Premarket News Highlights: 1. Eight ministries have issued a document concerning the high-quality development of the traditional Chinese medicine (TCM) industry, aiming to promote the approval and market launch of innovative TCM pharmaceutical companies. Type: Industry Sentiment Impact: Positive On February 5, eight departments including the Ministry of Industry and Information Technology issued the "Implementation Plan for High-Quality Development of the TCM Industry (2026-2030)". The plan proposes that by 2030, a coordinated development system for the entire TCM industrial chain will be initially established, the stable supply capacity of key TCM raw materials will be further enhanced, breakthroughs will be made in a number of key technologies, and the level of industrial collaborative innovation will be significantly improved. Continuous emergence of innovative products is expected, driving the approval and market launch of a batch of innovative TCM drugs. Institutions believe that after a period of deep adjustment, the TCM sector is quietly turning a corner.
2. US tech stocks fell sharply again amid AI panic, with weak employment data intensifying the sell-off. Bitcoin and oil experienced significant declines. Type: Market Sentiment Impact: Negative US stocks closed lower on Thursday, led by declines in technology shares. The Nasdaq and S&P 500 indexes fell for the third consecutive session, with the S&P erasing its gains for the year. In addition to the impact of AI, weak labor market data exacerbated pessimistic market sentiment. Cryptocurrencies suffered a "collapse-style" plunge. International oil prices also fell sharply, with WTI crude futures dropping over 2%. Popular tech stocks declined broadly, with Super Micro Computer and Qualcomm falling over 8%, and Microsoft declining nearly 5%. The China-concept stock index bucked the trend, closing up nearly 1%.
3. Gold and silver plummeted overnight, and the Shanghai Futures Exchange again increased margin requirements and expanded trading limits for gold, silver, and other futures contracts. Type: Industry Sentiment Impact: Negative As geopolitical risk premiums receded somewhat, spot gold continued to decline by over 4% amid the selling wave, while silver plummeted by up to 19%. On February 5, the Shanghai Futures Exchange adjusted the price fluctuation limits and trading margin ratios for related silver, copper, and other futures contracts. The price fluctuation limit for listed gold futures contracts was adjusted to 17%, and the trading margin ratio for hedging positions was adjusted to 18%. The price fluctuation limit for listed silver futures contracts was adjusted to 20%.
4. Reports suggest SpaceX aims to build a "Starlink phone," but Musk states SpaceX is not developing a phone. Type: Industry Sentiment Impact: Neutral Informed sources revealed that as SpaceX preliminarily plans an IPO this year, the company intends to expand its Starlink business into more new markets, including launching a Starlink phone, direct-to-device internet, and space orbit tracking services. Related plans include developing a mobile device that can connect directly to the Starlink satellite constellation, a potential device that could even compete with smartphones. Subsequently, Musk responded on social media that no phone is under development.
Investment Calendar Qianwen's 30 Billion "Spring Festival Hospitality Plan" Launches
Investment Nugget If you want to persuade others, appeal to their interests, not to reason. - [US] Charlie Munger, "Poor Charlie's Almanack"
Institutional Views 1. Cinda Securities: Negative factors that undermine the core logic have not yet materialized. After short-term adjustments, the market is expected to continue the second half of the Spring rally in February. 2. Huafu Securities: Ample liquidity coupled with a rebound in profit growth may drive the stock market to new highs within the year. 3. Oriental Securities: Signs of market cooling are evident, with "fear of heights" sentiment appearing. Investors should appropriately lower their expectations.
Positive and Negative Outlook 1. Alibaba's Qianwen Becomes First Official Large Model for Olympics; AI Ecosystem Advancement Accelerates Type: Market Buzz Guojin Securities: By 2026, AI large models have transcended their role as a technological foundation, evolving into the dominant traffic portal of the AI era. Their powerful semantic understanding, data analysis, and multimodal generation capabilities are already yielding commercial dividends in high-frequency scenarios like marketing.
2. Storage Chip Shortage Persists! HP and Other Major PC Manufacturers Reportedly Considering Mainland Chinese Suppliers for the First Time Type: Institutional Hot Commentary China Merchants Securities: It is expected that global storage supply will remain generally tight throughout 2026. Multiple segments of the domestic storage industry chain will benefit from the shortage and price increase wave. Core recommendations focus on storage original manufacturers, storage module/chip companies, and storage packaging/testing/foundry segments.
3. Longest-Ever Movie Spring Festival Season Approaches; Institutions Focus on Resilience of Domestic Films Type: Institutional Hot Commentary CICC: The Spring Festival season is an important period at the beginning of the year, often setting the foundation for annual box office development and possessing the potential to catalyze box office elasticity for individual films. The 2026 Spring Festival box office faces the impact of a high base. Attention is on the resilience of domestic films, with bullish views on leading ticketing platforms and cinema chains.
Announcements Summary Positive-leaning Announcements 1. Rongfa Nuclear Power: First-tier wholly-owned subsidiary wins a 1.01 billion yuan nuclear power project bid. 2. TaiJi Industry: Subsidiary XIYUAN Technology pre-wins the Huali Micro FAB9B project with a bid of 3.778 billion yuan. 3. Nio: Estimates adjusted operating profit for Q4 2025 to be approximately 700 million to 1.2 billion yuan.
Negative-leaning Announcements 1. Two-day limit-up stock GCL System Integration: The company has not yet received related orders in the "space-based photovoltaic" field. 2. Conpro Pharm: Shareholders Wuxi Yunhui and Tongxiang Jiawo plan to reduce their holdings by a combined total of no more than 5.22%. 3. Beijiajie: Multiple shareholders plan to reduce their holdings by a combined total of no more than 2.9926%.
Overseas Markets US stocks closed lower on Thursday, with the Nasdaq falling over 1.5% and the S&P 500 erasing its year-to-date gains. AI panic spread, leading to declines in tech stocks; Super Micro Computer and Qualcomm fell over 8%, Nvidia dropped over 1%. The China-concept stock index rose nearly 1%, with Nio gaining over 5%.