这场暴跌的导火索直指贵金属市场的史诗级崩盘。周末，伦敦金银价格突发闪崩，黄金单日跌幅超12%，白银暴跌35%，国内沪银期货主力合约直接封死跌 停板。A股贵金属板块应声崩溃，晓程科技、招金黄金等十余只个股竞价跌停，板块整体跌幅超过8%。此前支撑市场人气的黄金有色板块瞬间瓦解，成为 拖累指数的"元凶"。 暴跌背后，是多重利空因素的共振。美联储主席提名事件成为关键转折点——特朗普提名鹰派人物凯文·沃什执掌美联储，市场预期其可能推行"缩表 降 息"组合拳，导致美元指数快速走强，全球流动性收紧担忧升温。与此同时，上海黄金交易所紧急上调白银合约保证金比例至26%，杠杆资金被迫平仓，引 发连锁踩踏。 春节前的资金避险行为进一步放大了市场波动。随着长假临近，投资者"持币过节"意愿强烈，内资单日流出超700亿元，两市成交额缩量至2.6万亿元以下。 缺乏增量资金支撑的市场犹如"无水之舟"，稍有抛压便快速下沉。 板块分化在此次大跌中展现得淋漓尽致。贵金属、油气、有色金属等资源板块成为重灾区，白银有色、中曼石油等个股跌停；而防御性板块则逆势崛起，白 酒股集体飘红，金徽酒、皇台酒业涨停，电网设备概念股三变科技、保变电气等超10只个股涨 ...

2026.02. 02 白酒板块逆市上涨 本文字数：2588，阅读时长大约4分钟 作者 | 第一财经 曹璐 历经四年深度调整的白酒板块，近期似乎出现了一线转机。 2月2日，A股市场整体走弱，上证指数下跌2.48%。白酒板块却在此时逆势上扬，相关ETF强势领涨，成为市场中的亮点。这已是该板块近期第二次在 调整市中率先反弹。但上一次大涨后迅速回调的"一日游"行情，仍让市场心有余悸。 更值得关注的是其背后的资金分歧。截至去年四季度末，公募白酒基金持仓已降至不足4%，筹码结构的出清看似为反转创造了条件，但机构与普通投 资者的操作却呈现显著分化。这波上涨究竟是长达四年调整后的"王者归来"，还是悲观预期修复下的短暂反弹？ "近期白酒板块的反弹更多是短期基本面因素和交易因素的双重影响。"恒生前海消费升级混合基金经理胡启聪从交易层面分析称，白酒板块整体的机构 持仓已降到历史低位，换言之筹码结构整体较好，抛压较少，"配合短期价格催化，极易引起资金的短期效益"。 不过，他也表示，大涨次日出现明显的调整，证明此次上涨更多是反弹，获利资金了结意愿强烈。"大家对于春节动销和茅台批价的分歧仍然较大，大 部分人并不相信白酒已经触底，而是抱 ...

Market Overview - A-shares experienced a significant decline on February 2, with the Shanghai Composite Index and ChiNext Index both dropping over 2% [2][4] - The market showed a broad-based decline, with 4,652 stocks closing lower, particularly in resource sectors such as metals, coal, oil, and chemicals [4][9] - The trading volume decreased significantly, with daily turnover dropping by 255.8 billion to 2.61 trillion [5] Sector Performance - Resource stocks were heavily impacted, with declines exceeding 5% in sectors like non-ferrous metals, steel, basic chemicals, coal, and oil [8][9] - The food and beverage sector, particularly liquor stocks, showed resilience, with several companies like Jinhuijiu and Youyou Food hitting the daily limit [6][7] - Banking stocks also performed relatively well, with several banks showing slight gains despite the overall market downturn [8] Market Sentiment and Factors - The decline was attributed to a combination of external market disturbances, profit-taking, and heightened risk aversion ahead of the holiday [3][11] - Analysts suggest that the market may need 3 to 5 trading days to stabilize, with a focus on whether the Shanghai Composite can hold above the 4,000-point mark [3][15] - The current market environment is characterized as a healthy technical correction rather than a trend reversal, with no signs of panic selling or liquidity crisis [12][14] Investment Strategy - Investors are advised to avoid high-volatility sectors in the short term and to wait for clear signs of market stabilization before gradually increasing positions in quality sectors [3][16] - There is a recommendation to focus on defensive sectors such as electric grid equipment and high-dividend blue chips, while avoiding emotional selling [15][17] - The market is expected to recover quickly post-holiday, supported by liquidity replenishment and policy expectations from the upcoming Two Sessions [15][17]

Buyback Announcements - GoerTek has repurchased 1.14% of its shares, spending 1.108 billion yuan, with a total of 40.5481 million shares repurchased at prices ranging from 20.35 to 34.09 yuan per share [18] - Midea Group has repurchased 0.35% of its shares, spending 1.998 billion yuan, with a total of 26.9437 million shares repurchased at prices ranging from 69.50 to 80.44 yuan per share [17] - SF Holding has repurchased approximately 48.2887 million A-shares, with a total amount of about 1.899 billion yuan [1] Stock Trading Anomalies - Maoye Commercial has experienced a significant stock price increase, with a cumulative deviation of 20% over two trading days, indicating potential market overheating and high speculation risk [2] - Jinhui Liquor reported a cumulative stock price deviation of over 20% over three trading days, confirming normal production and no undisclosed major information [3] - Yangtze Optical Fiber has noted that the global optical fiber and cable market environment is normal, with new products related to data centers representing a small proportion of total demand [4] Profit Distribution Plans - Ningbo Fuda plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling 101 million yuan, which accounts for 59.85% of the net profit attributable to shareholders for the first three quarters of 2025 [5] Corporate Investments - Southwest Securities has received approval from the China Securities Regulatory Commission to issue bonds totaling up to 14 billion yuan [6] - Guoneng Rixin plans to increase its stake in Sanas Zhihui to 31% through an investment of 17.625 million yuan, enhancing its capabilities in new energy asset operation services [7] Production Updates - Weiyuan Co. has successfully launched a 250,000 tons/year electrolyte solvent project, enhancing its production capacity for various chemical products [8] Financial Performance - Lianyun Technology reported a net profit of 142 million yuan for 2025, a year-on-year increase of 20.36%, driven by growth in storage product demand [12] - Shanghai Yizhong reported a net profit of 64.132 million yuan for 2025, a significant increase of 819.42%, attributed to the inclusion of its core product in the national medical insurance directory [13]

Group 1: Geopolitical Developments - Serbian President Vucic predicts that Iran will face military strikes within 48 hours, linking the timing to Epstein-related documents [1] - Iranian officials deny plans for military exercises in the Strait of Hormuz, stating that reports of such drills are inaccurate [1] Group 2: U.S.-Iran Relations - U.S. President Trump expresses hope for an agreement with Iran, while Iranian Foreign Minister Zarif maintains confidence in reaching a nuclear deal [3][10] - Zarif indicates that Iran is working with regional partners to build trust with the U.S. for negotiations, which have shown some effectiveness [5][11] - Zarif emphasizes the importance of substance over form in negotiations, reiterating Iran's desire for the U.S. to lift long-standing sanctions and respect its rights to uranium enrichment [11] Group 3: Commodity Market Trends - The commodity market experiences a significant downturn, with gold, silver, crude oil, and industrial metals leading the decline due to hawkish expectations from the Fed and a strengthening dollar [12] - A large sell-off in the A-share market sees major indices drop over 2%, with significant losses in resource sectors and semiconductor stocks [12] - Silver and other precious metals face substantial selling pressure, with notable sell orders exceeding 66 billion for Silver [9] Group 4: Company Developments - Tesla announces the upcoming launch of its third-generation humanoid robot, designed to learn new skills by observing human behavior, with an expected annual production of one million units [13]

Core Viewpoint - The food and beverage sector showed resilience in the market, with the Huabao Food and Beverage ETF (515710) experiencing a price increase of 0.86% by the end of trading on February 2, 2026, despite an initial surge of 3.28% during the day [1][4]. Group 1: Market Performance - The food and beverage ETF Huabao (515710) opened strong, reaching a peak increase of 3.28% before closing up 0.86% [1]. - Major liquor stocks saw significant gains, with Jinhuijiu hitting the daily limit, Shuijingfang rising by 7.44%, and Jinzongzi Jiu increasing by 5.17% [1]. - Leading liquor brands such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and Yanghe also closed in the green [1]. Group 2: Industry Insights - CITIC Construction pointed out that the surge in the liquor sector is driven by Moutai's sales price exceeding expectations, recognized reforms, and easing real estate policies, alongside a positive outlook for PPI [1]. - Moutai's payment and delivery progress has surpassed last year's levels, and industry reforms are advancing, with expectations for the industry to bottom out by 2026, potentially increasing market share for leading brands [1]. - Current valuations in the food and beverage sector remain low, with the PE ratio of the Huabao ETF at 19.81, placing it in the 3.33% percentile of the last decade, indicating strong medium to long-term investment potential [1][3]. Group 3: Future Outlook - Xiangcai Securities noted that the food and beverage industry's valuation is at a historical low, despite weak market data such as retail sales and consumer confidence [3]. - The prolonged adjustment period has led to a pricing of pessimistic expectations, and with inflation showing signs of mild recovery, investment opportunities in the consumption sector are emerging [3]. - Investors are encouraged to focus on core assets within the food and beverage sector, particularly the Huabao ETF, which has a significant allocation to leading high-end liquor stocks and other beverage segments [3].

不过，他也表示，大涨次日出现明显的调整，证明此次上涨更多是反弹，获利资金了结意愿强烈。"大 家对于春节动销和茅台批价的分歧仍然较大，大部分人并不相信白酒已经触底，而是抱着赚一把就跑的 心态。" 白酒板块逆市上涨 一场关于白酒股信仰与价值的再博弈 历经四年深度调整的白酒板块，近期似乎出现了一线转机。 2月2日，A股市场整体走弱，上证指数下跌2.48%。白酒板块却在此时逆势上扬，相关ETF强势领涨， 成为市场中的亮点。这已是该板块近期第二次在调整市中率先反弹。但上一次大涨后迅速回调的"一日 游"行情，仍让市场心有余悸。 更值得关注的是其背后的资金分歧。截至去年四季度末，公募白酒基金持仓已降至不足4%，筹码结构 的出清看似为反转创造了条件，但机构与普通投资者的操作却呈现显著分化。这波上涨究竟是长达四年 调整后的"王者归来"，还是悲观预期修复下的短暂反弹？ "近期白酒板块的反弹更多是短期基本面因素和交易因素的双重影响。"恒生前海消费升级混合基金经理 胡启聪从交易层面分析称，白酒板块整体的机构持仓已降到历史低位，换言之筹码结构整体较好，抛压 较少，"配合短期价格催化，极易引起资金的短期效益"。 2月2日，白酒龙头贵州茅 ...

Market Overview - The Asia-Pacific stock markets experienced widespread declines, with the South Korean Composite Index dropping over 5%, triggering a trading halt for 5 minutes [1][5] - The A-share market saw all three major indices fall by more than 2%, with the Shanghai Composite Index down 2.48%, the Shenzhen Component down 2.69%, and the ChiNext Index down 2.46% [1][6] - The Hang Seng Index and the Hang Seng China Enterprises Index also fell by over 2%, while the Hang Seng Technology Index dropped by 3.36% [1][6] Sector Performance - The A-share non-ferrous metals sector underwent significant corrections, with precious metals and industrial metals leading the declines; stocks like Sichuan Gold and Chifeng Jilong Gold hit the daily limit down [2] - The storage chip concept saw expanded declines in the afternoon, with stocks such as Kaipu Cloud and Wanrun Technology also hitting the daily limit down [2] - Other sectors like oil and gas, chemicals, coal, and semiconductors also faced notable declines [2] Key Factors Influencing Market Movement - A sudden shift in expectations regarding the Federal Reserve's policy, particularly with the nomination of Kevin Walsh as the next Fed Chair, raised concerns about potential delays in interest rate cuts, impacting global risk asset valuations [7] - Profit concerns in the AI industry led to a sell-off in technology stocks, with major players like Samsung Electronics and SK Hynix experiencing declines of over 6% and 8%, respectively [7] - Pre-holiday risk aversion and reduced market liquidity contributed to a lack of buying support, as investors opted to secure profits ahead of the upcoming Spring Festival [7] - Technical adjustments were also noted, as some sectors had reached high valuation levels after significant prior gains [7] Food Sector Insights - The food sector saw some stocks, such as Youyou Food, experience sharp increases, with several others following suit [8] - Analysts suggest that the rise of healthy snacks and the penetration of online channels are key growth drivers in the market [11] - The food and beverage industry is currently at a historical low in valuation, presenting potential investment opportunities as market dynamics shift [11]

观点网讯：2月2日，金徽酒股份有限公司发布股票交易异常波动公告。 根据公告内容，金徽酒股票于2026年1月29日、1月30日、2月2日连续三个交易日收盘价格涨幅偏离值累 计超过20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动。 根据公告内容，经自查，金徽酒目前生产经营活动正常，市场环境、行业政策没有发生重大调整，内部 经营环境未发生重大变化。经向公司控股股东和实际控制人书面征询确认，截至公告披露日，不存在影 响公司股票交易异常波动的重大事项，也不存在应披露而未披露的重大信息。公司现任董事、高级管理 人员、控股股东及其一致行动人、实际控制人在本次股票交易异常波动期间不存在买卖公司股票的情 况。 根据公告内容，2025年前三季度，金徽酒实现营业收入23.06亿元、同比减少0.97%，实现归属于上市公 司股东的净利润3.24亿元、同比减少2.78%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Market Overview - Domestic commodity futures closed lower, with major contracts such as silver, palladium, platinum, nickel, tin, copper, aluminum, international copper, stainless steel, crude oil, fuel oil, aluminum alloy, and lithium carbonate hitting the limit down [1][4] - The zinc futures fell over 6%, while fuel oil and pure benzene dropped over 5%. Ethylene glycol and liquefied gas fell more than 4%, and other commodities like NR and coke saw declines exceeding 3% [1][4] Stock Market Performance - The A-share market experienced a significant adjustment, with all three major indices dropping over 2%. The Sci-Tech Innovation 50 Index fell over 3% [1][4] - The total trading volume in the Shanghai and Shenzhen markets was 2.58 trillion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1][4] - Over 4,600 stocks in the market declined, with 123 stocks hitting the limit down [1][4] Sector Analysis - The liquor sector showed resilience, with stocks like Huangtai Liquor and Jinhui Liquor performing well, while the electric grid equipment sector also saw gains with multiple stocks hitting the limit up [1][4] - Conversely, sectors such as non-ferrous metals, oil and gas, chemicals, coal, and semiconductors faced significant declines, particularly the non-ferrous metals sector, which saw multiple stocks like Sichuan Gold and Chifeng Jilong Gold hitting the limit down [1][4] - The storage chip sector experienced a sharp decline, with stocks like Zhaoyi Innovation and Kaipu Cloud also hitting the limit down [1][4] Index Performance - The Shanghai Composite Index closed down 2.48%, the Shenzhen Component Index fell 2.69%, and the ChiNext Index decreased by 2.46% [5]