GMT EIGHT - OPPORTUNITIES IN CHINA

Expectations of interest rate hikes by the Bank of Japan have reignited, with global stock markets facing the looming threat of the "sword of Damocles" hanging overhead: yen carry trades.

BCA Research warns that yen carry trades are like a "ticking time bomb". This trading strategy benefits from the higher "returns" brought by foreign investment, but if high-risk assets collapse or the yen rises, this strategy will fall apart.

The Powell Nomination Effect Cools Down? Traders Bet on the Federal Reserve Cutting Rates Only Two to Three Times This Year

Traders are betting that the Federal Reserve will cut interest rates two to three times this year, and demand for hawkish options is targeted at these scenarios.

Mixed feelings! Robinhood (HOOD.US) achieves record high total revenue in Q4 but is dragged down by cryptocurrency business. Predicting that the emerging market will support growth hopes.

Due to the sharp fluctuations in the digital asset market impacting cryptocurrency trading revenue, Robinhood, the American retail brokerage, reported fourth-quarter revenue that fell short of Wall Street expectations on Tuesday.

Unexpected tariffs bill dealt a heavy blow to fourth-quarter performance, Ford Motor Company (F.US) expects profits to hit rock bottom and bounce back strongly in 2026.

Ford Motor Company (F.US) reported its first lower-than-expected quarterly profit since 2024.

Inflation stubbornly refuses to retreat; two Fed voting members speak out: more inclined to maintain interest rates unchanged.

The two voting members added to the Federal Reserve this year stated on Tuesday, one after another, that they are currently more inclined to keep interest rates unchanged due to concerns about inflation prospects.

Overnight US stocks | The Dow hits another record high as "a lone bright spot", while Bitcoin falls below $70,000. Western Digital Corporation (WDC.US) drops more than 8%.

As of the close, the Dow rose 52.27 points, or 0.10%, to 50188.14 points; the Nasdaq fell 136.20 points, or 0.59%, to 23102.47 points; and the S&P 500 index fell 23.01 points, or 0.33%, to 6941.81 points.

Strategy (MSTR.US) founder Saylor "toughs out" the short: will not sell even if bitcoin falls 90%, will address debt pressure through refinancing.

Amid the continued sharp decline in the price of Bitcoin, Michael Saylor, founder and CEO of Strategy, publicly denied on Tuesday that the company would liquidate its holdings due to the decline in Bitcoin, and reiterated his confidence in the company's financing capabilities and the long-term value of Bitcoin.

"K-shaped economy" significant differentiation! U.S. residents' credit card debt rises to $1.28 trillion, hitting a historical high.

According to the latest household debt report released by the New York Fed on Tuesday, in the fourth quarter of 2025, the balance of credit card debt in the United States increased by $44 billion to reach $1.28 trillion, hitting a new high, with a year-on-year growth rate of 5.5%.

Surprisingly Weak Retail Sales Data in December in the United States, US Treasury Bonds Continue to Rise, Expectations of Interest Rate Cuts Increase Again.

The unexpectedly weak US December retail sales data released on Tuesday weakened market confidence in US economic growth, driving US Treasury prices to continue rising and yields to further fall.

Astrazeneca PLC Sponsored ADR(AZN.US) plans to take the "low price, high volume" route to enter the global weight loss drug market.

British pharmaceutical giant AstraZeneca is planning to enter the fiercely competitive and rapidly growing global weight loss drug market with a core strategy of "improving existing drugs + more competitive pricing + experience in emerging markets".

A-share evening hot spots | PBOC's heavyweight report! Continue to implement a moderately loose monetary policy well.

The Central Bank released the fourth quarter of 2025 report on the implementation of China's monetary policy. The report points out that the moderate loose monetary policy will continue to be implemented effectively.

Retail sales in the United States are lower than expected.

In December, retail sales in the United States recorded a monthly rate of 0%, lower than the forecast median of 0.4% and the previous value of 0.6%.

Selected A-share announcements | Hunan Silver (002716.SZ) faces a reduction of 28.23 million shares, accounting for 1% of the total share capital.

Hunan Silver (002716.SZ): Chenzhou Guokong reduces its holdings by 28.23 million shares, accounting for 1% of the company's total share capital.

Northbound funds | Northbound trading recorded a net purchase of 0.85 billion in Semiconductor Manufacturing International Corporation (00981). After-hours release of performance, Northbound funds rushed to increase their holdings by over 3 billion Hong Kong dollars.

On February 10th in the Hong Kong stock market, there was a net inflow of 85 million Hong Kong dollars from Northbound trading, with a net inflow of 1.103 billion Hong Kong dollars through the Shanghai-Hong Kong Stock Connect and a net outflow of 1.19 billion Hong Kong dollars through the Shenzhen-Hong Kong Stock Connect.

The National Copyright Administration and other four departments have launched a special campaign for protecting the copyright of cinema films.

As the Spring Festival approaches, several excellent films will be released in cinemas. In order to strengthen the protection of cinema film copyright, maintain a good copyright order in the film market, create a healthy and orderly viewing environment, and support the high-quality development of the film industry, the National Copyright Administration, the National Film Administration, the Ministry of Public Security, and the Ministry of Culture and Tourism have recently jointly deployed the "Sword Shadow" special action on cinema film copyright protection in 2026. The National Copyright Administration will, together with the National Film Administration, release a list of key works for copyright protection warnings. The four departments will increase offline inspections and online monitoring efforts, and crack down on illegal activities such as secret recording, illegal distribution, infringement, and piracy of IP derivative products in accordance with the law rigorously and swiftly. The relevant departments will also vigorously promote the transformation of film and television IP values and the integration and upgrading of industries, actively build an innovative service support system, strengthen copyright education, promote websites and platforms to fulfill their responsibilities, establish a sound copyright compliance governance system, and focus on enhancing respect for copyright. Consciousness, further maintaining a good copyright order in the film market.

Launch the preparatory work for listing on the main board of the Hong Kong Stock Exchange? Sinopharm Holdings declined to comment.

Recently, there have been rumors in the market that the global agricultural technology giant Syngenta Group has officially started preparations for listing on the main board of the Hong Kong Stock Exchange, with a fundraising scale of up to $10 billion, potentially becoming the largest IPO in Hong Kong stock market in 2026. On February 10th, when asked for confirmation by reporters, Syngenta declined to comment on the rumors. Syngenta stated: "We will continue to evaluate our capital market strategy based on market conditions and other factors that are in the best interests of our shareholders. The company has always indicated its intention to return to the capital market when the time is ripe."

Summary: The Shanghai Composite Index rose slightly by 0.13% on low volume, with the media sector collectively rallying.

The market fluctuated narrowly all day, with the three major stock indexes rising and falling unevenly, and the ChiNext Index rising nearly 1%. In terms of sectors, the media sector was strong throughout the day, with many stocks such as Hengdian Group, Shanghai Film, Bona Film, China Film, and Enlight Media hitting the limit up; humanoid robot concept stocks surged in the midday trading, with Wanxiang Qianchao hitting the limit up; the innovative pharmaceutical sector was active, with Wanbangde and Jihua Group hitting the limit up; on the downside, the precious metals sector fell, with Xiaocheng Technology and Hunan Gold leading the declines; the liquor sector collectively adjusted, with Huan Tai Liquor leading the declines; the commercial aerospace concept performed poorly, with Feiwo Technology, Shunhao Shares, and Western Materials falling sharply. Overall, most stocks in the two markets fell and fewer rose, with more than 3100 stocks falling. As of the close, the Shanghai Composite Index was at 4128.37 points, up 0.13%; the Shenzhen Component Index was at 14210.63 points, up 0.02%; and the ChiNext Index was at 3320.54 points, down 0.37%. On the market, the film and television distribution, short drama games, and cultural media sectors led the gains; while the precious metals, liquor, and diamond cultivation sectors led the declines.

TrendForce: It is expected that by 2026, the global shipment share of optical transceivers with a speed of 800G or higher will exceed 60%.

Google's new generation Ironwood cabinet system combines 3D Torus network topology and Apollo OCS all-optical network to achieve a high-speed interconnect architecture. It is expected to increase the global shipment share of high-speed optical transceiver modules above 800G to over 60% by 2026 and gradually become the standard equipment for AI data centers.

In January, TSMC's sales revenue reached 401.26 billion NT dollars, a year-on-year increase of 36.8%.

As the next round of chip tariffs is about to be announced, Trump wants to stabilize AI investments or exempt American tech giants.

The U.S. government plans to exempt major technology companies such as Microsoft and Google from chip tariffs in the next round of trade policies.

After serving for 13 years, a core executive of Tesla, Inc. (TSLA.US) resigned, causing the company to be deeply embroiled in a triple crisis of sales, brand and leadership.

Rajeev Jayaraman, a senior executive who has been with Tesla for 13 years, officially announced his resignation on Monday.

Involving 316 commonly used medications! Bidding for the follow-up procurement of the 1st to 8th batch of nationally centralized drug purchases.

On February 10th, the reporter learned from the National Medical Insurance Administration that the new round of continued procurement of 1st to 8th batches of nationally centralized procurement drugs has resulted in tentative selection results, involving 316 commonly used drugs. 4163 products from 1020 companies have been granted tentative selection qualifications. The drugs in this round of continued procurement cover 26 treatment areas including anti-infection, anti-tumor, lowering blood sugar, lowering blood pressure, lowering blood lipids, nervous system, respiratory system, digestive system, etc.

The key catalyst for the long bull market in US stocks is about to come! Giants such as SpaceX and OpenAI are ready to make moves, and Goldman Sachs is betting that 2026 will be a big year for IPOs.

The US IPO market is expected to rebound significantly this year, thanks to a solid economic environment, growing board confidence, and supportive monetary policies. It is anticipated that by 2026, fundraising scale will reach $160 billion, with the number of transactions expected to increase to 120, almost doubling last year's transaction volume.

"AI Leading First" triggers Hong Kong stock market speculation, with Haitian Technology (02706) receiving over 3300 times oversubscription for financing subscription.

Haitchi Technology's fundraising subscription multiple has exceeded 3300 times, and the expected subscription multiple is over 5600 times, with a fundraising subscription amount exceeding HK$262 billion.

The first APEC Senior Officials' Meeting in 2026 will be held in Guangzhou.

The first senior officials' meeting of the Asia-Pacific Economic Cooperation (APEC) in 2026 opened this morning in Guangzhou. This meeting focuses on the main theme of the 2026 APEC meeting "Building an Asia-Pacific Community, Promoting Common Prosperity" and the three priority areas of "Openness, Innovation, and Cooperation", fully launching cooperation in various fields and mechanisms, and discussing specific cooperation in depth to accumulate achievements for the informal leaders' meeting in November. This year marks the third time China has hosted the APEC summit. The senior officials' meeting is the main channel for promoting APEC cooperation and preparing for the leaders' meeting. Currently, the preparations for the 2026 APEC meeting have been fully launched, and all work is progressing smoothly.

The era of CPO has begun! The bull market drama of "AI super mega stock" Lumentum (LITE.US) is far from over.

This American-based leader in photomodule technology can be considered as one of the "strongest beneficiaries" in the potential long-term showdown between "Google TPU vs Nvidia GPU".

New Stock News | VandaTech Files Application to Hong Kong Stock Exchange

According to the disclosure on February 9 by the Hong Kong Stock Exchange, Weidali Technology Co., Ltd. (referred to as Weidali Technology) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with China International Capital Corporation and Deutsche Bank serving as its joint sponsors.

Google's parent company Alphabet issued US dollar bonds, attracting a demand for subscriptions exceeding 100 billion dollars.

New York Fed Consumer Survey: Short-term inflation expectations decline, deteriorating views on financial conditions.

According to the consumer expectations survey from the New York Fed, consumers' expectations for the future one-year inflation rate in January dropped to 3.09%, down from 3.42% the previous month. According to the report: the median of inflation uncertainty decreased over a one-year and three-year horizon, but increased over a five-year horizon. Respondents' perceptions of their current financial situation worsened, with an increased proportion believing that their family's situation had deteriorated compared to a year ago. For the next year, consumers expect gasoline prices to rise by 2.8%, food prices to rise by 5.74%, medical costs to rise by 9.8%, college education costs to rise by 9.03%, and rental prices to rise by 6.82%.

Ministry of Agriculture and Rural Affairs: Vigorously cultivate leading agricultural science and technology enterprises and smooth channels for the transformation of agricultural scientific and technological achievements.

The Ministry of Agriculture and Rural Affairs held a meeting of the Technology Innovation Leadership Group on the 9th. The meeting emphasized the need to focus on accelerating the modernization of agriculture and rural areas and the construction of a strong agricultural country, further strengthen the strategic, forward-looking, and systematic layout of agricultural basic research, promote breakthroughs in key core technologies such as artificial intelligence and bio-manufacturing in agriculture, accelerate the resolution of technological challenges for high-quality agricultural development, and stimulate new productive forces in agriculture. It is necessary to promote the deep integration of scientific and industrial innovation, vigorously cultivate leading agricultural science and technology enterprises, accelerate the implementation of the "hundred-thousand-ten thousand" program for the cultivation of agricultural science and technology enterprises, and enhance the overall innovation capabilities of enterprises. It is important to smooth the channels for the transformation of agricultural scientific and technological achievements, build a unified model of agricultural scientific research organizations integrating production, education, research, and application, implement large-scale application actions for new agricultural technologies, products, and scenarios, strengthen the leading role of public welfare agricultural technology extension agencies, innovate diversified agricultural technology extension service models, clear the "last-mile" for the application of research results, and promote the integration and efficiency improvement of good fields, good seeds, good opportunities, and good methods. It is necessary to deepen the reform of agricultural research institutions, optimize and improve the layout of organizations, talents, disciplines, and other strengths, and fully stimulate innovation and creativity. It is important to strengthen monitoring and supervision of agricultural science and technology innovation and improve the overall efficiency of the agricultural science and technology innovation system.

Intend to carry out the evaluation work of third-party institutions for satellite network domestic coordination. The State Radio Regulatory Office publicly seeks opinions.

The State Radio Administration issued a notice stating that in order to implement the requirements of the "Administrative Measures for Domestic Coordination of Satellite Networks" regarding the establishment of a third-party evaluation mechanism for domestic coordination of satellite networks, and to further enhance the efficiency of domestic coordination of satellite networks, the State Radio Administration has conducted research and drafted a "Notice on Conducting Third-Party Evaluation of Domestic Coordination of Satellite Networks". Public opinions are now being solicited.

Notice released by the Shanghai Futures Exchange regarding the work arrangements for the 2026 Spring Festival period.

Starting from the settlement on February 12, 2026, the trading margin ratio and the daily price limit range for the following contracts have been adjusted as follows: For copper, aluminum, zinc, lead, and aluminum oxide futures contracts, the daily price limit range has been adjusted to 13%, the hedged position trading margin ratio to 14%, and the general position trading margin ratio to 15%; for nickel and tin futures contracts, the daily price limit range has been adjusted to 15%, the hedged position trading margin ratio to 16%, and the general position trading margin ratio to 17%; for gold futures contracts, the daily price limit range has been adjusted to 20%, the hedged position trading margin ratio to 21%, and the general position trading margin ratio to 22%; for silver futures contracts, the daily price limit range has been adjusted to 25%, the hedged position trading margin ratio to 26%, and the general position trading margin ratio to 27%.

The Inter-Ministerial Joint Office for Coordinated Supervision of New Modes of Transportation held a meeting with Didi Chuxing.

Recently, the Office of the Inter-Ministry Joint Meeting for Coordinated Supervision of New Business Formats in Transportation organized a talk with Didi Chuxing. The talk pointed out the prominent issues such as inadequate management of cooperation with online ride-hailing platforms, lowering prices, and improper emergency response by Didi Chuxing. Didi Chuxing was requested to immediately implement the requirements of the talk, deeply reflect on the issues, take targeted measures, ensure comprehensive rectification, and effectively protect the legitimate rights and interests of the driver groups.

The Ministry of Commerce holds a symposium for automobile companies.

On February 6, the Ministry of Commerce held a symposium for automobile companies to discuss issues related to automobile circulation and consumption. Representatives from automobile industry associations, research institutions, and companies attended the meeting. Deputy Minister of Commerce Sheng Qiuping attended the symposium and exchanged views. Sheng Qiuping stated that the automobile industry is a strategic and pillar industry of the national economy, playing an important role in stabilizing growth, expanding domestic demand, and developing new productive forces. By 2025, with the joint efforts of the Ministry of Commerce, relevant units, and the entire industry, China's automobile industry will achieve remarkable results, with automobiles continuing to play a leading role in the consumer market. Sheng Qiuping pointed out that China has a large market base, enormous potential in the automobile consumption chain, stable policy support, and a great impetus to expand the entire automobile consumption chain. In 2026, the Ministry of Commerce, along with relevant departments, will continue to uphold a combination of policy support and reform and innovation, integrate existing and incremental measures, optimize the implementation of the trade-in of old vehicles for new ones, carry out pilot reforms in automobile circulation consumption, improve industry management systems, and adopt a variety of measures to promote the expansion and quality improvement of automobile consumption. Representatives from participating companies stated that in recent years, the government has introduced a series of policies to promote automobile circulation consumption, effectively supporting the development of the automobile market towards quality and excellence. Companies will continue to work hard and collaborate to promote the high-quality development of China's automobile industry. Representatives from the Ministry of Commerce, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Transportation, the China Banking and Insurance Regulatory Commission, and the General Administration of Sport responded to the issues and suggestions raised by the companies.

Seven departments including the Ministry of Human Resources and Social Security provide administrative guidance on employment for leading platform companies and express delivery companies.

Recently, the Ministry of Human Resources and Social Security, together with the Ministry of Social Affairs, the Central Cyberspace Administration, the Ministry of Transportation, the State Administration for Market Regulation, the State Post Bureau, the All-China Federation of Trade Unions, conducted administrative guidance on employment for 16 companies such as Meituan, Taobao Flash Sale, JD Speed Delivery, Flash Delivery, SF Express City, Hema, DiDi, T3 Travel, Caocao Travel, Huolala, Full Truck Alliance, YTO Express, Shentong Express, ZTO Express, Yunda Express, and Jitu Express, to protect the rights and interests of workers in new forms of employment. The meeting required the relevant companies to fully implement the main responsibility for employment, continuously improve labor management, and effectively protect the rights and interests of workers in new forms of employment.

KNOWLEDGE ATLAS (02513) soars over 40%, "Pony Alpha" ignites market expectations.

On February 9th, the capital market's enthusiasm for domestic large models was ignited by a mysterious news release, with Zhipu (02513) surging more than 40% at one point during trading, and trading volume significantly increasing.

Southbound funds sold a net amount of 1.886 billion Hong Kong dollars today.

On the Hong Kong Stock Connect (Shanghai) side, Tencent Holdings and Xiaomi Group-W respectively received a net purchase of 904 million Hong Kong dollars and 209 million Hong Kong dollars; Ying Fu Fund led in net sales, with an amount of 2.515 billion Hong Kong dollars. On the Hong Kong Stock Connect (Shenzhen) side, Tencent Holdings and South Fund Seng Technology respectively received a net purchase of 896 million Hong Kong dollars and 640 million Hong Kong dollars; Ying Fu Fund led in net sales, with an amount of 2.04 billion Hong Kong dollars.

Eurozone February Sentix Investor Confidence Index 4.2, expected 0, previous value -1.8.

The Ministry of Finance has issued a notice on the preferential tax policies for cross-border e-commerce export return goods. It is proposed that for goods declared for export under the customs supervision code of cross-border e-commerce from January 1, 2026 to December 31, 2027, if the goods are returned to the country in their original condition within 6 months from the date of export due to unsold or returned reasons, import duties, import value-added tax, and consumption tax will be exempted.

Guotou Silver LOF: Trading will be suspended on February 10th until 10:30 on the same day, and will resume on February 10th, 2026 at 10:30.

Guotou Silver LOF Announcement, to protect the interests of investors, this fund will be suspended from the market opening on February 10, 2026 until 10:30 on the same day, and will resume trading from 10:30 on February 10, 2026. If the premium of the secondary market trading price of this fund on February 10, 2026 does not effectively fall back, the fund reserves the right to take measures such as applying for temporary suspension of trading during the trading session and extending the suspension time to alert risks to the market, specific details are subject to the announcement at that time.

Tesla: Cybercab, the self-driving electric vehicle, will start mass production and operation at the Texas Gigafactory.

According to Tesla's Weibo account, the autonomous electric vehicle Tesla Cybercab will begin mass production and deployment at the Texas Gigafactory.

News reports claim that Samsung is considering expanding its OLED panel production capacity in response to Apple's plans to launch the iPhone Flip, a small foldable phone.

Due to Apple's plan to release an iPhone Fold large folding device followed by an iPhone Flip small folding device, Samsung Display is currently evaluating expanding its OLED panel production capacity for Apple's foldable products. Samsung Display is considering investing in additional folding OLED production equipment at its A4 factory in Yashan, Chungcheongnam-do, South Korea, with a focus on upgrading backplane-related processes, including thin film transistor production lines. The overall direction has been determined, and once internal review of the specific investment scale is completed, related capital expenditures are expected to begin in the second quarter of this year.

Wang Yi will attend the first APEC Senior Officials' Meeting in 2026.

The spokesperson of the Ministry of Foreign Affairs announced that Wang Yi, a member of the Political Bureau of the Central Committee of the Communist Party of China and the Minister of Foreign Affairs, will attend the opening ceremony of the first senior officials' meeting of the Asia-Pacific Economic Cooperation in 2026 in Guangzhou on February 10 and deliver a speech.

Exclusive Interview with iQIYI CEO Gong Yu: Immersive theme park settled in Yangzhou, breaking through the dimensional barriers of film and television cultural tourism.

Gong Yu: Immersive theme park settles in Yangzhou, breaking through the barrier between film, television, and tourism dimensions.

Spot silver broke through $82 per ounce, rising 5.82% intraday.

Hong Kong stock market midday report: Hang Seng Technology Index rose by 1.02%, Hang Seng Index rose by 1.44%

Hong Kong stocks closed at noon, with the Hang Seng Technology Index up 1.02% and the Hang Seng Index up 1.44%. The Hang Seng Stock Connect ETF Silver Huahai rose 1.57%, and the Hong Kong Stock Connect Technology ETF Penghua rose 1.1%. In terms of sectors, the electrical equipment and insurance sectors led the gains, while the hotel and resort REIT sectors had the biggest losses. In terms of individual stocks, Lanqi Technology surged over 50%; Zhipu rose 17.62%, Zhaoxin Innovation rose 10.79%, China Merchants Duty Free rose 8.52%, MINIMAX-WP rose 6.51%, Xunxiao rose 5.93%, Xinda Biotechnology rose 5.91%, Paopao Mart rose 5.76%, Sany Heavy Industry rose 5.71%, Weichai Power rose 5.23%, Huahong Semiconductor rose 5.09%, China Life rose 4.51%, Zijin Mining rose 4.19%, Ping An of China rose 4.09%, and Laopu Gold rose 4.07%. Xifangfeng Group fell 4.9%, Weilu Group fell 10.05%; Changfei Optic Fiber Cable rose 13.99%, and Junda Shares rose 13.86%.

The Growth Enterprise Index rose by 3.01% to 3333.760 points; the Shanghai Composite Index rose by 1.16% to 4112.767 points; and the Shenzhen Component Index rose by 2.02% to 14187.813 points.

"AI Leading Stock" Sea Power Technology (02706) Oversubscribed by 606 Times in Dual Exhibition for Two Days, AI New Stock Heat Breaks Record Again.

SeaSky Technology (02706) has only been listed for two days, but the market's subscription heat has far exceeded that of other AI stocks during the same period.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan, an increase of 121.9 billion yuan from the same time the previous day.

The Growth Enterprise Index rose by 2.01%, now at 3301.430 points; the Shanghai Composite Index rose by 0.98%, now at 4105.558 points; and the Shenzhen Component Index rose by 1.52%, now at 14117.520 points.

Latest

3 m ago

The central parity rate of RMB to USD is reported as 6.9438, which is 20 points higher than the previous day.

3 m ago

The central parity rate of the Renminbi against the US Dollar is reported at 6.9438 yuan.

4 m ago

The Intercontinental Exchange will launch cryptocurrency futures contracts based on CoinDesk.

4 m ago

The Hang Seng Futures opened up by 0.47% in the day session, closing at 27,280.56 points, up 97.41 points from the previous high.

6 m ago

Due to analysts raising the target price based on artificial intelligence competitiveness, LG Electronics stock price rose by 7%.

Seeking Coverage

Being Writer

Exploring Cooperation