Pre-market highlights: 1. The Dow Jones Industrial Average has historically closed above 50,000 points for the first time! The China stock index surged over 3%, with silver and Bitcoin collectively skyrocketing. Type: Market Sentiment Impact: Positive Last Friday saw a collective surge in global assets. The S&P 500 recorded its largest single-day gain since May of last year, while the Dow Jones also historically breached the 50,000-point mark. NVIDIA soared over 7% in a single day, adding more than $320 billion to its market capitalization. The Nasdaq Golden Dragon China Index jumped significantly by 3.71%. Reflecting extreme risk appetite, spot silver rebounded nearly 10% on Friday, and Bitcoin also rose close to 12%.
2. Major news emerges in commercial aerospace! China successfully launches reusable experimental spacecraft. Type: Industry Sentiment Impact: Positive On February 7th, China successfully launched a reusable experimental spacecraft using a Long March 2F carrier rocket from the Jiuquan Satellite Launch Center. The experimental spacecraft will conduct planned technical verification for reusable spacecraft technology, providing technical support for the peaceful use of space. Some analysis suggests that with the successful verification of China's reusable experimental spacecraft technology expected by 2026, commercial aerospace is anticipated to enter a phase of normalized high-frequency launches.
3. The State Council executive meeting studies policy measures to promote effective investment, planning to implement a batch of major initiatives and projects. Type: Macro Sentiment Impact: Positive The State Council executive meeting held last Friday evening proposed that promoting effective investment plays a crucial role in stabilizing economic growth and strengthening development momentum. In key areas such as infrastructure, urban renewal, public services, emerging industries, and future industries, it is essential to deeply plan and promote a batch of major projects and significant engineering works. The role of central and state-owned enterprises in expanding investment should be better utilized, support for the development of private investment should be increased, and a joint force to promote effective investment should be formed.
4. The central bank and seven other departments issue a document! Upgraded virtual currency regulatory policies, continuing the crackdown on virtual currency "mining" activities. Type: Industry Sentiment Impact: Neutral The People's Bank of China and seven other departments released the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies." This notice generally continues the relevant authorities' prohibitive policy stance towards virtual currencies and clarifies the essential nature of businesses related to stablecoins pegged to fiat currencies and the tokenization of real-world assets (RWA).
Investment Calendar: Exchange adjustments to gold, silver, and copper futures margins.
Institutional Views: 1. Industrial Securities: As the previous adjustments have released certain risks, it is possible to gradually move away from a defensive mindset and position for the Spring Festival rally. 2. Huaxi Securities: With the rebound in U.S. tech stocks halting their decline on Friday, related domestic sectors are also expected to see a recovery. 3. Oriental Securities: The approaching Spring Festival will further heighten risk-aversion sentiment among funds, with opportunities still existing in a minority of individual stocks and sectors.
Positive and Negative Outlook: 1. Ministry of Industry and Information Technology deploys and advances the construction of the national computing power interconnectivity node system. Type: Policy Focus Cinda Securities: From an industry trend perspective, the scale and intensity of investment in AI computing power remain undiminished. The profitability of AI companies is gradually strengthening, and the performance of related companies in the industry chain is expected to continue materializing. It is advised to pay attention to the recovery opportunities brought by this round of pullbacks. 2. Feitian Moutai sees four consecutive price hikes! Terminal retail prices in the baijiu market are showing signs of recovery. Type: Market Discussion Guotai Haitong: The baijiu sector is currently at the bottom of its cycle. Initial Spring Festival sales are expected to remain under pressure year-on-year with significant brand differentiation. Recent positive feedback from high-end baijiu has effectively boosted market confidence. Subsequent style rotation and expectation improvements are expected to catalyze baijiu stock prices. 3. The People's Bank of China has been increasing its gold holdings for 15 consecutive months; global central banks are gradually raising their gold allocation ratios. Type: Institutional Commentary Sinolink Securities: Demand for central bank gold purchases has not weakened. Although the purchase volume may not match the frenzy of market funds in the short term, it will become an important foundational support for gold prices. When gold prices experience technical corrections, the expectation of purchases by central banks and sovereign funds will constrain the extent and duration of the pullback.
Announcement Summary: Positive-leaning Announcements: 1. Tongda Power: Pre-winning a State Grid project with a total value of 188 million yuan. 2. Hengrui Pharmaceuticals: HRS-4642 injection included in the Breakthrough Therapy list; currently, no similar drugs are approved for marketing domestically or internationally. 3. Dongrui Shares: January pig sales revenue reached 214 million yuan, a month-on-month increase of 25.19%.
Negative-leaning Announcements: 1. Fenglong Shares: If the company's stock price experiences further abnormal increases in the future, the company may apply for another trading suspension for verification. 2. Tianshen New Materials: Under investigation by the CSRC for suspected violations of information disclosure laws and regulations. 3. Siltronic Jihua: The National Integrated Circuit Industry Investment Fund plans to reduce its shareholding by no more than 3%.
Overseas Markets: Note: Last Friday, after three consecutive days of subdued selling pressure, the "buy-the-dip" sentiment fully erupted in the U.S. stock market. The Dow Jones historically broke through 50,000 points, and the China stock index surged over 3%. NVIDIA rose over 7%, increasing its market value by more than $320 billion.