- The report does not contain any quantitative models or factors for analysis[1][3][4]

Market Overview - On February 3, 2026, all three major U.S. stock indices closed lower due to a shift towards cyclical and value stocks, a new wave of AI replacement risks, and escalating tensions between the U.S. and Iran[2] - The Hang Seng Index closed at 26,835, down 0.22% for the day but up 4.70% year-to-date[3] - The S&P 500 index fell by 0.84%, while the Nasdaq dropped by 1.43%[3] Technology Sector Impact - Major tech stocks experienced significant declines, with Nvidia down 2.84%, Microsoft down 2.87%, and Meta down 2.08% due to fears of AI replacing software services[12] - AI data analytics company Palantir saw a 6.85% increase in stock price after reporting a 70% year-over-year revenue growth, reaching $1.41 billion for Q4 2025[12] Commodity and Resource Stocks - Gold prices surged, with spot gold rising nearly 6% to over $4,900 per ounce, while silver prices jumped 10% to $87.21 per ounce[9] - Resource stocks performed well, with Southern Copper rising 11.74% and Energy Fuels increasing by 16.56% amid rising commodity prices[12] Corporate Developments - China National Building Material saw an 8.51% increase after BlackRock raised its stake, reflecting long-term confidence despite a profit warning[9] - AMD's Q4 2025 revenue and EPS showed strong double-digit growth, but its Q1 2026 revenue guidance fell short of market expectations, leading to a 7% drop in after-hours trading[15]

Group 1 - The Hong Kong stock market's non-ferrous metal sector experienced a rebound on February 4, with notable increases in various companies' stock prices [2] - Minmetals Resources saw a rise of over 5%, while Jiangxi Copper Co. increased by more than 3% [2] - Other companies such as Chifeng Jilong Gold Mining and Zijin Mining International also reported gains, with increases close to 3% and nearly 2% respectively [2]

Group 1 - Gold stocks experienced a broad increase, with notable gains in companies such as China Gold International (+3.10%), Chifeng Jilong Gold Mining (+2.82%), and Zijin Mining International (+2.12%) [1] - As of February 4, 2023, spot gold prices rebounded strongly, surpassing $5,000, with an intraday increase of over 2%, recovering nearly $600 from the week's low [1] - The increase in gold prices is attributed to rising geopolitical tensions, including U.S. military actions in the Arabian Sea and incidents involving Iranian forces in the Strait of Hormuz [1] Group 2 - Multiple international investment banks indicate that the fundamental demand for gold remains unchanged, driven by global central bank purchases and increased private investment in gold for asset diversification [2] - The silver market is also supported by sustained industrial production demand, leading institutions to maintain a positive outlook on the rebound potential for both gold and silver prices [2]

科网股多数走低，美团、快手、腾讯控股、携程集团、华虹半导体、哔哩哔哩、百度集团均跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 美团-W | 91.500 | -1.700 | -1.82% | | 快手-W | 72.150 | -1.300 | -1.77% | | 携程集团-S | 476.600 | -8.200 | -1.69% | | 金蝶国际 | 12.450 | -0.210 | -1.66% | | 腾讯控股 | 572.000 | -9.000 | -1.55% | | 零跑汽车 | 39.000 | -0.600 | -1.52% | | 华虹米音体 | 106.300 | -1.400 | -1.30% | | 比亚迪股份 | 88.900 | -1.100 | -1.22% | | 哔哩哔哩-W | 250.000 | -3.000 | -1.19% | | 百度集团-SW | 139.900 | -1.500 | -1.06% | | 阿里巴巴-W | 159.400 | -1.600 | -0.99% | | ...

Core Viewpoint - The gold stocks have shown a significant increase, driven by a strong rebound in gold prices, which have surpassed $5,000 per ounce, amid rising geopolitical tensions in the region [1] Group 1: Company Performance - China Gold International (02099) rose by 5.13%, trading at 206.8 HKD [1] - Chifeng Jilong Gold Mining (06693) increased by 3.89%, trading at 39 HKD [1] - Zijin Mining Group (02259) saw a rise of 3.13%, trading at 224 HKD [1] - WanGuo Gold Group (03939) gained 3.07%, trading at 15.12 HKD [1] Group 2: Market Dynamics - On February 4, gold prices rebounded strongly, with a daily increase of over 2%, recovering nearly $600 from the week's low [1] - The geopolitical situation has escalated, with reports of U.S. military actions against Iranian drones and threats to U.S. vessels in the Strait of Hormuz [1] Group 3: Investment Outlook - Multiple international investment banks indicate that the fundamental demand for gold remains unchanged, with global central banks and private investors increasing their gold holdings to diversify asset allocation [1] - Silver prices are supported by ongoing industrial demand, leading institutions to maintain a positive outlook on the rebound potential for both gold and silver prices [1]

2月4日，港股低开，恒生指数跌0.14%，恒生科技指数跌0.87%。 科网股多数走低，美团、快手、腾讯控股、携程集团、华虹半导体、哔哩哔哩、百度集团均跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ^ | | --- | --- | --- | --- | | 美团-W | 91.500 | -1.700 | -1.82% | | 快手-W | 72.150 | -1.300 | -1.77% | | 携程集团-S | 476.600 | -8.200 | -1.69% | | 金蝶国际 | 12.450 | -0.210 | -1.66% | | 腾讯控股 | 572.000 | -9.000 | -1.55% | | 零跑汽车 | 39.000 | -0.600 | -1.52% | | 交汇录备体 | 106.300 | -1.400 | -1.30% | | 比 亚迪股份 | 88.900 | -1.100 | -1.22% | | 昨週昨週-W | 250.000 | -3.000 | -1.19% | | 百度集团-SW | 139.900 | -1.500 | -1.06% | | 阿里巴 ...

每经AI快讯，2月4日，贵金属板块连日走强，湖南黄金涨超7%，晓程科技涨超5%，恒邦股份、赤峰黄 金、山金国际、招金黄金等个股跟涨。 （文章来源：每日经济新闻） ...

隔夜美股下挫，中概指数跌0.94%。港股三大指数低开，恒指跌0.14%，国指跌0.15%，恒生科技指数跌 0.87%。权重科技股集体下跌，美团、快手跌近2%，腾讯跌1.55%；AI应用概念股集体走低，半导体 股、汽车股普跌；构看好金价银价反弹空间，黄金股继续带领有色金属股反弹，赤峰黄金、中国黄金国 际涨约4%。"化工新材料供应商"国恩科技首日高开25%。(格隆汇) ...

有色金属行业 行业研究 | 行业周报 风物长宜放眼量 ——有色钢铁行业周观点（2026 年第 5 周） 核心观点 投资建议与投资标的 风险提示 宏观经济增速放缓；关税影响需求与产业链稳定性；原料价格波动；中美关系变化 国家/地区 中国 行业 有色金属行业 报告发布日期 2026 年 02 月 04 日 看好（维持） | 刘洋 | 执业证书编号：S0860520010002 | | --- | --- | | 香港证监会牌照：BTB487 | | | liuyang3@orientsec.com.cn | | | 021-63326320 | | | 李一涛 | 执业证书编号：S0860124120001 | | liyitao@orientsec.com.cn | | | 021-63326320 | | | 黄雨韵 | 执业证书编号：S0860125070019 | | --- | --- | | | huangyuyun@orientsec.com.cn | | | 021-63326320 | 金银比突破 50，贵金属有望带领工业金属 加 速 上 涨 ： — — 有 色 钢 铁 行 业 周 观 点 （2 ...