GMT EIGHT - OPPORTUNITIES IN CHINA

Intel CEO says chip shortage may last until 2028

Intel CEO Chen Liwu stated at the Cisco Artificial Intelligence Summit on Tuesday that the company has appointed a new Chief Architect to accelerate the development of graphics processors in order to leverage the opportunities brought by the rapidly growing demand for artificial intelligence data centers. He said that the demand for artificial intelligence computing power is surging, significantly increasing the dependence on GPUs and storage chips, and the current shortage of storage chips that is sweeping the industry has become the "biggest challenge" facing AI development, with the imbalance in supply and demand not expected to be eased until around 2028. Chen Liwu also revealed that several customers are in deep discussions with Intel's foundry business, with a focus on the 14A process technology, and production is expected to accelerate later this year.

Shenwan Hongyuan Group: The QE era may have come to an end, and the Fed's balance sheet expansion has entered a "new normal"

At the FOMC meeting in December 2025, the Federal Reserve restarted the RMP, marking the beginning of the normalization phase of balance sheet expansion.

AMD CEO: The sales of server central processing units for cloud services and enterprise customers reached a record high in the fourth quarter.

Overnight US stocks | Three major indexes fall, NASDAQ almost completely erases gains for the year, Paypal (PYPL.US) drops over 20%.

As of the close, the Dow Jones fell 166.67 points, a decrease of 0.34%, to 49240.99 points; the Nasdaq fell 336.92 points, a decrease of 1.43%, to 23255.19 points; the S&P 500 index fell 58.63 points, a decrease of 0.84%, to 6917.81 points.

NVIDIA CEO Huang Renxun denies rumors of a deal with OpenAI: Investment plan is still progressing "as scheduled"

Nvidia CEO Huang Renxun said that the investment plan for OpenAI is still "moving forward step by step." "This matter is completely non-controversial, and the related statements are purely groundless," Huang Renxun said. "We are very willing to cooperate with OpenAI." Huang Renxun also said that Nvidia will participate in the next round of financing for OpenAI. He said that this round of financing will be the "largest private financing in history." He also added that Nvidia will consider participating in all future financing rounds of OpenAI and hopes to participate in their eventual initial public offering.

Bitcoin falls to its lowest level since Trump returned to the White House.

Bitcoin has dropped to its lowest level since Donald Trump returned to the White House over a year ago. Bitcoin has been on a downward trend for nearly four months, falling below $74,424.95, hitting the lowest price level since 2025. Bitcoin had fallen to that price on April 7, 2025, after Trump's tariff plan caused a massive shock in the global financial markets. On Tuesday of this week, Bitcoin briefly dropped 5.9% to $73,847.

Spot gold broke through $4,950 an ounce, up 6.32% intraday.

Federal Reserve Milan: I believe it is necessary for us to cut interest rates by more than one percentage point this year. I am looking forward to seeing what actions will be taken after Wash becomes the chairman of the Federal Reserve.

Guangzhou Futures Exchange: After research, it has been decided that starting from the settlement on February 5, 2026, the daily price limit for platinum and palladium futures contracts will be adjusted to 20%, and the trading margin requirement will be adjusted to 22%.

Fujian: Cultivate more than 500 innovative enterprises by 2027.

The Development and Reform Commission of Fujian Province issued "Ten Measures to Strengthen the Cultivation of Innovative Enterprises in the Digital Economy in Fujian Province". Among them, it proposes to optimize the discovery mechanism of innovative digital businesses at the source. Further optimize the selection mechanisms and standards of digital economy unicorns and gazelle enterprises in the province, comprehensively use data from multiple sources such as market supervision, tax, finance, etc., explore the establishment of an algorithm model for correlation analysis of the innovation activity index and growth potential score of enterprises, and build the "Intelligent Discovery and Portrait System of Digital Innovation Enterprises" in Fujian Province. Implement the normalization of data enterprises in the province, discover and reserve a batch of seed data enterprises in the fields of artificial intelligence, intelligent manufacturing, smart cities, etc., cultivate a batch of innovative data enterprises, and after becoming benchmark data enterprises, include them in the management of digital innovation enterprises. Establish a full-lifecycle cultivation system for digital innovation enterprises, with hierarchical classification, dynamic management, and precision services, and promote the transformation from "enterprises seeking policies" to "policies seeking enterprises". By 2027, cultivate more than 500 digital innovation enterprises and attract more than 300 benchmark and innovative data enterprises.

The storage market, which has been wrongly killed, is rebounding massively! "Two-stage strategy" focuses on seizing the storage super cycle: short-term bets on HDD, long-term bets on HBM and eSSD.

In the short term, attention can be focused on the two major HDD giants, Seagate and Western Digital, which can be collectively seen as a "short-term trading theme of storage prosperity cycle type." In the medium to long term, excess returns can be placed on the supply-demand gap and pricing power of Memory (HBM, high-end DDR, and the NAND/controller ecosystem behind enterprise-level SSDs).

China Association of Automobile Manufacturers: China's automobile commodity export amount will reach $242.46 billion by 2025, a year-on-year increase of 14.2%.

In 2025, the total cumulative import and export value of automobile products in the country was 287.25 billion US dollars, a year-on-year increase of 3.1%. Among them, the import amount was 44.79 billion US dollars, and the export amount was 242.46 billion US dollars.

China Automobile Dealers Association: The used car managers index in January was 46.5%, down 0.6 percentage points from the previous month.

The data shows that the Second-hand Car Manager Index in January 2026 was 46.5%, an increase of 6.3 percentage points year-on-year and a decrease of 0.6 percentage points month-on-month, still in the downturn range.

Uber Technologies, Inc. (UBER.US) resumes its car-hailing business in Macau, marking its first expansion into a new market in Asia in several years.

Didi restarts business in Macau, marking its first entry into a new Asian market in years.

The tax rate in the gaming industry is following that of Baijiu? Several gaming companies responded: This is not true news.

A responsible person from a top Guangdong gaming company clearly told reporters that the rumor is false. On February 3, there were rumors in the market that the financial industry and internet value-added services, due to their high profit margins and light tax burden, may become the next target for tax rate adjustments, similar to the liquor tax rate, which caused the stock prices of internet companies like Tencent to collectively decline. Prior to this, the three major mobile operators China Mobile, China Unicom, and China Telecom simultaneously announced that they will implement the new value-added tax rate of 9%, up from the original 6%, in accordance with the regulations announced on January 1 regarding specific matters related to value-added tax collection.

SOE Ruiyin Response to Silver LOF Valuation Adjustment: No Advance Notice, Intended to Avoid Panic and Run on Assets

LOFA31%22 yesterday evening announced that it would adjust the valuation method of the silver futures contracts held by its Guotou silver LOF. As a result, the adjusted net asset value of Guotou Ruiyin silver futures A on the same day fell by more than 31%, which was the result of revaluation according to the new valuation method. However, this valuation adjustment has sparked huge controversy among investors, with the core focus on the timing of the adjustment - why was the announcement not made until after the close of trading on February 2nd? In response to this, Guotou Ruiyin Fund told reporters that if they had announced it earlier, they were worried that it would be interpreted as intentionally guiding investors not to redeem, leading to speculation that the fund's asset liquidity was in serious trouble, causing market panic and triggering a run on the fund.

Hong Kong stocks midday review: Technology stocks fell, the Hang Seng Technology Index fell by 1.32%, the Hang Seng Index rebounded near midday, and gold stocks rebounded.

Due to the impact of the decline in technology stocks, the three major stock indexes in Hong Kong quickly fell during the midday session. By the end of the midday session, the Hang Seng Index had rebounded and turned positive by 0.2%, the State-owned Enterprise Index fell by 0.22%, and the Hang Seng Technology Index fell by 1.32%. Most technology stocks fell due to market rumors, with Baidu and Tencent falling by more than 3%, and at one point falling by more than 6%; signs of stabilization are beginning to appear! Gold and silver rebounded during the session, with gold stocks leading the rebound in non-ferrous metal stocks, and heavy machinery stocks, electric equipment stocks, military stocks, and airline stocks were mostly active. In addition, Chinese brokerage stocks, automotive stocks, and AI application concept stocks were underperforming.

New stock interpretation | Lexin Outdoor: Resonance of stable fundamental base and high growth track to create a scarce target for outdoor equipment investment.

From a global manufacturing leader to a brand ecosystem builder: the double value leap of Joyful Outdoor.

The news states that Apple's M6 chip will continue to use TSMC's 2nm N2 process.

The Apple M6 chip is expected to continue using TSMC's 2nm N2 process instead of the N2P process. This is because Apple is more focused on architecture upgrades and cost control, planning to bridge the process gap through their strong accumulation in chip architecture design. It is expected that Qualcomm and MediaTek are more inclined to adopt N2P first.

In search of certainty targets in the wake of a major shake-up in non-ferrous metals: Aluminum core asset CHINAHONGQIAO (01378) "looking back at the bull" to seize the opportunity?

"If you don't want to hold it for more than ten years, don't hold it for a minute." And if the target has long-term investment value, then the short-term fluctuations caused by external adjustments are naturally not worth mentioning.

Broker Morning Meeting Highlights | Pullback Creates Intervention Opportunities

Huatai Securities believes that the pullback creates opportunities for intervention.

Heavyweight data "absent"! Non-farm payrolls postponed due to US government shutdown, market expected 55,000 new jobs plunged into "information vacuum".

The US Bureau of Labor Statistics confirmed on Monday that the January employment report, originally scheduled to be released on Friday, will not be published as scheduled due to the partial government shutdown.

SpaceX will merge with xAI.

According to a report by Bloomberg on February 2nd, local time, anonymous sources revealed that a company internal memo released that day confirmed that American entrepreneur Musk plans to merge his space exploration technology company, SpaceX, with the artificial intelligence company xAI. This move is seen as an important step for Musk to pave the way for a mega public offering. Some sources say that the merged company is expected to be priced at around $527 per share, with a valuation of $1.25 trillion. SpaceX and xAI did not immediately respond to requests for comment on the report.

Palantir's fourth-quarter revenue was $1.41 billion, higher than analysts' expectations of $1.33 billion. Adjusted earnings per share for the quarter were $0.25, exceeding analysts' expectations of $0.23. Adjusted EBITDA for the fourth quarter was $805.5 million, surpassing analysts' expectations of $706.8 million. The company is forecasted to generate revenue of $7.18 billion to $7.20 billion in 2026, higher than analysts' expectation of $6.27 billion.

Long-term potential of BIGO Ads is emerging, becoming one of the essential channels for precise customer acquisition.

BIGO Ads long-term potential has emerged as one of the essential channels for precise customer acquisition.

The Trump administration's aggressive financial operations attract attention. The bond market closely watches whether the Treasury Department will take action to push down long-term interest rates.

Market participants generally expect that the US Department of the Treasury will maintain a relatively stable debt issuance plan in the key debt financing statement to be released on Wednesday.

Guotou Silver LOF: Due to the significant recent fluctuations in the prices of silver in the international main markets, which differ greatly from the previous silver futures prices at the Shanghai Futures Exchange, the company has decided to conduct a reasonable reassessment of the fund assets based on the price fluctuations in the international main markets of silver futures.

US Stock Market Move | Oracle Corporation (ORCL.US) plans to raise an additional $50 billion for the expansion of its cloud infrastructure. The stock price of Oracle Corporation rose nearly 4% in pre-market trading.

On Monday, Oracle (ORCL.US) rose nearly 4% in pre-market trading to $170.

The stickiness of US inflation is most intuitively reflected! Tyson Foods, Inc. Class A (TSN.US) beef prices are up + strong demand for chicken performance far exceeds expectations.

Tyson Foods' first quarter profit, slightly higher than analysts' expectations, was mainly due to the rising price of beef and the continuous growth in demand for chicken, offsetting the pressure of limited beef supply.

Silver continuous main contract fell 20% intraday, now at 20600.00 yuan.

Fujian: Implementing phased subsidies for affordable housing, subsidies for families with multiple children, subsidies for commercial and office buildings, and other assistance policies.

The Housing and Urban-Rural Development Department of Fujian Province has issued "Several Opinions on Further Promoting the Stable Development of the Real Estate Market", proposing the implementation of home purchase subsidies. It supports local governments to implement universal home purchase subsidies, subsidies for families with multiple children, subsidies for commercial and office buildings, etc. according to the local economic and real estate development situation. It also broadens the scope of talent identification, supporting talents at different levels to meet their housing needs through home purchase subsidies, preferential loans, etc.

The wildest fluctuations since 2008! Gold price fluctuations surpass Bitcoin's, but Wall Street remains steadfast in its "belief in a $6,000 gold price".

Gold's volatility has actually surpassed that of Bitcoin! It has recorded the largest price fluctuations since 2008.

Today, southbound capital had a net purchase of 1.907 billion yuan. In terms of the Hong Kong Stock Connect (Shanghai), Tencent Holdings and Xiaomi Group-W received net purchases of 880 million Hong Kong dollars and 391 million Hong Kong dollars respectively; Alibaba-W had the highest net sale amount of 816 million Hong Kong dollars; in the Hong Kong Stock Connect (Shenzhen), Alibaba-W and Tencent Holdings received net purchases of 488 million Hong Kong dollars and 424 million Hong Kong dollars respectively; Hua Hong Semiconductor had the highest net sale amount of 554 million Hong Kong dollars.

Shanghai Futures Exchange: Implementing opening position restrictions on some clients.

On February 2, 2026, a group of actual control relationship accounts exceeded the trading volume limit for opening positions within a day on relevant contracts, reaching the exchange's processing standard. The trading behavior of the above clients violated Article 16 of the Shanghai Futures Exchange's Regulations on Abnormal Trading Behavior Management, and the exchange decided to implement regulatory measures restricting opening positions on the corresponding contracts for the relevant clients.

The three major US stock index futures have seen a significant narrowing of their declines, with the Nasdaq futures narrowing their decline to 1.1% from nearly 2% earlier; S&P 500 index futures are now down 0.9%, while Dow Jones futures are down 0.7%.

AM-One, a unit of E-Sun Asset Management: if the Bank of Japan raises interest rates in April, the US dollar is expected to fall below the 150 level against the yen.

Shigeki Muramatsu, Chief Investment Officer of Asset Management One (AM-One), a subsidiary of Mizuho Financial Group, stated that if the Bank of Japan raises interest rates in April, the yen is expected to further appreciate to a level of 150 yen against the US dollar.

Huang Renxun claims that TSMC's production capacity needs to double to support the largest infrastructure investment in human history.

TSMC is currently working at full capacity to produce chips for almost all technology giants, while NVIDIA CEO Jensen Huang is currently in Taiwan, China to handle business matters. In an interview with the media, he stated that in order to support the "largest infrastructure investment in human history," TSMC needs to double its production capacity in the next ten years. Huang emphasized that TSMC is working very hard, but this year NVIDIA has a huge demand, so a large amount of production capacity is needed. He said, "In the next ten years, TSMC's production capacity may grow by more than 100%, which is a significant scale expansion, the largest infrastructure investment in human history, and just meeting NVIDIA's demand will require doubling the capacity." TSMC has already started to expand its semiconductor wafer fab and has invested heavily in regions such as the EU, Japan, and the US. TSMC also plans to build a complete supply chain in the US, launching a mega expansion project with a total amount of up to $250 billion, covering advanced packaging, semiconductor manufacturing, and research and development centers. It is worth mentioning that NVIDIA is the first customer of TSMC's A16 process node and has surpassed Apple to become TSMC's largest customer.

New Stock Preview | Despite doubling revenue, is General Intelligence Technology's "profit solution" still stuck in the quagmire of losses?

Zhejiang Jia Zhi Technology Co., Ltd. recently submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation Limited as the sole sponsor.

U.S. stocks face high-risk window period? After a turbulent week, U.S. January non-farm payrolls and Google, Amazon financial reports become market focus.

In the upcoming week, investors' attention will be focused on the US January non-farm employment report, which will be released on Friday. Google and Amazon will announce their earnings on Wednesday and Thursday respectively.

The balance of financing in the two cities decreased by 23.417 billion yuan compared to the previous day.

As of January 30, the financing balance of the Shanghai Stock Exchange reported 1,362.922 billion yuan, a decrease of 13.491 billion yuan from the previous trading day; the financing balance of the Shenzhen Stock Exchange reported 1,326.953 billion yuan, a decrease of 9.926 billion yuan from the previous trading day; the total financing balance of the two exchanges was 2,689.875 billion yuan, a decrease of 23.417 billion yuan from the previous trading day.

REPT BATTERO (00666) announces expected net profit for 2025 to be approximately 6.3 billion to 7.3 billion yuan, turning from a loss to a profit compared to the previous year.

RayPulan Jun (00666) announced that it is expected to achieve a net profit of approximately RMB 6.3 billion to approximately RMB 7.3 billion for the year ending December 31, 2025 (this reporting period), compared to a net loss of approximately RMB 13.53 billion for the year ending December 31, 2024, turning the loss into a profit.

Guotai Haitong: SpaceX applies for millions of satellites layout orbits, the AI data center, space photovoltaic and equipment sectors are expected to benefit first.

Guotai Haitong released a research report stating that as SpaceX advances in satellite launches and related in-orbit applications, the trend of exploring orbital AI data centers is gradually becoming evident.

CMSC: Market rotation may accelerate in February. Industry positioning revolves around the layout of pro-cyclical and technology sectors.

CITIC Securities released a research report stating that, looking ahead to February, the market is expected to fluctuate in the near future, with the post-holiday index expected to outperform the pre-holiday period.

Office of the Central Finance Committee; Central Financial Work Committee: Anchoring the goal of building a strong financial country and walking the path of China's characteristic financial development.

The office of the Central Financial Work Committee pointed out in an article published in "Seeking Truth" magazine that precise and pragmatic measures promote high-quality development. Economic and financial symbiosis and prosperity can only be achieved by integrating financial development into the overall picture of high-quality economic and social development in order to realize the high-quality development of finance itself. It is necessary to optimize macroeconomic regulation, continue to implement a moderately loose monetary policy, and consider promoting stable economic growth and reasonable price increases as important factors in monetary policy. It is necessary to improve the quality and efficiency of services, adapt to the strategic needs, stage characteristics, and structural features of high-quality development in the "15th Five-Year Plan" period, effectively strengthen financial support for major strategies, key areas, and weak links, and carry out the "Five great articles" of finance, optimize the quality of financial supply for expanding domestic demand, technological innovation, and small and micro enterprises, promote stable employment, stable enterprises, stable markets, and stable expectations. It is important to strengthen expectation management, strengthen coordination and cooperation between financial policies and fiscal, industrial, and other policies, play a combination of punches, form a unified force in the same direction, amplify the effectiveness of policies, and boost social confidence.

Source: Sources: Eight OPEC+ member countries have agreed in principle to maintain the plan to suspend the increase in oil production scheduled for March.

BYD: Car sales in January dropped 30.1% year-on-year, and production decreased by 29.1% year-on-year.

Nvidia CEO Huang Renxun: OpenAI has invited us to make investments of up to $10 billion. Investment in OpenAI has never been a commitment. We will invest step by step.

China Telecom: Adjustment of scope for value-added tax items applicable to telecom services.

China Telecom announced that starting from January 1, 2026, the tax category of domestic mobile data, SMS and MMS, and internet broadband access services will be changed from value-added telecommunications services to basic telecommunications services, and the corresponding VAT rate will be increased from 6% to 9%. This adjustment will affect the company's income and profits, and the company will implement measures such as cloud transformation, digitalization, and intelligent optimization strategy to promote high-quality development.

Tencent Yuanbao App rises to the top spot as the most popular free app on the Apple Store, previously announcing the start of a 1 billion cash red envelope giveaway.

Tencent's 1 billion cash red packet is up for grabs today, download the Yuanbao App to claim it.

Tencent's AI assistant YUANBAO has officially launched a 1 billion yuan red envelope activity, which will last until February 17th. It is understood that this Spring Festival activity has a variety of gameplay, including lucky draws for red envelopes, blessings in red envelopes, and limited-time red envelope showers. Users can enter the YUANBAO app and click on "Grab 1 Billion" at the bottom to enter the main event. Users can share red envelopes to QQ, WeChat groups, and friends need to copy the password and download the YUANBAO app to receive it.

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2 m ago

Looking ahead to the use of other liquidity management tools, Mingming, the chief economist of Citic Securities, predicts that funding conditions in February will face double pressure from cross-holiday and cash disturbances. He expects that operations such as 6-month period buy-back reverse repos, MLF, and open market purchases of government bonds may maintain the wide release strategy seen in January.

3 m ago

Gaoxin Retail: Unable to contact CEO Li Weiping at the moment.

4 m ago

Analyst: This means that despite the long Chinese New Year holiday in February, there will still be a certain amount of government bond issuance.

5 m ago

Novo Nordisk launches a 15 billion Danish kroner stock repurchase program.

7 m ago

Gaoxin Retail: The daily business operations and management of the group will be temporarily handled by Chairman Hua Yuneng.

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