建议逢低布局。本次波动与美联储主席提名引发的美宽松预期变化有关，但更主要的可能是此前大宗商 品价格过快上行，交易拥挤度较高，一旦预期变化将引发头寸集中抛售。并且该行认为凯文·沃什的决 策可能受到较多制约，美联储难以像市场担忧彻底转为鹰派，市场短期可能已经提前计入较多悲观预 期。A股当前资金面充裕、业绩改善、产业趋势催化等积极因素并未发生改变，该行认为短期波动已开 始提供逢低布局机会。中期而言，该行在此前研报中指出，国际秩序重构与我国产业创新趋势共振是推 动本轮市场上涨、中国资产重估的核心驱动力；全球货币秩序重构带来的格局转换和资金流动的力量， 或远大于一时、一国和一市场的基本面力量。该行认为，这两大条件未发生改变，2026年将继续支持中 国资产表现。 A股今日表现偏弱，上证指数下跌2.5%。2026年初A股市场在乐观预期、产业事件性催化、流动性相对 充裕等因素影响下延续上行趋势，但换手率过高、情绪偏热后，市场自1月13日震荡调整。今日A股市 场主要指数普跌，上证指数跌2.5%，沪深300跌2.1%，偏成长风格的科创50和创业板指分别跌3.9%、 2.5%，中证红利跌3.1%。成交层面，今日成交额2.6万亿元， ...

过去一周，全球市场宛如置身于同一台巨型震荡机之中，各市场表现犹如乘客，有的被无情甩出，有的 则紧紧系好安全带，稳住身形。 就在昨日，亚太与欧美市场接力上演下跌"大戏"：日经225指数收跌1.25%，韩国KOSPI指数更是遭遇重 挫，跌幅高达5.26%，盘中因跌幅过大，程序化交易暂停机制被迫触发。A股也未能独善其身，三大指 数跌幅均超2%，超2000只个股收跌。而前几日，美股同样经历显著回调，科技股与半导体板块集体承 压，市场一片风声鹤唳。 二、"牛"未放假，实乃重新校准 A股当下的调整，绝非趋势逆转，而更像是一场"压力测试"。市场正借此契机，重新审视各类资产的真 实价值： 昨日，电网设备板块逆势获得资金净流入56.46亿，这清晰地表明"新基建"与能源转型的长期逻辑坚如 磐石，未来发展空间广阔； 酿酒板块虽整体承压，但部分个股却走出独立行情，凸显消费内部分化加剧，具备品牌与渠道优势的企 业正被市场重新定价，价值回归之路已然开启； 半导体、有色金属等板块虽大幅回调，但行业基本面与中长期供需格局并未发生根本性扭转，当前的波 动更像是市场情绪与筹码的短暂交换。 这或许正是A股与外围市场节奏差异的深层根源：我们不仅对全 ...

中泰证券：聚焦体系化扩张主线 国投证券：风格切换仍需观察 华泰证券：回调创造介入机会 春节前后是否会发生风格切换或者高切低是非常值得探讨的命题。春节前领涨的是全球定价资源品+科 技+出海设备，同时也可以看到涨幅靠后的是国内通胀链和银行，对应"告别通缩链条"。围绕"告别通 缩"的定价在春节后是存在一定催化的，比如对于春节后两会政策的预期等。目前评估看：对于2026年 告别通缩，争议点在于CPI和PPI持续向上的弹性和空间。我们一直的观点是：2026年真正告别通缩的本 质是动荡政治周期缓和经济周期回摆，例如中美宽财政宽货币在相对低库存下出现共振补库，类比2019 年底转向2020年。到目前为止，该逻辑的数据验证并未看到，仍在跟踪观察过程。 昨日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。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。 昨日市场全天震荡调整，三大指数均跌超2%，科创50指数跌超3%。沪深两市成交额2.58万亿，较上一 个交易日缩量 ...

Market Overview - The report highlights significant fluctuations in global assets following the hawkish nomination of Kevin Warsh as the Federal Reserve Chairman by Trump, leading to a strong market reaction [2][8] - The short-term market may be overpricing the Fed's hawkish shift, with expectations of interest rate cuts likely preceding any balance sheet reduction [8] Economic Policy Insights - The report suggests that the Fed's ability to successfully reduce its balance sheet will depend on structural changes in fiscal policy and the real economy, rather than solely on the Fed's intentions [8] - It emphasizes that the core issue remains how inflation will be managed, potentially through fiscal discipline or production reforms [8] Stock Market Implications - The report anticipates increased volatility in the U.S. stock market, with a shift towards a more balanced investment style [8] - Key variables affecting the stock market include earnings validation and inflation trends, with a focus on the performance of the S&P 500 [8] Commodity Market Analysis - The report maintains that the bullish logic for gold, silver, and commodities remains intact, despite short-term volatility [8] - It notes that the speculative sell-off in precious metals was triggered by geopolitical signals and the Warsh nomination, impacting industrial metals as well [8] Sector Performance - The report identifies sectors such as electric grid equipment and liquor as outperformers in the recent market, while precious metals and industrial metals have seen significant declines [1][8] - It highlights the resilience of supply-demand dynamics in non-ferrous metals, despite recent liquidity shocks [8]

今日两市大幅下跌，沪指逼近4000点关口。上证指数跌2.48%，收于4015.75点；深证成指下跌2.69%， 收于13824.35点。两市成交2.6万亿元，较前一日略有缩量。各大板块满盘尽墨，贵金属板块几乎全线跌 停，仅有食品饮料行业微幅上涨。消息面上，美国总统特朗普提名凯文·沃什接替鲍威尔担任下届美联 储主席。由于沃什在历史上一直被视为政策立场更为强硬的"鹰派"人物，这一消息令市场担忧利率将维 持在高位更久，风险偏好显著回落。A股市场跟随全球市场调整，目前处于去杠杆阶段，或仍有一定的 回调空间。但随着估值压力的逐渐释放，新的配置窗口有望逐渐显现。 //// 近期，医药生物板块在资本市场上表现出强劲的"吸金"能力，市场情绪显著回暖。数据显示，截至2026 年1月30日，科创创新药ETF国泰（589720）已连续10个交易日获得资金净申购，区间净流入额达到 6.67亿元。这一资金流向的背后，是行业基本面与政策面的双重共振。1月下旬，行业内并购重组与海 外授权消息频传，例如中国生物制药宣布以12亿元全资收购赫吉亚生物，以及荣昌生物与艾伯维达成高 达6.5亿美元首付款的独家授权协议。这些重磅事件不仅提振了市场信心 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603861 证券简称：白云电器 公告编号：2026-009 关于回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、回购股份的基本情况 2025年8月1日，公司召开第七届董事会第十九次会议、第七届监事会第十七次会议，审议通过《关于回 购公司股份方案的议案》，拟使用不低于1,000万元（含）且不高于2,000万元（含）的自有资金及自筹 资金通过集中竞价交易方式回购公司股份，并拟在未来适宜时机将回购股份用于员工持股计划及/或股 权激励，具体请见公司于2025年8月2日披露的《关于回购公司股份方案的公告》（公告编号：2025- 053）及2025年8月6日披露的《关于以集中竞价交易方式回购公司股份的回购报告书》（公告编号： 2025-055） 因公司实施2025年半年度权益分派，回购股份价格上限由不超过人民币14.70元/股（含）调整为不超过 人民币14.65元/股（含），调整后的回购股份价格上限于2025年9月25日起生效。除 ...

Market Overview - A-shares experienced a significant decline on February 2, 2026, with all major indices dropping over 2%, indicating a widespread bearish trend [2][3] - The Shanghai Composite Index closed at 4015.75 points, down 2.48%, while the Shenzhen Component and ChiNext Index fell by 2.69% and 2.46%, respectively [3] Individual Stock Performance - The market's profitability sharply decreased, with only 771 stocks rising against 4652 declining, and 123 stocks hitting the daily limit down [5] - The total trading volume in the Shanghai and Shenzhen markets was approximately 26.1 billion yuan, a decrease of 2.14 billion yuan from the previous trading day, marking a three-month low [5] Sector Analysis - The precious metals sector was heavily impacted, with significant declines following a sharp drop in international gold and silver prices, leading to a loss of over 300 billion yuan in market value for this sector [6] - In contrast, the electric power equipment sector saw a surge, with stocks like YN Power and Tongguang Cable hitting the daily limit up, driven by the demand for AI computing infrastructure [7] - The liquor sector also performed well, with stocks like Moutai and Huangtai Liquor showing resilience due to expectations of strong consumption during the upcoming Spring Festival [8] Unlocking of Restricted Shares - February 2026 is marked by a large-scale unlocking of restricted shares, with a total market value of approximately 2335.84 billion yuan facing release, contributing to liquidity pressure [9][12] - On February 2 alone, 15 companies had restricted shares unlocked, totaling about 600.11 billion yuan, with Xinda Securities leading at 448.79 billion yuan [10][11] Future Market Outlook - Short-term market fluctuations are expected to continue due to liquidity pressures and external market volatility, but the medium-term recovery trend remains intact [13] - The Shanghai Composite Index has broken below the 20-day moving average, indicating potential further declines, yet the valuation levels suggest limited downside risk [13]

Market Overview - The A-share market experienced a collective decline, with major indices falling over 1%, and the trading volume shrinking by approximately 300 billion yuan compared to the previous trading day, indicating a peak in market caution [1][12] - Nearly 3,200 stocks in the Shanghai and Shenzhen markets closed lower, with sectors such as precious metals, oil and gas, and semiconductor chips being heavily impacted [4][15] Sector Performance - Contrarily, heavyweight sectors like liquor and banking showed resilience, acting as stabilizers in the market [5][15] - The A50 futures index surged over 1% at the market open, with the insurance sector rising more than 3%, while thematic stocks like sodium batteries and lithium mines faced significant sell-offs [6][15] Fund Flow Dynamics - There was a notable outflow of over 200 billion yuan from main funds within the first hour of trading, primarily affecting technology and previously popular thematic stocks, while liquor and banking sectors saw inflows [6][12] - Recent data indicated a shift in fund allocation from passive index investments to active sector-specific investments, with a net outflow of 372 billion yuan from broad-based ETFs over the past week [12] Valuation and Market Sentiment - The market is experiencing a "high-low switch," with the proportion of trading volume in the CSI 300 reaching 41.2%, a new high for the month, indicating a strengthening of pricing power among core assets [12] - The market's overall volatility has increased, with the Shanghai Composite Index's price-to-earnings ratio at 13.87, below its three-year average, while the ChiNext Index stands at 42.36, at the 58th percentile of its three-year range [11][15] Seasonal Effects and Future Outlook - The seasonal effect ahead of the Spring Festival is becoming apparent, with rising risk aversion and potential pressure on indices [11] - Historical patterns suggest that after similar volume contractions, the market often requires time to find a bottom, indicating a possible upcoming adjustment phase [11][15]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码:603861 证券简称:白云电器 公告编号:2026-008 广州白云电器设备股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 广州白云电器设备股份有限公司（以下简称"公司"）股票交易于2026年1月30日、2月2日连续两个交 易日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于股票 异常波动。 ● 根据中证指数有限公司发布的数据，截至2026年2月2日，公司滚动市盈率为44.79，市净率为2.48，公 司所属中证行业分类"电网设备"滚动市盈率为34.42，市净率为3.72，公司滚动市盈率偏离同期行业数 据。 ● 经公司自查并向控股股东及实际控制人发函核实，截止本公告披露日，除公司已披露事项外，不存在 应披露而未披露的重大信息。 ● 鉴于近期公司股价波动较大，敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于2026年1月3 ...

这场暴跌的导火索直指贵金属市场的史诗级崩盘。周末，伦敦金银价格突发闪崩，黄金单日跌幅超12%，白银暴跌35%，国内沪银期货主力合约直接封死跌 停板。A股贵金属板块应声崩溃，晓程科技、招金黄金等十余只个股竞价跌停，板块整体跌幅超过8%。此前支撑市场人气的黄金有色板块瞬间瓦解，成为 拖累指数的"元凶"。 暴跌背后，是多重利空因素的共振。美联储主席提名事件成为关键转折点——特朗普提名鹰派人物凯文·沃什执掌美联储，市场预期其可能推行"缩表 降 息"组合拳，导致美元指数快速走强，全球流动性收紧担忧升温。与此同时，上海黄金交易所紧急上调白银合约保证金比例至26%，杠杆资金被迫平仓，引 发连锁踩踏。 春节前的资金避险行为进一步放大了市场波动。随着长假临近，投资者"持币过节"意愿强烈，内资单日流出超700亿元，两市成交额缩量至2.6万亿元以下。 缺乏增量资金支撑的市场犹如"无水之舟"，稍有抛压便快速下沉。 板块分化在此次大跌中展现得淋漓尽致。贵金属、油气、有色金属等资源板块成为重灾区，白银有色、中曼石油等个股跌停；而防御性板块则逆势崛起，白 酒股集体飘红，金徽酒、皇台酒业涨停，电网设备概念股三变科技、保变电气等超10只个股涨 ...