投资前瞻（2.2-2.6）| A股“绩差生”扎堆交卷；沃什提名联储主席候任人引巨震，机构：资产配置仍应以长期逻辑为锚

Macro and Financial - In January, macroeconomic indicators showed a decline, with the manufacturing PMI at 49.3%, non-manufacturing PMI at 49.4%, and composite PMI output index at 49.8%, all down by 0.8 to 0.9 percentage points from the previous month [6] - In 2025, China's fiscal revenue is projected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year, with tax revenue at 17.6 trillion yuan, up 0.8% [7] - Seven provinces and cities outperformed the national GDP growth rate of 5.0%, with Henan leading at 5.6%, while Guangdong and Hunan lagged at 3.9% and 4.8% respectively [8] - Kevin Warsh has been nominated as the next Federal Reserve Chairman, with expectations of a potential shift towards a "rate cut + balance sheet reduction" policy combination, although some fundamental policy frameworks may remain unchanged [9] Capital Market - The nomination of Warsh triggered a significant sell-off in precious metals, with gold prices dropping nearly 13% and silver falling over 35%, marking the largest declines in decades [17] - The Shanghai Futures Exchange implemented measures to cool the commodity futures market, including reducing trading limits for silver and tin futures [18] - A total of 113 listed companies were surveyed by institutional investors, with notable stock performances including Kewen Technology and Harsen Co., both seeing gains over 30% [19] - Global gold demand is expected to exceed 5000 tons in 2025, with China's demand projected at 1003 tons, a 6% increase year-on-year, reaching a historical high in monetary terms at approximately 796 billion yuan [20] Business and Industry - Anta Sports announced plans to acquire a 29.06% stake in Puma SE for 1.5 billion euros (approximately 123 billion yuan), positioning itself as the largest shareholder [23] - Qatar Investment Authority led a $150 million investment in Dongpeng Beverage, marking its first significant investment in the Chinese consumer sector [24][25] - The Ministry of Commerce plans to launch a national-level overseas comprehensive service platform to support enterprises in international operations [26]