Hot News

• Goldman Sachs and Deutsche Bank have both been conquered by Deepseek: the China market has already ridden on the "bull's back."

Goldman Sachs and Deutsche Bank sequentially released research reports, indicating that the Chinese market has strong potential in the medium term and will continue to create a bull market. Both investment bank reports pointed out that the emergence of Deepseek is an important factor catalyzing the improvement of the Chinese stock market and advised investors to increase their allocation to Chinese assets.

• Federal Reserve dove: Continuing to lower interest rates is feasible, but the pace will slow down.

Chicago Fed President Goolsbee stated that the US economy is in a state of full employment, growth is robust, and inflation is receding, which will allow the Federal Reserve to continue to gradually cut interest rates; however, uncertainty brought by tariffs and other policy changes means that decision-makers will slow down the pace of rate cuts.

• U.S. Treasury Secretary Basant stated that the Trump administration hopes to maintain a strong dollar, and the scale of U.S. debt issuance will remain unchanged in the near term, and has discussed this with Powell.

U.S. Treasury Secretary Basant said that the Treasury is communicating with the main holders of U.S. debt to understand their views on the debt ceiling, emphasizing that the U.S. will never default on its debt; tariffs may lead to a slight one-time adjustment in U.S. prices; the Trump administration is focused not on whether the Federal Reserve will lower interest rates; the talks between him and Powell are constructive, and he believes Powell will do the right thing, but he will not comment on the Fed's monetary policy; DOGE has not "modified" the Treasury's payment system; it only has read-only access to data, and only the Federal Reserve can modify this system.

• Institutions: The Trump administration will accelerate the process of nuclear energy revival.

The Chief Information Officer of Tema ETFs, Yuri Khodjamirian, stated that with the potential re-election of President Trump in the USA, the revival of nuclear energy is expected to accelerate. However, he also pointed out that developing this energy source takes time. Trump has been dismissive of renewable energies like solar and wind power, having expressed during his campaign a commitment to vigorously promote fossil fuels. Nonetheless, he is willing to support the development of nuclear energy.

• The year 2025 will be a year of market turmoil! A JPMorgan survey: tariffs and inflation are the biggest driving forces.

An annual survey released by JPMorgan on Wednesday showed that global traders are prepared for market turbulence in 2025, anticipating that tariffs and inflation will be the biggest influences on the global market this year. Among its 4,233 respondents, 51% believe inflation and tariffs could be the dominant potential factors driving the market this year. This is up from 27% last year.

Review of the U.S. stock market.

• The S&P Index has risen for three consecutive days as the market focuses on the non-farm employment report.

On Thursday Eastern Time, the three major US stock indices closed mixed as investors awaited the upcoming non-farm employment report. At the close, the Dow fell 0.28% to 44,747.63 points; the Nasdaq rose 0.51% to 19,791.99 points; and the S&P 500 Index increased by 0.36% to 6,083.57 points.

Most large Technology stocks rose, with NVIDIA up over 3%, Amazon and Meta up more than 1%, and Apple, Microsoft, Netflix, and Google slightly up; Tesla and Intel fell over 1%.

Popular China Concept Stocks collectively rose, with the Nasdaq China Golden Dragon Index up 2.69%. iQIYI rose over 7%, Li Auto rose over 6%, Xpeng Motors and Bilibili rose over 3%, PDD Holdings rose over 2%, and NetEase and Alibaba rose over 1%.

• After hours, it fell more than 7%! Amazon's first-quarter earnings guidance was below expectations, and capital expenditures far exceeded expectations.

$Amazon (AMZN.US)$ The earnings report released after the market on Thursday showed that although the holiday season performance in the fourth quarter exceeded expectations, the outlook for the first quarter is not promising. The company expects net revenue for the first quarter to be between 151 billion and -155.5 billion USD, which is below analysts' expectations of 158.64 billion USD. At the same time, Amazon's capital expenditure of 27.8 billion USD in the fourth quarter was significantly higher than analysts' expectations and set a new historical record, with projected capital expenditures of 105 billion USD in 2025, indicating that Amazon is increasing spending to support AI business development. As of the time of publication, Amazon's after-hours shares briefly fell more than 7%, now narrowing the decline to 4%.

• Pinterest's shares rose nearly 20% after hours, with expected first quarter revenue between 0.837 billion and -0.852 billion USD, exceeding market expectations.

$Pinterest (PINS.US)$ The shares surged nearly 20% after hours, with fourth quarter revenue of 1.15 billion USD against analysts' expectations of 1.14 billion USD; adjusted EBITDA for the fourth quarter was 0.4709 billion USD, above the 0.447 billion USD expected by analysts; the monthly active users for the fourth quarter reached 0.553 billion, surpassing analysts' expectations of 0.54742 billion; the fourth quarter ARPU was 2.12 USD, against the predicted 2.10 USD by analysts. The expected revenue for the first quarter is between 0.837 billion and -0.852 billion USD, compared to analysts' expectations of 0.835 billion USD; the adjusted EBITDA for the first quarter is expected to be between 0.155 billion and -0.17 billion USD, against analysts' forecast of 0.1415 billion USD.

• Affirm's shares rose nearly 15% after hours, with second quarter performance exceeding expectations.

$Affirm Holdings (AFRM.US)$ After hours surged nearly 15%, with EPS for the second fiscal quarter at $0.23, exceeding Analyst's consensus estimate of a loss of $0.16 by 243.75%. This represents a growth of 142.59% compared to a loss per share of $0.54 in the same period last year. The company reported quarterly sales of $0.86638 billion, which is 7.34% higher than Analyst's consensus estimate of $0.80716 billion. This is an increase of 46.57% compared to $0.59111 billion in sales in the same period last year. Affirm Holdings expects revenue for fiscal year 2025 to be between $3.13 billion and $3.19 billion, while analysts estimate $3.093 billion.

• After-hours trading rose over 7%! Fortinet's Q4 performance exceeded expectations, with projected revenue reaching up to 6.85 billion dollars by 2025.

The cybersecurity company$Fortinet (FTNT.US)$Announced better-than-expected fourth-quarter results and full-year guidance. The company's Q4 adjusted EPS was $0.68, a 33% year-over-year increase, while analysts expected $0.61; revenue increased by 17% year-over-year to $1.66 billion, with analysts expecting $1.595 billion. Looking ahead, Fortinet expects revenue for 2025 to be between $6.65 billion and $6.85 billion, while analysts estimate $6.62 billion. As a result, the stock rose over 7% in after-hours trading.

• Trump Media Technology surged over 6% as the company announced the registration of financial product trademarks, driving the issuance of themed ETFs.

$Trump Media & Technology (DJT.US)$ On Thursday, it was announced that six trademarks for customized ETF products and separately managed account products had been registered, with specific financial products to be launched within the year. Driven by this news, Trump Media Technology Group's stock price rose over 6%.

• Disagreements within Morgan Stanley? Greater China has just lowered expectations, while the North American region is loudly calling to buy NVIDIA at the bottom.

Analysts within Morgan Stanley seem to have differing opinions on $NVIDIA (NVDA.US)$ analysts in the Greater China region have lowered their shipment expectations for the GB200 chip this year, predicting a worst-case scenario of under 0.02 million units, and expect that the growth cycle of the Cloud Computing market may peak this year, with year-on-year growth in the fourth quarter likely to fall to single digits. However, the North American analysts reaffirm that NVIDIA remains their top choice, proclaiming that the sell-off caused by DeepSeek is a buying opportunity.

Top 20 by trading volume

Hong Kong market outlook

• The North invested over 4.5 billion HKD in TRACKER FUND OF HONG KONG, increased holdings in Alibaba by over 0.6 billion HKD, and sold TENCENT for over 0.8 billion HKD.

On February 6th (Thursday), southbound funds net bought 9.061 billion HKD in Hong Kong stocks.

$TRACKER FUND OF HONG KONG (02800.HK)$、$Hang Seng H-Share Index ETF (02828.HK)$、$BABA-W (09988.HK)$Net purchases were 4.548 billion HKD, 1.317 billion HKD, and 0.642 billion HKD respectively.

$TENCENT (00700.HK)$、$CHINA MOBILE (00941.HK)$、$MEITUAN-W (03690.HK)$There were net sales of 0.83 billion HKD, 0.289 billion HKD, and 0.263 billion HKD respectively.

• Xiaomi enters the battle of AI glasses: Xiaomi glasses are coming!

$XIAOMI-W (01810.HK)$ The official Weibo account for XIAOMI glasses has "quietly" gone live, introducing a heavyweight contender in the AI glasses battle. On Thursday evening, it was discovered that the official Weibo for XIAOMI glasses is now online, certified under Xiaomi Communication Technology Co., Ltd., but this account has not yet published any content.

Today's focus

Keywords: USA January non-farm data; University of Michigan Consumer Sentiment Index, one-year inflation rate; FOMC voting members, San Francisco Fed President Daly's speech.

In terms of economic data, investors need to pay attention to the USA's January unemployment rate, seasonally adjusted non-farm employment population for January, and the preliminary value of the University of Michigan Consumer Sentiment Index for February.

In terms of Earnings Reports, $Danske Bank A/S Sponsored ADR (DNKEY.US)$ will release its performance on the same day; $Fortive (FTV.US)$ 、$Cboe Global Markets (CBOE.US)$ Will release earnings before the market opens.

Futubull Morning Reading:

If we cannot find what is needed within the range we are confident in, we will not broaden the range. We will only wait.
——Warren Buffett

Editor/Somer