Market Overview - The Hong Kong stock market rebounded with the Hang Seng Index rising by 0.95% to close at 26,630.54 points, with a total turnover of HKD 288.42 billion. The Hang Seng China Enterprises Index increased by 0.51%, while the Hang Seng Tech Index rose by 0.56%. However, for the month, the Hang Seng Index fell by 2.76%, the China Enterprises Index by 4.91%, and the Tech Index by 10.15% [1] Blue-Chip Stocks Performance - Sun Hung Kai Properties (00016) reached a new high, closing up 7.12% at HKD 146, contributing 22.72 points to the Hang Seng Index. Morgan Stanley reported a 17% year-on-year profit growth for the first half of 2026, significantly above their expected 4% increase, driven by better-than-expected profits from mainland property developments [2] - Other blue-chip stocks included WuXi Biologics (02269) up 5.07%, China Shenhua Energy (01088) up 4.03%, while China Biologic Products (01177) fell by 1.63%, and Budweiser APAC (01876) dropped by 1.39% [2] Sector Highlights Technology Sector - Major tech stocks showed recovery, with Tencent rising by 1.17% and Meituan by 0.87%. The prices of tungsten and rare earth metals increased significantly, with Jiaxin International Resources surging over 15% to a new high [3] - The demand for rare earths is reportedly increasing, with suppliers in the aerospace and semiconductor sectors facing shortages [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rebound, with WuXi AppTec (02268) up 8.23% and Basilea Pharmaceutica (02616) up 7.05%. Recent earnings reports from several biotech firms showed strong performance, indicating a potential continuation of high growth in the sector [4] Power Sector - The power sector performed well, with Huaneng International (00902) rising by 6.54% and Datang International Power Generation (00991) up 6.43%. The recent announcement from the National Energy Administration regarding new power system construction capabilities has positively impacted this sector [5] Airline Sector - Major airlines experienced collective declines, with China Southern Airlines (01055) down 5.01% and China Eastern Airlines (00670) down 4.31%. The People's Bank of China announced a reduction in the foreign exchange risk reserve ratio, which may stabilize market expectations [6] MSCI Index Changes - The MSCI China Index will see changes post-market close, adding 37 new constituent stocks, including four Hong Kong stocks. This adjustment aims to enhance market representation and liquidity [7] Notable Stock Movements - JunDa Holdings (02865) surged by 23.69% due to its collaboration with a research institute on new battery technologies [8] - DCH Holdings (00179) rose by 17.4% as it enters the humanoid robot components market [9] - Lao Pu Gold (06181) saw a 3.58% increase following a successful promotional event [10] - Baidu Cloud (06608) issued a profit warning, predicting a significant decline in net profit due to increased investments in AI [11] - China Everbright Water (01857) fell by 12.5% after reporting a revenue decrease of 22% [12]

Core Viewpoint - The metal sector is experiencing a resurgence, with significant gains in various metal ETFs and stocks, indicating a potential shift in market sentiment and logic restructuring [1] Group 1: Market Performance - As of February 3, the non-ferrous metal ETF (516650) surged by 5.71%, with notable stocks like Hunan Gold hitting the daily limit and others like Zhong Rare Earth and Shenghe Resources rising by 8.77% and 7.23% respectively [1] - The trading volume for the non-ferrous metal ETF reached 50.03 billion yuan, with a turnover rate of 23.26%, reflecting active market participation [1] Group 2: Influencing Factors - The market is gradually stabilizing from extreme sentiments, suggesting a potential restructuring phase for the metal sector [1] - Central bank gold purchases and the increase in gold ETF holdings are expected to support gold prices [1] - Basic metals are likely to face macroeconomic adjustments, but ongoing narratives around AI and supply disruptions, particularly in copper, are expected to provide price support [1] Group 3: Sector Opportunities - Metals such as aluminum (lightweight), tin ("computing metal"), and lithium carbonate (energy storage and power batteries) are anticipated to benefit from the ongoing green industry and technological trends [1] - The CSI Non-ferrous Metal Industry Theme Index (000811) has its top ten weighted stocks, including Zijin Mining and Luoyang Molybdenum, accounting for 51.85% of the index [1]