格隆汇2月26日｜美国股市跌幅扩大，纳斯达克指数下跌1.00%，道指涨0.26%，标普500指数跌0.43%。 ...

每经AI快讯，2月23日，纳指跌1.01%，现报22655.670点；道指跌1.41%，现报48926.121点；标普500指 数跌0.89%，现报6847.830点。 ...

Core Viewpoint - The Nasdaq index has fallen to its lowest point in over two months, with a decline of 1.89% [1] Group 1 - The Nasdaq index reached a low not seen in more than two months [1] - The decline in the Nasdaq index is quantified at 1.89% [1]

Group 1 - The US stock market saw an increase, with the S&P 500 index rising by 0.5% [1] - The Nasdaq index experienced a rise of 0.6% [1] - The Dow Jones index also increased by 0.6% [1]

Group 1 - The U.S. stock market has experienced a significant decline, with the Nasdaq index dropping by 1.01% [1]

Core Viewpoint - After the Federal Reserve's interest rate decision, the Nasdaq index continues to maintain an upward trend, with a latest increase of 0.11% [1] Group 1 - The Nasdaq index shows resilience in the market following the Federal Reserve's announcement [1] - The increase of 0.11% indicates positive investor sentiment post-decision [1]

Group 1 - The U.S. stock market experienced a pullback from previous gains, with the S&P 500 index remaining flat and the Nasdaq rising by 0.2% [1]

Group 1 - The core viewpoint of the article indicates that U.S. stock market gains have narrowed, with the Dow Jones Industrial Average turning negative, the S&P 500 index remaining flat, and the Nasdaq index increasing by 0.2% [1]

Core Viewpoint - The Nasdaq Composite Index increased by 1.01%, closing at 23,708.728 points, indicating a positive market sentiment [1] - The Dow Jones Industrial Average rose by 0.26%, ending at 49,277.871 points, reflecting moderate gains [1] - The S&P 500 Index saw a rise of 0.58%, closing at 6,966.490 points, suggesting overall market stability [1] Index Performance - Nasdaq Composite Index: Increased by 1.01% to 23,708.728 points [1] - Dow Jones Industrial Average: Increased by 0.26% to 49,277.871 points [1] - S&P 500 Index: Increased by 0.58% to 6,966.490 points [1]

Report Summary 1. Investment Rating No investment rating information for the industry is provided in the report. 2. Core Views - China's foreign exchange reserve reached a new high since December 2015, mainly due to the continuous rise in the trade balance The central bank's gold holdings have been increasing for 14 consecutive months, indicating a trend of diversification of official reserve assets Globally, central banks have been accelerating gold purchases since 2022, and although the purchase volume in 2025 decreased compared to the previous three years, it is still at a high level historically Gold is squeezing the share of the US dollar as a central bank reserve asset [2] - The central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation on January 8, which was an equal - amount hedge of the maturing repurchase and the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3. Content Summary by Category 3.1 Foreign Exchange and Gold Reserves - As of the end of December 2025, China's foreign exchange reserve was $3357.9 billion, a month - on - month increase of $1.15 billion, reaching a new high since December 2015 The gold reserve was 74.15 million ounces, a month - on - month increase of 30,000 ounces, with 14 consecutive months of increase [2] - From 2022 to 2024, global central banks had the highest net gold purchases in history, with 1080 tons in 2022, 1050 tons in 2023, and 1089 tons in 2024 In 2025, the purchase volume decreased to 634 tons but remained at a high level compared to historical data [2] 3.2 Central Bank Operations - On January 8, the central bank conducted a 1100 - billion - yuan 3 - month term repurchase operation to offset the maturing repurchase of the same amount It was the third consecutive month of equal - amount renewal The central bank quickly reduced the OMO stock at the beginning of the month, and the inter - bank capital price increased slightly while the exchange price decreased slightly [3] 3.3 Stock Market Performance - On January 7, the Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.06%, and the total trading volume of the two markets was 2854.141 billion yuan, an increase of 47.634 billion yuan from the previous trading day The ChiNext Index rose 0.31% and the STAR 50 Index rose 0.99% [4] - Internationally, the German DAX Index, South Korea's Composite Index, Wind All - A Index, and NASDAQ Index led the gains, with increases of 1.6%, 0.92%, 0.57%, and 0.19% respectively The Hang Seng Tech Index, Nikkei 225 Index, and Dow Jones Industrial Average led the losses, with decreases of 1.49%, 1.06%, and 0.94% respectively [4] - The closing yield of the 10 - year China Treasury Bond was 1.8988%, a change of +1.75BP The average daily prices of inter - bank R001 and R007 were 1.3365% and 1.5323% respectively [4] 3.4 Sector Performance - The top - performing sectors were the comprehensive, coal, electronics, and communication sectors, with increases of 3.86%, 2.47%, 1.25%, and 1.24% respectively The underperforming sectors were the petroleum and petrochemical, non - bank finance, beauty care, and computer sectors, with decreases of 1.73%, 1.13%, 1.03%, and 0.81% respectively [4] 3.5 Exchange Rates and Interest Rates - The US dollar index closed at 98.7426, up 0.14% The US dollar to offshore RMB exchange rate was 6.9935, and the offshore RMB depreciated by 106 basis points [5] - The latest value of the 10 - year US Treasury yield was 1.899, a change of 1.75BP The latest value of DR007 was 1.462, a change of 2.99BP The latest value of the US dollar to offshore RMB was 6.9935, a change of 0.18% The latest value of the US dollar index was 98.74, a change of 0.14% [14] 3.6 A - share Market Overview - The total market capitalization of A - shares was 112.27 trillion yuan, an increase of 3.53 trillion yuan from the beginning of the year The cumulative trading volume this year was 8.28 trillion yuan, with an average daily trading volume of 2760.361 billion yuan The PE (TTM) was 22.99x and the PB (MRQ) was 6.06x The margin trading balance decreased compared to a month ago [18] - Different A - share indices showed different performances on January 7, with the Wind All - A Index rising 0.19%, the Shanghai Composite Index rising 0.05%, the Shenzhen Component Index rising 0.06%, etc [18] 3.7 Industry Performance - The top three sectors in terms of daily increase were the comprehensive, coal, and electronics sectors [22] - The top three sectors in terms of daily net inflow of funds were the communication, banking, and light manufacturing sectors The top three sectors in terms of net inflow of funds at the end of the day were the electronics, national defense and military industry, and non - bank finance sectors [24] - The top three themes in terms of increase were semiconductor equipment, lithography machines, and the SMIC industrial chain [24]