Morning News

# English Translation

Source: Wall Street CN

## Market Overview

On Friday, Trump nominated Kevin Warsh as the Chairman of the Federal Reserve, fueling hawkish market expectations. U.S. Producer Price Index (PPI) inflation data unexpectedly picked up, leading to a decline in U.S. stocks, the dollar recording its largest single-day gain since May last year, and a sharp plunge in precious metals.

Following the release of its earnings report, Apple's stock rose by 0.46%. SanDisk opened 21% higher at one point and closed nearly 7% up on Friday.

The yield on the 10-year U.S. Treasury note climbed 1.21 basis points, while the yield on the 2-year U.S. Treasury note dropped 3 basis points. The U.S. dollar advanced 0.84%, marking its biggest daily gain since May 2025, with a cumulative decline of approximately 1.3% in January.

Gold plummeted 10% on Friday, erasing all its weekly gains and falling back below $4,900. Spot silver nosedived as much as 36% to below $73 at one stage, then rebounded but still ended the day down more than 26%. New York copper futures gave back all of Thursday's gains and fell 5% on Friday.

Crude oil initially followed the downward trend of other commodities but turned higher on Friday amid the U.S.-Iran tensions. Crude oil rose more than 14% in January, achieving its first monthly increase in six months and its best monthly performance since July 2023.

Over the weekend, Bitcoin fell below the $80,000 mark.

During the morning session of the Asian trading hours on Monday, gold and silver opened sharply lower and then narrowed their losses, while U.S. stock futures and crude oil moved downward.

## Key News

### China

Qiushi Journal published an important article by General Secretary Xi Jinping titled "Taking the Path of Financial Development with Chinese Characteristics and Building a Powerful Financial Country".

Xi Jinping emphasized leveraging comparative advantages, adhering to the principle of making progress while maintaining stability, and continuously achieving new breakthroughs in the development of China's future industries.

China's official manufacturing Purchasing Managers' Index (PMI) stood at 49.3 in January, and the non-manufacturing PMI was 49.4.

Red envelope sprees resurfaced in WeChat groups and Moments. Tencent's 1 billion "Yuanbao" red envelope campaign, an "AI entrance battle", officially kicked off.

As gold prices slumped, Shenzhen Shuibei was crowded with people rushing to buy gold. An actor revealed that he had bought silver at 4 yuan per gram 13 years ago, stored it in a bank safe and forgot about it, and now needs to pay more than 7,000 yuan in overdue fees.

Transformers, the "heart of power supply", have received a global surge in orders, which are scheduled until the end of 2027.

### Overseas

The U.S. Senate passed a $1.2 trillion government spending bill, but a short-term government shutdown was unavoidable. Speaker of the House Mike Johnson expressed confidence that the government would resume operations by Tuesday.

Regarding the nomination of Warsh, Trump stated that Warsh would be one of the greatest Federal Reserve Chairmen, and he would cut interest rates without pressure from the White House. Precious metals suffered a historic crash on Friday, and Bitcoin plummeted below $80,000 over the weekend.

The Chicago Mercantile Exchange (CME) once again raised margin requirements for gold and silver trading. The margin rate for gold was increased from 6% to 8%, and that for silver from 11% to 15%, effective after the close on Monday.

Trump claimed that the U.S. and Iran are engaged in negotiations, and an advisor to Iran's Supreme Leader said that a "negotiation framework" is taking shape.

Trump stated that negotiations on Greenland are on the verge of reaching an agreement.

Jensen Huang clarified that the $100 billion investment in OpenAI was "never committed", and NVIDIA will conduct a gradual assessment. Huang confirmed that NVIDIA will participate in OpenAI's current round of financing, which is likely to be NVIDIA's largest investment ever.

SpaceX achieved a revenue of $15-16 billion and a profit of approximately $8 billion last year, with an expected IPO valuation exceeding $1.5 trillion. SpaceX has applied to deploy 1 million satellites to build a space data center. A SpaceX investor said that this year's IPO will be "the largest wealth - creation event in history", Elon Musk is still undervalued, and the surplus rocket capacity has spurred the development of space data centers.

## Market Closing Quotes

### U.S. and European Stock Markets

- S&P 500: Fell 0.43% to 6,939.03 points, with a cumulative increase of 1.37% in January.

- Dow Jones Industrial Average: Dropped 0.36% to 48,892.47 points, with a cumulative gain of 1.73% in January.

- Nasdaq Composite Index: Declined 0.94% to 23,461.816 points, with a cumulative rise of 0.95% in January.

- Europe's STOXX 600 Index: Closed 0.64% higher at 611 points, with a cumulative increase of 3.18% in January.

### A - shares

- Shanghai Composite Index: Closed at 4,117.95 points, down 0.96%.

- Shenzhen Component Index: Closed at 14,205.89 points, down 0.66%.

- ChiNext Index: Closed at 3,346.36 points, up 1.27%.

### Bond Market

- The yield on the 10-year U.S. Treasury note rose 1.21 basis points to 4.2434%, with a cumulative increase of 7.84 basis points in January.

- The yield on the 2-year U.S. Treasury note fell 3.46 basis points to 3.5245%, with a cumulative rise of 5.14 basis points in January.

### Commodities

- COMEX gold futures dropped 8.88% to $4,846.20 per ounce, with a cumulative increase of 11.93% in January and a peak of $5,586.29 on the 29th.

- COMEX silver futures plummeted 27.18% to $83.3 per ounce, pulling back from the all - time high of $121.785 set on the 29th, with a cumulative gain of 18.90% in January.

- March WTI crude oil futures closed at $65.21 per barrel.

- March Brent crude oil futures closed at $70.69 per barrel.

# Detailed Key News

## Global Highlights

### China

Qiushi Journal published an important article by General Secretary Xi Jinping titled "Taking the Path of Financial Development with Chinese Characteristics and Building a Powerful Financial Country". According to Xinhua News Agency, the article points out that a powerful financial country should be built on a strong economic foundation, boasting world - leading economic strength, scientific and technological capabilities, and overall national strength, while possessing a series of key core financial elements. Firstly, it should have a strong currency that is widely used in international trade, investment, and the foreign exchange market, and holds the status of a global reserve currency. Secondly, it should have a powerful central bank capable of effectively conducting monetary policy regulation and macro - prudential management, as well as promptly and efficiently preventing and defusing systemic risks.

Xi Jinping emphasized leveraging comparative advantages, adhering to the principle of making progress while maintaining stability, and continuously achieving new breakthroughs in the development of China's future industries. As reported by Xinhua News Agency, the collective study session of the Political Bureau of the Central Committee focused on future industries, highlighting their forward - looking and disruptive nature. General Secretary Xi Jinping pointed out that a new nationwide system featuring "industries raising questions and science and technology providing answers" should be adopted to tackle core technologies. At the policy level, fiscal and taxation support as well as sci - tech finance will be improved. Enterprises are expected to play a leading role, and at the same time, supervision should be "flexible yet effective" to seize the commanding heights of the global industrial landscape.

China's official manufacturing Purchasing Managers' Index (PMI) stood at 49.3 and the non - manufacturing PMI was 49.4 in January. In January, some manufacturing industries entered the traditional off - season, and coupled with the continued lack of effective market demand, the manufacturing PMI reached 49.3%. Although the prosperity level declined compared with the previous month, production maintained expansion. Affected by factors such as the weakened prosperity of industries like construction, the non - manufacturing business activity index was 49.4% in January, a decrease of 0.8 percentage points from the previous month, indicating a slight decline in the overall prosperity of the non - manufacturing sector.

Zhong Yumei from Guolian Minsheng Securities stated that the decline in the January PMI cannot be solely attributed to the off - season. The misalignment of the Spring Festival and the delayed local two sessions are the key disruptive factors. While the weak supply and demand and the drop in new orders have raised warnings about domestic demand pressure, the rise in prices has emerged as the biggest highlight. The upward trend of the two major price indicators against the market suggests an improvement in the Producer Price Index (PPI). The service industry was gathering momentum before the holiday, while the construction industry remained sluggish, awaiting more policy support. China's economy is accelerating its shift from a focus on "growth rate" to "quality improvement".

Red envelope sprees have made a comeback in WeChat groups and Moments. Tencent's 1 billion yuan "Yuanbao" red envelope campaign, an "AI entrance battle", has officially kicked off. On February 1st, Tencent's AI application Yuanbao launched a Spring Festival cash red envelope event with a total scale of approximately 1 billion yuan. According to the rules, users can participate in cash red envelope giveaways upon entering the Yuanbao App and complete tasks to gain additional lottery chances. Some rewards can be directly withdrawn to WeChat Pay accounts, with the maximum single red envelope amount reaching the 10,000 - yuan level. Users nationwide can participate through various channels such as reservation portals and social sharing links.

As gold prices plummeted, Shenzhen Shuibei was crowded with people rushing to buy gold. An actor revealed that he had bought silver at 4 yuan per gram 13 years ago, stored it in a bank safe and forgot about it, and now needs to pay more than 7,000 yuan in overdue fees. The price of domestic gold jewelry per gram also dropped sharply, with some gold stores cutting prices by more than 200 yuan within two days. On January 31st, counters of major gold stores in Shenzhen Shuibei were packed with customers who kept coming to select styles, weigh gold, and make payments.

Transformers, known as the "heart of power supply", have received a global surge in orders, which are scheduled until the end of 2027. The global boom in AI computing power construction has made transformers a highly sought - after core product. Domestic factories are operating at full capacity, and overseas orders have been scheduled until 2027, with the delivery cycle in the United States more than tripling. As the world's largest transformer producer, China is seizing the market by virtue of its independent advantages in the entire industrial chain. AI computing power and high - end UHV products are becoming new engines for industrial growth.

### Overseas

The U.S. Senate passed a $1.2 trillion government spending bill, but a short - term government shutdown was unavoidable. Speaker of the House Mike Johnson expressed confidence that the government would resume operations by Tuesday.

Regarding the nomination of Warsh, Trump claimed that Warsh would be one of the greatest Federal Reserve Chairmen and would cut interest rates without pressure from the White House. Precious metals suffered a historic crash on Friday, and Bitcoin plummeted below the $80,000 mark over the weekend.

The Chicago Mercantile Exchange (CME) once again raised margin requirements for gold and silver trading. The margin rate for gold was increased from 6% to 8%, and that for silver from 11% to 15%, effective after the close on Monday.

Trump stated that the United States and Iran are engaged in negotiations, and an advisor to Iran's Supreme Leader said that a "negotiation framework" is taking shape.

Trump also mentioned that negotiations on Greenland are on the verge of reaching an agreement. As reported by Xinhua News Agency, U.S. President Trump stated on January 31st that negotiations on Greenland have begun and he believes an agreement will be reached soon.

Jensen Huang clarified that the $100 billion investment in OpenAI was "never a commitment", and NVIDIA will conduct a phased assessment. On Sunday, Jensen Huang clarified that the company's previously proposed $100 billion investment plan in OpenAI was "never a commitment", and NVIDIA will make investment decisions on a round - by - round basis. Earlier media reports indicated that this investment plan had come to a standstill. Doubts have arisen within NVIDIA regarding the transaction terms. Huang privately emphasized that the agreement is non - binding, criticized OpenAI for lacking commercial discipline, and expressed concerns about the competitive pressures it faces.

Huang confirmed that NVIDIA will participate in OpenAI's current round of financing, which is likely to be NVIDIA's largest investment ever.

A SpaceX investor claimed that this year's IPO will be "the biggest wealth - creation event in history", Elon Musk is still undervalued, and the surplus rocket capacity has spurred the development of space data centers. Shaun Maguire, a partner at Sequoia Capital, opined that SpaceX's upcoming IPO will be "the healthiest wealth - creation event in history". He pointed out that the company's valuation has soared from $36 billion in 2019 to $800 billion. With the boom in Starlink's direct - to - mobile services and the trillion - dollar opportunity of "space data centers" driven by the surplus capacity of Starship, Musk's commercial value is still severely underestimated by the market.

SpaceX achieved a revenue of $15 - 16 billion and a profit of approximately $8 billion last year, with an expected IPO valuation exceeding $1.5 trillion. Driven by SpaceX's strong financial performance last year, the market expects its IPO valuation to surpass $1.5 trillion, with financing exceeding $50 billion, which is expected to become the world's largest IPO. The Starlink business has become a core pillar, contributing more than half of the company's revenue. The company plans to go public around the end of June and is exploring frontier areas such as merging with xAI and laying out space AI data centers.

SpaceX has applied to deploy 1 million satellites to build a space data center. Recently, SpaceX submitted an application to U.S. regulators, planning to launch up to 1 million satellites to build an "orbital data center". This plan will leverage the advantages of solar energy and space heat dissipation to transmit data through the Starlink network. At present, the company has been approved to deploy 15,000 second - generation Starlink satellites, but the "1 - million - satellite" application is unprecedented in the history of aerospace.

## Selected Research Reports

Wall Street has focused on Warsh: How to achieve "interest rate cuts and balance sheet reduction" simultaneously? His "mentor" Druckenmiller said he is not necessarily a hawk. Trump nominated Warsh to lead the Federal Reserve. Warsh advocates balance sheet reduction, which creates a policy tension with Trump's goal of lowering borrowing costs, leading to a steepening of the U.S. Treasury yield curve. His mentor Druckenmiller defended him, stating that Warsh is not a permanent hawk and "has been on both sides of monetary policy". If Warsh takes office, the coordination of fiscal and monetary policies between him and Treasury Secretary Bescent will be crucial in reshaping the market trend.

With the "disciples" taking charge of both the U.S. Treasury Department and the Federal Reserve, it is time to learn "Druckenmiller Economics". As Warsh was nominated as the Federal Reserve Chairman, he and Treasury Secretary Bescent, both "disciples" of Druckenmiller, have officially taken control of the U.S. economic lifeline. As a legendary hedge fund manager who has never suffered losses, Druckenmiller's core ideas include a high vigilance against the "debt bomb", advocating strict fiscal austerity to cut welfare spending, adhering to an anti - inflation stance and favoring early interest rate hikes, while opposing tariffs and emphasizing market logic.

A Goldman Sachs trader said that the main market logic remains unchanged, and there is no need to "over - interpret" the sharp declines in the past two days, especially considering the strong gains in January. Mark Wilson, head of Goldman Sachs' trading department, stated that the direct trigger for this round of adjustments is the excessive concentration of investor positions. He emphasized that key variables such as the continuous trend of the U.S. dollar, sustained enthusiasm for AI investment, strong U.S. economic growth momentum, and the reshaping of geopolitics have not changed. This rapid correction is more of a technical adjustment rather than a shift in the fundamental logic.

Bank of America's Hartnett said that only a "bigger event" can end the "gold bull market". The epic market volatility led to a sharp drop in silver prices, but Hartnett of Bank of America bluntly stated that currency depreciation remains the basic market trend. A weak U.S. dollar is crucial to Trump's political survival, and the gold bull market is unlikely to end unless a "devastating" event occurs.

The Wall Street institution most optimistic about SanDisk has set a target price of $1,000, with a valuation of only 11 times the price - to - earnings (PE) ratio based on calculations. Bernstein raised SanDisk's target price sharply to $1,000, representing an 85% upside potential from the current stock price, while the valuation is only 11 times the 2027 fiscal year non - GAAP PE ratio. The key highlight lies in the explosive expansion of the company's gross profit margin. The non - GAAP gross profit margin reached 52.1% in the second quarter, far exceeding the market expectation of 42%, and the third - quarter guidance is as high as 65% - 67%, indicating that the company is entering a super - profitable cycle.

# Domestic Macroeconomy

The meeting between Chinese and British leaders: What is the profound implication of China's proposal of the "grand historical perspective"? According to Yuyuan Tantian, Britain was once a bellwether for the Western bloc in its choices. Today, the adjustment of Britain's China policy has made "observing Britain's moves" once again a window for Western society to understand the trend of the times.

How to view the recent recovery of the second-hand housing market? With surging transactions, falling inventories and stabilizing housing prices in first-tier cities, is this a premature arrival of the traditional peak season "Golden March and Silver April" or a real inflection point? Huatai Securities believes that the biggest difference in this round of market performance lies in the substantial improvement of supply and demand relations and the recovery of the rent-to-price ratio, yet the low-price logic still dominates. The upside odds on the left side have emerged, opening a game window for real estate stocks, with a close eye on second-hand housing prices as the core indicator.

# Domestic Companies/Industries

Jensen Huang's "banquet in Taipei": Gathering nearly 40 Taiwanese enterprise executives, including the chairman of Shenghong Technology. On the evening of January 31, NVIDIA CEO Jensen Huang appeared at a nostalgic restaurant featuring traditional kiln cuisine in Taipei, China, to host a banquet for executives of supply chain partners cooperating with NVIDIA. Nearly 40 executives from Taiwanese enterprises attended, including Jonney Shih, Chairman of ASUS, Rick Tsai, Vice Chairman of MediaTek, and C.C. Wei, Chairman of TSMC. Chen Tao, Chairman of Shenghong Technology, a mainland PCB supply chain partner, also visited Taiwan again to attend the banquet, demonstrating the company's attention to NVIDIA.

Will Xiaomi Auto enter the US market? Reports say Ford is exploring a joint venture with Xiaomi for electric vehicles. According to reports, Ford Motor has discussed establishing joint ventures in the US with Xiaomi, BYD and other companies to introduce Chinese technology to cope with transformation pressures. Ford CEO Jim Farley is highly favorable of Chinese electric vehicles, as the company is currently facing challenges of product gaps and stalled transformation.

BYD: New energy vehicle sales in January 2026 fell 30.11% year-on-year.

With silver prices plummeting, can the photovoltaic industry benefit greatly? Analysts say the short-term sharp drop in silver prices is not a trap of empty joy, but a golden window for photovoltaic enterprises to consolidate cost defenses and accelerate technological upgrading; the medium and long-term bullish trend is not a crisis, but also a catalyst for industry differentiation.

# Overseas Macroeconomy

Did Warsh also "visit the island"? Epstein files expose the "nominee for the new Federal Reserve Chair". The newly released Epstein files show that Kevin Warsh, Trump's nominee for Federal Reserve Chair, once appeared on the list of attendees at multiple high-end social events. The files do not accuse him of illegal acts, but the highly coincidental timing of the disclosure and the nomination has aroused public attention. For the market, the incident itself is not a scandal, but adds extra uncertainty regarding the personnel and institutional stability of the Federal Reserve.

Epstein's emails reveal more bombshells: Gates "hid a sexually transmitted disease from his wife", Musk repeatedly inquired about "visiting the island". The US Department of Justice released a blockbuster document, alleging that Bill Gates once sought medicine to hide a sexually transmitted disease from his wife, and Elon Musk is also deeply involved in the "island party" email scandal. These documents not only deal a heavy blow to the reputations of top billionaires, but also cruelly uncover the gray power network that crosses the red line among the elite class under the interweaving of money and desire.

South Korea's semiconductor exports in January surged by over 100%, exceeding $20 billion for two consecutive months.

# Overseas Companies

Tether, the "king of stablecoins", earned $10 billion last year, a 23% year-on-year decline. Stablecoin giant Tether disclosed a profit of $10 billion in 2025, a 23% drop from the previous year, at a time when it is conducting high-valuation financing. Although the CEO emphasized USDT's expansion in non-traditional financial regions, its profitability is facing tests due to the downturn in the crypto market and fluctuations in reserve investments.

Report: Waymo seeks to raise about $16 billion at a valuation of nearly $110 billion, with Sequoia Capital participating.

# Industries/Concepts

1. **Energy Storage** | According to CCTV News, on January 30, the National Development and Reform Commission and the National Energy Administration issued the *Notice on Improving the Capacity Electricity Price Mechanism on the Power Generation Side*, which systematically improved the capacity electricity price policies for regulating power sources such as coal-fired power, gas-fired power, pumped storage and new energy storage. The notice proposed that all regions may establish a capacity electricity price mechanism for independent new energy storage on the power grid side based on local coal-fired power capacity electricity price standards, combined with factors such as discharge duration and peak-shaving contributions.

**Commentary**: Power experts point out that energy storage is a key bottleneck in the current power system, and the construction of independent energy storage can effectively solve this problem. The notice will further boost the development of the energy storage sector. Dongguan Securities believes that the flexible regulation capacity of domestic new energy storage has become increasingly prominent, playing a growing role in promoting the development and consumption of new energy, improving the safe and stable operation of the power system and the level of power supply guarantee. Attention should be paid to leading enterprises in energy storage systems with advanced technologies and large scales.

2. **Transformers** | A research by CCTV Finance in Guangdong, Jiangsu and other places in China found that a large number of transformer factories are operating at full capacity, with some business orders for data centers scheduled until 2027. Currently, the global construction of AI computing power has entered a blowout period, and high-power, high-stability power supply has become the "lifeline" of computing power clusters, making power equipment transformers a core component of computing power infrastructure. The explosive growth of global AI computing power centers has made transformers a scarce resource, with the delivery cycle in the US market extending from 50 weeks to 127 weeks. Data shows that there are about 3,000 enterprises in China's transformer industry. In 2025, the total export value of China's transformers reached 64.6 billion yuan, an increase of nearly 36% over 2024.

**Commentary**: According to a research report by Galaxy Securities, North America faces a huge overall power gap, which is further exacerbated by the growing demand for AIDC. According to Wood Mackenzie's annual supply and demand estimate for North America, the current supply gaps of power transformers and distribution transformers have reached 30% and 6% respectively. Imported products are expected to account for 80% of the US power transformer supply and 50% of the distribution transformer supply. The average export price of China's transformers has risen from $12,000 per unit in 2020 to $20,800 per unit in 2025, with the price of high-end models doubling, indicating that China's transformer exports are expected to achieve both volume and price growth.

3. **AI Applications** | According to Shanghai Securities News, on February 1, Tencent's Yuanbao launched a 1 billion yuan cash red envelope campaign. On the free App ranking of the Apple App Store, Tencent's AI assistant Yuanbao App and ByteDance's AI assistant Doubao App occupied the top two positions.

**Commentary**: Kaiyuan Securities believes that domestic large model manufacturers are continuously improving user and revenue scales through high-frequency model iteration and upgrading, cost-performance advantages and overseas expansion. Leveraging the strong social fission effect brought by a series of activities for the Spring Festival, the grandest festival of the year, they are intensifying the competition for the C-end AI entrance. The subsequent growth of domestic user scale and commercialization may accelerate, thus opening up growth space for the upstream and downstream of the industrial chain around monetization methods such as large model advertising, e-commerce, entertainment, local life and education, and the layout of AI applications should be continued.

4. **Space Computing Power** | A new document from the US Federal Communications Commission (FCC) shows that SpaceX is applying to launch and operate a constellation of up to 1 million satellites with unprecedented computing capabilities (orbital data centers) to support advanced artificial intelligence. These satellites will operate in a narrow orbital shell up to 50 kilometers wide, planned to be deployed at an altitude of 500 to 2,000 kilometers with a sun-synchronous orbit inclination of about 30 degrees. They will be powered by solar energy, connected to the existing Starlink network through optical links (lasers), and route computing results to ground users.

**Commentary**: Securities Times pointed out that the core of SpaceX's large-scale satellite launch plan lies in the limitedness of low-earth orbit space. The clear upper limit of space endows the satellite industry with terminal supply certainty similar to precious metals, and many participants in the US space market are sparing no effort to compete for satellite launch quotas. In addition to quota competition, the computing power opportunities brought by the spread of the AI industry wave are also a demand factor boosting the development of the satellite business. The development of low-earth orbit satellites and space computing power has driven space photovoltaic into the industrial verification stage, putting forward higher requirements for high efficiency, thinness and flexibility, and opening up incremental space for high-end manufacturing and customized equipment.

5. **Quantum Computing** | According to reports, a team from the University of Stuttgart and the University of Würzburg in Germany announced that they have successfully demonstrated a high-quality single-photon source operating in the communication C-band, realizing on-demand single-photon generation and achieving a two-photon interference visibility of nearly 92%. This result is regarded as an important progress towards scalable photonic quantum computing and quantum communication. The relevant research results were published in *Nature Communications* on January 30.

**Commentary**: At the policy level, the positioning of quantum technology has been raised to an unprecedented strategic height. It has been written into the government work report for three consecutive years, and the 15th Five-Year Plan proposal even places quantum technology at the top of the future industrial layout. At the capital level, as of the third quarter of 2025, the global total financing for quantum technology reached about 34.9 billion yuan, exceeding the sum of the previous two years and hitting a record high. At the technical level, quantum computing has made continuous breakthroughs. The US maintains a leading position in hardware and algorithms with giants such as IBM and Google. China's achievements such as the "Zuchongzhi 3.0" and "Jiuzhang 3.0" have placed China in the international first echelon in the superconducting and photonic quantum routes. At present, it is generally believed that quantum technology is accelerating from experimental verification to commercial application. ICV predicts that the global quantum computing market size will grow from $5 billion in 2024 to more than $800 billion in 2035, with a compound annual growth rate of over 55%.

# Today's Key News Preview

- January manufacturing PMI of China, the US, the Eurozone, the UK and Japan.

- China to implement a provisional 5% import tariff on whiskey starting from February 2.

- CME raises margin requirements for gold and silver trading again: gold margin rate from 6% to 8%, silver from 11% to 15%.

- Atlanta Fed President Raphael Bostic delivers a speech.

- Palantir, Disney and NXP Semiconductors release financial reports.

# Risk Warning and Disclaimer

The market is risky, and investment needs to be prudent. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status or needs of individual users. Users should consider whether any opinions, views or conclusions in this article are in line with their specific circumstances. Investment made on the basis of this article shall be at the investor's own risk.