早盘，煤炭股爆发，板块内多股涨停。截至午间收盘，兖矿能源、中煤能源、陕西黑猫、美锦能源、晋控煤业、云煤能源等涨停。 2月4日早盘，A股震荡回落。截至午间收盘，上证指数微跌，报4067.67点；深证成指跌0.92%，创业板指跌1.74%，科创综指跌2.06%。沪深北三市半日成 交16297亿元，中际旭创成交额达216.96亿元，位居A股第一。 | < V | 煤炭(申万) | | E | O | | --- | --- | --- | --- | --- | | | 2988.85 6.32% | | | | | 分时 王日 | 日 K | 周Ｋ 月Ｋ | | 更多,◎ | | 资讯 | 成份股 | | 童要指数 | | | 名称 | 最新 | 涨幅 ↓ | | 涨跌 | | 究矿能源 | 15.27 | 10.01% | | 1.39 | | 600188 | | | | | | 陕西黑猫 | 4.62 | 10.00% | | 0.42 | | 601015 | | | | | | 美锦能源 | 5.17 | 10.00% | | 0.47 | | 000723 | | | | | | 中煤能源 | 14. ...

港股午间收盘，恒生指数跌0.41%，国企指数下跌0.54%，恒生科技指数跌2.20%。 煤炭股涨幅居前，兖矿能源涨近9%，中煤能源涨近8%，中国神华涨逾5%。 南向资金方面，南向资金半日净买入额超50亿港元，其中沪股通净买入41.09亿港元，深股通净买入11.13亿港元。 （文章来源：21世纪经济报道） 氢能源概念持续活跃，国富氢能涨超23%，京城机电股份涨超11%。 内房股集体走高，融创中国涨超7%，华润置地、越秀地产、世茂集团、碧桂园、万科企业涨超3%。 科网股集体低迷，哔哩哔哩跌近5%，腾讯控股跌逾3%，百度集团跌2.55%。 芯片股走低，上海复旦跌近9%，兆易创新跌6%，华虹半导体跌逾5%，中芯国际跌近3%。 ...

一起来看下最新的市场情况及资讯。 2月4日上午，A股三大指数走势分化，创业板指一度跌逾2%，截至午间收盘，深成指跌0.92%，创业板指跌1.74%。 | 上证指数 | 深证成指 | | 科创综指 | | --- | --- | --- | --- | | 4067.67 | 13997.72 | | 1766.01 | | -0.07 0.00% -129.39 -0.92% -37.14 -37.14 -2.06% | | | | | 万得全A | 创业板指 | | 北证50 | | 6706.38 | 3266.99 | | 1530.99 | | -33.39 -0.50% -57.91 -1.74% -1.74% -18.52 -1.19% | | | | | 沪深300 | 中证500 | | 中证A500 | | 4653.32 | 8203.60 | | 5824.30 | | -6.79 -0.15% -83.10 -1.00% -27.84 -27.84 -0.48% | | | | | 中证1000 | 深证100 | | 中证红利 | | 8124.98 | 5791.80 | | 56 ...

（文章来源：每日经济新闻） 每经AI快讯，山西焦煤（000983.SZ）2月4日在投资者互动平台表示，公司购买兴县区探矿权支付的 247.05亿竞购款，其中70%左右为银团贷款，期限不超过15年，还款方式按季付息，第五年开始还本。 ...

2月4日，A股市场早盘震荡回落，沪指翻绿，创业板指盘中跌超2%。沪深两市半日成交额1.63万亿，较上个交易日放量127亿，全市场超2900只个股下 跌。 消息面上，据券商中国援引其他媒体报道，印尼政府提出大幅减产计划，该国矿商已暂停现货煤炭出口。资料显示，中国是印尼最大进口国（2024年进口 2.42亿吨，占其出口量42.73%），暂停出口将影响中国动力（600482）煤供应的5.3%，加剧东南沿海电厂库存压力。与此同时，国内也有关于煤炭价格上 涨的消息传来。 贵金属板块开盘全线反弹后重挫翻绿，随后呈低位震荡走势。紫金矿业（601899）、湖南黄金（002155）、白银有色（601212）等多只贵金属概念股亦由 涨转跌。 国投白银LOF今日复牌再度跌停，报3.825元，最新溢价率为64.6%。 消息面上，在经历了1月30日、2月2日两个交易日的暴跌之后，现货黄金价格连续第二天反弹，重新站上5000美元大关，现货白银也一度涨至88美元/盎 司。 具体板块来看，太空光伏概念走势强劲，中来股份（300393）20cm涨停，国晟科技（603778）2连板。机场航运概念走强，中国东航（600115）、华夏航 空（002 ...

Core Viewpoint - The A-share market showed a mixed performance this morning, with most major indices declining, while the coal sector experienced significant gains, leading to a surge in stock prices within that sector [1][4]. Group 1: Market Performance - The A-share market exhibited a divergence in performance, with major indices mostly declining; the ChiNext Index fell by 1.74% and the Sci-Tech 50 Index dropped by 2.44% [4]. - The coal sector stood out with a remarkable increase, with the sector's index rising over 6% during the session, marking it as a key highlight of the morning [2][4]. Group 2: Individual Stock Performance - Several coal stocks hit the daily limit up, including Yanzhou Coal Mining (兖矿能源) with a price of 15.27, up 10.01%, Meijin Energy (美锦能源) at 5.17, also up 10.00%, and Shaanxi Black Cat (陕西黑猫) at 4.62, up 10.00% [5]. - Other notable gainers included China Shenhua (中国神华) at 42.04, up 6.16%, and Shanxi Coking Coal (山西焦煤) at 7.17, up 7.17% [5]. Group 3: Market Drivers - The recent surge in energy demand due to cold weather and snowstorms has prompted local governments to enhance energy supply measures, ensuring stable coal production and supply, as well as increased natural gas storage and production [6].

Market Overview - On February 4, the A-share market experienced a decline, with the Shanghai Composite Index turning negative and the ChiNext Index dropping over 2%. The total trading volume in the Shanghai and Shenzhen markets reached 1.63 trillion yuan, an increase of 12.7 billion yuan compared to the previous trading day, with over 2900 stocks declining [1]. Sector Performance - The space photovoltaic concept showed strong performance, with Zhonglai Co. hitting the daily limit and Guosheng Technology achieving two consecutive limits. The airport and shipping sectors also performed well, with China Eastern Airlines and Huaxia Airlines reaching their daily limits. The real estate sector was active, with Rong'an Real Estate and Caixin Development hitting their daily limits. The hydrogen energy concept surged, with Jingcheng Co. and Zhiyuan New Energy reaching their daily limits [4]. - The coal sector experienced a significant surge, with major coal companies like Yanzhou Coal Mining and China Coal Energy both hitting their daily limits. Other stocks such as Shaanxi Black Cat and Meijin Energy also reached their daily limits, while Shaanxi Coal and Chemical, Shanxi Coal International, Xinji Energy, and China Shenhua followed suit [4]. Coal Supply Impact - Reports indicate that the Indonesian government has proposed a significant production cut, leading to a suspension of spot coal exports by local miners. China is the largest importer of Indonesian coal, with an expected import of 242 million tons in 2024, accounting for 42.73% of Indonesia's total exports. This suspension is projected to impact China's thermal coal supply by 5.3%, increasing inventory pressure on power plants in Southeast China. Additionally, there are reports of rising coal prices domestically [6]. Precious Metals Market - The precious metals sector opened with a rebound but later turned negative, with companies like Zijin Mining and Hunan Gold experiencing declines. The National Investment Silver LOF resumed trading and hit the daily limit down, with a latest premium rate of 64.6%. After significant drops on January 30 and February 2, spot gold prices rebounded to over $5000, while spot silver reached $88 per ounce [7]. - Market sentiment remains volatile, with speculative funds showing significant movement. The geopolitical uncertainty surrounding US-Iran negotiations continues to pose risks. Overall, the precious metals market is influenced heavily by market emotions, with short-term volatility risks to be monitored, while long-term trends remain optimistic [7]. Individual Stock Highlights - Guizhou Moutai's stock rose over 2%, reaching a price above 1500 yuan for the first time since September 15, 2025 [8]. Hong Kong Market - The Hang Seng Technology Index fell over 2%, with many tech stocks in Hong Kong experiencing declines. Notable drops included Bilibili down over 4%, Tencent Holdings down over 3%, and other companies like Baidu, Lenovo, NetEase, Meituan, and Xiaomi all falling over 2% [9]. Cryptocurrency Market - The cryptocurrency market saw a collective downturn, with Bitcoin experiencing a high-level correction of nearly 40% [10].

1. Report Industry Investment Ratings - Macro-finance: Bullish on stock indices in the medium to long term, suggesting buying on dips; expecting treasury bonds to trade in a range [1][5] - Black building materials: Short - term trading for coking coal; range - trading for rebar; buying on dips for glass [1][5][7] - Non - ferrous metals: Waiting and seeing for copper, aluminum, and nickel; range - trading for tin, gold, and silver; expecting lithium carbonate to trade in a range [1][9][11] - Energy and chemicals: Range - trading for PVC, styrene, rubber, urea, and methanol; temporarily waiting and seeing for caustic soda and soda ash; expecting polyolefins to trade weakly in a range [1][17][19] - Cotton and textile industry chain: Expecting cotton and cotton yarn to adjust in a range; expecting apples and jujubes to trade in a range [1][27][28] - Agriculture and livestock: Short - term shorting opportunities on rebounds for live pigs; hedging post - holiday contracts on rallies for eggs; cautious about chasing high for corn; expecting soybean meal to trade in a short - term range; expecting short - term limited回调 for oils and fats [1][29][34] 2. Core Views - The report provides comprehensive investment suggestions for various futures markets, considering factors such as supply - demand relationships, macroeconomic policies, and geopolitical situations. It emphasizes the need to pay attention to market trends, inventory changes, and policy impacts in different industries [1][5][7] 3. Summaries by Relevant Catalogs Macro - finance - Stock indices are expected to trade in a range in the short term and be bullish in the medium to long term. The market shows strong resilience. On Tuesday, the Shanghai Composite Index rose 1.29%. The defense, machinery, and building materials sectors led the gains, while the banking, petrochemical, and coal sectors declined [5] - Treasury bonds are expected to trade in a range. There is no obvious major negative news in the bond market, but there is no further impetus for interest rates to decline. After the repair since the beginning of the year, the space for bond yields to decline is limited [5] Black building materials - Double - coking coal is expected to trade in a range, with short - term trading recommended. The coal market has shown short - term fluctuations recently, but the sustainability of the price increase is limited due to factors such as weak downstream demand and coal mine inventory clearance [6][7] - Rebar is expected to trade in a range. On Tuesday, the rebar futures price traded in a range. The valuation is relatively low, and the supply - demand contradiction is not significant in the short term [7] - Glass is recommended to be bought on dips. Although there are negative factors such as inventory and demand, the futures price is relatively low, and there are positive news in the real estate sector. Technically, the short - side strength is weakening [7][8] Non - ferrous metals - Copper is expected to have high - level volatility, and waiting and seeing is recommended. Macro factors have dominated the market this week, causing copper prices to fluctuate sharply. The supply is still tight, but the demand is weakening. There is a risk of high - level correction before the Spring Festival [9] - Aluminum is expected to have high - level volatility, and increased waiting and seeing is recommended. The bauxite price is under pressure, and the alumina inventory is increasing. The demand for downstream aluminum processing enterprises is weakening, and short - term high - level volatility is expected [10][11] - Nickel is expected to trade in a range, and waiting and seeing is recommended. Although the Indonesian nickel ore quota reduction has boosted the market, the fundamental situation is weak. Different nickel products have different supply - demand situations, and the price increase drive is insufficient [12][13] - Tin is expected to trade in a range. The domestic tin production and imports have changed. The semiconductor industry is recovering, but the supply of tin concentrate is tight. It is recommended to pay attention to supply and demand changes [13] - Gold and silver are expected to trade in a range. Trump's nomination of the new Fed chairman has led to an increase in hawkish expectations, but the central bank's gold purchases and de - dollarization trends remain unchanged. The medium - term price centers of gold and silver are moving up [14][15] - Lithium carbonate is expected to trade in a range. The supply is affected by factors such as mine production and imports, and the demand is in the off - season. It is necessary to pay attention to the disturbances in the Yichun mining area [16][17] Energy and chemicals - PVC is expected to have low - level wide - range volatility. The cost is at a low level, the supply is high, and the domestic demand is weak. However, the export has growth potential. It is recommended to be cautious about chasing high prices [17] - Caustic soda is expected to have low - level volatility, and temporary waiting and seeing is recommended. The demand is weak, the supply pressure is large, and there is short - term delivery pressure. It may have support if the market atmosphere of related commodities improves [19] - Styrene is expected to trade in a range. The inventory is expected to decrease due to factors such as export increases and device maintenance, but the current valuation is high. It is recommended to be cautious about chasing high prices and pay attention to cost and supply - demand changes [19] - Rubber is expected to trade in a range. The global supply is in the seasonal reduction stage, and the cost has support. However, the inventory is accumulating seasonally, and the market is expected to trade in a range in the short term [20][21] - Urea is expected to trade in a range. The supply is increasing, the demand from compound fertilizer enterprises is increasing, and the inventory level is relatively low. The price is expected to trade in the range of 1730 - 1830 [22][23] - Methanol is expected to trade in a range. The domestic supply is decreasing, the demand from the olefin industry is weakening, and the traditional downstream demand is also weak. The price is affected by geopolitical and port factors [24][25] - Polyolefins are expected to trade weakly in a range. The supply is increasing, the demand is in the off - season, and there is inventory accumulation pressure before the Spring Festival. The price increase space is limited [25][26] - Soda ash: Temporary waiting and seeing is recommended. The supply is in excess, but the cost support is strong. After the supply contraction, the supply - demand contradiction may be alleviated [26] Cotton and textile industry chain - Cotton and cotton yarn are expected to adjust in a range. The global cotton supply and demand situation has changed, with a decrease in production and an increase in consumption. The internal - external price difference is suppressing the domestic market, but the long - term outlook is optimistic [27][28] - Apples are expected to trade in a range. The packaging and shipping in the production areas are slightly accelerating, but the overall market is stable and weak, and some fruit farmers are eager to sell [28] - Jujubes are expected to trade in a range. The acquisition price in the 2025 production season is in a certain range, and the acquisition is based on quality [28] Agriculture and livestock - Live pigs are expected to build a bottom in a range. In the short term, the supply and demand are both increasing, and it is recommended to short on rebounds for off - season contracts. In the long term, the capacity reduction is slow, and it is necessary to be cautious about the price increase [29][30] - Eggs are expected to rebound from a low level. The current valuation is high, and it is recommended to hedge post - holiday contracts on rallies. Considering the high probability of molting and extension of laying periods around the Spring Festival, the supply pressure will be postponed [31][32] - Corn's upward space is limited. In the short term, the market is balanced, and it is recommended to be cautious about chasing high prices. In the long term, the supply - demand pattern is relatively loose in the 25/26 season, which restricts the price increase [33][34] - Soybean meal is expected to trade in a low - level range. In the short term, the M2603 contract is expected to trade in a range, and the 05 contract is expected to face pressure at 2800 - 2850. It is necessary to pay attention to overseas weather and domestic policies [35] - Oils and fats are expected to have a limited回调. In the short term, the three major oils and fats are expected to回调 but with limited amplitude. It is recommended to take profit on previous long positions on rebounds and wait to buy on dips [36][41]

Market Overview - The US stock market experienced a decline, with the Chinese concept index dropping by 0.94%. The Hang Seng Index fell by 110.27 points, a decrease of 0.41%, closing at 26,724.50 points, while the Hang Seng Tech Index dropped by 120.19 points, down 2.20%, reaching a new low since mid-July 2025 [1] - Technology stocks, particularly those considered riskier, continued to decline, with Tencent falling nearly 4% after restrictions on its "Yuanbao Red Packet" link by WeChat. Other major players like Baidu, Meituan, and Xiaomi also saw declines of over 2%, while Bilibili dropped nearly 5% [1] - Chip stocks faced significant losses, with Shanghai Fudan down nearly 9%, Huahong Semiconductor down over 5%, and SMIC down nearly 3% [1] - The coal sector showed strength, with Feishang No Smoke Coal rising over 33%. Real estate stocks also performed well, with Sunac China up over 7% and China Resources Land up nearly 4% [1] Corporate Developments - In the technology sector, InnoCare successfully completed a significant design integration for AI hardware with Google, establishing a solid foundation in the AI hardware market [1] - Enoch Intelligent received a milestone payment of HKD 39 million from Menarini, marking a significant step in its pharmaceutical technology research [1] - Capital investment firm Shumeng Capital signed a contract worth USD 3 million with a Macau distributor, expanding its business footprint [1] Pharmaceutical Industry Highlights - Youzhiyou Biotech's M701 received FDA IND approval for a novel therapy targeting malignant pleural effusion, marking a new phase in international clinical development [2] - Xiansheng Pharmaceutical received a milestone payment of USD 40 million from AbbVie for the overseas licensing option agreement for SIM0500, highlighting its competitiveness in the international pharmaceutical market [2] - Kangfang Biotech granted exclusive commercialization rights for Yixinning® to Jichuan Pharmaceutical, resulting in significant licensing fees and milestone payments [2] - Federal Pharmaceuticals' UBT251 injection received implied clinical trial approval for a new indication, providing new treatment options for patients [2] Food Industry Performance - Nissin Foods reported strong performance in its China business segment, with revenue reaching JPY 54.948 billion, a year-on-year increase of 2.7%, and core operating profit of JPY 5.859 billion, up 9.3% [2] Capital Market Insights - Guotai Junan International noted a market shift from "liquidity-driven" to "profit-driven" dynamics, suggesting a focus on fundamental analysis rather than speculative trading [4] - CITIC Securities observed significant adjustments in Hong Kong stock earnings expectations, predicting a continuation of the spring market rally with large-cap stocks outperforming [4] - Huatai Securities indicated that the current market sentiment has shifted to optimism, suggesting a focus on companies with earnings certainty and potential for growth in technology and cyclical sectors [5] - Guoyuan International highlighted that Hong Kong stocks may continue to outperform US stocks due to favorable conditions for non-US assets and the potential recovery of domestic demand [5]

港股上午盘三大指数集体走低，尤其是恒生科技指数大跌2.2%创2025年7月中旬以来新低，并且录得5 连跌行情，恒生指数、国企指数分别下跌0.41%及0.54%。作为市场风险标的权重科技股继续走低，其 中，元宝红包链接被微信限制，腾讯一度跌至4%，百度、美团、小米跌超2%；手机产业链股、半导体 股、AI应用概念股跌幅明显。另外，机构看好煤价中枢有望稳步回升，煤炭股强势，航空股、内银股 继续活跃。(格隆汇) ...