Domestic Market Overview - The domestic market experienced a rebound after hitting a low, with a decrease in trading volume. The Shanghai Composite Index closed at 4075.92 points, down 0.64%, while the Shenzhen Component Index closed at 13952.71 points, down 1.44%. The total trading volume for the entire A-share market was 21,943 billion, showing a decline from the previous day [1][4][8] - Among the 30 sectors tracked, 9 sectors saw an increase, with banking, food and beverage, and textile and apparel leading the gains. In contrast, sectors such as non-ferrous metals, power equipment, new energy, and machinery experienced significant declines [1][4][8] Overseas Market Overview - On the same day, all three major U.S. stock indices closed lower, with the Dow Jones down 1.2%, the S&P 500 down 1.23%, and the Nasdaq down 1.59%. The index tracking the seven major U.S. tech companies fell by 1.76%, with Amazon dropping over 4% [2][4] Key News - The 2026 National Service Consumption and Service Trade Work Conference was held in Beijing, emphasizing the shift from goods consumption to service consumption and the need to cultivate new growth points in service consumption [9][10] - A new "zero tariff" policy for imported goods for residents of Hainan Free Trade Port was announced, effective immediately, allowing residents to purchase certain imported goods without tariffs up to a limit of 10,000 RMB per person per year [12] - The National Internet Information Office and 11 other departments issued guidelines to enhance digital services for inbound travelers, aiming for significant improvements by 2027 and achieving international leading levels by 2030 [13]

今天分享的是：RGF薪酬观察2026：中国大陆篇（英文版） 报告共计：45页 RGF 2026中国大陆薪酬观察报告核心总结 《RGF 2026中国大陆薪酬观察报告》基于2025年1月至2026年1月期间50余万名候选人数据，聚焦五大行业薪酬趋势、就业市场动态及招聘核心挑战，为企 业薪酬策略制定与职场人士职业规划提供关键参考。报告中所指年度基本薪资均不含津贴、股票、奖金等额外福利。 2025年就业市场呈现"前三季度调整、第四季度复苏"的态势。招聘需求在前三季度温和收缩后，第四季度同比激增31%，彰显企业对2026年的战略信心；人 才供给全年保持稳健增长，第三季度增幅达32%，反映求职者信心与市场结构调整并行；面试接受率自年中起持续改善，第三、四季度分别同比上升14%和 7%，体现企业招聘意愿的强化。 薪酬趋势方面，2026年市场平均薪资增幅较2025年略有上升，折射经济与就业市场的稳定性。高需求岗位薪资涨幅显著，医疗行业销售、消费品行业新零售 相关岗位外部招聘薪资涨幅或达20%，自动驾驶领域算法专家更是有望达到30%。薪酬相关挑战中，"新聘员工薪资高于现有员工"的内部薪资倒挂问题最为 突出，占比33%，其次是薪 ...

Market Overview - The Hong Kong stock market is under pressure, with the Hang Seng Technology Index opening lower but narrowing its decline [1] - The Hong Kong Technology 30 ETF (513160) opened slightly lower but rebounded, showing a decline of approximately 1.37% as of 10:14 AM, not reaching a new low compared to the previous trading day [1] - Key constituents such as Kingdee International, Meituan, and Kingsoft Cloud are leading the declines [1] Fund Flows - Despite recent poor performance, there is a clear intention from investors to buy on dips, with net inflows into the product exceeding 131 million yuan on February 5, and a total of over 447 million yuan accumulated in February [1] Investment Outlook - Multiple public fund institutions believe that the Hong Kong stock market remains undervalued globally, and short-term fluctuations are unlikely to change the long-term cost-effectiveness of allocations, highlighting structural investment opportunities [1] - For ordinary investors, direct investment in multiple Hong Kong technology stocks is complex and has a high threshold; however, the Hong Kong Technology 30 ETF (513160) allows for a one-time purchase of a basket of quality Hong Kong technology companies [1] - Retail investors can also access this through feeder funds (Class A: 024037; Class C: 024038) for easier investment [1]

Core Insights - The report indicates a cautious market sentiment ahead of the holiday, with a focus on dividend and undervalued stocks, while post-holiday attention will shift to quality growth stocks [2][3][9] Market Overview - On Thursday, the three major indices in the A-share market experienced a volume contraction and adjustment, with the precious metals sector leading the decline, while the consumer sector, represented by liquor and tourism, showed strong performance [4][8] - The banking sector performed well, contributing to market stability alongside other heavyweight stocks, indicating that the market adjustment is not a systemic risk release but rather a structural rebalancing [2][8] Short-term Outlook - As the Spring Festival approaches, risk-averse sentiment is expected to increase, making it difficult for the market to establish a trend, with opportunities likely to arise from rapid individual stock trading and structural rotation [3][9] - The market style is anticipated to follow a "stability before the festival, rebound after" pattern, with a focus on dividend and undervalued large-cap stocks before the holiday, and a shift towards small-cap growth and sectors with clear industrial catalysts after [3][9] Investment Strategy - Investors are advised to balance stability and flexibility in their strategies, focusing on dividend stocks for their recovery potential before the holiday, while preparing for post-holiday opportunities in quality growth stocks that may benefit from policy catalysts and industrial trends [3][9] - The report emphasizes the importance of timing in the current volatile market, suggesting that investors should be ready to adapt to changing market rhythms [3][9] Sector Analysis - The consumer sector, particularly tourism, beauty care, and food and beverage, has been active, supported by government policies aimed at stimulating consumption and shifting macroeconomic focus towards consumer-driven growth [7][8] - The report highlights three key areas for investment within the consumer sector: structural tracks aligned with demographic trends, service consumption upgrades, and safety lines in agriculture and food security [7][8]

日度报告——综合晨报 美国雇主 1 月裁员创纪录，国内三大股指普 跌 [T报ab告le_日R期an：k] 2026-02-06 宏观策略（外汇期货(美元指数)） 美国雇主 1 月裁员创纪录 美国 1 月雇主裁员创纪录，劳动力市场明显走弱，市场风险偏好 走低，美元回升 宏观策略（股指期货） 三大股指普跌，股市持续缩量 MPOA 预测马棕 1 月产量下降超 14%，2 月前 5 日马棕出口小幅 下降 综 海外科技股回调形成对 A 股科技股的压制，同时贵金属再度回 调，拖累指数。当前阶段最核心因素在于股市成交持续缩量， 我们预计年前行情逐渐清淡。 合 黑色金属（螺纹钢/热轧卷板） 晨 Mysteel 五大品种库存周环比增加 59.24 万吨 报 临近春节假期，五大品种累库比较明显加速，卷板开始累库， 螺纹表需明显回落到 147 万吨左右。当前累库对于现货仍形成压 力，但基本面矛盾级别依然不算大，钢价震荡运行。 宏观策略（黄金） 美伊将继续谈判 金价下跌，白银大跌 20%，地缘政治紧张局势缓和，中美领导 人通电话，美伊将开启谈判，此前下跌调整并未结束，市场做 多情绪下降，美股持续回调风险资产普跌。 农产品（豆油/菜油 ...

Group 1 - The Hang Seng Index and Hang Seng Tech Index closed higher on February 5, with the CSI Hong Kong Stock Connect Technology Index rising by 0.58% [1] - Notable performers among the index constituents included Horizon Robotics-W, which rose over 3%, and Kingdee International and Xiaomi Group-W, which both increased by nearly 3% [1] - The Hong Kong Tech ETF Tianhong (159128) saw a trading volume exceeding 160 million yuan, with a net subscription of over 80 million units on the same day, marking 18 consecutive trading days of net inflow totaling over 550 million yuan [1] Group 2 - The Hong Kong Tech ETF Tianhong (520920) closely tracks the Hang Seng Tech Index, focusing on leading technology companies in Hong Kong, and can invest in quality tech companies not included in the Hong Kong Stock Connect through the QDII mechanism [2] - Meituan announced on February 5 its plan to acquire all issued shares of fresh e-commerce company Dingdong for 717 million USD, which will make Dingdong an indirect wholly-owned subsidiary of Meituan, with its financial results incorporated into Meituan's financial statements [2] - Guosen Securities noted that the rebound of the US dollar index and rising US Treasury yields have negatively impacted the capital flow in Hong Kong stocks, but the appreciation of the RMB and stable earnings revisions in Hong Kong stocks maintain a positive outlook for the market [2]

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 1.2% at 48,908.72 points, the S&P 500 down 1.23% at 6,798.4 points, and the Nasdaq down 1.59% at 22,540.59 points [1] - Major tech stocks mostly declined, with Microsoft down nearly 5%, Amazon down over 4%, Tesla down more than 2%, Nvidia down over 1%, Google down 0.54%, Apple down 0.21%, and Facebook up 0.18% [1] - Popular Chinese concept stocks mostly rose, with NIO up over 5%, Li Auto up over 2%, and Bilibili up over 1% [1] - European stock indices closed lower, with Germany's DAX down 0.93% at 24,373.06 points, France's CAC40 down 0.29% at 8,238.17 points, and the UK's FTSE 100 down 0.9% at 10,309.22 points [1] Commodity Prices - International precious metal futures generally fell, with COMEX gold futures down 3.08% at $4,798.10 per ounce and COMEX silver futures down 16.64% at $70.35 per ounce [1] - U.S. oil main contract fell 3.1% to $63.12 per barrel, while Brent oil main contract dropped 2.98% to $67.39 per barrel [1] - London base metals all declined, with LME zinc down 0.32% at $3,298.5 per ton, LME lead down 0.64% at $1,954.0 per ton, LME aluminum down 1.42% at $3,026.0 per ton, LME copper down 1.45% at $12,855.0 per ton, LME nickel down 1.84% at $17,060.0 per ton, and LME tin down 3.17% at $46,990.0 per ton [1] Bond Yields - U.S. Treasury yields collectively fell, with the 2-year yield down 9.04 basis points at 3.457%, the 3-year yield down 10.73 basis points at 3.522%, the 5-year yield down 10.58 basis points at 3.719%, the 10-year yield down 9.34 basis points at 4.180%, and the 30-year yield down 7.52 basis points at 4.842% [1] - European bond yields mostly decreased, with the UK 10-year yield up 1.3 basis points at 4.558%, France's 10-year yield down 0.2 basis points at 3.444%, Germany's 10-year yield down 1.7 basis points at 2.841%, Italy's 10-year yield unchanged at 3.467%, and Spain's 10-year yield down 0.9 basis points at 3.219% [1]

政策层面同样未能为市场提供支撑。美国财政部长贝森特在国会听证会上明确表示，财政部既无权力"救助"比特币，也无法指 示美国银行购买该资产。与此同时，"大空头"投资人迈克尔·伯里在其Substack文章中警告称，比特币并不存在足以阻止其继 续下跌的"有机使用场景"，进一步加重了市场悲观预期。 在比特币价格大幅回调之际，全球最大企业级比特币持有者Strategy Inc.(MSTR.US)于2月5日公布2025财年第四季度业绩。 公司披露，截至2026年2月1日，其比特币持仓已增至713,502枚，总成本约542.6亿美元，平均持币成本为76,052美元。尽 管2025年全年实现22.8%的BTC Yield，并在资本市场筹资253亿美元，受比特币价格下跌影响，公司第四季度因数字资产公 允价值变动录得174亿美元的未实现损失，导致季度净亏损高达124亿美元。 管理层强调，Strategy正通过其"数字信贷"平台分散波动风险。公司旗舰优先股STRC规模已扩至34亿美元，并通过可变股息 机制将股价维持在接近100美元的名义价值区间。同时，公司建立了22.5亿美元的美元储备，可覆盖约2.5年的优先股股息与 利息支出。执行 ...

Group 1 - In January, U.S. companies announced a total of 108,435 layoffs, marking a 118% increase compared to the same month last year, the highest number since the Great Recession in 2009 [1][4] - The report indicates a 13% year-over-year decline in hiring intentions, dropping to 5,306, which is the weakest January hiring data recorded since 2009 [1][4] - The primary reasons for the layoffs include contract losses, economic conditions, and restructuring efforts [4] Group 2 - Nearly half of the layoffs announced in January were attributed to three companies: Amazon, UPS, and Dow Inc., with Amazon planning to cut 16,000 corporate positions, UPS announcing up to 30,000 layoffs, and Dow intending to reduce approximately 4,500 jobs [4] - The data reflects signs of weakness in the labor market, characterized by limited overall layoffs but weak hiring, causing consumer unease [4] - Federal Reserve policymakers assert that the unemployment rate is showing "some signs of stabilization" despite the layoffs [4]

Group 1 - The article discusses the lesser-known topic of bond index funds and offers a free course on investment methods for these funds [2] - It highlights the importance of understanding the current profit growth situation of listed companies behind different stock categories in A-shares and Hong Kong stocks [6] - The article emphasizes that long-term returns are primarily driven by the profit growth of listed companies rather than valuation fluctuations [6] Group 2 - A-shares and Hong Kong stocks in the technology and pharmaceutical sectors are experiencing profit growth in a prosperous cycle, indicating strong performance in recent years [6] - A-shares with dividends and Hong Kong consumer stocks are in a recovery cycle for profit growth, suggesting potential for future improvement [6]