GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | NVIDIA Corporation (NVDA.US) responded to investors' bearish views after its performance report, causing a drop of over 5% in early trading.

On Thursday, Nvidia's (NVDA.US) financial report exceeded expectations again but received a tepid response, with the stock price falling more than 5% in early trading to $186.54.

In the era of AI, it is not at all a "human defeat"! The hottest positions have emerged, and the stock market is focused on two major themes.

In the era of AI, it is not a complete defeat for humans, but a comprehensive reassessment of positions and investment themes: the hottest job types are booming, and the pricing logic of technology stocks is completely rewritten.

WTI crude oil fell below $64 per barrel, dropping by 2.18% during the day.

China's AI usage surpasses the United States for the first time, with four large models dominating the top five globally.

In February, the model invocation volume of Chinese AI has explosively increased, surpassing the United States for the first time. Data from OpenRouter, the world's largest AI model API aggregation platform, shows that from the 9th to the 15th of this month, Chinese models had a invocation volume of 4.12 trillion Tokens, exceeding the 2.94 trillion Tokens of the same period in the United States for the first time. From the 16th to the 22nd of this month, the weekly invocation volume of Chinese models further increased to 5.16 trillion Tokens, a 127% increase over the past three weeks, while the United States models' invocation volume dropped to 2.7 trillion Tokens. At the same time, among the top five models in global invocation volume rankings, Chinese models occupy four positions. This powerful growth momentum is not based on a single hot product, but rather on the cluster-like rise of Chinese AI companies. Token is the smallest unit for AI models to process text. Compared to the number of users, Token invocation volume is a key indicator that more accurately reflects the intensity of AI model usage, user stickiness, and commercial value. Chinese model manufacturers are seizing the global market with rapid iteration and cost advantages, and the demand for domestic computing power is experiencing exponential growth.

Multiple lithium mining companies estimate that lithium ore exports from Zimbabwe are expected to resume within a month.

The Ministry of Mines in Zimbabwe announced recently that all exports of raw lithium ores and lithium concentrates are temporarily suspended. According to sources from the Zimbabwean Ministry of Mines and YaoChem Group, the ban on lithium exports is a temporary measure and is expected to be lifted within 1 to 4 weeks at the earliest. Currently, the company has sufficient raw material inventory and the impact on production and operation is limited. A spokesperson from the securities department of YaoChem Group stated that companies with mining rights and beneficiation plants can reapply for exports after submitting supplementary materials, and the company has already prepared the necessary documents. The Zimbabwean Ministry of Mines indicated that there will be a new approval process in place, and it is estimated that the ban may last for less than a month, depending on the approval process.

Spot silver fell 3% intraday, currently trading at $86.15 per ounce.

Spot silver fell below $87 per ounce, dropping 2.36% intraday.

UBS: HSBC HOLDINGS (00005) showed strong performance in the last quarter, rated as "neutral".

UBS rates HSBC as "Neutral" with a target price of 140.6 Hong Kong dollars.

Stock market plunges by 54%, stagflation on the horizon? Fed simulates AI bubble bursting in extreme scenario.

Every year, the Federal Reserve will formulate a "severely adverse scenario" to conduct stress tests on the financial system.

Goldman Sachs Group, Inc. raised its target price for Honeywell International Inc. (HON.US) to $262, entering a period of valuation realization from the split.

Goldman Sachs raised the target price of Honeywell International Inc. from $236 to $262 and maintained a "buy" rating.

NVIDIA Corporation (NVDA.US) CEO Jensen Huang sounds the horn! Prepare for the new battle in the CPU market, targeting Intel Corporation (INTC.US) and AMD (AMD.US).

Although NVIDIA (NVDA.US) currently has a substantial amount of wealth built primarily on dedicated graphics processing units (GPUs) used for artificial intelligence servers, its CEO Jensen Huang is increasingly showing favor towards general-purpose central processing units (CPUs).

JP Morgan: Surprised but not concerned by the Hong Kong government's increase of over 100 million in stamp duty on luxury homes, described as a redistributive fiscal policy.

This line indicates that after the announcement of the news, this sector will experience a 1% to 2% pullback. It also suggests that this is more like an excuse for profit-taking after strong performance since the beginning of the year.

HK Stock Market Move | Lithium battery concept drops, CALB (03931) fell 9% in the afternoon, Contemporary Amperex Technology (03750) dropped nearly 6%.

Under the concept of lithium batteries, as of the time of writing, Contemporary Amperex Technology (CATL) (03931) fell 8.6% to HK$25.21; and Contemporary Amperex Technology (Ningde) (03750) fell 5.82% to HK$502.

TSMC's net profit for the current fiscal year is 1,717.88 billion New Taiwan Dollars, compared to 1,173.27 billion New Taiwan Dollars in the previous fiscal year.

GALAXY ENT (00027) announces annual performance, with a net profit attributable to shareholders of HK$10.7 billion, a year-on-year increase of 22%.

Galaxy Entertainment Group (00027) released its annual performance for the year ended December 31, 2025. The Group's net profit for the year was HK$49.2 billion, up 13% year-on-year; adjusted EBITDA was HK$14.5 billion, up 19% year-on-year; attributable profit to shareholders was HK$10.7 billion, up 22% year-on-year; basic earnings per share were 244 Hong Kong cents.

HKEX (00388) released its full-year performance for 2025, with a net profit attributable to shareholders of HK$17.754 billion, representing a 36% increase year-on-year.

The Hong Kong Stock Exchange (00388) has released its full-year performance for 2025. The revenue and other income of the Hong Kong Stock Exchange in 2025 amounted to 29.161 billion Hong Kong dollars, an increase of 30% compared to 2024. The net profit attributable to shareholders was 17.754 billion Hong Kong dollars, an increase of 36% from 2024. Basic earnings per share were 14.05 Hong Kong dollars, and a second interim dividend of 6.52 Hong Kong dollars per share will be distributed.

HK Stock Market Move | Contemporary Amperex Technology (03750) falls nearly 6% as Zimbabwe tightens lithium ore exports, potentially boosting lithium prices.

CATL (03750) fell nearly 6%, as of the time of publication, it fell by 5.82%, closing at HKD 502, with a trading volume of HKD 876 million.

HK Stock Market Move | Gaming stocks continue to decline, Macau gambling revenue during the Spring Festival holiday falls short of expectations, JP Morgan slightly lowers February gambling revenue forecast.

The gaming stocks continued to decline. As of press time, New Century Development (00200) fell by 4.35% to HKD 4.4, while Galaxy Entertainment (00027) dropped by 4.02% to HKD 41.54, Sands China (01928) fell by 2.23% to HKD 17.52, and Wynn Macau (01128) dropped by 1.37% to HKD 5.76.

HK Stock Market Move | MINIMAX(00100) rose more than 6% during the day and launched the MaxClaw mode. Goldman Sachs indicates that it is currently in a rapid growth stage.

MINIMAX(00100) rose over 6% during the trading day, and as of the time of writing, it has increased by 5.64% to 796 Hong Kong dollars, with a trading volume of 4.17 billion Hong Kong dollars.

The offshore Chinese yuan to US dollar exchange rate rose to 6.8466, reaching its strongest level since April 14, 2023.

Behind the evaporation of trillions of dollars in market value, the bullish logic of Bitcoin is quietly emerging.

In the midst of this disaster, there is a fascinating puzzle: the institutional system built around Bitcoin during the bull market did not collapse along with the price.

The balance of financing in the two markets increased by 23.633 billion yuan compared to the previous day.

As of February 25, the financing balance of the Shanghai Stock Exchange was reported at 1,3308.32 billion yuan, an increase of 139.45 billion yuan from the previous trading day; the financing balance of the Shenzhen Stock Exchange was reported at 1,2905.51 billion yuan, an increase of 96.88 billion yuan from the previous trading day; the total financing balance of the two exchanges was 2,6213.83 billion yuan, an increase of 236.33 billion yuan from the previous trading day.

MEDTIDE (03880) announces good profit growth, expecting adjusted annual net profit of around 200 million to 230 million yuan, an increase of about 16.3% to 33.7% year-on-year.

Ted Pharmaceuticals (03880) announced that it is expected the group's revenue for the year ending December 31, 2025 to be approximately RMB 555 million to RMB 585 million, an increase of about 25.5% to 32.3% compared to the year ending December 31, 2024 with revenue of about RMB 442 million. The group's profit for the year ending December 31, 2025 is expected to be approximately RMB 200 million to RMB 230 million, an increase of about 237.8% to 288.5% compared to the profit of about RMB 59.2 million for the year ending December 31, 2024.

Expansion of gains in Japanese and Korean stock markets

The South Korean composite stock price index rose 1% to 6145.91 points. The Japanese Nikkei 225 index rose 1.0% to 59,174.05 points.

Performance "bomb" smashes the bubble theory! NVIDIA Corporation (NVDA.US) Q4 revenue hits a new high, outlook exceeds expectations. Huang Renxun declares that the "AI industrial revolution" is just beginning.

Nvidia's latest financial results continue to prove that the demand generated by AI is still strong, and the large-scale construction of AI infrastructure is still on track.

LOF compensation plan officially launched today, impacting more than 10,000 with a maximum of 5% cap on settlement funds.

Starting today, the compensation work for investors affected by the valuation adjustment of Guotou Silver LOF has officially begun. Investors can complete the relevant procedures online after verifying their identity through Alipay by searching for the "Guotou Ruiyin Silver Fund" mini program. On February 2, the adjustment of the Guotou Silver LOF valuation caused a 31.5% drop in net asset value in a single day, attracting attention. Before the Spring Festival, Guotou Ruiyin Fund announced a compensation plan for affected investors. Investors whose affected amount is below 1000 yuan can receive full compensation; for affected amounts exceeding 1000 yuan, compensation will be calculated based on a specific ratio on top of the 1000 yuan. For affected amounts between 1000 yuan and 2000 yuan, the compensation ratio is 35%; between 2000 yuan and 3000 yuan, the ratio is 25%; between 3000 yuan and 5000 yuan, the ratio is 15%; between 5000 yuan and 10,000 yuan, the ratio is 10%; and for amounts exceeding 10,000 yuan, the ratio is capped at 5%. The compensation plan applies to individual investors of Guotou Ruiyin Silver as of February 2, 2026, excluding institutional investors.

IMAX CHINA had a total revenue of $102.3 million and a net profit of $37.7 million for the year.

Unconventional High-Stakes Gamble! Mysterious Trader Bets on Netflix (NFLX.US) "Failed Bid" Turning into a Good Bet, $14 Million Option Layout Exposed.

According to options market data, a mysterious trader recently established a unique position worth nearly $14 million, betting that Netflix's stock price could rise even if it loses out in the bidding for Warner Bros. Discovery.

Snowflake (SNOW.US) revenue guidance exceeds expectations, but stock price falls. Increase in AI demand cannot hide market concerns.

Cloud data analytics platform provider Snowflake released its latest financial report on Wednesday Eastern Time.

Ctrip releases Q4 financial report for 2025: International OTA bookings increase by 60%, with a total of 20 million inbound tourists served throughout the year.

On February 26, Ctrip Group announced its unaudited financial performance for the fourth quarter and full year of 2025. The financial report shows that the total international OTA platform bookings for the full year of 2025 increased by approximately 60% year-on-year, with about 20 million inbound tourists served throughout the year. Inbound tourism has become a strong growth engine. Ctrip invested 1 billion yuan throughout the year to support the development of inbound tourism ecosystem, with nearly 70,000 hotels, attractions, and travel agencies receiving inbound orders from overseas platforms for the first time. The platform has facilitated over 6,000 attractions to open up to international markets for the first time, with 63,000 new ticket types available for foreign reservations, and 95% of ticket types at top domestic attractions now support foreign reservations.

Federal Reserve Bank of New York: Natural interest rates have significantly increased since 2019, with declining attractiveness of government bonds being the main reason.

Global key interest rates are on the rise.

Trump plans to require tech giants to sign commitments to bear the costs of electricity for their data centers.

President Trump will convene technology industry executives at the White House next week to sign commitments ensuring that their companies will bear the electricity costs of high-energy-consuming data centers. A White House official said representatives from companies including Amazon, Meta Platforms Inc., Microsoft, and Google parent company Alphabet are expected to attend the event with Trump on March 4. The invited list also includes companies such as Elon Musk's xAI, Oracle, and OpenAI. Although these commitments will not be binding and lack legal force, government officials believe that formal and public commitments can help with accountability and provide some assurance to consumers concerned about potential environmental damage and rising electricity costs from the rapid expansion of data centers.

New stock news: Hanfang Pharmaceutical submits application to Hong Kong Stock Exchange. Flagship product is compound Huangbai liquid solution.

According to the disclosure made by the Hong Kong Stock Exchange on February 25, Shandong Hanfang Pharmaceutical Co., Ltd. (referred to as Hanfang Pharmaceutical) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with Zhongtai International as its exclusive sponsor.

Application for the issuance of shares to purchase 49% equity in SMIC North has been accepted by the Stock Exchange.

SMIC International (00981) announced that SMIC International Integrated Circuit Manufacturing Co., Ltd. (hereinafter referred to as the "Company") intends to issue shares to the National Integrated Circuit Industry Investment Fund Co., Ltd., Beijing Integrated Circuit Manufacturing and Equipment Equity Investment Center (Limited Partnership), Beijing Yizhuang International Investment Development Co., Ltd., Zhongguancun Development Group Co., Ltd., and Beijing Industrial Development Investment Management Co., Ltd. to purchase a total of 49% equity of SMIC North Integrated Circuit Manufacturing (Beijing) Co., Ltd. (hereinafter referred to as the "Transaction").

Northbound funds | Northbound trading saw a net sell of 4.057 billion yuan. Northbound investors once again aggressively bought tech stocks, selling Hong Kong-listed ETFs like TRACKER FUND OF HONG KONG (02800).

On February 25, the Hong Kong stock market saw a net outflow of 40.57 billion Hong Kong dollars from northbound trading, with the Hong Kong Stock Connect (Shanghai) seeing a net outflow of 54.95 billion Hong Kong dollars and the Hong Kong Stock Connect (Shenzhen) seeing a net inflow of 14.38 billion Hong Kong dollars.

Southbound funds sold a net of 4.057 billion Hong Kong dollars today.

In terms of Hong Kong Stock Connect (Shanghai), Tencent Holdings and Xiaomi Group-W received net purchases of 546 million Hong Kong dollars and 140 million Hong Kong dollars respectively; Ying Fu Fund had the highest net selling amount at 3.064 billion Hong Kong dollars. In terms of Hong Kong Stock Connect (Shenzhen), Alibaba-W and Meituan-W received net purchases of 776 million Hong Kong dollars and 678 million Hong Kong dollars respectively; Ying Fu Fund had the highest net selling amount at 1.346 billion Hong Kong dollars.

Yancoal Australia (03668) announces that its net profit attributable to shareholders for 2025 is 440 million Australian dollars, a decrease of approximately 64% year-on-year.

Yancoal Australia (03668) announced its performance for the year 2025, with revenue of 5.949 billion Australian dollars, a decrease of approximately 13% year-on-year; shareholders' attributable profit was 440 million Australian dollars, a decrease of approximately 64% year-on-year; basic earnings per share was 33.4 Australian cents, and the final cash dividend per share was 0.1220 Australian dollars.

In Hong Kong, the Consumer Price Index (CPI) increased by 1.1% year-on-year in January 2026.

On February 25th, the Hong Kong government's Census and Statistics Department released the Consumer Price Index for January 2026. According to the Composite Consumer Price Index, the overall consumer prices in Hong Kong rose by 1.1% compared to the same month a year ago.

Tariff "lane change" and medical reform de-intermediation: How will Trump's longest State of the Union address reconfigure the 2026 capital market landscape?

The American President Trump delivered the longest State of the Union address in history, claiming it to be a "turning point of the century" in an attempt to sell his economic plans to the American people.

Chinese consumer goods supplier Aigo Holdings (AIGO.US) withdraws $10 million US stock IPO plan.

Chinese consumer product supplier Aigo Holding (AIGO.US) withdrew its US stock initial public offering (IPO) plan on Tuesday.

National Energy Administration: orderly strengthening oil and gas infrastructure interconnection while considering the need for green hydrogen, ammonia, and alcohol pipeline transportation transformation.

The State Energy Administration announced on its official WeChat account today that Liu Hong, Director of the Oil and Gas Department of the State Energy Administration, stated that by 2026, efforts will be made to strengthen the connectivity of oil and gas infrastructure in an orderly manner. This includes continuously improving the national gas pipeline network, strengthening the comprehensive access of incremental imported gas, domestically produced large bases, and large-scale gas storage facilities. The focus will be on optimizing the crude oil and refined oil pipelines locally, while also considering the need for green hydrogen and other transportation transformation, in order to promote the integration and development of oil and gas pipelines with new energy and new business formats.

Chen Maobo: Hong Kong has implemented a system for issuing licenses to stablecoin issuers, and the first batch of licenses will be issued next month.

On February 25th, the Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, delivered the government's budget for the fiscal year 2026-2027 in the Legislative Council. Chan stated that Hong Kong has already implemented a licensing regime for stablecoin issuers, and the first batch of licenses will be issued next month. The government and financial regulators will continue to promote licensed issuers to explore more application scenarios in compliance with regulations and controllable risks.

Chen Maobo: Propose to relax the stamp duty exemption criteria for intra-group asset transfers.

Financial Secretary Paul Chan in the "2026 Budget" mentioned that in order to optimize the business environment and facilitate internal restructuring of companies, he proposed to relax the stamp duty exemption criteria for the transfer of assets within a group, in order to expand the scope of eligible associated corporations. The Hong Kong government will submit a bill for the amendment of regulations within the year, and the proposed suggestions will apply to contracts signed from today onwards. Regarding enhancing Hong Kong's role as a major base for corporate finance, Paul Chan indicated that a series of optimization measures will be announced in the middle of the year, including providing additional tax incentives and flexibility for corporate finance centers and their affiliated companies, as well as establishing a pre-approval mechanism. Additionally, with the implementation of the Company Migration Regime last year, Paul Chan mentioned that the Companies Registry has approved 22 cases so far and is currently processing around 20 applications. The government will enhance external publicity to attract more companies to establish themselves in Hong Kong.

Chen Maobo: Hong Kong will actively work with the mainland to accelerate the implementation of the launch of government bond futures in Hong Kong.

Hong Kong Financial Secretary Paul Chan delivered the government's budget for the 2026-2027 fiscal year today at the Legislative Council. He stated that to enhance connectivity, Hong Kong will actively cooperate with the mainland to accelerate the introduction of sovereign bond futures in Hong Kong, include real estate investment trusts in mutual market access, incorporate RMB trading counters into Stock Connect, and explore ongoing optimization of Bond Connect.

All the way! The storage feast helps drive Korean stocks above 6000 points and soar 42% year-to-date, hitting new highs.

Just over a month after breaking through the previously unimaginable psychological barrier of 5000 points, with the surge in global memory demand injecting strong momentum into South Korea's largest chip manufacturer, the benchmark index of the South Korean stock market has once again surpassed a new milestone.

Lemon sniper Sandisk (SNDK.US): Are you trying to trade it as NVIDIA Corporation (NVDA.US)? Dream on, you're just selling a commodity!

Benefiting from the super cycle of storage chips, SanDisk has been soaring all the way, but on Tuesday it was dealt a heavy blow by the well-known short-selling institution Citron Research.

Payment giant Stripe is considering acquiring all or part of PayPal's (PYPL.US) business.

According to sources familiar with the matter, payment processing company Stripe is considering acquiring all or part of PayPal's business.

AI narrative welcomes watershed: Anthropic replaces "disruption" with "cooperation," and the software stocks finally breathed a sigh of relief.

After the artificial intelligence (AI) startup Anthropic announced partnerships with a range of companies, investors resumed looking for bottom signals in software company stocks that had been hit hard on Tuesday.

CITIC SEC: The Rigidity Narrative and Multi-dimensional Constraints of AI Development

The current valuation of the US stock market's AI sector is at a high level, and is in a crucial race with future profit growth.

Inflation still above target, several Federal Reserve officials signal "not in a hurry to cut interest rates".

Against a backdrop of inflation still above target and a resilient labor market, several Federal Reserve officials have recently sent out signals that they are not in a hurry to cut interest rates.

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2 m ago

Market news: NVIDIA spends $70 billion on corporate acquisitions to boost chip demand.

5 m ago

Market news: Netflix CEO is expected to not meet with President Trump, but instead meet with White House staff.

8 m ago

Warner Bros.: Paramount's offer is more competitive. Netflix now has a four-day bidding period.

10 m ago

Warner Bros: has notified Netflix that it believes PSKY's proposal constitutes a "better proposal" for the company.

10 m ago

FTSE A50 futures continued to decline by 0.30% during the night session, closing at 14602 points.

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