GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | Boeing Company(BA.US) rose more than 3%, planning to increase the production capacity of the 737 series aircraft in the coming years.

On Thursday, Boeing (BA.US) rose more than 3% to $245.03.

Performance exceeding expectations boosts market confidence Ferrari NV (RACE.US) shakes off the last "sell" rating.

After announcing better-than-expected performance this week, Ferrari finally rid itself of the last "sell" rating in the market.

Suzhou Pilot Biotechnology Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange.

According to documents from the Hong Kong Stock Exchange, Suzhou Piloting Biotechnology Co., Ltd. has submitted an application for listing to the Hong Kong Stock Exchange.

China Banking and Insurance Regulatory Commission: Total assets of the banking and insurance industry in China continued to grow in the fourth quarter of 2025.

The China Banking and Insurance Regulatory Commission disclosed the data on the major regulatory indicators for the banking and insurance industries in the fourth quarter of 2025.

China Banking Regulatory Commission: Overall, commercial banks have sufficient risk coverage capabilities.

The China Banking and Insurance Regulatory Commission released the data on the key regulatory indicators of the banking and insurance industries for the fourth quarter of 2025. In the entire year of 2025, commercial banks achieved a cumulative net profit of 2.4 trillion yuan. By the end of the fourth quarter of 2025, the average capital profit rate was 7.78%, and the average asset profit rate was 0.60%. At the end of the fourth quarter of 2025, the commercial banks' loan loss reserves balance was 7.2 trillion yuan; the provision coverage ratio was 205.21%, and the loan provision ratio was 3.07%. At the end of the fourth quarter of 2025, the capital adequacy ratio of commercial banks was 15.46%, the Tier 1 capital adequacy ratio was 12.37%, and the core Tier 1 capital adequacy ratio was 10.92%.

The Ministry of Industry and Information Technology solicits opinions on five mandatory national standards, including "Safety Requirements for Intelligent Connected Vehicles and Autonomous Driving Systems".

In accordance with the "Standardization Law of the People's Republic of China" and the "Administrative Measures for Mandatory National Standards Management", the Equipment Industry Department of the Ministry of Industry and Information Technology organized the National Automotive Standardization Technical Committee to carry out the revision of five mandatory national standards including "Safety Requirements for Intelligent Connected Vehicles and Automated Driving Systems". The draft for soliciting opinions has been formed and is now publicly soliciting opinions from all sectors of society.

New stock prospect | Can Puchi Pharmaceuticals support a valuation of 2.4 billion as a leader in targeted therapy for local delivery?

Recently, another biopharmaceutical company has submitted its listing application to the main board of the Hong Kong Stock Exchange.

The central bank: As of the end of the fourth quarter, a total of 15.556 billion bank accounts have been opened nationwide.

The People's Bank of China released the overall situation of the payment system operation in the fourth quarter of 2025. By the end of the fourth quarter, a total of 1.556 billion bank accounts had been opened nationwide. There were 120 million unit bank accounts opened, of which 83.3212 million were basic deposit accounts; and 1.5436 billion individual bank accounts opened. In the fourth quarter, banks nationwide processed a total of 176.381 billion non-cash payment transactions, with a total amount of 155.290 trillion yuan. In the fourth quarter, a total of 172.936 billion bank card transactions occurred nationwide, with a total amount of 244.19 trillion yuan. This included 784 million cash deposit transactions, with an amount of 6.54 trillion yuan; 1.307 billion cash withdrawal transactions, with an amount of 6.85 trillion yuan; 63.173 billion transfer transactions, with an amount of 196.74 trillion yuan; and 1.07672 billion consumption transactions, with an amount of 34.06 trillion yuan.

HK Stocks Close: Hang Seng Index drops 0.858%, Hang Seng Technology Index drops 1.655%

NetEase-S fell 3.590%, Haidilao fell 3.603%, Trip.com Group-S fell 3.989%, Meituan-W fell 4.502%, Lenovo Group fell 4.666%, Kingdee International fell 4.979%, and Budweiser Asia Pacific fell 5.569%.

Korean investors increase their investment in the Hong Kong stock market and the technology sector is in demand. They are buying up shares of MINIMAX-WP (00100) and INNOSCIENCE (02577).

South Korean investors' enthusiasm for investing in Chinese assets is gradually increasing.

The Ministry of Commerce responds to the Canadian canola seed issue: Will fully consider Canada's reasonable demands within the regulatory framework.

On February 12, the Ministry of Commerce held its regular press conference. Ministry of Commerce spokesman Geng Shuang answered questions regarding the anti-dumping measures on Canadian rapeseed. He said that during Canadian Prime Minister Trudeau's visit to China in January, China and Canada made specific arrangements to properly resolve trade issues in areas such as electric vehicles, steel and aluminum products, rapeseed, and agricultural products. Canada will actively adjust unilateral measures taken against Chinese electric vehicles and steel and aluminum products. China will also adjust its measures against Canada in accordance with relevant laws and regulations. "Regarding the anti-dumping measures on Canadian rapeseed, given the complexity of the case, the investigation period has been extended until March 9, 2026. The Ministry of Commerce will issue an arbitration announcement before that date, fully considering Canada's reasonable claims within the framework of the rules, and make an objective and fair final ruling based on facts and evidence," he said.

Ministry of Commerce Announcement No. 9 of 2026: Final Decision on Anti-subsidy Investigation of Imported Dairy Products from the European Union.

According to Article 39 of the Anti-subsidy Regulation, the Ministry of Commerce proposed to the Tariff Commission of the State Council to impose anti-subsidy duties on imported dairy products originating from the EU. The Tariff Commission of the State Council made a decision based on the proposal of the Ministry of Commerce, and starting from February 13, 2026, anti-subsidy duties will be imposed on imported dairy products originating from the EU.

Ministry of Commerce: China and the United States maintain close communication at all levels through the mechanism of economic and trade consultations.

Ministry of Commerce spokesperson, Gao Yan, stated that the economic and trade teams of China and the US have maintained close communication at all levels through the mechanism of economic and trade negotiations, exchanging views in a timely manner on implementing the consensus reached at the G20 Buenos Aires summit between the leaders of the two countries, as well as the achievements of the Kuala Lumpur economic and trade negotiations, and addressing each other's concerns in the economic and trade fields.

Report: Samsung has started mass production and commercial shipment of HBM4 chips.

Samsung Electronics has announced that it has begun mass production of the industry's first HBM4 chip and has already delivered commercial products to customers. This is a major breakthrough for the South Korean chip giant, marking a key milestone in its competition to sell high-end semiconductors needed for generative artificial intelligence. Samsung said in a statement on Thursday that commercial products have been delivered to customers, but did not disclose the specific customers. The company stated that samples of HBM4E are expected to be available in the second half of 2026, while custom HBM samples will be delivered to customers starting in 2027. The statement also mentioned that the "total memory bandwidth per stack has increased 2.7 times compared to the previous generation product" using the new HBM4 chip.

Closing comments: The ChiNext Index opened high and closed high, rising by 1.32%. Liquid-cooled servers, data centers, and other AI computing power sectors led the gains.

The three major indexes of A-shares collectively rose today. As of the close, the Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index rose by 0.86%, the Growth Enterprise Index rose by 1.32%, and the Beishare 50 Index rose by 0.5%. The total turnover of the Shanghai, Shenzhen, and Beijing markets reached 2.1608 trillion yuan, an increase of 159.7 billion yuan from the previous day, with over 2100 individual stocks rising. In terms of sector themes, the top gainers were power equipment, liquid-cooled servers, CPO, optical fibers, semiconductors, minor metals, computing power leasing, and rare earth permanent magnet sectors; while the top decliners were in the film and television industry, tourism and hotels, retail, liquor, food processing, airport transportation, and pork sectors. On the market, Vertiv surged by 24% overnight, the liquid-cooled server sector collectively surged, and stocks like Inovance Tech and Dayuan Pump Industry hit the limit up. Stimulated by the news of price increases for products from YOFC, stocks related to computing power leasing collectively strengthened, with YOFC, Capital Online, and DaWeitech hitting the limit. The electricity network equipment sector remains active, with Sinyuan Electric and Sifang Holdings hitting new highs during the session. Overall, the market focus is on the construction of AI infrastructure. On the other hand, the film and television industry sector continued to adjust today, with Hengdian Film and Bona Film Industry hitting the limit down. Retail, food and beverage, and tourism stocks also performed poorly, with Haixin Food hitting the limit down, and Dongbai Group and Hangzhou Xiabailing leading the decline.

Apollo Asset Management: The software industry has entered a "fierce technological cycle", and valuation logic is facing a historic reset.

Apollo Asset Management Company warned that the software industry is entering the early stages of an "extremely violent technological cycle" driven by the disruptive power of artificial intelligence.

Liu Deshun, National Energy Administration: Major global economies are actively deploying hydrogen energy and nuclear fusion, and must strengthen original and disruptive innovation with greater intensity.

In a message from the National Energy Administration's official WeChat account, Liu Deshun, chief engineer of the National Energy Administration and director of the Energy Conservation and Technology Equipment Department, stated that during the "13th Five-Year Plan" period, China's energy technology innovation is facing a complex situation of both opportunities and challenges, with intensifying competition. From a global perspective, it can be seen that: firstly, green and low-carbon energy is the main direction of energy technology innovation. Supporting the development and improvement of new energy through technological innovation is crucial, with a key focus on solving the challenges of intermittent and fluctuating new energy integration into the power system for safety and stability. Secondly, the momentum of innovation in frontier technologies for future energy is continuously increasing. Major economies around the world are actively deploying in areas such as hydrogen energy and controlled nuclear fusion, with technological innovation accelerating iteration and continuously driving the emergence of new energy industries, new business models, and new patterns. Thirdly, explosive growth in artificial intelligence has become a new variable reshaping the global energy competition landscape. Artificial intelligence and the energy industry are mutually empowering, with integrated innovation accelerating and driving transformation in the entire chain of energy production, transmission, and consumption. In the new situation, we must strengthen original and disruptive innovation with greater effort, accelerate breakthroughs in key areas and core technologies, promote the deep integration of technological innovation and industrial innovation, in order to firmly grasp the initiative of energy technology development in our own hands, and win strategic initiative in international competition amidst the interweaving of technological revolutions and great power games.

The Hang Seng Technology Index fell more than 1%, now at 5444.690 points; the Hang Seng Index is currently down 0.336%.

The Nikkei Stock Average index reached 58,000 points for the first time.

The Nikkei 225 index saw its gains widen, rising by 0.6% at one point to reach 58004.72 points, hitting a new historical high during trading hours.

"AI+ digital advertising" hegemon Applovin (APP.US) smashes the "software stock doomsday theory"! AI dividend is branded into performance, Q4 net profit surges by 84%

Applovin's strong performance proves that the market discourse about the "Software Stock Doomsday" triggered by the rise of agent-type AI intelligent bodies from Anthropic is greatly exaggerated and purely driven by fear.

Overnight US stocks | Three major indexes closed slightly lower, Micron Technology, Inc. (MU.US) rose nearly 10%.

As of the close, the Dow fell 66.74 points, a decrease of 0.13%, to 50121.40 points; the Nasdaq fell 36.01 points, a decrease of 0.16%, to 23066.47 points; the S&P 500 Index fell 0.34 points, a decrease of 0.01%, to 6941.45 points.

"Non-farm payroll data dampens rate cut expectations; market reassesses the Fed's policy trajectory"

The latest US employment data released in January unexpectedly showed strength, significantly dampening market expectations for another interest rate cut by the Federal Reserve before the middle of the year.

"AI-driven trading losses" spread, causing a collective drop in US real estate service stocks.

On Wednesday, American real estate service stocks collectively plunged, as investors worried that the high labor costs and high transaction fees of related companies could become "victims" of a new wave of AI impact.

US Stock Market Move | SOLV Energy (MWH.US) debuts on the US stock market with a 22.68% increase on the first day of trading.

"SOLV Energy enters the US stock market, with an IPO price of $25."

US stock market closed mostly down, Micron Technology rose nearly 10%.

On Wednesday, the three major US stock indexes closed mixed, with the Dow falling 0.15%, the Nasdaq falling 0.16%, and the S&P falling 0.03%. Nvidia and Apple rose nearly 1%, while Google and Microsoft fell by over 2%, Amazon fell by over 1%, Meta fell slightly, Broadcom and Tesla rose slightly, Caterpillar rose by over 4%, and Micron Technology rose by nearly 10%.

Meta Platforms (META.O) announced plans to invest over $10 billion in building a data center campus in Lebanon, Indiana. This will be one of the largest artificial intelligence infrastructure investments to date for the company. Meta held a groundbreaking ceremony for the Lebanon project on Wednesday. The campus is expected to provide 1 gigawatt of power to support artificial intelligence projects and social media businesses. According to Rachel Peterson, Vice President of Data Centers at Meta, the total building area of the data center will reach 4 million square feet and is expected to be operational by the end of 2027 or early 2028. Peterson stated that in terms of investment size, this campus will rank among Meta's largest data center projects, alongside the Hyperion campus in Louisiana and the Prometheus project in Ohio. Meta's $10 billion investment in the Lebanon project will be implemented gradually over the next few years.

US Stock Market Move | Storage concept stocks rose before the market, with Micron Technology, Inc. (MU.US) rising more than 5%.

On Wednesday, storage concept stocks rose across the board before market opening, with Micron Technology (MU.US) rising more than 5%.

Wall Street Analyst: Sharp Drop Overdone, US Tech Stocks Fall into "Golden Pit"

Market professionals increasingly believe that software stocks that have experienced sharp declines in stock prices during the recent wave of overselling present new opportunities for buying at low prices.

The State-Owned Assets Supervision and Administration Commission of the State Council is promoting central enterprises to actively expand their computing power and make effective investments.

The State-owned Assets Supervision and Administration Commission of the State Council recently proposed that central enterprises should strengthen investment traction, actively expand computing power-effective investments, promote the coordinated development of "computing power + electricity", enhance the data governance capacity of the entire chain, and continuously consolidate the foundation of the artificial intelligence industry. According to reporters on the 11th, the State-owned Assets Supervision and Administration Commission of the State Council recently held a meeting to deepen the central enterprises' "AI+" special action. At this meeting, the State-owned Assets Supervision and Administration Commission of the State Council proposed that central enterprises should strengthen independent innovation, focus on breaking through key core technologies, continue to tackle the "Big Model" technology, promote more independent innovation results to evolve from samples into products, and form industries; they should also strengthen scenario cultivation, strengthen the precise connection between artificial intelligence and primary responsibilities, industry demands, and put more effort into high adaptability, high value, and high reliability, and promote the large-scale application of artificial intelligence on the ground. In addition, the State-owned Assets Supervision and Administration Commission of the State Council requires central enterprises to strengthen open-source collaboration, accelerate the iteration and upgrade of the open-source "Renewal Community", strive to become an "empowering enterprise", promote the construction of the "AI+" industry community, and continuously nurture a mutually beneficial and win-win industrial ecosystem. In recent years, the State-owned Assets Supervision and Administration Commission of the State Council has been fully promoting the "AI+" special action for central enterprises, pushing central enterprises to find the points of integration and breakthroughs with artificial intelligence technology and industry development trends, accelerate the landing of high-value application scenarios, steadily advance the co-construction and sharing of data sets, continuously improve the supply capacity of intelligent computing power, accelerate the construction of independently controllable models, and continuously improve the open-source and open industry ecosystem, achieving significant results in the development of the artificial intelligence industry.

DeepSeek grayscale testing on millions of tokens, with knowledge base updated to May 2025

Today, multiple users have provided feedback that after the update, DeepSeek has started gray testing with a maximum context length of 1M Tokens; the context length of DeepSeek V3.1 released in August last year has been expanded to 128K. At the same time, the knowledge base of the latest DeepSeek has been updated to May 2025, and it can accurately output news from April 2025 in offline mode.

National Health Commission and 11 other departments: standardize the dynamic adjustment mechanism, with the adjustment period generally not exceeding 3 years.

The State Health Commission and 11 other departments jointly issued the "Management Measures for the National Essential Medicines List" today. Compared with the original document, the "Management Measures for the National Essential Medicines List" clearly states that it will adjust the variety and quantity of essential medicines based on changes in disease spectrum, clinical application practices of drugs, changes in drug standards, and the introduction of new drugs, while adhering to the principle of emphasizing both traditional Chinese and Western medicine and prioritizing clinical use. It will comprehensively consider factors such as the basic medical and health service needs in China, the level of basic medical insurance coverage, and drug supply guarantee. It will standardize the dynamic adjustment mechanism, strengthen the functional positioning of essential medicines, adhere to regular evaluation and dynamic management, and adjust the cycle in principle not exceeding 3 years. If necessary, timely adjustments can be organized.

Southbound funds net purchased 4.816 billion Hong Kong dollars today.

In terms of the Hong Kong Stock Connect (Shanghai) program, SMIC and Tencent Holdings received a net buy of 445 million Hong Kong dollars and 230 million Hong Kong dollars respectively, while Xiaomi Corporation-W had the highest net sell amount of 274 million Hong Kong dollars. In terms of the Hong Kong Stock Connect (Shenzhen) program, Tencent Holdings and Zijin Gold International received a net buy of 505 million Hong Kong dollars and 191 million Hong Kong dollars respectively, while SMIC had the highest net sell amount of 836 million Hong Kong dollars.

In January, the domestic installed capacity of power batteries reached 42.0GWh, an increase of 8.4% year-on-year.

According to statistics from the China Automotive Power Battery Industry Innovation Alliance, in January, the total production of power and energy storage batteries in China was 168.0GWh, a decrease of 16.7% month-on-month and an increase of 55.9% year-on-year. In January, the total sales of power and energy storage batteries in China was 148.8GWh, a decrease of 25.4% month-on-month and an increase of 85.1% year-on-year. Among them, the sales of power batteries were 102.7GWh, accounting for 69.0% of the total sales, a decrease of 28.6% month-on-month and an increase of 63.2% year-on-year; the sales of energy storage batteries were 46.1GWh, accounting for 31.0% of total sales, a decrease of 17.0% month-on-month and an increase of 164.0% year-on-year. In January, the domestic installation volume of power batteries was 42.0GWh, a decrease of 57.2% month-on-month and an increase of 8.4% year-on-year. Among them, the installation volume of ternary batteries was 9.4GWh, accounting for 22.3% of the total installation volume, a decrease of 48.6% month-on-month and an increase of 9.6% year-on-year; the installation volume of lithium iron phosphate batteries was 32.7GWh, accounting for 77.7% of the total installation volume, a decrease of 59.1% month-on-month and an increase of 8.1% year-on-year.

Hong Kong Securities and Futures Commission introduces new measures to promote digital asset trading in Hong Kong and stimulate market vitality.

These targeted measures are aimed at enhancing market liquidity, and further demonstrate the firm commitment of the Hong Kong Securities and Futures Commission to developing the Hong Kong digital asset market in a sustainable and collaborative manner.

After the implementation of the Value-Added Tax Law, the preferential import tax policy will continue.

According to the Ministry of Finance, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly issued a notice to ensure a smooth transition of import value-added tax preferential policies after the implementation of the "People's Republic of China Value-Added Tax Law." The current import value-added tax preferential policies will continue to be implemented. Among them, the value-added tax policies for anti-cancer drugs and rare disease drugs will be extended until the end of 2027. In addition, other preferential policies that have been implemented before the new law and have expiration dates after 2026 will also continue to be implemented according to the original regulations.

The Hong Kong Securities and Futures Commission has introduced new measures to promote digital asset trading in Hong Kong, in order to stimulate market activity.

The Securities and Futures Commission of Hong Kong has introduced new measures to promote digital asset trading in Hong Kong, in order to stimulate market activity.

Digital marketing service provider Cansince (KASH.US) plans to price its IPO at $5 per share, aiming to raise $15 million.

Cansince Innovations plans to issue 3 million shares of stock at a price of $5 per share, raising $15 million.

Lithium carbonate continuous main contract rose 6% intraday, now reported at 145920.00 yuan.

Another step closer to manned lunar landing! The successful maiden flight test mission of Long March 10 and Dreamboat spacecraft.

Today, the low-altitude demonstration verification of the Long March 10 carrier rocket system and the maximum dynamic pressure escape flight test of the Dreamboat manned spacecraft system were successful, marking an important milestone in China's manned lunar exploration project development.

The Chang'e-10 rocket hoists the Dream Chaser spacecraft, ignites the engine and lifts off.

Just now, the Long March-10 series rocket's first stage lifted the Dream Boat spacecraft and ignited to ascend into space.

MSCI Emerging Markets Stock Index hits historic high.

Office of Taiwan Affairs: The Democratic Progressive Party authorities are harming Taiwan's industrial prospects.

The State Council Taiwan Affairs Office held a routine press conference. A reporter asked about Taiwan Semiconductor's plan to mass produce related chips in Kumamoto Prefecture, Japan. In response, spokesperson Zhu Fenglian stated that the DPP authorities are pursuing their own political interests, harming Taiwan's industrial prospects, and deceiving the people of Taiwan.

National Bureau of Statistics interprets: Consumer Price Index (CPI) rose year-on-year in January, while the Producer Price Index (PPI) narrowed its year-on-year decline.

Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for January 2026.

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.

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.

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Insiders say that the Saudi-supported Medad Energy company has signed a letter of terms to acquire assets of the Russian Lukoil company that are under sanctions, pending approval by regulatory authorities.

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