GMT EIGHT - OPPORTUNITIES IN CHINA

Spot gold fell below $5130 per ounce, dropping 1.90% intraday.

"AI disrupts everything" sweeps the stock market, where is a safe haven? Goldman Sachs gives the key word: HALO

Strategists at Goldman Sachs Group state that as investors seek safe havens from the disruption caused by artificial intelligence, companies with tangible productive assets, i.e. heavy asset-intensive stocks, perform well.

During the Spring Festival, 5.96 billion people traveled domestically.

During this year's 9-day Spring Festival holiday, a total of 5.96 billion domestic trips were made in China, an increase of 0.95 billion compared to the 8-day holiday in 2025; the total spending on domestic travel reached 803.483 billion yuan, an increase of 126.481 billion yuan compared to the 8-day holiday in 2025. Both the number of holiday tourists and spending have reached a historic high, and the national culture and tourism market remains stable and orderly.

The Renminbi to US Dollar spot rate broke through the 6.89 yuan mark in the afternoon, reaching a new high since May 4, 2023.

Zhou Dafu is going to raise prices again.

Recently, there have been rumors in the market that Zhou Dafu will adjust the prices of gold products after the Spring Festival. This price adjustment is expected to be officially implemented in mid-March. Some stores have already received relevant notifications, and the price increase will mainly focus on fixed-price products, with an expected increase of 15%-30%. However, the specific details of the price adjustment and the implementation time are subject to the adjustment of price tags in-store. On February 24th, a salesperson at the Zhou Dafu store in Joy City in Beijing confirmed the price increase to a reporter, saying, "The price increase will be around March 10th. A 29.88-gram Five Emperor's Coin gold bracelet that was priced at 53,800 yuan before the increase will soon be priced at 71,800 yuan. It's currently difficult to find in stock." Based on this calculation, the price increase for this bracelet is over 33%, and the average price per gram after the increase has exceeded 2400 yuan.

During this year's Spring Festival holiday, there was a record high in the number of trips made by new energy vehicles.

The State Energy Administration announced that a total of 602.10 million times of electric vehicle charging were recorded on the 53,300 highway charging piles included in the national charging facility monitoring service platform, with a total charging amount of 14976.75 million kilowatt hours from the 28th day of the twelfth lunar month to the seventh day of the first lunar month. The average daily charging amount reached 1664.08 million kilowatt hours, an increase of 52.01% compared to the previous year's Spring Festival, setting a new historical record.

Hong Kong stock market midday report: Hang Seng Index falls by 1.93%, with weak performance from technology and financial stocks, sharp drop in entertainment sector, semiconductor stocks rising against the trend.

Due to the plunge in the overnight US stocks and geopolitical influences, the three major indexes of the Hong Kong stocks opened low and continued to fall in the morning session. The Hang Seng Technology Index once fell sharply by 2.7%, closing down 2.36% at midday. The Hang Seng Index and the H-share Index both dropped by 1.93% and 2.06% respectively. Big tech stocks, seen as market indicators, collectively performed poorly with Meituan falling over 5% and Tencent breaking below HK$520. Major financial stocks showed weakness, with the Spring Festival box office in 2026 declining by 38.7% compared to the previous year, leading to a sharp drop in entertainment stocks, including Maoyan Entertainment hitting a new low. Gold stocks showed mixed trends. In addition, semiconductor stocks and storage concept stocks rose against the trend, with AI applications "dual giants" Smart Spectrum and MINIMAX-WP showing strong performance.

Legal French and Chinese Analyst OpenAIs Latest Investment Plan: Clear Roadmap for Computing Power Investment, Positive for Microsoft Corporation (MSFT.US) and Oracle Corporation (ORCL.US)

The stock research department of Paris Bank of France stated that OpenAI's updated artificial intelligence (AI) infrastructure capital expenditure plan is favorable for super-scale cloud service providers Microsoft and Oracle.

Huawei's sales revenue will exceed 880 billion RMB by 2025.

On the morning of February 24, the first day of work in the Year of the Horse, Huawei Chairman Liang Hua revealed during a speech at the 2026 Guangdong High-Quality Development Conference that in 2025, Huawei's sales revenue exceeded 880 billion yuan. Liang Hua stated that in 2025, the company will continue to strengthen its core competitiveness, focus strategically, adhere to the path of high-quality development, strive for victory through quality, and work hard to provide competitive products and services for global customers, ensuring the overall stable operation of the company.

Supreme Court: Judicial interpretation on civil compensation for insider trading, market manipulation, etc. will be formulated in 2026.

On February 24th, Wang Chuang, the head of the second civil division of the Supreme People's Court, stated at a press conference that in 2026, the national courts will continue to fully utilize their judicial functions in civil and commercial trials. The next step will be to formulate judicial interpretations on civil compensation for insider trading and market manipulation in securities markets, conduct in-depth research on judicial responses to new types of financial cases such as private equity funds and virtual currencies, and improve the financial judicial security system.

Trump's frequent changes in tariffs ignite risk aversion sentiment, causing gold to return strongly above $5200.

Driven by the influx of safe-haven buying triggered by the uncertainty of U.S. tariff policies, the precious metals market started the week strong. Gold futures prices climbed above $5200 per ounce, while silver broke through $85 per ounce, continuing its upward momentum from before.

The one-year and five-year Loan Prime Rates (LPR) remained unchanged at 3% and 3.5% respectively.

The central bank will keep the one-year and five-year loan market quoted interest rates unchanged at 3% and 3.5% respectively, maintaining them unchanged for nine consecutive months.

Exciting finale of the Spring Festival box office! In 2026, China's movie box office leads the global movie market.

The total box office of the 2026 Spring Festival season ended with a record of 5.752 billion yuan, with the annual total box office of 2026 also exceeding 8.3 billion yuan. At the same time, the cumulative box office of the Chinese film market in 2026 has exceeded 1.2 billion US dollars, surpassing North America's box office record, temporarily ranking first in the world in terms of single market box office. This time, the Chinese film market's temporary ranking as number one in the world in terms of single market box office is not a coincidence, but a necessary result of the strength of Chinese film creation, market potential, and industrial ecology accumulation.

Microsoft has developed glass that can store data for thousands of years.

According to China Science Daily, a Microsoft research team has used high-energy lasers to engrave encoded data on a piece of 3D borosilicate glass, thereby developing a glass-based data storage technology. A square glass measuring 12 centimeters wide and 2 millimeters thick can store 4.8TB of data, equivalent to the data of approximately 2 million printed books. Tests have shown that at a temperature of 290C, this data can be preserved for 10,000 years, and at room temperature, the preservation time could be tens or even hundreds of times longer. The related research was published on February 18 in the journal Nature.

Under the Shenzhen-Hong Kong Stock Connect, Longqi Technology has been added as a target stock for the Hong Kong Stock Connect.

Under the Shenzhen-Hong Kong Stock Connect, LongiTech Smart Energy Technology Co., Ltd. has been added as one of the designated securities for the Hong Kong Stock Connect. (Shenzhen Stock Exchange)

The Nikkei 225 index opened at 56764.14 points in the morning, down 0.11%.

Tariff ruling reverses risk appetite Emerging market ETFs attract $430 million in a single day, creating a new record for inflows

Last Friday, as the US Supreme Court rejected US President Trump's global tariff policy, the largest actively managed emerging market stock exchange-traded fund (ETF) saw a significant increase in fund inflows.

Zhongtai: From "recession-proof" to "weak cycle", large banks and joint-stock banks are highly recommended.

There are two main investment themes in bank stocks: one is to invest in city commercial banks with regional advantages and strong predictability, with regions including Jiangsu, Shanghai, Chengdu-Chongqing, Shandong, and Fujian. The second is the logic of high dividends and stable growth, with a focus on recommending large banks and joint-stock banks.

Hong Kong stock concept tracking | Spring Festival humanoid Siasun Robot & Automation skyrocketed! Institutions predict that this year the industry chain will enter a phase of significant volume growth (including concept stocks)

Analysts believe that the performance of humanoid robots at the 2026 Spring Festival Gala is not only a concentrated display of the rapid iteration of domestic chain technology, but also marks the industry's transition from the verification stage of "0 to 1" to the mass production of "1 to 10."

Soochow: Solid-state batteries will enter a critical period in 2026, expected to bring a large-scale market rally.

The industry believes that the core catalyst for 2026 lies in the bidding of GWh-level production lines and road tests of solid-state related vehicle models, which is expected to bring about a market trend similar to that of 2025. It is recommended to pay close attention to the bidding situation of top enterprises' production lines, as well as new vehicle models that will be included in the Ministry of Industry and Information Technology's declaration list.

JPMorgan Chase predicts that investment banking fees will increase by around 15%, and may rise to nearly 20% in the first quarter of 2023.

Boosted by strong semiconductor exports and a rally in the stock market, consumer confidence in South Korea reached a new high in February, the highest level since November last year.

Consumer confidence in South Korea significantly rebounded in February, reaching the highest level since November last year.

After the weight loss drug of Novo Nordisk did not perform as well as Lilly's drug in the trial, Lilly's stock price rose 2.1% in pre-market trading.

The US Supreme Court's ruling reshapes market pricing logic! China and India's export chains emerge as the biggest winners, and Hong Kong stocks welcome a soaring moment.

China and India have become the biggest winners of the US Supreme Court's decision to block Trump's tariffs.

European stocks opened higher, with Germany's DAX index up 0.87%, the UK's FTSE 100 index up 0.56%, France's CAC 40 index up 1.39%, the Euro Stoxx 50 index up 1.06%, and Italy's FTSE MIB index up 1.51%.

In 2026, the box office revenue of the movie exceeded 8 billion yuan.

According to data from online platforms, as of now, the total box office revenue for the year 2026 has exceeded 8 billion.

HK Stock Market Move | Lithium battery concept stocks rose, with REPT BATTERO (00666) rising more than 12% and CALB (03931) rising more than 7%.

The concept stocks of lithium batteries have increased, as of the time of writing, Ruipulan Jun (00666) rose by 12.17% to HK$15.49; Zhongchuang Innovation (03931) rose by 7.58% to HK$28.4; Longpan Technology (02465) rose by 3.21% to HK$10.92; and Ningde Times (03750) rose by 2.28% to HK$538.

Former Bank of Japan Policy Board Member: If the yen depreciates again before the Japan-US summit, the earliest rate hike may be in March.

Makoto Sakurai, former member of the Bank of Japan's policy board, stated that if the yen starts to weaken again before the scheduled Japan-US summit meeting this month, the Bank of Japan could potentially raise interest rates as early as March.

The Hang Seng Technology Index has risen by over 4%, now trading at 5420.410 points; the Hang Seng Index is currently up by 2.796%.

HK Stock Market Move | Golden stocks collectively opened higher in the morning, Middle East situation remained tense, international gold and silver prices rose simultaneously during trading.

Gold stocks opened higher this morning. As of the time of writing, China Gold International (02099) rose by 3.94% to 198 Hong Kong dollars; Zijin Mining (02899) rose by 2.95% to 43.9 Hong Kong dollars; Zhaojin Mining (01818) rose by 2.56% to 32 Hong Kong dollars; and Zhaojin Mining (01818) rose by 2.47% to 16.98 Hong Kong dollars.

FTSE China A50 futures rose 0.7% in early trading.

Daily excess supply of 3 million barrels cannot break oil prices? Analyst: Geopolitical risk premium + demand exceeding expectations are taking over the market.

As we enter the year 2026, the consensus among oil analysts is that the crude oil market is entering a period of deep oversupply. However, this year, due to the dual effects of geopolitical shocks and stronger-than-expected demand, oil prices have unexpectedly risen.

Ignore overseas "AI panic" and focus on the Chinese market where AI winners are being hyped.

The same AI, completely different destinies. The U.S. market is in a state of "panic selling", while Chinese investors are crazy about it: Zhipu AI experienced a surge of 524%, MiniMax soared 488%. The essence of the divergence is that U.S. investors are anxious about competition threatening their lucrative profit pool, while China is still focused on market penetration.

China Securities Co., Ltd.: Accelerating the commercialization of embodied intelligence, with great market potential for "AI + sports" and "AI + security."

Currently, the commercialization of embodied artificial intelligence is accelerating, mainly focusing on sports and security patrol scenes. Robots and robot dogs can solve their problems and pain points.

5 gold, 4 silver, 6 bronze! The Chinese Winter Olympics team has achieved the best performance in overseas competitions.

With Gu Ailing and Li Fanghui sweeping the women's U-shaped field skill event at the Milan Winter Olympics on the 22nd, the Chinese delegation has now won 5 gold, 4 silver, and 6 bronze medals at this Winter Olympics, setting a new record for the best performance by a foreign team in Winter Olympics history.

Industrial: The US tariff ruling is a long-term narrative change brought about by limited administrative power. Attention is focused on the impact of lower tax rates on the A-share export chain.

Light industry household appliances, consumer electronics, batteries, automotive parts, and medical equipment industries that have large revenue exposure to the United States and have previously faced high tariffs in the ASEAN region will benefit significantly from this round of tariff reductions.

JPMorgan Chase admits to closing Trump's account after Capitol Hill riot.

There have been new developments in the lawsuit filed by President Trump against JPMorgan Chase Bank. According to the Associated Press on the 21st, JPMorgan Chase admitted that after the Capitol Hill riots on January 6, 2021, this large American bank closed the bank accounts of President Trump and several of his businesses. In a court filing submitted this week, JPMorgan Chase's former CEO Jamie Dimon wrote, "In February 2021, JPMorgan Chase notified the plaintiff that certain accounts held in JPMorgan Chase private banking and commercial banking would be closed." According to the Associated Press, this is the first time JPMorgan Chase has formally admitted in writing to closing Trump's accounts after the Capitol Hill riots. A spokesperson for Trump's legal team called the disclosure "a shocking concession." Trump's lawyers filed a lawsuit on January 22 in a Florida court, accusing JPMorgan Chase and its CEO Jamie Dimon of closing the plaintiff's accounts for political reasons, seriously disrupting business operations, and seeking at least $5 billion in damages. JPMorgan Chase stated that the lawsuit is baseless, and the bank does not close accounts for political or religious reasons, but rather due to legal, compliance, or regulatory risks.

Alibaba Cloud Coding Plan supports models such as Qianwen 3.5, GLM-4.7, Kimi-K2.5, etc.

Aliyun Coding Plan subscription service has launched new programming models such as Qwen 3.5-Plus, GLM-4.7, Kimi-K2.5, etc. Users can freely switch between models after subscribing. Users can use Aliyun Coding Plan subscription service in mainstream AI tools such as Qwen Code, Claude Code, Cline, OpenClaw, etc.

Glass, revolution chip?

The core focus is no longer on the microscopic circuits inside the chip, but on the "bridges" connecting the chips and the "grounds" supporting them. The nano-scale war has ended, and the micro-scale war has begun.

In the 2026 Spring Festival box office, the total revenue surpassed 4.6 billion.

According to the professional version of Maoyan data, the total box office for the 2026 Spring Festival period exceeded 4.6 billion yuan, with "Speed Life 3", "Soundless Awakening", and "The Escort: The Wind Rises in the Desert" ranking in the top three.

Trump: "Global import tariffs" increased from 10% to 15%

Trump announced that the "global import tax" rate imposed on goods imported into the United States will be increased from 10% to 15%, "effective immediately".

On February 20, the total inter-regional personnel flow in the whole society reached 35.2999 million person-times.

According to the official WeChat account of the Ministry of Transportation, data from the Spring Festival Transport Work Special Team shows that on February 20, 2026, the total number of inter-regional population movements in the whole society was 352.99 million, an increase of 4% compared to the previous period, and a 12.3% increase compared to the same period in 2025. Among them: railway passenger traffic was 15.372 million, an increase of 13.5% compared to the previous period, and a 14.9% increase compared to the same period in 2025. Road passenger traffic was 333.02 million, an increase of 3.6% compared to the previous period, and a 12.1% increase compared to the same period in 2025. Among them, the commercial passenger traffic on the road was 28.18 million, an increase of 10.5% compared to the previous period, and a 5.4% increase compared to the same period in 2025; the non-commercial passenger traffic of small passenger cars on the expressways and ordinary national and provincial roads was 30.484 million, an increase of 3% compared to the previous period, and a 12.8% increase compared to the same period in 2025. Waterway passenger traffic was 2.033 million, an increase of 11.2% compared to the previous period, and a 38.3% increase compared to the same period in 2025. Civil aviation passenger traffic was 2.574 million, an increase of 2% compared to the previous period, and an 8.2% increase compared to the same period in 2025.

"Speeding Life 3 box office exceeds 2 billion"

According to the Maoyan professional version data, the movie "Flying Life 3" has been released for 5 days, with a total box office exceeding 2 billion.

Trump signs 10% global tariffs, quickly counterattacks Supreme Court ruling! Global trade in 2026 is destined to be turbulent.

Trump signed an executive order imposing a 10% global tariff to salvage his tariff policy.

Emerging market bull market trend sweeps the globe! Supreme Court tariff ruling ignites the Baillie Gifford Emerging Markets ETF to a new high.

After the Supreme Court overturned President Donald Trump's global comprehensive tariff policy, emerging market assets received a strong boost.

The box office for the 2026 Spring Festival has exceeded 3.9 billion yuan.

According to data from Maoyan Professional Edition, the total box office for the Spring Festival in 2026 broke 3.9 billion, with "Speeding Life 3", "Silent Surprise", and "Boonie Bears: Every Year Bears" ranking in the top three.

United States President Trump plans to sign a 10% new tariff, angrily denouncing the Supreme Court's ruling to overturn the "reciprocal tariff" decision.

Trump stated on Friday local time that he will sign a new executive order imposing a uniform 10% tariff on global imported goods, attempting to continue his tough trade policy through other legal pathways.

Trump's push for rate cuts encountered resistance from the "hawkish" committee, Powell may face the most challenging tenure as the Fed chairman.

As the Federal Reserve is about to undergo a new round of personnel adjustments, the outlook for US monetary policy has become more uncertain.

OpenAI currently estimates that total computing expenditures will approach $600 billion by 2030.

After the release of data such as US PCE, US stock futures fell in the short term, with Nasdaq futures falling 0.33% intraday, S&P 500 index futures falling 0.24%, and Dow Jones futures falling 0.18%.

Latest

8 m ago

After the market closed on February 24th US Eastern Time, HP announced its Q1 performance for the 2026 fiscal year: Q1 revenue was $14.4 billion, an increase of 6.9% year-over-year. Adjusted earnings per share were $0.81, an increase of 9.5% from the same period last year. Net cash flow from operating activities in the first quarter was $383 million, with free cash flow of $175 million.

10 m ago

Warner Bros. Discovery Corp (WBD.O): Paramount raises cash offer to $31 per share. Paramount's proposal may lead to a better offer.

12 m ago

The Dow Jones Industrial Average rose by 0.76%, the Nasdaq increased by 1.04%, and the S&P 500 rose by 0.77%. Among the top traded stocks, Nvidia increased by 0.68%, Tesla rose by 2.39%, SanDisk fell by 4.2%, and AMD increased by 8.77%.

15 m ago

Warner Bros. announced that Paramount will increase their bid to $31 per share in cash.

16 m ago

Warner Bros. explores: If the board of directors determines that they have received a "better proposal", Netflix will have 4 days to negotiate with the company and make revisions to the proposed Netflix transaction.

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