Core Viewpoint - The technology growth sector rebounded collectively after a significant drop, with leading gains in optical communication, CPO, and commercial aerospace sectors [1] Group 1: Market Performance - The Guozheng Growth 100 Index increased by 2.3% at market close [1] - The Guozheng Free Cash Flow Index rose by 2% [1] - The Guozheng Value 100 Index saw a rise of 1.4% [1] Group 2: Fund Flows - Related ETFs attracted attention, with the E Fund Growth ETF (159259) experiencing a net inflow of over 100 million yuan across four consecutive trading days [1] Group 3: Index Composition - The Guozheng Growth 100 Index focuses on stocks with prominent growth styles in the A-share market, with over 70% of its weight concentrated in the electronics, communication, and computer sectors [1] - The index is strategically positioned to capitalize on the core aspects of AI computing power [1] Group 4: Investment Opportunities - The E Fund Growth ETF (159259) is the only product tracking the Guozheng Growth 100 Index, providing investors with opportunities to seize growth-style investment chances [1]

Group 1 - The A-share market experienced a collective rebound on February 3, with over 4,800 stocks rising across the market [1] - Key sectors that performed well included photovoltaic equipment, CPO, commercial aerospace, engineering machinery, rare earth permanent magnets, cloud gaming, storage chips, cultivated diamonds, and epoxy propylene [1] - The CSI A500 index rose by 1.9%, the CSI 300 index increased by 1.2%, the ChiNext index gained 1.9%, and the STAR Market 50 index went up by 1.4%, while the Hang Seng China Enterprises Index fell by 0.3% [1] Group 2 - The ChiNext ETF tracks the ChiNext index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in the power equipment, communication, and electronics sectors, which together account for nearly 60% [3] - The STAR 50 ETF tracks the STAR Market 50 index, composed of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" leaders, with semiconductors making up over 65% and combined with medical devices and software development, accounting for 80% [5]

Core Viewpoint - The article highlights a strong rebound in the stock markets, particularly in the Asia-Pacific region, with significant gains in various sectors, especially commercial aerospace and space photovoltaic concepts, driven by technological advancements and market demand [1][2][3]. Group 1: Market Performance - Major Asia-Pacific stock indices saw significant increases, with Japan's Nikkei 225 rising by 3.92% to close at 54,720.66 points, and South Korea's composite index surging by 6.84% to 5,288.08 points [1]. - The A-share market also experienced a robust rebound, with the Shanghai Composite Index up 1.29% to 4,067.74 points, and the Shenzhen Component Index rising by 2.19% [2]. - The total trading volume in the Shanghai and Shenzhen markets was approximately 2.57 trillion yuan, a decrease of over 40 billion yuan from the previous day [2]. Group 2: Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like Robotech and Dike shares hitting the 20% limit up, while other companies like XW Communication and Light Library Technology rose over 10% [4][6]. - SpaceX's recent acquisition of xAI aims to integrate resources across AI, rockets, and space internet, indicating a strategic move to enhance its capabilities in the commercial aerospace sector [5][6]. Group 3: Space Photovoltaic Concept - The space photovoltaic sector was notably active, with stocks such as Aotewi and Haiyou New Materials reaching the 20% limit up, and Jieput's stock price increasing by approximately 19% to a historical high [8][10]. - The demand for space photovoltaic technology is expected to grow significantly, driven by the industrialization of satellite manufacturing and the need for efficient power systems in low Earth orbit satellites [10]. Group 4: CPO Concept - The CPO (Chip-on-Board) concept experienced a substantial rise, with stocks like Juguang Technology increasing over 18% and Tianfu Communication rising by over 13%, both reaching new highs [12][14]. - Analysts predict that the domestic demand during the "14th Five-Year Plan" period, combined with high overseas demand and technological upgrades, will positively impact the performance of leading optical module companies [14].

Core Viewpoint - The recent surge in the A-share market is attributed to a combination of policy support and capital inflow, leading to a positive market sentiment and significant gains across various sectors, particularly in technology and photovoltaic stocks [1][5][6] Group 1: Market Performance - Over 4,800 stocks in the A-share market experienced gains, with major indices rising over 1%, and the Shenzhen Component Index soaring by 2.19% [1] - The North Star 50 index saw an increase of over 3%, indicating strong market momentum [1] Group 2: Sector Highlights - The space photovoltaic sector saw collective gains, driven by initiatives from Elon Musk's space exploration and domestic projects, supported by policy and demand [3] - The CPO sector, including companies like Robotech and Tianfu Communication, benefited from the surge in AI computing demand, with high-speed optical modules being essential for data centers [4] - The storage chip sector is experiencing active performance due to a global supply-demand mismatch, with price increases from major players like Samsung and SK Hynix, opening a window for domestic alternatives [4] Group 3: Investment Strategies - Investors are advised to hold onto quality stocks in the photovoltaic, CPO, and storage chip sectors while locking in profits during price surges [5] - Defensive sectors like banking and insurance are expected to see a rebound before the Spring Festival, suggesting a potential for recovery [5] - New investors are encouraged to focus on undervalued stocks in the photovoltaic sector and high-performing stocks in the storage chip sector, employing a cautious approach with stop-loss settings [5] Group 4: Future Outlook - The overall market trend is positive, but differentiation among stocks is expected, with a warning against chasing stocks without solid fundamentals [6] - Continuous monitoring of popular sectors, especially CPO and storage chips, is essential for strategic positioning in the upcoming market movements [6]

Market Overview - The A-share market experienced a significant upward trend on February 3, with the Shanghai Composite Index closing at 4067.74 points, up 1.29%. The Shenzhen Component rose by 2.19%, the ChiNext Index increased by 1.86%, the Sci-Tech Innovation Index gained 2.44%, and the Northbound 50 Index surged by 3.27%. The total trading volume across the Shanghai and Shenzhen markets reached 25,656 billion yuan [1]. Sector Performance - Over 4,800 stocks in the market saw gains, with the photovoltaic industry chain showing strong performance, particularly in the space photovoltaic sector, where companies like Aotewei and Zerun New Energy hit the daily limit with a 20% increase [3]. - The commercial aerospace sector rebounded, with stocks such as Jieli Suojin and Aerospace Development also reaching the daily limit [3]. - The chemical sector remained active, with Wanfeng shares achieving a four-day limit increase [3]. - The precious metals concept saw localized activity, with Hunan Gold hitting the daily limit [4][5]. Precious Metals Market - The precious metals market saw a sharp rebound, with Hunan Gold achieving a remarkable 7-day, 6-limit increase. Other notable performers included Xiaocheng Technology, which rose over 18%, and Zijin Mining, which increased by over 6% [5]. - On February 3, gold prices surged, with spot gold rising over 5% to surpass $4,900 per ounce, while silver also maintained an upward trend, increasing over 8% to break through $86 per ounce [6]. - According to China Galaxy Securities, the recent decline in precious metal prices can be viewed as a market-driven cooling following a period of rapid price increases, rather than a panic exit of funds. This price correction is seen as a normal phenomenon that helps release overheated market sentiment [6]. - Guotai Junan Securities indicated that the recent significant drop in precious metal prices is a technical adjustment to the irrational increases seen since the beginning of the year, rather than the end of a long-term upward trend for gold. The decline in speculative sentiment and leverage levels is expected to support a healthier upward trend for gold in the near term [6]. Computing Power Leasing Sector - The computing power leasing sector showed continued strength, with Tianwei Vision experiencing a direct limit increase [7][8]. - Other companies in this sector, such as Wangsu Technology and Capital Online, saw increases of over 10% [8]. - The CPO concept also performed actively, with Robotech hitting a 20% limit increase, and companies like Juguang Technology, Dekeli, and Tianfu Communication rising over 10% [8]. - According to Dongwu Securities, major overseas cloud providers have begun raising prices for their services, marking the first increase in years. This trend is expected to influence domestic cloud providers to follow suit, creating investment opportunities in the AI cloud industry as demand increases [8].

Market Performance - The A-share market saw a decline in the morning but rallied in the afternoon, with the Shanghai Composite Index closing up 1.29% at 4067 points, the Shenzhen Component Index up 2.19%, and the ChiNext Index up 1.86% [1] - The total market turnover was 2.57 trillion yuan, a decrease of 41 billion yuan compared to the previous trading day, with over 4800 stocks rising [1] Sector Highlights - The photovoltaic and BC battery sectors experienced significant growth, with stocks like Zeyun New Energy and Dike Co. hitting the daily limit [1] - The shipbuilding sector also saw gains, with Hailanxin rising over 15% [1] - The CPO concept stocks were active, with Tian Tong Co. and others reaching the daily limit [1] - Small metal stocks surged, with Dongfang Tantalum hitting the daily limit [1] - The commercial aerospace sector strengthened, with Shenjian Co. and others also reaching the daily limit [1] - Other sectors with notable gains included lidar, sapphire, large aircraft, engineering machinery, and aircraft carrier concepts [1] - Conversely, sectors such as banking, insurance, and liquor recorded declines [1]

Market Overview - The market experienced a rebound in the afternoon, with the Shenzhen Component Index rising over 2% and the North Exchange 50 Index increasing by more than 3% [1] Sector Performance - The space photovoltaic concept saw significant gains, with companies like Guosheng Technology, Aotewi, and Foster hitting the daily limit [1] - The CPO sector strengthened, with Robotech reaching a daily limit increase of 20cm and Tianfu Communication rising over 13%, both setting historical highs [1] - The storage chip sector was active, with Maiwei shares leading in gains [1] - Precious metals showed a partial recovery, with Hunan Gold hitting the daily limit and Xiaocheng Technology increasing by over 18% [1] - The banking and insurance sectors faced adjustments, with China Bank experiencing the largest decline [1] Overall Market Performance - Overall, there was a broad-based increase in the stock market, with over 4,800 stocks rising [1] - By the end of trading, the Shanghai Composite Index closed at 4067.74 points, up 1.29%; the Shenzhen Component Index closed at 14127.11 points, up 2.19%; and the ChiNext Index closed at 3324.89 points, up 1.86% [1] - The BC battery, photovoltaic equipment, and optical fiber concept sectors led in gains, while the banking and insurance sectors were among the biggest losers [1]

Summary of Conference Call on Commodity Market Dynamics Industry Overview - The conference call discusses the recent dynamics in the commodity market, particularly focusing on the significant price declines observed since January 30, 2026, with silver futures being the primary commodity affected [1][2]. Key Points and Arguments Commodity Price Movements - A notable price drop in commodities has been observed, with silver futures leading the decline, followed by tin, platinum, palladium, nickel, copper, aluminum, and eventually impacting crude oil and lithium carbonate [3][4]. - The price of domestic silver futures remains 30% higher than the London Metal Exchange (LME) spot price, indicating a significant premium [5]. Market Dynamics and Liquidity Risks - The liquidity risk in the market is primarily concentrated in silver, with over 90,000 short positions unable to be cleared, triggering margin calls and subsequent sell-offs [4][6]. - The gold market is relatively stable, with a fair pricing mechanism, and is less affected by liquidity risks compared to silver [6]. Future Market Outlook - Historical patterns suggest that severe commodity price fluctuations often follow similar transmission chains, necessitating close monitoring of domestic and international price premiums [7]. - There is potential for recovery in certain commodities that may have been oversold, particularly in the non-ferrous metals sector, with aluminum identified as a key focus [8][9]. Investment Opportunities - The call highlights three main investment themes for 2026: non-ferrous metals (with a focus on aluminum), renewable energy materials, and critical raw materials in high-tech industries [8]. - The basic and fine chemical sectors are also recommended for investment, as they may experience a rebound due to inventory replenishment and capacity restructuring after a prolonged period of destocking [10]. Gold as an Investment - Gold continues to be viewed as a valuable investment, with central banks maintaining a trend of purchasing gold, which is expected to persist despite recent market volatility [11]. Monitoring Silver Futures - Silver futures are considered a critical indicator for assessing market sentiment and liquidity. A recovery in silver futures could signal a stabilization in the broader commodity market [12]. Additional Important Insights - The A-share market's volatility is largely driven by emotional transmission rather than fundamental deterioration, with significant correlations observed with U.S. stock market movements [13][14]. - The current market fluctuations are primarily liquidity-driven, with expectations of stabilization in the precious metals matrix in the near term [15]. - Several sectors are highlighted for potential investment, including commercial aerospace, AI applications, and semiconductor equipment, which are expected to attract attention in the upcoming market cycles [16][17]. Investment Strategy Recommendations - Investors are advised to manage their positions and timing carefully, focusing on growth sectors while being adaptable to rapid market rotations, especially around the Chinese New Year [18].

【金银价大跌+美联储换帅消息发酵，全球市场大跌】20260202 ▶像今天这种情绪市场，对于行业太多的分析意义不大，强如上周末刚发布业绩预增的CPO龙头xys，2倍的业绩增 长也依然从盘中最高12个点的涨幅被砸到不足5%；像有色行业，即使在外资给出6000的金价指引下，多个热点股 已经被预期计提多个跌停板；白酒个股则在避险资金的扎堆下，顶着25年业绩下滑的压力喜获3个涨停；1月一度 走独立行情、多次深V反转的航天，马斯克百万算力卫星的宏图也无法救起。 综合来看，今天的下跌有多个不利因素叠加，美联储恐转鹰+业绩预增落地+金银价回调，导致风险出现集中释 放。 但利空过后，行业还是那些行业，短期需要额外警惕的点是春节长假前资金会减少操作，今天成交的萎缩可能导 致企稳的时间会拉的比较长，但依然看好一季度的行情。 ▶交易总结：在较极端的市场压力下，机构也比较罕见的对权益资产出现了谨慎情绪，今天应该是开年以来首次对 权益资产出现明显的净赎回，虽然个别品类的卖出放在过去一段时间看确实较大，但从单边数据看，依然有多头 在买入，而在主力固收+品种上，其实整体净赎回金额尚可，而且从去年的数据看，此类时点后续往往伴随着市场 的快速 ...

A股三大股指集体高开，沪指涨0.7%，创业板指涨1.65%。盘面上，存储芯片、半导体、光伏设备、 CPO等板块涨幅居前。 东方证券：2月科创类产业催化将会更加密集，短期仍建议以科创主线权益为主 华泰证券：周一调整更多是技术性和情绪上，待技术性指标企稳后有望继续上行 东方证券表示，从技术走势来看，沪综指已将1月份涨幅几乎回吐殆尽，考虑到前期沪综指"17连阳"走 势分为二段走势，元旦后快速上行和目前的快速下跌形成明显的对称走势，预计短期沪综指会在3950- 3980附近区域获得支撑。配置方面，2月后业绩将不是影响市场主要因素，科创类产业催化将会更加密 集，短期仍建议以科创主线权益为主，也可以关注有色等周期板块企稳后的反弹。 华泰证券表示，周一A股及港股均明显回调，上周五"沃什交易"引发全球风险资产Risk off，且在周一触 发一定流动性压力，体现为大宗商品及亚洲股市的全面下跌。但我们认为此次调整更多是技术性和情绪 上的，中期视角下中国资产面临的流动性及基本面向好趋势不变，待技术性指标企稳后有望重拾上行趋 势。 本文转载自"腾讯自选股"，智通财经编辑：冯秋怡。 国泰海通：大跌后良机就在眼前，市场有望企稳，新兴科技 ...