Domestic News:
1. The Ministry of Foreign Affairs responded to the Panama port ruling: Measures will be taken to protect the rights and interests of Chinese enterprises.
2. The Ministry of Finance: Securities transaction stamp tax reached 203.5 billion yuan in 2025, an increase of 57.8%.
3. China Construction Bank: Effective February 2nd at 9:10 AM, the minimum deposit amount for personal gold accumulation business will be raised to 1500 yuan.
4. The National Development and Reform Commission and the National Energy Administration improved the capacity pricing mechanism for power generation.
5. The China Securities Regulatory Commission (CSRC) held a symposium for listed companies on the "15th Five-Year Plan" for the capital market.
6. The CSRC: Plans to expand the types of strategic investors and clarify the minimum shareholding ratio requirements.
7. Cambricon: Expects net profit of 1.85 billion to 2.15 billion yuan in 2025, turning a loss into a profit.
8. The Shanghai Futures Exchange adjusted the daily price limits and margin requirements for silver futures contracts.
9. The Shenzhen Stock Exchange took self-regulatory measures against abnormal investors related to funds such as "Guotou Silver LOF". 10. The State Council Tariff Commission: Starting February 2nd, a provisional import tariff rate of 5% will be implemented on whiskey.
11. The Hong Kong Securities and Futures Commission: Highly concerned about issues arising during the surge in new listing applications in 2025; the review process for 16 IPOs has been suspended.
12. Harvest Crude Oil LOF and Gold LOF: Starting February 2nd, 2026, large-amount subscriptions and large-amount regular fixed-amount investment services will be suspended, with a daily cumulative investment limit of 5 yuan.
13. Industrial and Commercial Bank of China: Starting February 7th, on weekends and public holidays (non-Shanghai Gold Exchange trading days), a limit will be implemented on the accumulation of Ruyi Gold.
International News:
1. Trump announced the nomination of Kevin Warsh as Chairman of the Federal Reserve, stating that demanding Warsh cut interest rates is inappropriate and that there is no need for pressure from the White House to cut rates.
2. White House Economic Council Director Hassett: The White House is confident that Warsh's nomination will be confirmed quickly.
3. Money markets are betting that the Federal Reserve will cut interest rates more than twice this year, each time by 25 basis points.
4. Japanese platinum futures briefly triggered a circuit breaker during trading.
5. The French Prime Minister used constitutional tools to pass the 2026 budget.
6. The US Senate passed a spending bill to fund most departments of the federal government.
7. The London Metal Exchange delayed its opening due to technical issues but later resumed trading. The exchange stated this was a precautionary measure.
8. Trump sued the IRS and Treasury Department, seeking $10 billion in damages, alleging tax form leaks.
9. The CEO of the Indonesian Stock Exchange announced his resignation due to the market crash. Indonesian financial regulators stated that a director will be appointed as interim CEO next Monday.
10. Zelensky: There is no formal ceasefire agreement between Russia and Ukraine regarding energy targets.
11. The Thai Futures Exchange (TFEX) temporarily suspended online gold futures trading.
12. Data from the Japanese Ministry of Finance confirmed that Japan did not intervene in the yen in January.
13. Iranian Foreign Minister: We have no plans to meet with US officials so far.
14. Kremlin: Trump personally requested Putin to suspend the attack on Kyiv before February to create favorable conditions for negotiations.
15. US Democratic Senator Warren: No Republican should agree to advance Warsh's nomination until Trump stops the Fed investigation.
16. Fed Officials
① Bostic: The Fed does not need to cut rates now; we should be more patient on interest rates. ② Waller: The current interest rate range is 3.50%-3.75%, while the neutral rate is likely around 3%. ③ Moussalem: Further rate cuts are not advisable; current policy is neutral, and the economy does not need stimulus.
17. Overnight Market Update
- Warsh's nomination caused a collapse in gold and silver prices. Spot gold once plummeted 12% to around $4680, a single-day range of nearly $770, erasing all gains for the week and closing down 2.2% for the week. Spot silver once plunged 35% to around $73, closing down more than 17% for the week. Spot platinum and palladium both closed down more than 17% in a single day. International oil prices initially followed the overall market decline, but ultimately rose during the day due to the influence of the situation in Iran.
