GMT EIGHT - OPPORTUNITIES IN CHINA

China Photovoltaic Industry Association: Space photovoltaic technology is still in the early stage of exploration and verification.

Currently, space photovoltaic technology is still in the early stages of exploration and validation, and it is too early to determine a clear technological direction," said Liu Yiyang, Executive Secretary of the China Photovoltaic Industry Association on February 4. In the past two days, driven by research news from the Musk team, the concept of space photovoltaics has once again ignited the market. Liu Yiyang said that the concept of space photovoltaics has indeed "taken off", causing a stir in the capital market and the technology sector. In the A-share photovoltaic sector, concept stocks have been continuously hitting the daily limit, and many brokerage research reports believe that heterojunction and perovskite technologies are suitable for application in the space field. These research reports are mutually reinforcing, triggering unprecedented volatility in the capital market; domestic companies have also expressed their intentions to enter the market, throwing around topics such as "trillion-dollar blue ocean" and the "next photovoltaic revolution." However, he emphasized that regardless of how any technology evolves, truly reaching commercialization cannot be achieved without a mature, replicable high-efficiency manufacturing capability and a long-term reliability verification system. According to analysis by the China Photovoltaic Industry Association, in terms of practical application, gallium arsenide batteries are still the mainstream choice for commercial aerospace and space stations due to their high conversion efficiency and excellent radiation resistance, despite their high cost. Although the cost is high, after long-term on-orbit verification, their reliability is high. In contrast, the heterojunction perovskite technology that the capital market is currently enthusiastic about is more based on the "cost reduction logic" proposed by individual financial institutions. In reality, the actual products are still in the laboratory or validation stage, and are still far from large-scale commercialization.

Nasdaq plans to introduce a "fast track" new rule to handle large IPOs such as SpaceX.

Nasdaq is proposing a "Fast Inclusion" rule to speed up the inclusion of large newly listed companies. The revised plan allows newly listed companies to join the Nasdaq 100 index after the first 15 trading days, much shorter than the current wait period of at least three months. This is aimed at making the index more timely in reflecting the market.

"AI Replacement Panic" intensifies! Global software stocks continue to fall. JP Morgan bluntly states: the industry is already in a "guilty until proven innocent" situation.

JPMorgan analyst Toby Ogg bluntly stated: "For the software sector in the current environment, it is not only a 'presumed guilty', but also escalated to a 'prejudged' situation."

Southbound capital net bought 13.373 billion Hong Kong dollars today.

In terms of the Hong Kong Stock Connect (Shanghai), Tencent Holdings and China Mobile respectively received net purchases of HK$20.66 billion and HK$3.51 billion; while Semiconductor Manufacturing International Corporation (SMIC) had the highest net sales with an amount of HK$2.76 billion. As for the Hong Kong Stock Connect (Shenzhen), Southbound Hang Seng Technology and Alibaba-W received net purchases of HK$11.23 billion and HK$9.55 billion respectively; while SMIC had the highest net sales with an amount of HK$4.31 billion.

AI craze sweeps over the simulation chip! Infineon boosts investment in data centers, aiming for "10-fold growth in AI revenue".

Infineon management team stated that they will increase investment in technology and production capacity in the data center field to meet the growing demand for artificial intelligence-related solutions.

After accurately avoiding the peak, the star fund manager of Fidelity International said: if the gold price drops another 5%-7%, I will heavily buy in.

If the gold market experiences a 5% to 7% pullback again, Fidelity International will buy heavily.

The 16th plenary meeting of the Chinese Artificial Intelligence Industry Development Alliance was held.

On February 3, 2026, the 16th annual meeting of the Chinese Artificial Intelligence Industry Development Alliance was held in Shijingshan, Beijing. Gan Xiaobin, Deputy Director of the Science and Technology Department of the Ministry of Industry and Information Technology, pointed out that the Ministry of Industry and Information Technology is deeply implementing the deployment of the Party Central Committee, adhering to the manufacturing industry as the main battlefield for artificial intelligence empowerment, and fully promoting the deepening and practical application of "Artificial Intelligence + Manufacturing". The next step will focus on four key areas: strengthening the foundation of applications, breaking through key technologies such as computing chips and industrial large models; optimizing application ecology, strengthening standard leadership, and promoting open source culture; promoting international cooperation, actively participating in industrial exchanges under multilateral mechanisms such as the United Nations, BRICS, and ASEAN; and implementing application governance, innovating security governance technology tools, and strengthening industry self-regulation. At the same time, it is hoped that the Alliance will play a greater role and build a more competitive industrial ecosystem.

A-share market closing review | The market rebounded in the last two days of trading, with the Shanghai Composite Index closing up by 0.85% to surpass the 4100 points mark. The photovoltaic sector experienced an overall surge.

On February 4th, the three major indexes rose in the afternoon, with mixed closing prices. As of the close, the Shanghai Composite Index rose by 0.85% to surpass 4100 points once again, the Shenzhen Component Index rose by 0.21%, while the ChiNext Index fell by 0.40%, dropping by more than 2% at one point during the trading session.

Recently, Shanghai residents have resumed traveling to Kinmen and Matzu.

Reporters learned from the Ministry of Culture and Tourism that in order to further promote normalization of personnel exchanges and normalization of exchanges in various fields between the two sides, respond to the eager expectations of the people of Taiwan and the tourism industry, and enhance the interests and well-being of compatriots on both sides, the mainland will soon resume Shanghai residents' travel to Kinmen and Matsu. Currently, all preparations are actively underway, and it is hoped that the tourism industries on both sides of the strait will strengthen communication and coordination to provide high-quality services and products for mainland residents traveling to Kinmen and Matsu.

Closing of Japanese and Korean stock markets

The Nikkei 225 Index closed down 427.30 points, or 0.78%, at 54,293.36 points; while the TOPIX Index closed up 0.3% at 3,655.58 points. The South Korean KOSPI Index closed up 83.02 points, or 1.57%, at 5,371.1 points on February 4th.

Is the company considering collaborating with Musk? Jinko Solar responds

Regarding investors' question about "Does your company intend to cooperate with Musk?" on the interactive platform, Jinko Solar responded that the company will fulfill its disclosure obligations in accordance with relevant regulations of the stock exchange regarding contracts signed for the daily operations of the company.

Novartis reported a core operating profit of $4.93 billion in the fourth quarter, in line with market expectations. Core earnings per share for the fourth quarter were $2.03, slightly higher than the market estimate of $2.01. The core net profit for the fourth quarter was $3.89 billion, compared to the market estimate of $3.85 billion. Sales net revenue for the fourth quarter was $13.34 billion, slightly lower than the market estimate of $13.68 billion.

Musk team secretly visits multiple solar companies in China? Jinko Solar: The company has had contact with the inspection team.

There are rumors in the market that the Musk team recently visited several solar energy companies in China. An employee of Jinko Solar responded by confirming that the company did have contact with the Musk team recently and that the team had inquired about the company's technical reserves, production equipment, etc. However, they did not disclose any details about cooperation intentions or specific inspection details. The employee also revealed that "mainstream domestic solar energy companies have also been inspected."

The High Court of Hong Kong has rejected the appeal of Xu Jiayin against the appointment of the receiver and ordered him to pay 1.2 million Hong Kong dollars in legal fees by February 20, otherwise he will lose his right to defend.

According to information from the High Court of Hong Kong, the High Court original court has successively rejected the application for appeal permission filed by Xu Jiayin and its related companies regarding the appointment of receivers, and issued an order against Xu Jiayin for failing to pay the litigation fees within the specified deadline, requiring him to pay approximately HK$1.2 million in fees before February 20, otherwise he will be prohibited from raising a defense in the relevant litigation.

On the eve of the Japanese general election, the yen bears make a comeback.

On the eve of the Japanese House of Representatives election, hedge funds are once again engaging in trading the weak yen.

Novo Nordisk released its 2025 financial report: Semaglutide sales reached 2282.88 billion Danish kroner, with promising prospects for the innovative drug pipeline.

On February 4th, Novo Nordisk (NVO.US) released its financial report for 2025.

Guotou Silver ETF resumes trading and hits limit down again.

The comprehensive PMI in China for January was 51.6, compared to 51.3 in December.

Ali Thousand Questions Launches Open Source Weighted Language Model Qwen3-Coder-Next

Alibaba's Qwen3-Coder-Next is an open source weight language model designed specifically for programming agents and local development. According to the introduction, the model is based on Qwen3-Next-80B-A3B-Base, and utilizes a new architecture with hybrid attention and MoE. The model is trained on intelligent agents through large-scale executable task synthesis, environment interaction, and reinforcement learning, significantly reducing inference costs while acquiring strong programming and intelligent agent capabilities.

Intel CEO says chip shortage may last until 2028

Intel CEO Chen Liwu stated at the Cisco Artificial Intelligence Summit on Tuesday that the company has appointed a new Chief Architect to accelerate the development of graphics processors in order to leverage the opportunities brought by the rapidly growing demand for artificial intelligence data centers. He said that the demand for artificial intelligence computing power is surging, significantly increasing the dependence on GPUs and storage chips, and the current shortage of storage chips that is sweeping the industry has become the "biggest challenge" facing AI development, with the imbalance in supply and demand not expected to be eased until around 2028. Chen Liwu also revealed that several customers are in deep discussions with Intel's foundry business, with a focus on the 14A process technology, and production is expected to accelerate later this year.

PONY-W(02026) announces a profit forecast for the year 2025, with an expected net loss of approximately 69 to 86 million US dollars, a decrease compared to the previous year.

Xiao Ma Intelligent Driving Group (02026) announced that for the year ending on December 31, 2025 (the reporting period), the group is expected to incur a net loss ranging from approximately $69 million to $86 million, while the net loss for the year ended on December 31, 2024 was $275 million. Pony AI Inc. is expected to incur a net loss ranging from approximately $126 million to $143 million for the reporting period, while the net loss attributable to Pony AI Inc. for the year ended on December 31, 2024 was $274 million.

Shenwan Hongyuan Group: The QE era may have come to an end, and the Fed's balance sheet expansion has entered a "new normal"

At the FOMC meeting in December 2025, the Federal Reserve restarted the RMP, marking the beginning of the normalization phase of balance sheet expansion.

AMD CEO: The sales of server central processing units for cloud services and enterprise customers reached a record high in the fourth quarter.

Overnight US stocks | Three major indexes fall, NASDAQ almost completely erases gains for the year, Paypal (PYPL.US) drops over 20%.

As of the close, the Dow Jones fell 166.67 points, a decrease of 0.34%, to 49240.99 points; the Nasdaq fell 336.92 points, a decrease of 1.43%, to 23255.19 points; the S&P 500 index fell 58.63 points, a decrease of 0.84%, to 6917.81 points.

NVIDIA CEO Huang Renxun denies rumors of a deal with OpenAI: Investment plan is still progressing "as scheduled"

Nvidia CEO Huang Renxun said that the investment plan for OpenAI is still "moving forward step by step." "This matter is completely non-controversial, and the related statements are purely groundless," Huang Renxun said. "We are very willing to cooperate with OpenAI." Huang Renxun also said that Nvidia will participate in the next round of financing for OpenAI. He said that this round of financing will be the "largest private financing in history." He also added that Nvidia will consider participating in all future financing rounds of OpenAI and hopes to participate in their eventual initial public offering.

Bitcoin falls to its lowest level since Trump returned to the White House.

Bitcoin has dropped to its lowest level since Donald Trump returned to the White House over a year ago. Bitcoin has been on a downward trend for nearly four months, falling below $74,424.95, hitting the lowest price level since 2025. Bitcoin had fallen to that price on April 7, 2025, after Trump's tariff plan caused a massive shock in the global financial markets. On Tuesday of this week, Bitcoin briefly dropped 5.9% to $73,847.

Country Garden Technology (02768) Hong Kong public offering received 2251.85 times oversubscription. The offer price per share is 36 Hong Kong dollars.

Guoen Technology (02768) announced the distribution results, with a global offering of 30 million H shares. The public offering in Hong Kong accounted for 10%, while the international offering accounted for 90%. The final offering price was HK$36 per share, with a net proceeds of approximately HK$1.004 billion from the global offering. Each lot consists of 200 shares, and it is expected that H shares will begin trading on the Stock Exchange of Hong Kong at 9:00 am on February 4, 2026.

Spot gold broke through $4,950 an ounce, up 6.32% intraday.

Federal Reserve Milan: I believe it is necessary for us to cut interest rates by more than one percentage point this year. I am looking forward to seeing what actions will be taken after Wash becomes the chairman of the Federal Reserve.

Guangzhou Futures Exchange: After research, it has been decided that starting from the settlement on February 5, 2026, the daily price limit for platinum and palladium futures contracts will be adjusted to 20%, and the trading margin requirement will be adjusted to 22%.

Fujian: Cultivate more than 500 innovative enterprises by 2027.

The Development and Reform Commission of Fujian Province issued "Ten Measures to Strengthen the Cultivation of Innovative Enterprises in the Digital Economy in Fujian Province". Among them, it proposes to optimize the discovery mechanism of innovative digital businesses at the source. Further optimize the selection mechanisms and standards of digital economy unicorns and gazelle enterprises in the province, comprehensively use data from multiple sources such as market supervision, tax, finance, etc., explore the establishment of an algorithm model for correlation analysis of the innovation activity index and growth potential score of enterprises, and build the "Intelligent Discovery and Portrait System of Digital Innovation Enterprises" in Fujian Province. Implement the normalization of data enterprises in the province, discover and reserve a batch of seed data enterprises in the fields of artificial intelligence, intelligent manufacturing, smart cities, etc., cultivate a batch of innovative data enterprises, and after becoming benchmark data enterprises, include them in the management of digital innovation enterprises. Establish a full-lifecycle cultivation system for digital innovation enterprises, with hierarchical classification, dynamic management, and precision services, and promote the transformation from "enterprises seeking policies" to "policies seeking enterprises". By 2027, cultivate more than 500 digital innovation enterprises and attract more than 300 benchmark and innovative data enterprises.

The storage market, which has been wrongly killed, is rebounding massively! "Two-stage strategy" focuses on seizing the storage super cycle: short-term bets on HDD, long-term bets on HBM and eSSD.

In the short term, attention can be focused on the two major HDD giants, Seagate and Western Digital, which can be collectively seen as a "short-term trading theme of storage prosperity cycle type." In the medium to long term, excess returns can be placed on the supply-demand gap and pricing power of Memory (HBM, high-end DDR, and the NAND/controller ecosystem behind enterprise-level SSDs).

China Association of Automobile Manufacturers: China's automobile commodity export amount will reach $242.46 billion by 2025, a year-on-year increase of 14.2%.

In 2025, the total cumulative import and export value of automobile products in the country was 287.25 billion US dollars, a year-on-year increase of 3.1%. Among them, the import amount was 44.79 billion US dollars, and the export amount was 242.46 billion US dollars.

China Automobile Dealers Association: The used car managers index in January was 46.5%, down 0.6 percentage points from the previous month.

The data shows that the Second-hand Car Manager Index in January 2026 was 46.5%, an increase of 6.3 percentage points year-on-year and a decrease of 0.6 percentage points month-on-month, still in the downturn range.

Uber Technologies, Inc. (UBER.US) resumes its car-hailing business in Macau, marking its first expansion into a new market in Asia in several years.

Didi restarts business in Macau, marking its first entry into a new Asian market in years.

The tax rate in the gaming industry is following that of Baijiu? Several gaming companies responded: This is not true news.

A responsible person from a top Guangdong gaming company clearly told reporters that the rumor is false. On February 3, there were rumors in the market that the financial industry and internet value-added services, due to their high profit margins and light tax burden, may become the next target for tax rate adjustments, similar to the liquor tax rate, which caused the stock prices of internet companies like Tencent to collectively decline. Prior to this, the three major mobile operators China Mobile, China Unicom, and China Telecom simultaneously announced that they will implement the new value-added tax rate of 9%, up from the original 6%, in accordance with the regulations announced on January 1 regarding specific matters related to value-added tax collection.

SOE Ruiyin Response to Silver LOF Valuation Adjustment: No Advance Notice, Intended to Avoid Panic and Run on Assets

LOFA31%22 yesterday evening announced that it would adjust the valuation method of the silver futures contracts held by its Guotou silver LOF. As a result, the adjusted net asset value of Guotou Ruiyin silver futures A on the same day fell by more than 31%, which was the result of revaluation according to the new valuation method. However, this valuation adjustment has sparked huge controversy among investors, with the core focus on the timing of the adjustment - why was the announcement not made until after the close of trading on February 2nd? In response to this, Guotou Ruiyin Fund told reporters that if they had announced it earlier, they were worried that it would be interpreted as intentionally guiding investors not to redeem, leading to speculation that the fund's asset liquidity was in serious trouble, causing market panic and triggering a run on the fund.

Hong Kong stocks midday review: Technology stocks fell, the Hang Seng Technology Index fell by 1.32%, the Hang Seng Index rebounded near midday, and gold stocks rebounded.

Due to the impact of the decline in technology stocks, the three major stock indexes in Hong Kong quickly fell during the midday session. By the end of the midday session, the Hang Seng Index had rebounded and turned positive by 0.2%, the State-owned Enterprise Index fell by 0.22%, and the Hang Seng Technology Index fell by 1.32%. Most technology stocks fell due to market rumors, with Baidu and Tencent falling by more than 3%, and at one point falling by more than 6%; signs of stabilization are beginning to appear! Gold and silver rebounded during the session, with gold stocks leading the rebound in non-ferrous metal stocks, and heavy machinery stocks, electric equipment stocks, military stocks, and airline stocks were mostly active. In addition, Chinese brokerage stocks, automotive stocks, and AI application concept stocks were underperforming.

New stock interpretation | Lexin Outdoor: Resonance of stable fundamental base and high growth track to create a scarce target for outdoor equipment investment.

From a global manufacturing leader to a brand ecosystem builder: the double value leap of Joyful Outdoor.

The news states that Apple's M6 chip will continue to use TSMC's 2nm N2 process.

The Apple M6 chip is expected to continue using TSMC's 2nm N2 process instead of the N2P process. This is because Apple is more focused on architecture upgrades and cost control, planning to bridge the process gap through their strong accumulation in chip architecture design. It is expected that Qualcomm and MediaTek are more inclined to adopt N2P first.

In search of certainty targets in the wake of a major shake-up in non-ferrous metals: Aluminum core asset CHINAHONGQIAO (01378) "looking back at the bull" to seize the opportunity?

"If you don't want to hold it for more than ten years, don't hold it for a minute." And if the target has long-term investment value, then the short-term fluctuations caused by external adjustments are naturally not worth mentioning.

Broker Morning Meeting Highlights | Pullback Creates Intervention Opportunities

Huatai Securities believes that the pullback creates opportunities for intervention.

Heavyweight data "absent"! Non-farm payrolls postponed due to US government shutdown, market expected 55,000 new jobs plunged into "information vacuum".

The US Bureau of Labor Statistics confirmed on Monday that the January employment report, originally scheduled to be released on Friday, will not be published as scheduled due to the partial government shutdown.

SpaceX will merge with xAI.

According to a report by Bloomberg on February 2nd, local time, anonymous sources revealed that a company internal memo released that day confirmed that American entrepreneur Musk plans to merge his space exploration technology company, SpaceX, with the artificial intelligence company xAI. This move is seen as an important step for Musk to pave the way for a mega public offering. Some sources say that the merged company is expected to be priced at around $527 per share, with a valuation of $1.25 trillion. SpaceX and xAI did not immediately respond to requests for comment on the report.

Palantir's fourth-quarter revenue was $1.41 billion, higher than analysts' expectations of $1.33 billion. Adjusted earnings per share for the quarter were $0.25, exceeding analysts' expectations of $0.23. Adjusted EBITDA for the fourth quarter was $805.5 million, surpassing analysts' expectations of $706.8 million. The company is forecasted to generate revenue of $7.18 billion to $7.20 billion in 2026, higher than analysts' expectation of $6.27 billion.

Long-term potential of BIGO Ads is emerging, becoming one of the essential channels for precise customer acquisition.

BIGO Ads long-term potential has emerged as one of the essential channels for precise customer acquisition.

The Trump administration's aggressive financial operations attract attention. The bond market closely watches whether the Treasury Department will take action to push down long-term interest rates.

Market participants generally expect that the US Department of the Treasury will maintain a relatively stable debt issuance plan in the key debt financing statement to be released on Wednesday.

Guotou Silver LOF: Due to the significant recent fluctuations in the prices of silver in the international main markets, which differ greatly from the previous silver futures prices at the Shanghai Futures Exchange, the company has decided to conduct a reasonable reassessment of the fund assets based on the price fluctuations in the international main markets of silver futures.

US Stock Market Move | Oracle Corporation (ORCL.US) plans to raise an additional $50 billion for the expansion of its cloud infrastructure. The stock price of Oracle Corporation rose nearly 4% in pre-market trading.

On Monday, Oracle (ORCL.US) rose nearly 4% in pre-market trading to $170.

The stickiness of US inflation is most intuitively reflected! Tyson Foods, Inc. Class A (TSN.US) beef prices are up + strong demand for chicken performance far exceeds expectations.

Tyson Foods' first quarter profit, slightly higher than analysts' expectations, was mainly due to the rising price of beef and the continuous growth in demand for chicken, offsetting the pressure of limited beef supply.

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Snap's daily active users in the fourth quarter were 474 million, slightly below analysts' expectations of 476.97 million.

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Google's Q4 revenue was $113.828 billion, compared to $96.469 billion in the same period last year; net profit was $34.455 billion, compared to $26.536 billion in the same period last year.

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ALPHABET's stock price has risen.

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Coherent Corp, an affiliated company, had a 19% drop in its stock price after market hours.

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International oil prices significantly increased on the 4th.

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