### Macroeconomy
1. Shanghai Airport Group: On February 3, the daily passenger flow of Shanghai airports reached 412,000 person - times (264,000 person - times at Pudong Airport and 148,000 person - times at Hongqiao Airport). Following the 398,000 person - times on February 1 and 404,000 person - times on February 2, it has exceeded the historical record for three consecutive days.
2. Shanghai Municipal Bureau of Culture and Tourism: During the eight - day Spring Festival holiday, the cultural and tourism market in this city presented a prosperous scene of “strong New Year flavor, sufficient supply, and large traffic flow”. The overall market operation was stable, and no major safety incidents occurred. During the eight - day holiday, a total of 17,778,400 tourists were received, a year - on - year increase of 6.08%.
3. CCTV News Client: The average health condition of surface water bodies in the European Union is worrying. Only 39.5% of surface water bodies reach a good ecological state, and only 26.8% reach a good chemical state. This is mainly due to the widespread pollution of mercury and other toxic pollutants.
4. The Paper: OpenAI has no plans to sue Hangzhou DeepSeek AI Basic Technology Research Co., Ltd., a Chinese AI start - up. Sam Altman said that DeepSeek is an impressive model, and he is glad to have another competitor.
5. CCTV News Client: US President Donald Trump signed an executive order to suspend the 25% tariff on Mexican goods, postponing its implementation until March 4.
### Real Estate Trends
1. China Development Bank: In 2024, make good use of the re - loan policy for affordable housing, mainly supporting Guangxi, Jiangsu, Henan, Jilin, Sichuan and other places to acquire existing stock commercial housing for use as affordable housing for sale or lease, driving relevant cities to digest nearly 10,000 sets of stock commercial housing.
2. China Index Academy: In January, the average price of newly - built commercial housing in 100 cities across the country was 16,693 yuan per square meter, a month - on - month increase of 0.23%. In terms of the number of rising and falling cities, new housing prices in 47 cities rose month - on - month, 41 cities fell month - on - month, and 12 cities remained flat. Year - on - year, the average price of newly - built housing in 100 cities across the country increased by 2.76%.
3. Shenzhen, Guangdong Province: In January, the real - estate market transaction data was “eye - catching”. Nearly 10,000 sets of newly - built commercial housing and second - hand housing were transacted in the city, a year - on - year increase of 60%. “Sold - out - on - the - first - day” properties reappeared in the market, and the premium rate of the first residential land transaction exceeded 70%.
4. Hong Kong: In January, there were 4,938 building sales contracts, a month - on - month decrease of 10.4% and a year - on - year increase of 12.2%; the total contract value was 36.7 billion yuan, a month - on - month decrease of 14.2% and a year - on - year increase of 9.1%.
### Stock Market Review
1. On Tuesday, the Hang Seng Index rose 2.83% to 20,789.96 points. The Hang Seng Tech Index rose 5.06% to 4,977.38 points. The Hang Seng China Enterprises Index rose 3.51% to 7,643.63 points. In the market, SMIC rose more than 8%, and its stock price refreshed its historical high, with a cumulative increase of nearly 20% in the first two trading days of the Year of the Snake. Xiaomi Group rose more than 4%, reaching a new all - time high, and its total market value once exceeded one trillion yuan during the session. Hua Hong Semiconductor rose nearly 13%, Shanghai Fudan rose more than 13%, and XPeng Motors rose more than 12%.
2. China Securities Journal: After the Spring Festival holiday, 33 new funds will start to be raised in the public - offering market. In terms of fund types, equity funds account for the majority. As of February 4, based on the fund establishment date as the statistical standard, 107 funds have been successfully raised in the public - offering market since 2025, with a combined issuance scale of 86.309 billion yuan.
3. Caijing Toutiao App: In January, the stock financing scale of A - shares reached 88.016 billion yuan, a year - on - year increase of 74.58%; among them, the number of IPOs was 12, a year - on - year decrease of 2; the IPO financing scale was 7.102 billion yuan, a year - on - year decrease of 40.23%.
4. Meiri Interactive: After verification by the company, an important shareholder of Zhejiang Nine Chapters Asset Management Co., Ltd. (referred to as “Magic Square Technology”), an affiliated company of DeepSeek, was indeed a founding core member of Meiri Interactive; however, as of February 4, he did not hold equity in DeepSeek and Magic Square Technology, nor had he provided corpus data to DeepSeek.
5. Jidong Equipment (6 consecutive daily limit - up): As of February 4, the “Beijing Humanoid Robot Industry Alliance” that the company's subsidiary Tangshan Jinyu Electric Co., Ltd. applied to join has not completed the social organization registration with the civil affairs department; the company and its participating subsidiaries have not carried out any layout or specific cooperation in the field of humanoid robots, and there is uncertainty as to whether relevant layout and cooperation will be carried out in the future. Investors are kindly reminded to pay attention to risks.
### Wealth Focus
1. CCTV News Client: Starting from 0:00 on February 5, the fuel surcharge for domestic routes will be increased. After the adjustment, the fuel surcharge for adult passengers on domestic routes is 20 yuan per passenger per segment for routes of 800 kilometers and below, and 40 yuan per passenger per segment for routes above 800 kilometers. Compared with the previous standards, they have increased by 10 yuan and 20 yuan respectively.
2. The People's Bank of China: In the first 7 days of the Spring Festival holiday (January 28 - February 3), UnionPay and NetsUnion processed 22.078 billion payment transactions with a total amount of 8.52 trillion yuan, a year - on - year increase of 25.70% and 17.08% respectively. Among them, the number of payment transactions and the amount processed by UnionPay and NetsUnion for overseas visitors to China increased by 127.30% and 93.54% respectively.
3. Dengta Professional Edition: As of 16:46 on February 4, the total box - office of the 2025 Spring Festival film season (January 28 - February 4) exceeded 9.2 billion yuan.
### Industry Observation
1. CCTV News Client: By the end of 2024, the total number of national logistics hubs in China increased to 151, basically covering and effectively radiating cities with a GDP of over 400 billion yuan. Logistics hubs related to industrial development and consumption accounted for nearly 50%. Currently, the railway access rate of major coastal ports and ports along the Yangtze River in the country has exceeded 90%.
2. Yicai Global: In 2024, the consumer market as a whole faced pressure, but the cross - border e - commerce industry continued its growth momentum. China's cross - border e - commerce import and export volume reached 2.63 trillion yuan, a year - on - year increase of 10.8%, 5% higher than the overall growth rate of foreign trade in the same period.
3. Douyin Life Service: This Spring Festival, consumer demand was strong. From January 28 to February 3, the number of group - buying orders for dining, entertainment, and travel on the platform was nearly 1.5 times that of the same period last year, and the number of group - buying orders driven by Douyin live - streaming content increased by more than 70%. “Traveling for the New Year” and “Returning to Hometown for Family Reunions” led to a prosperous buying and selling market. Intangible cultural heritage tours, ancient city tours, and ice - and - snow tours were extremely popular, and the number of group - buying orders for cultural and tourism in many places doubled.
4. National Development and Reform Commission: In 2024, the ratio of China's total social logistics costs to GDP dropped to the lowest level in history. The lower this ratio is, the lower the logistics costs for creating unit GDP. In 2024, the ratio of China's total social logistics costs to GDP was 14.1%, a year - on - year decrease of 0.3 percentage points.
5. Xinhua News Agency: An international study led by the Australian Radiation Protection and Nuclear Safety Agency found that there is no link between leukemia and many other cancers and mobile phone use. The research report was published in the latest issue of the American journal “International Environment”.
6. State Administration for Market Regulation: Because Google is suspected of violating the “Anti - Monopoly Law of the People's Republic of China”, an investigation into Google has been launched in accordance with the law.
7. NHK: More than 80% of large - scale Japanese enterprises intend to raise the prices of their products and services within this year. The reasons involve rising raw material, energy, and labor costs. When talking about the reasons for price increases, the largest proportion of enterprises answered that “rising raw material and energy prices are the main reasons”.
### Company News
1. South Korean IT giant Kakao: On February 4, it announced a strategic cooperation with US artificial intelligence research company OpenAI. The ChatGPT technology will be applied to multiple projects such as Kanana (an AI service created by Kakao).
2. Tesla: It will provide a super - large commercial energy storage battery Megapack with a total capacity of 548 megawatt - hours to a factory in Mihara City, Shiga Prefecture, central Japan. This factory is one of the largest energy storage power stations in Japan planned to be built by the financial services group ORIX, and it is expected to be put into operation as early as 2027.
3. SAIC Group: In January, the total vehicle sales volume was 264,200 units, a year - on - year increase of 7.86%; among them, the sales volume of new energy vehicles was 61,100 units, a year - on - year decrease of 5.04%.
4. Seres: In January, the sales volume of new energy vehicles was 17,906 units, a year - on - year decrease of 51.39%.
5. BYD: In January, the sales volume of new energy vehicles was 300,500 units, compared with 201,500 units in the same period last year; the total number of new energy passenger vehicles sold overseas was 66,300 units; the total installed capacity of power batteries and energy storage batteries for new energy vehicles was approximately 15.511 GWh, and the cumulative installed capacity in 2025 was approximately 15.511 GWh.
### Global Perspective
1. World Trade Organization: In 2024, global trade in services increased by 10% year - on - year in the third quarter, and by 9% year - on - year in the first three quarters. In the third quarter, service exports in Asia increased by 16% and in Europe by 8%. At the same time, imports in various regions also showed significant growth, reflecting strong demand for diverse services.
2. World Health Organization: Due to the US's announcement of its withdrawal from the WHO, the financial shortage has become more severe. A series of measures such as freezing the recruitment of personnel in all but the most critical areas have been taken and come into effect immediately.
3. Yicai Global: US President Donald Trump signed an executive order on February 3 (local time), outlining a plan to create a US sovereign wealth fund. The executive order states that this government - operated sovereign wealth fund will serve as a tool for US economic development, with one of its goals being to develop infrastructure such as airports and highways.
### Financial Data
1. Asia: The Nikkei 225 index rose 0.72% to 38,798.37 points. The South Korean KOSPI index rose 1.13% to 2,481.69 points.
2. US stocks: The Dow Jones Industrial Average closed up 0.30% at 44,556.04 points; the Nasdaq closed up 1.35% at 19,654.02 points; the S&P 500 closed up 0.72% at 6,038.00 points.
3. Europe: The UK's FTSE 100 closed down 0.15% at 8,570.77 points; Germany's DAX 30 closed up 0.36% at 21,505.70 points; France's CAC 40 closed up 0.66% at 7,906.40 points.
4. Gold: COMEX gold futures rose 0.58% to $2,873.80 per ounce.
5. Crude oil: WTI March crude oil futures closed down 0.63% at $72.7 per barrel; Brent April crude oil futures closed up 0.31% at $76.2 per barrel.
6. Baltic Dry Index: It rose 2.03% to 753 points.