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]

在AI需求驱动下，2025年通富微电业绩大增。伴随下游持续旺盛，通富微电还计划定增募资44亿元，扩大半导体封测产能。 在AI需求持续火热的背景下，通富微电能否借助定增扩产让公司业绩持续提升？ 深度绑定AMD，业绩持续爆发 1月20日，通富微电发布了2025年业绩预告，2025年由于下游需求旺盛，公司实现归母净利润11亿元至13.5亿元，归母净利润增幅将达到62.34%至 99.24%，实现扣非后净利润7.7亿元至9.7亿元。 公司业绩提升与公司核心客户AMD（超威半导体）需求旺盛有很大关系。2025年11月4日，国际芯片巨头AMD发布了2025财年第三季度财报。 2016年1月，受AI需求驱动，下游存储芯片、AI芯片等产品需求大增，导致下游封测厂商产能紧张。因此，国际封测厂商巨头正在酝酿涨价。 在涨价预期带动下，半导体封测企业股价轮番大涨，国内芯片封测巨头通富微电也不例外，自2026年1月14日以来，公司股价累计涨幅近20%。 事实上，自2025年4月低点以来，通富微电股价涨超100%。公司股价持续上涨，与其火爆的业绩有很大关系。 图 / AMD官网 该财季，AMD实现营业收入92.46亿美元，同比增长36% ...

Core Viewpoint - The semiconductor sector experienced a decline following a significant drop in AMD's stock price, which fell over 16%, marking its largest decline since 2018 due to disappointing earnings and concerns about AI's impact on software and data companies [1] Group 1: Market Reaction - Hong Kong stocks in the semiconductor sector fell, with notable declines including Hua Hong Semiconductor down over 6%, Shanghai Fudan down 4%, and Zhaoyi Innovation down 3.88% [1] - Other companies such as SMIC and Jingmen Semiconductor also saw declines exceeding 3%, indicating a broader market reaction to AMD's performance [1] Group 2: Investor Concerns - Investors are increasingly worried that advancements in artificial intelligence may undermine the profitability of companies focused on coding, databases, and IT services [1] - Recent developments, such as the launch of new tools by Anthropic, have intensified these concerns among investors [1]

市场各方对两大事件的解读分歧显著，中立呈现多元博弈态势。对于AMD，乐观派认为，其第四季度核心业务表现强劲，数 据中心业务需求持续增长，新一代AI芯片量产後有望实现突破，当前大跌是短期估值回调，过度反应了业绩指引的小幅不及预 期；谨慎派则认为，AMD高估值已充分透支AI增长预期，运营成本高企、AI业务短期动能不足、行业竞争劣势等问题短期难 以缓解，后续股价仍有回调压力。 对于小非农不及预期，乐观派表示，此次数据疲软或为短期波动，教育医疗行业的强劲表现仍能提供支撑，劳动力市场未出现 实质性衰退信号，不会改变美联储的政策大方向；谨慎派则指出，这是美国经济放缓的明确预警，劳动力市场降温将逐步传导 至消费与投资领域，可能倒逼美联储调整政策节奏，而宏观经济的疲软也将进一步影响科技行业的长期需求。 与AMD大跌并行的是美国"小非农"数据的不及预期，反映出美国劳动力市场的持续降温。数据显示，1月美国私营部门仅新增 2.2万个就业岗位，不仅低于市场预期，也低于去年12月经下修后的3.7万个，若剔除教育与医疗服务行业新增的7.4万个岗位， 私营部门整体就业甚至可能出现负增长。从行业分布来看，制造业减少0.8万人，专业及商业服务 ...

Core Viewpoint - The semiconductor sector is experiencing a significant downturn, with major companies' stocks declining sharply following AMD's disappointing guidance for the first quarter of 2025 despite strong fourth-quarter revenue performance [1] Group 1: Stock Performance - Semiconductor stocks are all down, with Huahong Semiconductor falling by 5.37% to HKD 96.9, GigaDevice down 4.34% to HKD 291.2, SMIC down 3.85% to HKD 66.1, and Shanghai Fudan down 3.76% to HKD 46.08 [1] - AMD's stock plummeted by 17.31%, marking its largest single-day drop since May 2017 [1] Group 2: AMD's Financial Results - AMD reported over USD 10 billion in revenue for the fourth quarter of the previous year, achieving a year-on-year growth rate exceeding 30% [1] - Earnings per share (EPS) growth has slowed but exceeded analyst expectations by nearly 16% [1] Group 3: Market Reaction - Following AMD's decline, major memory chip manufacturers also saw significant drops, with SanDisk down 15.95% and Micron Technology down 9.55% [1] - On February 5, the Japanese and Korean stock markets opened lower, with Samsung Electronics and SK Hynix both dropping over 4%, and SoftBank Group's stock falling more than 6% [1]

高盛发表研报指，在伺服器市占率提升、MI400系列产品量产推动下，AMD的 数据中心业务将在今年 持续保持稳健增长动能。但因集团在AI基础设施建设方面投入大量软体和系统资金，认为其短期营运 杠杆有限。高盛维持对该股"中性"评级及目标价210美元。若高盛在未来几季对收入来源与执行时间表 有更大信心，可以考虑转为更积极的看法。该行又将集团2026至2028年的每股盈利预测平均下调4%， 主要反映营收较预期高，但营运支出也高于其先前假设的情况。 ...

3 February 2026 | 8:31PM EST Equity Research Advanced Micro Devices Inc. (AMD): Strong quarter given constructive Datacenter trends, but near-term operating leverage is limited Key stock takeaways: We expect the stock to trade down following a strong revenue quarter and guidance driven by upside in the Datacenter segment, offset by significantly higher-than-expected OpEx guidance. We believe investors were constructively positioned heading into the report given optimism around market strength and share gain ...

美东时间周三，美股三大指数收盘涨跌不一，仅道指飘红小幅上涨，纳指、标普指数、 中概股指数集体下跌。 科技股全线重 挫， 芯片股集体大跌，费城半导体指数一度暴跌超6%，AI算力芯片公司AMD暴跌超17%，"存储四巨头"集体大跌， 闪迪暴跌 超15%，美光科技跌超9%。另外，AI应用股AppLovin、Palantir均跌超10%。 来源：中国经济网微信综合券商中国、21世纪经济报道等 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49501.30 | 22904.58 | 6882.72 | | +260.31 +0.53% -350.61 -1.51% | | -35.09 -0.51% | | 美国科技七巨头 | | 中国金龙 | | 64399.36 | 4085.64 | 7461.61 | | -862.73 -1.32% -117.72 -2.80% -148.40 -1.95% | | | 有分析指出，AMD的财报指引不及分析师的高预期是芯片股大跌的"导火索"。另外，软件板块掀起的抛售持续蔓延加剧了市场 担忧情绪。对此，英伟达公司首席执行官黄仁勋 ...

Group 1: Tesla Trade - Ark Invest's ARK Space & Defense Innovation ETF acquired 35,766 shares of Tesla, valued at approximately $14.5 million based on a closing price of $406.01 [2] - Tesla's stock is facing pressure due to declining demand in Europe, with sales in France dropping 42% last month, marking the lowest sales in over three years [2] Group 2: AMD Trade - AMD's recent earnings surpassed Wall Street expectations by $600 million, yet the stock experienced a significant selloff, losing over $30 billion in market value [3] - The selloff was attributed to market recognition rather than panic [3] Group 3: Other Trades - Significant trades were also executed involving CoreWeave Inc. and Pinterest Inc., although specific details were not provided in the article [4]

各位朋友早上好，我是帮主。隔夜美股，又给我们上演了一出标准的"人格分裂"大戏。你瞧，道琼斯指 数逆势上涨了0.53%，而代表科技的纳斯达克指数却暴跌了1.51%，标普500也连跌两日。这种分裂背 后，远不止是板块轮动那么简单，而是市场正在对两个核心问题投下严肃的投票：第一，科技股的业 绩"神话"还能持续多久？ 第二，美国经济的"发动机"是不是真的在失速？ 这两个问题，对我们理解全 球资金接下来的流向至关重要。 我们先看第一个问题，关于科技股的"信仰考验"。导火索是明星芯片公司AMD，因为一季度业绩展望 不及预期，股价单日重挫超过17%，并拖累了整个半导体板块。这背后传递出一个关键信号：市场对AI 的热情，正从去年"只要是AI概念就买"的狂热期，进入一个 "严苛筛选期"。就像一位投资主管说 的，"市场开始对人工智能领域的胜负者进行区分"。大家不再为遥远的梦想集体买单，而是瞪大了眼 睛，审视每一份财报里的具体数字：你的AI产品到底带来了多少实际收入？增长能不能持续？任何一 点疑虑，都可能引发剧烈的抛售。这种情绪，已经从软件股蔓延到了硬件股。 但比AMD暴跌更值得关注的，是第二个"经济警报"。昨天公布的美国1月AD ...