Group 1 - International gold and silver prices experienced a significant drop on February 2, with gold futures falling below $4,500 per ounce and silver futures dropping to $72.35 per ounce. This followed a record high in January where gold reached $5,626.80 per ounce and silver hit $120.57 per ounce, marking increases of approximately 29.89% and 72% respectively [1] - The domestic commodity futures market saw most major contracts decline, including metals like silver, nickel, copper, palladium, and platinum, as well as oil products. Bitcoin also fell to $74,532 per coin, the lowest since April 2025. Analysts noted that the previous surge in gold prices is now facing a severe "value reassessment" due to tightening global liquidity and the collective decline of Bitcoin and commodities [1] - On February 2, gold jewelry prices in Shenzhen dropped to 1,339 yuan per gram, a decrease of over 100 yuan from the previous day [3] Group 2 - Citigroup's latest commodity report warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP soaring to 0.7%, the highest in 55 years. If the gold allocation ratio returns to its historical norm of 0.35%-0.4%, gold prices could face a "halving" risk [2] - The A-share market reflected the volatility in precious metals, with the Shanghai Composite Index closing down 2.48% on February 2. The precious metals sector was heavily impacted, with numerous stocks hitting the daily limit down, including companies like Xiaocheng Technology, which fell by 18.96% [5] - The Shanghai Gold Exchange announced adjustments to the margin levels and price limits for silver contracts due to significant price fluctuations. The margin for silver contracts was raised from 20% to 26%, and the price limit was adjusted from 19% to 25% [7] - Some institutions believe that the recent pullback in gold and silver prices is temporary. UBS forecasts that global central bank gold net purchases will reach 950 tons in 2026, indicating strong demand for gold reserves. Additionally, net inflows into gold ETFs are expected to reach 825 tons, significantly exceeding the average from 2010 to 2020 [7]

北交所券商执业质量最新"成绩单"出炉。 北交所、全国股转公司发布的2025年券商执业质量评价结果显示，头部券商已全面占据前列。国泰海通 证券以145.04分稳居榜首，华泰证券、招商证券、申万宏源、中信证券分别位列二至五名，与上年排名 相比，可谓经历了一次"大洗牌"。 拉长时间来看，位列第一梯队的券商，尤其是前五名乃至前十名，每年都会迎来大调整。在这背后，不 同券商的差异化竞争策略开始显现效果；另一方面，头部券商优势日益凸显。未来券商在北交所的执业 格局将走向何方？中小券商还有机会吗？ 北交所市场券商执业格局"大洗牌"，头部券商逐渐跃居前列 以往中小券商在北交所及新三板市场中占据主导地位，但2025年的评价结果显示，头部券商基本已实现 全面领跑，国泰海通、华泰证券、招商证券、申万宏源、中信证券五家券商排名靠前。 回顾2024年，中信建投以137.21分位列榜首，第二至第四名则由民生证券、东吴证券、国投证券、中泰 证券中小券商占据，部分大型券商被挤出前列。 纵观近年排名，榜首位置频繁易主。2022年，前五名分别为申万宏源、中泰证券、开源证券、中信建 投、安信证券（现国投证券），彼时，"一哥"中信证券还未跻身第一梯 ...

Core Viewpoint - The article highlights the significant financing achievement of WoFei ChangKong, a leading eVTOL manufacturer in China, which completed nearly 1 billion in a new round of financing, setting a record for the low-altitude economy sector at the beginning of 2026 [4][5]. Financing and Market Position - The financing round was led by CITIC Securities, with participation from several well-known institutions, indicating strong market confidence in WoFei ChangKong's technological capabilities and commercial prospects [5][7]. - WoFei ChangKong has completed five rounds of independent market financing, establishing a diverse and high-value shareholder structure that supports its strategic depth and global vision [7]. Technological and Operational Advancements - The company aims to create a reliable and sustainable low-altitude travel experience, focusing on independent research and positive design, and has developed a comprehensive capability covering product development, airworthiness certification, manufacturing, and commercial operations [9]. - In 2025, WoFei ChangKong achieved significant milestones, including the successful test flight of the AE200-100 production model and the completion of the first phase of its global headquarters [9][10]. Market Development and Future Outlook - WoFei ChangKong has initiated the first domestic "civil aviation + low-altitude travel" collaborative demonstration and has received over 1,000 orders, showcasing global recognition of Chinese manufacturing [10][12]. - The company is positioned as a leader in the low-altitude economy, focusing on core technologies and sustainable capabilities, which are critical for its future growth and market competitiveness [12][13].

2月2日，现货金银集体大跌。截至14:40，现货黄金暴跌10%，现报4404.57美元/盎司；现货白银日内跌 超15%报71.5美元/盎司，较历史高位回落50美元，接近抹去年内涨幅。国内商品期货收盘普跌，沪银、 钯、铂等十几个品种集体跌停。 金银震荡波及亚洲股市，港A股集体大跌。其中A股三大指数均跌超2%，科创50指数大跌3.88%。截至 收盘，上证指数跌2.48%，深证成指跌2.69%，创业板指跌2.46%。沪深两市成交额2.58万亿，较上一个 交易日缩量2508亿。 对于贵金属走势，中金公司最新发布的研究报告分析称，金价显然已超越单纯的基本面主导，传统的黄 金测算模型如实际利率已失效。影响更大的地缘与货币体系重构因素，目前没有具体兑现时间，短期留 给市场想象空间。投资者需警惕，黄金急涨急跌由情绪和资金驱动，节奏难以把握。 盘面上，变压器、电网设备、特高压等电力概念集体走强，亿能电力、三变科技、双杰电气等多股涨 停；白酒股走高，金徽酒、皇台酒业等封板；食品、零售等消费股表现活跃，有友食品、新华百货封 板；机器人概念午后逆势走高，模塑科技一度触及涨停；影视股走强，横店影视涨停；光模块概念反复 活跃，通鼎互联、 ...

中信建投指出，2025年是中国钢材出口"变局之年"，行业愈发转向质量与效益。出口规模创历史新高， 但"量增价跌"趋势加剧，同时出口结构、政策环境与全球贸易格局正在发生深刻变化。展望未来，中国 钢材出口正步入转型攻坚期，自2026年1月1日起实施的出口许可证管理以及欧盟碳边境调整机制 （CBAM）正式生效，将引导行业从追求规模转向更加注重高附加值和绿色低碳的高质量发展轨道。钢 铁行业将聚焦"提质创品"、"能碳提效"和"数智转型"三大改造工程，通过加大高端产品研发投入、拓展 新兴市场，并积极布局海外绿色低碳产能，以应对贸易摩擦与绿色壁垒，重塑国际竞争新优势。 钢铁ETF（515210）跟踪的是中证钢铁指数（930606），该指数从沪深市场中选取归属于钢铁行业的上 市公司证券作为样本，以反映钢铁行业整体表现。指数覆盖普钢、特钢等多个细分领域，体现钢铁产业 的周期性特征及市场动态，成分股聚焦于钢铁制造及相关业务，具有较强的行业代表性。 （文章来源：每日经济新闻） ...

中信建投指出，当前汽车板块悲观预期见底。结构性看反内卷及出海预期改善，自动驾驶政策催化落 地。26年汽车以旧换新政策支撑内需，商用车或更为受益。整车板块景气延续"弱预期、弱现实"，反内 卷持续推进，出口预期改善。特斯拉25年Q4汽车业务毛利率改善，战略重心正加速从硬件销售转向物 理AI。自动驾驶方面，26年有望成为无人驾驶商业化元年。商用车方面，26年重卡、客车两大板块有 望受益于政策托底内需+出海景气持续。 港股汽车ETF国泰（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取涉及汽 车产业、侧重整车制造与电动化领域的上市公司证券作为指数样本，以反映汽车板块中智能驾驶及新能 源汽车相关上市公司证券的整体表现。 （文章来源：每日经济新闻） ...

截至午间收盘，创业板指数、创业板成长指数均下跌1.2%，创业板中盘200指数下跌1.3%。资金逆势布局，创业板ETF易方达（159915）半日净申购达4500 万份。 中信建投证券表示，当前市场行业表现分化，有充分预期的板块横盘等待兑现验证，与此同时概念主题表现活跃，前期落后板块补涨。整体而言，继续看好 跨年行情，行业主要围绕未来产业热点、AI和半导体、资源品涨价链展开。 每日经济新闻 ...

Core Insights - The company沃飞长空 announced the completion of nearly 1 billion yuan financing on February 2, marking the largest single financing record in the low-altitude economy sector since 2026 [1] - This round of financing was led by CITIC Securities, with participation from well-known institutions such as Lianxin Capital, Xiangfeng Investment, Guanghe Venture Capital, and Guoce Investment, along with continued support from existing shareholders [1] - The funds raised will be used for the final certification of the AE200 series, the production of the global headquarters base, and the in-depth construction of the low-altitude travel business model [1] -沃飞长空 has completed two rounds of independent market financing in the past three months, bringing the total number of financing rounds to five [1]

Core Insights - The Securities ETF (159841) has shown resilience in the market, with a trading volume of 119 million yuan and an increase of 0.54% in the tracked CSI All Share Securities Companies Index as of February 2, 2026 [1] - Over the past two weeks, the Securities ETF has experienced a significant growth of 18 million yuan in scale and an increase of 24.8 million shares [2] - The ETF has seen continuous net inflows, accumulating over 450 million yuan in net inflows over the past ten days [3] Product Highlights - The Securities ETF (159841) tracks a diversified portfolio of quality listed securities firms, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while the remaining 40% includes smaller firms with high performance potential [3] Related Events - As of January 31, 2025, 21 listed brokerages have released positive earnings forecasts, with notable firms like CITIC Securities and China Merchants Securities reporting double-digit year-on-year growth in net profit [5] - Open Source Securities predicts a significant increase in net profit for listed brokerages, estimating a 61% year-on-year increase in net profit excluding non-recurring items for 2025 [6] - CITIC Jiantou Securities highlights the synergy between strong brokerage performance and favorable policy conditions, enhancing the sector's valuation outlook [7]

基金评价 /[Table_Date] 2026.02.02 | [Table_Authors] | 庄梓恺(分析师) | | --- | --- | | | 021-23219370 | | | zhuangzikai@gtht.com | | 登记编号 | S0880525040038 | 国泰海通证券开放式基金周报(20260202) 建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大 金融、顺周期等资产 本报告导读： A 股震荡，石油石化、通信和煤炭板块表现较优，部分重仓有色金属、通信等板块 的基金表现较优。建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大金融、 顺周期等资产。 投资要点： [Table_Report] 相关报告 国泰海通证券：ETF 数据周报（2026.02.01） 2026.02.01 国泰海通证券：基金数据周报（2026.02.01） 2026.02.01 国泰海通证券：ETF 数据周报（2026.01.25） 2026.01.25 国泰海通证券开放式基金周报(20260125) 2026.01.25 国泰海通证券：基金数据周报（2026.01.25） 2026.01.25 ...