Core Viewpoint - Stellantis, the world's fourth-largest automotive manufacturer, experienced a significant stock price drop due to strategic misjudgments in its electric vehicle (EV) business, leading to substantial financial losses [2][3][6]. Group 1: Stock Performance and Market Position - On February 6, Stellantis' stock fell by over 26% during trading, closing down 23.79%, marking its highest single-day drop ever [2]. - The company's shares had already been under pressure, with a 33% decline in 2024 and an 18% drop in 2025, followed by a 12% decrease in January 2026 [2]. - Stellantis sold 5.417 million vehicles in 2025, a 9% increase year-on-year, but still lagged behind Toyota, Volkswagen, and Hyundai, maintaining its position as the fourth-largest automotive group globally [3][8]. Group 2: Financial Losses and Strategic Adjustments - Stellantis anticipates a net loss of €19 billion to €21 billion (approximately ¥155 billion to ¥172 billion) in the second half of 2025, with an annual operating profit margin projected to be in the low single digits [6]. - The company plans to suspend its 2026 dividend and raise up to €5 billion through hybrid bond issuance to support its balance sheet [6]. - Stellantis announced a €22 billion (approximately ¥180 billion) charge related to adjustments in its EV strategy, significantly exceeding analyst expectations [6][7]. Group 3: Changes in Electric Vehicle Strategy - The majority of the write-downs (€14.7 billion) are allocated to adjusting product plans to align with customer preferences and new U.S. emission regulations [6][7]. - Stellantis is exiting its joint venture with LG Energy Solution in Canada, where LG will acquire Stellantis' 49% stake [9]. - The company is discontinuing several electric vehicle models, including the RAM 1500 electric pickup in the U.S. and delaying the Alfa Romeo EV project in Europe, contrasting sharply with previous aggressive targets set by former CEO Carlos Tavares [9].

责任编辑：栎树 2月10日，雷军在微博发文称："前段时间，一辆 YU7 行驶在美国加州的高速公路上，挂着当地的测试 车牌。很多人问我，小米是不是准备进入美国市场？我回答一下：我们目前暂时没有进入美国市场的计 划。我估计，这辆 YU7 是美国同行或者供应商购买的对标车。" 汽车频道更多独家策划、专家专栏，免费查阅>> ...

Core Viewpoint - The performance of the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index and its related ETF reflects the overall performance of companies benefiting from the development of the Greater Bay Area, with notable movements in specific constituent stocks [1][2]. Group 1: Index Performance - As of February 10, 2026, the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) increased by 0.02%, with notable gains from stocks such as Zhaochi Co. (+9.96%) and Mingyang Smart Energy (+1.56%) [1]. - The Greater Bay Area ETF (512970) showed a mixed performance, with a recent price of 1.52 yuan and a cumulative increase of 2.91% over the past week as of February 9, 2026 [1]. Group 2: Liquidity and Trading Data - The trading volume for the Greater Bay Area ETF was reported at 0.00 yuan, with an average daily trading volume of 711,700 yuan over the past month [1]. - The Sharpe ratio for the Greater Bay Area ETF over the past year was 1.41, indicating a favorable risk-adjusted return [1]. Group 3: Drawdown and Fees - The maximum drawdown for the Greater Bay Area ETF year-to-date was 5.52%, with a relative benchmark drawdown of 0.02% [1]. - The management fee for the Greater Bay Area ETF is set at 0.15%, while the custody fee is 0.05% [1]. Group 4: Index Composition - As of January 30, 2026, the top ten weighted stocks in the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index accounted for 44.55% of the index, with China Ping An, Luxshare Precision, and BYD among the leading constituents [2][3]. - The index includes a maximum of 50 Hong Kong market securities, 300 companies from the Shanghai-Hong Kong-Shenzhen market, and 100 mainland market securities, all selected based on their alignment with the Greater Bay Area development theme [2].

| | 申银万国期货研究所 沈击莽 (从业编号F03148029 交易咨询号Z0022842) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | shenyb@sywggh.com.cn 021-50582113 | | | | | | | | | 11.0 18 | | | | | | | | | | 1月 | 5月 | 9 H | 1月 | 5月 | 9月 | | | 前1日收盘价 | 1393. 5 | 1147.0 | 1222.5 | 1863. 5 | 1703.5 | 1774.0 | | | 前2日收盘价 | 1390. 5 | 1138.5 | 1217.5 | 1860. 0 | 1698.5 | 1769.0 | | Eli | 浅跌 | 3.0 | 8.5 | 5.0 | 3.5 | 5.0 | 5.0 | | स्त | 煮跌幅 | 0. 22% | 0. 75% | 0. 41% | 0. 19% | 0. 29% | 0. 28% | | 10 | 成交堂 | 1668 | 798141 | 3 ...

Group 1 - The A-share ETF market is experiencing a shift, with traditional broad-based ETFs seeing outflows while high-growth sector ETFs in chemicals, telecommunications, and non-ferrous metals are attracting inflows, indicating a focus on AI, price increase chains, and overseas expansion as key investment themes [1] - The National Integrated Circuit Industry Investment Fund (National Big Fund) has been reducing its holdings in several semiconductor companies, which is viewed as a normal investment exit rather than a change in long-term strategy [1] - The demand for AI is driving a price surge in the components industry, particularly for multi-layer ceramic capacitors (MLCC), with prices in South Korea rising nearly 20% and expectations for continued growth [3] Group 2 - The dye industry is experiencing a price increase trend, with companies like Fulei Ant announcing price adjustments for their products due to rising raw material costs [4] - The trend of private equity firms expanding internationally is evident, with over 130 mainland private equity managers holding Hong Kong licenses, reflecting a growing interest from global investors in Chinese assets [2] - The U.S. Department of Commerce has announced final anti-dumping and countervailing duties on erythritol products from China, with specific rates for different companies [8] Group 3 - Playboy has signed an agreement to sell 50% of its Chinese business to UTG Group for a total of $122 million, with cash payments structured over several years [5] - Waymo has acknowledged that its autonomous driving technology relies heavily on remote drivers, particularly from overseas, highlighting the limitations of current automation technologies [6] - Jinhua Bank has been fined 3.7 million yuan due to management failures and improper loan practices, indicating regulatory scrutiny in the banking sector [6] Group 4 - Huayi Brothers' major shareholder is facing a judicial auction of 70 million shares, which could impact the company's control structure [9] - ST Yedao has announced potential delisting risks due to projected financial losses, emphasizing the challenges faced by companies in maintaining compliance with listing requirements [10] - The U.S. stock market indices have collectively risen, driven by technology stocks, with significant gains from major players like Microsoft and Nvidia, reflecting strong investor sentiment in the tech sector [11]

二，炉边漫谈 毫无疑问，上周五美国财政部长对于美联储降息缩表的一番解释，大大缓解了市场的焦虑，而这也是今天全球股市暴涨的原因所在，那么这段话究竟是什么 意思呢？ 先说说「美联储的定心丸」：别慌，不会急着缩表 一，今日要点 今天沪指上演红周一，蛇年股市还有最后四个交易日，是否就此开启春节红包行情呢？ 最近市场不是揪着美联储换主席的事儿焦虑嘛？担心沃什上台后会不会「政策急转弯」、急着缩表抽流动性。结果美国财长贝森特出来「灭火」了：就算沃 什当主席（这家伙之前还批评过美联储买债券呢），也不会马上动手缩表；而且沃什会很独立，美联储可能得花一整年才会决定资产负债表的事儿。 其实市场怕的就是「突然收紧」——毕竟缩表意味着流动性变少，资金成本会涨。贝森特这话本质是安抚情绪，但说到底，美联储真要怎么做，还是得看资 金怎么解读：要是资金觉得「缩表节奏慢」，就敢放心进场；要是觉得「口说无凭」，照样会用脚投票。 再聊聊「特斯拉的光伏野心」：中国产业链要吃肉了 特斯拉又搞大动作——要扩大太阳能电池制造，三年目标冲100吉瓦！更关键的是：全球光伏产业链中国占绝对优势，马斯克就算想搞「太空光伏」（航 天、太空算力的能源核心），也绕不开中 ...

Group 1 - The core finding of the survey indicates that German SMEs are avoiding the US market due to the impact of US tariffs and uncertainty regarding US government policies [1] - 12% of respondents reported direct impacts from US tariffs, while 44% experienced indirect effects, with the metal, automotive, and mechanical engineering sectors being the most affected [1] - Nearly 25% of respondents in the affected sectors indicated direct impacts from US tariffs, and 61% reported indirect impacts through suppliers [1] Group 2 - Approximately one-quarter of SMEs expressed concerns about planning uncertainties due to fluctuating US policies, with 33% of companies earning €50 million or more particularly affected [1] - The willingness of German SMEs to exit the US market and refocus on domestic markets has increased, with only 9% planning to expand in the US, a decrease of 3% from the spring 2024 survey [1] - 18% of companies expect the role of the US market to diminish, an increase of 9% compared to the spring 2024 survey, while over half of the German companies plan to shift their business focus back to the domestic market [1]

文字早评 2026/02/10 星期二 宏观金融类 股指 【行情资讯】 1、美股纳指收涨近 1%，贵金属连续两日反弹，稀土主流产品价格整体上行； 2、赛博无人驾驶电动车 Tesla Cybercab 将在得州超级工厂开启量产并投入运营；小马智行联合丰田， 首台量产铂智 4X Robotaxi 下线； 3、智光电气签订 10.04 亿元储能系统买卖合同，源杰科技拟 12.51 亿元投建光电通讯半导体芯片和器 件研发生产项目； 4、字节 AI 视频生成模型发布，阿里、百度、快手、百度已发布 AI 应用产品，后续还有 DS V4、Qwen3.5、 豆包 2.0 等。 基差年化比率： IF 当月/下月/当季/隔季：-4.54%/-0.48%/3.40%/4.07%； IC 当月/下月/当季/隔季：-7.08%/-0.04%/6.66%/6.11%； IM 当月/下月/当季/隔季：-16.33%/0.15%/11.94%/9.80%； IH 当月/下月/当季/隔季：-3.57%/-0.76%/0.52%/2.56%。 【策略观点】 贵金属 近日美国货币政策预期分歧加剧，压制资本市场风险偏好，美股、贵金属波动加剧；国内临 ...

Group 1 - Xi Jinping emphasized the importance of technological self-reliance for building a modern socialist country during his visit to the National Innovation Park in Beijing, where he observed advancements in AI and robotics [1] - The Shanghai, Shenzhen, and Beijing stock exchanges announced a package of measures to optimize refinancing processes for high-quality listed companies, aiming to enhance refinancing efficiency [2] - The Ministry of Commerce plans to implement a vehicle trade-in program by 2026 to boost automotive consumption, alongside other reforms in the automotive circulation sector [3] Group 2 - Zhongke Shuguang announced plans to issue convertible bonds to raise up to 8 billion yuan for advanced computing cluster projects focused on AI [5] - Efort plans to acquire 100% of Shengpu shares, with stock resuming trading on February 10; Hainan Mining intends to acquire 69.9% of Fengrui Fluorine Industry shares, also resuming trading [6] - Jinhui shares announced a 210 million yuan acquisition of 100% of Fusheng Mining, which holds a gold mining license with an annual production capacity of 50,000 tons [6] Group 3 - Mengguli announced an investment of 929 million yuan to build a project for producing 30,000 tons of lithium-ion battery cathode materials annually [7] - Yuanjie Technology plans to invest 1.251 billion yuan in the second phase of a semiconductor chip and device R&D production base, focusing on high-speed optical chips [7] - Cuihua Jewelry is under investigation by the CSRC for suspected violations of information disclosure regulations [8] Group 4 - The transportation regulatory office conducted a meeting with Gaode Dache, highlighting issues such as inadequate management of partner ride-hailing platforms and improper emergency responses [13] - The U.S. stock market saw gains, with major indices rising, particularly Oracle, which increased by over 9% [14] - COMEX gold futures rose by 2.1% to $5084.2 per ounce, while silver futures increased by 8% to $83.05 per ounce [15]

来源：光大证券微资讯 热点聚焦 1、隔夜美股科技股反弹提振市场情绪，纳指大涨近1%，道指再创历史新高。甲骨文涨超9%，微软、 博通涨超3%。COMEX黄金期货涨超2%，COMEX白银期货大涨8%。美东时间2月9日，美元大幅走 弱，衡量美元对六种主要货币的美元指数大跌0.84%，跌破97关口。美国亚特兰大联储主席博斯蒂克表 示，他开始看到人们对美元信心产生质疑。 2、隔夜，纳斯达克中国金龙指数收涨0.12%。恒指期货夜盘收涨0.62%，报27221点，高水194点。新兴 市场ETF连续第16周吸金。今年迄今为止，资金流入合计260亿美元。当周，中国流入2.151亿美元，前 一周流入为11.5亿美元。2月9日17:14，离岸人民币兑美元升破6.92，日内涨超100点，涨幅约0.15%。 3、隔夜，WTI原油期货收涨1.27%，报64.36美元/桶；布油期货收涨1.45%，报69.04美元/桶。此前，美 国向途经霍尔木兹海峡商船发布指南，建议"悬挂美国国旗的商船尽可能远离伊朗领海，并在被伊朗军 队要求登船时口头拒绝——如果伊朗军队登船，船员不应强行抵抗"。 4、谷歌母公司Alphabet Inc.计划通过发行美元债 ...