Amidst the severe turbulence in the international precious metals market, the A-share non-ferrous metals sector has once again experienced a wave of limit-downs, with the gold and silver sectors collectively plunging. The CPO sector was active at the beginning of the session, with the &#34;leading stock&#34; Xinyi Technology soaring over 10%. Last Friday, Xinyi Technology announced that it expects a net profit of up to 9.9 billion yuan for the year, a year-on-year increase of nearly 249%, mainly driven by the continuous growth of AI-driven computing power investments.
On February 2nd, A-shares showed volatility and differentiation, with the Shanghai Composite Index and Shenzhen Component Index declining, while the ChiNext Index rose before turning down, briefly gaining 1% at the start of the session, followed by another wave of limit-downs in the non-ferrous metals sector. The liquor and electrical grid sectors saw gains. Hong Kong stocks opened lower and continued to decline, with the Hang Seng Index dropping over 2%, and tech stocks generally falling, while automotive stocks plummeted.
In the bond market, government bond futures fluctuated upward. In terms of commodities, domestic commodity futures saw widespread declines, with Shanghai gold, silver, and copper all plummeting. Core market trends:
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A-shares: As of the time of writing, the Shanghai Composite Index is down 0.72%, the Shenzhen Component Index is down 0.72%, and the ChiNext Index is down 0.23%.
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Hong Kong stocks: As of the time of writing, the Hang Seng Index is down 1.23%, and the Hang Seng Tech Index is down 2.00%.
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Bond market: Government bond futures are all down, as of the time of writing, the 30-year main contract is up 0.20%, the 10-year main contract is flat, the 5-year main contract is down 0.02%, and the 2-year main contract is flat.
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Commodities: Domestic commodity futures are generally down, as of the time of writing, Shanghai silver, platinum, and palladium main contracts hit the limit down, Shanghai tin fell 11%, Shanghai gold fell over 10%, Shanghai copper, nickel fell over 6%, Shanghai aluminum fell 5%, fuel oil fell over 4%, stainless steel, container shipping index, lithium carbonate, and asphalt all fell over 3%, and rubber fell over 2%.
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10:11
The non-ferrous sector continues to decline significantly, with over thirty stocks including Baiyin Nonferrous, Hunan Silver, China Gold, and ZJIG hitting the limit down.
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09:58
The commodity concept LOF has weakened across the board, with multiple funds such as Commodity LOF, Guotou Resources LOF, Resources LOF, and Southern Crude Oil LOF hitting the daily limit down. Guotai Commodity LOF fell over 8%, while both Harvest Crude Oil LOF and Huabao Oil &amp; Gas LOF dropped over 7%. The Oil LOF from E Fund fell over 5%.
09:54
In early trading, the three major telecom operators collectively weakened, with China Mobile down nearly 5%, hitting a new low since June 2024. China Unicom and China Telecom both fell over 4%.
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In terms of news, on February 1, China Mobile, China Unicom, and China Telecom all announced that the applicable scope of the value-added tax on telecommunications services would be adjusted, with the tax rate changing from 6% to 9%, which will impact the companies' revenue and profits.
09:51
The liquor concept performed actively, with ShuiJingFang hitting the limit up for the second time in three days, Huangtai Wine achieving three consecutive limit ups, and Jinzhongzi Wine, Moutai, Zhongrui Co., and JINHUI following suit.
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In terms of news, a research report from CITIC Construction Investment pointed out that the liquor industry is expected to bottom out in 2026, with the market share of leading brands increasing. The report is optimistic about the liquor sector potentially presenting a decade-long investment opportunity around the Spring Festival.
09:36
The Hang Seng Technology Index's decline has expanded to 2.2%, with XPeng down over 9%, Nio down over 6%, and Leapmotor and BYD both down over 5%.
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09:34
The ChiNext Index rose over 1%, with CPO and other computing hardware stocks continuing their strong performance, and NewEase surged over 10%.
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09:27
Oil and gas stocks opened lower across the board, with Tongyuan Petroleum, Zhongman Petroleum, Zhun Oil Co., Sinopec Oilfield Services, and Beiken Energy all hitting the daily limit down. Keli Co. and QianNeng Hengxin fell over 10%.
09:21
The Hang Seng Index opened down 1.06%, and the Hang Seng Technology Index fell 1.29%.
XPeng dropped over 5%, while Alibaba, NetEase, Hua Hong Semiconductor, and Bilibili all fell over 2%.
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09:01
Commodity futures opened, with Shanghai Silver and Platinum main contracts hitting the limit down, Palladium falling over 15%, and Shanghai Gold and Shanghai Tin both down over 9%
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600779

600519

600199

600916

000995

603919

601212

002716

000506

The non-ferrous sector continues to decline significantly, with over thirty stocks including Baiyin Nonferrous, Hunan Silver, China Gold, and ZJIG hitting the daily limit down. The liquor concept is performing actively, with SCSF gaining 2 limit ups in 3 days, Huangtai Wine achieving 3 consecutive limit ups, and AGSW, Moutai, Zhongrui Co., and JINHUI following suit. Hong Kong tech stocks are adjusting, with XPeng down over 9%, Nio down over 6%, and Leapmotor and BYD down over 5%

- A-shares experienced a significant decline in the non-ferrous metal sector, with major drops in gold and silver stocks amid turbulence in the international precious metals market.  
- New Yisheng saw a surge of over 10% after announcing a projected net profit of 9.9 billion yuan for the year, a near 249% increase due to growing AI-driven computing investments.  
- Overall, market indicators showed declines across A-shares and Hong Kong shares, while the commodity market faced widespread drops, particularly in gold, silver, and copper.

Wallstreetcn

SCSF

Moutai

AGSW

China Gold

Huangtai Wine

JINHUI

Baiyin Nonferrous

Hunan Silver

ZJIG

A-shares fluctuated and fell, gold and silver stocks hit the limit down extensively, CPO was active in early trading, NewEase surged over 10%, the Hang Seng Index dropped over 2%, and tech stocks collectively adjusted