Today, the three major indices in Shanghai and Shenzhen rebounded, with gains exceeding 1%, while the trading volume across the two markets shrank to less than 2.6 trillion yuan compared to the previous session. Among the Shenwan primary industries, only the banking sector declined, while all other industries posted gains. Recently, Donald Trump's nomination of Kevin Warsh as the next Federal Reserve Chairman has become the trigger puncturing the rapid upward bubble in precious metal prices. Compared to other candidates, Kevin Warsh is relatively more insistent on the Fed's independence; he advocates for "interest rate cuts + balance sheet reduction," hoping to control inflation through balance sheet contraction, thereby paving the way for rate cuts. However, the market believes the likelihood of immediate implementation is low. The Fed began technical balance sheet expansion in December last year, and constrained by dollar liquidity and employment pressures, the probability of a rapid shift to balance sheet reduction is low. Warsh's potential election might merely be a catalyst for a significant adjustment in precious metal prices, not the fundamental cause. Domestically, the equity market is experiencing fluctuations due to declining risk appetite and may enter a volatile phase in the short term. As annual reports are gradually disclosed, earnings certainty is likely to become the core focus of the market.
On February 2, nine departments including the Ministry of Commerce, the Central Propaganda Department, and the Ministry of Culture and Tourism jointly issued a notice, officially launching the "2026 'Happy Shopping for the New Year' Spring Festival Special Event." The activity aims to capitalize on the Spring Festival consumption peak season, stimulate consumption potential, and provide strong support for annual consumption growth.
Brief Comment: This initiative is another concrete implementation of pro-consumption policies following the "Work Plan for Accelerating the Cultivation of New Growth Drivers in Service Consumption," directly stimulating demand during the Spring Festival window. This move helps to boost market sentiment in the short term for major consumption sectors such as retail, catering, culture & tourism, and e-commerce, while also contributing to a "good start" for the macroeconomy. The coordinated policy efforts highlight the core status of expanding domestic demand in current macroeconomic work.
On February 2, departments including the Shanghai Municipal Commission of Housing and Urban-Rural Development jointly announced that Shanghai has formulated relevant policies and raised the first batch of special credit funds for affordable rental housing, officially initiating a "purchase instead of construction" model to acquire existing commercial housing for use as affordable rental housing. This move aims to accelerate the establishment of a new model for real estate development and promote the stable and healthy development of the real estate market.
Brief Comment: This is a significant city-level practice in response to the central government's requirement to "digest existing housing stock." The "purchase instead of construction" model can directly absorb existing housing inventory, helping to stabilize local real estate market expectations and prices. This provides a new transformation path for the real estate industry and may bring new business opportunities for real estate developers, property management companies, and local government financing platforms involved in the construction and operation of affordable housing. It represents a key exploration of the new model for real estate development.
On February 1, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council convened a meeting on performance assessment and distribution work for central enterprises and local SASACs. The meeting summarized the work in 2025, deployed key tasks for 2026, and emphasized the need to promote assessment and distribution work to better serve the development of new quality productive forces and high-quality development.
Brief Comment: As the first annual assessment meeting of the "16th Five-Year Plan" period, its guidance plays a directional role for the annual operational behavior of central enterprises. The meeting's emphasis on serving "new quality productive forces" suggests that assessments may focus more on investments and outputs in technological innovation and strategic emerging industries. This is expected to guide central enterprises to increase their presence in related fields, constituting a long-term institutional positive for central and state-owned enterprise sectors in the A-share market related to high-end manufacturing, the digital economy, and green, low-carbon development.
On February 3, the three major A-share indices rose. As of the market close, the Shanghai Composite Index was at 4067.74 points, up 1.29%; the Shenzhen Component Index was at 14127.11 points, up 2.19%; the ChiNext Index was at 3324.89 points, up 1.86%; and the STAR 100 Index was at 1635.32 points, up 3.38%. Among Shenwan primary industries, only the banking sector fell, declining by 0.85%; Comprehensive, National Defense & Military Industry, and Machinery & Equipment led the gains, rising by 5.63%, 4.42%, and 3.98% respectively. 4646 stocks advanced, while 520 declined.
The market turnover was 2565.782 billion yuan, down from the previous trading session. The balance of margin lending and short selling closed at 2709.088 billion yuan yesterday, down from the previous trading day.
Data source: Tonghuashun, as of February 3, 2026. Funds carry risks, and investment requires caution. Fund managers are committed to managing and utilizing fund assets with principles of honesty,信用, and diligence, but do not guarantee that the funds will necessarily be profitable, nor do they guarantee returns. The past performance of a fund is not indicative of its future performance.
A MACD golden cross signal has formed, and these stocks are performing well with decent gains!
Comments