Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry [6] Core Viewpoints - Liquidity expectations are rebounding, and there are opportunities for recovery in mispriced assets. The recent nomination of Waller as the next Federal Reserve Chair has led to significant price fluctuations in metals due to optimistic short-term expectations for precious metals. It is recommended to focus on recovery opportunities for mispriced varieties [3][9] Summary by Sections 1. Cycle Judgment - The liquidity expectations are rebounding, and there are opportunities for recovery in mispriced assets. The market anticipates that Waller will support interest rate cuts but will not adopt aggressive monetary easing policies. This has alleviated concerns about the independence of the Federal Reserve, leading to significant price fluctuations in metals. The accumulation of copper and aluminum inventories has slowed, and downstream processing rates are beginning to recover, indicating an increase in acceptance of higher prices [9][13] 2. Industry and Stock Performance - The non-ferrous metals sector rose by 3.37% in the week ending January 30, ranking third among all industries [20][21] 3. Precious Metals - The narrative of monetary easing has faced setbacks, leading to increased short-term volatility in precious metals. For the week ending January 30, SHFE gold rose by 4.10% to 1,161.42 CNY per gram, while COMEX gold fell by 1.14% to 4,879.60 USD per ounce. The total gold reserves of the People's Bank of China increased by 30,000 ounces to 7,415,000 ounces, marking the 14th consecutive month of expansion [14][31] 4. Copper - For the week ending January 30, SHFE copper rose by 2.31% to 103,680 CNY per ton, while LME copper increased by 0.32% to 13,157.5 USD per ton. The supply side remains tight, with ongoing disruptions from strikes in Chile affecting copper concentrate supply. The processing rate for copper rods was 69.54%, reflecting a 1.56 percentage point increase [17][29] 5. Aluminum - For the week ending January 30, SHFE aluminum rose by 1.11% to 24,560 CNY per ton, while LME aluminum fell by 0.79% to 3,144 USD per ton. The average profit per ton of aluminum is approximately 8,548 CNY, supported by rising aluminum prices [16][87]

证券日报网讯2月2日，博威合金（601137）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东户数为60407户。 ...

证券日报网讯2月2日，金徽股份（603132）在互动平台回答投资者提问时表示，截至2026年1月30日公 司股东人数为27257户。 ...

Liquidity - The issuance of equity mutual funds reached 327.9 billion units, with actively managed funds at 231.2 billion units, marking a new high since 2022[6] - Margin financing net outflow was approximately -71 billion, placing it in the 23rd percentile over the past three years[13] - Stock ETFs experienced a net outflow of -3168.2 billion, which is in the 1st percentile over the past three years[22] Market Trends - The total net outflow of broad-based ETFs exceeded 1 trillion, with significant outflows from the CSI 300 (-581.8 billion), CSI 1000 (-130.3 billion), and Shanghai Composite (-984 billion)[22] - The stock market showed high volatility, with the Shanghai Composite Index dropping over 2% on January 30, leading to increased search interest in A-shares on social media[67] Investor Sentiment - Retail investors saw a net inflow of 216.8 billion in A-shares, an increase of 969.7 billion from the previous value, placing it in the 95.6th percentile over the past five years[2] - The trend of public funds clustering has weakened, shifting towards growth and consumer sectors[2] Sector Performance - The trading heat for the photovoltaic sector increased by 25 percentage points to 79%, while the consumer electronics sector decreased by 9 percentage points to 59%[45] - The demand for equity financing expanded to 159 billion, ranking in the 69th percentile over the past three years, while the net reduction in industrial capital decreased to -81.8 billion, ranking in the 74th percentile[27][30]

Core Viewpoint - The recent significant declines in gold and silver prices have led to increased volatility in global stock markets, with concerns about high valuations and potential changes in U.S. monetary policy impacting investor sentiment [1][4][24]. Group 1: Market Movements - London gold experienced a maximum drawdown of 21%, while silver saw a maximum drawdown of 41% [1]. - The global stock market exhibited considerable fluctuations due to the sharp decline in commodity prices [4][27]. - A-shares and Hong Kong stocks faced substantial declines, with the market closing around the 4.00 star level [5][12]. Group 2: Valuation Concerns - Gold and silver were previously identified as overvalued, with recent price drops marking the fastest decline in 40 years [2][3]. - The high valuations of commodities were driven by significant inflows of capital, leading to the highest valuation levels in 30 years [20]. - The market is currently experiencing a rotation, with some sectors like consumer goods showing resilience while others, particularly small-cap stocks, are underperforming [11][36]. Group 3: Economic Indicators - The volatility in the markets is partly attributed to concerns over the potential for the Federal Reserve to slow down interest rate cuts, which could tighten global liquidity [24][29]. - The recent appointment of a hawkish Federal Reserve nominee has heightened these concerns [23]. Group 4: Investment Strategies - The company has paused subscriptions for actively managed and enhanced index products to mitigate risks associated with chasing high valuations [14][40]. - Investors are advised to manage their exposure to high-valuation assets and consider taking profits where appropriate [42]. - Maintaining a balanced portfolio with a focus on low-valuation assets is recommended, with a suggested limit of 15-20% exposure to any single industry [44].

Core Viewpoint - The precious metals market has experienced a significant drop, leading to panic in the Asia-Pacific markets, with major indices falling over 2% on February 2, 2026 [1] Group 1: Market Performance - The A-share market saw all three major indices drop more than 2%, with the Shanghai Composite Index falling 2.48% to close at 4015.75 points [1] - The total market turnover was 2.61 trillion yuan, continuing a trend of reduced trading volume over two consecutive days [1] Group 2: ETF Performance - The Food and Beverage ETF (515710) rose by 0.86%, while the Banking ETF (512800) increased by 0.13% [2] - The Securities ETF (512000) fell by 1.23%, and the Technology ETF (515000) dropped by 3.36% [2] - The Precious Metals ETF (159876) saw a significant decline of 9.97%, indicating a strong sell-off in the sector [2] Group 3: Sector Analysis - The chemical and non-ferrous metals sectors faced heavy selling pressure, with the Chemical ETF (516020) down 6.98% and the Non-Ferrous ETF (159876) hitting the daily limit down [2] - Analysts from CITIC Securities suggest that the price increase narrative may continue throughout the first quarter, but caution is advised for the speculative precious metals sector [2] - The white liquor sector, particularly stocks like Kweichow Moutai, saw a surge, with the Food and Beverage ETF reaching a peak increase of 3.28% during the day [4][5] Group 4: Investment Opportunities - Analysts from CITIC Securities and other institutions are optimistic about the white liquor sector, predicting a potential bottoming out opportunity in the coming years [7] - The banking sector is gaining attention as a potential rebound opportunity, with significant inflows into the Banking ETF, which has attracted nearly 11 billion yuan in the last ten days [14][16] - The overall market remains active ahead of the Chinese New Year, with a focus on sectors with strong fundamental support [4][16]

Group 1 - The core point of the article is that Innovation New Materials announced the completion of a share buyback program, having repurchased a total of 15,429,150 shares as of January 31, 2026, which represents 0.4108% of the company's latest total share capital [2] Group 2 - The share buyback reflects the company's strategy to enhance shareholder value and may indicate confidence in its future performance [2]

Group 1: Geopolitical Developments - Serbian President Vucic predicts that Iran will face military strikes within 48 hours, linking the timing to Epstein-related documents [1] - Iranian officials deny plans for military exercises in the Strait of Hormuz, stating that reports of such drills are inaccurate [1] Group 2: U.S.-Iran Relations - U.S. President Trump expresses hope for an agreement with Iran, while Iranian Foreign Minister Zarif maintains confidence in reaching a nuclear deal [3][10] - Zarif indicates that Iran is working with regional partners to build trust with the U.S. for negotiations, which have shown some effectiveness [5][11] - Zarif emphasizes the importance of substance over form in negotiations, reiterating Iran's desire for the U.S. to lift long-standing sanctions and respect its rights to uranium enrichment [11] Group 3: Commodity Market Trends - The commodity market experiences a significant downturn, with gold, silver, crude oil, and industrial metals leading the decline due to hawkish expectations from the Fed and a strengthening dollar [12] - A large sell-off in the A-share market sees major indices drop over 2%, with significant losses in resource sectors and semiconductor stocks [12] - Silver and other precious metals face substantial selling pressure, with notable sell orders exceeding 66 billion for Silver [9] Group 4: Company Developments - Tesla announces the upcoming launch of its third-generation humanoid robot, designed to learn new skills by observing human behavior, with an expected annual production of one million units [13]

Group 1 - Over 200 A-shares and H-shares have been included in the February "gold stock" list by brokers, with Alibaba-W, Tencent Holdings, Zijin Mining, and Zhongji Xuchuang being among the most frequently recommended stocks [1][2] - The electronic industry has the highest number of recommended stocks, with 35 stocks being favored by brokers, while sectors like basic chemicals and non-ferrous metals also have multiple stocks recommended [2] - In January, 66% of the 249 stocks recommended by brokers achieved positive returns, with Zhuoyi Information leading with a 98.94% increase [3][4] Group 2 - The market is expected to experience a period of volatility, with better performance anticipated after the Spring Festival, as policy catalysts are expected to emerge [5][6] - The "technology + resources" theme is likely to continue expanding, with a focus on sectors such as optical modules, storage, semiconductor equipment, and industrial metals [6] - Recent fluctuations in international gold prices are attributed to market sentiment and changes in the Federal Reserve's leadership, with expectations of a wide range of fluctuations in the short term [6]

Group 1 - In the fourth week of January, the total net outflow of funds was 148.3 billion, compared to a net inflow of 173.9 billion in the previous week [1][8] - The short-term sentiment indicator is at a high level since 2005, with the recent weekly turnover rate (annualized) at 627%, placing it in the 90th percentile historically [1][12] - The long-term sentiment indicator is at a medium-low level since 2005, with the recent A-share risk premium at 2.48%, in the 46th percentile historically [2][12] Group 2 - The top three industries by trading volume in the past week were semiconductor (99%), non-ferrous metals (98%), and defense industry (97%), while the lowest were food processing (0%), transportation (0%), and real estate (1%) [2][14] - The highest financing transaction ratio industries were machinery equipment (86%), electric power equipment (82%), and social services (79%), while the lowest were banking (14%), non-bank financials (20%), and real estate (20%) [2][14]