Group 1: Market Overview - The Hang Seng Index closed at 26,765.72, up 175 points or 0.66%, after fluctuating throughout the day, with a high of 26,870 and a low of 26,632 [2][3] - The total market turnover was 236.765 billion, with a net outflow of 4.057 billion from northbound trading [2] Group 2: Economic Indicators - Hong Kong's inflation rate slowed to 1.1% in January, down from 1.4% in December, with the basic inflation rate at 1% [6] - The year-on-year price increases in January were noted in categories such as electricity, gas, and water (3%), miscellaneous services (2.9%), and transportation (1.3%) [6] Group 3: Company News - Hong Kong Sheng Li Beer reported a profit of 76.119 million, with a revenue increase of 3.68% to 737 million [11] - Crown Property Trust's CEO indicated a narrowing decline in office rental income, with a stable occupancy rate of 81.6% and a positive outlook for retail due to increased consumer spending [12] - Neway Group reported a 9.72% increase in shareholder profit to 531 million, attributed to lower borrowing costs and growth in data center revenue [13] - Sinopharm's expected profit for the year is projected to be between 1.3 billion to 1.4 billion, reflecting a growth of approximately 80.1% to 93.9% [14]

Group 1 - The core viewpoint of the articles indicates that the recent rally in U.S. Treasury bonds is driven by expectations of slowing inflation, which may lead the Federal Reserve to cut interest rates at least twice this year [1][3] - The benchmark 10-year Treasury yield fell by 2 basis points to 4.03%, while the two-year yield approached its lowest level since 2022 during light trading in Asia [1] - The weak U.S. CPI data from last week and ongoing deleveraging by quantitative funds in the stock market are contributing to increased demand for bonds [3] Group 2 - The 4% level for the 10-year Treasury yield is seen as a critical support level; if breached, a significant decline in yields is expected [3] - Bond yields in the region, including Australia and New Zealand, also saw slight declines, indicating a broader trend of falling yields [3] - Traders are closely monitoring upcoming U.S. employment data and the minutes from the Federal Reserve's January meeting for clues on potential interest rate adjustments [3]

The Revacy Fund的Zaheer Anwari在一份报告中表示，如果新数据强化了对美联储将进一步降息的预 期，美国国债收益率可能会进一步下跌。他表示，上周五美国国债收益率的下跌"反映出市场愈发相信 政策可能会变得不那么紧缩"。美国国债和美元的下一个潜在驱动因素是最新的美国联邦公开市场委员 会会议纪要和第四季度GDP数据。Anwari还称，此外，市场现在期待周五的个人消费支出价格指数数 据，以确认价格压力正在持续放缓。"如果这些指标证实通胀出现更广泛的放缓，那么未来几个交易日 收益率和美元的下行压力可能会延续。"根据Tradeweb的数据，在亚洲交易时段，各期限美国国债收益 率下跌2-3个基点。 ...

国际油价周五小幅攀升，因美国通胀数据显示整体放缓，收复了早盘因OPEC+倾向于恢复增产的消息 引发的跌幅。两大基准油价本周或将录得周线下跌——周四刚经历近3%的重挫，布伦特原油周跌幅预 计0.6%，WTI原油跌1.2%。 3月交割的布伦特原油期货上涨0.23美元，涨幅为0.34%，收于每桶67.75美元。 纽约商品交易所3月交割的西得州中质原油（WTI）期货价格上涨0.05美元，涨幅近0.1%，收于每桶 62.89美元。 美国1月消费者价格涨幅低于预期，主要得益于汽油价格下跌及租金通胀放缓。BOK金融高级交易副总 裁丹尼斯·基斯勒表示："通胀趋于稳定将成为利率进一步下行的利好因素，而利率下行对经济具有正向 刺激作用。负面因素则是OPEC可能继续小幅增产。" 责任编辑：张俊 SF065 国际油价周五小幅攀升，因美国通胀数据显示整体放缓，收复了早盘因OPEC+倾向于恢复增产的消息 引发的跌幅。两大基准油价本周或将录得周线下跌——周四刚经历近3%的重挫，布伦特原油周跌幅预 计0.6%，WTI原油跌1.2%。 3月交割的布伦特原油期货上涨0.23美元，涨幅为0.34%，收于每桶67.75美元。 纽约商品交易所3月交割 ...

今日周二(2月10日)欧盘时段，白银期货目前交投于20424一线上方，今日开盘于20500元/千克，截至发 稿，白银期货暂报20507元/千克，上涨3.09%，最高触及20963元/千克，最低下探20103元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 【要闻速递】 另外，美国零售销售数据的发布将在周二成为焦点。预计该数据将显示12月份环比增长0.4%，而11月 份为0.6%。任何美国劳动力市场疲软和通胀放缓的迹象都可能在短期内支撑白银。 在越来越多的人接受美国中央银行今年将再降息两次的背景下，首次降息预计在6月进行，美元跌至超 过一周的低点。这反过来又为无收益的白银提供了顺风，并限制了其损失。交易者现在关注本周重要的 美国宏观数据发布，以获取有关美联储降息路径的更多线索。 美国非农就业数据将于本周三公布，根据彭博对经济学家的调查中值预测，1月非农就业人数可能增加 6.9万人；失业率预计维持在4.4%，略低于去年11月触及的4.5%的四年高点。 除了常规的月度非农就业和失业率数据外，将于本周三公布的1月就业报告还将包含备受关注的就业数 据修订。此前的初步估计显示，截至2 ...

Core Viewpoint - The Oxford Economics Institute forecasts that the U.S. economy will maintain robust growth from 2026 to 2027, driven by investments in artificial intelligence, tax incentives, and spending by high-income groups [1] Economic Growth Projections - The projected GDP growth rate for the U.S. is 2.8% in 2026 and 2.3% in 2027, following a 4.4% annualized growth rate in Q3 2025 [1] - Rising investments in AI and non-tech sectors are contributing to productivity improvements [1] Consumer Spending and Market Conditions - Stock market gains and tax cuts are supporting consumer spending [1] - Inflation is expected to slow to 2.4%, creating conditions for the Federal Reserve to implement two rate cuts next year [1] Inflation and Housing Market - A decline in immigration and weakening housing demand may further alleviate inflationary pressures [1] - Overall, the fundamental outlook for the U.S. economy remains strong, although there is a high sensitivity to stock market performance [1]

高盛分析师凯·哈伊表示，鉴于强劲的经济数据以及劳动力市场出现稳定的迹象，美联储很可能会暂时 保持政策不变。然而，我们预计降息政策将在今年晚些时候重新启动，因为通胀的放缓使得美联 储能 够再进行两次"正常化"降息，从而使利率回落到联邦公开市场委员会成员所认为的中性水平。 ...

Core Viewpoint - Algeria's annual inflation rate is projected to decrease to 1.5% by the end of November 2025, down from 1.7% in October, indicating a clear trend of slowing inflation [1] Inflation Trends - The report from Algeria's National Statistics Office reflects changes in the Consumer Price Index (CPI) from December 2024 to November 2025, with a slight year-on-year increase of 0.9% in the CPI compared to November 2024 [1] - Month-on-month, the CPI rose by 1.5% in November compared to October, which is higher than a decrease of 0.6% observed in the same month of the previous year [1] Price Movements - The monthly price increase is primarily driven by a significant rise in manufactured goods prices, which increased by 4.3%, with jewelry and watch prices surging by 24.7% [1] - Conversely, food prices overall decreased by 0.7%, with fresh agricultural products dropping by 1.3%. Notably, prices for fruits, chicken, vegetables, and eggs fell, while prices for potatoes and red meat increased [1] - Service prices experienced a slight increase of 0.2% [1] - After seasonal adjustments, the month-on-month CPI rose by 2.1% in November [1]

Macro News - The U.S. December CPI met expectations, with a core CPI year-on-year increase of 2.6%, the lowest level since March 2021, and lower than the expected 2.7% [1] - Month-on-month CPI increased by 0.2%, below the expected 0.3%, confirming a continued slowdown in inflation [1] - U.S. President Trump announced the cancellation of all talks with Iranian officials, and the State Department has requested U.S. citizens to leave Iran immediately [1] - U.S. Defense Department officials revealed that President Trump has been briefed on a wide range of military and covert options to address the situation in Iran, which exceed traditional airstrikes, although the White House stated that diplomacy is the preferred approach [1] Institutional Perspectives - The main contract performance showed that Shanghai gold rose by 0.14% to 1031, while Shanghai silver increased by 4.14% to 21943; platinum fell by 3.32% to 605.05, and palladium dropped by 5.22% to 483.25 [1] - The U.S. CPI for December 2025 remained unchanged year-on-year at 2.7%, with the core CPI also stable at 2.6% [1] - Trump stated that any country engaging in business with Iran will face a 25% tariff on any commercial activities with the U.S. [1] - Concerns over geopolitical tensions and the independence of the Federal Reserve have heightened risk aversion, leading to a potentially strong performance in precious metals prices [1]

Core Viewpoint - The stock price of a South African food producer has risen to a nearly eight-year high following a buy recommendation from JPMorgan, citing strong growth prospects for 2026 [1] Group 1: Growth Prospects - JPMorgan analysts Shaun Chauke and Elena Jouronova express optimism about the South African food producer's outlook for 2026 [1] - The positive outlook is attributed to softening commodity prices, improvements in operational cost structure due to manufacturing facility investments, and potential sales growth driven by local inflation easing [1] Group 2: Economic Context - South Africa's annual inflation rate has decreased from nearly 8% in 2022 to 3.5%, leading to a series of interest rate cuts [1] - The reduction in inflation is expected to lower the debt costs for consumers in the largest economy in Africa [1]