Eastern time on Monday (10th), the three major U.S. stock indexes rose collectively. The Nasdaq rose 0.98%, the S&P 500 rose 0.67%, and the Dow rose 0.38%. On the market, most of the large technology stocks rose, Nvidia rose more than 2%, and Tesla fell more than 3%. Most of the popular Chinese concept stocks rose, and the Nasdaq China Golden Dragon Index closed up 2.61%, hitting a new closing high in four months. Kingsoft Cloud rose more than 8%, Alibaba rose 7.55%, Baidu rose more than 5%, JD.com rose nearly 5%, NIO rose more than 2%, and Pinduoduo rose nearly 2%.

All three major European indices rose. Germany's DAX rose 0.57% to 21,911.74, France's CAC 40 rose 0.42% to 8,006.22, and Britain's FTSE 100 rose 0.77% to 8,767.8.

hotspot

1. Strengthen supervision, prevent risks, and promote development A number of financial regulatory bureaus have drawn "construction drawings" for 2025

2025 is the final year of the 14th Five-Year Plan, and it is also the year of comprehensive deepening of financial supervision. After the State Administration of Financial Supervision and Administration held the 2025 regulatory work conference, more than 20 financial regulatory bureaus in Beijing, Shenzhen, Guangdong, Hunan, Guangxi, Henan and other financial regulatory bureaus held the 2025 regulatory work conference, mainly focusing on strengthening supervision, preventing risks, and promoting development. Financial supervision should be "fangs and thorns", angular and angular, and a number of financial regulatory bureaus have said that they will continue to improve the forward-looking, accurate, effective and collaborative nature of supervision.

2. Shanghai Gold Exchange: Recently, precious metal prices have continued to fluctuate sharply, and market risks have intensified

The Shanghai Gold Exchange announced that there are many uncertainties affecting the operation of the market in the near future, and the price of precious metals continues to fluctuate sharply, and the market risk has intensified. All member units are requested to make risk emergency plans, maintain the smooth operation of the market, and remind investors to do a good job in risk prevention, reasonably control positions, and invest rationally.

3. Shanghai will issue 500 million yuan of consumption vouchers, covering four major areas such as catering

On February 10, the Information Office of the Shanghai Municipal Government held a press briefing to introduce the issuance of "Happy Shanghai" service consumption vouchers in 2025. It is reported that Shanghai will continue to issue "Happy Shanghai" service consumption vouchers, aiming to boost consumption and expand domestic demand. This round of service consumption vouchers has invested 500 million yuan in municipal financial funds, covering the four major areas of people's livelihood consumption in catering, tourism, film and sports, of which 360 million yuan will be allocated for catering, 90 million yuan for tourism, 30 million yuan for movies and 20 million yuan for sports. Consumers can sign up for the lottery of catering and tourism consumption vouchers as early as February 22, and all consumption vouchers will be cancelled from March 1, and the distribution is scheduled to be completed by the end of June.

4. During the Spring Festival, the sales of trade-in exceeded 31 billion yuan, and digital products became hot sellers for the New Year

On February 10, the National Development and Reform Commission announced that during the Spring Festival this year (January 28 ~ February 4, 2025), the sales volume of trade-in products such as automobiles, home appliances and mobile phones reached 8.6 million units (sets), with sales of more than 31 billion yuan, of which the sales revenue of home appliances and mobile phones increased by about 166% and 182% year-on-year.

5. The United States announced a 25% tariff on all steel and aluminum exported to the United States

On February 10, local time, U.S. President Trump signed an executive order announcing a 25% tariff on all steel and aluminum imports to the United States. Trump also said on the same day that there were "no exceptions and no exemptions" to the requirements.

6. It is better to save for two years than for one year The interest rates of short- and medium-term deposits of many regional banks are now "inverted".

A few days ago, Ms. Ji, a depositor of a rural commercial bank in Shanxi, found that the one-year deposit interest rate of 1.75% was 30 basis points higher than the two-year deposit rate of 1.45%. Is it better to save for two years than for one year? It is understood that a number of regional banks have recently adjusted their fixed deposit interest rates, and some banks have seen one-year and two-year deposit interest rates remain the same or "inverted". Different from the previous three-year and five-year medium and long-term deposit interest rate "inversion", this time the interest rate "inversion" appears in the short- and medium-term deposits. People in the industry believe that this is a phenomenon of marketization of deposit interest rates, and it is an active behavior taken by banks to strengthen asset and liability management and optimize interest rate risk management.

7. The

integration of central enterprises is accelerated, and state-owned capital is planned to be concentrated in key areas

A blockbuster news shook the capital market and the automotive industry. On February 9, Dongfeng Motor Group Co., Ltd. and China South Industries Equipment Group Co., Ltd.'s nine A-share listed companies disclosed the announcement of the proposed change of controlling shareholders or indirect controlling shareholders, and announced that the two groups are planning a restructuring with other state-owned central enterprise groups. On the evening of February 10, the Ordnance Group issued an announcement again, saying that the company is planning a reorganization with other state-owned central enterprise groups, and the reorganization may lead to great changes in the company's financial situation, and will not adversely affect the company's daily management, normal production and operation activities and solvency. Guotai Junan believes that central enterprises have the characteristics of low valuation as a whole, and it is of strategic significance to improve the valuation of central enterprises and promote the development of national strategic emerging industries by encouraging mergers and acquisitions to lay out strategic emerging industries.

topic opportunity

1. The single financing amount of implantable brain-computer interface in China has reached a new high, and rehabilitation medicine has received widespread attention

Recently, Shanghai Ladder Medical Technology Co., Ltd. announced the completion of a 350 million yuan Series B financing. It is understood that this is the largest financing in the history of China's implantable brain-computer interface industry. This round of financing was co-led by Qiming Venture Partners, OrbiMed and Eli Lilly Asia Ventures, and angel round investment institution Yuanlai Capital continued to follow. With the continuous progress of technology, brain-computer interface technology has moved from the laboratory to the market, and the application fields continue to expand, including medical rehabilitation, human-computer interaction, etc., and technological progress promotes product innovation. According to Precedence Statistics, the global brain-computer interface market size was valued at USD 2.35 billion in 2023 and is expected to grow to USD 10.89 billion by 2033, growing at a CAGR of 17.2% from 2024 to 2033. Industry insiders pointed out that medical rehabilitation is currently the largest market application field of brain-computer interface, and it is also the most important and closest to commercialization.

2. High-end intelligent driving has entered the era of inclusiveness, and the industrial chain is expected to benefit

On February 10, Wang Chuanfu, chairman and president of BYD, announced at BYD's intelligent strategy conference that all BYD models are equipped with the "Eye of the Gods" high-end intelligent driving, and the first batch of 21 models will be launched later. On the same day, Deep Blue Automobile announced the official launch of Deep Blue S07 Deep Blue Intelligent Driving AD PRO Edition and Deep Blue S07 Huawei Qiankun Intelligent Driving ADS SE Edition. A total of seven models will be launched, with prices ranging from CNY 169,900 to CNY 174,900 and CNY 179,900 to CNY 197,900, respectively. Up to now, more than 10 auto brands, including Changan Automobile, BYD, and Xpeng Motors, have proposed plans related to intelligent driving equality, and suppliers such as Huawei Qiankun and Horizon are also advocating to promote inclusive intelligent driving and realize the standardization of high-end intelligent driving technology experience. The analysis points out that 2025 is expected to usher in the first year of the full implementation of intelligent driving equality, and high-end intelligent driving will quickly spread to the automobile market of 100,000 yuan to 200,000 yuan in the next two years. The accelerated development of the intelligent driving industry chain has brought opportunities to related enterprises, from chips, sensors, domain control products to intelligent chassis, intelligent cockpits, connectors and other links, related enterprises will benefit from the popularization of high-end intelligent driving.

3. Deploy DeepSeek AI to deeply empower the education industry

Recently, a number of education industry companies such as NetEase Youdao, Yunxuetang, and Xiwo announced that their products will be connected to the DeepSeek large model to accelerate the innovative application of AI technology in education and teaching scenarios. The institution believes that education is one of the core scenarios for the implementation of AI applications. AI technology is expected to deeply empower the education industry by reducing costs and increasing efficiency. Guotai Junan Securities Research Report believes that DeepSeek's "out of the circle" is expected to benefit education and other industries. The rapid iteration of AI models has promoted the implementation of more educational AI products, such as AI tutoring systems, intelligent learning assistants, and personalized learning platforms. On the one hand, these products greatly improve the efficiency of education, and on the other hand, the demand for AI education scenarios is rigid, the user base is large, and the willingness to pay is strong.

company news

1. All BYD models will be equipped with high-end intelligent driving Wang Chuanfu: 2025 will become the first year of national intelligent driving

On the evening of February 10, at BYD's intelligent strategy conference, BYD Chairman Wang Chuanfu said that BYD will equip all models with the "Eye of the Gods" high-end intelligent driving, realizing the standard configuration of all models above 100,000 yuan, and most of the models below 100,000 yuan. 2025 will be the first year of intelligent driving for all. BYD also announced that the "Xuanji Architecture" will be fully integrated into DeepSeek. Wang Chuanfu believes that 2025 will become the first year of intelligent driving for all. He called on domestic intelligent driving industry chain enterprises to seize the opportunity, expand production capacity, and jointly promote national intelligent driving.

2. Chongqing Port: Chongqing Logistics Group is planning the strategic integration of state-owned assets with China Logistics Group

Chongqing Port (600279) announced on the evening of February 10 that the company received a notification letter from Chongqing Port Logistics Group Co., Ltd., the company's indirect controlling shareholder, Chongqing Logistics Group Co., Ltd., is planning a strategic integration of state-owned assets with China Logistics Group Co., Ltd., which may lead to a change in the company's controlling shareholder and actual controller. The integration will not have a significant impact on the Company's normal production and business activities.

3. Vanke A: Shenzhen Railway Group, the largest shareholder, plans to provide a loan of 2.8 billion yuan to the company

Vanke A (000002) announced on the evening of February 10 that the company's largest shareholder, Shenzhen Metro Group Co., Ltd. (hereinafter referred to as "Shenzhen Railway Group"), intends to provide loans to the company, with a loan amount of 2.8 billion yuan. The loan will be used to repay the principal and interest of the bonds issued by Vanke in the open market. The term of the loan is 3 years, and Vanke will provide assets worth no more than 4 billion yuan for the shareholder loan for pledge, and the initial pledge collateral is the equivalent value of Wanwuyun shares held by the company.

4. Yinghantong: Some products are deployed in DeepSeek, but they are currently in the early stage of research and development

Yinghantong (688080) issued an announcement on the evening of February 10 on the change of stock trading, saying that some of the company's products have been deployed by DeepSeek, but the above matters are currently in the early stage of research and development, and have not yet generated performance income, and currently have no substantial impact on the company's business development and performance contribution.

5. Inner Mongolia Huadian: The purchase of equity is being planned, and the stock will be suspended from tomorrow

Inner Mongolia Huadian (600863) announced on the evening of February 10 that the company is planning to purchase 60% of the shares of Zhenglanqi Wind Power and 75.51% of the shares of Northern Duolun from Northern United Power Co., Ltd. through a combination of issuing shares and paying cash, and plans to issue shares to raise matching funds. After the completion of the transaction, the company will directly hold 60% of the equity of Zhenglanqi Wind Power and 75.51% of the equity of Northern Duolun. Because the transaction is still in the planning stage, the company's shares will be suspended from the opening of the market on February 11, and the suspension is expected to be no more than 10 trading days.

6. Guosheng Technology: The holding subsidiary won the bid for the photovoltaic module equipment procurement project of 1.043 billion yuan

Guosheng Technology (603778) announced on the evening of February 10 that Anhui Guosheng New Energy, a subsidiary of the company's secondary holding company, will participate in the public bidding for the 2025 photovoltaic module equipment frame centralized procurement of CGN New Energy in December 2024. Recently, Anhui Guosheng New Energy received the notice of winning the bid and was determined to be the winning bidder of CGN New Energy's 2025 photovoltaic module equipment frame centralized procurement package 1 (bid section 2), with a winning bid amount of 1.043 billion yuan.

7. Guangfeng Technology: The company received a notice of development designation from a well-known car company

Guangfeng Technology (688007) announced on the evening of February 10 that the company recently received a development designation notice issued by a well-known car company, and the company will become its supplier of on-board optical components to supply intelligent cockpit display products for the SUV models of its new era technology brand. Up to now, based on the technology, innovation and differentiation of on-board products, the company has obtained a total of 11 on-board business designations. In 2024, the company's on-board business will enter a stage of rapid volume start-up, deliver on-board products with quality and quantity, and achieve an operating income of more than 600 million yuan.

8. Jingzhida: The holding subsidiary signed a purchase agreement of 322 million yuan for semiconductor testing equipment

Jingzhida (688627) announced on the evening of February 10 that Hefei Integrated Circuit, a subsidiary of the company, recently signed a semiconductor test equipment purchase agreement with a customer, with a total contract value of 322 million yuan (excluding tax).

9. Dangsheng Technology: signed a strategic cooperation framework agreement with CNGR

Dangsheng Technology (300073) announced on the evening of February 10 that the company signed a "Strategic Cooperation Framework Agreement" with CNGR New Materials Co., Ltd. (hereinafter referred to as "CNGR"). The two sides agreed to establish a long-term partnership on the raw material supply chain of ternary materials for lithium batteries, lithium cobalt oxide, lithium iron phosphate (manganese), sodium battery materials, solid-state lithium battery materials, semi-solid lithium battery materials, lithium-rich manganese-based and other products in the fields of power, energy storage, low-altitude and AI, robotics and other fields. In the next 3-5 years, the two sides are expected to cooperate with 30,000-100,000 tons/year in ternary precursors, cobalt tetroxide, iron phosphate (manganese), sodium electric precursors, solid-state precursors, polyanionic precursors, lithium-rich manganese-based precursors and other products.