2月4日，A股市场呈现出先抑后扬态势，三大指数午后强势回升，沪指成功站上4100点，截止收盘，沪 指上涨34.46点，涨幅0.85%报4102.20点，深成指上涨29.17点，涨幅0.21%报14156.27点，创业板指下跌 13.38点，跌幅0.40%报3311.51点；沪深两市成交额2.48万亿，全市场超3200只个股上涨。 盘面热点快速轮动，煤炭概念掀起涨停潮，十余只成分股涨停，陕西黑猫、兖矿能源、中煤能源涨停； 太空光伏概念爆发，中来股份20cm涨停，国晟科技2连板。机场航运概念走强，中国东航、华夏航空涨 停。房地产板块表现活跃，荣安地产、财信发展、我爱我家涨停；氢能源概念快速拉升，京城股份、致 远新能涨停；玻璃玻纤、HIT电池、房地产开发及装修建材等板块涨幅居前；下跌方面，AI应用概念集 体下挫，引力传媒、天地在线跌停，值得买、世纪恒通等多股大跌；腾讯云板块下挫，泛微网络跌停； 贵金属板块走低，四川黄金跌近9%；另外，文化传媒、游戏及算力概念等跌幅居前。 多个板块表现活跃 机构观点 国盛证券：AI的影响不局限于软件领域，各领域都有抓住AI时代机遇的软件公司崛起，如广告领域的 Applovin、视觉设 ...

"国产GPU第一股"官宣重磅消息。 摩尔线程最新宣布，推出AI Coding Plan智能编程服务，系首个基于国产全功能GPU算力底座构建的智能开发 解决方案，可免费体验30天。摩尔线程表示，AI Coding Plan依托摩尔线程MTT S5000的全精度计算能力，通 过软硬件协同架构实现了算力效能的倍增。 在此之前，美国AI巨头OpenAI也推出了AI编程智能体Codex的macOS版应用程序。有机构分析认为，2026年将 成为AI应用的投资元年，理由在于模型能力的持续提升，算力成本的持续下降，以及AI应用货币化进程的加 速。 摩尔线程宣布 2月3日，摩尔线程宣布正式推出AI Coding Plan智能编程服务。 据摩尔线程介绍，作为首个基于国产全功能GPU算力底座构建的智能开发解决方案，该服务以MTT S5000强劲 的全精度计算能力为核心驱动，融合硅基流动推理加速引擎，并集成GLM-4.7顶尖代码模型，成功实现了国产 芯片与国产大模型在AI Coding领域的关键突破，标志着国产算力在AI核心生产力工具领域打破瓶颈，具备了 支撑高复杂度应用开发的实战能力。 摩尔线程表示，全新推出的AI Coding ...

2月4日，A500ETF基金（512050）低开震荡，午后情绪修复向上。截至13点53分，跌幅收窄至 0.244%。持仓股方面，晶科能源20cm涨停，中集集团、TCL中环、中国东航10cm涨停。昨日该ETF获 得超3.6亿元资金净流入。 东方财富证券表示春季行情未完，小结构需要出现调整切换。相比高波动、高估值的资产，近期结构配 置可延着景气逻辑良好而本轮春季行情以来涨幅还并未极致演绎的板块挖掘，如电子、通信及非银金融 等。重点关注行业方向：电子、保险、传媒、机械设备、通信、化工等。重点关注主题：机器人、无人 驾驶、AI应用等。 （文章来源：每日经济新闻） 中国人民银行2月3日公告，为保持银行体系流动性充裕，2月4日将以固定数量、利率招标、多重价位中 标方式开展8000亿元买断式逆回购操作，期限为3个月（91天）。由于本月有7000亿元3个月期买断式逆 回购到期，因此在开展上述操作后，3个月期买断式逆回购将实现净投放1000亿元。这也是中国人民银 行在连续3个月等量续做3个月期买断式逆回购后，首次加量续做3个月期买断式逆回购。业内分析认 为，2月仍然是信贷投放较为集中的月份，叠加春节前取现因素影响，市场对流动性 ...

Group 1: Strategy Overview - The report indicates that after significant fluctuations in gold and silver prices, the market is influenced by geopolitical uncertainties and the strong dollar, which may lead to a bearish outlook for gold prices in the short term [11][12][10] - The report suggests that high-risk investors with insufficient positions may consider participating in gold and silver trading to adjust their holdings, while long-term asset allocation should reduce gold's proportion due to uncertainties surrounding inflation control and strong dollar policies [11][12][10] Group 2: Market Performance in January - In January, precious metals continued to show strong performance, driven by geopolitical uncertainties and increased demand for safe-haven assets, with COMEX silver rising by 131.61% and COMEX gold increasing by 26.44% from November 2025 to January 28, 2026 [13][14] - The report highlights a structural recovery in the domestic stock market, with the Shanghai Composite Index rising by 4.6% in January, while the performance of financial and consumer sectors was relatively weak [15][19] Group 3: Commodity Market Insights - The report notes that the commodity market is characterized by increased geopolitical disturbances and rising risk premiums for physical assets, with industrial metals supported by recovering manufacturing activity and structural demand from AI and renewable energy sectors [29][30] - Oil prices are influenced by geopolitical factors, particularly the situation in Iran, with expectations of oversupply in the medium term as global supply is projected to increase significantly [35][36] Group 4: Bond Market Analysis - The bond market is expected to maintain a narrow range of fluctuations, with the 10-year government bond yield projected to oscillate between 1.8% and 1.9% due to policy support and market expectations [28][21] - The report indicates that the defensive attributes of the bond market have weakened, reflecting a shift in investor preference towards equities and commodities amid rising risk appetite [16][21]

Group 1 - The core viewpoint of the news is that the leading optical module stocks, Zhongji Xuchuang and Xinyi Sheng, experienced significant declines, which negatively impacted the AI hardware sector as a whole [1][4]. - The recent clarity in the deployment timeline of CPO (Co-Packaged Optics) technology has raised market concerns about its potential impact on the optical module industry, as CPO can enhance transmission speed and efficiency while reducing size and power consumption [2][3]. - Zhongji Xuchuang and Xinyi Sheng's performance forecasts for 2025 indicate substantial profit growth, with Zhongji Xuchuang expecting a net profit of 9.8 billion to 11.8 billion yuan (approximately $1.4 billion to $1.7 billion), representing a year-on-year increase of 89.5% to 128.17%, and Xinyi Sheng projecting a net profit of 9.4 billion to 9.9 billion yuan (approximately $1.3 billion to $1.4 billion), with a year-on-year increase of 231.24% to 248.86% [3]. - The phenomenon of stocks that become the top holdings in public funds often experiencing subsequent declines is highlighted, with Zhongji Xuchuang recently taking this position, which coincided with a drop in its stock price [3]. Group 2 - The decline in U.S. stocks such as Nvidia and Broadcom has affected market sentiment towards A-share computing hardware stocks, contributing to the overall downturn in the AI application sector [4]. - Concerns about the potential replacement of core business functions in software companies by AI technology have led to a significant drop in the software services sector in the U.S. market [5]. - The ongoing debate about whether large AI models will overshadow software companies is noted, with insights suggesting that AI's impact is not limited to software, and various companies are adapting to leverage AI opportunities [6].

重配有色、传媒等相关行业和个股的基金表现较优 国泰海通证券 1 月基金表现回顾 [Table_Authors] 庄梓恺(分析师) 本报告导读： 2026 年 1 月，A 股上涨，债市上涨，美股上涨，油价金价均上涨。基金方面，部分 重配有色、传媒等相关行业和个股的基金表现较优。 投资要点： [Table_Summary] 2026 年 1 月资本市场回顾 股票市场：A 股上涨，有色金属、传媒和石油石化行业表现较优。 2026 年 1 月，A 股上涨。2026 年开年以来，A 股市场热点赛道相继 发酵，在去年中国经济完成全年目标的背景下，A 股市场景气度保 持向上，1 月全月依然延续了慢牛上涨行情。从结构性机会来看，首 先，全球局势紧张加剧全球矿产供给不确定性，全月有色金属行业 表现靠前；其次，AI 大模型公司智谱、MiniMax 相继在港股上市， 以 AI 应用为代表的传媒行业表现出色；此外，国际能源署上调 2026 年全球原油需求增长预期，将需求增幅从此前的 86 万桶/日调整为 93 万桶/日，叠加地缘政治因素，石油石化板块本月走强。 2026 年 1 月基金业绩回顾 基金评价 /[Table_Date] ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].

Group 1 - The core viewpoint of the articles highlights the strong inflow into the CSI A500 ETF, with over 130 million yuan net inflow recently, indicating a bullish sentiment in the market as it approaches a liquidity-rich period before the Spring Festival and the Two Sessions [1] - According to the analysis, February is expected to see a return to a focus on fundamental themes, with a potential increase in attention towards sectors benefiting from AI applications, as the market shifts back to a growth-oriented investment style [1] - The CSI A500 index has shown superior historical performance, with a growth of 464.28% since its inception, compared to the 361.15% growth of the CSI 300 index, indicating a significant outperformance of 103.13% [1] Group 2 - The CSI A500 ETF has the highest number of investors among its peers, with its total account number being more than three times that of the second-ranked product, suggesting a strong preference among investors for this ETF [1]

Market Overview - A-shares experienced fluctuations on February 4, with the Shanghai Composite Index closing flat at 4067.67 points and a trading volume of 683.1 billion yuan [1] - The Shenzhen Component Index fell by 0.92% to 13997.72 points, with a trading volume of 932.6 billion yuan [1] - The ChiNext Index dropped by 1.74% to 3266.99 points, with a trading volume of 444.4 billion yuan [1] Sector Performance - The coal sector saw significant gains, with companies like Yanzhou Coal Mining and China Coal Energy hitting the daily limit [1] - The airport and shipping sectors strengthened, with China Eastern Airlines and Huaxia Airlines also reaching the daily limit [1] - The real estate sector was active, with Rong'an Real Estate and Caixin Development hitting the daily limit [1] - Conversely, AI application stocks declined, with companies like Zhidema and Yinsai Group dropping over 10% [1] - Computing power concept stocks fell, with Dawi Technology hitting the limit down and Hongjing Technology dropping nearly 15% [1] Institutional Insights - CITIC Securities noted that the electronic components industry has been experiencing a price increase since Q4 2025, with recent price hikes in areas like low-voltage MOSFETs and LED drivers [3] - The firm recommends focusing on sectors benefiting from this price trend, including storage, CCL, BT substrates, and wafer foundries [3] - Galaxy Securities highlighted a high demand for travel during the 2026 Spring Festival, benefiting OTA platforms and the duty-free industry due to increased tourism [4] Policy Developments - Zhejiang Province plans to strategically develop future industries such as humanoid robots, biomanufacturing, and commercial aviation as part of its high-quality development plan [5]

Market Performance - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index closing flat, the Shenzhen Component Index down 0.92%, and the ChiNext Index down 1.74% [1] - The North China 50 Index fell by 1.19%, and the total trading volume in the Shanghai and Shenzhen markets reached 16,297 billion yuan, an increase of 127 billion yuan compared to the previous day [1] - Over 2,900 stocks in the market experienced declines [1] Sector Performance - Sectors that saw gains included coal mining and processing, airport and shipping, photovoltaic equipment, real estate, natural gas, port shipping, construction materials, banking, hydrogen energy, and retail [1] - Conversely, sectors that faced declines included precious metals, AI applications, computing power leasing, semiconductors, and CPO concept stocks [1] ETF Performance - Gold prices rebounded for the second consecutive day, surpassing 5,000 USD, with gold ETFs from E Fund and Bosera both rising by 3.92% [1] - International oil prices increased, leading to a 3.22% rise in the Jiasheng Oil and Gas ETF [1] - The Hong Kong dividend strategy ETFs were active, with the Bosera Hong Kong Dividend ETF rising by 1.67% [1] - However, Hong Kong stocks continued to decline, with the Hong Kong Technology ETF, Hong Kong Internet ETF from E Fund, and the Hong Kong Technology 30 ETF falling by 3.73%, 3.73%, and 3.57% respectively [1] - The New Economy ETF from Yinhua dropped by 2.83% [1]