Evening hot topics in A-share market | The first Central Document of the 15th Five-Year Plan is released! Experts interpret the development of new productive forces in agriculture.

1. The first Central Document No. 1 of the 14th Five-Year Plan has arrived! Experts quickly interpret the first mention of "normalized precise assistance." Importance: On February 3rd, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Anchoring Agriculture and Rural Modernization to Solidly Promote Comprehensive Rural Revitalization" was announced to the public. This is the 14th guiding document on agricultural work issued by the Central Committee since the 18th National Congress of the Communist Party of China, and is another No. 1 document with the theme of promoting comprehensive rural revitalization. The key points are as follows: Promote the integration of artificial intelligence with agricultural development, expand applications such as drones, the Internet of Things, and Siasun Robot&Automation Take various measures to expand rural consumption, support the deployment of new energy vehicles, smart home appliances, and green building materials in rural areas Implement the high-quality development project of rural e-commerce, regulate live-streaming sales by Shenzhen Agricultural Power Group Encourage local areas to carry out special interest rate pilot projects for grain and oil planting loans Coordinate and implement market-based purchases and policy-based storage to ensure that the prices of grain and other important agricultural products remain at a reasonable level For the first time, the Central Document mentions the concept of "normalized precise assistance." Lin Wanlong, vice president of China Agricultural University, said the biggest difference is the three words, "normalized." Before 2020, it was called the period of fighting, from 2021 to 2025 it was called the transition period, and starting in 2026, it is explicitly referred to as normalized assistance, with the core being major stability and minor adjustments. Overall, the previous measures have been effective and should be stabilized. Of course, there are also some specific policy measures that face further optimization, hence the term "minor adjustments." 2. Gold and silver violently rebounded, Shanghai Gold Exchange and Shanghai Futures Exchange take action again Importance: After the sharp declines on Friday and Monday, gold and silver violently rebounded on Tuesday. By 6 p.m. Beijing time, gold completely recovered from its losses on Monday, while silver's volatility was even greater, with a rebound of over 11%, reaching a peak of $87.954 per ounce during the trading session. After a substantial rebound, gold and silver have restored their gains for the year to 14% and 21%, respectively. Due to the excessive volatility in precious metals, the Shanghai Gold Exchange once again issued a notice adjusting the margin levels and the limit-up and limit-down percentages for gold and silver futures. The Shanghai Futures Exchange announced that starting from the close of trading on February 4 (Wednesday), the limit-up and limit-down percentages for existing silver futures contracts will be adjusted to 19%, the hedged open positions will be adjusted to 20%, and the general open positions will be adjusted to 21%. In other precious metals, the Dalian Commodity Exchange also issued a notice stating that starting from the settlement on February 5, the limit-up and limit-down percentages for platinum and palladium futures contracts will be adjusted to 20%, and the trading margin standards will be adjusted to 22%. 3. People's Bank of China: Will carry out 800 billion yuan reverse repurchase operations Importance: On February 3, in order to maintain ample liquidity in the banking system, the People's Bank of China will conduct 800 billion yuan reverse repurchase operations on February 4, 2026, using a fixed quantity, interest rate bidding, and multi-price winning method, with a maturity of 3 months (91 days). In addition, the People's Bank of China announced the liquidity injections in January 2026 for various tools. Regarding central bank loans, the Standing Lending Facility (SLF) had a net contraction of 7.9 billion yuan; Medium-term Lending Facility (MLF) had a net injection of 700 billion yuan; Supplementary Lending Facility (PSL) had a net injection of 174.4 billion yuan; in terms of open market operations, a net injection of 167.8 billion yuan for 7-day reverse repurchases, and a net injection of 100 billion yuan for the open market trading of government bonds; the central treasury cash management had a net contraction of 60 billion yuan. 4. A record 4.92 million new A-share accounts opened in January! Higher than all months in 2025, how to interpret this data Importance: The latest data from the Shanghai Stock Exchange reveals that a record 4.92 million new A-share accounts were opened in January 2026. How should we interpret the 4.92 million new account openings? Firstly, the 4.92 million accounts increased by 213% compared to January of the previous year, and by 89% compared to December of the previous year, showing a significant growth rate. Secondly, looking at the new account data for the whole year, the 4.92 million accounts were higher than all months in 2025, and in the 12 months of 2024, they were only lower than the 6.85 million accounts in October. Thirdly, reviewing the history of A-share account openings, the monthly account opening of 4.92 million accounts could be ranked in the top five in nearly a decade, with the top four months being April 2015 with 7.2 million, June 2015 with 7.12 million, October 2024 with 6.85 million, and May 2015 with 6.74 million. It's worth comparing this with the high number of account openings during the bullish market of 2015, the current market has significant differences: Firstly, the valuation level is lower, with the current Shanghai Composite Index P/E ratio of around 17 times, much lower than the over 30 times peak in 2015; secondly, the fund structure is healthier, with a higher proportion of medium- and long-term funds compared to the leverage and retail funds dominating in 2015; thirdly, the policy direction is more stable, with the current regulatory emphasis on stability and avoiding big market swings. These differences are expected to support the market to enter a slow bull market trend. 5. A sharp drop of over 14% during trading! "Cold King" urgently speaks out, how should fund managers cope Importance: On February 3rd, Horizon Robotics opened lower and fell sharply affected by the "minor essay," dropping more than 14% at one point during trading, and closed with a 9.18% decline at 1128 yuan per share, approaching a nearly 30% retracement from the high point reached in August last year. According to the recently disclosed fourth quarter report of public funds in 2025, amid the high volatility, fund managers have different opinions on holding the stock, with some funds steadfastly choosing to increase holdings, while others have removed it from the top ten list of major holdings. Some fund managers analyze that in a context of huge price increases and high valuations, any unfavorable rumors could become the "last straw that breaks the camel's back." If stocks held are impacted by the "minor essay," but verified as untrue rumors, and the company's fundamentals and long-term growth logic remain unchanged, the short-term significant stock price drop may actually present a buying opportunity, where moderate increase in holdings or firm holding is advised considering the valuation level. 6. Focus on three types of automotive data outbound behavior, eight departments jointly issue security guidelines Importance: The Ministry of Industry and Information Technology, along with seven other departments, jointly issued the "Automotive Data Outbound Security Guidelines (2026 Edition)," the release of which will promote the establishment of an efficient, convenient, and secure mechanism for the cross-border flow of automotive data. Experts state that the "Security Guidelines" apply to behaviors of automotive data processors providing automotive data generated and collected in domestic operations to overseas. Specifically, it includes three major categories. The first category is automotive data processors transmitting data collected or created during domestic operations to overseas; the second category is data that exists domestically but can be accessed, retrieved, downloaded, or exported by foreign institutions, organizations, or individuals; the third category involves other activities that comply with the relevant provisions of the Personal Information Protection Law of the Peoples Republic of China concerning the processing of personal information of natural persons located overseas. 7. Kweichow Moutai continues to rise, iMoutai January data highlights market-oriented breakthrough favorable Importance: On February 3rd, Kweichow Moutai's stock price once again saw a "warmth," with a more than 3% increase in the morning after the market opened, ranking among the top in the liquor sector. By the afternoon closing, Kweichow Moutai's share price had risen 3.36% to 1474.92 yuan per share. Some views suggest that the positive performance of the stock price is a response from the market to the initial results of Moutai's market-oriented transformation. On the evening of February 2nd, the official WeChat account of iMoutai published the "iMoutai This Month" operational briefing, disclosing the core operating data for January 2026, with a new user base exceeding 6 million and monthly active users exceeding 15 million. These data provide a vivid demonstration of Moutai's substantive breakthrough in transitioning from the business end to the consumer end, outlining a path of breakthroughs for Moutai that focuses on reform for development and making consumers the core. In summary, market focus is on investment opportunities with banks identified as areas of interest.