Pre-market report of A-shares | AI surpasses the United States! Domestic computing power sees explosive growth.

Pre-market news 1. February burst! Chinese AI usage surpasses the US for the first time, four large models dominate the global top five Type: Industry Sentiment impact: Positive According to reports, the model usage of Chinese AI in February has experienced explosive growth, surpassing the United States for the first time. At the same time, out of the top five models in global usage rankings, four are Chinese models. Compared to the number of users, token usage is a key indicator that reflects the intensity of AI model usage, user stickiness, and commercial value more realistically. Chinese model manufacturers are occupying the global market with rapid iteration and cost advantages, with domestic computing power demand experiencing exponential growth. 2. China Aerospace: Plan to carry out two manned flight missions this year, fully promote the construction of lunar landing facilities Type: Industry Sentiment impact: Positive According to the Changzheng Engineering Technology office of China's manned space program, in 2026, plans are in place to carry out two manned flight missions and one cargo spacecraft supply mission. Astronauts from Hong Kong and Macau regions are expected to conduct space station missions as early as this year. The crew of the Shenzhou 23 flight will conduct a one-year residency experiment. Targeting the goal of China's first manned moon landing before 2030, work on the manned lunar exploration project is steadily progressing. 3. NVIDIA plunges over 5% in late trading due to unresolved AI concerns! Market value evaporates by trillions, Nasdaq falls over 1% Type: Market Sentiment impact: Negative With the world's highest market capitalization company NVIDIA once again experiencing a "habitual decline" after releasing its financial report, falling over 5%, its market value evaporated by 1.77 trillion yuan, dragging down the Nasdaq by over 1% and the Chinese concept stock index by 1.78%. Since August 2024, regardless of the quality of the financial report, NVIDIA always opens lower the next day. Analysts point out that NVIDIA always excels in revenue and other performance metrics, but it has not been able to alleviate investors' concerns about the narrowing moat, nor does it have a clear strategy to deal with the evolving computing power landscape. 4. Concerning the sixth round of US-China economic and trade consultations, the Ministry of Commerce responds Type: Macro Sentiment impact: Positive Regarding recent inquiries about the upcoming sixth round of US-China economic and trade consultations, Ministry of Commerce spokesperson He Yongqian stated that China and the US maintain continuous communication at various levels through the economic and trade consultation mechanism. China is willing to work together with the US to implement and uphold the consensus reached during the meeting between the leaders of both countries, manage differences through equal consultations, expand pragmatic cooperation, and maintain a healthy, stable, and sustainable development of the China-US economic and trade relations. Investment Calendar MSCI China Index adjustments take effect in February Investment Tips Diversification is the only free meal. - Robin Robbins Institutional Views 1. Shenwan Hongyuan Group: During the Spring Festival holiday, factors suppressing overall risk appetite remain high, and a short-term adjustment may continue after the holiday. 2. Industrial: After the holiday, the A-share market will enter a period with a high success rate, and we continue to be optimistic about a new round of upward trends in A-shares after the holiday. 3. Orient: Market rotation is accelerating, fundamentally reflecting a decrease in risk appetite while still having the potential for the stock index to rise. Upcoming Market Cues 1. The second ecological environment law named "Code" in China will be submitted for review at the two sessions Type: Market discussion Soochow: The total amount of the unmanned sanitation equipment procurement project exceeded 12.6 billion yuan, a year-on-year growth of 150%. With policy drive and economic verification, the logic of electric sanitation and unmanned operation is being realized, with the potential for accelerated volume growth in 2026-2027. 2. Google Nano Banana 2 debuts: Comprehensive upgrade in professional capabilities, halving costs Type: Market discussion Huaxin Securities: 2026 will be the "golden year" for AI applications, with technology gradually maturing. Many large models now possess strong tool usage and multimodal comprehension capabilities. Policy support and market demand resonance, from reducing costs and improving efficiency at the enterprise-level to popularization at the consumer level. 3. Huawei Cloud releases the beta version of CodePath, institutions optimistic about the development of AI programming technology Type: Institutional commentary Cinda: AI programming is reshaping the core productivity mode, with large model technology enabling programming tools. At the technical level, the programming capabilities of large models have greatly improved. It is estimated that the market value of AI code tools will reach 26 billion USD by 2030. Announcements Highlights Positive announcements 1. China Yangtze Power: The 2025 interim profit distribution plan is to distribute a cash dividend of 2.1 yuan per 10 shares. 2. NIO: Subsidiary Shenji received an investment of 2.257 billion yuan. 3. China Merchants Energy Shipping: International tanker market continues to soar, with tanker asset prices rising significantly. Negative announcements 1. Deppon Logistics: Applying to the Shanghai Stock Exchange to terminate the listing. 2. Chengdu Leejun Industrial: Net profit for 2025 was 57.545 million yuan, a decrease of 52.09% compared to the same period last year. 3. Xinyaqiang Silicon Chemistry: Shareholders collectively plan to reduce their holdings of the company by no more than 4%. Overseas Markets NVIDIA's steep decline by 5% dragging down the market, US stocks closed with mixed gains and losses on Thursday, Nasdaq fell by over 1%. Most large tech stocks declined, with Broadcom falling by 3.19% and AMD by 3.41%. The Nasdaq China Dragon Index closed down by 1.78%. This article is reprinted from "Tencent Stock Selection", edited by Xu Wenqiang.