Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

Group 1 - The core viewpoint of the article is that ZTO Express plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, which may lead to a resumption of its buyback program during the upcoming earnings release [1] - ZTO Express has a remaining buyback capacity of $700 million until September 2025, indicating potential for future share repurchases [1] - The report suggests that low interest rates and reasonable premiums can fully offset any potential dilution effects from the issuance of convertible notes, leading to a mildly positive outlook on the issuance [1] Group 2 - ZTO Express reported a preliminary performance for 2025, with package volume growth of 13.3%, aligning with expectations [1] - The company's revenue is projected to be between 48.5 billion and 50 billion yuan, with gross profit estimated between 12.15 billion and 12.55 billion yuan, both of which are roughly in line with expectations from the bank and the market [1] - The bank maintains a "Buy" rating for ZTO Express on the US stock market, with a target price set at $22.6 [1]

每经AI快讯，中通快递-W(02057.HK)涨近3%，截至发稿，涨2.74%，报184港元，成交额3.21亿港元。 （文章来源：每日经济新闻） ...

2月5日，中通快递-W拟溢价约37.5%发行15亿美元票据。花旗指出，由于截至2025年9月尚余7亿美元股 份回购额度，公司可能于近期业绩发布时重启回购计划。该行认为，低利率和合理溢价可完全抵销潜在 稀释影响，对发行可换股票据看法轻微正面。此外，中通快递公布2025年初步业绩，包裹量增长 13.3%，符合该行预期，营收区间为485-500亿元人民币，毛利介乎121.5-125.5亿元人民币，两者中位均 大致符合该行和市场预期。 消息面上，2月4日，中通快递-W发布公告，本公司估计：2025年，其收入总额介于人民币485亿元至人 民币500亿元，较2024年的人民币442.807亿元增长约9.5%至12.9%；及2025年，其毛利介于人民币121.5 亿元至人民币125.5亿元，较2024年的人民币137.17亿元减少约8.5%至11.4%。收入总额的估计增长主要 受包裹量由2024年的340.1亿件增加至2025年的385.2亿件(同比增长13.3%)所带动。 中通快递-W(02057)涨近3%，截至发稿，涨2.74%，报184港元，成交额3.21亿港元。 ...

智通财经APP获悉，中通快递-W(02057)涨近3%，截至发稿，涨2.74%，报184港元，成交额3.21亿港 元。 2月5日，中通快递-W拟溢价约37.5%发行15亿美元票据。花旗指出，由于截至2025年9月尚余7亿美元股 份回购额度，公司可能于近期业绩发布时重启回购计划。该行认为，低利率和合理溢价可完全抵销潜在 稀释影响，对发行可换股票据看法轻微正面。此外，中通快递公布2025年初步业绩，包裹量增长 13.3%，符合该行预期，营收区间为485-500亿元人民币，毛利介乎121.5-125.5亿元人民币，两者中位均 大致符合该行和市场预期。 消息面上，2月4日，中通快递-W发布公告，本公司估计：2025年，其收入总额介于人民币485亿元至人 民币500亿元，较2024年的人民币442.807亿元增长约9.5%至12.9%；及2025年，其毛利介于人民币121.5 亿元至人民币125.5亿元，较2024年的人民币137.17亿元减少约8.5%至11.4%。收入总额的估计增长主要 受包裹量由2024年的340.1亿件增加至2025年的385.2亿件(同比增长13.3%)所带动。 ...

港股點評 2026年2月5日9:30 a.m 恒指升 12 點，滬指升 51 點，標普 500 跌 35 點 港股表現反覆。恒指低開 37 點，初段曾跌 241 點一度低見 26,593 點，午市曾升 169 點高見 27,004 點，全日升 12 點或 0.05%，收 26,847 點；國指跌 4 點或 0.05%， 報 9,048 點；恒生科指跌 100 點或 1.8%，收 5,366 點。大市全日成交總額降至 2,854.33 億元。 人民銀行 4 日在公開市場開展 750 億元人民幣七天期逆回購操作，操作利率持 平於 1.4%。有 3,775 億元逆回購到期，單日淨回籠 3,025 億元。為保持銀行體系 流動性充裕，人民銀行開展 8,000 億元買斷式逆回購操作，期限為三個月。A 股 三大指數先跌後個別發展，滬指反覆穩升，創板午後跌幅收窄。滬綜指全日收 升 34 點或 0.9%，報 4,102 點，成交 1.06 萬億元。深成指全日收升 29 點或 0.2%， 報 14,156 點，成交 1.42 萬億元。創板指數全日收跌 13 點或 0.4%，報 3,311 點， 成交 6,756 億元。 供應管理 ...

Group 1 - Novo Nordisk's semaglutide sales reached 250.84 billion yuan in 2025, with a year-on-year growth of over 10% [5] - The sales breakdown includes 127.09 billion Danish kroner for Ozempic, 79.11 billion for Wegovy, and 22.09 billion for oral semaglutide [5] - In China, the total sales for all three semaglutide products amounted to 6.81 billion Danish kroner (approximately 7.49 billion yuan) [5] Group 2 - The Hong Kong High Court rejected Xu Jiayin's appeal regarding the appointment of a receiver and ordered him to pay 1.2 million HKD in legal fees by February 20 [6] - The National Healthcare Security Administration is conducting collective interviews with mental health insurance institutions to strengthen management and combat misuse of insurance funds [6][7] Group 3 - Panasonic's CFO announced potential layoffs could expand to 12,000 employees, following a previous plan to cut 10,000 jobs globally [8] - Multiple small and medium-sized banks have announced increases in deposit rates ahead of the Spring Festival, while some banks have opted to lower rates [8] Group 4 - Walmart's market capitalization surpassed 1 trillion USD, with a stock price increase of over 24% in the past year [10] - PayPal announced that Enrique Lores will take over as CEO on March 1, aiming to enhance execution efficiency and advance strategic initiatives [11] Group 5 - AMD reported a fourth-quarter net profit of 2.52 billion USD, with a year-on-year growth of 42% and revenue of 10.27 billion USD, exceeding market expectations [23] - Alphabet's fourth-quarter net profit was 34.455 billion USD, a 29.8% increase year-on-year, with total revenue of 113.83 billion USD [21]

Group 1 - The company, ZTO Express (02057), announced a bond issuance of $1.5 billion at a purchase price of 98.9% of the principal amount, with the initial buyers agreeing to purchase the bonds under certain conditions [1] - The initial conversion price is approximately $30.9473 per share, representing a premium of about 37.5% over the closing price of $22.51 per American Depositary Share on the NYSE on February 3, 2026 [2] - The estimated net proceeds from the bond issuance are approximately $1.404 billion, with the bonds convertible into about 4.84695 million shares, leading to a net price per share of approximately $28.9692 [2] Group 2 - Concurrently with the bond pricing, the company agreed to repurchase approximately 18.2544 million Class A ordinary shares, representing about 2.29% of the total shares outstanding as of February 3, 2026, and about 37.66% of the convertible shares [3]

就票据定价而言，本公司已与一名或多名初始买方及╱或其联属人士及╱或其他金融机构(期权交易对 手)订立限价看涨交易。订立限价看涨交易的限价看涨期权溢价约为7695万美元，占票据本金总额约 5.1%。 于票据定价的同时，本公司同意透过一名联席账簿管理人或彼等各自的联属人士(作为本公司的代理人) 在场外私下协商交易中向若干票据购买者购回约 1825.44万股A类普通股(分别占于2026年2月3日已发行 及发行在外股份数目约 2.29%;及转换股份数目约37.66%)(该等交易称为"同步股份购回")。 初始转换价(可予调整)约为每股转换股份 30.9473美元(相当于约每股241.79港元)，较2026年2月3日(即购 买协议日期前一个交易日)于纽交所的收市价每股美国存托股22.51美元溢价约37.5%(按预设港元汇率转 换); 根据估计所得款项净额约1,404.1百万美元及根据票据可发行的4846.95万股转换股份(不包括调整及补偿 调整)(基于每1000美元本金金额票据32.31万股股份的初始转换率)，预计本公司每股转换股份的净价格 约为28.9692美元。转换股份的总面值为4846.95美元及市值为86.81亿 ...

格隆汇2月5日丨中通快递-W(02057.HK)发布公告，2026年2月4日耗资32.69亿港元回购1825.44万股，回 购价格每股179.1港元。 ...