核心观点 科技有色超期行情来源。科技立国的美国模式两个弊端逐步显露，科技垄断褪色，外部供应链脆弱。美国模式决定的全球框架正经历重构。 科技有色行情的弹性。可在超扩的日债期限利差找到答案：宽松流动性无法被债券承接，资金流向西方信用低相关的四类资产，黄金，供需结构较优资产 （如铜），中国资产，科技。 科技有色行情的持续性。行情将终结于全球通胀（预期）反弹，这既是美国"不可能三角"必然结果，也是全球超级流动性退潮时刻。美联储主席换谁都不 改变逻辑，只加速或延缓叙事节奏。 当美国不得不面对国内阶层撕裂，原油或起变化，通胀掌控资产时刻再度来临。我们无法预判黑色起来的准确时点，但可预见2026年科技有色波动率变 高，铜优于金。 摘要 市场用价格巨震表达了对新任美联储主席候选人的观点。市场关注新任美联储主席，本质上是关注科技有色行情是否终结，如果不是，科技有色行情最终 会结束于怎样的场景？ 当前底层的宏观逻辑正在发生非常大的范式转变。这种转变显然是超脱常规的小周期，也是过去几年科技有色持续强势的原因。 作为宏观研究者，除了科技之外，我们早就注意到三类传统宏观大资产，贵金属、货币还有债券，以黄金、美元和日债为典型代表，这两年 ...

香港联交所最新数据显示，1月27日，易方达基金减持中信建投证券(06066)124.5万股，每股作价 12.6809港元，总金额约为1578.77万港元。减持后最新持股数目约为1亿股，最新持股比例为7.93%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持中信建投证券(06066)124.5万 股，每股作价12.6809港元，总金额约为1578.77万港元。减持后最新持股数目约为1亿股，最新持股比例 为7.93%。 ...

来源：喜娜AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上今日财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及政策更 新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 特朗普提名沃什掌舵美联储，鲍威尔去留成谜 美国总统特朗普提名凯文·沃什出任美联储主席，本想借此让鲍威尔离任，但部分观察人士认为这可能 强化鲍威尔留任意愿。鲍威尔任期将在5月结束，他在美联储理事会任职资格可持续至2028年。当前特 朗普向美联储施压降息，且对鲍威尔展开刑事调查，鲍威尔或为维护美联储独立性选择留任，但也有分 析师认为他会离任。详情>> 金价高位巨震，机构提示投资风险与机遇 1月30日，国际黄金价格创下40年来最大单日跌幅，白银也大幅下挫。专家认为，这是情绪与基本面共 同作用的结果，是对前期过热情绪的修正。商家面临黄金原料供应难问题，投资者也陷入纠结。不过， 机构仍看好黄金长期机会，如招行预计金价调整后有望上行，高盛也上调了黄金价格预测。但当前金价 波动大，投资者需谨慎决策。详情>> 十大机构看后市，A股有望春节前后企稳上行 资金"踩踏"致国际 ...

香港证监会叫停16宗IPO审理，指示上市保荐人从速进行内部检讨，设定量化管理标准，单一保荐人负 责项目不得超过六宗 文｜《财经》特约撰稿人 成孟琦 编辑 | 郭楠 陆玲 香港资本市场在2025年经历上市申请数量显著上升的阶段后，市场运行质量与中介机构履职情况受到监 管机构集中检视。 2026年1月30日，香港证监会发布通函，针对首次公开招股申请相关的文件编制、保荐人执业行为以及 资源配置等问题作出明确规范与工作要求。根据通函披露信息，截至2025年12月31日，已有16宗上市申 请的审理流程被暂停，并设定量化管理标准，单一保荐人主要人员同时监督的活跃上市委聘项目数量不 得超过六宗。 香港证监会行政总裁梁凤仪表示，保荐人在上市流程中承担重要的把关职责，对于维持香港资本市场整 体质量与投资者对新股市场的信心具有重要作用，能够保障市场在不同发展阶段保持稳定运行。部分保 荐人在业务规模扩张的过程中，弱化了自身应当承担的核心职责。她提醒所有保荐人及参与上市申请工 作的外部专业机构，合理规划业务规模，结合自身资源条件承担相应职责，保障执业工作质量，维护香 港作为国际集资中心的市场声誉。 "保持高质量是香港市场成功的基石。 ...

Group 1: Automotive Sector Overview - The automotive sector is currently experiencing weak performance during the off-season, but market pessimism regarding sales expectations is gradually stabilizing, indicating a potential bottoming out of negative sentiment [1] - Tesla's recent quarterly report shows a year-on-year increase in gross profit for Q4 2025, with gross margin reaching a two-year high, driven by higher sales prices in the Asia-Pacific region and an increase in FSD subscriptions [1] - Capital expenditures for Tesla in 2026 are expected to exceed $20 billion, focusing on computing infrastructure and new factory capacity expansion [1] Group 2: Autonomous Driving Developments - 2026 is anticipated to be a pivotal year for the commercialization of autonomous driving, with Tesla's FSD subscription rates increasing significantly throughout 2025 [2] - The FSD subscription model will shift to a monthly subscription starting in 2026, with a current fee of $99 per month [2] - As of the end of 2025, FSD has accumulated over 7 billion miles (approximately 11.5 billion kilometers) of driving distance, with ongoing localization efforts in China and Europe pending regulatory approval [2] Group 3: Humanoid Robotics Sector - The robotics sector is experiencing volatility, with recent adjustments in trading volumes and external rumors affecting market sentiment [3] - Key catalysts for the T-chain include the release of Gen3 in Q1 2025 and the commencement of overseas production capacity construction later in the year [3] - There is a positive outlook for specific investment targets within the robotics sector, focusing on high-probability Tesla supply chain participants and undervalued companies with growth potential [3] Group 4: Commercial Vehicle Outlook - The heavy-duty truck and bus segments are expected to benefit from policy support for domestic demand and ongoing export growth in 2026 [4] - Weichai Power is favored due to the recovery of domestic bidding and the pressing electricity shortages in North America, which are expected to boost market expectations for its products [4] - Recommended stocks include Jianghuai Automobile, Hengbo Technology, Longsheng Technology, Weichai Power, Yutong Bus, King Long Automobile, and Cao Cao Mobility, focusing on low-valuation leaders with strong performance [4]

Group 1: Automotive Sector Overview - The automotive sector is currently experiencing a weak performance during the off-season, but market pessimism regarding sales expectations is gradually stabilizing, indicating a potential bottoming out of negative sentiment [1] - Tesla's recent quarterly report shows a year-on-year increase in gross profit for Q4 2025, with gross margin reaching a two-year high, driven by higher sales prices in the Asia-Pacific region and an increase in FSD subscriptions [1] - Capital expenditures for Tesla in 2026 are expected to exceed $20 billion, focusing on computing infrastructure and new factory capacity expansion [1] Group 2: Autonomous Driving Developments - 2026 is anticipated to be a pivotal year for the commercialization of autonomous driving, with Tesla's FSD subscription rates increasing significantly throughout 2025 [2] - By the end of 2025, Tesla's FSD has accumulated over 7 billion miles (approximately 11.5 billion kilometers) of driving distance, with ongoing localization efforts in China and Europe pending regulatory approvals [2] - Tesla is shifting its strategic focus from hardware sales to physical AI, including FSD iterations, Robotaxi services, and the production of Cybercab models [2] Group 3: Humanoid Robots and Supply Chain Updates - The humanoid robot sector is experiencing volatility, with recent adjustments in trading volumes and external rumors affecting market sentiment [3] - Key catalysts for the T-chain include the release of Gen3 in Q1 2025 and the commencement of overseas production capacity and mass production later in the year [3] - There is a positive outlook for specific investment targets within the T-chain, including Tesla-related high-probability segments and undervalued companies with growth potential [3] Group 4: Commercial Vehicles Outlook - The heavy-duty truck and bus segments are expected to benefit from policy support for domestic demand and ongoing export growth in 2026 [4] - Weichai Power is favored in the heavy-duty truck sector due to increased domestic bidding and market expectations for product volume growth [4] - In the bus sector, Yutong and King Long are highlighted for their potential upside, driven by export growth and favorable valuation margins [4]

Group 1 - The US dollar index has risen for two consecutive days, while commodities and emerging market stocks have experienced significant declines [1] - Precious metals, particularly gold, have shown extreme volatility, with prices dropping from nearly $5,600 to $4,600 within 48 hours, marking a 16% decline and the highest volatility since the pandemic began in 2023 [1] - Major overseas companies reported earnings that fell short of market expectations, contributing to market sentiment shifts [1] Group 2 - Citic Securities indicates that the recent sell-off in broad-based ETFs and the sharp fluctuations in international gold and silver prices have cooled market sentiment, suggesting short-term market correction pressure, although the overall A-share index is expected to stabilize before the Spring Festival [1] - Huajin Securities believes that the A-share market is entering a traditional bullish window, with expectations for policy measures to boost consumption and economic growth to accelerate before the Spring Festival [2] - Historical data shows that February has a 76% probability of index gains, with an average increase of 3.4% and a median increase of 3.0%, making it a favorable month for the A-share market [1]

2月2日，国内商品期市开盘后，多数主力合约下跌。 市场情绪急速切换，贵金属领跌市场 跌幅方面，沪银、钯、铂、沪锡跌停，沪金跌11.68%；基本金属全部下跌。此外，能源、黑色、化工、航运等板块也都出现 不同程度的下跌。当日下午开盘后，原油、燃料油、铜、铝合金等多个品种纷纷跌停。 华闻期货总经理助理兼研究所所长程小勇表示，虽然上述交易所调整的目的是通过提高交易成本，降低市场交易杠杆，完善 风控体系，但调整贵金属保证金比例初期大概率会加大市场波动。 铂、钯期货双双跌停 2月2日，铂、钯期货主力2606合约双双跌停，分别报552.15元/克、413.70元/克。 对此，业内人士认为，在宏观预期转向与流动性收紧的双重压力下，贵金属市场波动剧烈，影响铂族金属同步下行。 | 全部主力 | 夜盘主力 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 代码 | 名称 | 现价 | 涨幅(结)↑ | 淵鉄 | 淵速 | 采价 | 室价 | | 1 | ag2604 | 沪银2604 | 24832 | -17.00% | -50 ...

Core Viewpoint - The China Securities Association has updated the classification list of sponsor representatives, with 16 individuals rated as D-class, temporarily losing their signing qualifications due to various violations [1][4]. Group 1: D-Class Representatives - A total of 16 D-class representatives are involved, with 11 brokerage firms represented, including notable firms like Guotai Junan Securities and CICC, each having two representatives on the list [5][8]. - Compared to the D-class list updated in June last year, 4 representatives have been removed, while 3 new representatives have been added from First Capital Securities, Guolian Minsheng Securities, and Dongwu Securities [1][5]. Group 2: Violations and Penalties - The violations of the D-class representatives include issues related to convertible bonds, IPOs, and private placements, with some facing significant fines [4][6]. - For instance, Fan Benyuan from First Capital Securities was penalized for failing to detect misuse of approximately 1.7 billion yuan in fundraising for a convertible bond project, resulting in a total penalty of about 16.98 million yuan [5][6]. - Jin Yaping from Guolian Minsheng Securities was noted for a unique case of severe penalties due to long-term stock trading violations, amounting to over 10 million yuan [5][6]. Group 3: Regulatory Mechanism - The D-class classification is part of a regulatory mechanism that has evolved since its inception, with the latest revisions in September 2024 introducing stricter criteria for classification based on recent administrative penalties [8][9]. - The classification aims to enforce accountability among sponsor representatives, ensuring that violations lead to significant repercussions, thereby enhancing the integrity of the IPO process [9][10]. - The current C-class list includes 281 representatives, with 86 added in 2025, indicating a dynamic adjustment in regulatory oversight [10].