Market Overview - The market experienced significant losses on the first trading day of February, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down by 2.48%, 2.69%, and 2.46% respectively, with over 4,600 stocks declining and trading volume shrinking to 2.6 trillion yuan [4][3]. Sector Performance - The non-ferrous metals sector faced a collective downturn, with major stocks like Tongling Nonferrous Metals and Huayou Cobalt hitting the daily limit down, reflecting a broader trend of heavy losses across various non-ferrous commodities [5][15]. - The precious metals market saw silver prices drop significantly, with a decline of over 25% in New York silver futures, indicating a severe sell-off triggered by market dynamics [9][10]. Specific Stock Movements - Wenta Technology faced a dramatic decline, with its net profit projected to drop by 376.52% to 217.68%, leading to a trading halt at the daily limit down. This was attributed to asset impairment related to disputes with Anshi Semiconductor [31]. ETF Market - The ETF market also reflected the bearish sentiment, with major ETFs like the SSE 50 ETF and CSI 500 ETF experiencing sharp declines, particularly the CSI 500 which saw a drop of 6.5% in the afternoon session [27].

2026 年 02 月 02 日 券商金股解析月报（2026 年 02 月） 金融工程研究团队 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 gaopeng@kysec.cn 证书编号：S0790520090002 2 月份券商金股特征解析 2 月份紫金矿业、中际旭创、海光信息、万华化学、贵州茅台、福斯特、山东黄 金等金股推 ...

01丨 如何看待有色金属的高波动？ 本周贵金属价格出现大幅波动，核心原因为 "美元信用松动+流动性宽松预期"的叙事因为美联储主席提名人选的确定出现了逆转 。 短期来看，国金策略梳理2001年以来铜、铝、黄金在创新高并下跌后的行情，发现铜、金在下跌后的10个、20个、60个交易日胜率均 超过50%（区间涨幅高于0），其中铜甚至能够超过70%。 | | | 2001年以来 | | | | --- | --- | --- | --- | --- | | 新高下跌后表现 | 諾 | 铜 | 金 | | | 10个交易日涨跌幅 | -1 | 0.45 | 2.33 - | 1.09 | | 20个交易日涨跌幅 | F | 0.51 | 0.70 - | 0.64 | | 60个交易日涨跌幅 | 1 | -0.89 -1 | 9.44 - | 4.82 | | 新高下跌后胜率 | | | | | | 10个交易日胜率 | | 58.3% | 67.4% | 61.9% | | 20个交易日胜率 | | 51.3% | 70.3% | 63.6% | | 60个交易日胜率 | | 49.6% | 67.9% | 71 0% ...

沪深股通今日合计成交3583.1亿，其中紫金矿业和中际旭创分居沪股通和深股通个股成交额首位。 二、板块个股主力大单资金 从板块表现来看，白酒、电网设备等板块涨幅居前，有色金属、油气、化工、煤炭、半导体等板块跌幅居前。 板块主力资金方面， 电网设备板块主力资金净流入居首 。ETF成交方面，多只化工相关ETF份额大幅增加，其中化工ETF（1 59870） 连续三周份额大增，上周份额增长43 . 16亿份位居首位，近三周份额共计增加超130亿份。沪深3 00ETF易方达（510310）上周份额减 少16 3.845亿份位居首位，近两周该ETF共计减少近300亿份。 龙虎榜方面， 中超控股今日逆势涨停，获一家一线游资（国泰海通证券成都北一环路）买入1.0 2亿，同时获两家量化（开源证券西安 太华路、中信证券上海漕溪北路）合计买入1.7亿，深股通买入1.27亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1737. 74亿，深股通总成交金额为1845 .36亿。 | | 沪股通 ( | 2月2日 | ) | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | ...

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [16]. Core Insights - The A-share market experienced a low opening and wide fluctuations, with notable performance in the electric grid equipment, liquor, banking, and photovoltaic equipment sectors, while precious metals, fertilizers, mining, and non-ferrous metals lagged behind [2][3]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are 16.90 times and 52.86 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][15]. - The total trading volume on the two exchanges was 26,069 billion, which is above the median of the past three years, indicating robust market activity [3][15]. - The manufacturing PMI for January showed a slight decline, but the equipment manufacturing and high-tech manufacturing PMIs remain in the expansion zone, reflecting ongoing structural optimization in the industry [3][15]. - The report suggests a balanced investment strategy, focusing on AI and high-end manufacturing while also considering opportunities in certain consumer sectors [3][15]. Summary by Sections A-share Market Overview - On February 2, the A-share market opened low and experienced wide fluctuations, with the Shanghai Composite Index facing resistance around 4,103 points before retreating [7]. - The Shanghai Composite Index closed at 4,015.75 points, down 2.48%, while the Shenzhen Component Index closed at 13,824.35 points, down 2.69% [8]. - Over 80% of stocks declined, with only the electric grid equipment and liquor sectors showing slight increases [7]. Future Market Outlook and Investment Recommendations - The report anticipates that the Shanghai Composite Index will likely maintain a slight fluctuation, advising investors to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments [3][15]. - Short-term investment opportunities are highlighted in the electric grid equipment, liquor, banking, and photovoltaic equipment sectors [3][15].

转自：新华财经 当日恒指低开289.77点，开报27097.34点，开盘震荡向下，午后继续下行，尾市稍有回升，最终恒指跌 611.54点，主板成交超3478亿港元。截至午间收盘，上涨股票489只，下跌1854只，收平811只。当日， 港股通（南向）净流入超过19亿港元。 整体来看，多数板块下跌，博彩、啤酒等股多为上涨，银行、奶制品等股有涨有跌，黄金、有色金属、 铜矿股、商业航天、芯片、生物医药、新能源车企、券商、港口运输、石油与天然气等股多有下跌。 成交额前三的个股中，腾讯控股跌1.24%，成交超166亿港元；阿里巴巴跌3.49%，成交超164亿港元； 紫金矿业跌5.58%，成交72亿港元。 编辑：王媛媛 新华财经香港2月2日电（记者林迎楠）2月2日港股主要指数低开低走，截至收盘，恒生指数下跌2.23% 至26775.57点，恒生科技指数下跌3.36%至5526.31点，国企指数下跌2.54%至9080.19点。 ...

Group 1 - The overall market sentiment is cautious due to high volatility, with a focus on avoiding risky trades and maintaining discipline in trading strategies [3][4][21] - The commodity market is experiencing a significant downturn, with a broad decline observed in various sectors, particularly in precious metals and energy [5][21][22] - The strongest sector identified is the chemical sector, specifically in caustic soda and PVC, while the weakest sectors include precious metals, non-ferrous metals, and crude oil [6][22] Group 2 - The core strategy involves going long on the strongest sectors and shorting the weakest ones, with a focus on maintaining a light position in weak commodities to avoid potential losses [7][24] - Specific strategies executed include automatic exit from PVC positions upon market decline and avoiding deep losses in precious metals and crude oil [9][10][25][26] - Risk management has been emphasized through systematic market analysis and strict stop-loss measures, successfully avoiding significant losses in weak sectors [11][27][28] Group 3 - Market drivers include geopolitical tensions and changes in U.S. monetary policy expectations, which have led to a bearish sentiment in the market [13][29] - The analysis framework used has effectively captured signals of market weakness, although there is a need for improved strategies for strong sectors to adapt to sudden market changes [14][30] - Continuous monitoring of U.S. Federal Reserve policies and global geopolitical developments is necessary for dynamic adjustment of trading strategies [15][31]

智通财经2月2日讯，今日36股涨停，18股炸板，封板率为67%，皇台酒业、横店影视、万丰股份3连板。市场全天震荡调整，三大指数均跌超2%，科创50指 数跌超3%。沪深两市成交额2.58万亿，较上一个交易日缩量2508亿。盘面上，全市场超4600只个股下跌，其中123只个股跌停。板块方面，电网设备、白 酒、食品饮料板块领涨；有色金属、油气、半导体方向跌幅靠前。截至收盘，沪指跌2.48%，深成指跌2.69%，创业板指跌2.46%。 人气及连板股分析 连板晋级率升至42.85%，连板高度降至3只3连板个股，此前5连板的最高标湖南黄金缩量跌停。两只此前遭遇停牌核查的人气股锋龙股份、嘉美包装盘中一 度走出弱转强后再度遇阻回落，对市场提振有限。国际黄金、白银价格在上周五重挫基础上今日再现深幅下跌，有色板块再现跌停潮，白银有色、中金黄 金、山东黄金等近30股连续两日跌停，令亏钱效应向石油、化工、煤炭等顺周期涨价概念扩散。但AI应用、算力租赁、商业航天等方向的局部修复仍难有 效填补周期股大面积退潮后的空缺，因此市场短期内能否情绪改善仍需观察资源股何时出现止跌企稳而定。 主线热点 据央视财经报道，在广东、江苏等地调研发现，大量 ...

周一，沪深A股主要的大盘指数继续下跌，跌幅比较大。盘面上看，只有七百多家个股上涨，跌停123家，人气比较低迷。有色金属、芯片股大跌，特高 压、白酒板块较强。百点长阴后，A股能否迎来快速反弹？ 中午，重点分析了上证50指数和创业板指数，接下来重点分析上证指数和科创50指数。 先分析上证指数。 上证指数，日线级别的走势来看，今天低开在上周五长下影线的低点附近，回补了长上影线，盘中尽管有冲高，也没有到前一个交易日的收盘价附近，说 明大盘指数比较弱。短短两个交易日内，大盘指数下跌了140多点，跌幅比较大，积累了反弹的动能。不过，今天直接低开，过了关键位置，阶段性顶部 形成成立。接下来一段时间，大盘指数以调整为主。 六十分钟级别的走势来看，到今天收盘为止，走了四个有效的调整周期，明天早盘是第五个有效周期，到了变盘节点。所以，明天早盘惯性下探后，大概 率就要企稳回升了。短线下跌的速度快、幅度大，所以，未来两个交易日的反弹幅度，大概率也比较可观。 再来看科创50指数。 科创50指数，六十分钟级别的走势来看，走出了五连阴，阴线的数量比较多，收阳线的需求较为迫切。周期面来看，到今天收盘为止，走到了第四个有效 周期，明天早盘第一 ...

文 | 张阳阳 2月2日，A股三大指数集体下跌，截至收盘，上证指数跌2.48%，深证成指跌2.69%，创业板指跌 2.46%；北证50跌2.03%。沪深两市成交额约25847.65亿元，较前一个交易日缩量约2507.73亿元。涨跌 方面，全市场771只股票上涨、4652只股票下跌。 受资源周期股集体重挫、市场情绪恶化及大盘技术指标弱势的共振效应影响，以资源型产业（煤炭、钢 铁）为核心的山西板块表现显著疲软，整体下跌约3.79%。 涨跌情况方面，山西板块41只个股，仅4只上涨，37只下跌，个股分化明显。 特高压、智能电网、电网设备等行业以及概念涨幅居前。山西板块4只上涨个股中，3只经营范围与电 网、电力相关，分别为晋控电力、华翔股份与金利华电，涨幅分别为3.97%、0.65%,和0.54%。 此外，白酒板块走强，涨幅达2.60%。与行业板块走势一致，山西汾酒上涨1.46%。 贵金属及有色金属大幅下跌。山西板块下跌个股中，与之关联的北方铜业也跌幅显著，跌达10.01%。 同时，煤炭开采板块跌5.61%，煤炭概念板跌4.53%。山西板块多只能源股如安泰集团、山西焦煤、美 锦能源也跌幅居前，分别下跌8.93%、8.6 ...