Morning News

# Market Overview

Source: Wall Street Insights

U.S. manufacturing activity expanded more than expected, driving a rebound in the three major U.S. stock indices, with the Dow Jones Industrial Average surging over 1% to a one-week high. Apple led the tech giants with a gain of around 4%, Google rebounded nearly 2% to a record high, while NVIDIA, mired in an OpenAI investment controversy, fell nearly 3%; the chip index rebounded nearly 2%, SanDisk jumped over 15%, and AMD rose 4%; Disney, which issued a weak quarterly guidance, closed down more than 7%; U.S. Antimony Corporation (UAMY) soared over 7%; a sharp intraday drop in Bitcoin dragged cryptocurrency giant Strategy down nearly 7%; Palantir, which beat expectations on both earnings and guidance, rallied in after-hours trading and once surged over 8%; NXP Semiconductors, whose automotive business revenue underperformed, fell more than 6% in after-hours trading at one point.

U.S. Treasury yields hit a fresh intraday high following the release of the U.S. manufacturing index; the U.S. Dollar Index accelerated its rise to a one-week high.

The offshore renminbi broke above 6.94 intraday, edging close to a nearly three-year high. Cryptocurrencies reversed course to rise intraday: Bitcoin rebounded more than 6% after falling below $75,000, and Ethereum surged over 10% from its intraday low at one point.

Metals plummeted intraday: gold fell below $4,500 to a fresh low of at least three weeks, with London spot gold dropping 10% at one point and spot silver plunging over 10% intraday, both of which later halved their losses; LME tin closed down 10%, extending losses for three consecutive sessions, LME nickel fell over 6% to a four-week low, and LME copper dropped over 2% to a more than one-week low. Crude oil fell for two straight sessions to a one-week low, closing down more than 4% – the biggest drop in seven months – while U.S. natural gas tumbled over 25%.

In the Asian trading session, the Shanghai Composite Index fell over 2%, narrowly holding the 4,000-point mark; gold, silver and non-ferrous metals all hit their daily down limits, while white spirits stocks bucked the trend to rise; the Hang Seng Tech Index plummeted 3%, and chip and semiconductor stocks slumped sharply.

# Top News

## China

China's January RatingDog Manufacturing PMI rose to a three-month high of 50.3, with selling prices increasing for the first time in 14 months.

Li Qiang: Leverage artificial intelligence technology to reshape the entire manufacturing chain, and coordinate the development of a new energy system.

## Overseas

The U.S. January ISM Manufacturing Index surged to 52.6, far exceeding expectations and hitting a new high since February 2022.

A potential U.S. government shutdown delayed key economic data once again: the December JOLTS Job Openings report (scheduled for Tuesday) and the nonfarm payrolls report (scheduled for Friday) were rescheduled.

Donald Trump: The U.S. and India reached a trade agreement, slashing the reciprocal tariff on India from 25% to 18%, and Narendra Modi agreed to halt Russian oil purchases.

Report: Trump plans to invest $12 billion in critical mineral stockpiles, driving U.S. Antimony's stock price up over 7%.

Kevin Hassett: Naming Kevin Warsh as Federal Reserve Chair is "the right person at the right time", and the Fed's balance sheet should be "as lean as possible".

U.S. presidential envoy is reportedly set to meet with Iran's foreign minister on Friday; Iran emphasized the core demand for U.S.-Iran nuclear talks: the lifting of sanctions.

Oracle launched a $25 billion bond issuance, planning to raise funds in eight tranches to accelerate cloud infrastructure investment.

SpaceX confirmed the merger with xAI in an internal memo; Tesla's 3rd-generation humanoid robot Optimus is set to debut in Q1 with a production target of 1 million units annually; Elon Musk: A major breakthrough in lithium batteries, Tesla has achieved mass production of dry electrode batteries.

Palantir's Q4 revenue surged 70% year-on-year, beating expectations, with its 2026 full-year guidance also far exceeding forecasts, and its stock price rose over 8% in after-hours trading at one point.

NXP Semiconductors' Q4 revenue and Q1 guidance both slightly beat expectations, but its Q4 automotive business weighed on performance, sending its stock down over 6% in after-hours trading at one point.

Media reports: OpenAI is dissatisfied with the inference performance of NVIDIA's chips and has been seeking alternatives since last year.

# Market Closing Quotes

## European & U.S. Stock Markets

S&P 500: +0.54% to 6,976.44

Dow Jones Industrial Average: +1.05% to 49,407.66

NASDAQ Composite: +0.56% to 23,592.107

Euro Stoxx 600: +1.03% to 617.31

## A-Shares

Shanghai Composite Index: -2.48% to 4,015.75

Shenzhen Component Index: -2.69% to 13,824.35

ChiNext Index: -2.46% to 3,264.11

CSI 300: -2.13% to 4,605.98

## Bond Market

At the close of the bond market, the U.S. 10-year Treasury yield stood at approximately 4.28%, up about 4 basis points intraday; the U.S. 2-year Treasury yield was around 3.57%, rising about 5 basis points intraday.

## Commodities

WTI Crude Oil (March futures): -4.71% to $62.14/barrel

Brent Crude Oil (April futures): -4.36% to $66.30/barrel

COMEX Gold (April futures): -1.95% to $4,652.6/ounce

COMEX Silver (March futures): -1.94% to $77.009/ounce

LME Tin: -approx. 10.3% to $46,591/ton

LME Nickel: -approx. 6.3% to $16,827/ton

LME Copper: -approx. 2.1% to $12,892/ton

# Detailed Top News

## Global Headlines

### China

China's January RatingDog Manufacturing PMI came in at 50.3, with selling prices rising for the first time in 14 months. The index hit a three-month high, with positive signals including growth in new orders (including export orders) and a first rebound in employment in three months. However, business confidence fell to a nine-month low, and input costs saw the sharpest increase in four months, forcing a first rise in product selling prices in 14 months.

Li Qiang: Leverage artificial intelligence technology to reshape the entire manufacturing chain and coordinate the development of a new energy system. Li Qiang stated that on the basis of maintaining scale advantages, greater emphasis should be placed on scientific and technological innovation to drive the iteration and upgrading of technologies and products. R&D investment should be continuously increased in accordance with the development needs of relevant industries to steadily boost high-quality supply. Efforts should be made to strengthen the coordinated utilization of regional energy resources, promote the interconnection of pipeline network facilities, optimize heat metering methods, accelerate the R&D and application of green and low-carbon technologies, and convert industrial waste heat into stable and clean heat sources.

### Overseas

US January ISM Manufacturing Index hits a new high since February 2022, far exceeding expectations! The US January ISM Manufacturing PMI surged sharply from 47.9 in the previous month to 52.6, well above the expected 48.5, boosted mainly by solid growth in new orders and output. The employment index hit a one-year high but remained in contraction territory, and the prices paid index rose to a four-month high.

US nonfarm payrolls report delayed again; government shutdown causes key data to be late once more. On February 2 (local time), the US Bureau of Labor Statistics announced that the January nonfarm payrolls report, originally scheduled for release on the 6th, would not be published on time due to a partial federal government shutdown. Emily Liddell, the official in charge of the US Bureau of Labor Statistics, said in a statement: "The report will be rescheduled for release after government funding is restored."

US annual nonfarm employment may be revised down by 1 million; US employment has been systematically overestimated. Barclays and Citigroup believe that the US employment issue is not about "how many new jobs were added in January", but about "how much the cumulative count has been overestimated" in the past year. Based on the latest QCEW data, Barclays pointed out that monthly employment has been overestimated by 80,000 to 90,000 on average in the past year; Citigroup stated that signals truly reflecting the downward trend are more likely to emerge concentratedly in the spring and summer.

Also due to the partial shutdown of the Trump administration, the December JOLTS Job Openings report, originally scheduled for release this Tuesday, has also been rescheduled.

Trump: US and India reach trade agreement to cut Indian tariffs; Modi agrees to halt Russian oil purchases. Trump stated that the US will slash the "reciprocal tariff" on India from 25% to 18%, and India will correspondingly reduce tariffs and non-tariff barriers on the US to zero, commit to purchasing more than $500 billion worth of US energy and other products, and may also buy Venezuelan oil. Media reported that Indian officials confirmed they will purchase $500 billion worth of US goods over the next five years, and the US will lift the 25% tariff on India.

Report: Trump plans to invest $12 billion in critical mineral stockpiles. The critical mineral stockpile program to be launched by Trump will establish the first private-sector commercial inventory for US manufacturers to hedge supply chain risks. The program will provide $10 billion in loans through the US Export-Import Bank and attract private capital to purchase and stockpile strategic minerals such as gallium and cobalt. Following the report, US Rare Earths (USAR) and US Antimony Corporation (UAMY) both surged more than 10% in early trading; the former turned lower in midday trading, while the latter closed up more than 7%.

Hassett: Naming Warsh as Fed Chair is "the right person at the right time"; the Fed's balance sheet should be "as lean as possible". Hassett described Warsh as a "data-driven and independent" candidate, implying that the nominee will formulate monetary policy with an objective attitude, free from political interference. Hassett also warned that if data changes sharply and inflation surges, there will be no room for interest rates to fall to such low levels as 1%.

US presidential envoy reportedly to meet with Iranian foreign minister on Friday; Iran emphasizes core demand for US-Iran nuclear talks: lifting of sanctions. Iranian media reported that the Iranian president has ordered the launch of nuclear negotiations, and Iran may hold high-level talks with the US in the next few days. US media stated that US presidential envoy Witkoff will meet with the Iranian foreign minister to discuss a "possible nuclear agreement". The US Secretary of Defense said that if the Iranian government refuses to negotiate with the US on its nuclear program, the US is "fully prepared" to take action. A spokesperson for the Iranian Ministry of Foreign Affairs emphasized that Iran seeks a fair and reciprocal outcome of the negotiations and will never make unilateral concessions without corresponding economic relief.

Oracle launches $25 billion bond issuance, planning to raise funds in eight tranches to accelerate cloud infrastructure investment. Oracle officially kicked off its maximum $50 billion financing plan in early trading, which includes an initial bond issuance of approximately $25 billion. The bond issuance will be conducted in eight tranches, led by top investment banks such as Goldman Sachs and Citigroup, and is a one-time issuance in 2026, aiming to fund its "capital-intensive bet" on AI cloud infrastructure. Oracle rose 4% in early trading but later turned lower.

SpaceX, Elon Musk's aerospace company, confirmed the merger with xAI in an internal memo.

Tesla's 3rd-generation humanoid robot Optimus to debut in Q1 with an annual production target of 1 million units; Model S/X production to be suspended in Q2 to make way for mass robot production. The 3rd-generation Optimus is Tesla's first humanoid robot designed for mass production, with a target annual production capacity of 1 million units. CEO Elon Musk said on the earnings call last week that Tesla plans to suspend the production of Model S and Model X in the second quarter of 2026 and transform the production lines at the Fremont Factory into Optimus production lines.

Musk: Major breakthrough in lithium batteries; Tesla achieves mass production of dry electrode batteries. Tesla CEO Elon Musk confirmed that the company has overcome technical hurdles and achieved mass production of the dry electrode process, which he called a "major advance" in lithium battery production technology. Abandoning traditional toxic solvents and expensive drying steps, this technology can significantly reduce manufacturing costs and energy consumption, and is expected to improve battery energy density and lifespan. It will provide key support for Tesla to consolidate its cost and efficiency advantages in electric vehicles and the rapidly growing energy storage business.

Palantir's Q4 revenue surges 70% YoY, beating expectations; 2026 full-year guidance far exceeds forecasts, with stock price surging over 8% in after-hours trading at one point.

NXP Semiconductors' Q4 revenue and guidance both slightly beat expectations, but the automotive business weighs on performance, sending its stock price down over 6% in after-hours trading at one point.

Media reports: OpenAI is dissatisfied with the inference performance of NVIDIA's chips and has been seeking alternatives since last year.

## Selected Research Reports

Japan bets big on fiscal expansion, the US faces a mid-term test; how will the election year reshape the global market? 2026 marks a global "super election year". Japan's early general election may trigger radical fiscal expansion, adding pressure to the US and Japanese bond markets; the US mid-term election is a key test for the Trump administration, with the cost of living issue swaying opinion polls. From the resurgence of the right wing in Latin America to policy changes in Europe and frontier markets, political uncertainty is fully reshaping global investment logic and risk appetite.

A new "compact" between the Fed and the Treasury? Warsh pushes for balance sheet reduction, and liquidity reality may become the biggest stumbling block. Trump nominated Kevin Warsh as Federal Reserve Chair, whose core proposition is to push the Fed to drastically shrink its massive $6.6 trillion balance sheet and seek a new agreement with the Treasury to clarify the central bank's independent boundaries and prevent fiscal monetization. Treasury Secretary Bessent holds a similar stance. However, this radical plan faces huge practical resistance, including market "panic" triggered by previous balance sheet reductions in history, potential upward pressure on long-term interest rates, and the current banking system's reliance on high reserve balances. The market expects Warsh to adopt an extremely prudent and gradual strategy and establish a close cooperation framework with the Treasury.

Gold nears its first key support level. After a sharp correction, the gold price has approached its first key support level around $4,600 per ounce (with a fluctuation of $50 up and down), and holding this level is crucial to maintaining the bull market structure. However, the main market risk is that a mere 5% pullback of the huge existing profit-taking positions (about $20 trillion) will be enough to offset global physical demand. Therefore, institutions such as Citigroup have turned cautious in the medium term, expecting the gold price to fall back to $4,000 in 2027.

Is gold at its most vulnerable moment? A mere 5% outflow of profit-taking positions is enough to offset global physical demand. Citigroup warned that the gold bull market driven by $1 trillion in hot money is facing the "Sword of Damocles"! The current market profit-taking positions stand at a staggering $20 trillion, and a mere 5% sell-off will be sufficient to offset global physical demand. As geopolitical risks recede and the Fed's independence is confirmed, Citigroup is bearish on the second half of 2026 and expects the gold price to drop 20% to $4,000 by 2027.

After the "epic volatility" in gold and silver, is it time to bottom-fish? The consensus is: blind bottom-fishing is not advisable at this moment. Although the long-term bull market logic remains intact, short-term selling pressure has not subsided and volatility remains extremely high. Analysts from many institutions such as Huatai Securities suggest being patient, waiting for market volatility to drop significantly from extreme highs (e.g., gold IV at 35%), and observing stabilization signals at key support levels (e.g., gold at $4,700 per ounce) to avoid "catching a falling knife" in the market slump.

What is the biggest narrative shift for AI in 2026? The industry focus is shifting from training to the inference segment that can truly deliver investment returns. Bank of America believes that while training remains important, 2026 may mark the year when inference becomes a larger workload, and it will eventually account for the majority share or 75% of the projected $1.2 trillion in AI capital expenditure by 2030.

# Domestic Macro-Economy

Ten government departments have jointly issued a document to promote the development of a standard system for the low - altitude economy. Recently, ten departments, including the State Administration for Market Regulation, the Central Air Traffic Management Commission, and the National Development and Reform Commission, have jointly issued the *Guidelines for the Construction of a Standard System for the Low - Altitude Economy (2025 Edition)*, aiming to drive the high - quality development of the entire industrial chain through standardization. The Guidelines focus on five core areas: aircraft, infrastructure, air traffic management, safety supervision, and application scenarios, and establish a "four - dimensional integration" standard supply system that integrates technical standards with management norms, domestic standards with international rules, mandatory standards with recommended standards, and basic standards with scenario - specific standards. The goal is to basically complete the establishment of the standard system by 2027, and formulate more than 300 advanced and compatible international standards by 2030, so as to provide strong support for the safe and healthy development of the low - altitude economy.

Russian Defense Minister Sergei Shoigu visited China, entrusted by President Vladimir Putin for strategic communication. According to the Global Times, Wang Yi met with Shoigu in Beijing, stating that China and Russia have the responsibility and obligation to practice true multilateralism and promote the construction of a more fair and reasonable global governance system. China and Russia should maintain close communication on major issues concerning bilateral relations and strengthen mutual support on matters involving each other's core interests. Shoigu said that he was entrusted by Putin to conduct strategic communication in China. Russia has always adhered to the one - China principle, closely followed the moves of hostile forces that undermine cross - strait stability, and firmly opposed Japan's attempt to accelerate its "remilitarization".

# Domestic Companies & Industries

Moutai's sales volume exceeded expectations, and the liquor sector boomed across the board: is a decade - long market bottom taking shape? Behind the sharp rise of the liquor sector lies the dual resonance of the strong recovery in Moutai's wholesale prices and the advancement of market - oriented reforms. China Securities Co., Ltd. holds the view that with the superposition of macro - economic positive factors such as the relaxation of real estate policies and the expected positive turn of the Producer Price Index (PPI), the valuation of the liquor sector is at a historically low level, showing strong value for bottom - up allocation. Meanwhile, attention should be paid to the catalytic role of consumption policies, and it is optimistic that the liquor sector may usher in an investment opportunity of a decade - long market bottom around the Spring Festival.

# Overseas Macro-Economy

Bitcoin fell below $80,000, facing a new round of "credit crisis". Over the weekend, Bitcoin dropped below $76,000, with its monthly chart recording the longest consecutive decline since 2018. The market depth of Bitcoin has been on a continuous downward trend, and the price drop has not triggered enthusiasm for bottom - fishing in the market. Even positive regulatory news cannot mask the weak demand. The booming market trends of AI and precious metals have intensified capital competition, weakening Bitcoin's appeal as a risk - hedging tool and a speculative target.

As Bitcoin continues to plummet, the focus turns to whether MicroStrategy (MSTR) will be forced to sell its holdings. MicroStrategy and 11 spot ETFs hold 10% of the circulating supply of Bitcoin, with an average cost as high as $85,360, resulting in an overall floating loss of approximately $7 billion so far. MicroStrategy's average cost is about $76,000, and its safety margin has narrowed to less than 3%. Nevertheless, it still raised the preferred stock dividend rate to 11.25% to attract more capital for continued Bitcoin purchases. Jim Bianco warned that the narrative of "old money entering the market" has lost its effectiveness. In the absence of new buyers, the institutional holdings that are trapped at high prices may turn into continuous selling pressure.

Worse still, the sharp drop in commodities dragged down Indonesia's stock market by 6%. The Jakarta Composite Index plummeted by 6%, with mining and energy stocks being the biggest drag. As an important commodity - exporting country, Indonesia's stock market is highly sensitive to commodity prices, which poses a severe test to the regulatory authorities' efforts to restore market confidence that have just been launched.

# Overseas Companies

Disney's first - quarter revenue in fiscal year 2026 increased by 5% year - on - year, while net profit dropped by 6%. The entertainment and sports segments weighed on profits. In the first quarter of fiscal year 2026, Disney's revenue rose by 5% year - on - year to $25.98 billion, and its net profit fell by 6% to $2.4 billion. The growth was mainly driven by the experience segment (theme parks and cruise ship business), which accounted for more than 70% of the operating profit. The profits of the entertainment and sports segments decreased by 35% and 23% respectively, affected by the rising content costs, weak advertising, and subscription pressure. The cash flow shrank due to the concentrated tax payments and increased investment in content. The company maintained an active shareholder return policy and paid close attention to content renewal risks and multiple ongoing legal lawsuits.

# Industry / Concepts

## 1. Low - Altitude Economy

The State Administration for Market Regulation, together with the Central Air Traffic Management Commission, the National Development and Reform Commission, and seven other departments, jointly issued the *Guidelines for the Construction of a Standard System for the Low - Altitude Economy (2025 Edition)* on February 2. It focuses on five core areas, namely low - altitude aircraft, low - altitude infrastructure, low - altitude air traffic management, safety supervision, and application scenarios, and establishes a "four - dimensional integration" standard supply system that integrates technical standards with management norms, domestic standards with international rules, mandatory standards with recommended standards, and basic standards with scenario - specific standards.

Commentary: China International Capital Corporation (CICC) holds that as a comprehensive economic form with a strong driving effect and a long industrial chain, the low - altitude economy plays a significant role in promoting economic and social development. The China Academy of Information and Communications Technology (CAICT) predicts that the market size of China's low - altitude economy will reach approximately 506 billion yuan in 2023 and is expected to hit one trillion yuan by 2026. With the improvement of the relevant policy environment and the implementation of development plans for the low - altitude economy, China's low - altitude economy market is expected to achieve rapid development.

## 2. Nicotinamide

Public data shows that the market price of nicotinamide has been on the rise continuously. On February 2, the quotation of nicotinamide was 39.5 yuan per kilogram, an increase of about 14.5% compared with the price at the beginning of January 2026.

Nicotinamide is widely used in daily foods such as grains and dairy products to meet consumers' demands for nutritional fortification. In the cosmetics field, its excellent anti - aging and skin - whitening effects have made it a star ingredient in skin - care products, and it has been incorporated into high - end product lines such as essences and creams by many brands. In the pharmaceutical industry, the application of nicotinamide in the fields of disease treatment and health care is continuously deepening. In recent years, with the intensification of the global aging trend and the increase in consumers' demand for health and beauty products, the market size of nicotinamide has been expanding steadily.

## 3. AI Applications

According to a report by the Beijing News, on February 2, Qianwen App, owned by Alibaba, announced the launch of the "Spring Festival Treat Program" with an investment of 3 billion yuan, which will be officially launched on February 6. During the Spring Festival, Qianwen App will cooperate with Alibaba's ecological businesses such as Taobao Flash Sale, Fliggy, Damai, Hema, Tmall Supermarket, and Alipay to treat people across the country to food, travel, and entertainment for free. Tencent launched a Spring Festival red envelope activity on the Yuanbao App on February 1. Users can participate in sharing 1 billion yuan in cash, and the maximum amount of a single red envelope can reach 10,000 yuan. Earlier, Baidu announced that from January 26 to March 12, users who activate Wenxin Assistant by voice or text on the Baidu App can participate in a cash red envelope activity with a total prize pool of 500 million yuan, and the maximum single prize is 10,000 yuan.

Commentary: Domestic Internet giants are all betting heavily on the Spring Festival season to seize the C - end AI traffic entrance, marking that the competition in AI applications has entered a new stage. By virtue of activities such as AI red envelopes, Internet giants can attract a large number of new users to try AI products for the first time or increase the frequency of using relevant AI products among existing users in the short term, so as to promote the large - scale penetration of AI applications among the whole people, which is expected to accelerate the commercialization process of AI applications. It is recommended to continuously pay attention to investment opportunities related to AI applications in the future, including the progress of AI commercialization of leading Internet manufacturers, ecological partners that have established strategic cooperation or equity ties with leading manufacturers, as well as IDC partners, AI hardware equipment and component suppliers that directly benefit from the expansion of AI computing power demand of leading manufacturers.

## 4. Controlled Nuclear Fusion

On February 2, Energy Singularity, a commercial controlled nuclear fusion company, announced that its Honghuang 70 high - temperature superconducting tokamak had achieved another breakthrough. It successfully achieved a steady - state long - pulse plasma operation of 1,337 seconds in the 5,755th experiment. This achievement is attributed to the continuous optimization of AI - based plasma feedback control technology. It is also the first time in the world that a nuclear fusion device developed and built by a commercial company has successfully achieved a long - pulse operation of plasma current at the thousand - second level.

Commentary: Analysts believe that the materials required for controlled nuclear fusion are extremely abundant on Earth, and its emission is pollution - free, so it is regarded as the key to unlocking the door to "energy freedom". Controlled nuclear fusion is also known as the new - generation "artificial sun". From the EAST's realization of steady - state operation at 100 million degrees Celsius to the intensive breakthroughs made by private enterprises in high - temperature superconductivity and hydrogen - boron fusion routes, controlled nuclear fusion is accelerating its transformation from a conceptual stage to a new phase of engineering and commercial competition. Since 2026, controlled nuclear fusion has entered a crucial ten - year window period, and a new chapter in the trillion - yuan energy market has been opened.

## 5. Two - Dimensional Semiconductors

According to the official website of Nanjing University, the team of Wang Xinran and Li Taotao from Nanjing University - Suzhou Laboratory, in cooperation with the team of Wang Jinlan from Southeast University, has developed a brand - new oxygen - assisted metal - organic chemical vapor deposition (oxy - MOCVD) technology, which has solved the kinetic bottleneck restricting the mass production of two - dimensional semiconductors. The team has innovatively designed the material growth structure in the process of preparing two - dimensional semiconductors, increasing the reaction rate of precursors by more than 1,000 times. Together with the "Stone - to - Crystal" technology published by the team in 2025, this achievement has established a complete technical route of "substrate engineering + kinetic regulation", providing core support for the mass production of two - dimensional semiconductors and helping China build core advantages in the competition of next - generation semiconductor technologies.

Commentary: Analysts point out that in the face of the global challenge of Moore's Law approaching the physical limit, two - dimensional semiconductors with atomic - level thickness are internationally recognized as the key to breaking the bottleneck. Two - dimensional semiconductors are a cutting - edge direction in the current semiconductor technology field. Their core advantage lies in their atomic - level thickness (composed of a single layer or several layers of atoms), which can break through the physical limit of silicon - based materials and provide a new path for the development of chips in the post - Moore era. The two - dimensional - silicon hybrid architecture flash memory chip technology is expected to subvert the traditional memory system, enabling general - purpose memory to replace the multi - level hierarchical storage architecture. It will provide faster and lower - energy - consumption data support for cutting - edge fields such as artificial intelligence and big data, and make two - dimensional flash memory the standard storage solution in the AI era.

# Preview of Today's Key News

Shanghai Futures Exchange: The daily price limit for silver futures has been adjusted to 17%, and the margin ratio for hedging positions has been adjusted to 18%.

Australia's policy interest rate announcement.

France's January Consumer Price Index (CPI) release.

Speech by Federal Reserve Governor Michelle Bowman.

Earnings reports release by AMD and Pfizer.

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# Risk Notice and Disclaimer

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