Market Overview - The three major indices showed mixed performance, with the ChiNext and Sci-Tech 50 indices dropping over 1%. The trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan for the first time in 31 trading days, decreasing by 121.3 billion yuan compared to the previous trading day. Over 3,200 stocks in the market declined, while the chemical sector showed strength, and the glass fiber concept surged. The closing figures were: Shanghai Composite Index up 0.09%, Shenzhen Component Index down 0.35%, and ChiNext down 1.08% [1]. Investment Insights National Investment Securities - National Investment Securities predicts a resurgence of the technology growth style after the Spring Festival, suggesting that historical trends indicate a significant style switch is likely. If the market leans towards value and large caps before the festival, it is expected to shift towards technology growth and small caps afterward. The firm believes that the technology growth style will likely prevail post-Spring Festival, supported by liquidity easing and weak macro fundamentals [2]. CITIC Securities - CITIC Securities notes that precious metals have experienced significant adjustments due to panic triggered by Kevin Warsh's nomination. However, the firm maintains that precious metals will continue to trend upward due to high global debt and increasing geopolitical risks. Basic industrial metals are expected to return to their supply-demand pricing after a brief adjustment, supported by genuine demand from downstream entities. Additionally, the U.S. has initiated a critical mineral reserve plan, highlighting the importance of mineral resources and driving up valuations for resource-related assets [3]. Guosheng Securities - Guosheng Securities highlights six key signals from the central bank's fourth-quarter monetary policy report. Notably, the report emphasizes promoting stable economic growth as a crucial consideration for monetary policy, indicating that a weakening fundamental outlook will likely trigger monetary easing. The report also reflects a cautious approach to interest rate cuts, with a shift from "promoting cost reduction" to "facilitating low-cost operation" in social financing. Furthermore, the report discusses the impact of resident deposit "loss" on liquidity and emphasizes the need for coordinated monetary and fiscal policies to enhance policy effectiveness [4].

智通财经APP获悉，中信建投发布研报称，本周贵金属价格因凯文•沃什提名引发恐慌导致多头踩踏出现巨幅调整，但基于全球高债务与财政约束加剧主 权信用风险及地缘摩擦风险的上升，贵金属仍旧保持着上行的趋势。基本工业金属在跟随贵金属短暂调整后，回归各自供需定价，鉴于压抑已久的下游实 体买盘的真实需求支撑，基本工业金属维持向好的趋势。另外，美国启动关键矿产储备计划，凸显矿产资源的重要性，对资源标的估值提升构成驱动。 中信建投主要观点如下： 静待贵金属消化高波动率 (1)贵金属：震荡消化波动率，不改价格向上趋势。本周贵金属再现巨幅波动行情，沪银主力价格从3.2万元/千克俯冲至最低1.79万元/千克，沪银指数隐含 波动率虽有所下滑但仍保持在高位。市场逐渐消化凯文•沃什被提名为美联储主席的恐慌情绪，毕竟面对美债高筑的现状，"降息"+"缩表"的可执行度是待 商榷的。 2月5日，世界黄金协会最新报告指出，2026年1月份全球实物黄金ETF流入达187亿美元，创下单月历史最高纪录。全球ETF总持仓量增加120吨至4145 吨，同样创下历史新高。央行购金方面，2025年购买了略高于860吨黄金，低于2025年之前三年每年超过1000吨 ...