Market Overview - The A-share market faced overall pressure last week, with major indices declining, particularly the Sci-Tech 50, which fell by 5.76%. The ChiNext Index and ChiNext 50 dropped by 3.28% and 3.68%, respectively, indicating significant pullback pressure on growth sectors [2] - In contrast, the Shanghai 50 and CSI Dividend indices showed relative resilience, with declines of less than 1%, reflecting a defensive stance in value sectors. The Wind Micro Index, however, rose by 1.86%, indicating a rotation of funds towards small-cap stocks [2] - Market sentiment remains cautious, with risk appetite decreasing, despite active trading [2] Industry Performance - The performance of the Wind primary industry indices showed significant divergence. Consumer staples led with a gain of 2.87%, followed by industrials, consumer discretionary, and financials, which rose by 1.14%, 0.77%, and 0.71%, respectively. Conversely, information technology, materials, and communication services experienced the largest declines, falling by 4.86%, 4.52%, and 3.53% [11][12] - The preference for defensive consumer sectors over technology growth sectors is evident, likely driven by rising consumption expectations ahead of the Spring Festival, while tech stocks are under pressure from valuation adjustments and tightening liquidity expectations [11] Fund Issuance and Performance - A total of 40 funds were launched last week, including 16 equity funds, 8 mixed funds, 7 bond funds, and 9 FOF funds, with a total fundraising amount of 30.859 billion units [14] - The overall performance of the Wind All Fund Index declined by 1.19%, with ordinary equity funds down by 2.06% and mixed equity funds down by 2.39%. Bond funds remained stable, while equity funds faced significant pressure [7][14]

2026 年 02 月 01 日 有色金属 全球政策预期突变，关注稀土等国内主 导品种 市场一夜之间，政策预期突然转变，金银领跌商品市场，并引发美股 一系列连锁反应，核心因特朗普提名凯文沃什担任美联储主席。沃什 倡导"缩表 + 降息"的政策组合，偏鹰派的策略给市场浇一盆冷水， 金银等品种出现杠杆杀多现象。短期沃什的提名受阻风险高，5 月任 期交接前均有变数。总之，在政策未完全明朗前，短期金属可能高波 震荡，需注意控制风险。当前可关注受宏观影响较小的板块（稀土、 钨、钽），以及春节后的工业金属（铜铝等）。长期金属逻辑未变， 全球新产业链发展持续拉动金属需求，而供给端的约束持续存在，美 元信用长期走弱是趋势。中长期持续看好稀土铜铝钨金银锡锂钽铌 锑铀等金属。 贵金属 金银：本周 COMEX 金银分别收于 4879.6、84.8 美元/盎司,环比分别 -1.94%、-16.0%。特朗普总统宣布将提名凯文·沃什担任下届美联储 主席，其前期任职期间经常支持更高利率引发市场对美联储后续货币 政策的担忧，金银价格调整幅度较大。央行和 etf 资金积极增持黄金 驱动延续，美元信用担忧仍存，短期价格回调但持续看好金价中长期 上 ...