Market Overview - The Hong Kong stock market experienced significant volatility, with the Hang Seng Index dropping over 1% at one point before closing with a slight rebound, ending at 26,834.77 points, up 59.20 points, or 0.22% [12][2] - The Hang Seng Tech Index fell over 3% during the day but narrowed its losses by the end, closing at 5,467.26 points, down 59.05 points, or 1.07% [15][4] Tax Rumor Impact - A rumor regarding a potential increase in value-added tax rates for the financial and internet value-added services (such as in-game purchases and advertising) led to market turbulence, particularly affecting Tencent Holdings, which saw its stock drop over 6% intraday and close down 2.92% [14][3] - A brokerage firm clarified that the claim of aligning game tax rates with the 32% rate for liquor is misleading, as the two tax types differ significantly in nature and application [18][6] Market Sentiment and Reactions - The brokerage noted that the rumor is typical market noise, likely stemming from an over-interpretation of a single policy document, and suggested that the actual future tax regulations would focus on reviewing tax incentives for certain companies rather than increasing statutory rates [18][6] - The firm emphasized that the core drivers for internet leading companies remain their business growth, AI commercialization, and profitability, indicating that short-term emotional disturbances do not alter long-term fundamentals [18][6] Precious Metals Market - Following a sharp decline, the precious metals market showed signs of stabilization, with spot gold recovering above $4,900 and silver returning above $86 [20][8] - The long-term outlook for precious metals remains positive, with expectations that the de-dollarization process will continue, and the recent price adjustments do not signify the end of the bull market [20][8] Fund Flows - Southbound funds continued to show small-scale net buying of Hong Kong stocks, with a net purchase exceeding 900 million HKD by the end of the trading day [21][9] Future Outlook - Analysts from Guoyuan International expressed concerns that the nomination of a hawkish Federal Reserve chair could lead to market apprehension regarding potential adjustments in monetary policy, impacting risk appetite in the Hong Kong market [23][11] - CITIC Securities indicated that earnings expectations for Hong Kong stocks have already undergone significant adjustments, and the spring market trend observed since late December 2025 is likely to continue, with large-cap stocks expected to yield relative returns [23][11]

Market Overview - The Hong Kong stock market experienced volatility, with the Hang Seng Index closing up 0.22% at 26,834.77 points, while the Hang Seng Tech Index fell 1.07% to 5,467.26 points, reflecting a mixed performance across sectors [1] - Huatai Securities noted that the recent "Wash Trade" led to a global risk-off sentiment, causing liquidity pressure and a decline in commodities and Asian markets, but they believe the adjustment is more technical and emotional, with a positive medium-term outlook for Chinese assets [1] Blue-Chip Stocks Performance - Tencent (00700) saw a significant drop of 2.92%, closing at 581 HKD, contributing to a decline in the Hang Seng Index by 59.56 points, influenced by rumors regarding potential tax adjustments on high-margin sectors like financial services and internet value-added services [2][7] - Other notable blue-chip movements included a rise of 8.09% for CSPC Pharmaceutical Group (01093) and a decline of 2.42% for both Semiconductor Manufacturing International Corporation (00981) and China Unicom (00762) [2] Sector Highlights - The technology sector faced pressure due to tax rumors, with Tencent dropping over 6% at one point, while gold and silver prices rebounded significantly, with gold rising over 5% to 4,916.6 USD/oz [3][4] - The commercial aerospace sector gained attention with SpaceX's acquisition of xAI, valued at approximately 1.25 trillion USD, which is expected to benefit the domestic space photovoltaic industry [5] - The engineering machinery sector showed resilience, with a reported 13.2% year-on-year increase in export trade, driven by strong demand for excavators [7] Notable Stock Movements - Ying Si Intelligent (03696) reached a new high, closing up 14.52% at 69 HKD, following milestone payments related to its clinical trial project [8] - CIMC Group (000039) also performed strongly, closing up 14.98% at 9.98 HKD, with significant deliveries in data center business and a robust order book in the marine engineering sector [9] - The AI model companies, MINIMAX (00100) and Zhizhu (02513), saw increases of 10.98% and 8.28% respectively, following the release of new models [9]

Market Overview - The Hong Kong stock market experienced significant volatility today, with the Hang Seng Index dropping over 1% at one point before closing with a slight rebound, ending at 26,834.77 points, up 59.20 points, or 0.22% [1] - The Hang Seng Tech Index fell over 3% during the day but narrowed its losses by the close, finishing at 5,467.26 points, down 59.05 points, or 1.07% [4] Tax Rumor Impact - A rumor regarding potential increases in value-added tax rates for the financial and internet value-added services (such as in-game purchases and advertising) sparked the market's volatility, leading to Tencent Holdings (HK00700) dropping over 6% at one point and closing down 2.92% [3] - A brokerage firm refuted the rumor, clarifying that the comparison of game tax rates to the 32% tax rate on liquor is misleading, as they are different tax types with distinct legal bases [6] Market Sentiment and Sector Performance - The brokerage indicated that the rumor is likely a market noise stemming from an over-interpretation of a single policy document, suggesting that the actual impact on tax regulations will be limited and manageable [6] - Despite the short-term emotional disturbances, the core drivers for internet leading companies remain their business growth, AI commercialization, and profitability improvements [6] - In contrast, gold stocks saw a rebound, with Zijin Mining International (HK02259) rising over 7% and other companies like Luoyang Molybdenum (HK03993) and Jiangxi Copper gaining over 6% and 4% respectively [6] Commodity Market Insights - The precious metals market showed signs of stabilization after a sharp decline, with spot gold recovering above $4,900 and silver returning above $86 [8] - Long-term views suggest that the process of de-dollarization will continue, and the recent adjustments do not signify the end of the precious metals bull market [8] Future Market Outlook - Guoyuan International noted that the nomination of a hawkish Federal Reserve chair could lead to market concerns regarding adjustments in Fed policy, impacting commodity prices, particularly silver, which saw a 26% drop in a single day [10] - CITIC Securities observed that earnings expectations for Hong Kong stocks have significantly adjusted, and the market may continue its spring rally, with large-cap stocks expected to perform relatively well before the Spring Festival [10]

Market Overview - The Hong Kong stock market experienced volatility, with the Hang Seng Index closing up 0.22% at 26,834.77 points, while the Hang Seng Tech Index fell 1.07% to 5,467.26 points, reflecting a mixed performance across sectors [1] - Huatai Securities noted that the recent "Wash Trade" triggered a global risk-off sentiment, leading to liquidity pressures and declines in commodities and Asian markets, but they believe the adjustment is more technical and emotional, with a positive medium-term outlook for Chinese assets [1] Blue-Chip Stocks Performance - Tencent (00700) saw a significant drop of 2.92%, closing at 581 HKD, contributing to a decline in the Hang Seng Index by 59.56 points, influenced by rumors regarding potential tax adjustments targeting the financial and internet sectors [2][7] - Other notable blue-chip movements included a rise of 8.09% for CSPC Pharmaceutical Group (01093) and a decline of 2.42% for both Semiconductor Manufacturing International Corporation (00981) and China Unicom (00762) [2] Sector Highlights - The technology sector faced pressure due to tax rumors, with Tencent dropping over 6% at one point, while gold and silver prices rebounded significantly, with gold rising over 5% to 4,916.6 USD/oz and silver increasing by over 9% [3][4] - The commercial aerospace sector gained attention with SpaceX's acquisition of xAI, valued at approximately 1.25 trillion USD, which is expected to benefit the domestic space photovoltaic industry [5] - The engineering machinery sector showed resilience, with a reported 13.2% year-on-year increase in export trade, driven by strong demand for excavators [7] Notable Stock Movements - Ying Si Intelligent (03696) reached a new high, closing up 14.52% at 69 HKD, following milestone payments related to its clinical trial project [8] - CIMC Group (02039) also performed strongly, closing up 14.98% at 9.98 HKD, with significant deliveries in its data center business and a robust order book in its marine engineering segment [9] - MiniMax (00100) and Zhiyuan (02513) both saw gains, with increases of 10.98% and 8.28% respectively, following the release of new AI models [10]

Industry Overview - The report indicates that the steel industry is expected to continue its weak performance in February due to the impact of the Spring Festival holiday, with demand likely to remain subdued and production to contract, leading to slight fluctuations in steel prices [2][17][18] - In the copper sector, production activities on both supply and demand sides are anticipated to be affected by the Spring Festival, resulting in continued inventory accumulation. Attention should be paid to post-holiday demand verification and geopolitical developments [2][32] - The aluminum industry is facing a slight contraction in production, with sufficient supply of bauxite from Guinea. Post-holiday production recovery in alumina and electrolytic aluminum plants may support alumina prices [3][41] - Gold prices are expected to experience increased volatility in the short term, influenced by geopolitical risks and domestic political uncertainties in the U.S. [3][51] Steel Sector - The steel PMI index for January 2026 is reported at 49.9%, indicating continued contraction but a slowdown in the rate of decline, with steel prices showing slight fluctuations [17] - In December 2025, the average daily transaction volume of construction steel was 98,600 tons, down 1.81% month-on-month and 10.95% year-on-year [18] - The total crude steel production for December 2025 was 960.81 million tons, a year-on-year decrease of 4.40% [19] Copper Sector - China's electrolytic copper production in January increased by 0.10% month-on-month and 16.32% year-on-year, with a total production of 1.326 million tons in December 2025 [32][33] - The LME copper inventory rose by 18.69% to 175,000 tons, while SHFE copper inventory increased by 91.81% to 156,900 tons during the same period [33][40] Aluminum Sector - The production of metallurgical-grade alumina in January 2026 decreased by 1.78% month-on-month and 2.6% year-on-year, with total production at 8.011 million tons in December 2025 [41][42] - The domestic electrolytic aluminum production in December 2025 was 3.874 million tons, reflecting a year-on-year increase of 2.87% [42] Precious Metals - Gold prices increased by 13.28% to $4,907.50 per ounce from December 31, 2025, to January 30, 2026, while silver prices rose by 20.10% to $85.25 per ounce during the same period [51][52] Lithium and Cobalt - The price of battery-grade lithium carbonate increased by 32.08% to 158,500 yuan per ton, while the price of battery-grade lithium hydroxide rose by 64.58% to 158,000 yuan per ton [53] - The average price of 1 cobalt decreased by 4.99% to 447,000 yuan per ton during the reporting period [65] Rare Earths - The report notes a recovery in the supply of praseodymium and neodymium oxides, with prices for praseodymium-neodymium oxide increasing by 23.41% to 748,500 yuan per ton [73]

截至2026年2月3日 14:40，国证有色金属行业指数(399395)强势上涨3.57%，成分股东阳光上涨10.02%， 湖南黄金上涨10.00%，中稀有色上涨8.93%，盛和资源，盛屯矿业等个股跟涨。有色ETF鹏华(159880) 上涨6.68%，最新价报2.28元。 有色ETF鹏华(159880)，场外联接(A：021296；C：021297；I：022886)。 有色ETF鹏华紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2026年1月30日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业、洛阳 钼业、北方稀土、中国铝业、华友钴业、中金黄金、山东黄金、兴业银锡、赣锋锂业、云铝股份，前十 大权重股合计占比49.87%。 有色金属强势反弹，消息面上，中国有色金属工业协会相关负责人表示，完善铜资源储备体系建设，一 方面扩大国家铜战略储备规模，另一方面探索进行商业储备机制，通过财政贴息等方式选择国有 ...

Group 1 - The China Nonferrous Metals Industry Association is working on improving the copper resource reserve system, which includes expanding the national copper strategic reserve and exploring commercial reserve mechanisms through financial subsidies for state-owned enterprises [1] - Huaxin Securities indicates that the copper downstream operating rate is recovering, leading to a domestic destocking trend, with prices expected to remain strong [1] - The aluminum supply side continues to see production increases in domestic and Indonesian electrolytic aluminum, while demand shows a mixed picture, with construction material demand declining [1] Group 2 - As of February 3, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 3.04%, with significant gains in constituent stocks such as Dongyang Sunshine (up 10.02%) and Shenghe Resources (up 7.31%) [1] - The CSI Industrial Nonferrous Metals Theme Index tracks 30 large-cap companies involved in copper, aluminum, lead-zinc, and rare metals, reflecting the overall performance of the sector [2] - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index account for 55.71% of the index, including companies like Luoyang Molybdenum and Northern Rare Earth [2]

截至发稿，方岑累计任职时间2年312天，现任基金资产总规模5083.02万元，任职期间最佳基金回报 13.08%， 任职期间最差基金回报-1.62%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，中航基金旗下1只基金重仓洛阳钼业。中航混改精选A（004936）四季度减持1.68万股，持有 股数14.04万股，占基金净值比例为9.56%，位居第五大重仓股。根据测算，今日浮盈赚取约16.29万 元。 中航混改精选A（004936）成立日期2017年12月14日，最新规模685.43万。今年以来收益15.11%，同类 排名169/8874；近一年收益39.23%，同类排名2651/8124；成立以来收益13%。 中航混改精选A（004936）基金经理为方岑。 2月3日，洛阳钼业涨5.25%，截至发稿，报23.25元/股，成交81.84亿元，换手率2.07%，总市值4974.18 亿元。 资料显示，洛阳栾川 ...

Core Viewpoint - The Hong Kong copper industry stocks experienced significant gains in the afternoon trading session, indicating a positive market sentiment towards these companies [1] Company Performance - Luoyang Molybdenum (03993.HK) saw an increase of 6.77%, reaching HKD 22.72 [1] - China Nonferrous Mining (01258.HK) rose by 5.89%, trading at HKD 15.29 [1] - Minmetals Resources (01208.HK) increased by 4.83%, with a price of HKD 9.98 [1] - Jiangxi Copper (00358.HK) gained 4.8%, priced at HKD 45.44 [1] - Zijin Mining (02899.HK) experienced a rise of 4.3%, reaching HKD 41.26 [1]

Group 1 - The latest copper price as of February 2 is 100,853.33 yuan per ton, reflecting a 10.57% increase over the last 60 days [2][5] - Relevant producers in the copper industry include companies such as Zhongjin Lingnan, Xinye Silver Tin, Tongling Nonferrous Metals, and Jiangxi Copper among others [2][5] Group 2 - Cyclical stocks refer to publicly listed companies in raw material production, whose profits are significantly affected by fluctuations in raw material prices [3][6] - Utilizing price fluctuation data from raw materials to identify buying signals for cyclical stocks is an important investment strategy [3][6]