Morning News

# Market Overview (Source: Wall Street News)

## Market Summary

U.S. consumer confidence hit a six-month high. Bargain hunting fueled a rebound in U.S. stocks on Friday: the S&P 500 jumped nearly 2%, marking its best single-day gain since May last year; the Dow Jones Industrial Average topped the 50,000 mark for the first time; and the Russell 2000 soared 3.6%. Jensen Huang stated that AI demand is extremely strong, driving NVIDIA up 7%, the semiconductor index surging 5.7%, and the software ETF rebounding 3.5%. Amazon fell 5.6% after earnings, though narrowing losses from Thursday's after-hours trading.

On Friday, U.S. Treasury yields rose across the board, with the 10-year yield up nearly 3 basis points and the 2-year yield climbing 5.54 basis points. The U.S. dollar slipped 0.3% intraday but closed the week up 0.56%, posting gains for two consecutive weeks.

Following Thursday's crash, cryptocurrencies staged a violent rebound on Friday, recouping most of the previous day's losses. Bitcoin soared 11% to reclaim the $70,000 level, while Ethereum surged 11% to stand above $2,000.

Precious metals experienced a V-shaped reversal. After CME raised margin requirements, silver plunged as much as 10% before surging 20% from its daily low. Spot gold ended Friday with a nearly 4% gain. Oil prices closed slightly higher.

Early Monday in the Asian session, spot gold moved back above $5,000 and rose rapidly afterward, trading at $5,016.14 per ounce, up more than 1.1% intraday. CME futures on the Nikkei 225 Index advanced 2.2%.

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## Key News

### China

1. China's central bank increased its gold reserves for the 15th consecutive month, adding 40,000 ounces month-on-month in January, with the pace of accumulation slightly accelerating.

2. China successfully launched a reusable experimental spacecraft, paving the way for commercial spaceflight to enter a stage of normalized high-frequency launches.

3. Prices of DDR4 memory chips in Huaqiangbei have reversed their trend.

### Overseas

1. Dow crosses 50,000! Trump boasted: "Achieved the target three years ahead of schedule; will hit 100,000 by the end of my term."

2. The ruling coalition comprising the Liberal Democratic Party and Japan Innovation Party secured a majority of seats.

3. Zelensky: U.S. wants Russia-Ukraine peace deal by June.

4. Epic mistake: Korea Exchange mistakenly issued $44 billion worth of Bitcoin.

5. Goldman Sachs partners with Anthropic to fully automate accounting and compliance operations, affecting 12,000 developers and thousands of operations staff. Investors are rushing to increase their stakes; Anthropic's new funding round is expected to double, valuing the company at $350 billion.

6. OpenClaw gains popularity, heralding the era of personal AI agents.

7. The "Storage Big Three" are signing "unprecedented" supply contracts featuring post-settlement pricing and ultra-short-term terms!

8. Epstein helped the Rothschild family "negotiate" a deal with the U.S. Department of Justice, earning $25 million.

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## Market Close

### U.S. and European Stock Markets

- S&P 500: +1.97%, closed at 6,932.30 points, down 0.10% for the week.

- Dow Jones: +2.47%, closed at 50,115.67 points, up 2.50% for the week.

- Nasdaq: +2.18%, closed at 23,031.213 points, down 1.84% for the week.

- STOXX 600 (Europe): +0.89%, closed at 617.12 points, up 1% for the week.

### A-Shares

- Shanghai Composite Index: -0.25%, closed at 4,065.58 points.

- Shenzhen Component Index: -0.33%, closed at 13,906.73 points.

- ChiNext Index: -0.73%, closed at 3,236.46 points.

### Bond Market

- U.S. 10-year benchmark Treasury yield: +2.59 basis points, closed at 4.2060%, down 2.95 basis points for the week.

- U.S. 2-year Treasury yield: +4.71 basis points, closed at 3.4976%, down 2.49 basis points for the week.

### Commodities

- COMEX Gold Futures: +1.96%, closed at $4,985.10 per ounce, up 5.05% for the week.

- COMEX Silver Futures: +10.19% from Thursday's close, closed at $77.790 per ounce, down 1.12% for the week.

- WTI Crude Oil Futures (March): Closed at $63.55 per barrel.

# Detailed Key News

## Global Highlights

### China

1. PBoC's gold reserves rise for 15th consecutive month, with an increase of 40,000 ounces month-on-month in January, and the pace of increase has accelerated slightly. Data from the State Administration of Foreign Exchange shows that as of the end of January 2026, China's foreign exchange reserve stood at $3,399.1 billion, an increase of $41.2 billion, or 1.23%, from the end of December 2025. According to central bank data, China's gold reserves reached 74.19 million ounces at the end of January, compared with 74.15 million ounces at the end of December, marking the 15th consecutive month of gold purchases.

2. China successfully launched a reusable experimental spacecraft, and commercial spaceflight is expected to enter a stage of normalized high-frequency launches. China successfully launched a reusable experimental spacecraft on February 7, marking continuous progress in key technologies for long-term on-orbit operation and return of spacecraft, which will help reduce the cost of space - to - ground transportation in the future. The global commercial space industry is evolving towards two major directions: high - frequency, low - cost transportation and deep - space exploration simultaneously.

3. Price reversal of DDR4 memory in Huaqiangbei. Recently, there have been fluctuations in the Huaqiangbei memory market. The price of DDR4 8GB memory modules has dropped from the high of 260-270 yuan at the beginning of February to the range of 180-200 yuan. Industry analysts believe that this round of price reduction is mostly a routine operation of spot merchants to withdraw funds before the Spring Festival, not a fundamental reversal of the market. The memory spot market experienced a sharp rise in the fourth quarter, with the annual increase rates of DRAM and NAND price indexes reaching 386% and 207% respectively.

### Overseas

1. Dow tops 50,000! Trump boasts: "Achieved the target three years ahead of schedule; will hit 100,000 by the end of my term." Trump attributed the Dow's new record to tariff policies and predicted that the index would soar to 100,000 points before the end of his term. "Remember, Trump is right about everything! I hope the U.S. Supreme Court is paying attention."

2. In the Japanese House of Representatives election held on the 8th, the ruling coalition composed of the Liberal Democratic Party and Japan Innovation Party won a majority of seats.

3. Zelensky: U.S. wants Russia - Ukraine peace deal by June. The United States is promoting a Russia - Ukraine peace agreement by June, and Ukraine has accepted the proposal for a new round of negotiations. Zelensky hinted that the United States hopes to end the conflict as soon as possible due to the mid - term elections. However, Russia subsequently launched a large - scale attack on Ukraine's power grid. The two sides still have differences on key issues such as the territory of Donbass.

4. Epic mistake: Korea Exchange mistakenly issued $44 billion worth of Bitcoin. Bithumb originally planned to issue a cash promotion reward of 2,000 won (about $1.4) per user, but a system error caused 695 users to receive at least 2,000 Bitcoins each. The exchange restricted the trading and withdrawal functions of relevant accounts within 35 minutes and has recovered 99.7% of the mistakenly issued Bitcoin.

5. Goldman Sachs partners with Anthropic to fully automate accounting and compliance operations, affecting 12,000 developers and thousands of operations staff! Regarding the much - watched employment impact, Goldman Sachs' current attitude is relatively cautious. The bank said that the direct result of introducing AI automation will be to slow down the growth rate of future recruitment rather than immediately carry out large - scale layoffs.

6. Investors scramble to increase stakes; Anthropic's new financing round is expected to double, with a valuation reaching $350 billion! Anthropic is conducting a new financing round of over $20 billion. Due to strong investor demand, the financing amount has doubled from the previous expected target of $10 billion. NVIDIA, Microsoft and many top venture capital firms have oversubscribed, reflecting the market's high recognition of its enterprise - level AI tools.

7. OpenClaw gains popularity, heralding the era of personal AI agents. Andrej Karpathy, a former Tesla executive and AI expert, described it as the closest thing he has seen to the "science - fiction take - off" threshold; Elon Musk even stated bluntly that this is "the early stage of the singularity".

8. The "Storage Big Three" are signing "unprecedented" supply contracts featuring post - settlement pricing and ultra - short - term terms! Samsung, SK Hynix and Micron are shifting from traditional long - term fixed pricing to "post - settlement pricing" and ultra - short - term contracts of quarterly or even monthly duration. The new mechanism allows for retrospective settlement at market prices after the contract ends. In a seller - dominated market, manufacturers hold pricing power due to tight supply, and analysts believe this pattern is expected to continue until price increases slow down in the second half of the year.

9. Epstein helped the Rothschild family "negotiate" a deal with the U.S. Department of Justice, earning $25 million. The notorious broker not only helped Ariane de Rothschild resolve the regulatory crisis, but also was deeply involved in the family's internal "power - grabbing" drama and capital operations. The newly declassified documents reveal the gray transactions on the edge of the law and fragile human dependence in the top celebrity circle.

## Selected Views

Behind the sharp fluctuations in the U.S. market last week: hedge funds "short everything", there were buyers for software stocks starting on Thursday, and a "brutal short squeeze" occurred on Friday. However, Goldman Sachs warned that Friday marks the end of "American exceptionalism" and the beginning of "global rebalancing". In the new cycle, the winners will no longer be U.S. tech giants, but international stocks, Chinese consumer stocks and commodity producers in emerging markets.

JPMorgan Chase: Gold, silver and copper will all be in "consolidation" in the next few weeks. This is just a bull market correction, and copper may take the lead in rebounding in the second quarter. The metal rally has paused, but the dance is not over. During this "intermission" phase, blindly chasing the rally in gold may face months of volatile torment. On the contrary, keeping an eye on the recovery signals of the manufacturing cycle and laying out base metals at technical support levels may be the best strategy to capture the next round of rising waves.

## Domestic Macroeconomy

The People's Bank of China and seven other departments: Without the approval of relevant departments, domestic entities and their controlled overseas entities are not allowed to issue virtual currencies overseas. Business activities related to virtual currencies are illegal financial activities. Without the approval of relevant departments in accordance with laws and regulations, domestic entities and their controlled overseas entities shall not issue virtual currencies overseas. Without the approval of relevant departments, they shall not issue stablecoins pegged to the RMB overseas. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency "mining" activities and continuously promotes the rectification of virtual currency "mining" activities.

China Securities Regulatory Commission: Clarifies filing and supervision requirements; six types of situations are prohibited from conducting business. The issuance of asset - backed securities tokens by domestic assets overseas shall strictly comply with the laws, administrative regulations and relevant policies on cross - border investment, foreign exchange management, network and data security, etc., and go through the approval, filing or security review procedures required by the aforementioned relevant regulatory authorities, and shall not harm national interests and public interests.

## Overseas Macroeconomy

U.S. - India reach interim trade framework: cut tariffs on India to 18%, India promises to purchase $500 billion worth of U.S. products in 5 years. The U.S. and India have reached an interim trade agreement framework. The core contents include: India promises to purchase $500 billion worth of U.S. goods (covering energy, aviation, AI chips and other fields) in the next five years and open its industrial and agricultural product markets to the U.S. substantially; in exchange, the United States cancels the 25% punitive tariffs on India but imposes an 18% "reciprocal" tariff on most Indian export goods. A key premise of the agreement is that India promises to stop importing Russian oil and accept U.S. supervision.

Choosing a Fed chair "willing to cut interest rates" has always been "hard to achieve" for U.S. presidents in history! Trump nominated Warsh as the Fed chair, aiming to promote interest rate cuts, but history shows that presidents' interventions in monetary policy are often difficult to achieve their goals. Burns during the Nixon era cut interest rates to cater to politics, triggering an inflation crisis; Miller appointed by Carter quickly lost power because he could not convince other Fed members; Martin nominated by Truman was denounced as a "traitor" by the president for adhering to independence.

The United States announced that it will pay part of the arrears to the United Nations in the next few weeks, after owing more than $3 billion. U.S. Permanent Representative to the United Nations Thomas - Greenfield said on February 6 that the United States will pay part of the billions of dollars in long - overdue dues to the United Nations in the next few weeks. At present, the United States is the largest arrears - paying country of the United Nations. Since Trump took office in January last year, the United States has almost stopped paying dues, and the arrears for 2024 have not been settled so far. As of September last year, the United States owed more than $3 billion in total.

## Overseas Companies

Launching 1 million satellites, what is Musk up to? SpaceX has applied to the U.S. FCC to launch up to 1 million satellites, planning to build a global orbital data center network to realize "large models in space", directly process data through on - orbit computing power, reduce the pressure on ground data centers and improve efficiency. Experts point out that space computing power has the advantages of long - term high - intensity solar power supply and fast data exchange, but still faces challenges such as power generation efficiency, heat dissipation, radiation protection, hardware reliability, space debris and cost.

Samsung to take the lead in mass - producing HBM4: seize the "next ticket" for AI memory. It is reported that Samsung's HBM4 mass production and shipment time is set for the third week of this month, that is, it will start immediately after the Lunar New Year holiday. Samsung suffered setbacks in the previous generation of HBM3E products, and taking the lead in mass - producing HBM4 this time is regarded as a key step to regain market initiative.

PJM, the "largest power grid in the United States": the United States will face a major power shortage in the next decade, with a gap of up to 60GW. PJM, the largest power grid operator in the United States, warned that the power supply gap may reach 60 gigawatts in the next decade, far exceeding previous expectations, which is equivalent to the power generation capacity of 60 large nuclear power plants. The main reason is the surge in demand driven by the rapid expansion of data centers. The agency pointed out that the grid reserve capacity will be insufficient starting from the middle of 2027, and the risk of power outages will increase. To cope with the crisis, it is expected that about $180 billion will need to be invested in upgrading infrastructure.

Waymo joins hands with DeepMind to build a world model: based on Genie 3, enabling autonomous driving to "imagine" rare scenarios. Waymo and DeepMind jointly launched a world model based on Genie 3, which can generate highly realistic 3D driving simulation environments. The model can simulate rare "long - tail" scenarios such as tornadoes and elephants on the road, and support flexible control of scenario generation through multiple methods such as language and driving behavior. Waymo uses this technology to enable the autonomous driving system to conduct billions of miles of advance drills in a virtual environment, improving the safety capability to deal with extreme situations.

# Industry/Concepts

1. Computing Power | On February 6, the Ministry of Industry and Information Technology issued the Circular on Launching the Construction of National Computing Power Interconnection Nodes, proposing the establishment of a "1+M+N" national computing power interconnection node system. By building an operational mechanism of "unified identification, unified standards, and unified rules", it aims to achieve the standardized interconnection and efficient flow and application of computing power resources across different regions, entities, and architectures, effectively improving the utilization efficiency and service level of public computing power resources. In the next step, the Ministry of Industry and Information Technology will accelerate the construction of national computing power interconnection nodes, promote the high-quality development of the computing power industry, and support the development of a manufacturing power, a cyber power, and a digital China.

Comment: The official launch of the construction of national computing power interconnection nodes by the Ministry of Industry and Information Technology marks a new phase in China's computing power infrastructure, shifting from "decentralized construction" to "networked scheduling". The policy clearly proposes the construction of a two-tier computing power network architecture consisting of regional nodes and industry-specific nodes to achieve the standardized interconnection and efficient flow of computing power resources across different regions, entities, and architectures. Following the "Eastern Data and Western Computing" initiative, this represents a systematic restructuring of the supply-side structure of computing power. Analysts believe that the significance of this circular for China's computing power industry lies in the integration and enhancement of resource utilization during the current period of rapid expansion of computing power scale, as well as the further standardization of domestic computing power construction when combined with previous relevant policies. Looking ahead, building on the vigorous development of computing power during the 14th Five-Year Plan period, this circular outlines a relatively clear direction for computing power development in the initial year of the 15th Five-Year Plan, during which computing power infrastructure will remain one of the core areas worthy of focused attention.

2. Quantum Technology | The official WeChat public account of the University of Science and Technology of China announced that recently, Pan Jianwei and his collaborators at USTC have achieved a major breakthrough in scalable quantum network research — constructing the basic module of a scalable quantum repeater for the first time internationally, making long-distance quantum networks a realistic possibility; realizing long-distance and high-fidelity entanglement between single-atom nodes, and on this basis, breaking the transmission distance of Device-Independent Quantum Key Distribution (DI-QKD) beyond 100 kilometers for the first time, greatly advancing the practicalization of this technology.

Comment: Analysts believe that the ultimate goal of quantum information science is to build an efficient and secure quantum network. This breakthrough is another milestone achievement for China in the field of quantum communication and quantum networks following the "Micius" quantum satellite, indicating that fiber-optic quantum networks based on quantum entanglement are moving from theoretical conception to realistic possibility, further expanding China's international leading edge in this field. The 15th Five-Year Plan proposal identifies quantum technology as a new economic growth driver, marking that the focus of China's quantum computing development is accelerating the transition from the laboratory verification phase to the industrialization implementation phase.

3. Prepared Dishes | According to Beijing Daily, the National Health Commission has issued a public consultation on the national food safety standard for prepared dishes, focusing on regulations from the aspects of food safety and nutritional health, clarifying the definition of prepared dishes as well as requirements for their raw materials, use of food additives, production processes, nutritional quality, packaging, labeling, distribution processes, and product indicators.

Comment: Analysts believe that the introduction of this standard marks the prepared dish industry's transition from "unregulated growth" to "standardized development", responding to public concerns about food safety and providing an institutional guarantee for the healthy development of the industry. With the implementation of the standard, prepared dishes will no longer be synonymous with "unhealthy and chemically enhanced food", but a product of the modern food industry that is safe, nutritious, and convenient. Their ready-to-cook feature meets the demand for "simple cooking", solving the cooking problems of "not knowing how to cook, unpalatable food, and lack of time", and is particularly popular among young people. As fresh food e-commerce, convenience stores, and home delivery services continue to develop, personalized and multi-level consumer demand will be further released, and prepared dishes will accelerate their penetration into the consumer end, ushering in greater development space.

4. Data Elements | To further clarify the functional positioning of data circulation service institutions, improve the efficiency of data circulation and transaction services, unlock the value of data elements, and accelerate the prosperity of the data market ecosystem, four ministries including the National Data Administration, the Ministry of Industry and Information Technology, the Ministry of Public Security, and the China Securities Regulatory Commission recently issued the Opinions on Cultivating Data Circulation Service Institutions and Accelerating the Marketization and Value Realization of Data Elements. The opinions propose encouraging public data products and services to be circulated and traded through data exchanges (centers). Strengthen the management of data exchanges (centers), coordinate and optimize their layout, strictly control the number, and carry out integration and optimization in a timely manner.

Comment: A research report by Soochow Securities holds that 2026 will witness the "Year of Unlocking the Value of Data Elements". It is expected that the basic systems concerning data property rights and transaction circulation will be further improved, and the value of public data and industrial data in various regions will be further explored. It is recommended to pay attention to targets in three aspects: data operation, data annotation and analysis processing, and data assetization.

5. Semiconductors | According to Securities Daily, the Semiconductor Industry Association (SIA) stated on February 6 that global semiconductor sales are expected to reach $1 trillion this year. The SIA reported that global semiconductor sales reached $791.7 billion in 2025, a year-on-year increase of 25.6%. This strong growth is expected to continue this year as major global technology companies are investing hundreds of billions of dollars in building AI data centers.

Comment: Donghai Securities pointed out that global semiconductor demand continues to improve, with PC and smartphone sales maintaining slight growth, TWS earphones, wearable wrist devices, and smart home appliances growing rapidly, and AI servers and new energy vehicles maintaining high-speed growth. On the supply side, although corporate inventory levels are relatively high and still rising, the high growth in demand in some segmented markets driven by AI has led upstream wafer foundries to increase prices to some extent. In the long run, the localization of semiconductors is expected to accelerate further, and it is recommended to pay attention to leading targets in segmented sectors on dips.

## Today's News Preview

- China's January financial data.

- Shanghai Gold Exchange, Shanghai Futures Exchange, Zhengzhou Commodity Exchange: Adjust trading margin ratios for futures contracts such as gold, silver, and copper.

- Trump says the United States will negotiate with Iran again.

- Speech by Christine Lagarde, President of the European Central Bank.

- Speeches by Christopher Waller, Federal Reserve Governor, and Raphael Bostic, President of the Atlanta Fed.

- Escalation of AI competition: Qianwen, Doubao, Yuanbao, and Wenxin have successively launched activities such as red envelopes and free orders.

- Montage Technology's Hong Kong IPO is expected to start trading on February 9.

- CoreWeave releases financial results.

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