GMT EIGHT - OPPORTUNITIES IN CHINA

Ministry of Agriculture and Rural Affairs: Vigorously cultivate leading agricultural science and technology enterprises and smooth channels for the transformation of agricultural scientific and technological achievements.

The Ministry of Agriculture and Rural Affairs held a meeting of the Technology Innovation Leadership Group on the 9th. The meeting emphasized the need to focus on accelerating the modernization of agriculture and rural areas and the construction of a strong agricultural country, further strengthen the strategic, forward-looking, and systematic layout of agricultural basic research, promote breakthroughs in key core technologies such as artificial intelligence and bio-manufacturing in agriculture, accelerate the resolution of technological challenges for high-quality agricultural development, and stimulate new productive forces in agriculture. It is necessary to promote the deep integration of scientific and industrial innovation, vigorously cultivate leading agricultural science and technology enterprises, accelerate the implementation of the "hundred-thousand-ten thousand" program for the cultivation of agricultural science and technology enterprises, and enhance the overall innovation capabilities of enterprises. It is important to smooth the channels for the transformation of agricultural scientific and technological achievements, build a unified model of agricultural scientific research organizations integrating production, education, research, and application, implement large-scale application actions for new agricultural technologies, products, and scenarios, strengthen the leading role of public welfare agricultural technology extension agencies, innovate diversified agricultural technology extension service models, clear the "last-mile" for the application of research results, and promote the integration and efficiency improvement of good fields, good seeds, good opportunities, and good methods. It is necessary to deepen the reform of agricultural research institutions, optimize and improve the layout of organizations, talents, disciplines, and other strengths, and fully stimulate innovation and creativity. It is important to strengthen monitoring and supervision of agricultural science and technology innovation and improve the overall efficiency of the agricultural science and technology innovation system.

Intend to carry out the evaluation work of third-party institutions for satellite network domestic coordination. The State Radio Regulatory Office publicly seeks opinions.

The State Radio Administration issued a notice stating that in order to implement the requirements of the "Administrative Measures for Domestic Coordination of Satellite Networks" regarding the establishment of a third-party evaluation mechanism for domestic coordination of satellite networks, and to further enhance the efficiency of domestic coordination of satellite networks, the State Radio Administration has conducted research and drafted a "Notice on Conducting Third-Party Evaluation of Domestic Coordination of Satellite Networks". Public opinions are now being solicited.

Notice released by the Shanghai Futures Exchange regarding the work arrangements for the 2026 Spring Festival period.

Starting from the settlement on February 12, 2026, the trading margin ratio and the daily price limit range for the following contracts have been adjusted as follows: For copper, aluminum, zinc, lead, and aluminum oxide futures contracts, the daily price limit range has been adjusted to 13%, the hedged position trading margin ratio to 14%, and the general position trading margin ratio to 15%; for nickel and tin futures contracts, the daily price limit range has been adjusted to 15%, the hedged position trading margin ratio to 16%, and the general position trading margin ratio to 17%; for gold futures contracts, the daily price limit range has been adjusted to 20%, the hedged position trading margin ratio to 21%, and the general position trading margin ratio to 22%; for silver futures contracts, the daily price limit range has been adjusted to 25%, the hedged position trading margin ratio to 26%, and the general position trading margin ratio to 27%.

The Inter-Ministerial Joint Office for Coordinated Supervision of New Modes of Transportation held a meeting with Didi Chuxing.

Recently, the Office of the Inter-Ministry Joint Meeting for Coordinated Supervision of New Business Formats in Transportation organized a talk with Didi Chuxing. The talk pointed out the prominent issues such as inadequate management of cooperation with online ride-hailing platforms, lowering prices, and improper emergency response by Didi Chuxing. Didi Chuxing was requested to immediately implement the requirements of the talk, deeply reflect on the issues, take targeted measures, ensure comprehensive rectification, and effectively protect the legitimate rights and interests of the driver groups.

The Ministry of Commerce holds a symposium for automobile companies.

On February 6, the Ministry of Commerce held a symposium for automobile companies to discuss issues related to automobile circulation and consumption. Representatives from automobile industry associations, research institutions, and companies attended the meeting. Deputy Minister of Commerce Sheng Qiuping attended the symposium and exchanged views. Sheng Qiuping stated that the automobile industry is a strategic and pillar industry of the national economy, playing an important role in stabilizing growth, expanding domestic demand, and developing new productive forces. By 2025, with the joint efforts of the Ministry of Commerce, relevant units, and the entire industry, China's automobile industry will achieve remarkable results, with automobiles continuing to play a leading role in the consumer market. Sheng Qiuping pointed out that China has a large market base, enormous potential in the automobile consumption chain, stable policy support, and a great impetus to expand the entire automobile consumption chain. In 2026, the Ministry of Commerce, along with relevant departments, will continue to uphold a combination of policy support and reform and innovation, integrate existing and incremental measures, optimize the implementation of the trade-in of old vehicles for new ones, carry out pilot reforms in automobile circulation consumption, improve industry management systems, and adopt a variety of measures to promote the expansion and quality improvement of automobile consumption. Representatives from participating companies stated that in recent years, the government has introduced a series of policies to promote automobile circulation consumption, effectively supporting the development of the automobile market towards quality and excellence. Companies will continue to work hard and collaborate to promote the high-quality development of China's automobile industry. Representatives from the Ministry of Commerce, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Transportation, the China Banking and Insurance Regulatory Commission, and the General Administration of Sport responded to the issues and suggestions raised by the companies.

Seven departments including the Ministry of Human Resources and Social Security provide administrative guidance on employment for leading platform companies and express delivery companies.

Recently, the Ministry of Human Resources and Social Security, together with the Ministry of Social Affairs, the Central Cyberspace Administration, the Ministry of Transportation, the State Administration for Market Regulation, the State Post Bureau, the All-China Federation of Trade Unions, conducted administrative guidance on employment for 16 companies such as Meituan, Taobao Flash Sale, JD Speed Delivery, Flash Delivery, SF Express City, Hema, DiDi, T3 Travel, Caocao Travel, Huolala, Full Truck Alliance, YTO Express, Shentong Express, ZTO Express, Yunda Express, and Jitu Express, to protect the rights and interests of workers in new forms of employment. The meeting required the relevant companies to fully implement the main responsibility for employment, continuously improve labor management, and effectively protect the rights and interests of workers in new forms of employment.

KNOWLEDGE ATLAS (02513) soars over 40%, "Pony Alpha" ignites market expectations.

On February 9th, the capital market's enthusiasm for domestic large models was ignited by a mysterious news release, with Zhipu (02513) surging more than 40% at one point during trading, and trading volume significantly increasing.

Southbound funds sold a net amount of 1.886 billion Hong Kong dollars today.

On the Hong Kong Stock Connect (Shanghai) side, Tencent Holdings and Xiaomi Group-W respectively received a net purchase of 904 million Hong Kong dollars and 209 million Hong Kong dollars; Ying Fu Fund led in net sales, with an amount of 2.515 billion Hong Kong dollars. On the Hong Kong Stock Connect (Shenzhen) side, Tencent Holdings and South Fund Seng Technology respectively received a net purchase of 896 million Hong Kong dollars and 640 million Hong Kong dollars; Ying Fu Fund led in net sales, with an amount of 2.04 billion Hong Kong dollars.

Eurozone February Sentix Investor Confidence Index 4.2, expected 0, previous value -1.8.

The Ministry of Finance has issued a notice on the preferential tax policies for cross-border e-commerce export return goods. It is proposed that for goods declared for export under the customs supervision code of cross-border e-commerce from January 1, 2026 to December 31, 2027, if the goods are returned to the country in their original condition within 6 months from the date of export due to unsold or returned reasons, import duties, import value-added tax, and consumption tax will be exempted.

Guotou Silver LOF: Trading will be suspended on February 10th until 10:30 on the same day, and will resume on February 10th, 2026 at 10:30.

Guotou Silver LOF Announcement, to protect the interests of investors, this fund will be suspended from the market opening on February 10, 2026 until 10:30 on the same day, and will resume trading from 10:30 on February 10, 2026. If the premium of the secondary market trading price of this fund on February 10, 2026 does not effectively fall back, the fund reserves the right to take measures such as applying for temporary suspension of trading during the trading session and extending the suspension time to alert risks to the market, specific details are subject to the announcement at that time.

Tesla: Cybercab, the self-driving electric vehicle, will start mass production and operation at the Texas Gigafactory.

According to Tesla's Weibo account, the autonomous electric vehicle Tesla Cybercab will begin mass production and deployment at the Texas Gigafactory.

News reports claim that Samsung is considering expanding its OLED panel production capacity in response to Apple's plans to launch the iPhone Flip, a small foldable phone.

Due to Apple's plan to release an iPhone Fold large folding device followed by an iPhone Flip small folding device, Samsung Display is currently evaluating expanding its OLED panel production capacity for Apple's foldable products. Samsung Display is considering investing in additional folding OLED production equipment at its A4 factory in Yashan, Chungcheongnam-do, South Korea, with a focus on upgrading backplane-related processes, including thin film transistor production lines. The overall direction has been determined, and once internal review of the specific investment scale is completed, related capital expenditures are expected to begin in the second quarter of this year.

Wang Yi will attend the first APEC Senior Officials' Meeting in 2026.

The spokesperson of the Ministry of Foreign Affairs announced that Wang Yi, a member of the Political Bureau of the Central Committee of the Communist Party of China and the Minister of Foreign Affairs, will attend the opening ceremony of the first senior officials' meeting of the Asia-Pacific Economic Cooperation in 2026 in Guangzhou on February 10 and deliver a speech.

Exclusive Interview with iQIYI CEO Gong Yu: Immersive theme park settled in Yangzhou, breaking through the dimensional barriers of film and television cultural tourism.

Gong Yu: Immersive theme park settles in Yangzhou, breaking through the barrier between film, television, and tourism dimensions.

Spot silver broke through $82 per ounce, rising 5.82% intraday.

Hong Kong stock market midday report: Hang Seng Technology Index rose by 1.02%, Hang Seng Index rose by 1.44%

Hong Kong stocks closed at noon, with the Hang Seng Technology Index up 1.02% and the Hang Seng Index up 1.44%. The Hang Seng Stock Connect ETF Silver Huahai rose 1.57%, and the Hong Kong Stock Connect Technology ETF Penghua rose 1.1%. In terms of sectors, the electrical equipment and insurance sectors led the gains, while the hotel and resort REIT sectors had the biggest losses. In terms of individual stocks, Lanqi Technology surged over 50%; Zhipu rose 17.62%, Zhaoxin Innovation rose 10.79%, China Merchants Duty Free rose 8.52%, MINIMAX-WP rose 6.51%, Xunxiao rose 5.93%, Xinda Biotechnology rose 5.91%, Paopao Mart rose 5.76%, Sany Heavy Industry rose 5.71%, Weichai Power rose 5.23%, Huahong Semiconductor rose 5.09%, China Life rose 4.51%, Zijin Mining rose 4.19%, Ping An of China rose 4.09%, and Laopu Gold rose 4.07%. Xifangfeng Group fell 4.9%, Weilu Group fell 10.05%; Changfei Optic Fiber Cable rose 13.99%, and Junda Shares rose 13.86%.

The Growth Enterprise Index rose by 3.01% to 3333.760 points; the Shanghai Composite Index rose by 1.16% to 4112.767 points; and the Shenzhen Component Index rose by 2.02% to 14187.813 points.

"AI Leading Stock" Sea Power Technology (02706) Oversubscribed by 606 Times in Dual Exhibition for Two Days, AI New Stock Heat Breaks Record Again.

SeaSky Technology (02706) has only been listed for two days, but the market's subscription heat has far exceeded that of other AI stocks during the same period.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan, an increase of 121.9 billion yuan from the same time the previous day.

The Growth Enterprise Index rose by 2.01%, now at 3301.430 points; the Shanghai Composite Index rose by 0.98%, now at 4105.558 points; and the Shenzhen Component Index rose by 1.52%, now at 14117.520 points.

After the sharp rebound of US stocks this week, how will the delay of non-farm payrolls and inflation, as well as the results of the Japanese general election, stir up global assets?

Looking ahead to this week, the January non-farm employment report, which was originally scheduled to be released last week but was delayed due to a temporary government shutdown, will be published on Wednesday, with key inflation data expected on Friday. In Asia, the Liberal Democratic Party led by Prime Minister Naoto Kan won a majority of over two-thirds of the seats in the lower house, and any comments by Kan on fiscal policy could further impact the market.

Pre-market report on A-share market | Dow Jones Industrial Average reaches 50,000 points! Chinese concept stock index rises over 3%, National Development and Reform Commission's study promotes effective investment policy measures.

The Dow Jones Industrial Average hits 50,000 points for the first time in history! Chinese concept stocks index rises over 3%, with silver and Bitcoin surging collectively; Major news in commercial aerospace emerges! China successfully launches a reusable experimental spacecraft.

The Nikkei 225 index rose by 4.1% to 56,504.49 points.

Spot gold broke through $5010 per ounce, up 1.08% intraday.

Broad strategy: A-shares may usher in a new round of upward cycle in the future.

Guangfa Securities stated that looking ahead to the next 1-2 months, A-shares are very likely to usher in a period of "favorable timing, place, and people" for a potential increase.

The People's Bank of China has increased its gold holdings for the 15th consecutive month.

By the end of January 2026, the gold reserves of China reached 74.19 million ounces.

Bitcoin experiences a "roller coaster" market, with intense fluctuations reigniting speculative enthusiasm. Analysts believe that it may be difficult for Bitcoin to return to its previous highs in the short term.

Bitcoin is regaining its coveted status as a "darling" among high-risk speculative traders, and this sharp rebound is quickly transmitting to the stock price performance of listed companies with a core strategy of hoarding coins.

Spot silver rose 7% intraday, now trading at $75.70 per ounce.

Spot gold broke through $4920 per ounce, rising by 3.07% intraday.

Domestic futures night trading session opens

Platinum fell continuously by 7.81%, palladium fell continuously by 6.12%, tin fell continuously by 5.86%, rapeseed fell continuously by 4.66%, and caustic soda fell continuously by 4.17%.

China Securities Regulatory Commission, People's Bank of China and other departments issue risk warnings: Beware of illegal "proxy rights protection" short video and live streaming traps.

The China Banking Regulatory Commission, the Cyberspace Administration of China, the Ministry of Public Security, the People's Bank of China, and the China Securities Regulatory Commission jointly issued a risk warning, reminding the general public to beware of illegal "agent rights protection" infringement and to protect their rights legally and rationally.

CSRC has launched an investigation into Yahui Long's announcement for suspected misleading statements.

"The end of software stocks ignites a great revolution! After the panic selling, the market will embrace the 'software cornerstone' of the AI era."

Some institutional funds have started to enter the market to bottom-fish and strategically position themselves at a low point. These funds are targeting software stocks that have recently experienced sharp declines, with some seeing their stock prices almost halved. They agree with Huang Renxun's positive outlook on software stocks - that the market has unfairly penalized software giants focusing on "AI+ core operational processes" with strong fundamentals.

On February 5th, the total inter-regional population flow in the whole society reached 196.291 million people.

Data from the Spring Festival Transport Task Force shows that on February 5, 2026, the total number of inter-regional population movements in the entire society was 196.29 million, an increase of 3.4% compared to the previous period, and a decrease of 2.4% compared to the same period in 2025.

Three departments: seek opinions on promoting self-expression in the catering sector.

Today, reporters learned that the State Council Food Safety Office, the State Administration for Market Regulation, and the Ministry of Commerce have jointly drafted a draft for soliciting public opinions on the promotion of voluntary disclosure in the catering sector, and are seeking opinions from all sectors of society. According to the public opinion draft: Encourage catering service providers to voluntarily disclose the ways in which dishes are processed based on their own actual operations. If pre-made dishes, central kitchen products or semi-finished products, or pre-packaged foods are used, the disclosure should be truthful and accurate. Catering service providers can make disclosures through menus or ordering apps, official company websites or public accounts, prominently displaying in-store locations, and responding after consumer inquiries in various ways. Industry associations in the catering sector should actively promote voluntary disclosure in the catering sector and enhance industry self-discipline.

Ministry of Commerce: Will build a policy system of cultivating and promoting the growth points of service consumption with the "1+N" approach.

On February 6th, Deputy Minister of Commerce Yan Dong stated at a State Council policy briefing that the Ministry of Commerce will work with relevant departments to establish a "1+N" policy system to promote the growth of service consumption. Building on the recently issued "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption," they will develop and implement specific supportive policies in over 10 areas such as housekeeping, automotive aftermarket, performing arts, integrated transportation, and inbound consumption, following the principle of "one industry, one policy." Yan Dong revealed that the Ministry of Commerce will expedite the issuance of an action plan to improve the quality of service consumption for the benefit of the people, including over 60 specific measures to enhance the supply and demand sides, and work together with relevant departments to enhance the level of service supply in areas such as culture, entertainment, tourism, leisure, and sports events. At the same time, they will monitor and research new trends in service consumption to better meet the high-demand needs of services affecting people's livelihoods such as health care for the elderly and cultural and leisure activities.

TrendForce: It is expected that the prices of TV and monitor panels will continue to rise in February, while laptop panel prices will remain under pressure.

TrendForce predicts that in February 2026, the prices of television panels will continue to rise, with prices of certain sizes of monitor panels increasing, while laptop panel prices are expected to decrease.

Insiders say that Intel has informed Chinese customers that the lead time for delivery of some central processors will be up to six months.

Insiders say that the prices of Intel server products in the Chinese market have increased by "10% overall" currently.

CATL is considering investing in Huawei's digital energy business? Insider: The two parties have discussed before, and CATL intends to take a 20% stake.

Recently, there have been rumors in the market about CATL's acquisition of Huawei Digital Power. In response to this, an informed source told reporters, "In the past, the two sides did have discussions, but due to the overall high acquisition cost, Huawei Digital Power is not entirely sold to CATL. Instead, CATL plans to acquire about 20% of the shares of Huawei Digital Power." However, on February 6th, several employees of Huawei Digital Power stated, "On the evening of February 5th, the company internally notified that the sale will no longer proceed." Note: Huawei Digital Power is a 100% wholly-owned subsidiary of Huawei Technologies Co., Ltd., an independent legal entity under Huawei, established in June 2021 with a registered capital of 3 billion RMB, and serves as the core business entity for Huawei's clean energy and energy digitalization initiatives.

Thousands of questions "collapsed"

On February 6th, after the launch of the free milk tea event on Qianwen, some users opened the event page and found that the "Qianwen treats guests" page could not be clicked, with the page information stating "the system is taking a break, please try again later". Some users reported to the reporter that aside from the event page, the Q&A feature was still functioning normally.

Basic resolution of the risk of difficult real estate delivery.

Several real estate companies recently disclosed their data for the delivery of houses by 2025, and they stated that the work of delivering the houses is nearing completion. By the end of the 14th Five-Year Plan period, approximately 7.5 million "sold but undelivered" housing units have been successfully delivered nationwide. Among them, Country Garden has delivered approximately 1.85 million units, and other real estate companies such as Greenland, Sunac, Zhongnan Land, Xin Cheng, and Xuhui have also delivered tens of thousands of units. The problem of "delivery difficulties" nationwide has been effectively alleviated. Several officials from real estate companies have also stated that the task of delivering the houses has been basically completed. Yan Yuejin, deputy director of the E-House Research Institute, pointed out that risks in the real estate industry have begun to converge, and signs of the housing market reaching a bottom are becoming clearer. Some cities, especially first-tier cities, have shown signs of stabilization.

Cryptocurrency plunges trigger a chain storm, "Digital Asset National Bond Corporation" collectively "scapegoats" as stock prices plummet.

Once, stockpiling cryptocurrencies was an unknown company's "killer move" to boost stock prices. Now, this strategy has become a heavy burden dragging down market value.

"The biggest spender among AI giants! Amazon.com, Inc. (AMZN.US) profit causes concern: This year's spending guidance of 200 billion US dollars far exceeds expectations, AWS profit growth is not satisfactory"

Amazon's capital expenditure is expected to grow by 50% this year, causing a sharp drop in its stock price.

The list of securities under the Hong Kong Stock Connect under the Shenzhen-Hong Kong Stock Connect has been adjusted to include SmartKing-W, effective from February 6, 2026.

Weak employment data triggers a "safe haven tsunami"! US Treasury yield posts biggest drop in several months, rate cut expectations brought forward to June.

The signs of weakness in the U.S. job market have intensified the decline in U.S. stocks, commodities, and cryptocurrencies, prompting investors to increase their bets on the Federal Reserve's loose policy. U.S. Treasury bonds have risen sharply, with yields posting their biggest decline in several months.

Spot gold fell by 4.0% intraday, to $4763.2 per ounce. New York gold fell by 3.0% intraday, to $4793 per ounce. New York silver fell by 15.5% intraday, to $71.12 per ounce. Spot silver fell by 18.5% intraday, to $71.67 per ounce. The commodity currency AUD/USD fell by 1.0% intraday, to 0.6927.

Do not rush to cut interest rates before inflation falls back, Federal Reserve officials once again release a "wait and see" signal.

Multiple officials reiterated that maintaining interest rates at their current levels is still the preferred option until inflation has steadily returned to the target level.

Amazon is expected to spend $200 billion on capital expenditures this year, far exceeding market expectations.

Amazon joined the ranks of other large tech companies on Thursday, announcing plans for a massive capital expenditure in 2026, the latest sign that American tech firms are not slowing down their huge artificial intelligence investments in the short term. The company stated that it expects to spend approximately $200 billion in capital expenditures across the entire Amazon system in 2026. This is higher than the market's previous expectations of $144.67 billion, according to data compiled by LSEG. Due to Amazon's forecast for first-quarter operating profit being in the range of $16.5 billion to $21.5 billion, lower than the market's expectation of $22.04 billion, the company's stock price continued to decline in after-hours trading, falling more than 11% at one point. Large tech companies are investing huge sums of money in procuring processors, building data centers, and network equipment to accelerate the construction of AI infrastructure. The four largest cloud service providers - Amazon, Microsoft, Google under Alphabet, and Meta - are expected to have a total capital expenditure of over $500 billion this year. However, recent technology company financial reports have also sent a clear signal to the business world: the rapid growth in AI spending will only be continuously tolerated by investors if it brings corresponding operational or financial returns.

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The number of new fund accounts opened in January increased by over 168% from 203,300 households to 546,300 households.

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Musk: SpaceX will build a system that will allow everyone to travel to the moon. This is incredibly cool.

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The three major US stock indexes closed higher.

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The Nasdaq China Golden Dragon Index closed up 0.17%.

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Movement in US Dollar Bonds | Tencent Holdings TENCNT 3.68 04/22/41 price dropped 1.113% to 85.190.

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