GMT EIGHT - OPPORTUNITIES IN CHINA

The short-term CPI swap rate in the United States surged, while 1-year Treasury bond futures rose 11 basis points to 2.62%.

Due to the suspension of the Qatar liquefied natural gas project, the increase in Europe's benchmark natural gas prices has expanded to over 30%.

Central Bank: Proceeding with orderly financial high-level opening up to the outside world.

The People's Bank of China issued a proposal for the high-quality completion of the "Two Sessions" in 2025, highlighting the orderly promotion of high-level financial opening to the outside world. In 2025, representatives and members combined their practical duties to put forward a series of policy proposals related to expanding high-level financial opening to the outside world, promoting the internationalization of the renminbi, and deepening international financial cooperation. They called for deepening institutional opening in the financial field to the outside world. Improving the connectivity between domestic and foreign markets, facilitating more investors to invest in China's financial markets, supporting the construction of the Shanghai International Financial Center, and consolidating and enhancing the status of the Hong Kong International Financial Center. Enhancing the policy arrangements for the cross-border use of the renminbi. By comprehensively utilizing currency swap arrangements, clearing banks, financial markets, and other channels to provide renminbi funds of different maturities, creating a better environment for domestic and foreign entities to hold and use renminbi, and steadily promoting the internationalization of the renminbi. Actively participating in international financial governance and cooperation. Continuing to deepen cooperation with international organizations such as the International Monetary Fund and multilateral development institutions, actively participating in global macroeconomic policy coordination and the formulation of international financial regulatory rules. Continuing to promote reforms of the international monetary system. Continuing to push for reforms of the International Monetary Fund's quotas, enhancing the voice and representation of developing economies.

Legion Holding expects the net profit attributable to shareholders to increase by no less than 900 million yuan in 2025.

Lenovo Holdings (03396) announced that it expects the net profit attributable to equity holders of the company for the current year (ending December 31, 2025) to be no less than 900 million yuan ( net profit attributable to equity holders of the company for the year 2024 was 133 million yuan). According to the directors, the improvement in performance for the current year compared to 2024 is mainly due to the company's industrial incubation and investment sector benefiting from the recovery of the capital market, leading to a decrease in business losses compared to the previous year.

MINIMAX-WP(00100) released its annual performance, with total revenue increasing by 158.9% year-on-year to reach $79 million.

MINIMAX-WP (00100) announced its annual performance for the year ending December 31, 2025. The group generated a revenue of $79.038 million, an increase of 158.9% compared to the previous year. Adjusted net loss was $251 million, a 2.7% increase year-on-year, while the annual net loss was $1.872 billion, showing a substantial increase of 302.29% compared to the previous year.

China Eb Ltd (00165): Law Shun resigned as Chairman of the Board and Non-Executive Director.

China Everbright Holdings (00165) announced that, effective from March 2, 2026, Mr. Fa Chang has resigned as Chairman of the Board and Non-executive Director due to work changes, as well as a member of the Nomination Committee, Remuneration Committee, and Strategy Committee. Mr. Lin Chun has been appointed as Chairman of the Board, along with being appointed as a member of the Nomination Committee and the Remuneration Committee. In addition, Mr. Pan Jianyun, the current executive director and vice president, will assume the responsibilities of the Group President.

The Hong Kong Monetary Authority, Shanghai Municipal Data Bureau, and National Blockchain Technology Innovation Center signed a memorandum of cooperation.

The Hong Kong Monetary Authority, the Shanghai Municipal Bureau of Data, and the National Blockchain Technology Innovation Center jointly announced today that they have signed a Memorandum of Understanding on digital cooperation in freight trade and finance between Shanghai and Hong Kong. This is to further promote deep cooperation between the two cities in digitizing freight trade and finance, leveraging Hong Kong's unique advantages as a "superconnector" and "super value-adding person" to facilitate internal and external connectivity, and support Shanghai in connecting with the international data ecosystem through Hong Kong.

Closing Review: The Shanghai Composite Index opened lower and closed higher, up 0.47%. The total market turnover exceeded 3 trillion yuan, and the "Big Three Oil" companies all hit the daily limit of price increases.

The three major A-share indexes rose and fell differently today. As of the close, the Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index fell by 0.2%, the ChiNext Index fell by 0.49%, and the SSE 50 Index fell by 3.99%. The total turnover of the Shanghai and Shenzhen markets reached 3.0458 trillion yuan, an increase of 540.3 billion yuan from the previous day, with over 4200 stocks in the three markets declining. In terms of sector themes, stocks related to oil and gas exploration and services, port shipping, precious metals, military equipment, coal mining and processing, chemical raw materials, fertilizers, soybeans, and CPO concepts led the gains; while stocks related to gaming, media, AI applications, cloud computing, tourism and hotels, weight loss drugs, and retail sectors led the declines. On the market, the U.S. attacking Iran sparked a market rally, with sectors such as oil and natural gas, precious metals, port shipping, military industry, and chemicals all experiencing significant increases. Stocks such as CNOOC, PetroChina, Hunan Gold, China Merchants Energy, and Northern Navigation all hit their daily limit up. BYD, a car manufacturer, surged by 8% after announcing a groundbreaking technology release conference on March 5. In addition, power hardware stocks such as CPO and fiber optics saw increases, with companies like Zhongji Xuchuang rising by over 8% and Cambridge Technology hitting the daily limit up. On the other hand, the AI application sector collectively trended downwards, with gaming and media companies leading the declines, with CITIC Publishing and Flowtech leading the losses. Biomedical stocks also performed poorly, with companies like Junshi Bio and Changchun High-tech seeing declines.

Midday Report: Shanghai Composite Index closed flat at noon, with the oil and natural gas, and port and shipping sectors all rallying.

In the morning session, the performance of the three major indexes diverged. By noon, the Shanghai Composite Index was flat, the Shenzhen Component Index fell by 0.75%, the ChiNext Index fell by 0.78%, and the BeiGene 50 Index fell by 4.17%. The total turnover of Shanghai, Shenzhen and Hong Kong markets in the first half of the day was 2.09 trillion yuan, an increase of 493.6 billion yuan from the previous day. Over 4300 stocks in the entire market fell. In terms of sectors, stocks related to oil and gas exploration and services, shale gas, precious metals, port shipping, banks, chemical raw materials, coal mining and processing, corn, and fiber optic concepts performed well. On the other hand, stocks in the gaming, cultural media, education, cloud computing, solar equipment, and CRO sectors saw the biggest declines. Last weekend, the sharp escalation of the conflict in the Middle East and the substantial blockade of the Hormuz Strait led to a collective surge in the oil and natural gas, shipping, and gold sectors. Stocks such as Tongyuan Petroleum, CNOOC, China Oil, Nanjing Port, and CNOOC South China Sea all hit the limit up. The chemical sector also benefited from the expected price increases, with Red Star Development and Jinniu Chemicals among the stocks hitting the limit up. The retail prices of optical fiber cables continue to rise, leading to strong performance of optical fiber concept stocks, with Changfei Fiber Optics hitting the limit up again during the session. In addition, sectors such as food, electricity, and banks experienced surges at one point. On the other hand, stocks in AI application sectors like gaming, media, and cloud computing mostly weakened, with companies like Century Huatong, Kunlun Wanwei, and CITIC Publishing leading the decline. Similarly, CRO concept stocks also performed poorly, with Haoyuan Pharma, Boton Stock, and Pharmstone Technology experiencing the biggest declines.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 2 trillion yuan, an increase of 478.9 billion yuan compared to the previous day at this time.

HK Stock Market Move | STANCHART (02888) falls by nearly 5%, JP Morgan expects escalating Middle East conflict may lead to significant pullback in group stock price

Standard Chartered Group (02888) dropped nearly 5%, as of the time of writing, down by 4.89%, to HK$188.8, with a turnover of HK$1.58 billion.

Focusing on the "Physical AI Era"! NVIDIA Corporation (NVDA.US) aims to reshape the communication ecosystem and work with telecom giants to build AI-native 6G.

One of the core features of the 6G plan is AI-native networks, which involves embedding AI capabilities into the basic communication architecture from the radio access network (RAN) to the core network. This allows the network to self-optimize, intelligently schedule spectrum, and respond in real-time to the complex demands of billions of terminals, rather than just adding AI applications.

Dahua Jixian: BIDU-SW (09888) beats expectations in last quarter performance, maintains "buy" rating.

The monetization visibility of Baidu's AI cloud business is increasing, and its portfolio of AI applications is among the most comprehensive in the industry.

HK Stock Market Move | Technology stocks came under pressure and fell, with the Hang Seng Tech Index dropping more than 3% at one point and dropping below the 5000-point mark.

Technology stocks are under pressure and falling, dragging the Hang Seng Technology Index down by over 3% and below the 5000 point mark, a 20% decrease from its high point in October of last year.

HK Stock Market Move | YOFC (06869) rose by more than 10% to a new high, with the stock price surging 210% from the beginning of the year.

Changfei Optoelectronics Fiber Optic Cable (06869) rose more than 10%, reaching a high of 164.7 Hong Kong dollars to once again set a new historical high. The stock price has surged more than 210% since the beginning of the year.

The trading volume in the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan, an increase of 242.9 billion yuan compared to the previous day at this time.

The three major indexes of A-shares opened low and rose, with the Shanghai Composite Index and the Shenzhen Component Index turning positive.

The three major indices of A shares opened lower and then rose. The Shanghai Composite Index and the Shenzhen Component Index turned positive, while the ChiNext Index is close to turning positive.

HK Stock Market Move | Oil stocks all opened higher, the situation in Iran has pushed up the risk premium for crude oil, and Brent oil rose nearly 13% at one point.

Oil stocks all opened higher, CNOOC (02883) rose by 8.03% to 10.9 Hong Kong dollars; PetroChina (00857) rose by 5.87% to 10.1 Hong Kong dollars; Sinopec (00883) rose by 5.06% to 26.6 Hong Kong dollars; Sinopec (00386) rose by 2.39% to 5.58 Hong Kong dollars.

Suzhou Novosense Microelectronics (02676) suspended trading on the morning of March 2nd for unknown reasons.

Naxin Micro (02676) announced that trading of the company's shares has been temporarily suspended starting at 9:12 a.m. on March 2, 2026.

GD-HKGBA Holdings (01396) obtained the "entry ticket" from MSCI: AI computing power transformation endorsed by international capital

On February 27, the Hong Kong-listed company Yuegang Wan Holdings was officially included in the MSCI China Small Cap Index's constituent stocks.

CME: Triggered circuit breaker mechanism when opening crude oil futures on the New York Mercantile Exchange.

According to the Chicago Mercantile Exchange, the New York Mercantile Exchange triggered a circuit breaker mechanism at the opening of trading this week, causing a two-minute delay in the market opening. CME stated in a press release that the dynamic circuit breaker mechanism for WTI crude oil futures was triggered at 5:00 PM Central Time on Sunday. Trading resumed at 5:02 PM Central Time on Sunday.

Against the backdrop of escalating tensions in the Middle East, the US stock market enters a critical week: retail giants' financial reports will test American consumer strength, and whether non-farm data can ease the "red light" warning.

In the economic data calendar for the upcoming week, the highlight will be the February employment report released on Friday. In addition, the key financial report of chip manufacturer Broadcom will also be closely watched. Geopolitical uncertainty remains a focus of investor attention.

RIBOLIFE-B(06938): RBD7022 injection is about to start phase III clinical trials in China for the treatment of hyperlipidemia indications.

Ruibo Biology-B (06938) announced that the group's independently developed RBD7022 injection has been registered for public notification of phase III clinical trials by its partner Qilu Pharmaceutical Co., Ltd. (Qilu Pharmaceutical) and is about to start phase III clinical trials.

The MSCI Asia-Pacific Index fell 1.1% to 258.43 points.

GENFLEET-B (02595): GFH375 has been identified as a groundbreaking therapy for the treatment of non-small cell lung cancer with the first domestic KRAS G12D inhibitor.

Jin Fang Pharmaceuticals-B (02595) announced that the oral KRAS G12D (ON/OFF) inhibitor GFH375 has been included in the Breakthrough Therapy Designation (BTD) list by the National Medical Products Administration Drug Evaluation Center (CDE) and is intended for use in patients with KRAS G12D mutated non-small cell lung cancer (NSCLC) who have received at least one systemic treatment.

! The US-Israeli showdown with Iran reshapes the flow of funds! Oil, US bonds, and gold soar together as "risk aversion" returns to the stock market.

The new round of conflicts in the Middle East has exacerbated investor anxiety and strengthened demand for classic safe-haven assets such as U.S. Treasuries, gold, and the Swiss Franc; traders are adopting a "first seek safety, then ask questions" strategy.

SHANGHAI XNG (03666) terminates the subscription agreement.

Shanghai Xiaonanguo (03666) announced that on February 27, 2026 (after trading hours), the company and the placing agent have agreed to terminate the placement agreement in accordance with the terms of the agreement. After the termination of the placement agreement, all obligations under the agreement will be terminated and released, and parties shall not make any claims against each other for any matters or events arising from or related to the placement agreement, except for any prior breaches of obligations under the placement agreement.

Hong Kong Stock Concept Tracking | International oil prices surge! Brent crude oil soars by 13%, institutions optimistic that prices may reach $100 per barrel (with concept stocks)

After the United States and Israel attacked Iran, international oil prices surged, with Brent crude opening up 13% on Monday to $82 per barrel.

Spot gold fell below $5340 per ounce and rose 1.13% intraday.

OPEC+ representatives confirmed an increase in daily production of 206,000 barrels in April.

Tesla: The price of the Cybertruck dual motor all-wheel drive version has been increased to $69,990.

"Iranian hot war" pushes up gold prices, will the gold sector see more waves?

As the saying goes, "when the guns roar, gold is worth ten thousand pieces." The United States suddenly attacked Iran, reigniting the flames of war in the Middle East. As a result, according to Gold Tianyan data, the international price of gold briefly exceeded 1230 yuan per gram, with an increase of over 4%, coming close to a new high of less than 30 yuan. However, it quickly fell back down, erasing the gains.

"Gold prices plunge in the dark market"

Why did the gold price drop after the US-Israeli attack on Iran on February 28th local time? The US-Israel attack on Iran triggered global risk aversion. Market analysis believes that the prices of gold and other precious metals will experience a significant increase. However, it is worth noting that after experiencing an increase on February 28th, the price of gold plummeted on March 1st. Pan Helin, an economist and a member of the Expert Committee on Information and Communication Economy of the Ministry of Industry and Information Technology, stated that the death of Iranian Supreme Leader Ayatollah Khamenei has changed short-term market expectations, believing that the situation in Iran may stabilize quickly. If it can be further confirmed that Iran can smoothly transition its political power after Khamenei's death, then the capital market may expect a complete reversal, with the prices of gold and oil falling and especially the US stock market, particularly industrial stocks, rising. However, wars are unpredictable, and Khamenei's death may further plunge Iran into chaos.

Deliver in February to Safeguard the Basic Positions, Ideal Growth and Profit Test in Overweighted AI (02015)

Ideal Car (02015) announces delivery data for February 2026.

By 2026, the detailed rules for the "national subsidy" for cars have been implemented nationwide.

At the beginning of the year of the Horse, many provinces have issued detailed rules to support the policy of trading in old cars for new ones. According to statistics, since February 10th, more than 5 provinces including Hunan, Qinghai, Henan, Fujian, Jiangxi have successively introduced detailed rules for trading in old cars for new ones. Currently, all provinces in mainland China have announced the detailed rules for the 2026 automobile "national subsidy". In general, the subsidy rules announced by each province are similar. The policy implementation period starts from January 1, 2026 and lasts until December 31, 2026. The subsidy projects are divided into scrappage and replacement. The scrappage subsidy standard is as follows: for scrapping eligible old cars and purchasing new energy passenger cars, a subsidy of 12% of the new car's sales price will be given, with a maximum subsidy of 20,000 yuan; for scrapping eligible fuel passenger cars and purchasing fuel passenger cars with a displacement of 2.0 liters and below, a subsidy of 10% of the new car's sales price will be given, with a maximum subsidy of 15,000 yuan. The replacement subsidy standard is as follows: for purchasing eligible new energy passenger cars, a subsidy of 8% of the new car's sales price will be given, with a maximum subsidy of 15,000 yuan. For purchasing eligible fuel passenger cars, a subsidy of 6% of the new car's sales price will be given, with a maximum subsidy of 13,000 yuan.

Japanese Foreign Minister Toshimitsu Motegi participated in a G7 foreign ministers' conference call to exchange information on the situation in Iran.

Japanese Foreign Minister Toshimitsu Motegi participated in the G7 foreign ministers' teleconference, sharing information and exchanging views with other countries. The Japanese Ministry of Foreign Affairs announced this on the 1st. During the meeting, the US side outlined the latest developments and future prospects. Motegi reiterated Japan's position that the development of nuclear weapons by Iran is unacceptable and that Japan consistently supports US efforts to resolve the issue through dialogue. He also stated that Japan will continue to cooperate with the international community and conduct diplomatic efforts.

Lei Jun: Xiaomi Vision GT will be released tomorrow.

Lei Jun wrote that tomorrow, the actual car of Xiaomi VisionGT will be unveiled at the Mobile World Congress in Barcelona, Spain.

New stock news | Shanghai Pigeon submits documents to Hong Kong Stock Exchange for the third time

According to the disclosure by the Hong Kong Stock Exchange on February 27, Huge Dental Limited (hereinafter referred to as "Shanghai Pigeon") has submitted an application to the Hong Kong Stock Exchange Main Board, with China International Capital Corporation and DBS serving as joint sponsors.

Zhuyuan Tungsten Industry: Adjusting the prices of hard alloy products starting from March 1st.

Zhangyuan Tungsten Industry has issued a notice regarding the adjustment of prices for hard alloy products, due to the continuous increase in the price of tungsten raw materials, resulting in a substantial increase in production costs for the company. The company has decided to implement new prices for hard alloy products starting from March 1, 2026. From the date of price adjustment, all products will be executed at the new prices.

In February, Xiaomi's car delivery volume exceeded 20,000 units, and the new SU7 will be mass-produced.

In February 2026, Xiaomi's car delivery volume exceeded 20,000 units. At the same time, we are preparing for large-scale production of the new generation SU7.

Middle East situation heats up: gold and oil may rise together, resources may become this year's "sharpest spear".

Guolian Minsheng Securities released a research report stating that the sudden escalation of the situation in the Middle East directly impacts global risk appetite. In the short term, the market may present a typical safe-haven pattern of "rising gold and oil prices, pressure on risk assets."

Industrial: Middle East risks have substantially materialized. Keep an eye on US Treasuries, precious metals, and the foreign exchange market.

Guosen Securities stated in a publication that following the Venezuela incident earlier this year, on February 28th, the United States and Israel took military action against Iran in the Middle East, marking the substantial realization of the second "black swan" event - Middle East risk.

Ke Rui Real Estate Research: Typical real estate companies achieved a sales turnover of 123.42 billion yuan in February.

CRIC real estate research released a report stating that in February 2026, affected by the Spring Festival holiday, the overall transaction volume in the new housing market of the top 50 key cities in the country remained relatively sluggish.

Zhang Yidong's latest sharing: The influence of the "Korean Wave" on the Hong Kong stock market has reached the later stage, the AI wave is still not over but internal differentiation is intensifying...

The diversion of capital from the Hong Kong stock market to markets in Japan, South Korea, and Taiwan may have already reached its late stage.

Our country's first national humanoid Siasun Robot & Automation and embodied intelligence standard system have been released.

Today (February 28), the Humanoid Robot and Embodied Intelligence Standardization (HEIS) Annual Conference is being held in Beijing.

Market recovery signal? Lithium industry giant Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B (SQM.US): Global demand expected to increase by 25% this year.

One of the world's largest lithium producers, Chilean mining and chemical company, stated that after the industry gradually emerged from global oversupply, global demand for lithium, a battery metal, is expected to increase by around 25% this year.

Standard & Poor's issues a rating warning for Paramount Skydance (PSKY.US)! Sky-high acquisition prices could lead to debt pressure and a possible surge in leverage ratios.

Analysts at Standard & Poor's Global Ratings have stated that the proposed $11.1 billion acquisition of Warner Bros. Discovery by Paramount Skydance will put pressure on its credit rating, even though the merged company may ultimately reduce its debt levels over time.

NVIDIA plans to launch a new chip, and OpenAI is a major customer.

NVIDIA plans to release a new processor tailored specifically for OpenAI and other customers, helping to create faster and more efficient tools. This is a significant adjustment to its business and may redefine the AI competition landscape. According to sources familiar with the matter, the company is designing a new system for AI inference computing - this type of computing is responsible for making AI models respond to user requests. This new platform will be officially unveiled at the NVIDIA GTC developer conference in San Jose next month, integrating chips designed by the startup Groq. Some sources say that OpenAI has agreed to become one of the largest customers for this new processor, which is a major victory for NVIDIA. The ChatGPT developer is already a core customer of NVIDIA and has been looking for more efficient alternatives to NVIDIA chips for the past few months, signing a contract with a chip startup company last month to add supply options.

National Bureau of Statistics: By 2025, the total financing of A-shares on the Shanghai and Shenzhen stock exchanges reached 1.2583 trillion yuan, an increase of 833.2 billion yuan from the previous year.

The National Bureau of Statistics of China has released the "National Economic and Social Development Statistical Bulletin of the People's Republic of China 2025". Throughout the year, the total fundraising of A-shares on the Shanghai and Shenzhen Stock Exchanges reached 1.2583 trillion yuan, an increase of 833.2 billion yuan compared to the previous year. There were 90 companies listed for the first time on the Shanghai and Shenzhen Stock Exchanges, raising 124.2 billion yuan, an increase of 62 billion yuan compared to the previous year, including 19 companies listed on the Science and Technology Innovation Board raising 38.1 billion yuan. A total of 1.1341 trillion yuan was raised through refinancing of A-shares on the Shanghai and Shenzhen Stock Exchanges, an increase of 771.2 billion yuan. The Beijing Stock Exchange publicly issued shares for 26 companies, raising 7.6 billion yuan, with an additional 400 million yuan raised through refinancing. Throughout the year, various entities raised a total of 16.3 trillion yuan through bond issuance on the Shanghai and Shenzhen Stock Exchanges. A total of 20 real estate investment trusts in the infrastructure sector were listed on the Shanghai and Shenzhen Stock Exchanges, raising a total of 40.2 billion yuan. At the end of the year, there were 5960 companies listed on the national small and medium-sized enterprises share transfer system, with a total fundraising of 7.4 billion yuan for the year.

UBS downgrades US stocks, warns of triple pressure from the US dollar, valuations, and Trump policies.

UBS global equity strategist Andrew Garthwaite led the strategy team released a report on Friday the 27th, downgrading the allocation rating of US stocks in a 100% equity portfolio to "benchmark," meaning neutral allocation, while maintaining an overweight rating on emerging market stocks.

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Mingsheng Company's emerging market forex index fell by 0.5%, marking its worst single-day performance since November 2024.

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Disney CFO: Theme park visitor growth potential is limited.

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The Dow fell by 0.15%, the Nasdaq rose by 0.36%, and the S&P 500 rose by 0.04%. Among the top stocks in terms of trading volume, Nvidia rose by 2.99%, Tesla rose by 0.2%, Microsoft rose by 1.48%, and Micron Technology rose by 0.07%.

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The US State Department has switched its internal chatbot model from Anthropic to OpenAI.

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National Hydrocarbons Agency of Colombia: In January, Colombia's commercial natural gas production decreased by 16.8% year-on-year to 6.83 billion cubic feet per day.

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