Market Overview - All three major indices closed lower, with the Shanghai Composite Index down 2.48% to 4015 points and the ChiNext Index down 2.46%. The Hang Seng Index also saw a significant decline, closing down 2.92% [1][8] - Trading volume in the two markets decreased, remaining around 2.6 trillion [1][8] - Among the 31 primary industries, all except food and beverage and banking sectors experienced declines, with 4647 out of over 5300 stocks falling, indicating poor profitability [1][8] External Factors - The precious metals market experienced a sharp decline, impacting market sentiment and contributing to the A-share market's pullback. This was influenced by the nomination of Kevin Warsh as the next Federal Reserve Chairman, who advocates for a "balance sheet reduction + interest rate cut" policy [2][9] - Following Warsh's announcement, the US dollar index rose while gold and silver prices plummeted, with silver dropping 26%, marking its largest historical decline, and gold falling 9%, the worst single-day performance in nearly a decade [2][9] Internal Dynamics - Since mid-December, the index has risen rapidly due to improved liquidity and risk appetite, moving from around 3800 points to near 4200 points. This led to structural opportunities and accelerated sector rotation [3][10] - As uncertainty increased, market sensitivity heightened, prompting a shift from "increasing positions" to "realizing profits and reducing exposure," resulting in a net outflow of funds and overall market pressure [3][11] Future Outlook - The market is expected to focus on signs of economic recovery and the unfolding of the spring market, with a potential "second wave" of spring activity anticipated in February [4][11] - Historical data suggests a higher success rate for A-shares in February, particularly for small-cap growth stocks, which typically perform well in the week leading up to the Spring Festival [4][11] Sector Allocation - A balanced approach is recommended to navigate rapid rotations, with a focus on technology sectors supported by performance, such as AI applications, overseas computing power, storage, and wind energy storage [5][12] - For value investments, attention should be given to upstream commodities, which may benefit from geopolitical adjustments and potential mid-term recovery in manufacturing and real estate sectors [6][12]

格隆汇2月2日丨海尔智家(600690.SH)公布，2026年1月当月，公司通过集中竞价交易方式已累计回购A 股（下同）股份475万股，占公司总股本的比例为0.051%，购买的最高价为26.29元/股、最低价为25.08 元/股，支付的金额为1.22亿元（不含手续费等，下同）；本次回购实施起始日（2025年4月7日）至 2026年1月底，公司已累计回购股份4757.57万股，占公司总股本的比例为0.507%，购买的最高价为 27.54元/股、最低价为23.60元/股，支付的金额为12.01亿元。 ...

1月31日，"广货行天下·中山百货进上海"活动于上海市启幕。本次活动由广东省委宣传部、广东省工业 和信息化厅指导，中山市人民政府主办，是"广货行天下"春季行动在长三角地区的一次先行实践，全方 位展示中山这座制造业名城培育发展新质生产力的最新成果与崭新的城市风貌。 活动现场设六大主题展区，涵盖智造、文旅、设计、农产品等领域，近300家中山企业携800余款特色产 品亮相。活动创新采用"双会场联动+N平台展销"模式，在浦东新区与虹口区同步展销，并联动多个特 色产业平台，推动广东优品直通长三角市场。 一次经贸合作的深度对接 "广货行天下·中山百货进上海"不仅是一场展销盛会，更是一次经贸合作的深度对接。活动期间，中山 与上海两地企业、机构共达成超百个合作签约项目，总金额超60亿元，其中产品购销合作额占比近一 半，涵盖家电、灯饰、食品、文旅等多个领域。 开幕首日，中山小家电、特色食品等产品备受上海市民追捧，其中小榄镇企业中山安铂尔电器有限公司 （下称"安铂尔电器"）半天销售额突破30万元，中山杏仁饼、胭脂红番石榴等产品几近售罄，展现出广 货在沪的强大市场号召力。 一企业半天热卖超30万元 "卖完了，这是最后一盒杏仁饼！" ...

Group 1 - The other home appliance sector declined by 1.6% compared to the previous trading day, with Rongjie Health leading the decline [1] - On February 2, the Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] - The closing prices and percentage changes for key stocks in the other home appliance sector are as follows: Rongtai Health at 24.02 (-0.95%), Aojiahua at 6.89 (-1.15%), and Rongjie Health at 5.00 (-2.72%) [1] Group 2 - The net outflow of main funds in the other home appliance sector was 16.51 million yuan, while retail investors saw a net inflow of 23.81 million yuan [1] - The fund flow for key stocks shows that Rongjie Health had a main fund net outflow of 1.4062 million yuan (-1.48%), while retail investors had a net inflow of 860,400 yuan (0.90%) [1] - Rongtai Health experienced a main fund net outflow of 6.7751 million yuan (-7.92%) but had a retail net inflow of 6.1478 million yuan (7.19%) [1]

MACD金叉信号形成，这些股涨势不错！ 格隆汇2月2日丨美的集团(000333.SZ)公布，截至2026年1月31日，公司通过回购专用证券账户，以集中 竞价交易方式累计回购公司A股股份数量为26,943,695股，占公司目前总股本的0.3545%，最高成交价为 80.44元/股，最低成交价为69.50元/股，支付的总金额为1,997,553,694元（不含交易费用），本次回购符 合相关法律法规的要求，符合公司既定的回购方案。 ...

商务部等9单位关于印发《2026"乐购新春"春节特别活动方案》的通知 中央宣传部、中央网信办、商务部、文化和旅游部、中国人民银行、金融监管总局、广电总局、体育总 局、中央广电总台、中国民航局、中国国家铁路集团有限公司，各省、自治区、直辖市及计划单列市、 新疆生产建设兵团党委宣传部门，网信、商务、文化和旅游、广播电视、体育主管部门，中国人民银行 上海总部，各省、自治区、直辖市及计划单列市分行，金融监管总局各监管局，民航各地区管理局，各 铁路局集团公司： 为贯彻落实党的二十届四中全会和中央经济工作会议精神，按照国务院部署，繁荣节日市场，激发消费 活力，更好满足人民美好生活需要，商务部会同有关部门研究制定了《2026"乐购新春"春节特别活动方 案》，现予以印发。请各地区各部门提高政治站位，加强组织领导，健全工作机制，强化协同联动，确 保活动取得实效；加强节日市场监测，综合利用大数据等各种手段，多维度分析评价活动成效，全方位 反映春节消费市场情况；统筹发展和安全，严格落实安全生产各项要求，确保各项活动安全有序开展。 商务部 中央宣传部 文化和旅游部 中国人民银行 金融监管总局 广电总局 体育总局 中国民航局 中国国家 ...

智通财经APP讯，海尔智家(06690)发布公告，于2026年1月30日斥资12.25万欧元回购5.9万股。 ...

Core Insights - The report highlights Panasonic's achievements at the 8th China International Import Expo (CIIE), where it ranked second in the "Top 100 Exhibitors" and "Top 10 Exhibitors in Consumer Goods" categories, and seventh as a "Star of the Expo" [1][2] - The overall communication impact of the expo was significant, with a total communication volume exceeding 6 billion times, showcasing high engagement and extensive reach [2] - Panasonic's theme for this year's expo was "A Better Life Extending from Home to City," featuring innovative solutions across living spaces, public areas, and AI applications [2][4] Company Performance - Panasonic's four-tub full heat pump washing and drying machine, Alpha G5, was recognized as the tenth most impactful exhibit, demonstrating strong product and technological appeal [1][4] - The company has consistently ranked second in the "Top 100 Exhibitors" for three consecutive years, indicating a sustained commitment to impactful participation in the expo [1] Strategic Focus - Panasonic positions the CIIE as a strategic global exhibition, emphasizing that success in the Chinese market is crucial for global competitiveness [6] - The company aims to leverage its AI strategy as a driving force for long-term coexistence and mutual benefit in the Chinese market, contributing to high-quality development and providing better products and services to consumers [6]

正如2026年山东省政府工作报告所明确部署的，"奋力推进全方位扩大内需"置于全年工作首位，正是紧 扣发展之"纲"的战略抉择。报告同时提出"全力释放消费潜能"等具体举措，为应对外部环境不确定性、 推动经济持续回升向好提出了清晰路径。 而这一战略部署，是基于对2025年成功实践的深化与延续。从实施提振消费"五大工程"，到出台以旧换 新实施方案细则，从"山东交旅1号工程"撬动"票根经济"，到各地特色消费季激活市场潜力，山东以前 所未有的力度与精度，为消费市场注入动能。 立足"十五五"开局之年，如何进一步释放内需潜力、拓展增长空间？成为两会期间代表委员们讨论的热 点话题。 筑牢内需根基：从"有钱有闲"到"敢消费愿消费" 去年，在一系列政策举措的推动下，山东省社会消费品零售总额突破4.2万亿元，规模稳居全国第3位。 这一亮眼数据，不仅直观表明山东消费市场有着巨大韧性与潜力，更充分验证了将扩内需、促消费作为 工作"置顶项"的战略前瞻性与实践有效性。 消费，作为连通经济发展与民生福祉的纽带，既是拉动经济增长的主引擎，也在扩大内需中居于重要地 位。然而，引擎的持续运转与内需的深度释放，其根本前提在于切实增强老百姓"能消费、敢 ...

| 分析师： [Tabl | 郭磊 | 分析师： | 贺骁束 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516070002 | | SAC 执证号：S0260517030003 | | | SFC CE.no: BNY419 | | | | | 021-38003572 | | 021-38003589 | | | guolei@gf.com.cn | | hexiaoshu@gf.com.cn | | | 请注意，贺骁束并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 报告摘要： [Table_Page] 宏观经济研究报告 2026 年 2 月 2 日 证券研究报告 [Table_Title] 广发宏观 高频数据下的 1 月经济：数量篇 中电联口径截至 1 月 22 日，纳入统计的发电集团燃煤电厂本月累计发电量同比增长 4.6%（去年 12 月同比为 -8.5%）。春节错位可能是关键影响因素之一，去年春节在 1 月底；而今年春节在 2 月中下旬，1 月企业普遍处 于正常开工 ...