Baiyin Nonferrous(SH:601212) Sou Hu Cai Jing·2026-02-02 00:47Market Overview - Global major asset performance showed mixed results, with the Korean KOSPI leading with a 4.70% increase, while the Chinese A-shares faced declines, particularly in small and growth indices [2][3] - The A-share market experienced a downturn, with the ChiNext Index falling by 2.85% and the CSI 500 down by 2.56%, indicating a shift of funds towards large-cap blue-chip stocks for safety [3][4] Industry Performance - The oil and petrochemical sector led the weekly gains with an 8.0% increase, followed by communication and coal sectors with 5.8% and 3.7% respectively [6] - Conversely, the defense and military industry saw a significant decline of 7.7%, while electric equipment and automotive sectors also faced losses of 5.1% [6][7] Commodity Market - Precious metals experienced a historic pullback, with gold prices initially rising due to safe-haven demand but later falling sharply due to profit-taking and a stronger dollar [4][22] - Oil prices remained strong due to geopolitical tensions and supply disruptions, particularly from the U.S. cold wave affecting exports [4] Strategic Insights - The nomination of Kevin Warsh as the new Federal Reserve Chair is expected to influence monetary policy, with a potential focus on interest rate cuts while being cautious about balance sheet expansion [10][11] - Market reactions to Warsh's nomination indicated a preference for his hawkish stance against balance sheet expansion, leading to a rise in U.S. Treasury yields and a decline in gold and U.S. equities [11] Economic Indicators - The official manufacturing PMI for January was reported at 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [12] - The WTO ruled against the U.S. in a dispute over the Inflation Reduction Act, stating that certain clean energy subsidies violated trade rules, which may impact U.S.-China trade relations [13]