 5500 USD per ounce, experiencing a significant drop of 5.7% in a single day due to profit-taking and a stronger dollar[12] - Copper prices surged by 10.1%, reaching a historic high of over 14,400 USD per ton, driven by speculative trading in China[12]

2026年1月29日星期四 ➢ 美联储按兵不动；特朗普警告伊朗。A 股震荡，略微收涨。上证指数上涨0.27% 报4151.24点，深证成指涨0.09%，创业 板指跌0.57%。贵金属、采掘行业、有色 均涨幅居前。港股放量上涨，恒生指数 收涨2.58%报27826.91点，创2021年8月 以来新高；恒生科技指数涨2.53%，恒生 中国企业指数涨2.89%。贵金属、油气股 领涨。大市成交额放量至3615.231亿港 元。外盘方面，欧洲主要股指全线下跌， 美国三大股指收盘涨跌不一，道指涨 0.02% 报 49015.6 点 ， 标 普 500 指数跌 0.01%报6978.03点，纳指涨0.17%。美联 储如预期所料按兵不动，上调对经济评 估并称失业率有企稳迹象。特朗普敦促 伊朗达成核协议，否则将发动猛烈打击， 原油应声大涨。 | 27826.91 | 2.58 | 8.57 | | --- | --- | --- | | 9512.24 | 2.89 | 6.72 | | 5900.16 | 2.53 | 6.96 | | 117.30 | -1.35 | -4.99 | | 4151.24 | 0.27 | ...

2026年1月28日星期三 ➢ 特朗普不担心美元跌势；美联储决策日。 A股震荡走强。上证指数收涨0.18%报 4139.9点，深证成指涨0.09%，创业板指 涨0.71%。半导体劲升，光伏午后发力。 港 股反弹 ， 恒 生 指 数 收 涨 1.35% 报 27126.95点，恒生科技指数涨0.5%，恒 生中国企业指数涨1.07%。保险股、黄金 股走强较强。大市成交额2543.726亿港 元。外盘方面，欧洲主要股指收盘涨跌 不一，美国三大股指收盘涨跌不一，道 指跌0.83%报49003.41点，标普500指数 涨0.41%报6978.6点，纳指涨0.91%。特 朗普淡化美元贬值风险，引发美元指数 进一步重挫，欧元兑美元涨破1.2。美联 储周三料暂停降息周期。 | 27126.95 | 1.35 | 5.84 | | --- | --- | --- | | 9244.88 | 1.07 | 3.72 | | 5754.72 | 0.50 | 4.33 | | 118.91 | -0.83 | -3.69 | | 4139.90 | 0.18 | 4.31 | | 14329.91 | 0.09 | 5.95 | ...

Market Performance - The Shanghai Composite Index rose by 0.33% to 4136.16 points, while the Shenzhen Component increased by 0.79% and the ChiNext Index gained 0.63%[1] - The Hang Seng Index closed up 0.45% at 26749.51 points, with the Hang Seng Tech Index rising 0.62% and the Hang Seng China Enterprises Index increasing by 0.51%[1] - The total market turnover in Hong Kong was 240.9 billion HKD[1] Currency and Trade Tensions - The Japanese yen rebounded strongly, nearing the 160 mark against the USD, marking its largest single-day gain since August of the previous year[8] - U.S. President Trump threatened to impose a 100% tariff on all Canadian exports to the U.S. if Canada reaches a trade agreement with China[8] ETF and Market Sentiment - Continuous outflows from broad-based ETFs in China have raised concerns about potential reductions in state-owned fund holdings, leading to increased interest in small-cap stocks[12] - From January 15 to 22, approximately 67.5 billion USD was sold off from 14 ETF products by the central government, indicating a significant market impact[12] Corporate Developments - Dongpeng Beverage plans to raise up to 10.141 billion HKD through an IPO, with a share price set at 248 HKD, representing a 12.5% discount compared to its A-share price[10] - BYD aims for overseas sales of 1.3 million vehicles in 2026, a nearly 24% increase from last year's 1.05 million deliveries[14]

Market Overview - A-shares showed significant selling pressure towards the end of the trading session, with the Shanghai Composite Index closing up 0.08% at 4116.94 points, the Shenzhen Component rising 0.7%, and the ChiNext Index increasing by 0.54%[1] - The Hong Kong Hang Seng Index rose 0.37% to 26585.06 points, with the Hang Seng Tech Index up 1.11% and the Hang Seng China Enterprises Index up 0.31%[1] - The total market turnover in Hong Kong was 2504.514 million HKD[1] International Developments - U.S. stock indices closed higher, with the Dow Jones up 1.21%, the S&P 500 rising 1.16% to 6875.62 points, and the Nasdaq increasing by 1.18%[1] - President Trump announced a framework agreement regarding Greenland, retracting the threat of tariffs on eight European countries, which led to a rebound in U.S. stock, bond, and currency markets[1][13] - U.S. Treasury Secretary Becerra expressed anticipation for a quick meeting with Chinese Vice Premier He Lifeng to discuss economic agreements[1][13] Trade Relations - The European Parliament indefinitely postponed the vote on the U.S.-EU trade agreement until the U.S. returns to a cooperative stance, following Trump's threats regarding tariffs[13] - The European Commission is considering countermeasures against U.S. goods worth 930 billion euros (approximately 1.09 trillion USD) if necessary[13] Corporate Developments - China Galaxy received approval from the China Securities Regulatory Commission to issue up to 5 billion RMB in technology innovation bonds[15] - Huatai Securities raised 7.5 billion RMB through the issuance of subordinated bonds, with a minimum coupon rate of 1.99%[15] - The PCB equipment manufacturer Dazhu CNC reported a 144% year-on-year increase in net profit for the first ten months of the previous year[11]

Market Performance - The Shanghai Composite Index closed up 0.08% at 4116.94 points, while the Shenzhen Component rose 0.7% and the ChiNext Index increased by 0.54%[1] - The Hong Kong Hang Seng Index gained 0.37% to close at 26585.06 points, with the Hang Seng Tech Index up 1.11% and the Hang Seng China Enterprises Index up 0.31%[1] - The total market turnover in Hong Kong was 2504.514 million HKD[1] International Developments - U.S. President Trump announced a framework agreement regarding Greenland, retracting the threat of tariffs on eight European countries, which had previously been set to take effect on February 1[1][13] - The U.S. Treasury Secretary expressed anticipation for a quick meeting with Chinese Vice Premier He Lifeng, indicating ongoing discussions about the U.S.-China economic agreement[1][13] Economic Indicators - The U.S. Dow Jones Industrial Average rose by 1.21%, the S&P 500 increased by 1.16% to 6875.62 points, and the Nasdaq Composite gained 1.18%[1] - In China, the GDP growth rate for Q4 was reported at 4.5%, slightly below the expected 4.8%[18] - China's industrial output for December increased by 5.2% year-on-year, surpassing the forecast of 4.8%[18]

Core Insights - The report highlights the significant fluctuations in the Japanese bond market, with calls from the Japanese Finance Minister for investors to remain calm amid a sell-off that has affected U.S. bonds as well [8][12] - China has introduced a series of policy measures aimed at boosting investment and consumption, including a special guarantee plan worth 500 billion RMB (approximately 72 billion USD) to encourage private enterprises to borrow and expand their businesses [8][12] Market Performance - The Shanghai Composite Index closed at 4113.65 points, down 0.01%, while the Shenzhen Component fell by 0.97% and the ChiNext Index dropped by 1.79% [1][5] - The Hang Seng Index ended at 26487.51 points, down 0.29%, with the Hang Seng Technology Index declining by 1.16% and the Hang Seng China Enterprises Index falling by 0.43% [1][5] - U.S. markets also experienced declines, with the Dow Jones Industrial Average down 1.76% at 48488.59 points, the S&P 500 down 2.06% at 6796.86 points, and the Nasdaq down 2.39% [1][5] Company Developments - China’s leading PCB equipment manufacturer, Dazhu CNC, reported a 144% year-on-year increase in net profit for the first ten months of the previous year, with revenues rising by 64.4% [10] - Junlebao Dairy, a comprehensive dairy company in China, submitted its listing application to the Hong Kong Stock Exchange, reporting a nearly 30% increase in net profit for the first nine months of the previous year [10] - Muyuan Foods, a major pig farming and pork production company in China, is reportedly planning to raise up to 11.7 billion HKD (approximately 1.5 billion USD) through a Hong Kong IPO [10] - Shanghai Shangmi Technology is expected to launch an IPO in February, aiming to raise around 12 billion HKD (approximately 1.5 billion USD) [10] Economic Indicators - China's GDP growth for the fourth quarter was reported at 4.5%, with a year-to-date growth of 5.0% [16] - The retail sales of consumer goods in China for December showed a year-on-year increase of 0.9%, while industrial value-added output rose by 5.2% [16]

Market Performance - The Shanghai Composite Index rose by 0.29% to close at 4114 points, while the Shenzhen Component increased by 0.09%[1] - The Hang Seng Index fell by 1.05% to 26563.9 points, with the Hang Seng Tech Index down 1.24% and the Hang Seng China Enterprises Index down 0.94%[1] Economic Developments - The European stock indices closed lower due to the Martin Luther King Jr. Day holiday in the U.S., which saw stock and bond markets closed[1] - French President Macron is seeking to activate the EU's anti-coercion tool in response to U.S. tariff threats, while German Chancellor Scholz remains cautious[1][11] Political Updates - Japanese Prime Minister Kishi confirmed an early election on February 8, promising to reduce the food consumption tax to zero for two years to strengthen the ruling coalition's position[1][11] Corporate News - Micron Technology reported an unprecedented memory shortage driven by AI demand, indicating that the supply tightness will persist beyond this year[11] - The International Monetary Fund (IMF) slightly raised its global economic growth forecast to 3.3% for this year, up from 3.1% previously, but warned of risks from AI and trade tensions[11] Investment Insights - German government plans to open a €3 billion electric vehicle subsidy program to all manufacturers, including Chinese brands, to boost the struggling automotive market[11] - The Chinese snack retailer "Ming Ming Hen Mang" plans to raise up to HKD 3.34 billion through an IPO, with significant backing from major investors like Tencent and Temasek[10]