Core Viewpoint - Indonesia's stock market is experiencing a significant downturn, with the Jakarta Composite Index dropping nearly 5% as of February 2, following a dramatic decline of almost 16% over two days from January 28 to 29, resulting in a market value loss exceeding $80 billion [1][2]. Group 1: Market Performance - The Jakarta Composite Index faced its worst two-day drop since the 1998 Asian financial crisis, with a cumulative decline of nearly 16% [1]. - Over 200 stocks in the Jakarta Composite Index have a free float ratio of less than 15%, indicating a severe lack of liquidity for international investors [1]. Group 2: Regulatory Response - Indonesia's financial regulatory authority announced key reforms on January 29, doubling the minimum free float requirement for listed companies to 15% [3]. - The sovereign wealth fund Danantara was instructed to guide its asset management companies to buy stocks in an attempt to stabilize market sentiment [3]. Group 3: External Influences - The stock market's decline is exacerbated by falling commodity prices, with Indonesia's economy being highly sensitive to these fluctuations [2]. - MSCI issued a downgrade warning on January 27, citing fundamental investability issues in the Indonesian stock market, which triggered panic selling among international investors [1].

1月30日，巴中市正式印发《2026年巴中市重点项目建设计划》，聚焦全国革命老区振兴发展示范市建 设目标，敲定247个重点建设项目，年度预计投资461.38亿元，涵盖产业发展、基础设施、民生及社会 事业、生态环保四大核心领域，以项目硬支撑激活区域发展新动能。 2026年巴中重点项目建设呈现"量质齐升"态势，项目个数、总投资、年度计划投资较2025年分别增加49 个、441.25亿元、40.71亿元。在212个新开工及续建项目中，10亿元以上重大项目达38个，占比 17.92%，镇广高速公路川陕界至王坪段、诺水河至光雾山公路(米仓大道)、平昌县页岩油勘探开发等重 大项目将持续发挥硬核支撑作用。 从投资结构来看，产业发展项目表现突出，个数与年度计划投资占比分别达49.39%、50.89%，位居各 类别项目首位，标志着巴中投资结构优化升级步伐加快，特色产业引领发展的态势愈发鲜明。项目建设 将保持滚动接续态势，今年将新开工南江至三台(中江)高速公路、全液冷光储充换检一体化超充站等 124个项目，推进镇广高速通江至广安段、通江县青峪口水库等88个续建项目，同时加快通江县通用机 场、平昌至仪陇高速公路等35个前期项目。 ...

Core Viewpoint - The second "Green Update · Digital Intelligence Leading" large-scale equipment update matching event concluded in Beijing, where ten national industry associations signed a strategic cooperation agreement to shift equipment updates from scale expansion to quality and efficiency improvement [1][2]. Group 1: Policy and Financial Support - In 2026, the first batch of 936 billion yuan in ultra-long-term special government bond funds has been allocated, supporting approximately 4,500 projects in industrial, energy, power, energy conservation, and environmental protection sectors, driving total investment exceeding 4,600 billion yuan [3]. - The ultra-long-term special government bonds clarify support directions, including key areas such as industry, energy power, grain and oil processing, customs inspection, and old residential elevator upgrades [3]. - The 2026 policy features "three optimizations": expanding support to include livelihood safety sectors and lowering investment thresholds for small and medium-sized enterprises; adopting a "proportional subsidy + capped amount" model for subsidy standards; and implementing a "full-chain management" and fund pre-allocation system [3]. Group 2: Industry Focus on Green and Digital Transformation - The event featured three specialized supply-demand matching sessions focusing on energy-saving and carbon-reducing equipment updates, equipment recycling and reuse, and green finance enabling equipment update financing services [4]. - The president of the China Industrial Development Promotion Association emphasized that equipment updates should adhere to principles of intelligence, greenness, and integration, considering the capacity of enterprises and consumer acceptance, guiding market entities towards energy-saving, carbon reduction, safe production, and digital transformation [5]. - A professor from Tsinghua University's School of Environment pointed out that global industrial competition is shifting from energy dependence to energy technology dependence, necessitating the construction of a large-scale equipment technology system that adapts to new energy [5]. Group 3: Building Collaborative Platforms - The president of the China Energy Conservation Association stated that the collaborative platform established during the event leverages the resource advantages of national industry associations to gather forces, break down information barriers, and achieve precise supply-demand matching [6]. - The ten industry associations signed a strategic cooperation agreement aimed at creating a long-term mechanism for "policy collaboration, resource sharing, and service linkage" [6]. - Representatives from 15 companies, including Shougang Group and China Southern Power Grid, shared their equipment update needs, technical solutions, and financial product services, promoting resource integration across the industry chain and collaborative development [6].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - This week, domestic commodities in China first rose and then fell. Industrial products slightly declined after the rise, while agricultural products slightly increased. At the beginning of the week, supported by multiple positive factors, precious metals and non - ferrous metals rose significantly, driving the collective rise of commodities. However, with the confirmation of the nominee for the Fed Chair (the final candidate is more hawkish than expected), the market adjusted significantly, with precious metals crashing and non - ferrous metals falling sharply [3]. - The Fed suspended rate cuts as scheduled on January 28, maintaining the federal funds rate in the 3.50% - 3.75% range. The market expects a more than 60% probability of two 25 - basis - point rate cuts by the end of 2026. The new Fed Chair nominee may affect future rate - cut expectations. Trump nominated Kevin Warsh as the next Fed Chair, whose "hawkish" background may support the US dollar and put pressure on stocks, bonds, and precious metals [4]. - Japan's Prime Minister warned against currency speculation, and the yen continued to rise. The market speculated about US - Japan joint intervention in the foreign exchange market, and the Japanese bond market also fluctuated [4]. - In January, China's manufacturing and non - manufacturing PMIs both declined, and economic activities slowed down compared with the previous month. However, production remained in expansion, and positive demand - side policies provided a foundation for the economy in the first quarter. In 2025, the total profit of industrial enterprises above a designated size increased by 0.6% year - on - year, reversing the three - year decline. The 2026 tax reform aims to balance the central - local fiscal relationship and optimize the tax structure, which may relieve local debt risks [5]. - Commodity volatility is rising, and the strength of different sectors may change. The confirmation of the Fed Chair nominee may lead to a rebound in the US dollar index, suppressing precious metals and non - ferrous metals. China's policies to expand domestic demand may benefit some commodities, and geopolitical and weather factors may support energy prices [6]. 3. Summary by Relevant Catalogs PART ONE: Main Views - **Market Performance**: This week, domestic commodities first rose and then fell. Industrial products slightly declined, and agricultural products slightly increased. The market adjusted after the confirmation of the Fed Chair nominee [3]. - **Overseas Factors**: The Fed suspended rate cuts, and the market expects rate cuts by the end of 2026. Trump nominated Kevin Warsh as the next Fed Chair, and Japan's currency and bond markets fluctuated [4]. - **Domestic Factors**: In January, China's manufacturing and non - manufacturing PMIs declined. In 2025, industrial profits increased, and the 2026 tax reform may relieve local debt risks [5]. - **Commodity Views**: Commodity volatility is rising, and sector strength may change due to factors such as the Fed Chair nominee, China's policies, and geopolitical and weather factors [6] PART TWO: Overseas Situation Analysis - **US Fed Policy**: The Fed suspended rate cuts on January 28, maintaining the federal funds rate in the 3.50% - 3.75% range. The market expects a more than 60% probability of two 25 - basis - point rate cuts by the end of 2026 [4]. - **Nominee for Fed Chair**: Trump nominated Kevin Warsh as the next Fed Chair. Warsh has a "hawkish" background, and his policies may support the US dollar and put pressure on stocks, bonds, and precious metals [4]. - **Japan's Situation**: Japan's Prime Minister warned against currency speculation, and the yen continued to rise. The market speculated about US - Japan joint intervention in the foreign exchange market, and the Japanese bond market also fluctuated [4] PART THREE: Domestic Situation Analysis - **PMI Data**: In January, China's manufacturing PMI was 49.3%, a 0.8 - percentage - point decrease from the previous month, and the non - manufacturing PMI was 49.4%, also a 0.8 - percentage - point decrease. Economic activities slowed down, but production remained in expansion [5][26]. - **Industrial Profits**: In 2025, the total profit of industrial enterprises above a designated size was 73982 billion yuan, a 0.6% year - on - year increase, reversing the three - year decline [5][29]. - **Tax Reform**: The 2026 tax reform aims to balance the central - local fiscal relationship and optimize the tax structure, which may relieve local debt risks [5] PART FOUR: High - Frequency Data Tracking - **Industrial开工率**: The report shows the开工率 data of the polyester industry chain and the blast furnace开工率 in China, but specific trends and analyses are not detailed in the summary [36]. - **Commodity Prices**: The report shows the price data of fruits, agricultural products, and pork, but specific trends and analyses are not detailed in the summary [49]

Group 1 - The article highlights the increasing domestic pressure on the U.S. government, with Trump focusing on China amidst a looming government shutdown and Supreme Court decisions, suggesting a strategy to create a sense of urgency domestically [1] - Trump's comments appear to be a self-defense mechanism aimed at delaying internal crises by portraying China as a bargaining chip in the ongoing U.S.-China rivalry [1][3] - The capital markets have begun to react to the U.S. government's challenges, with European pension funds adjusting their investments in U.S. debt, indicating a loss of confidence in U.S. financial stability [3][5] Group 2 - The U.S. debt is expanding rapidly, and the burden of interest payments is becoming unsustainable, leading to a reassessment of risk in the capital markets [5][7] - The U.S. is shifting its strategy to a more aggressive financial approach, including controlling monetary policy and creating expectations for interest rate cuts to alleviate domestic pressures [7][9] - Energy has re-emerged as a critical lever for the U.S., with efforts to raise energy prices to impact other countries' costs and maintain U.S. economic stability [9][11] Group 3 - The U.S. is not seeking to completely sever ties but aims to make it more expensive for competitors, particularly China, to operate by increasing energy costs and imposing tariffs through allies [11][13] - The U.S. strategy involves targeting key logistical and financial nodes to exert pressure without direct confrontation, which may ultimately undermine U.S. credibility and international relations [13][15] - In contrast, China is adopting a long-term strategy, diversifying its trade relationships and focusing on stable and reasonable pricing, indicating a shift away from reliance on the U.S. market [15][17] Group 4 - The article notes that seemingly minor retaliatory measures in critical materials and technologies could have significant impacts, highlighting the interdependence between the U.S. and China [17][18] - Trump's preemptive actions before negotiations with China are seen as strategic positioning to create leverage, but the effectiveness of such tactics is questioned given the changing dynamics of the global landscape [18]

Market Overview - On February 2, 2026, both stock indices closed lower with a trading volume of 2.86 trillion, a decrease of approximately 400 billion from the previous trading day[1] - The coal, communication, and agriculture sectors saw minor gains, while non-ferrous metals, food and beverage, real estate, computer, and military industries experienced significant declines[1] - The market showed a wide fluctuation with a V-shaped intraday trend, influenced by the overnight volatility in non-ferrous metals, leading to a significant drop in the non-ferrous sector[1] Industry Trends - The technology and non-ferrous sectors are currently in a consolidation phase, resulting in a lack of a leading sector to drive the market[1] - The communication sector, despite maintaining an upward technical pattern, faces skepticism regarding the sustainability of its rebound due to previous substantial gains and lack of valuation advantages[1] Investment Insights - The market is expected to enter a weak consolidation phase, suggesting a need for cautious positioning in portfolios[1] - Precious metals and non-ferrous metals are in a high-level fluctuation phase, making it unsuitable for aggressive buying; however, potential investment opportunities may arise if there is a stabilization after a pullback[1] Fund Flow - On January 30, 2026, the Shanghai Composite Index saw a net outflow of 34.314 billion, while the Shenzhen Composite Index had a net outflow of 1.775 billion[4] - The top three sectors for capital inflow were communication equipment, semiconductors, and agriculture, while industrial metals, minor metals, and software development saw the highest outflows[4] Economic Indicators - The Ministry of Industry and Information Technology reported that the electronic information manufacturing industry is expected to achieve a revenue of 17.4 trillion yuan in 2025, with a year-on-year growth of 7.4%[5] - The profit margin for the electronic information manufacturing sector is projected to be 4.3%, an increase of 0.2 percentage points compared to the previous year[5]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 2 日 0 / 50 研究所 期货眼·日迹 | 金银：沃什被提名为联储新主席 引发金银市场风险释放 17 | | --- | | 铂钯：巨幅回撤后多空争夺剧烈 高波动行情谨慎参与 18 | | 铜：沃什提名美联储主席，铜价快速回撤 19 | | 氧化铝：震荡为主 20 | | 电解铝：警惕资金离场风险 20 | | 铸造铝合金：市场流动性收紧 铝合金随板块回调 21 | | 锌：关注市场情绪变化 22 | | 股指期货：波动不改上行趋势 4 | | --- | | 国债期货：官方 PMI 不及预期 5 | | 蛋白粕：供应总体宽松 | 盘面仍有压力 6 | | --- | --- | | 白糖：国际糖价大跌 | 预计国内价格偏弱 6 | | 油脂板块：油脂维持宽度震荡 7 | | | 玉米/玉米淀粉：北港现货回落，盘面偏弱震荡 8 | | | 生猪：供应压力好转 | 现货整体上涨 9 | | 花生：花生现货稳定，花生盘面底部震荡 10 | | | 鸡蛋：临近节前备货，蛋价有所上涨 10 | | | 苹果：节前走货尚可，苹果价格坚挺 11 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：之前关注到公司与中核方面在高温气冷堆项目上有过 接触和探讨，想请问一下，目前双方在这个项目上的合作进展到哪一步了？公司未来在核能领域还有哪 些布局规划？ 东华能源（002221.SZ）2月2日在投资者互动平台表示，公司与中核集团合作的高温气冷堆供热和制氢 项目正常进行中，公司将按照相关规定及时披露进展情况。 ...

1月31日，省委书记赵一德、省长赵刚在西安与国家能源集团董事长邹磊、总经理冯来法一行座 谈。 邹磊表示，陕西能源资源丰富、创新实力雄厚、产业基础坚实，双方合作前景广阔。国家能源集团 将进一步发挥行业和产业链优势，紧扣陕西发展所需，加大项目建设力度，加快培育新质生产力，为陕 西高质量发展现代化建设提供有力支撑。 省领导王晓、王海鹏，省政府秘书长吕来升，国家能源集团、省直有关部门和榆林市负责同志等参 加座谈。 赵一德代表省委和省政府对邹磊、冯来法一行来陕表示欢迎，向国家能源集团长期以来对陕西经济 社会发展的支持表示感谢。他说，自签署战略合作协议以来，双方对接日益紧密、合作日益深化，取得 一系列积极成果。当前，陕西正深入贯彻落实习近平总书记来陕考察重要讲话重要指示精神，以榆林能 源革命创新示范区建设为引领，坚持高端化多元化低碳化方向推动能源工业"稳控转"，聚力打造万亿级 现代能源产业集群、构建新型能源体系。希望双方进一步加强战略对接和规划衔接，共同推动能源稳产 保供、重大项目建设、能源科技创新、新型能源开发，在携手保障国家能源安全、促进绿色低碳转型中 实现共赢发展。 ...

宝鸡市发展和改革委员会相关负责人介绍，今年，宝鸡市将继续坚持项目带动，抢抓"十五五"规划 编制和各类扩内需政策机遇，健全完善项目推进工作机制，力争省市重点项目开工率、投资完成率继续 位居全省前列，全年争取各类政策性资金40亿元以上。 1月27日，记者从宝鸡市发展和改革工作会议上获悉：今年，宝鸡市聚焦经济建设中心工作，把高 质量项目建设作为重中之重，全年谋划项目3000个以上、总投资突破2000亿元，465个市级重点项目年 度计划投资586亿元以上。 去年以来，以深化"三个年"活动、聚力打好"八场硬仗"、扎实推动"十项重点任务"为抓手，宝鸡市 发展改革系统全力以赴抓项目、扩投资、稳增长、促转型，多项工作取得显著成效：宝鸡市地区生产总 值增长6%、规上工业增加值增长10%、固定资产投资增长8.6%，"十四五"规划主要目标任务顺利完 成；宝鸡市争取中央和省上政策性资金42.1亿元，47个省级重点项目、419个市级重点项目投资完成率 分别达125.29%、144.54%，项目开工率、投资完成率稳居全省第一。 今年，宝鸡市还将扩大高水平对外开放，推动宝鸡机场主体工程年内全面完成、鄠周眉高速尽快通 车，关环高速公路、31 ...