Access the Sina Finance APP and search for [Disclosure] to view more rating levels. With approximately two weeks remaining until the 2026 Spring Festival holiday, competition among major tech companies is already intensifying. On February 1st, Tencent's Yuanbao App launched its Spring Festival red envelope campaign with a total pool of 10 billion yuan. As of the time of writing, Yuanbao had surpassed ByteDance's Doubao to claim the top spot on the Apple App Store's free app rankings. If previous years' red envelope battles were marketing games of "spending money for traffic," the 2026 Spring Festival contest has evolved into a strategic positioning war centered on AI as the core engine, vying for the next-generation super traffic portal. Four tech giants—Tencent, Baidu, Alibaba, and ByteDance—have entered the fray with resources worth billions of yuan, propelling AI competition into a new phase focused on ecosystem strength.

Data released by the National Bureau of Statistics on January 31st showed that the Manufacturing Purchasing Managers' Index (PMI) for January was 49.3%, a decrease of 0.8 percentage points from the previous month. Notably, the production index stood at 50.6%, remaining above the critical threshold and indicating continued expansion in manufacturing output. The Non-Manufacturing Business Activity Index was 49.4%. By sector, business activity indices for monetary and financial services, capital market services, and insurance all exceeded 65.0%, reflecting high levels of activity in the financial markets.

After hitting a record high in the previous trading session, gold prices experienced a dramatic reversal on January 30th, recording their largest single-day decline in nearly 40 years. This extreme volatility has unsettled investor sentiment, sparked intense battles between bulls and bears, and made the metal's future trajectory a key focus for the market. Most institutions still affirm the long-term investment rationale for gold. UBS has raised its gold price targets for March, June, and September 2026 from $5,000 per ounce to $6,200 per ounce, citing stronger-than-expected demand driven by increased investment. Louise Street, Senior Market Analyst at the World Gold Council, stated that with little sign of relief in the global economic and geopolitical landscape in 2026, the momentum of robust gold demand is expected to continue.

As of February 1st, 125 listed companies on the Beijing Stock Exchange have disclosed their 2025 annual performance forecasts or preliminary results, offering an initial glimpse into the market's annual "report card." Data reveals that among these companies, 76 are projected to be profitable for 2025, representing a profitability rate of over 60%. Furthermore, 40 companies delivered "positive" forecasts, indicating either anticipated growth or a turnaround from losses. This performance growth is accompanied by clear structural divergence. On one hand, companies in sectors like advanced manufacturing, the digital economy, and health consumption showed significant earnings growth. On the other hand, industries such as photovoltaic equipment remain in an adjustment phase, facing periodic pressures. This performance split is closely linked to the varying景气度 of the respective industries and the effectiveness of each company's operational strategies, reflecting the differentiated development paths of Beijing Stock Exchange-listed companies across different sectors.

Last week, sector rotation in the A-share market accelerated. Previously strong performers in areas like computing and new energy concepts experienced some pullback, while previously lagging assets, represented by baijiu (white liquor) and real estate, showed relatively brighter performance. Additionally, influenced by a sharp correction in international precious metal prices following a sustained rally, the non-ferrous metals sector declined significantly last Friday. Brokerage strategy outlook reports indicate that despite the approaching Spring Festival holiday, trading activity in the A-share market remains high, with strong capital inflows into high-growth sectors, suggesting room for further development in the spring rally. The market may experience structural volatility in the short term, but as the spring rally enters its later stages, market style could increasingly shift towards heavyweight sectors and value-oriented investments in February.

Preliminary statistics show that several *ST companies, including *ST Guandian (Rights Protection), *ST Rocks, *ST Jinglun, and *ST Spring (Rights Protection), have recently issued announcements warning investors of delisting risks. Among them, *ST Rocks and *ST Jinglun have explicitly triggered financial delisting indicators and are expected to be delisted following the disclosure of their 2025 annual reports. Companies like *ST Taihe (Rights Protection) have temporarily met the financial thresholds, but their auditors cannot confirm that post-adjustment revenue will exceed 300 million yuan in 2025, meaning delisting risks persist. Industry insiders believe that since the implementation of new delisting regulations, the market's cleansing of underperforming companies has intensified. Against the backdrop of regulators continuously strengthening the normalized delisting mechanism, a pattern of orderly entry and exit, coupled with timely clearance, is accelerating.

The period for A-share companies to issue 2025 annual performance forecasts has temporarily concluded. Statistics show that as of January 31st, a total of 3,057 listed companies had disclosed performance forecasts. Among them, 1,638 companies, or 53.6%, issued positive forecasts, while 1,518 companies projected profitability. By sector, industries like non-ferrous metals and non-bank financial services capitalized on cyclical opportunities to deliver excellent results. New growth drivers such as hardware equipment, semiconductors, and automobiles and components also performed impressively, while traditional industries like steel continued to optimize their profit structures. In terms of the magnitude of earnings improvement, the non-ferrous metals sector stood out, benefiting from broad-based price increases. Zijin Mining Group expects its 2025 net profit to reach between 51 billion yuan and 52 billion yuan, a year-on-year increase of approximately 59% to 62%, ranking it at the top among companies forecasting growth. Against a low base, Ningbo Fubang projected a maximum annual net profit increase of 4,379%, making it the "growth champion" of this earnings season (excluding companies turning losses into profits).

As the essence of brokerages' monthly strategies, their recommended "golden stocks" demonstrated impressive ability to generate excess returns in January, with the top-performing pick surging approximately 99% for the month. As February begins, new lists of brokerage golden stocks are being released, primarily concentrated in sectors like electronics, machinery and equipment, and non-ferrous metals. In terms of individual stocks, Hygon Information Technology, Tencent Holdings, China Pacific Insurance, and Zijin Mining Group are the most popular choices. Looking ahead to February, brokerages generally believe the trend of the spring rally will continue, with technology growth and pro-cyclical sectors favored.

The public offering fund issuance market got off to a strong start in January 2026, achieving a successful opening. Data indicates that both the number of newly established funds and the total issuance scale rose significantly. Hybrid funds played a leading role, with their single-month fundraising scale reaching the highest level in nearly four years. Products from several leading fund companies saw high subscription demand. A notable feature of the market's recovery in January was the significantly accelerated fundraising pace and shortened issuance cycles. Many products managed by top public fund managers, particularly equity and FOF funds, experienced "flash fundraising," with numerous products selling out within days or even a single day. According to data, by January 30th, a total of 123 new funds had been established for the month, raising a combined 120.211 billion yuan, resulting in an average issuance size of 977 million yuan per fund. The top ten funds by fundraising size collectively raised over 43.2 billion yuan, with 9 individual products each raising more than 3 billion yuan, indicating a trend of concentration towards leading products in the issuance market.

On January 30th, the China Securities Regulatory Commission (CSRC) proposed amendments to the "Guidance on the Application of Articles 9, 10, 11, 13, 40, 57, and 60 of the 'Measures for the Administration of Securities Issuance by Listed Companies under the Registration-based System' - Securities and Futures Legal Application Opinion No. 18" for public comment, aiming to refine the strategic investor system for listed companies' refinancing. The proposed amendments intend to include institutional investors such as the National Social Security Fund, basic pension funds, enterprise (occupational) annuities, commercial insurance funds, public offering funds, and bank wealth management products within the scope of strategic investors, defining them as "capital investors." The new rules also specify a minimum shareholding requirement of 5%, basic conditions for capital investors, and information disclosure requirements. Experts interviewed believe these amendments are designed to further leverage the enabling role of strategic investors for listed companies and provide a solid institutional guarantee for the entry of medium- to long-term capital into the market.

Recently, leading companies in the optical module sector have intensively released their 2025 annual performance forecasts. For instance, Zhongji Innolight Corporation Limited expects its 2025 net profit attributable to shareholders to be between 9.8 billion yuan and 11.8 billion yuan, representing a year-on-year increase of 89.5% to 128.17%. Eoptolink Technology Inc., Ltd. anticipates its 2025 net profit to grow by 231.24% to 248.86% year-on-year. Suzhou TFC Optical Communicaion Co., Ltd. forecasts its 2025 net profit to increase by 40% to 60% compared to the previous year. China Galaxy Securities stated in a research report that the performance of relevant leading companies generally exceeded expectations, and the景气度 of the optical module sector "remains on an upward trajectory."

Recently, ZERONE Data Technology (Suzhou) Co., Ltd. released comprehensive data on investment in the private equity industry for 2025. The total capital commitment from Limited Partners reached 1.82 trillion yuan for the full year, an increase of over 40% year-on-year. The industry's investment structure became clearer, with state-owned capital firmly maintaining its dominant position, while financial institutions emerged as active participants on the investment side. In the view of industry insiders, the continued strengthening of state capital's leading role is driven by factors including policy support and adjustments in industrial orientation. Concurrently, financial institutions such as banks and insurance companies are gradually playing a more active and significant role in private equity investments.

Editor: Wang Yuanyuan