China's central bank has increased its gold reserves for the 15th consecutive month. As of the end of January, the PBOC's gold holdings stood at 74.19 million ounces, up from 74.15 million ounces at the end of December. The value of the gold reserves reached $369.58 billion, compared to $319.45 billion at the end of last December. Market analysts suggest that fluctuations in gold and silver prices reflect heightened volatility in the precious metals market amid shifting global liquidity expectations and concentrated speculative capital. The recent price movements represent a technical adjustment combined with changing policy expectations, indicating a shift in the investment logic that previously supported prices.
U.S. stock indices closed higher, with the Dow Jones Industrial Average rising 1,206.95 points, or 2.47%, to close at 50,115.67. The S&P 500 gained 133.9 points, or 1.97%, ending at 6,932.3, while the Nasdaq Composite climbed 490.62 points, or 2.18%, to finish at 23,031.21. For the week, the Dow rose 2.50%, while the Nasdaq and S&P 500 fell 1.84% and 0.10%, respectively. Most major tech stocks advanced, with Tesla up over 3%, Microsoft gaining nearly 2%, and Netflix rising more than 1%. Chip stocks showed strong performance, with ARM and Super Micro Computer surging over 11%, Western Digital and AMD up more than 8%, and Nvidia climbing nearly 8%. Cryptocurrency, optical communication, and precious metals sectors led gains, with Strategy up over 26% and MARA Holdings rising more than 22%. Popular Chinese ADRs broadly increased, with the Nasdaq Golden Dragon China Index closing up 3.71%. Nio jumped over 7%, Li Auto advanced more than 6%, and Baidu gained over 5%. The Hang Seng Index ADR rose 425.62 points, or 1.60%, to 26,985.57. COMEX gold futures for the front month climbed $99.10, or 2.03%, to $4,988.6 per ounce, while silver futures rose $0.81, or 1.06%, to $77.525 per ounce. Spot gold increased $185.66, or 3.88%, to $4,966.22 per ounce, and spot silver gained $6.87, or 9.68%, to $77.85 per ounce.
China successfully launched a reusable experimental spacecraft on February 7 from the Jiuquan Satellite Launch Center using a Long March 2F carrier rocket. Analysis indicates that with the expected technological validation of reusable spacecraft by 2026, commercial space activities in China may enter a phase of frequent, routine launches. Separately, U.S. commercial space firm SpaceX is reportedly prioritizing lunar missions over its Mars objectives. The commercial space sector continues to attract attention.
Eight Chinese regulatory bodies, including the PBOC and the CSRC, jointly issued a notice on further preventing and addressing risks related to virtual currencies. The notice states that virtual currencies do not possess legal status equivalent to fiat currency. Bitcoin, Ethereum, Tether, and other virtual currencies lack legal tender status and should not be used as currency in market circulation. For the first time, the notice also regulates stablecoins, stating that no entity or individual, domestic or foreign, may issue RMB-pegged stablecoins overseas without approval from relevant authorities. Virtual currency-related business activities are classified as illegal financial activities.
State Grid predicts that during the Spring Festival holiday, daily charging volume for new energy vehicles is expected to hit a record high. The State Grid Smart Vehicle Network Platform forecasts that the single-day peak charging volume will exceed 34 million kWh, up 17% year-on-year, with highway charging volume peaking at over 11 million kWh per day, a increase of more than 23%. Peak travel charging periods are expected around February 14-15 and February 21-23. Provinces such as Jiangsu, Zhejiang, and Anhui are likely to see record highway charging volumes, with the Changshen, Shenhai, and Hukun Expressways experiencing the busiest charging activity. This development involves the charging pile sector.
Macau set a new single-day record for border crossings on February 7, with total passenger flow reaching 867,000. Macau residents accounted for 36.7%, non-resident workers for 21.6%, and tourists for 39.1%, totaling 174,000 visitors. The Border Gate checkpoint saw nearly 463,000 crossings, setting a five-year high. This impacts the Macau-related sector.
Meitu (01357) announced that for 2025, its adjusted net profit attributable to owners may increase by 60% to 66% compared to 2024, based on non-IFRS measures.
Seres (09927) signed a cooperation agreement with the Chongqing Shapingba District People's Government. The company will contribute assets related to its Blueauto business to establish a target company, with the district government forming or introducing a limited partnership to invest alongside other investors and management.
BRAINAURORA-B (06681) announced that its indirect wholly-owned subsidiary signed a brain health digital AI technology service cooperation agreement with Macau's Kiang Wu Hospital. The partnership aims to establish a long-term strategic relationship in Macau for cognitive impairment digital screening, assessment, training, and health management, creating a full-chain brain health service model covering hospitals, communities, and homes.
Innovent Biologics (01801) entered into a global strategic collaboration with Eli Lilly to advance the development of innovative drugs in oncology and immunology. This marks the seventh collaboration between the two parties. Under the agreement, Lilly obtains exclusive global development and commercialization rights outside Greater China for relevant projects, while Innovent retains full rights within Greater China. Innovent will receive a $350 million upfront payment and is eligible for up to approximately $8.5 billion in milestone payments, plus tiered royalties on net sales outside Greater China.
ZHIDA TECH (02650), a leader in global smart charging and green digital energy, has established significant technological advantages in areas such as automatic charging robots, integrated photovoltaic-storage-charging systems, and high-power DC fast charging. Its AI intelligent scheduling algorithm enhances operational efficiency and load distribution for charging networks. For the first three months of 2025, revenue grew 28.5% year-on-year. The company is the world's largest provider of home charging solutions for electric vehicles, holding approximately 9% of the global market share. On November 30, 2025, ZHIDA TECH announced a sales order exceeding 100 million RMB with Saudi Arabian partner Saudi Controls Ltd., involving the supply of various AC and DC EV charging piles over five years. On January 29, 2026, the company signed a comprehensive cooperation agreement with Anhui Chery Green Energy Ecosystem Technology Co., Ltd., a subsidiary of Chery Group, to establish a joint venture focused on R&D, production, sales, and global services for smart charging equipment, particularly automatic charging robots and AI applications. This "light-asset" model reduces capital investment risks for ZHIDA TECH's overseas expansion while enabling Chery to enhance its charging infrastructure without heavy investment, providing a replicable template for other Chinese tech firms expanding internationally. The partnership with Chery is expected to accelerate the commercialization of smart charging solutions in the Middle East, leveraging Chery's established distribution network and ZHIDA TECH's technological expertise to capture market share in Gulf region EV infrastructure.