Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report On February 3, the overall capital market remained stable; the bond market was mainly fluctuating, with short - term bonds being weak and medium - and long - term bonds being slightly strong; the main indexes of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds of different maturities showed divergent trends, and the yields of 10 - year government bonds of major European economies generally increased [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On February 3, the 2026 Central No. 1 Document was released, proposing reforms in rural collective property rights, support for new rural collective economies, and measures to control village - level debt. The central bank will conduct an 800 billion yuan 3 - month term buy - out reverse repurchase operation on February 4, resulting in a net investment of 100 billion yuan. The central bank Shanghai Head Office emphasized continuous financial reform and opening - up, and promoted free - trade zone financial reform [4][5]. - **International News**: On February 3 (local time), the U.S. House of Representatives passed a government funding bill, and the partial government shutdown is expected to end. However, the U.S. Department of Homeland Security only has funds until February 13, and there is still a risk of a more limited funding shortage [7]. - **Commodities**: On February 3, international crude oil and natural gas futures prices rose. WTI March crude oil futures rose 1.72% to $63.21 per barrel, Brent April crude oil futures rose 1.56% to $67.33 per barrel, COMEX gold futures rose 6.94% to $4975.30 per ounce, and NYMEX natural gas prices rose 3.49% to $3.377 per ounce [8]. 3.2 Capital Market - **Open - Market Operations**: On February 3, the central bank conducted a 7 - day reverse repurchase operation of 105.5 billion yuan at a fixed interest rate of 1.40%. With 402 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 296.5 billion yuan [10]. - **Funding Rates**: On February 3, the capital market was generally stable. DR001 decreased by 4.76bp to 1.371%, and DR007 increased by 0.66bp to 1.497%. Other funding rates also showed different degrees of change [11][12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: On February 3, the bond market fluctuated, with short - term interest - rate bonds being weak and medium - and long - term bonds being slightly strong. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.40bp to 1.8110%, and the yield of the 10 - year China Development Bank bond active bond 250215 remained unchanged at 1.9580%. Multiple bonds were issued on the same day, with different issuance scales, winning bid yields, and multiples [14][15]. - **Credit Bonds**: On February 3, there were no credit bond transactions with a price deviation of more than 10%. Several companies had credit - related announcements, including debt repayment difficulties, litigation, debt restructuring, and issuance cancellations [16][18]. - **Convertible Bonds**: On February 3, the A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 1.29%, 2.19%, and 1.86% respectively. The main indexes of the convertible bond market also rose collectively. The trading volume of the convertible bond market was 97.548 billion yuan, an increase of 12.465 billion yuan from the previous trading day. Most convertible bond issues increased. Tomorrow (February 5), Haitian Convertible Bonds will start online subscriptions, and Shangtai Convertible Bonds will be listed [18][19][23]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On February 3, the yields of U.S. Treasury bonds of different maturities showed divergent trends. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield decreased by 1bp to 4.28%. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate increased by 1bp to 2.36% [22][24][25]. - **European Bond Market**: On February 3, the yields of 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield increased by 2bp to 2.89%, and the yields of 10 - year government bonds of France, Italy, Spain, and the UK increased by 1bp, 1bp, 2bp, and 1bp respectively [26]. - **Chinese - Issued U.S. Dollar Bonds**: As of the close on February 3, the prices of Chinese - issued U.S. dollar bonds showed different degrees of change, with some rising and some falling [28].

蔚来(NIO.US)盘前涨2.48%，报4.55美元。消息面上，蔚来旗下乐道汽车全国换电站电池翻倍计划，今 日顺利完成。据悉，本次计划累计向全国换电网络增投8,295块全新电池包，乐道电池包总数已超15,000 块，平均每座换电站储备6—7块电池，全力满足春运高峰期的用户换电需求，并为后续快速增长的用户 规模长期提供便捷的补能体验。(格隆汇) | NIO 蔚来 | | | | --- | --- | --- | | 4 44 1 J -0.110 -2.42% | | 收盘价 02/04 15:59 美东 | | 4.550 t 0.110 +2.48% | | 盘前价 02/05 04:17 美东 | | 二 24 4 5 8 0 月 0 | | ● 快捷交易 | | 最高价 4.545 | 开盘价 4.545 | 成交量 3837.56万 | | 最低价 4.380 | 昨收价 4.550 | 成交额 1.7亿 | | 平均价 4.438 | 市盈率ITM 亏损 | 总市值 109.82亿 (…) | | 振 幅 3.63% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 2.16% | ...

Group 1 - The core viewpoint of the article highlights that U.S. listed Chinese stocks are mostly rising in pre-market trading on February 5, with notable increases in several companies [1] Group 2 - Bilibili saw a rise of 3% [1] - Yum China and NIO both increased by 2% [1] - Alibaba experienced a 2% increase, while Futu Holdings rose by 1% and Pinduoduo saw a slight increase of 0.3% [1]

新浪科技讯 2月5日下午消息，乐道汽车宣布全国换电站电池翻倍计划顺利完成。本次计划累计向全国 换电网络增投8，295块全新电池包，乐道电池包总数已超15，000块，平均每座换电站储备6-7块电池， 满足春运高峰期的用户换电需求。 责任编辑：何俊熹 基于蔚来十年纯电技术与充换电网络的积累，乐道L90、L60已拥有超过13万用户。截至目前，蔚来能 源在全国已布局充换电站8，626座，其中换电站3，728座、充电站4，898座。此外，蔚来能源已布局高 速公路换电站1，019座，平均180公里一座换电站，打通9纵11横16大城市群高速换电网络，连通全国超 550城。 基于蔚来十年纯电技术与充换电网络的积累，乐道L90、L60已拥有超过13万用户。截至目前，蔚来能 源在全国已布局充换电站8，626座，其中换电站3，728座、充电站4，898座。此外，蔚来能源已布局高 速公路换电站1，019座，平均180公里一座换电站，打通9纵11横16大城市群高速换电网络，连通全国超 550城。 责任编辑：何俊熹 新浪科技讯 2月5日下午消息，乐道汽车宣布全国换电站电池翻倍计划顺利完成。本次计划累计向全国 换电网络增投8，295块全新 ...

来源：加电的沈斐 农历新年马上就要到了，向大家汇报一个好消息，乐道全国换电站电池翻倍计划在今天已顺利完成，此次共计新增8,295块全新电池，全国2300多座乐道换 电站电池储备数超过15,000块，站均电池储备数6-7块。春运刚刚开始，我们有信心在今年的春运高峰期为大家提供省时省心的换电服务。 借着这个机会，我也想和大家聊一聊换电站的电池运营管理，让大家对15,000多块电池带来的体验提升有更加具象化的了解，同时，回答一个核心的问题： 一万多块电池是如何服务好十几万用户的？ 15000多块电池，春运够吗？ 乐道用户越来越多，如果换电站的电池数量不变，换电和电池升级的供应能力自然会被稀释。所以，随着用户基数与换电站数量增长，乐道换电站电池的储 量也在持续加码，三者处于动态平衡的状态中，此次电池翻倍计划不是乐道第一次给换电网络"加电"，也不会是最后一次。 本次电池加量完成后，根据综合计算，整个换电网络单日可以给乐道用户进行5.5万次换电。也许大家对这个数字不太感冒，咱们可以换一个计算方式：如 果将春运的高峰期设定为包含春节法定假日及前后5天在内的时间段，则共计19天。按照每天5.5万次换电服务能力计算，整个乐道换 ...

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...

美股三大指数周三收盘涨跌不一，道指涨0.53%，纳指跌1.51%，标普500指数跌0.51%，热门科技股普 遍下跌，AMD跌超17%，英伟达、特斯拉、博通、Meta跌超3%。半导体设备与材料、存储概念股、加 密矿企跌幅居前，闪迪跌近16%，美光科技跌超9%。减肥药概念股、住宅地产涨幅居前，礼来涨超 10%，安进涨超8%。纳斯达克中国金龙指数收跌1.95%，热门中概股普跌，哔哩哔哩跌超6%，百度跌 超4%，阿里巴巴。蔚来、小鹏汽车跌超2%，理想汽车、霸王茶姬涨超1%。 0:00 ...

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]

US stock futures turned lower on Thursday in an apparently fruitless search for a reprieve from a two-day tech sell-off as investors waited for Amazon earnings and assessed Alphabet's big AI spending plans. S&P 500 futures (ES=F) moved roughly 0.6% lower, while those on the Nasdaq 100 (NQ=F) shed 0.9%. Contracts on the Dow Jones Industrial Average futures (YM=F), which includes fewer tech names, edged about 0.3% lower. The market is in the midst of a trillion-dollar tech wipeout, as investors weigh whet ...

NIO Inc. (NIO) closed at $4.44 in the latest trading session, marking a -2.42% move from the prior day. This move lagged the S&P 500's daily loss of 0.51%. On the other hand, the Dow registered a gain of 0.53%, and the technology-centric Nasdaq decreased by 1.51%. Shares of the company witnessed a loss of 4.81% over the previous month, trailing the performance of the Auto-Tires-Trucks sector with its loss of 1.25%, and the S&P 500's gain of 0.93%.Market participants will be closely following the financial r ...