GMT EIGHT - OPPORTUNITIES IN CHINA

Spot silver rose 7% intraday, now trading at $75.70 per ounce.

Spot gold broke through $4920 per ounce, rising by 3.07% intraday.

Domestic futures night trading session opens

Platinum fell continuously by 7.81%, palladium fell continuously by 6.12%, tin fell continuously by 5.86%, rapeseed fell continuously by 4.66%, and caustic soda fell continuously by 4.17%.

China Securities Regulatory Commission, People's Bank of China and other departments issue risk warnings: Beware of illegal "proxy rights protection" short video and live streaming traps.

The China Banking Regulatory Commission, the Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the China Securities Regulatory Commission jointly issued a risk warning, reminding the general public to beware of illegal "agent rights protection" infringement and to protect their rights legally and rationally.

CSRC has launched an investigation into Yahui Long's announcement for suspected misleading statements.

"The end of software stocks ignites a great revolution! After the panic selling, the market will embrace the 'software cornerstone' of the AI era."

Some institutional funds have started to enter the market to bottom-fish and strategically position themselves at a low point. These funds are targeting software stocks that have recently experienced sharp declines, with some seeing their stock prices almost halved. They agree with Huang Renxun's positive outlook on software stocks - that the market has unfairly penalized software giants focusing on "AI+ core operational processes" with strong fundamentals.

On February 5th, the total inter-regional population flow in the whole society reached 196.291 million people.

Data from the Spring Festival Transport Task Force shows that on February 5, 2026, the total number of inter-regional population movements in the entire society was 196.29 million, an increase of 3.4% compared to the previous period, and a decrease of 2.4% compared to the same period in 2025.

Three departments: seek opinions on promoting self-expression in the catering sector.

Today, reporters learned that the State Council Food Safety Office, the State Administration for Market Regulation, and the Ministry of Commerce have jointly drafted a draft for soliciting public opinions on the promotion of voluntary disclosure in the catering sector, and are seeking opinions from all sectors of society. According to the public opinion draft: Encourage catering service providers to voluntarily disclose the ways in which dishes are processed based on their own actual operations. If pre-made dishes, central kitchen products or semi-finished products, or pre-packaged foods are used, the disclosure should be truthful and accurate. Catering service providers can make disclosures through menus or ordering apps, official company websites or public accounts, prominently displaying in-store locations, and responding after consumer inquiries in various ways. Industry associations in the catering sector should actively promote voluntary disclosure in the catering sector and enhance industry self-discipline.

Ministry of Commerce: Will build a policy system of cultivating and promoting the growth points of service consumption with the "1+N" approach.

On February 6th, Deputy Minister of Commerce Yan Dong stated at a State Council policy briefing that the Ministry of Commerce will work with relevant departments to establish a "1+N" policy system to promote the growth of service consumption. Building on the recently issued "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption," they will develop and implement specific supportive policies in over 10 areas such as housekeeping, automotive aftermarket, performing arts, integrated transportation, and inbound consumption, following the principle of "one industry, one policy." Yan Dong revealed that the Ministry of Commerce will expedite the issuance of an action plan to improve the quality of service consumption for the benefit of the people, including over 60 specific measures to enhance the supply and demand sides, and work together with relevant departments to enhance the level of service supply in areas such as culture, entertainment, tourism, leisure, and sports events. At the same time, they will monitor and research new trends in service consumption to better meet the high-demand needs of services affecting people's livelihoods such as health care for the elderly and cultural and leisure activities.

TrendForce: It is expected that the prices of TV and monitor panels will continue to rise in February, while laptop panel prices will remain under pressure.

TrendForce predicts that in February 2026, the prices of television panels will continue to rise, with prices of certain sizes of monitor panels increasing, while laptop panel prices are expected to decrease.

Insiders say that Intel has informed Chinese customers that the lead time for delivery of some central processors will be up to six months.

Insiders say that the prices of Intel server products in the Chinese market have increased by "10% overall" currently.

CATL is considering investing in Huawei's digital energy business? Insider: The two parties have discussed before, and CATL intends to take a 20% stake.

Recently, there have been rumors in the market about CATL's acquisition of Huawei Digital Power. In response to this, an informed source told reporters, "In the past, the two sides did have discussions, but due to the overall high acquisition cost, Huawei Digital Power is not entirely sold to CATL. Instead, CATL plans to acquire about 20% of the shares of Huawei Digital Power." However, on February 6th, several employees of Huawei Digital Power stated, "On the evening of February 5th, the company internally notified that the sale will no longer proceed." Note: Huawei Digital Power is a 100% wholly-owned subsidiary of Huawei Technologies Co., Ltd., an independent legal entity under Huawei, established in June 2021 with a registered capital of 3 billion RMB, and serves as the core business entity for Huawei's clean energy and energy digitalization initiatives.

Thousands of questions "collapsed"

On February 6th, after the launch of the free milk tea event on Qianwen, some users opened the event page and found that the "Qianwen treats guests" page could not be clicked, with the page information stating "the system is taking a break, please try again later". Some users reported to the reporter that aside from the event page, the Q&A feature was still functioning normally.

Basic resolution of the risk of difficult real estate delivery.

Several real estate companies recently disclosed their data for the delivery of houses by 2025, and they stated that the work of delivering the houses is nearing completion. By the end of the 14th Five-Year Plan period, approximately 7.5 million "sold but undelivered" housing units have been successfully delivered nationwide. Among them, Country Garden has delivered approximately 1.85 million units, and other real estate companies such as Greenland, Sunac, Zhongnan Land, Xin Cheng, and Xuhui have also delivered tens of thousands of units. The problem of "delivery difficulties" nationwide has been effectively alleviated. Several officials from real estate companies have also stated that the task of delivering the houses has been basically completed. Yan Yuejin, deputy director of the E-House Research Institute, pointed out that risks in the real estate industry have begun to converge, and signs of the housing market reaching a bottom are becoming clearer. Some cities, especially first-tier cities, have shown signs of stabilization.

Cryptocurrency plunges trigger a chain storm, "Digital Asset National Bond Corporation" collectively "scapegoats" as stock prices plummet.

Once, stockpiling cryptocurrencies was an unknown company's "killer move" to boost stock prices. Now, this strategy has become a heavy burden dragging down market value.

"The biggest spender among AI giants! Amazon.com, Inc. (AMZN.US) profit causes concern: This year's spending guidance of 200 billion US dollars far exceeds expectations, AWS profit growth is not satisfactory"

Amazon's capital expenditure is expected to grow by 50% this year, causing a sharp drop in its stock price.

The list of securities under the Hong Kong Stock Connect under the Shenzhen-Hong Kong Stock Connect has been adjusted to include SmartKing-W, effective from February 6, 2026.

Weak employment data triggers a "safe haven tsunami"! US Treasury yield posts biggest drop in several months, rate cut expectations brought forward to June.

The signs of weakness in the U.S. job market have intensified the decline in U.S. stocks, commodities, and cryptocurrencies, prompting investors to increase their bets on the Federal Reserve's loose policy. U.S. Treasury bonds have risen sharply, with yields posting their biggest decline in several months.

Spot gold fell by 4.0% intraday, to $4763.2 per ounce. New York gold fell by 3.0% intraday, to $4793 per ounce. New York silver fell by 15.5% intraday, to $71.12 per ounce. Spot silver fell by 18.5% intraday, to $71.67 per ounce. The commodity currency AUD/USD fell by 1.0% intraday, to 0.6927.

Do not rush to cut interest rates before inflation falls back, Federal Reserve officials once again release a "wait and see" signal.

Multiple officials reiterated that maintaining interest rates at their current levels is still the preferred option until inflation has steadily returned to the target level.

Amazon is expected to spend $200 billion on capital expenditures this year, far exceeding market expectations.

Amazon joined the ranks of other large tech companies on Thursday, announcing plans for a massive capital expenditure in 2026, the latest sign that American tech firms are not slowing down their huge artificial intelligence investments in the short term. The company stated that it expects to spend approximately $200 billion in capital expenditures across the entire Amazon system in 2026. This is higher than the market's previous expectations of $144.67 billion, according to data compiled by LSEG. Due to Amazon's forecast for first-quarter operating profit being in the range of $16.5 billion to $21.5 billion, lower than the market's expectation of $22.04 billion, the company's stock price continued to decline in after-hours trading, falling more than 11% at one point. Large tech companies are investing huge sums of money in procuring processors, building data centers, and network equipment to accelerate the construction of AI infrastructure. The four largest cloud service providers - Amazon, Microsoft, Google under Alphabet, and Meta - are expected to have a total capital expenditure of over $500 billion this year. However, recent technology company financial reports have also sent a clear signal to the business world: the rapid growth in AI spending will only be continuously tolerated by investors if it brings corresponding operational or financial returns.

Bitcoin falls below $65,000, wiping out all gains since Trump's election victory.

On Thursday, Bitcoin plunged 11% to $64,944, hitting the lowest since October 2024. The unwinding of leverage bets and overall market turbulence intensified the selling pressure, wiping out the gains from the speculative frenzy triggered by Trump's election victory. Since reaching a record high four months ago, this round of sell-off has erased nearly half of Bitcoin's value, spreading to other tokens, related exchange-traded funds, and companies such as Strategy Inc. holding a large amount of Bitcoin.

SpaceX, aiming at the vast starry sky, sets its sights on smartphones! "Starlink direct terminal" may bring communication into the satellite era.

SpaceX's cash cow Starlink may soon enter the smartphone market.

Bitcoin falls below $70,000, dropping 4.33% within the day.

On the eve of the highly anticipated performance release, Amazon.com, Inc. (AMZN.US) was seized by the German antitrust agency for $70 million in profits.

Germany's antitrust authorities are enforcing the law against e-commerce and cloud computing giants: Amazon has been ordered to stop its price control policy, and 59 million euros (approximately 70 million US dollars) in profits have been seized.

Northbound funds | Northern Water's turnover net buying amount reached 24.977 billion yuan. Domestic investors are aggressively grabbing shares of technology and Hong Kong stock exchange-traded funds (ETFs). Throughout the day, they added more than 5.5 billion Hong Kong dollars to their position in Tencent (00700).

On February 5th, in the Hong Kong stock market, the net purchase of Northbound funds was 24.977 billion Hong Kong Dollars, with a net purchase of 12.481 billion Hong Kong Dollars through the Shanghai-Hong Kong Stock Connect and 12.496 billion Hong Kong Dollars through the Shenzhen-Hong Kong Stock Connect.

Shanghai Stock Exchange announces the arrangement of Spring Festival market closures in 2026.

On February 5th, the Shanghai Stock Exchange announced the Spring Festival holiday schedule for 2026: the market will be closed from February 15th to February 23rd, and will resume normal trading on February 24th. In addition, February 14th and February 28th will be weekend holidays.

The Hang Seng Technology Index rose more than 1%, now quoted at 5420.640 points; The Hang Seng Index is currently up 0.239%.

Ministry of Commerce: China's lawsuit against the United States over the "Inflation Reduction Act" reflects the basic consensus of WTO members.

The Ministry of Commerce held a routine press conference on February 5. When asked by reporters about the recent statement from the Office of the United States Trade Representative regarding the WTO ruling on China's complaint against the US "inflation reduction law", acknowledging defeat while criticizing the WTO ruling as erroneous and stating that it shows that existing WTO rules cannot address issues such as "overcapacity", the Ministry of Commerce spokesperson, Gao Feng, said, "We have taken note of the relevant statement from the US side. Regarding the WTO dispute case brought by China against the US 'inflation reduction law', I want to emphasize once again that the WTO expert panel has made an objective and impartial ruling. This ruling reflects the basic consensus of WTO members. As a member of the WTO, the US should respect the ruling and abide by the rules."

Hong Kong stocks midday review: Hang Seng Technology Index fell by 1.13%, Hang Seng Index fell by 1.22%.

Hong Kong stocks closed at noon, with the Hang Seng Technology Index falling by 1.13% and the Hang Seng Index dropping by 1.22%. The Hang Seng Stock Connect ETF Yinhua fell by 1.27%, and the Hang Seng Stock Connect Technology ETF Penghua fell by 1.68%. In terms of sectors, the metal and mining, and chemical sectors were among the top decliners. In terms of individual stocks, Yum China rose by 9.28% and Haitian Flavouring and Food rose by 5.21%; Tianqi Lithium fell by 12.81% and New World Development fell by 13.88%; Neurons-Brain Dynamics B rose by 16.13%, and Sino Biopharmaceutical Class B rose by 10.22%.

Hurun China 500 released non-state-owned enterprises: TSMC, Tencent, ByteDance ranked top three.

On February 5th, the Hurun Research Institute released the "Hurun China 500 Private Enterprises 2025", which listed the top 500 non-state-owned enterprises in China ranked by enterprise value. The list showed that TSMC once again topped the list as the highest-valued private enterprise in China with a value of 10.5 trillion yuan, Tencent remained in second place with a value of 5.3 trillion yuan, and ByteDance held on to third place with a value of 3.4 trillion yuan.

Ministry of Finance: Hainan Island residents who purchase imported goods in designated operating places within Hainan Free Trade Port are exempt from import duties, import value-added tax, and consumption tax within the duty-free limit and product list range. Island residents referred to in this notice are Chinese citizens holding Hainan Province ID cards, Hainan Province residence permits, or Hainan Province social security cards, as well as foreign personnel residing in Hainan Province for work and life with residence permits. "Zero tariff" imported goods are managed by a positive list, with specific ranges detailed in the appendix. Island residents can purchase listed imported goods an unlimited number of times at designated operating places with valid ID cards, residence permits, social security cards, or residence permits, and can pick up the goods on site. The accumulated tax-free purchase amount per person per year shall not exceed 10,000 RMB. The list will be dynamically adjusted by the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation in conjunction with relevant departments according to the actual needs and supervision conditions in Hainan Province.

Guotou Silver LOF has had four consecutive days of the daily limit down inside the exchange.

MGM China (02282) will be suspended from trading on February 5th in anticipation of the release of insider information.

MGM China Holdings Limited (02282) has announced that trading of its shares (stock code: 2282) and debt securities (stock codes: 6028, 40634, 5036) will be suspended from 9:00 am on February 5th, 2026, pending the release of insider information relating to the company's financial data. This information is considered price-sensitive.

New Listing Forward Look | Ugreen Group Limited (301606.SZ): Market share exceeds 20%, leading global consumer-grade NAS aims for "A+H" listing.

Green Connection Technology submits an application to the main board of the Hong Kong Stock Exchange for listing.

The American encryption industry plans to make concessions in the stablecoin field in exchange for a key legislation "pass" permit.

The cryptocurrency company has proposed a new compromise solution in an attempt to save the controversial bill.

Software stocks are "entering winter" while Apple Inc. (AAPL.US) remains "evergreen"! The market value has increased to over 4 trillion U.S. dollars against the market trend, becoming a safe haven amid fears of AI substitution.

Apple's stock price has outperformed the market, achieving its best performance in a year and successfully avoiding fears of artificial intelligence.

Mist Technology (ISPR.US) will hold a conference call on the financial performance for the second quarter and full year of fiscal year 2026.

Wu Ma Technology (ISPR.US) will hold a conference call to discuss its second quarter and full-year performance for fiscal year 2026.

The balance of financing in the two markets decreased by 139.0 billion yuan.

As of February 4th, the Shanghai Stock Exchange financing balance reported 1.3484 trillion yuan, a decrease of 8.956 billion yuan from the previous trading day; the Shenzhen Stock Exchange financing balance reported 1.3187 trillion yuan, a decrease of 4.944 billion yuan from the previous trading day; the total balance of the two cities was 2.6671 trillion yuan, a decrease of 13.9 billion yuan from the previous trading day.

Jia Yueting releases humanoid robot

On the morning of February 5th, Beijing time, at 7:30, FF held a product launch event for their first batch of smart robot products at the American National Automobile Dealers Association conference in Las Vegas. Previously, from its IPO to nearly going bankrupt, in April of last year, Jia Yueting reassumed the position of Co-CEO of FF in an attempt to reshape the company. Jia Yueting, who is burdened with massive debts, has been in the United States since July of 2017, and has not returned to China in eight years.

Baidu Group: The board of directors has approved a new $5 billion share buyback plan.

Baidu Group announcement: The board of directors has approved a new $5 billion share buyback plan and a dividend policy, aiming to further enhance shareholder returns.

Overnight US stocks | The S&P 500 index fell for two consecutive days, AMD (AMD.US) plunged over 17%, and Bitcoin briefly dropped below $72,000.

As of the close, the Dow rose 260.31 points, up 0.53%, to 49501.30 points; the Nasdaq fell 350.61 points, down 1.51%, to 22904.58 points; the S&P 500 index fell 35.09 points, down 0.51%, to 6882.72 points.

Gold has tested the 5000 US dollar integer psychological barrier for two consecutive days.

On Wednesday, the closing price of spot gold in New York rose by 0.32% to $4962.73 per ounce. At 4:01 PM Beijing time, it refreshed the daily high to $5091.60, before giving back the gains and hitting a daily low of $4853.67 at 12:48 AM. COMEX gold futures rose by 0.98% to $4984.20 per ounce.

Arm Holdings CEO: The sale of AI software is a "microcosm of hysteria."

Google parent company Alphabet: Reaches cooperation agreement with Apple, becoming its preferred cloud service provider.

The AI spending of Alphabet will far exceed investor expectations.

Alphabet Inc. announced that its fourth quarter revenue exceeded expectations, and the company stated that its spending plan for 2026 will be significantly higher than investor expectations. The Google parent company said it will spend between $175 billion and $185 billion this year, while analysts had previously expected $119.5 billion. The company's fourth quarter sales, excluding partner revenues, were $97.23 billion, higher than the Bloomberg consensus analyst average of $95.2 billion. Google is accelerating the reshaping of its business to adapt to the era of artificial intelligence, striving to maintain users' habits of using its search page even as they may turn to competitors like OpenAI for chatbots. These efforts are paying off. However, in order to justify such high spending, Alphabet still needs to show momentum in its cloud computing and search advertising businesses. The company has said that its massive investments in artificial intelligence including new infrastructure, research and talent are crucial to competing with rivals like Amazon, Microsoft, and OpenAI.

It is reported that under Musk, SpaceX is in talks with non-US banks to expand its IPO underwriting team.

Insiders say that SpaceX has held talks with banks outside the United States regarding its initial public offering. The rocket and satellite manufacturer under the leadership of Elon Musk is aiming to go public this year, with a tight schedule. Insiders say that in mid-January, foreign banks held underwriting competitions at SpaceX's office in California, with one group composed of European banks and another group from other regions. These discussions were aimed at supplementing the primary underwriting institutions for the IPO, and took place on Monday before SpaceX announced it would acquire Musk's AI company xAI. Some insiders say that bankers were encouraged to explain why their company's position in their respective regions is important. Prior to these banks competing, SpaceX had already interviewed major Wall Street banks. Insiders had previously indicated that Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley were the four leading underwriters for SpaceX's IPO.

Huang Renxun refutes the software stock sell-off caused by AI, calling it "the most illogical thing in the world".

NVIDIA CEO Huang Renxun said that this week the market sold off software stocks due to concerns about the disruptive impact of artificial intelligence, which makes no sense. NVIDIA's devices are at the core of the construction of global artificial intelligence data centers. Huang Renxun said at an event later on Tuesday at Cisco that software products are tools, and artificial intelligence will use these tools rather than reinvent them. He said, "This is the most illogical thing in the world. Some people think that tools are declining and will be replaced by artificial intelligence. Would you use a screwdriver or invent a new screwdriver?" Due to concerns that tools released by developers such as Anthropic and other artificial intelligence models may eventually automate a large amount of work within companies, software-related stocks fell for the second consecutive day. NVIDIA's Huang Renxun said that his own company has widely adopted such tools, resulting in more time being freed up for employees to focus on the company's strengths: designing semiconductors and computer systems.

China Photovoltaic Industry Association: Space photovoltaic technology is still in the early stage of exploration and verification.

Currently, space photovoltaic technology is still in the early stages of exploration and validation, and it is too early to determine a clear technological direction," said Liu Yiyang, Executive Secretary of the China Photovoltaic Industry Association on February 4. In the past two days, driven by research news from the Musk team, the concept of space photovoltaics has once again ignited the market. Liu Yiyang said that the concept of space photovoltaics has indeed "taken off", causing a stir in the capital market and the technology sector. In the A-share photovoltaic sector, concept stocks have been continuously hitting the daily limit, and many brokerage research reports believe that heterojunction and perovskite technologies are suitable for application in the space field. These research reports are mutually reinforcing, triggering unprecedented volatility in the capital market; domestic companies have also expressed their intentions to enter the market, throwing around topics such as "trillion-dollar blue ocean" and the "next photovoltaic revolution." However, he emphasized that regardless of how any technology evolves, truly reaching commercialization cannot be achieved without a mature, replicable high-efficiency manufacturing capability and a long-term reliability verification system. According to analysis by the China Photovoltaic Industry Association, in terms of practical application, gallium arsenide batteries are still the mainstream choice for commercial aerospace and space stations due to their high conversion efficiency and excellent radiation resistance, despite their high cost. Although the cost is high, after long-term on-orbit verification, their reliability is high. In contrast, the heterojunction perovskite technology that the capital market is currently enthusiastic about is more based on the "cost reduction logic" proposed by individual financial institutions. In reality, the actual products are still in the laboratory or validation stage, and are still far from large-scale commercialization.

Latest

2 m ago

Huang Renxun: "As long as people continue to pay for AI, and AI companies can profit from it, they will continue to exponentially invest more and more."

2 m ago

Huang Renxun: "Anthropic is making huge profits. OpenAI is also making huge profits. If their computing power doubles, their income will quadruple."

2 m ago

Standard & Poor's Global Ratings expects that premium for property and casualty insurance companies in the United States will increase by 5% to 6% in 2026.

2 m ago

Huang Renxun: The "largest-scale infrastructure construction in human history" is driven by the "extremely high" demand for computing power, AI companies and mega-scale enterprises can utilize this computing power to earn more profits.

3 m ago

NVIDIA CEO Huang Renxun told the media on Friday that the surge in capital expenditures for AI infrastructure in the technology industry is reasonable, appropriate, and sustainable. He said, "The reason is that the cash flow of all these companies will start to grow."

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