Morning News

# Market Overview

Source: Wall Street Insights

Weak US employment data coupled with AI-driven fears sent US stocks lower, triggered a slump in cryptocurrencies and silver, and spurred investors to flock to US Treasuries for safe-haven gains.

All three major US stock indices fell more than 1%, with small-cap stocks leading the decline and the Russell 2000 dropping 1.8%. Nine out of the 11 major S&P sectors closed in negative territory, and the software stock ETF plummeted 5%. Oracle shed nearly 7%, Microsoft lost close to 5%, and Amazon tumbled 10% following its earnings release. In contrast, the China ADR index bucked the trend to close higher: Baidu rose 0.73%, Meituan advanced over 2%, while Dingdong Maicai nosedived 15%.

Safe-haven sentiment pushed US Treasury yields sharply lower. The 10-year US Treasury yield fell 9 basis points to 4.19%, and the 2-year yield also dropped 9 basis points to 3.46%, hitting a near one-month low.

The US dollar gained 0.3% on the back of safe-haven flows. The Bank of England struck a dovish tone in its interest rate decision, sending the pound plunging 0.9%.

Spot gold fell 4%, and spot silver crashed 19% to edge close to the $70 mark.

Cryptocurrencies were caught in a sell-off bloodbath: Bitcoin plummeted 12% to break below the $63,000 level, halving nearly from its October 2025 high and logging its biggest single-day drop since the FTX collapse. Ethereum tumbled 11% to fall under $1,900. Crude oil declined around 2% after Iran confirmed it would hold negotiations with the US on Friday.

During the Asian trading session, all three major A-share indices declined, with the space-based photovoltaic and precious metals sectors seeing a wave of limit-downs. Kweichow Moutai extended its gains for the fourth consecutive session. The Hang Seng Tech Index turned red in late trading as tech and internet stocks generally rebounded, while Shanghai silver slumped more than 10%.

# Top News

## China

Will Chinese leaders visit the US by the end of this year? The Foreign Ministry responds.

Driven by robust AI demand, Hon Hai posted NT$730.04 billion in sales in January, a year-on-year increase of 35.5%.

Meituan acquires Dingdong Maicai.

## Overseas

US JOLTS job openings in December hit a more than five-year low, falling far short of expectations. US-based Challenger, Gray & Christmas reported that US firms cut 108,000 jobs in January, the highest for the month since 2009 and a whopping 205% month-on-month surge.

Amid election uncertainty, Japan's 30-year government bond auction steadied the market.

ECB President Christine Lagarde stated that inflation is harder to predict than usual; against the backdrop of a stronger euro and tariff fears, the ECB kept interest rates unchanged for the fifth consecutive time.

The Bank of England held interest rates steady at 3.75%, with a 5-4 voting result sending a strong signal of an upcoming rate cut.

Bitcoin bloodbath: the cryptocurrency plummeted 12% to $63,000, leading to over 400,000 liquidations and pushing the market into a confidence crisis.

Amazon's AI spending to surpass Google: the company's 2026 expenditure guidance unexpectedly surged to $200 billion, sending its shares diving over 10% in after-hours trading.

Nvidia will delay the launch of its new gaming chips due to a shortage of memory chips.

Anthropic released Claude Opus 4.6, sending Reuters shares down over 8.5% and FactSet tumbling as much as 10%. OpenAI launched GPT-5.3-Codex, hailing it as the most powerful programming agent to date, and also unveiled Frontier, a product targeting enterprise-level agent automation.

# Market Closing Quotes

## European and US Stock Markets

- S&P 500: -1.23% to 6,798.40

- Dow Jones Industrial Average: -1.20% to 48,908.72

- Nasdaq Composite: -1.59% to 22,540.586

- Euro Stoxx 600: -1.05% to 611.65

## A-Shares

- Shanghai Composite Index: 4,075.92 (-0.64%)

- Shenzhen Component Index: 13,952.71 (-1.44%)

- ChiNext Index: 3,260.28 (-1.55%)

## Bond Market

- The 10-year US Treasury yield fell 7.56 basis points to a session low of 4.1979%.

- The 2-year US Treasury yield dropped 8.43 basis points to a session low of 3.4669%.

## Commodities

- Spot gold: intraday drop of 4% to $4,763.2 per ounce

- Spot silver: intraday drop of 19.5% to $70.84 per ounce

- WTI Crude Oil (March contract): fell $1.85, or 2.84%, to $63.29 per barrel

# Detailed Top News

## Global Headlines

### China

Will Chinese leaders visit the US by the end of this year? Foreign Ministry responds. "The heads of state of China and the US maintain communication and interactions. As for the specific question you raised, I have no information to provide at present," Foreign Ministry Spokesperson Lin Jian replied.

Bolstered by robust AI demand, Hon Hai posted NT$730.04 billion in sales in January, surging 35.5% year-on-year. Hon Hai Precision's January revenue reached NT$730 billion, a whopping 35.5% year-on-year increase, demonstrating the strong resilience of demand for AI infrastructure. As a core partner of NVIDIA, its stellar performance directly reflects the vigorous purchasing power of global data center servers, and the company expects a 28% sales growth in the first quarter.

Meituan acquires Dingdong Maicai.

### Overseas

US JOLTS job openings hit a more than five-year low in December, falling far short of expectations. US job openings dropped to a more than five-year low in December, missing expectations by a wide margin, while the previous month's data was also revised downward, reflecting a softening US labor market at the end of 2025. Other indicators in the JOLTS report showed that while the US labor market has cooled, it has not collapsed.

US-based Challenger firms announced 108,000 layoffs in January, the highest for the month since 2009 and a 205% month-on-month surge. The US job market got off to its bleakest start since the financial crisis: US companies announced 108,435 job cuts in January, a 118% year-on-year jump and the highest January layoff figure since 2009. Meanwhile, firms only announced plans to add 5,306 new positions, the lowest January number since the firm began tracking such data in 2009.

Amid election uncertainty, Japan's 30-year government bond auction steadies the market. Demand for Japan's 30-year government bond auction rebounded, with the bid-to-cover ratio reaching 3.64, pushing the 30-year yield down 5 basis points to 3.585%. The result temporarily eased market concerns over long-term debt, indicating that the current relatively high interest rates have attracted long-term investors such as insurance companies to enter the market. However, the long-term trend of the bond market still depends on fiscal policies and central bank moves after the general election.

Could Warsh face prosecution for ineffective rate cuts? Bessent leaves suspense at hearing: Prosecution decision hinges on Trump. At the Senate Banking Committee hearing reviewing the Federal Reserve chair nominee, Senator Warren asked Bessent to commit that Warsh would not be prosecuted or investigated for failing to set interest rates in line with the president's wishes. Bessent refused to make the commitment, stating that Trump's previous remarks about prosecuting Warsh were a "joke" and that Warsh is "highly qualified". Bessent shifted the blame for inflation to Biden, claiming that the media attributes the affordability crisis to the Trump administration, but in fact, the previous Biden administration eroded people's purchasing power, and he witnessed inflation during Biden's tenure.

ECB President Christine Lagarde: Inflation is harder to predict than usual; ECB holds rates steady for 5th straight time amid stronger euro and tariff fears. The European Central Bank decided to keep its deposit rate unchanged at 2% on Thursday, marking the fifth consecutive pause in rate cuts since June last year. Policymakers are closely monitoring the impact of the euro's appreciation on export competitiveness and inflation prospects. As tariff risks resurface, uncertainties in the external environment are mounting, which may exert dual pressure on economic growth and prices.

Bank of England holds rates steady at 3.75%, 5-4 vote sends strong rate cut signal. The Bank of England kept its key interest rate unchanged at 3.75%, but a narrow 5-4 vote in favor of holding rates sent a strong dovish signal for future cuts. Governor Bailey said "there should be further scope for rate cuts this year" and predicted that inflation would fall back to 2% in April. The pound fell 0.8% after the decision, and short-term government bond yields declined. Although inflation remains high, the policy focus has clearly shifted from fighting inflation to addressing economic weakness and downside risks to demand, paving the way for the start of a rate cut cycle this year.

Bitcoin bloodbath! Plunges 12% to $63,000, over 400,000 investors liquidated! Market mired in "confidence crisis". Bitcoin plummeted 12% on Thursday to a 16-month low, as a global sell-off in risky assets pushed the world's largest cryptocurrency into a new downward spiral. According to Coinglass data, the liquidation volume of long positions in various tokens reached $1.703 billion in the past 24 hours, with 400,000 investors liquidated globally. Some market observers believe that after breaking below the $70,000 mark, a larger-scale sell-off may be triggered in the short term, even falling back to the lows after the first rebound in early 2024.

Amazon's AI spending to outpace Google, 2026 expenditure guidance surges unexpectedly to $200 billion, shares dive over 10% in after-hours trading. Amazon's Q4 revenue rose 14% year-on-year, with AWS cloud business revenue surging 24% year-on-year to beat expectations, the fastest growth in more than three years. Free cash flow shrank by over 70% in a year, and full-year property and equipment spending soared nearly 59%. Annualized revenue from Trainium and Graviton chips exceeded $10 billion. 2026 capital expenditure is expected to rise 50% year-on-year, nearly 40% higher than analysts' expectations and 11% higher than the midpoint of Google's guidance, reflecting its layout in AI, chips, robotics and low-earth orbit (LEO) satellites. Q1 revenue is expected to grow by up to 15%, and operating profit is expected to rise by nearly 17% in the best case or fall by 10% in the worst case, partly due to a $1 billion increase in LEO satellite costs.

NVIDIA to delay launch of new gaming chips due to memory chip shortage. Affected by the global memory chip shortage driven by the AI boom, NVIDIA announced it would delay the launch of new gaming graphics cards, marking the first time in nearly 30 years that the company has not released a new gaming chip in a full year. The company has prioritized the allocation of scarce memory chip production capacity to its more profitable AI business, leading to a sharp cut in gaming GPU output.

Anthropic releases Claude Opus 4.6, Reuters drops over 8.5%, FactSet tumbles as much as 10%. Anthropic launched Claude Opus 4.6, an AI model specialized in financial research, on Thursday. The model can quickly analyze corporate data, regulatory documents and market information, with significant upgrades in programming and multi-task execution. Following the model's release, shares of financial information service providers plummeted: FactSet fell as much as 10%, and Thomson Reuters dropped over 8.5% to an intraday low since March 2020, reigniting market fears of traditional software being replaced by AI.

OpenAI launches GPT-5.3-Codex, hails it as the most powerful programming agent to date, timing the release almost simultaneously with Anthropic's launch of its flagship upgraded model Claude Opus 4.6. The new model has significantly outperformed in multiple benchmark tests and participated in its own training and deployment for the first time. Industry insiders believe this marks the official start of the AI programming war for enterprise-level software development.

OpenAI launches Frontier, targeting enterprise-level agent automation. OpenAI released Frontier, an enterprise-level AI agent platform, on Thursday, helping companies build, deploy and manage AI agents more easily, and integrate multi-source data to perform tasks such as document processing and code running. The platform supports collaborative use with AI agents from competitors such as Anthropic and Microsoft, and is positioned not as a replacement for existing software, but as infrastructure for enterprises to distribute and run AI agents. OpenAI executives said that by the end of this year, a large number of digital work at leading enterprises will be commanded by humans and executed by AI agents. Meanwhile, rival Anthropic released a financial research AI model on the same day, reigniting market fears of traditional software being replaced by AI.

Tying to OpenAI loses its appeal: Wall Street starts liquidating OpenAI concept stocks, Google surges 36% to become the winner. Wall Street's attitude towards OpenAI has shifted from enthusiasm to worry. Affected by its losses and doubts over its performance capabilities, shares of deeply tied Microsoft and Oracle have plummeted sharply. Meanwhile, Google stood out with full-line financial returns driven by Gemini 3 and a 48% revenue growth in its cloud business, supporting the index boom with a $4 trillion market capitalization, and may become the winner in the second half of the AI race.

Why are tech giants pouring huge sums into OpenAI? NVIDIA, Amazon and others have successively participated in OpenAI's $100 billion financing round. Analysts believe that OpenAI has become the key to the valuation of tech giants; a failure to continue funding may trigger a collapse of the AI investment logic, and tech giants may face a 50%-80% market value shrinkage. "If OpenAI cuts its committed spending to hyperscale cloud vendors, they will lose $1 trillion in market value—so what is $10 billion between friends?"

## Selected Research Reports

Panic spreads, selling triggers more selling. Anxiety in tech stocks has triggered a chain sell-off, and market sentiment towards the AI narrative has shifted from optimism to wariness. Plunges in software and chip stocks (AMD down 17%) have spread to global assets, forming a negative feedback loop. The core of the market sentiment shift is that AI is now seen as a threat to business models rather than just a growth driver, leading the software sector to lose nearly $1 trillion in market value in a week. At the same time, Alphabet's capital expenditure plan has doubled to about $180 billion, exacerbating market concerns about whether high investment can bring returns.

Silver's historical peaks are never driven by "overvaluation". The moment a peak is truly confirmed often stems from changes in rules: take 1980 as an example, silver prices peaked on the day the COMEX implemented "liquidation only" and banned new positions; in 2011, the measure was relatively mild, with silver prices peaking when the CME announced margin hikes for the second time. History seems to be repeating itself—during the current silver rally, the CME has raised margins five times in just one month.

Misunderstood by the market? Warsh's real benchmark: Greenspan. Warsh believes that the current AI wave is "the most productivity-boosting wave in a lifetime—past, present and future", which can create significant room for the Federal Reserve to cut interest rates without pushing up inflation. His philosophy is seen as an attempt to replicate Greenspan's monetary policy legend. Bessent strongly backed Warsh, stating that "we are currently in the early stages of a productivity boom similar to the 1990s, and the economy can operate with low interest rates".

Walmart's turnaround is not about becoming the second Amazon. Walmart has integrated its online and offline businesses to become a better version of itself.

## Domestic Companies

Baidu announces $5 billion share repurchase plan and adopts dividend policy for the first time. Baidu announced in a filing that the new share repurchase plan allows the company to repurchase up to $5 billion of its shares until December 31, 2028. The board of directors approved the adoption of a dividend policy for the company's common stock for the first time, which may include regular and special dividend distributions, with the first dividend expected to be announced in 2026.

NIO surges over 11% in pre-market US trading, closes up 5.8%; the company achieves quarterly profit for the first time, with expected operating profit of RMB 700 million to 1.2 billion in Q4 2025. NIO expects to post its first quarterly operating profit in the fourth quarter of 2025, reaching RMB 700 million to 1.2 billion on an adjusted basis. Even under more stringent accounting standards, profit is expected to be RMB 200 million to 700 million, showing that its profit improvement stems from operational optimization. Compared with a loss of over RMB 5.5 billion in the same period last year, the quarter's performance improved by about RMB 6.2 billion to 6.7 billion month-on-month. The company said the growth was driven by higher sales volume, optimized product mix and comprehensive cost reduction and efficiency improvement. NIO's US-listed shares surged over 11% in pre-market trading after the news.

What is Musk's team focusing on during its secret visit to Chinese photovoltaic enterprises? The enterprises visited by Musk's team this time cover the entire photovoltaic industry chain, including equipment, silicon wafers, battery modules and cutting-edge technology directions, with a particular focus on next-generation high-efficiency technologies such as heterojunction (HJT) and perovskite. These two technical routes are considered to have advantages in theoretical efficiency and long-term cost reduction potential.

# Overseas Macroeconomy

Trump: India will no longer purchase Russian oil. Russia: No, India never said that. Analysts believe India is unlikely to completely turn away from Russian oil given the potential economic impact of an outright ban. While India has cut crude oil purchases from Russia in recent months, an immediate halt to all imports would risk disrupting its economic growth and is therefore not a viable option.

# Overseas Companies

Apple plans to launch a budget MacBook, the first to use iPhone chips, with a price tag potentially below $799. Despite its lower memory configuration, the budget MacBook is not expected to see a noticeable drop in operational smoothness and will support Apple Intelligence, positioning it competitively in the entry-level market. Industry insiders revealed that Apple projects annual shipments of the device to reach 5-8 million units, accounting for approximately 20%-30% of last year’s total Mac sales.

Google Earnings Call: $185 billion in spending is "unavoidable", confirms Apple partnership, and states Gemini is not the "terminator" of SaaS. Google announced its 2026 capital expenditure will hit $175-185 billion, primarily allocated to servers and data centers as it fully commits to the AI arms race. The company officially confirmed a partnership with Apple to develop next-generation foundational models based on Gemini. Addressing market fears of "AI disrupting SaaS", Google’s CEO stated that Gemini serves as the "engine" for SaaS rather than its terminator, noting that 95% of leading SaaS companies have already adopted the model. Additionally, the Gemini App’s monthly active users have exceeded 750 million, marking Google’s march into the era of "Agent Commerce".

Wall Street’s Take on Google’s Earnings: Profit margins become the biggest concern amid "staggering" capex guidance. Major Wall Street investment banks pointed out that Google’s newly announced capital expenditure guidance is "explosive", nearly double the market’s previous expectations and accounting for more than one-third of the total data center spending of leading global tech giants in 2023. This will significantly squeeze the company’s short-term profits and cash flow. While its Q4 search and cloud businesses posted strong AI-driven growth, market focus has shifted from revenue growth to the sustainability of capital returns, with the massive investment expected to trigger a sharp drop in free cash flow over the next two years.

Coherent Earnings Call (Leading Optical Module Maker): Secures mega CPO orders, achieves mass production breakthrough in indium phosphide chips, and 1.6T optical modules enter an explosive growth phase. Coherent, a giant in the optical module industry, reported a record Q2 revenue of $1.69 billion, a 17% year-on-year increase. Benefiting from the stepwise surge in demand for AI data center construction, the order-to-shipment ratio of its data center business exceeded 4x, with revenue visibility extending to 2027. In terms of 6-inch indium phosphide wafer production, the company has reached 80% of its capacity target. Despite the strong results, its stock price fell 2.36% in after-hours trading, which analysts attribute to profit-taking driven by overly high market expectations.

$200+ billion mining giant merger collapses: Rio Tinto abandons acquisition talks, Glencore plunges over 10% intraday. This marks the third failed merger attempt between the two companies in more than a decade, a deal that would have created the world’s largest mining company and top copper producer. Glencore stated that the key terms proposed by Rio Tinto "seriously undervalued Glencore’s potential relative value contribution", particularly the value of its copper business and growth pipeline. Media reports noted that Glencore sought a 40% stake in the merged entity for its shareholders through a stock swap, a premium that Rio Tinto was unwilling to accept.

European Stock Earnings "Black Thursday": Maersk’s profits halve, Volvo plummets 14%, Vodafone misses revenue expectations. European stock markets suffered a "Black Thursday" as weak corporate earnings exposed geopolitical and industry headwinds: Maersk warned its annual profit could halve on expectations of falling freight rates as Red Sea shipping routes resume, sending its stock price plunging as much as 7%; Volvo’s profit margin collapsed 14% hit by tariffs and price wars; Vodafone’s lackluster growth in its core German market also weighed on its share price.

# Industries/Concepts

1. Traditional Chinese Medicine (TCM) | Eight ministries including the Ministry of Industry and Information Technology issued the *Implementation Plan for the High-Quality Development of the TCM Industry (2026-2030)*. The plan sets the following goals by 2030: initially form a collaborative development system for the entire TCM industry chain; further enhance the stable supply capacity of key TCM raw materials; significantly raise digital and green development levels; achieve breakthroughs in a number of key technologies; and markedly improve the industry’s collaborative innovation capacity. It also aims to boost development quality by fostering a batch of leading TCM enterprises, establishing 60 high-standard TCM raw material production bases; improve the collaborative system by building 5 TCM industry inheritance and innovation centers; and drive the continuous emergence of innovative products by getting a number of new TCM drugs approved for marketing, nurturing 10 new large proprietary Chinese medicine varieties, and converting a batch of hospital-made TCM preparations into innovative TCM drugs.

**Commentary**: Analysts note that China’s TCM industry has exceeded a scale of RMB 1.2 trillion, forming a complete industrial chain covering planting, prepared slices, proprietary Chinese medicines and health products. However, the industry still faces challenges such as volatile quality of Chinese medicinal materials, low R&D investment, and international certification barriers. Currently, the industry is in a critical stage of transitioning from traditional experience-driven development to scientific and evidence-based practices. The successive introduction of supportive policies will elevate the TCM industry’s intensification, modernization and internationalization levels, drive its transformation from resource-dependent to innovation-driven growth, and lay a solid industrial foundation for the high-quality development of TCM. Institutions point out that the TCM sector is at a historical low in terms of valuation and institutional holdings, while its fundamentals are gradually improving as the negative impacts of a high base effect and inventory pressures fade, with some enterprises already demonstrating positive results. Coupled with policy support, the entire TCM sector is expected to see a recovery.

2. Semiconductors | According to Sina Finance, on February 5, Infineon issued a notice to customers stating that driven by the deployment of AI data centers, demand for its power switches and integrated circuit products has surged, leading to supply shortages. To expand production, the company needs to substantially increase wafer fab investment, and amid rising raw material and infrastructure costs, internal efficiency improvements can no longer offset the cost pressures. As a result, Infineon will adjust prices for related products, keeping the hikes to a minimum. The new pricing policy will take effect on April 1, applying to all new orders and unfulfilled orders for subsequent shipments from that date.

**Commentary**: Analysts believe the surging demand for AI data center construction has directly boosted Infineon’s orders for power switches (e.g., low-voltage MOSFETs) and integrated circuits, driving a strong cyclical upturn in the industry. Driven by heavy-duty applications such as AI servers, demand for power semiconductors and related analog/power management chips has seen a "non-linear rise", with both usage volume and specification requirements increasing simultaneously. The expansion of computing and storage capacity driven by AI has translated into higher power demand, leading to a flood of orders for AI-related discrete power devices (e.g., MOSFETs). Meanwhile, Infineon’s capacity tilt toward the AI sector has further squeezed the supply of similar products for traditional industries such as telecommunications and automotive. In addition, global wafer foundry prices are generally rising, and labor, raw material (including precious metals, packaging and testing materials) and energy costs continue to climb, further pushing up overall costs. Power semiconductors (power switches, MOSFETs, IGBTs, etc.) and integrated circuits are seen as direct beneficiaries of the price hike cycle amid the booming AI industry, with the current price increases not limited to Infineon but also spreading to other leading domestic peers.

3. Large Models | According to China Daily Online, with the upcoming opening of the Milan Winter Olympics on February 5, IOC President Kirsty Coventry announced at an event at the International Broadcast Center that the International Olympic Committee has built the first official large model in Olympic history based on Alibaba’s Qianwen large model.

**Commentary**: Research institutions believe that Alibaba’s Qianwen has entered the era of "AI for practical services", and are optimistic that major domestic tech giants will accelerate the establishment of an internal AI ecosystem cycle. Recently, Alibaba’s Qianwen App launched more than 400 AI-enabled practical service functions covering shopping, food delivery, travel planning, etc., fully integrating with Alibaba’s ecosystem businesses such as Taobao, Alipay, Taobao Flash Sale, Fliggy and Amap. This marks its official upgrade from a chat tool to an application in the "AI for practical services" era, realizing a closed-loop service without the need for app switching through in-depth integration with Alibaba’s ecosystem. Major tech giants are accelerating AI ecosystem construction, and coupled with the continuous progress of domestic AI computing power technology, the two factors are jointly driving China’s AI infrastructure into a phase of "advanced construction".

4. Gas Turbines | According to Sina Finance, the boom in U.S. data center construction has triggered a power shortage, with natural gas regarded as the optimal solution. Data from the Global Oil and Gas Plant Tracker by a global energy monitoring agency shows that as of January 2026, the under-construction natural gas power installed capacity in the U.S. exceeded 29GW, more than doubling in a year. However, many of these projects may not start operation for several years, mainly due to a shortage of available gas turbines from manufacturers. The CEO of GE Vernova pointed out that the company’s gas turbine contract volume grew by about 80% in 2025, yet most of the high-margin orders signed in the past two years will not start delivery until after 2027.

**Commentary**: Southwest Securities believes that leading gas turbine manufacturers including GE Vernova, Siemens Energy and Mitsubishi Heavy Industries are seeing accelerated order growth, with their order backlogs scheduled for 4-5 years, and they will continue to expand production capacity. GE Vernova originally planned to achieve an annual gas turbine production capacity of 20GW by Q3 2026, has now moved the target up to H1 2026, and further raised its capacity expansion plan to 24GW by 2028. To support the increased capacity, GE Vernova plans to invest $10 billion in capital expenditure from 2025 to 2028. Domestic main engine manufacturers, skid-mounted system integrators and component suppliers are expected to benefit from the upward cycle of power demand driven by the current wave of AI data center construction.

# Upcoming Key News Today

- U.S. University of Michigan Consumer Sentiment and Inflation Expectations for February

- Speech by Federal Reserve Vice Chair Philip Jefferson

- 2026 Winter Olympics to be held from February 6 to 22

- Muyuan Food’s Hong Kong IPO, shares expected to start trading on February 6

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# Risk Warning and Disclaimer

The market involves risks, and investment requires caution. This document does not constitute personal investment advice and has not taken into account the specific investment objectives, financial situation 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.