Market Overview - On February 2, US stock indices closed higher, with the Dow Jones up 1.05%, S&P 500 up 0.54%, and Nasdaq up 0.56% [1] - Major technology stocks showed mixed results, with Apple rising over 4% and Nvidia falling nearly 3% [2] Technology Sector - The Philadelphia Semiconductor Index increased by 1.7%, with Micron Technology up over 5% and Intel up nearly 5% [2] - SanDisk's stock surged over 15% due to better-than-expected earnings, while Western Digital and Seagate also saw gains [3] - NAND flash memory prices are expected to rise by over 30% according to reports from SK Hynix and SanDisk [3] Energy Sector - The energy sector experienced declines, with ExxonMobil down over 2% and Chevron down more than 1% [3] - WTI crude oil futures fell by 4.71%, closing at $62.14 per barrel, while Brent crude oil futures dropped by 4.36% to $66.30 per barrel [4] Cryptocurrency Market - Bitcoin prices rose above $78,000 after previously dipping to around $74,560, with significant market volatility leading to over 170,000 liquidations [4] - Bitcoin ETF saw a net outflow of $1.61 billion in January 2026, indicating liquidity issues in the market [4] International Relations and Trade - A trade agreement between the US and India was announced, reducing tariffs on Indian goods from 25% to 18%, effective immediately [5] - India is expected to increase its procurement of US products, including energy and agricultural goods, valued at over $500 billion [5] - The Indian stock index Nifty 50 saw a rise in futures, and the Indian Rupee strengthened against the US dollar following the trade announcement [6]

Market Performance - The U.S. stock market showed stability as the sell-off in precious metals and cryptocurrencies eased, with better-than-expected PMI data contributing to gains across major indices [1] - The S&P 500 index closed up 0.54% at 6976.44 points, the Nasdaq Composite rose 0.56% to 23592.11 points, and the Dow Jones Industrial Average increased by 1.05% to 49407.66 points [1] Sector Performance - The S&P 500 index is close to its historical closing high, just 2.16 points away from 6978.60 points and approximately 20 points from its intraday high of 7002.28 points [3] - Notable stock movements included Nvidia down 2.89%, Google-A up 1.68%, Apple up 4.06%, and Amazon up 1.53% [3] - The "storage giants" performed well, with SanDisk up 15.44%, Micron Technology up 5.52%, Seagate Technology up 6.2%, and Western Digital up 7.99% [3] - The rare earth sector saw mixed results, with U.S. Antimony up 7.23%, while other companies like U.S. Rare Earths and Critical Metals experienced fluctuations [3] Cryptocurrency Impact - Bitcoin fell below $80,000, leading to a significant drop in Robinhood Markets by 9.62%, making it the largest decliner in the S&P 500 [4] - Other cryptocurrency-related stocks also faced declines on the same day [4] Chinese Stocks - Chinese stocks showed mixed performance, with the Nasdaq Golden Dragon China Index down 0.65% [5] Commodity Market - International oil prices fell, with WTI crude oil down $2.88 to $62.33 per barrel, a decline of 4.42% [6] - COMEX gold futures dropped $64.20, or 1.35%, to $4680.9 per ounce, while COMEX silver futures rose slightly by $0.73, or 0.93%, to $79.265 per ounce [6] - Spot gold decreased by $205.25, or 4.22%, to $4660.1 per ounce, and spot silver fell by $5.49, or 6.48%, to $79.21 per ounce [6]

Core Insights - The automotive market in January 2026 shows a clear distinction between traditional domestic brands, which are performing strongly, and new energy vehicle (NEV) startups, which are facing challenges [1][5] Traditional Domestic Brands Performance - Major traditional automakers like SAIC, Geely, and Chery reported over 20% year-on-year sales growth in January 2026, with SAIC leading the market [2][3] - SAIC sold 327,400 vehicles in January, a 23.9% increase year-on-year, with 214,000 units from its own brands, marking a 39.6% increase [2] - Geely's sales reached 270,200 units, a 1% year-on-year increase, with NEV sales contributing significantly [2] - Chery's sales totaled 200,300 units, with exports accounting for 119,600 units, a 48.1% increase year-on-year [3] - GAC Group saw a significant increase in sales, reaching 116,600 units, up 18.47% year-on-year, driven by its new energy and overseas sales [3] New Energy Vehicle Startups Challenges - In contrast, nine major NEV startups experienced a collective decline in sales, with month-on-month drops ranging from 21.2% to 47.0% [5][6] - Despite the downturn, some brands like NIO and Zeekr reported year-on-year growth exceeding 95% [6][7] - The decline in NEV sales is attributed to short-term factors such as policy changes and seasonal demand fluctuations [6][7] - The market is expected to stabilize post-policy transition, with a potential recovery in sales anticipated in February and March 2026 [7] Market Dynamics and Future Outlook - The automotive industry is witnessing a restructuring of brand rankings, with traditional brands solidifying their positions while new entrants face increasing competition [1][5] - The long-term growth logic of the NEV sector remains intact, with expectations for a gradual recovery as new products are launched and market conditions improve [7]

截至2月2日，国内主流车企2026年1月产销数据陆续披露。整体市场呈现"传统自主强势领跑、新势力普 遍承压"的鲜明格局：上汽、吉利、奇瑞等头部车企销量同比多实现20%以上增长，自主品牌座次因新 能源与出口表现差异出现重构。 与此同时，9家主流造车新势力则遭遇集体环比下滑。业内分析指出，短期政策切换、淡季效应等因素 扰动终端，但自主车企核心竞争力持续提升，新势力"马太效应"加剧，行业高质量发展的长期逻辑未 变。 ● 本报记者 龚梦泽 自主品牌座次重构 奇瑞集团凭借出口优势跃居前列，1月销售汽车20.03万辆，其中出口11.96万辆，同比增长48.1%，连续 9个月出口突破10万辆。新能源板块同样稳步推进，1月销量5.21万辆，形成"出口+新能源"双轮驱动格 局。旗下主要品牌中，奇瑞品牌销量13.56万辆，捷途品牌4.27万辆，星途、iCAR、智界品牌分别销售 5276辆、3419辆、4506辆，产品矩阵覆盖从主流到高端的全细分市场。 广汽集团自主板块爆发式增长，推动整体销量达11.66万辆，同比增长18.47%。这是昊铂埃安BU和传祺 BU完成组建后首次披露月度销量，成效立竿见影：昊铂埃安BU销量超2.16万辆 ...

Core Insights - The delivery performance of new car manufacturers in January 2026 showed a significant decline in month-on-month figures, with some brands experiencing drops exceeding 40%, while year-on-year results displayed a polarized performance [2][3] - The competition in the automotive industry is shifting towards technology and ecosystem advantages, necessitating adjustments in product offerings and marketing strategies to meet changing consumer demands [8] Delivery Performance - In January 2026, the overall delivery volume of new car manufacturers decreased, with three companies reporting a month-on-month decline of over 40% and three others over 30% [3] - Hongmeng Zhixing led the market with a delivery volume of 57,915 vehicles, marking a year-on-year increase of 65.6% but a month-on-month decrease of 35.4% [3][4] - Xiaomi and Leap Motor also reported strong growth, while NIO and Zeekr saw significant year-on-year increases, contrasting with the declines faced by Li Auto and Xpeng [2][3] Market Trends - The automotive market is experiencing a "financial war," with various manufacturers introducing low-interest financing options to stimulate sales [5][6] - The long-term growth trajectory of the new energy vehicle market remains positive, with projections indicating a market volume of 19 million units in 2026, representing a year-on-year growth of 15.2% and a penetration rate exceeding 54% [7] Competitive Landscape - The competition is evolving from price-based strategies to value-based competition, emphasizing technological innovation, product iteration, and enhanced user experience [7][8] - The differentiation among manufacturers is accelerating, with leading companies expanding their advantages while some brands risk falling behind [7][8] - Future competition will focus on smart driving, intelligent cockpit features, and new power battery technologies, with an emphasis on creating a comprehensive service ecosystem around vehicles [8]

Major Events - Singularity Guofeng (01280) sold all shares of China Silver Ray (Hong Kong) Investment Holdings Limited at zero cost [1] - ZTE Corporation (00763) plans to invest 117 million yuan to subscribe to Jianxing Zhanlu Fund shares [1] - Cloud Factory (02512) subsidiary won the bid for the second phase of the artificial intelligence industry base project [1] - CSPC Pharmaceutical Group (01093) received drug registration approval for Chlorpheniramine Lactate Injection [1] - Derin Holdings (01709) reported a Bitcoin balance of 84.555 BTC as of January 31 [1] - Baiguoyuan Group (02411) diluted its stake in Baiguoyuan Commercial Management to 51.02%, with core management investing to enhance new business layout [1] Operating Performance - XPeng Motors-W (09868) delivered 20,011 new vehicles in January [1] - Ruipulan Jun (00666) issued a profit warning, expecting a net profit of approximately 630 million to 730 million yuan in 2025, turning from loss to profit [1] - China Merchants Jinling (00978) projected a total contract sales amount of approximately 32.308 billion yuan in 2025, a year-on-year decrease of 23.91% [1] - China National Building Material (03323) issued a profit warning, expecting a shareholder loss of approximately 2.3 billion to 4 billion yuan in 2025, turning from profit to loss [1]

Market Overview - The three major U.S. stock indices opened lower, with the Dow Jones down 0.13%, the S&P 500 down 0.31%, and the Nasdaq down 0.39% [1] Chinese Stocks - Chinese stocks experienced a broad decline, with Xpeng Motors falling over 6%, NIO down over 3%, Baidu and iQIYI down over 2%, and Weibo and Bilibili down over 1% [1] Oracle Corporation - Oracle's stock rose by 3.8% as the company plans to raise up to $50 billion and initiate a dollar bond issuance [1] U.S. Rare Earth Companies - U.S. rare earth companies saw a 7.2% increase, following reports that Trump plans to establish a $12 billion strategic reserve for critical minerals [1] Disney - Disney's stock dropped over 7%, with the company reporting Q1 revenue of $25.98 billion, reflecting a year-over-year growth of 5% [1]

Macro Dynamics - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to cultivate an innovation triangle in the Beijing-Tianjin-Hebei region, enhancing collaboration and resource flow [2] Housing Market - Shanghai has initiated a program to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates to meet their rental needs [3] - The first batch of housing to be acquired will focus on matching housing types, layout, and transportation convenience to support talent in the city [3] Energy Sector - The China Electricity Council reported that by 2025, the country will add 550 million kilowatts of new power generation capacity, with wind and solar power accounting for 440 million kilowatts, representing 80.2% of the total [4] Financial Institutions - Citigroup warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP hitting 0.7%, the highest in 55 years, indicating potential risks for gold prices [7] - Deutsche Bank remains bullish on gold, maintaining a target price of $6,000 per ounce despite recent price drops, citing ongoing positive factors for gold investment [8] Market Data - On February 2, A-shares experienced a significant decline, with all three major indices dropping over 2%, and more than 4,600 stocks falling, including 123 hitting the daily limit down [12] - The Hong Kong Hang Seng Index fell by 2.23%, with the technology index down 3.36%, and significant declines in precious metals and semiconductor stocks [13] Company Dynamics - Midea Group announced a share buyback of 26.94 million shares, representing 0.35% of its total share capital, at a total cost of 1.998 billion yuan [17] - Chip-on-Board Technology reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit decrease of 4.91% [18] - GoerTek has repurchased 40.54 million shares, amounting to 1.14% of its total shares, for a total expenditure of 1.108 billion yuan [19] - Microsoft saw a market value drop of $381 billion following disappointing earnings and forecasts, indicating a shift in investor sentiment towards tech stocks [20] - Amazon is expected to report strong fourth-quarter earnings, with analysts predicting over 28% upside potential in the next 12 months [21]

三家车企1月交付数据均录得环比下降，理想汽车1月交付新车27,668辆，同比增长7.55%，环比下降 37.47%。蔚来1月交付新车27,182辆，同比增长96.08%，环比下降43.53%。小鹏汽车1月交付新车20,011 辆，出现了34.07%的同比下降，环比亦下降46.65%。 金吾财讯 | 蔚小理盘前走弱，小鹏汽车跌4.34%，蔚来跌1.28%，理想汽车跌0.96%。 来源：金吾财讯 ...

Market Overview - Global stock markets experienced a "collective retreat" with the S&P 500 futures indicating a fourth consecutive day of decline for U.S. stocks [2][27] - As of the latest update, Dow futures fell by 0.09%, S&P 500 futures dropped by 0.38%, and Nasdaq futures decreased by 0.66% [3][28] - Asian markets faced heavier declines, with the South Korean Kospi index plummeting by 5.3%, triggering a temporary trading halt [3][28] Commodity Market Volatility - Extreme volatility in the commodity market remains a focal point, with gold prices initially dropping by 10% before narrowing losses, and silver prices falling by 16% before recovering most of the decline [5][30] - The Chicago Mercantile Exchange raised margin requirements for precious metals futures, increasing holding costs for traders, which typically pressures prices and trading activity [5][30][31][32] Federal Reserve Leadership Impact - The nomination of Kevin Walsh as the next Federal Reserve Chair is shifting market expectations towards "less/fewer rate cuts," impacting precious metals prices [12][37] - Analysts suggest that Walsh's past criticisms of the Fed and focus on price stability may lead to a reassessment of the dollar's depreciation narrative, contributing to the recent drop in gold, silver, and copper prices [12][37] Upcoming Economic Data and Earnings Reports - Investors are focusing on the upcoming U.S. non-farm payroll report, expected to show an increase of 68,000 jobs, the largest gain in four months, scheduled for release on Friday [12][41] - A busy earnings week is anticipated, with major companies like Google and Amazon set to report their quarterly results [41][42] Individual Stock Movements - Energy stocks are experiencing pre-market declines, with Occidental Petroleum down 3.1% and ConocoPhillips down 2.6% [43] - Rare earth stocks surged in pre-market trading following President Trump's announcement of a $12 billion mineral reserve initiative [43] - Disney shares rose by 4% in pre-market trading after reporting quarterly revenue that exceeded expectations [44]