Morning News

# Market Overview (Source: Wall Street News)

Concerns over Microsoft's AI spending triggered a sharp sell-off, with its stock price plummeting 10% and dragging down the broader U.S. stock market. Precious metals experienced violent fluctuations.

The Nasdaq fell 0.72%. Microsoft plunged as much as 12% during the session before closing 10% lower, marking its largest daily drop since 2020, with the market value loss ranking as the second-largest single-day decline in U.S. stock market history. Meta soared over 10%, while Tesla dropped more than 3%. After releasing earnings after Thursday's U.S. stock market close, Apple rose more than 2% at one point, and SanDisk surged 12%.

The yield on the 10-year U.S. Treasury note edged down 0.6 basis points to 4.233%.

The cryptocurrency market suffered a heavy decline. Bitcoin plummeted 6% to a two-month low, and Ethereum dropped over 7%, falling below the $2,800 mark.

Gold prices surged 3.3% in early trading, approaching the all-time high of $5,600 before a sharp reversal, plunging nearly 9% from the daily high at one point, with losses narrowing afterward. Silver hit a record high of $121 before tumbling more than 12% at one stage. Copper prices rose more than 11% at one point, then gave up some gains, with New York copper futures still up over 6% on the day. Tensions between the United States and Iran supported a third consecutive day of gains for crude oil, rising 3% on the day, with U.S. oil topping $65 a barrel.

During the Asian session, the Shanghai Composite Index fluctuated and closed higher. Liquor stocks rallied strongly, with Kweichow Moutai jumping over 8%. The real estate sector also surged. The Hang Seng Tech Index fell 1%, the chip sector consolidated, while Shanghai gold, silver, and copper futures soared.

## Key News

### China

President Xi Jinping met with UK Prime Minister Keir Starmer. China and the UK achieved a series of positive outcomes during Prime Minister Starmer's visit to China.

Ministry of Foreign Affairs Response: Has China approved the import of the first batch of NVIDIA H200 AI chips? Jensen Huang stated that his trip to China was "very successful" and that NVIDIA will achieve substantial growth this year.

Reports indicate that ByteDance and Alibaba will launch new artificial intelligence models around the Spring Festival.

Reports: Alibaba is increasing investment in AI and cloud computing, with planned investment over the next three years potentially raised to 480 billion yuan from 380 billion yuan.

ByteDance CEO: The company's 2026 keyword is "strive for excellence," and in the short term, this "excellence" refers to the Doubao/Dola Assistant application.

Doubao's mobile app is making a comeback, scheduled for release in the mid-to-late second quarter, shifting from being "besieged" to "counter-sieging."

A 10-yuan silver commemorative coin has been speculated to over 80,000 yuan.

### Overseas

A key vote in the U.S. Senate failed to advance the appropriations bill. Donald Trump claimed that an agreement is close to being reached to avoid a government shutdown.

Microsoft plummeted 12% intraday, its largest daily drop since the pandemic, with a market value evaporation of $430 billion at one point, the second-largest single-day loss in U.S. stock market history!

Apple's earnings report exceeded expectations by a wide margin, with quarterly revenue and iPhone sales hitting record highs, and revenue in China surging nearly 40%.

AI has driven an explosion in demand for memory storage. SanDisk's earnings far outperformed expectations, with its stock price surging nearly 15% after hours.

Reports: SpaceX is considering merging with Tesla or xAI.

Slower-than-expected growth in cloud backlog orders sent SAP's stock price to its largest drop since 2020.

Samsung Electronics made a strong comeback, with Q4 revenue reaching a record 93.8 trillion won. Operating profit from its memory business soared 465%, reclaiming the top spot in the DRAM market. The boom in HBM has reshaped the semiconductor industry landscape, with SK Hynix's annual profit exceeding Samsung's for the first time.

Reports: Amazon is in talks to invest up to $50 billion in OpenAI.

Human civilization faces its severest test! Anthropic CEO warns that super AI surpassing Nobel laureates could arrive within 1-2 years.

World Gold Council: Global gold demand exceeded 5,000 tons for the first time, with retail and institutional investors being the main buyers.

Speculative frenzy spreads to gold and silver! LME copper also hit a new high with an intraday surge of over 10%, the largest increase since 2009.

## Market Closing Quotes

### U.S. and European Stock Markets

- S&P 500: Down 0.13% at 6,969.01 points

- Dow Jones Industrial Average: Up 0.11% at 49,071.56 points

- Nasdaq: Down 0.72% at 23,685.12 points

- Europe's STOXX 600 Index: Down 0.23% at 607.14 points

### A-Shares

- Shanghai Composite Index: Closed at 4,157.98 points, up 0.16%

- Shenzhen Component Index: Closed at 14,300.08 points, down 0.30%

- ChiNext Index: Closed at 3,304.51 points, down 0.57%

### Bond Market

- U.S. 10-year Treasury yield: Fell 1.59 basis points to 4.2274%

- U.S. 2-year Treasury yield: Fell 1.82 basis points to 3.5529%

### Commodities

- COMEX Silver Futures: Up 2.87% at $116.790 per ounce

- COMEX Gold Futures: Up 1.97% at $5,408.30 per ounce

- WTI Crude Oil Futures (March contract): Up 3.50% at $65.42 per barrel

- Brent Crude Oil Futures (March contract): Up 3.38% at $70.71 per barrel, approaching the closing level of $72.23 on June 19, 2025.

# Key News Details

## Global Highlights

### China

President Xi Jinping met with UK Prime Minister Keir Starmer. According to Xinhua News Agency, President Xi emphasized that the essence of China - UK economic and trade cooperation lies in mutual benefit and win - win results. This year marks the first year of China's 15th Five - Year Plan period. The two sides should expand mutually beneficial cooperation in education, medical care, finance and service industries, carry out joint research and industrial transformation in fields such as artificial intelligence, biological sciences, new energy and low - carbon technologies, so as to achieve common development and prosperity. It is hoped that the UK will provide a fair, impartial and non - discriminatory business environment for Chinese enterprises. China is willing to actively consider implementing a unilateral visa - free policy for the UK.

China and the UK have achieved a series of positive outcomes during UK Prime Minister Keir Starmer's visit to China. According to Xinhua News Agency, the two sides are committed to developing a long - term, stable and comprehensive strategic partnership between China and the UK. They have agreed to establish a China - UK High - Level Climate and Nature Partnership, resume the China - UK High - Level Security Dialogue, and hold a new round of institutional dialogues such as the Strategic Dialogue and the Economic and Financial Dialogue within this year. They have also agreed in principle to resume the normal exchanges between the legislative bodies of the two countries. The two sides welcome the establishment of the China - UK Financial Working Group and the holding of its first meeting. China is actively considering implementing a unilateral visa - free policy for British citizens. China has reduced the import tariff on whisky from 10% to 5%. In addition, the two sides have reached a number of cooperation documents in fields including finance, health, media and education.

Has China approved the import of the first batch of NVIDIA H200 artificial intelligence chips? The Ministry of Foreign Affairs responded. According to Huanqiu.com, "We have responded to relevant questions many times. It is suggested that you consult the competent Chinese authorities for specific issues," said Foreign Ministry Spokesperson Guo Jiakun.

Jensen Huang: This trip to China was "very successful", and NVIDIA will achieve substantial growth this year. During his visit to China, Jensen Huang stated that his trip was "very successful" and revealed that the demand for the next - generation AI chip Rubin was "extremely strong". NVIDIA is collaborating with Intel to develop customized X86 processors and is expected to achieve substantial growth this year. He also warned that TSMC will face severe energy challenges in expanding its production capacity over the next ten years.

Report: ByteDance and Alibaba will launch new artificial intelligence models around the Spring Festival. ByteDance and Alibaba plan to release their respective new - generation AI models (such as Doubao 2.0 and Qwen 3.5) during the Spring Festival holiday, marking that the competition between the two sides for the dominant position in China's AI application market has entered a fierce stage. This battle is not only about who can create the most popular consumer - level AI super application, but also will profoundly affect the pattern of China's AI cloud market, which is expected to reach nearly 90 billion US dollars in scale in the next few years.

Report: Alibaba is increasing investment in AI and cloud computing, with planned investment over the next three years potentially raised to 480 billion yuan from 380 billion yuan. According to a report, an insider revealed that Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion yuan to 480 billion yuan over the next three years. Domestically, Alibaba has independently developed the Zhenwu 810E chip; overseas, it is "transporting purchased GPUs by truckloads", an insider said. At its most aggressive stage, "it even bought a large number of consumer - grade graphics cards such as RTX 4090 to build inference clusters and supplement inference throughput".

ByteDance CEO: The company's 2026 keyword is "Strive for the Pinnacle", and in the short term, this "pinnacle" refers to the Doubao/Dola Assistant application. Today, ByteDance's official account "Byte Style" disclosed part of the content of the company's first all - staff meeting held on the same day in 2026. Liang Rubo, the company's CEO, stated at the meeting that ByteDance has set the keyword for 2026 as "Strive for the Pinnacle". "There are many important opportunities in the AI era. We need to pursue the most important ones and climb the highest peaks," Liang Rubo said. He also made it clear that for ByteDance, the "pinnacle" in the short term is the Doubao/Dola Assistant application.

Doubao's mobile phone is making a comeback, scheduled for release in the mid - to - late Q2, shifting from being "besieged" to "counter - besieging". ByteDance is expected to release the second - generation Doubao mobile phone in Q2 2026, with ZTE still in charge of the hardware. To break the previous "siege" caused by touching the data of major manufacturers, Doubao has launched a "counter - siege" strategy: it is not only negotiating some permissions with APP manufacturers, but also joining hands with small and medium - sized mobile phone brands to build in AI entrances to break through through large - scale expansion. At the same time, ByteDance is laying out hardware such as AI glasses, aiming to build Doubao into an intelligent entrance for the Internet of Everything.

A 10 - yuan silver commemorative coin has been speculated to over 80,000 yuan. According to China Fund News, recently, on the second - hand trading platform Jinbi Yunji App, the 2025 version of the Chinese Dragon silver commemorative coin with a denomination of 10 yuan has a significant premium, with some merchants offering 12,600 yuan for sale. Up to now, the lowest quotation for the 2025 version of the Chinese Dragon silver commemorative coin on the platform is 170 yuan, and the highest merchant has quoted 166,520 yuan for two coins, with a premium multiple of up to 8,326 times. In response to this phenomenon and the background of the recent surge in precious metal prices, China Gold Coin Group, the official issuing institution, issued an important reminder on January 29, urging collectors to "participate in investment rationally and pay attention to risk control".

### Overseas

Report: Amazon is in talks to invest up to 50 billion US dollars in OpenAI. An earlier report stated that NVIDIA, Microsoft and Amazon are in talks to invest 60 billion US dollars in OpenAI, with a pre - investment valuation of 7300 billion US dollars.

Human civilization faces its severest test! Anthropic CEO warns: super AI that comprehensively surpasses Nobel laureates may arrive within 1 - 2 years. Dario Amodei warned that a "powerful AI" that comprehensively surpasses Nobel laureates in fields such as biology, programming and mathematics is very likely to emerge within 1 - 2 years, and it is still unknown whether humans can control it. He predicted that AI will drive the GDP growth rate to 10-20%, but at the same time, it may replace 50% of entry - level white - collar jobs within 1-5 years, leading to extreme wealth concentration and a significant reduction in the threshold for manufacturing biological weapons.

World Gold Council: Global gold demand exceeds 5,000 tons for the first time, with retail and institutional investors being the main buyers. According to the World Gold Council, the pace of gold purchases by central banks around the world slowed by one - fifth to 863 tons in 2025, but it is still at a high level by historical standards. It is expected that the gold purchase volume will further decline slightly to 850 tons in 2026. Meanwhile, retail and institutional investors have become the dominant force in gold purchases, with investment demand surging by 84% to a record 2,175 tons, and gold ETF holdings increasing by 801 tons, ending four consecutive years of outflows.

Speculative frenzy spreads to gold and silver! LME copper also hit a new high with an intraday surge of over 10%, the largest increase since 2009. Starting from 2:30 a.m. London time, LME copper rose by more than 5% in less than an hour. Considering the characteristics of the time period, the sharp rise on Thursday may be mainly driven by speculation. When gold and silver turned lower in the early trading of US stocks, LME copper gave up more than half of its intraday gains. Recently, copper prices have been supported by the long - term demand related to the weakening US dollar, expectations of Fed easing, energy transition and the expansion of global data centers. Like gold, copper has also benefited from geopolitical risks. However, there is a divergence between supply and demand signals and price trends at present. Some analysts warn that the rising trend is unsustainable and the fundamentals do not support the current copper price level.

Copper supply alarm! Glencore's 2025 output plummets by 11%, and the decline in ore grade becomes a "fatal flaw". Glencore's copper output in 2025 fell by 11% year - on - year to 851,600 tons, and it significantly lowered its 2026 output guidance, mainly affected by the decline in ore grade and water resource constraints. Meanwhile, the company is in talks with Rio Tinto on an all - stock merger. If reached, it will create an industry giant controlling nearly 10% of the world's copper output. Against the background of high copper prices driven by energy transition and AI demand, Glencore plans to increase its annual output to 1.6 million tons by 2035 through the construction of new mines and the restart of existing ones.

## Selected Research Reports

Jeffrey Gundlach, the "New Bond King": The US dollar has entered a long - term depreciation cycle, and he will continue to bet on gold and physical assets. Gundlach suggested that investors insist on betting on precious metals and a weak US dollar, believing that this theme will continue to be effective in the future. He said that the US dollar will face structural weakness, and even a weak economy will be difficult to change this trend, because long - term debt concerns and debt repayment pressure will continue to put pressure on the US dollar.

New Bond King: The Fed will not cut interest rates again before Powell's term ends. Gundlach believes that Powell is striving to emphasize the mitigation of inflationary pressure and the stabilization of the unemployment rate, and bets that there will be no more interest rate cuts during Powell's term. At present, the market expects two 25 - basis - point interest rate cuts by the end of 2026. Meanwhile, Gundlach suggested allocating 30% - 40% of unhedged international stocks, stating that such positions can benefit from the appreciation of local currencies against the US dollar.

Why has NVIDIA underperformed the broader market recently, and what is the market worried about? NVIDIA's stock price has underperformed the broader market recently, not because of weak fundamentals, but because the market, under high performance expectations, has turned to worry about AI customers' financing capacity, the sustainability of capital expenditure and the intensification of competition. Morgan Stanley believes that these concerns are overstated and maintains an "Overweight" rating with a target price of 250 US dollars. The key growth driver lies in the next - generation chip Vera Rubin, whose manufacturing efficiency has achieved a qualitative change, and the system assembly time has been significantly shortened, which has significantly improved the certainty of mass production and delivery in 2026, and is expected to consolidate NVIDIA's leading position in the next - stage AI computing architecture.

The first round of the "elimination round" has begun! Morgan Stanley announced: Humanoid robots have entered the mass production stage of "fierce competition", and PPT players are being eliminated. After conducting an industrial chain survey, Morgan Stanley stated that the gap between the leaders and laggards in China's humanoid robot industry is widening rapidly, and the first round of industry reshuffle is imminent. Core component suppliers with technical strength and mass production capacity will dominate this wave of industrialization. As the industry's shipment volume increases several times in 2026, suppliers with first - mover advantages will gain significant market share and pricing power.

# Domestic Macroeconomy

The General Office of the State Council issued the *Work Plan for Accelerating the Cultivation of New Growth Drivers in Service Consumption*. According to Xinhua News Agency, the Plan put forward supportive policies in three aspects: first, focusing on key areas such as transportation services, domestic services, online audio-visual services, living and traveling services, the automotive aftermarket, and inbound consumption; second, targeting potential areas including performance services, sports event services, and emotional and experiential services; third, improving the standard system, strengthening credit building, and enhancing fiscal and financial support.

China will lay out more future industries under the "Space +" initiative. According to Xinhua News Agency, China will speed up the deployment of such industries. As the "chain leader" of the commercial spacecraft and application industry chain, China Aerospace Science and Technology Corporation (CASC) plans to implement five major projects during the 15th Five-Year Plan period, focusing on advancing the development of space digital and intelligent infrastructure, space resource development, space traffic management, and space tourism. For space digital and intelligent infrastructure, CASC will build gigawatt-level facilities and create a new integrated space architecture of cloud, edge and terminal, realizing the in-depth integration of computing, storage and transportation capabilities.

China's commercial aerospace sector will develop more "Space +" scenarios, including space tourism and resource development. CASC stated on the 29th that during the 15th Five-Year Plan period, it will plan and promote the development of new fields such as space tourism, space digital and intelligent infrastructure, space resource development, and space traffic management.

# Domestic Companies

Duan Yongping: I really didn't buy Moutai today. The liquor and mass consumption sectors staged a strong rebound on January 29, with Kweichow Moutai's share price surging 8.61% to reclaim the 1,400-yuan mark. Duan Yongping responded that he did not buy the stock on the day but revealed that he had recently swapped some China Shenhua shares for Moutai. At the current juncture, many fund managers believe that the valuation of the consumption sector is at a historical low, and the investment logic is shifting from "betting on aggregate growth" to "selecting structural opportunities with brands, products and globalization capabilities".

Surging gold and copper prices bring huge profits to Chinese mining enterprises. Goldman Sachs' latest report has significantly raised its profit forecasts for Chinese gold and copper mining companies, lifting the overall 2026-2027 profit expectations of the covered enterprises by 9%-33%. Among them, Zijin Mining and CMOC see their profit forecasts raised by 14%-18% and 20%-24% respectively due to progress in capacity expansion and strategic mergers and acquisitions. Analysts point out that leading enterprises will benefit from the dual drive of volume and price, and the current sector valuation remains attractive.

Driven by rising gold prices and climbing gold concentrate sales, Sichuan Gold expects its 2025 net profit to surge 69.23%-93.40% year-on-year.

Tianqi Lithium expects to reverse losses in 2025 net profit year-on-year, with the improved performance of associated company SQM contributing to profit growth. The company preannounced a net profit of 3.69 billion to 5.53 billion yuan in 2025, successfully reversing the huge loss of 7.9 billion yuan in the previous year. The performance turnaround mainly benefits from three pillars: first, optimizing the concentrate pricing mechanism to align costs with the market rapidly and restore the profitability of the core business; second, the improved performance of SQM bringing significant investment income; third, benefiting from substantial exchange gains driven by the stronger Australian dollar.

Frequent announcements of all-solid-state batteries to address the last shortcoming of pure electric vehicles. A critical breakthrough is taking place in new energy vehicle battery technology: CATL launched the "Tianxing II" sodium-ion battery with excellent performance in extremely cold environments, aiming to solve pain points in high-latitude regions. The industry's greater focus, however, is on all-solid-state batteries, the ultimate form of batteries, whose laboratory data (such as 3,000 km range and 5-minute fast charging) indicates that they will completely resolve the range, charging and safety anxieties of pure electric vehicles. Large-scale commercial application is expected to take about another decade.

Guosheng Securities releases its 2025 results: core business recovers, brokerage business strengthens, and non-recurring profit after deduction is expected to surge by up to nearly 80%.

Zhongtai Securities expects its 2025 net profit to rise 40%-60%, with its investment business shining again.

# Overseas Macroeconomy

US trade deficit surges 94% month-on-month in November, with a sharp expansion in the deficit with the EU. The US trade deficit with global partners nearly doubled month-on-month in November, driven by a sharp widening of the deficit with the EU and the gradual transmission of the economic impact of US President Trump's tariff policies. The trade deficit had fallen to its lowest level since early 2009 the previous month but rose sharply to $56.8 billion in November, an increase of 94.6% from October.

Foreign media expose: Senior US government officials held secret talks with far-right groups seeking to split Canada; US State Department responds. According to Huanqiu.com, citing the Financial Times and The Beast, against the backdrop of deepening rifts between the US and Canada, "very, very senior" US government officials held secret talks with a far-right separatist group seeking to undermine Canada's national foundation. In response, a US State Department spokesperson acknowledged the talks but stated that the US had made "no commitments".

MSCI warning coupled with Goldman Sachs' downgrade sends Indonesian stock market plunging 15% in two days with multiple circuit breakers. Hit by an MSCI downgrade warning and a rating cut by Goldman Sachs, Indonesia's stock market plummeted more than 15% in two consecutive days with multiple circuit breakers triggered. MSCI accused the market of fundamental transparency problems and warned of a potential downgrade if improvements are not made by May. Goldman Sachs warned that the move could trigger an $8 billion capital outflow. Combined with concerns over Indonesia's fiscal deficit and central bank independence, the country is facing a severe capital outflow crisis.

# Overseas Companies

Microsoft responds to market concerns on earnings call: We lack capacity, not orders – Azure growth would have exceeded 40% with sufficient GPUs! Microsoft's record $37.5 billion capital expenditure triggered market panic, sending its shares down more than 6% after hours. On the earnings call, the CFO directly countered doubts by stating that "Azure's growth would have exceeded 40% without supply shortages". CEO Satya Nadella disclosed that Copilot paid seats soared 160% and data platform Fabric revenue surged 60%, and announced the launch of self-developed chip Maya 200, which cuts costs by 30%, strongly demonstrating the company's AI monetization capabilities and long-term cost control. He also emphasized that AI has huge demand for "storage adjacent to computing".

Tesla earnings call: Discontinue Model S/X production to fully shift to AI; launch 3rd-gen Optimus this quarter; 2026 to be a big year for capital expenditure. Elon Musk announced the permanent discontinuation of the flagship Model S and Model X to free up production capacity for building a 1 million-unit annual production line for Optimus robots, and stated that China is the biggest competitor in the humanoid robot field. In addition, Tesla invested $2 billion in xAI to deepen its AI layout, and its 2026 capital expenditure will exceed $20 billion, focusing on computing infrastructure and self-developed chips. The Robotaxi fleet has exceeded 500 vehicles and will expand rapidly.

Wall Street comments on Tesla's earnings report: Auto gross margin a pleasant surprise; awaiting robots, bracing for capital expenditure wave. Wall Street interpreted Tesla's Q4 results as a mix of "pleasant surprises" and "hidden concerns". The surprise came from the better-than-expected auto gross margin, demonstrating operational resilience. However, market focus quickly shifted to the company's radical strategic transformation: the $20 billion capital expenditure plan, the discontinuation of classic models and the full bet on robots and Robotaxi mark Tesla's deep transformation into an AI-driven embodied intelligence enterprise. Wall Street adopted a cautious attitude, with several investment banks cutting target prices, and the market entering a critical observation period of "waiting for technology delivery" and "responding to the capital expenditure wave".

Meta earnings call: Recommendation systems are being rewritten by large models; future "unimaginable" without smart glasses. Mark Zuckerberg stated on the call that Meta is building its recommendation systems into a scalable engineering system similar to large language models (LLMs) – one that determines not only user time but also ad unit prices and conversion rates. Meta clearly positioned AI glasses as the next-generation core terminal, stating bluntly that "in a few years, most people will be wearing AI glasses". Zuckerberg also took the initiative to mention the acquisition of Manus, citing it as a case of "enterprise tool subscription/integration", with the goal of integrating commonly used enterprise tools into advertising and business management platforms.

Kioxia appoints semiconductor veteran as CEO amid booming memory chip market. Amid surging AI-driven demand for memory chips, Kioxia appointed seasoned semiconductor expert Hiroo Oota as its new CEO. The leadership change aims to seize the market upcycle, accelerate the core position of its high-performance NAND flash memory and enterprise solid-state drives in AI infrastructure, and consolidate its industry leadership.

"US version of ASML" posts skyrocketing results; Lam Research earnings call: Global wafer fab equipment market expected to hit $135 billion in 2026. Earnings report showed Lam Research's 2025 revenue hit a record $20.6 billion, earnings per share surged 49%, and shipments of new product Aqara doubled. The CEO predicted on the earnings call that the global wafer fab equipment market will jump to $135 billion in 2026, with strong growth in the second half despite constraints from clean room shortages. HBM and advanced packaging have become core growth drivers, with the latter expected to grow by over 40%, and NAND upgrades also accelerating.

# Industries/Concepts

1. Tourism | The General Office of the State Council recently issued the *Work Plan for Accelerating the Cultivation of New Growth Drivers in Service Consumption*, which mentions living and traveling services: cultivate a number of living and traveling destination cities (regions); encourage qualified areas to leverage the guiding role of relevant fiscal funds and industrial funds, improve infrastructure of living and traveling destinations, and promote the upgrading and transformation of existing facilities; revitalize and utilize idle rural land and houses in accordance with the law; encourage local governments to support land use and service facility construction for living and traveling projects in combination with the implementation of policies such as digesting existing real estate inventory.

**Commentary**: Guotai Junan and Haitong Securities believe that leading tourism enterprises will benefit from policy support. With the growth of employee cultural and sports consumption, these enterprises are expected to gain short-term policy-driven benefits and achieve sustained long-term performance growth. In particular, driven by preferential measures such as scenic spot annual passes and cultural and tourism consumption coupons, consumer demand in the relevant industries will be further released, bringing potential growth opportunities. In addition, the All-China Federation of Trade Unions and other departments recently jointly issued the *Opinions on Further Promoting the High-Quality Development of Employee Cultural and Sports Work in the New Era and Expanding Employee Cultural and Sports Consumption*. CITIC Securities believes that the policy is expected to bring an annual increment of 50 billion to 165 billion yuan to the domestic tourism market in 2026, driving considerable industry growth.

2. Commercial Aerospace | According to CCTV News, CASC announced that the group will implement a commercial launch capacity improvement project in the future, which involves developing internationally competitive commercial launch vehicles and realizing scheduled transportation services. For reusable commercial launch vehicles, the group will form a 20-ton reusable launch capacity for low Earth orbit, achieving large-scale and mature commercial application of reusable rockets. For heavy-lift launch vehicles, it will complete the research and development and relevant reusable tests, with a 100-ton launch capacity for low Earth orbit.

**Commentary**: Soochow Securities believes that the core pain point of China's commercial aerospace for a long time has been "more satellites, fewer rockets" – the huge demand for satellite network deployment is constrained by extremely scarce launch capacity. Entering 2026, the industry will witness a resonance of technological closure, order release and capital premium. With recoverable rockets such as the Long March 10A and Zhuque-3 Y2 entering a period of intensive maiden flights, coupled with the test flight of SpaceX's Starship V3 in Q1 2026, China's commercial aerospace is entering a strategic fast track of "accelerated catch-up", establishing its uniqueness as a national strategic emerging industry.

3. Robots | On January 29, the pilot test platform of the Beijing Humanoid Robot Innovation Center was officially launched – the first of its kind in Beijing. It includes a small-batch trial production line, an embodied intelligent robot production demonstration line, an embodied intelligent robot joint production demonstration line and a professional testing laboratory, providing full-link pilot test services from core components to complete machines.

**Commentary**: Orient Securities believes that with the rise in sales of humanoid robots, their prices are expected to gradually decline – for example, Elon Musk stated that the cost of Optimus will drop to $20,000 in the future. Referring to the development of the automotive, home appliance and 3C industries, the manufacturing and management advantages of suppliers are crucial in the process of improving the cost performance of complete machines. Therefore, companies that have proven their excellent manufacturing and management capabilities in industries such as auto parts and construction machinery parts are expected to gain a higher market share. Recently, Musk stated that Tesla's humanoid robots will be deployed in industrial environments in 2026 and sold to the public in 2027. Institutions expect the industry to enter a phase of capacity expansion, with enterprises leading in manufacturing and operational capabilities offering better investment opportunities.

4. Dyestuffs | According to Baiinfo, domestic dyestuff prices have continued to rise recently. On January 29, the average market price of disperse dyes stood at 19 yuan/kg, up 1 yuan/kg from the previous day and 2 yuan/kg from January 21; for reactive dyes, the average market price was 23 yuan/kg on January 29, up 1 yuan/kg from the previous day. For raw materials, according to Zhuochuang Information, the market price of H-acid was 41.5 yuan/kg on January 29, up 1 yuan/kg from January 27. Earlier, leading dyestuff manufacturer Zhejiang Longsheng raised quotations for all reactive and disperse dyes on January 27 and 28, with the maximum increase reaching 3,000 yuan/ton.

**Commentary**: Analysts believe that the current rise in dyestuff prices is the result of a combination of cost push and industry pattern optimization. The skyrocketing price of "reductant", a key upstream raw material, has provided a solid bottom support for dyestuff prices. Taking advantage of this, industry leaders have raised prices by virtue of their industrial chain integration advantages, which not only effectively eases cost pressure but also is expected to accelerate the exit of small and medium-sized capacities without cost advantages from the market, thus optimizing the industry competition pattern and improving the market share and profitability of leading enterprises. This marks that the chemical industry, especially the dyestuff sub-sector, may be ushering in a performance inflection point driven by the fundamental improvement of supply and demand relations.

5. Antiferromagnetic Materials | According to China Securities Journal, a physics research team at Fudan University made a groundbreaking discovery – a special type of low-dimensional antiferromagnetic material can flip uniformly as a whole under the action of a magnetic field, which the researchers vividly called a "collective dance". This breakthrough has turned a "promising but hard-to-use" material into one that is "readable and writable". Theoretically, antiferromagnetic materials flip faster and consume less power than the currently used ferromagnetic materials, and are expected to be used in the manufacture of higher-performance memory and computing chips.

**Commentary**: Reports point out that antiferromagnetic materials are expected to become key materials for the next generation of information storage and processing technologies due to their advantages such as ultra-fast response speed, high storage density and low energy consumption. With the continuous development of new material systems such as two-dimensional antiferromagnetic materials, chiral antiferromagnets and antiferromagnetic heterostructures, the application prospects of antiferromagnetic materials in spintronics, quantum computing and artificial intelligence will become broader. In particular, multiferroic van der Waals heterostructures formed by combining antiferromagnetic and ferroelectric materials provide a new idea for realizing non-volatile electric control of magnetism, which is expected to drive revolutionary progress in information storage technology.

# Today's Key News Preview

- Hong Kong, China Q4 GDP

- US December PPI

- Eurozone Q4 GDP

- Germany January CPI

- Japan January Tokyo CPI

- Speech by St. Louis Fed President Alina M. Musalem

- Baidu Apollo Open Platform 11.0 Launch Conference

- Earnings releases from Exxon Mobil and Chevron

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# Risk Warning and Disclaimer

The market is risky and investment needs to be prudent. This document does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions or needs of individual users. Users should consider whether any opinions, views or conclusions in this document are in line with their specific circumstances. Any investment made based on this document is at the investor's own risk.