Industry News - Recent rumors about adjusting the value-added tax rates for the gaming and financial industries have been circulating on some online platforms. Experts confirm that these rumors lack credibility, as the highest VAT rate in China is clearly defined at 13% and a rate of 32% does not exist [24] - The Shanghai Gold Exchange announced adjustments to the trading margin levels and price fluctuation limits for certain gold and silver contracts. Starting from February 4, 2026, the margin for gold contracts will increase from 16% to 17%, and the price fluctuation limit will rise from 15% to 16%. For silver contracts, the margin will decrease from 26% to 23% [24] - Data from the Shanghai Stock Exchange shows that in January 2026, there were 4.9158 million new A-share accounts opened, representing a month-on-month increase of 89% and a year-on-year increase of 213% compared to January 2025 [24] Company News - Guizhou Moutai announced that as of the end of January 2026, it has repurchased a total of 416,900 shares, with a total expenditure of 571 million yuan [26] - It was reported that Cambricon's revenue for 2026 is expected to reach 20 billion yuan, although this figure is significantly below expectations. The company stated that it has not organized any small-scale communications recently and has not provided any revenue guidance [26] - One Automobile Liberation announced plans to use no more than 10 billion yuan of its own funds for entrusted wealth management [26] - Hongfu Technology announced a contract worth 480 million yuan with Guangdong Quanxiang to provide robots and other products [26] - CATL reported that as of January 31, it has repurchased 15.9908 million A-shares, with a total transaction amount of 4.386 billion yuan [26]

交易咨询资格号： 证监许可[2012]112 晨会纪要 2026 年 2 月 4 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com 请务必阅读正文之后的免责声明部分 [Table_QuotePic] 中泰微投研小程序 | 4 / 7 / 7 / 4 | | 卒」卒4日听刊 | | | | --- | --- | --- | --- | --- | | 趋势空头 | 農荡偏空 | 農药 | 農荡偏多 | 趋势多头 | | | に | 橡胶 | 中证1000指数期货 | | | | 红枣 | 自糖 | 燃油 | | | | 铁矿石 | 多晶硅 | 三十债 | | | | 甲醇 | 棉纱 | 十债 | | | | РУС | 尿素 | 上证50股指期货 | | | | 塑料 | 棉花 | 二债 | | | | 生猪 | 胶版印刷纸 | 沪深300股指期货 | | | | 原油 | 玉米 | 五债 | | | | 液化石油气 | 乙二醇 | 沥青 | | | ...

来源：证券时报 "寒王"遭遇"小作文"空袭！ 2月3日，寒武纪低开低走，受"小作文"影响盘中一度跌超14%，并以9.18%的跌幅报收1128元/股，较去 年8月份创下的高位回撤逼近三成。且据近期披露的公募基金2025年四季报，在高位震荡之际，基金经 理对该股的持仓亦有分歧，有基金依旧坚定选择加仓，也有基金将其调出前十大重仓股名单。 有基金经理分析称，在前期涨幅巨大、估值高企的背景下，任何不利传闻都可能成为"压垮骆驼的一根 稻草"。如果所持股票受"小作文"冲击，但核实为不实谣言，且公司基本面、长期成长逻辑未变，短期 股价大跌反而可能是布局机会，会结合估值水平适度加仓或坚定持有。 寒武纪重挫 近日有市场传闻称，寒武纪小范围交流给出2026年营收200亿元的估计，远低于市场300亿—500亿元预 期。受"小作文"影响，寒武纪-U今天上午突然跳水，盘中跌幅一度超过14%，成交量明显放大。 2月3日中午，寒武纪官微发文称："公司关注到今日网络传播的关于公司近期组织小范围交流等信息为 不实信息，公司近期从未组织任何小范围交流，没有出具过任何年度、季度营业收入指引数据，相关信 息请以公司公开披露的信息为准。" 下午开盘，随 ...

Key Points - Regulatory actions intensify as X platform's French headquarters is raided, with Elon Musk facing a summons for a hearing in April 2026 regarding algorithm misuse and data handling issues [2][3] - Bosch initiates layoffs in China, affecting nearly 200 employees, particularly in fuel vehicle projects, with compensation reported as N+4, indicating a relatively generous severance package [4][5] - Honor denies allegations of copying Apple's iPhone design for its Power2 model, asserting that mature designs lead to industry consensus [7][8] - Gao Xin Retail, the parent company of RT-Mart, refutes claims regarding its CEO being taken by police, stating the reports are false [10][11] - Baidu Baike wins a lawsuit against a competitor for unfair competition, resulting in a compensation of 15 million yuan [12] - Cambricon Technologies experiences a significant stock drop, losing over 700 billion yuan in market value, prompting a public statement addressing market concerns [13][14] - Zeekr's 8X model faces leaks disrupting its release schedule, with the company emphasizing the importance of maintaining product release order [23][24] - Beijing Human Shape Robotics secures over 700 million yuan in funding to enhance its humanoid robot capabilities, with the launch of its Tian Gong 3.0 model imminent [17] - Xpeng Motors merges its autonomous driving and smart cockpit departments into a new General Intelligence Center to enhance AI capabilities [19] - Mijia Ice City is reportedly planning to build a theme park, with job postings indicating a significant investment in this venture [20][21] - Intel is set to re-enter Apple's supply chain for low-end processors, marking a shift in Apple's long-standing reliance on TSMC for chip manufacturing [40][41]

Group 1 - Guotou Ruijin Fund announced an adjustment to the valuation method of its silver LOF, leading to a significant drop of over 31% in the net asset value of its silver futures A shares on the same day [8] - The adjustment sparked controversy among investors, particularly regarding the timing of the announcement, which was made after trading hours [8] - The fund stated that prior notice could have led to panic and potential runs on the fund, hence the decision to announce post-trading [8] Group 2 - The stock price of Cambrian Technology plummeted by 12.88%, resulting in a market value loss of nearly 700 billion yuan, marking its largest single-day drop since September 2025 [9] - Cambrian responded to the market concerns by stating it was unaware of the specific reasons for the stock decline and emphasized that its operations were progressing smoothly [9] - Analysts suggested that high valuations and increased competition in the AI chip sector may have contributed to the sell-off [9] Group 3 - Tencent and other internet companies faced a significant drop in stock prices due to rumors of an increase in value-added tax, which were later debunked as false [10] - Tax experts clarified that the current VAT rates for these companies remain unchanged at 6%, alleviating concerns over potential tax hikes [10] Group 4 - Adobe announced it will discontinue its 2D animation software, Adobe Animate, by March 1, 2026, citing advancements in technology and changing user needs as reasons for the decision [11] - The software has been in use for over 25 years and has played a significant role in the animation ecosystem [11] Group 5 - JD.com announced it will invest over 1.3 billion yuan in benefits for frontline employees during the Spring Festival, including bonuses and subsidies [7] - The initiative aims to provide support and a sense of community for employees working during the holiday season [7] Group 6 - Red Star Capital completed the global acquisition of the antibiotic Moxifloxacin, establishing a new biopharmaceutical company focused on infection and respiratory diseases [11] - The acquisition includes essential assets such as drug registration certificates and intellectual property rights [11]

Group 1 - The core issue revolves around the quality concerns of Chow Sang Sang's gold pendants, which were found to have varying gold content levels, with the highest at 99.99% and the lowest at 64.37%, showing a difference of 35.62% [3][5] - Chow Sang Sang's official response emphasized that all their gold products meet national standards, with a gold content of no less than 990‰, and they are taking the matter seriously by conducting further tests [5][3] - The company has sent the same batch of products for testing to the National Gemstone and Jewelry Testing Center, which confirmed the gold content as 99.99% in multiple tests [5][3] Group 2 - The market is experiencing significant volatility, with various sectors, including precious metals, facing sharp declines due to panic selling and high leverage [17][12] - The domestic automotive market is showing a clear divide, with traditional brands like SAIC and Geely seeing over 20% growth, while new energy vehicle startups are facing collective declines [17] - The gaming industry is under scrutiny for potential tax adjustments, with rumors causing stock price drops among major companies like Tencent, although these rumors have been deemed unreliable [14][12]

Group 1 - The U.S. House of Representatives passed a funding bill to resolve the partial government shutdown, providing funding until September 30, 2026 [2] - AMD reported a fourth-quarter net profit of $2.52 billion, a 42% year-over-year increase, with revenue of $10.27 billion, up 34% [4] - AMD expects first-quarter revenue between $9.5 billion and $10.1 billion, exceeding market expectations of $9.39 billion [5] Group 2 - NVIDIA CEO Jensen Huang denied any changes in the relationship with OpenAI, stating that investment plans are proceeding as planned and that NVIDIA will participate in OpenAI's next funding round [7] - ByteDance acquired two commercial land plots in Haidian District for 2.8 billion yuan, with a total area of approximately 39,522 square meters [15] - The Central Committee of the Communist Party of China released a document focusing on agricultural modernization and technological innovation in agriculture [13][14]

Core Viewpoint - The article discusses the recent volatility in the stock price of Chinese AI chip company Cambricon, highlighting the impact of market rumors regarding its revenue guidance for 2026, which significantly deviated from market expectations [6][9][10]. Group 1: Market Reaction - On February 3, Cambricon's stock price dropped by 12.88%, resulting in a market capitalization decline from approximately 530 billion to 456.3 billion yuan, evaporating over 70 billion yuan in value [6][13]. - The market was unsettled by rumors suggesting that Cambricon's 2026 revenue guidance was only 20 billion yuan, far below the anticipated range of 30 billion to 50 billion yuan [9][15]. - Following the rumors, Cambricon issued a statement denying any such revenue guidance and emphasized that it had not organized any small-scale communications regarding financial forecasts [10][16]. Group 2: Industry Context - The AI chip industry is at a critical juncture, characterized by both significant growth potential and increasing competition among over ten companies, including Cambricon, Moore Threads, and others [16][22]. - Major players like Alibaba's Tianshu and Kunlun chips are entering the market, intensifying competition and potentially altering market dynamics [16][17]. - The scarcity of related concept stocks in the market is expected to diminish as more companies, including Kunlun and Tianshu, go public [17]. Group 3: Financial Performance - Cambricon recently announced a strong performance forecast for 2025, projecting revenues between 6 billion to 7 billion yuan, representing a year-on-year growth of 410.87% to 496.02% [18][19]. - The company also expects to achieve a net profit of 1.85 billion to 2.15 billion yuan, a significant turnaround from a loss of 450 million yuan in the previous year [19]. - However, there are concerns regarding the fourth-quarter performance, with expected revenues of only 1.393 billion to 2.393 billion yuan, indicating a potential slowdown in growth [21]. Group 4: Investor Sentiment - Market sentiment is shifting as investors reassess the valuation logic of AI chip companies, particularly in light of the increasing number of firms entering the market [22]. - The financing balance as a percentage of market capitalization for Cambricon, Moore Threads, and Nuxi is 2.89%, 8.26%, and 9.55% respectively, suggesting that market fluctuations could exacerbate stock price declines [22]. - Investors are questioning the sustainability of the current market landscape, speculating on the potential for a significant number of companies to fail or experience drastic declines in market value [22].

Group 1 - The core point of the article highlights the significant escalation in AI promotion during the Spring Festival, with major companies like Tencent, Baidu, and Alibaba launching massive cash red envelope campaigns to engage users and showcase AI capabilities [1][2][10] - Tencent's Yuanshuo APP initiated a record-breaking 1 billion yuan red envelope campaign, while Baidu followed with a 500 million yuan initiative, and Alibaba's Qianwen APP announced a 3 billion yuan "Spring Festival Treat" plan [2][5][7] - The competition among these tech giants is not just about user acquisition but also about establishing a strong foothold in the AI landscape, with the outcomes of user retention post-festival being crucial for determining market leadership [10][12] Group 2 - The article discusses the underlying "chip war" that supports the AI applications, emphasizing that the high concurrency demands during these promotional events are met by domestic AI chips rather than Nvidia's GPUs [12][13] - The landscape of the Chinese AI chip market is undergoing a dramatic shift, with Nvidia's market share in high-end training chips dropping from 95% to 0% due to U.S. export restrictions, allowing domestic companies to gain ground [14][15][16] - Predictions indicate that by 2026, Huawei is expected to dominate the Chinese AI chip market with a 50% share, while other companies like AMD, Cambricon, and Haiguang will follow with significantly smaller shares [17][18] Group 3 - The rise of domestic AI chips is marked by several companies achieving substantial order volumes, with Huawei Ascend and Baidu Kunlun being among the largest suppliers [23][24] - Despite the rapid growth of domestic AI chips, there remains a significant performance gap compared to Nvidia, prompting a focus on optimizing chip usage and system architecture to enhance competitiveness [25][26][30] - The article concludes that while the promotional activities may end, the advancements in AI chip technology are just beginning, indicating a potential shift in the global AI semiconductor landscape [32][34]

1月份共有16只QDII基金涨幅超过20%，大多数为被动权益类QDII基金。具体来看，华泰柏瑞中韩半导体ETF(QDII)夺冠，单月涨幅28.20%，华泰柏瑞 中韩半导体ETF发起式联接(QDII)A/I/C紧随其后，涨24.60%、24.59%、24.58%。其跟踪标的均为中证韩交所中韩半导体指数。 中国经济网北京2月4日讯（记者 何潇） 2026年1月份，全市场694只（各类份额分开计算，下同）有可比业绩的QDII基金中，有618只基金净值上涨， 占比约89%，有70只基金净值下跌，另外6只基金净值平收。 此外，宏利印度股票A/C也表现欠佳，其1月跌幅为4.66%、4.71%。该基金主投印度证券市场，去年四季度依旧保持个股集中，行业分散的投资策略， 整体组合保持行业均衡，继续注重组合整体的风险暴露和估值水平。 2026年1月份QDII基金涨跌幅前100名 | 排序 | 名称 | 区间复 | | 基金规 | | 区间复 权单位 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 模 | 名称 浄值增 | | | | | % | 元 | 亿元 | 长 ...