<h3><strong>Market Overview</strong></h3><p>Before the significant employment report in the U.S., the S&amp;P and Nasdaq rose for three consecutive days. Honeywell fell over 5%, leading the decline in the Dow. NVIDIA rose over 3%, rebounding 10% over three trading days. After the earnings report, Amazon briefly dropped 7% in after-hours trading. Following a mention by the U.S. Treasury Secretary, U.S. Treasury yields narrowed their declines, and the dollar index experienced a &#34;flash crash.&#34;</p><p>The China concept index rose nearly 3%, Kingsoft Cloud surged over 11%, and Li Auto increased over 6%. The offshore yuan briefly fell below 7.30 before rebounding by 170 points. After the Bank of England cut interest rates, the pound plummeted over 1%. Japanese central bank officials called for significant interest rate hikes, with the yen reaching an eight-week high.</p><p>Bitcoin fell over $3,000 during trading, dropping below $96,000. Crude oil rose over 1% during trading but turned down after Trump reiterated calls for increased production. Gold fell over 1% during trading, dropping from record highs.</p><h3><strong>Only Tesla Declined Among the &#34;Tech Seven Sisters&#34;</strong></h3><p>NVIDIA closed up 3.08%, with its annual GTC conference scheduled for March 17-21 in the U.S. Foxconn plans to showcase themes such as the GB200 and nursing robots. Meta closed up 1.01%, continuously setting historical highs. Microsoft closed up 0.61%. Amazon closed up 1.13%, with strong holiday sales performance but poor outlook for the first quarter, leading to a drop of over 7% in after-hours trading. Apple closed up 0.32%. Google A closed up 0.14%, planning to release commercial quantum computing applications within five years. Tesla closed down 1.02%, as the company officially recruited engineers and other positions in preparation for mass production of robots.</p><h3><strong>Amazon's Earnings Guidance Below Expectations, Capital Expenditure Far Exceeds Expectations, Stock Price Briefly Dropped Over 7%</strong></h3><p>Amazon reported its earnings after the market closed on Thursday, showing that although the fourth quarter holiday season performance exceeded expectations, the poor outlook for the first quarter caused the company's stock price to drop over 7% in after-hours trading. Additionally, Amazon's capital expenditure of $27.8 billion in the fourth quarter was significantly higher than analysts' expectations and set a historical high, with capital expenditure expected to reach $105 billion in 2025, indicating that Amazon is increasing spending to support AI business development.</p><h3><strong>Despite DeepSeek's Impact, Giants Continue to Invest, AI Cash Burn Battle Continues</strong></h3><p>Google, Microsoft, and Meta are all ramping up investments, with capital intensity surpassing the last oil boom. Some analysts predict that by 2025, the capital expenditure of Microsoft, Meta, Amazon, and Alphabet could account for as much as 22% of their revenue, up from 17.2% in 2024.</p><p>Alphabet announced on Tuesday that its capital expenditure plan for this year is $75 billion, while Microsoft's capital expenditure is expected to exceed $90 billion this year. Meta stated that its spending in 2024 will increase by over 60%, reaching up to $65 billion. Amazon's capital expenditure for 2025 is expected to be around $105 billion.</p><h3><strong>Stock Price Briefly Rose Over 5%, Eli Lilly's Weight Loss Drug Weighed on Q4 Revenue, but Earnings Exceeded Expectations and Guidance Met Expectations</strong></h3><p>Eli Lilly's fourth-quarter performance was mixed, with revenue growing 45% year-on-year. However, due to demand forecast deviations for the weight loss drug Zepbound and diabetes drug Mounjaro, reduced wholesaler inventories, and discount adjustments, revenue fell short of Wall Street's high expectations for two consecutive quarters. Nevertheless, demand for weight loss drugs remains strong, and the performance of established diabetes drugs exceeded expectations, helping to offset the shortcomings of new drugsAnd the profit guidance for the fiscal year 2025 meets expectations. Eli Lilly stated that supply chain pressures are gradually easing, and it is expected that the production volume of gut hormone drugs in the first half of 2025 will increase by 60% year-on-year.</p><h3><strong>Tesla officially recruits engineers and other positions to prepare for mass production of robots</strong></h3><p>Tesla's website shows that there are at least 12 vacant positions at its Fremont factory, ranging from manufacturing engineering technicians to production managers and process supervisors. Previously, Tesla stated that its goal is to produce 10,000 Optimus robots by 2025, with production capacity expanding to 1,000 units per month.</p><h3><strong>Goodbye to the $800 tax-free era! Sellers: The sky has fallen</strong></h3><p>With the implementation of tariff policies, major cross-border e-commerce platforms such as Temu and SHEIN, which rely on low-cost direct shipping models, will face the first round of impact. With the cancellation of the &#34;minimum tariff exemption,&#34; these sellers have to face a tax rate cost of 15% to 20%, and some long-tail SKUs may be forced to exit the market due to zero profits.</p><p>Taking Temu's $40 average order value package as an example, if we do not consider the cost transmission in the supply chain, the pricing pressure brought by tariff changes on end pricing is 26%, and the price difference between Temu and Amazon for similar products may narrow from 40% to 27%.</p><h3><strong>What makes BYD's press conference worth 80 billion?</strong></h3><p>On Thursday's closing, BYD's A-shares suddenly hit the daily limit, with a market value increase of over 80 billion yuan, and smart driving concept stocks also saw unusual surges, with several stocks such as Yutong Optical and Shiyun Circuit hitting the daily limit. BYD will hold a smart strategy press conference on February 10, launching the &#34;Eye of God&#34; advanced smart driving system. What excites the market is that some media reported that BYD plans to make the &#34;Eye of God&#34; available for models priced at 100,000 yuan. This will not only drive BYD's own sales growth but also disrupt the entire smart driving industry chain.</p><h3><strong>Vanke's major changes, state-owned assets take full control</strong></h3><p>On the first day of the Lunar New Year, Vanke issued a significant announcement regarding the division of responsibilities within its management team. The arrival of this group of state-owned elite means that Vanke is undergoing a &#34;state-owned transformation&#34; from the inside out. Notably, the strategic investment operation management department, regarded as Vanke's core department, appointed both a general manager (Zhao Zhengyang) and two deputy general managers (Yan Botong and Duan Jun), which may indicate that Vanke will intensify asset restructuring and equity cooperation.</p><h3><strong>CCTV's Yu Yuantan: The Ministry of Commerce's three-pronged approach is just the beginning of action</strong></h3><p>The Ministry of Commerce's official website announced that the unreliable entity list work mechanism has decided to include the American PVH Group and Illumina, Inc. in the unreliable entity list. The Ministry of Commerce announced that China has brought the U.S. tax measures to the WTO dispute resolution mechanism. The Ministry of Commerce and the General Administration of Customs announced the implementation of export controls on tungsten, tellurium, bismuth, molybdenum, and indium-related items</p>

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<p>The S&P and Nasdaq have risen for three consecutive days; Honeywell fell over 5%, leading the decline in the Dow; Palantir rose 9.79%, continuing to hit historical highs; NVIDIA rose over 3%; After the earnings report, Qualcomm fell nearly 4%, Arm fell over 3%, Ford fell over 7%, and Amazon briefly fell 7% after hours; The Chinese concept index rose nearly 3%, Kingsoft Cloud rose over 11%, and Li Auto rose over 6%; Bitcoin fell over $3,000 during the session, dropping below the $96,000 mark</p>

- U.S. markets saw gains ahead of a significant employment report, with the S&P and Nasdaq rising for three consecutive days.  
- Amazon's stock dropped over 7% post-earnings despite strong holiday sales, while capital expenditures surged, indicating a focus on AI development.  
- The Chinese yuan fluctuated, and the Bank of England's rate cut led to a sharp decline in the pound, amidst broader market volatility including significant movements in cryptocurrencies and commodities.

Breakfast | NVIDIA rebounds 10% in three days, Amazon plunges after earnings, Chinese concept stocks rebound strongly