Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The A-share market shows a mixed trend, with the spring market still likely to continue, but the market performance may not be smooth. Before the Spring Festival, the market may be volatile, and investors are advised to adopt a more conservative style and focus on high-dividend sectors [27]. - The commodity market has different trends. Precious metals generally rise, while base metals show mixed performance. The energy market is affected by factors such as geopolitical risks and inventory changes, and oil prices rise [10][11][12]. Summary by Relevant Catalogs 1. Macro News - China's President Xi Jinping had a phone call with US President Trump, emphasizing the importance of the Taiwan issue and the need for the US to handle arms sales to Taiwan carefully [7]. - Market rumors that Musk's team visited Chinese photovoltaic companies led to a surge in A-share photovoltaic concept stocks. However, some companies announced that they had not carried out any cooperation with the relevant team, and the China Photovoltaic Industry Association pointed out that space photovoltaic technology is still in the early exploration stage [7]. - Google's parent company Alphabet's Q4 2025 revenue exceeded expectations, and its 2026 capital expenditure is expected to be much higher than investors' expectations [8]. - The A-share market showed a trend of first decline and then rise. The coal and photovoltaic sectors saw a wave of daily limit increases, while the semiconductor, computing hardware, and AI application sectors were sluggish [8]. - The Ministry of Industry and Information Technology emphasized the need to strengthen the technological supply of future industries and promote breakthroughs in fields such as 6G, quantum technology, brain-computer interfaces, and embodied intelligence [8]. - The number of newly opened margin trading accounts in the market in January increased significantly compared with the previous month and the same period last year [9]. - The US dollar index rose, and most non-US currencies fell. The offshore RMB against the US dollar fell [9]. - China's first domestically developed 12-inch silicon carbide ingot thinning equipment and substrate thinning equipment were successfully delivered, marking a new breakthrough in the field of large-size silicon carbide processing [9]. - The Federal Reserve announced that it will not adjust the capital levels of large banks in the 2026 stress test cycle and is considering reforms to improve transparency [9]. - The US stock market closed mixed. The Dow rose, while the S&P 500 and Nasdaq fell. The labor market data showed that the number of private sector employment in the US in January was far lower than expected [10]. - The domestic commodity futures market mostly rose, with precious metals leading the gains. The international precious metals futures market also generally rose [10][11]. - The London base metals market mostly fell [11]. - The European stock market closed mixed. The French stock market rose due to the rebound of the luxury goods sector and the stability of the European Central Bank's interest rate; the British stock market was boosted by the strengthening of the pound; the German stock market fell due to the difficulties in the auto parts industry and geopolitical concerns [11]. - Iran's Foreign Minister clarified the official position on the talks with the US in Oman, and the meeting is scheduled to be held on February 6 [12]. - The yields of treasury bonds in the interbank market showed mixed trends, and the treasury bond futures closed lower. The central bank carried out reverse repurchase operations, and the interbank market liquidity returned to a stable and loose state [12]. - The prices of US and Brent crude oil futures rose due to concerns about the risk of military conflict and the unexpected decrease in US EIA crude oil inventory [12]. 2. Morning Meeting Views on Major Varieties 2.1 Agricultural Products - **Sugar**: The price of the sugar futures main contract continued to rebound. Although the supply pressure remains, the rebound of international sugar prices and the tightening of domestic import policies have alleviated some downward pressure. It is expected to maintain a bottom - shock repair in the short term [14]. - **Corn**: The price of the corn futures main contract fluctuated narrowly, and the pre - holiday selling pressure continued to be realized, putting pressure on the price. It is recommended to wait and see and pay attention to the support at 2250 yuan/ton [14]. - **Peanuts**: The price of the peanut futures main contract fluctuated narrowly, and the supply and demand contradiction is not prominent. It is expected to maintain a bottom - shock pattern in the short term [14]. - **Pigs**: As the Spring Festival approaches, the supply of pigs is abundant, and the downstream demand is limited. The futures market is expected to remain volatile before the festival [14][16]. - **Eggs**: The spot price of eggs dropped significantly, and the futures market reflected the decline in spot prices and the expectation of post - festival decline, maintaining a volatile trend [16]. - **Red Dates**: The price of red dates is expected to remain stable in the short term, and the futures market is looking for support [16]. - **Cotton**: The supply of cotton is expected to decrease, and the demand is resilient. It is recommended to treat it with an interval - shock idea and consider going long at the lower edge of the interval [16]. 2.2 Energy and Chemicals - **Caustic Soda**: The caustic soda market is in a state of high supply and high inventory, and the fundamentals remain in an oversupply pattern [15][16]. - **Coking Coal and Coke**: The supply of coking coal and coke is expected to shrink, and the downstream demand is also weak. It is expected to show a weak - shock trend in the short term [16]. - **Logs**: The price of log futures continued to be strong, but there is a risk of a decline in demand before the festival. It is recommended to wait and see [18]. - **Pulp**: The supply pressure of pulp continues, and the demand support is weak. It is necessary to pay attention to whether the price can stand firm at the spot price level [18]. - **Double - offset Paper**: The supply of double - offset paper is abundant, and the demand is weak. The price may be restricted if there is no substantial improvement in demand [18]. - **Urea**: The domestic urea market price is stable. The daily output is rising, and the inventory is decreasing. The UR2605 contract should pay attention to the support at 1750 - 1760 yuan/ton [18][20]. 2.3 Non - ferrous Metals - **Copper and Aluminum**: The price of copper is boosted by the proposed key mineral strategic reserve plan and the easing of market uncertainties. The supply of aluminum is increasing, and the demand shows signs of stabilization, but the structural contradiction has not been eliminated. Both are expected to continue to run at a high level [22]. - **Alumina**: The alumina market is in an oversupply pattern, waiting for new market drivers [23]. - **Rebar and Hot - rolled Coil**: The spot market of rebar and hot - rolled coil is inactive, and the demand is limited. The steel price is expected to fluctuate and adjust in the short term [23]. - **Ferroalloys**: The supply and demand of ferroalloys changed little this week. The fundamentals of silicon iron and manganese silicon are relatively healthy. The short - term trend is expected to be callback - biased and long, and the impact of the macro environment should be noted [25]. - **Lithium Carbonate**: The price of lithium carbonate futures is under pressure. The supply is expected to shrink in February, and the demand is in the peak season. It is recommended to wait and see before the festival and look for long - buying opportunities after the price stabilizes [25]. 2.4 Options and Finance - **Stock Index Options**: On February 3, the A - share market rose, and the trading volume of stock index options changed. Trend investors can pay attention to the arbitrage opportunities between varieties, and volatility investors can hold short - straddle positions to short volatility [25]. - **Stock Index**: The stock market may be volatile before the Spring Festival. It is recommended to focus on high - dividend sectors and adopt a more conservative investment style. The spring market is still likely to continue in February after short - term adjustment [27].

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion [1] - The net inflow of funds through the Hong Kong Stock Connect was 484 million, with Shanghai Stock Connect contributing 283 million and Shenzhen Stock Connect 201 million [1] Sector Performance - Energy and real estate sectors performed well, with coal-related assets rising due to supply constraints from Indonesia, leading to Yanzhou Coal Mining increasing over 10% and China Shenhua Energy rising over 5% [1] - Domestic property stocks also saw gains, with Shimao Group up over 14%, Sunac China up over 8%, Vanke up over 6%, and Yuexiu Property up over 6% [1] - Conversely, chip and tech stocks declined, with Shanghai Fudan down over 5%, Hua Hong Semiconductor down nearly 5%, and Tencent Holdings down nearly 4% [1] US Market Performance - The US stock market had mixed results, with the Dow Jones up 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51% respectively [2] - Notable gainers included Amgen, which rose over 8%, and Nike, which increased by over 5% [2] - The tech sector faced challenges, with the Nasdaq China Golden Dragon Index down 1.95% and major chip stocks like AMD dropping over 17% [2] Investment Opportunities - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see medium to long-term development opportunities [3] - It is recommended to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] - The report highlights the continued value of Hong Kong stocks centered around Chinese assets, particularly in technology, consumer sectors, and undervalued state-owned enterprises [3] Company Highlights - ZTE Corporation (0763.HK) is noted for its comprehensive communication manufacturing capabilities, with a projected revenue of 121.299 billion for 2024, despite a slight decline [10] - The company maintains a high gross margin of 37.91% and is expected to see significant growth in its server and storage revenue, particularly in the AI computing sector [10] - Analysts predict ZTE's net profits for 2025 and 2026 to be 7.98 billion and 8.81 billion RMB respectively, indicating a relatively low valuation compared to its earnings potential [10]

Core Insights - The report highlights the release of the "Low Altitude Economic Standard System Construction Guide (2025 Edition)", marking a significant step in the regulation and development of the low altitude economy in China [13]. Group 1: Industry Dynamics - The Guangdong provincial government has set development goals for the low altitude economy in its 2026 work report, indicating a commitment to advancing this sector [13]. Group 2: Policy Developments - The "Low Altitude Economic Standard System Construction Guide (2025 Edition)" is the first comprehensive standard document in China's low altitude economy sector, aimed at transitioning the industry from "chaotic growth" to "regulated and scaled development" [13]. Group 3: Company Developments - WoFei ChangKong has completed a new round of financing amounting to nearly 1 billion yuan, setting a record for the largest single financing in the low altitude economy at the start of 2026. The funds will be used for the certification of the AE200 series, the production of a global headquarters, and the construction of a low altitude travel business model [12].

美东时间周三，美股市场呈现明显分化格局，道琼斯工业平均指数逆势飘红，而纳斯达克指数与标普500指数则受科技股抛售潮拖累收跌，与此同时，黄 金、白银等贵金属及国际油价同步走强，市场资金在风险偏好调整中寻求避险与机会。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49501.30 | 22904.58 | 6882.72 | | +260.31 +0.53% | -350.61 -1.51% -35.09 -0.51% | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 64399.36 | 4085.64 | 7461.61 | | -862.73 -1.32% -117.72 -2.80% -148.40 -1.95% | | | 截至收盘，道指上涨260.31点，涨幅0.53%，报49501.30点，工业等防御性板块成为资金避风港；纳指大跌350.61点，跌幅1.51%，收于22904.58点，连续两 日下跌后跌破100日均线；标普500指数微跌0.51%，报6882.72点，尽管超七成成分股上涨，但科技板块的大幅下挫拖累了指数表现。市场 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 当地时间2月4日，美股三大股指收盘涨跌不一，在多家科技权重持续回调的压力下，纳指连续第二 天跌超1%。 因最新财报中一季度指引不及预期，AMD大跌超17%，美光科技跌逾9%，特斯拉跌近4%，英伟 达跌超3%。 受美国"小非农"就业数据疲软、AI芯片需求波动及美联储降息节奏不确定性影响，投资者对成长股 估值与经济韧性信心承压，风险偏好趋于谨慎。 纳指两连跌 AMD大跌超17% 当地时间2月4日，美股三大股指收盘涨跌不一。道指涨0.53%报49501.3点，标普500指数跌 0.51%报6882.72点，纳指跌1.51%报22904.58点。 大型科技股多数下跌，万得美国科技七巨头指数下跌1.32%。个股方面，特斯拉跌近4%，脸书、 英伟达跌超3%，亚马逊跌逾2%，谷歌跌近2%，苹果涨超2%，微软涨0.72%。 芯片股表现疲软，费城半导体指数跌4.36%。其中，超威半导体（AMD）跌超17%。 | 200.190+ 最高 218.580 今 开 215.000 | | --- | | -41.920-17.31% 最低 1 ...

美东时间周三，美股三大指数收盘涨跌不一，仅道指飘红小幅上涨，纳指、标普指数、中概股指数集体下跌。消息面上，美国就业数据疲软，中东局势趋 缓，AI芯片需求波动，投资者对成长股估值与经济韧性信心承压，风险偏好趋于谨慎。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49501.30 | 22904.58 | 6882.72 | | +260.31 +0.53% -350.61 -1.51% | | -35.09 -0.51% | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 64399.36 | 4085.64 | 7461.61 | | -862.73 -1.32% -117.72 -2.80% | | -148.40 -1.95% | 科技股普跌，脸书、英伟达、特斯拉跌超3%，谷歌跌近2%。 中概新能源股逆势走强，亿鹏能源狂飙近58%，晶科能源涨超8%，阿特斯太阳能涨逾3%。消息面上，马斯克团队密访中国多家光伏企业，晶科能源直线 涨停，光伏股集体拉升。 费城半导体指数大跌超4%，AMD跌超17%，该公司预计季度营收小幅下滑。存储概念跌幅居前，闪 ...

编辑丨江佩霞 美东时间周三，美股三大指数收盘涨跌不一，仅道指飘红小幅上涨，纳指、标普指数、中概股指数集体下跌。消息面上，美国就业数据疲软， 中东局势趋缓，AI芯片需求波动，投资者对成长股估值与经济韧性信心承压，风险偏好趋于谨慎。 | 纳斯达克指数 | 道琼斯工业 | 标普500 | | --- | --- | --- | | 22904.58 | 49501.30 | 6882.72 | | +260.31 +0.53% | -350.61 -1.51% | -35.09 -0.51% | | 中概科技龙头 | 美国科技七巨头 | 中国金龙 | | 4085.64 | 64399.36 | 7461.61 | | 股普跌 股书 英伟计 特斯拉胜超3% 公歌胜近20% | -862.73 -1.32% -117.72 -2.80% -148.40 -1.95% | | 科技股普跌，脸书、英伟达、特斯拉跌超3%， 谷歌跌近2%。 费城半导体指数大跌超4%， AMD跌超17%，该公司预计季度营收小幅下滑。 存储概念跌幅居前，闪迪跌近16%，美光科技跌逾9%， 西部数 据跌超7%， 阿斯麦跌超4%。 记者丨曾静娇 | ...

相关事件 摩根大通发表研报，预期万国数据于中国的AI数据中心建设项目将于2026年加速推进，因国产芯片供 应开始加速增长、英伟达H200 GPU的供应状况变得更为明朗，而且内地供应商正在部署更多AI应用。 基于更强劲的核心业务及其股权投资的潜在价值释放，该行将其美股目标价由40美元上调至55美元，重 申"增持"评级。 万国数据-SW(09698.HK)私人配售3亿美元可转换优先股予华泰资本 万国数据-SW(09698.HK)：收回 DayOne投资本金约95% 回报率近6.5倍 大行评级丨小摩：上调万国数据目标价至55美元，预期AI数据中 心建设加速 万国数据-SW(09698.HK)私人配售3亿美元可转换优先股予华泰资本 ...

摩根大通发表研报，预期万国数据于中国的AI数据中心建设项目将于2026年加速推进，因国产芯片供 应开始加速增长、英伟达H200 GPU的供应状况变得更为明朗，而且内地供应商正在部署更多AI应用。 基于更强劲的核心业务及其股权投资的潜在价值释放，该行将其美股目标价由40美元上调至55美元，重 申"增持"评级。 来源：滚动播报 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million in the Hong Kong Stock Connect [1] - The three major indices in Hong Kong fell collectively, with the Hang Seng Index down 2.08%, the Hang Seng China Enterprises Index down 2.47%, and the Hang Seng Tech Index down 2.1% [1][5] Sector Performance - Local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well against the market trend [1] - Gold stocks faced pressure due to fluctuations in international gold prices, with notable declines in companies like Chifeng Jilong Gold Mining (down 14.38%) and Shandong Gold Mining (down 14.31%) [1] - Conversely, education stocks rose, with China Spring (01969.HK) surging by 22.76% [1] US Market Performance - The US stock market closed positively, with the Dow Jones Industrial Average rising 1.73%, marking a nine-month consecutive increase [2] - Notable declines were observed in companies like Salesforce (down 19.86%) and Adobe (down 16.21%), while AMD saw an increase of 10.54% [2] Future Market Outlook - The report emphasizes the importance of technology self-reliance and AI applications as key themes for future growth in the Hong Kong stock market [3] - The report suggests continued focus on sectors supported by policies for "technology self-reliance," including AI, semiconductors, and industrial software [3] - There is a recommendation to pay attention to sectors benefiting from domestic consumption expansion policies, as well as undervalued central state-owned enterprises with high dividends [3] Key Company Insights - China Railway (0390.HK) was highlighted for its strong performance, gaining 11.0% over the past week [3] - The report suggests that companies in the upstream non-ferrous metals sector may benefit from anticipated interest rate cuts by the Federal Reserve in 2026 [3] Industry Highlights - The report notes that China's shipbuilding industry continues to lead globally, with significant growth in completion and order volumes [9] - The report recommends focusing on leading companies in the shipbuilding sector, such as China Shipbuilding Industry Corporation (0317.HK) and China International Marine Containers (3899.HK) [9]