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[Inventory of important news].

China's assets exploded! Xiaopeng, ideal skyrocketing! A number of Chinese concept stocks rose more than 10%.

As of press time, the Nasdaq China Golden Dragon Index rose more than 4%, the 3x long FTSE China ETF rose more than 10%, the 2x long China Internet stock ETF rose more than 7%, the China large-cap ETF and the China Overseas Internet ETF rose more than 3%, and the China Technology ETF rose more than 2%. It is worth noting that Xpeng Motors rose by more than 13%, and Li Auto rose by more than 9%. [Global market volatility intensifies, Hong Kong stocks are independent, demonstrating the resilience of Chinese assets].

Comments: After the U.S. stock market suffered a heavy fall overnight, the Hong Kong stock market walked out of the independent rally on February 26. The Hang Seng Index soared by 3.27%, and the Hang Seng Technology Index led the Asia-Pacific market with a 4.47% increase, with southbound funds buying more than HK$10 billion in a single day. On the news side, the Hong Kong SAR government released the latest budget, announcing 1 billion Hong Kong dollars to increase artificial intelligence research and development. Industry insiders said that with the resonance of the AI industrial revolution and the recovery of consumption, the valuation center of the Hong Kong stock market is expected to achieve a systematic rise in the upward revision of performance expectations and the continuous inflow of funds.

Nvidia's first earnings report released after DeepSeek exploded! Blackwell's chips generated $11 billion in revenue, and Huang emphasized that the demand for inference computing has exploded

After the U.S. stock market on Wednesday, February 26, Eastern time, Nvidia announced the company's financial data for the fourth quarter of fiscal year 2025 (hereinafter referred to as the fourth quarter) as of January 26, 2025, as well as the performance guidance for the first quarter of fiscal year 2026 (hereinafter referred to as the first quarter). Before the earnings report, Nvidia's stock price, which closed up nearly 3.7%, rose more than 2% after hours, and after the earnings report, the stock price alternated between ups and downs many times, and first turned down and fell nearly 2% after hours, and rose nearly 2% after turning up. Some commentators said that the stock price had turned down after hours, indicating that investors still felt that the surprise brought by Nvidia's performance was not big enough.

Comment: Nvidia CEO Jensen Huang said that the demand for artificial intelligence (AI) chip Blackwell is staggering. Because inference AI adds another law of expansion – adding training computation makes the model smarter, and adding long-term thinking computation makes the answer smarter. He said that it has significantly increased the production of Blackwell AI chips and successfully increased the production of Blackwell, which is the fastest increase in production in Nvidia's history.

Chinese assets ushered in a revaluation International investment banks have intensively raised the target prices of many Chinese stocks

Recently, DeepSeek has triggered a continuous rise in Chinese assets. As funds from all walks of life continue to "sweep goods", as of the end of last week, the Hang Seng Technology Index has risen for six consecutive weeks; From the perspective of individual stocks, Alibaba, Tencent Holdings, Xiaomi Group, SMIC and other Chinese technology stock leaders have also accumulated large gains this year. At the same time, international investment banks such as Goldman Sachs, Citigroup, Morgan Stanley, and JPMorgan Chase have recently raised the price targets of a number of Chinese stocks. In the view of foreign institutions, boosted by multiple favorable factors, global funds are expected to continue to flow back to Chinese assets.

Comments: Since the beginning of this year, the scale of many overseas Chinese stock ETFs has increased significantly compared with the end of last year. The data shows that as of February 24, China Overseas Internet ETF-KraneShares was US$8.289 billion, an increase of US$2.875 billion from the end of last year, 3x long FTSE China ETF-Direxion was US$1.93 billion, an increase of US$339 million from the end of last year, China large-cap ETF-iShares was US$7.815 billion, an increase of US$548 million from the end of last year, and MSCI China ETF-iShares was US$5.967 billion, an increase of US$300 million from the end of last year.

Two Latest Announcements! "CICC + Galaxy" detonated the market, and there are conjectures about the integration path of trillions of brokers?

On February 26, the news of the merger of CICC and Galaxy Securities came out again, and the A-share shares of both subsequently rose to the limit. The controlling shareholders of CICC and Galaxy Securities are both Central Huijin. In October 2023, Chen Liang, the former chairman of Galaxy Securities, took over as the head of CICC, while Wang Sheng, who has a deep background in CICC, was promoted to chairman of Galaxy Securities, which was seen by the market as a prelude to the merger of the two.

Comments: In the eyes of industry insiders, CICC is good at investment banking, and Galaxy Securities' traditional brokerage business has significant advantages. CICC Wealth, a subsidiary of CICC, has been at the forefront of wealth management transformation in recent years, and Galaxy Securities' brokerage business is expected to create greater business opportunities with CICC Wealth's wealth management transformation.

Race for the next Black Myth: Wukong! Zhejiang and Guangzhou have expressed their support for the game industry to "become bigger and stronger".

The continued popularity of "Black Myth: Wukong" at home and abroad in the past six months is making all walks of life aware of the important role of game carriers in cultural going overseas. On February 26, the Zhejiang Provincial Department of Commerce made a public announcement on soliciting opinions on the "Several Measures to Support Zhejiang-made Games to Go Overseas (Draft for Comments)" by 17 departments including the Propaganda Department of the Zhejiang Provincial Department of Commerce and the Propaganda Department of the Zhejiang Provincial Party Committee. Among them, a number of work measures are put forward to support Zhejiang-made games to go overseas, lead the innovation and development of cultural trade, promote the "going out" of Chinese culture, and strengthen the construction of international communication capacity. One of the most concerned statements in the market is related to the approval of game products.

Comments: Today, when the game industry is moving towards high-quality and globalization, local governments have also begun to see the multiple opportunities contained in it, but at the same time as releasing many favorable policies, how to accurately capture the actual needs of front-line game practitioners will be the key to the effectiveness of relevant policies.

Prices! The price of key materials for humanoid robots has reached a new high in more than a year

Humanoid robots are one of the important growth points of high-performance NdFeB in the future. After the Spring Festival, the price of rare earth permanent magnets rose rapidly. According to the industry website, as of February 25, the ex-factory price of praseodymium neodymium oxide has exceeded 450,000 yuan, reaching 452,500 yuan/ton, an increase of 8.38% compared with before the Spring Festival, and an increase of 12.42% compared with the beginning of the year, a new high since 2024; The latest price of praseodymium neodymium metal exceeded 550,000 yuan, reaching 557,500 yuan/ton, an increase of 11.5% compared with the beginning of the year, and a new high since 2024.

Comments: After the implementation of the new regulations, the smelting and separation capacity of local private enterprises may be limited, and resources will be further strengthened to concentrate on leading enterprises. For enterprises that do not have production qualifications, from raw material acquisition to product sales will be strictly supervised, and the space for the release of production capacity in the rare earth market will be greatly compressed.

DeepSeek announced that it will reduce the price of API calls by up to 75% with immediate effect

From now on, during the free night period from 00:30 to 08:30 Beijing time every day, the DeepSeek open platform will launch off-peak discount activities. During this period, the price of API calls was significantly reduced: 50% of the original price for DeepSeek-V3 and 25% for DeepSeek-R1. We encourage users to make the most of this time to enjoy a more economical and smooth service experience.

Comments: DeepSeek's continued popularity has attracted the attention of technology giants at home and abroad, after Nvidia, Microsoft, and Amazon announced access to DeepSeek-R1, showing their recognition of DeepSeek technology.

The decline in the number of IPO queues indicates that A-shares are more mature

The data shows that the number of IPO queues has dropped to more than 200, some companies to IPO have withdrawn their applications, and some IPO companies have completed their listings.

Comments: The reduction in the number of IPO queues is a significant change in the A-share market in recent years. In the past, due to factors such as cumbersome review processes and limited market capacity, many companies queued up for listing, forming a so-called "dammed lake" for new stocks, which not only increased the financing cost and time cost of enterprises, but also affected the fairness and efficiency of the market. However, with the adjustment of regulatory policies and the optimization of the market environment, the number of IPO queues began to gradually decline, and as of now, it has dropped to more than 200, which has undoubtedly brought a positive impact on the market.

[Industry hot spots].

Institutions intensively investigate humanoid robot industry chain companies

The price of lithium iron phosphate has risen to the ground, and high-pressure dense products have become a battleground

The

supply and demand pattern of the organic silicon market has changed, and the industry has accumulated "upward momentum

High-quality original IPs are blooming, and domestic animation is heading for the "golden age".

The two-wheel drive of the policy market and the robot track continue to be hot

[Market dynamics].

A-shares: On February 26, the three major A-share indexes collectively rose today, with the Shanghai Composite Index up 1.02% to close at 3,380.21 points, the Shenzhen Component Index up 0.93% to close at 10,955.65 points, and the ChiNext Index up 1.23% to close at 2,268.22 points. According to the data, there are 58 stocks with record stock prices today, namely Hangzhou Iron and Steel Co., Ltd., Julun Intelligence, etc.

Hong Kong stocks: Hang Seng Index closed up 3.27%; The Hang Seng Tech Index rose 4.47%, breaking through 6,000 points intraday. The securities sector was among the top gainers, with CICC up more than 19%, China Galaxy up more than 17%, and Guotai Junan International up more than 10%; Naixue's tea rose by more than 33%, Meituan rose by more than 9%, and Jingdong Group rose by more than 8%.

U.S. stocks: The three major U.S. stock indexes closed mixed, with the Dow down 0.43%, the Nasdaq up 0.26%, the S&P 500 up 0.01%, and large technology stocks mixed, with Broadcom up more than 5%, Nvidia up more than 3%, Meta up more than 2%, Apple down more than 2%, and Tesla down 4%. The Nasdaq China Golden Dragon Index closed up 3.66%, popular Chinese concept stocks rose, Gaotu rose about 31%, Xpeng Motors rose nearly 15%, Weilai and Li Auto rose more than 10%, EHang rose more than 7%, JD.com rose more than 6%, and Alibaba rose nearly 4%.

European stocks: Germany's DAX 30 index rose 1.79%, Britain's FTSE 100 index rose 0.73%, France's CAC 40 index rose 1.15%, Europe's Stoxx 50 index rose 1.39%, Spain's IBEX 35 index rose 1.59%, and Italy's FTSE MIB index rose 1.28%.

Institutional Strategy

The stock market is expected to perform positively! Brokerage Prospect National Two Sessions: Fiscal Policy Will Be More Proactive

It's almost time for the annual National Two Sessions. Recently, a number of brokerage analysts have launched research reports to look forward to this year's National Two Sessions. Analysts generally believe that this year's economic growth target may be set at about 5%, and fiscal policy will be more proactive, among which new quality productivity and consumption-related support measures have attracted much attention.

Analysts pointed out that historically, the capital market may have behaved relatively positively before and after the two sessions, focusing on the structural opportunities brought by policy expectations. The current A-share market environment and investor sentiment are positive, and the A-share market is expected to remain stable before and after the two sessions.

[Topic Company].

Unitree Technology posted: Almost all fake news, avoid being deceived! What's the situation?

On February 26, Unitree's official WeChat issued a reminder that all new shares or old shares of shareholders of Unitree are directly communicated and managed by the person in charge of Unitree financing through the company's mailbox. There are no intermediaries, intermediate shareholders or intermediary companies, and there is a lot of false news in the market right now, almost all of it. Please be careful to avoid being deceived.

There were more than 100 A-share 100-yuan stocks, and the number increased by more than 170% in half a year

With the rise of the A-share market, the number of 100-yuan stocks in the A-share market is increasing, reaching 103 so far, an increase of more than 170% compared with half a year ago. The increasing number of 100-yuan shares reflects the gradual increase in the activity of the A-share market during the above-mentioned period, as well as the increase in the overall stock price and valuation level of the market. Judging from the current distribution of 100-yuan stocks, the Science and Technology Innovation Board has the most stocks. In addition, at present, 100-yuan stocks are mainly concentrated in some industries with relatively stronger technological attributes, and the distribution of traditional industries is less.

[IPO dynamics].

A number of new shares are listed! The number of science and technology enterprises accounts for a relatively large number

Since the beginning of this year, among the new listings on the A-share and Hong Kong stocks, the number of science and technology enterprises has accounted for a relatively large number, reflecting the importance of the capital market to scientific and technological innovation. In the past half month, six more A-share companies have been approved by the CSRC for registration and will soon land in the capital market. Wind data shows that as of February 23, a total of 13 new shares of A-shares have been listed this year, including 4 on the Science and Technology Innovation Board and the Growth Enterprise Market, and 2 on the Beijing Stock Exchange, accounting for nearly 77% in total. Some IPOs performed well on the first day of listing, and investors' enthusiasm for participating in IPOs has also increased significantly.

Announcement Reminder

[Suspension].

688195 Tengjing Technology

688339 SinoHytec

[Resumption].

None

[Product].

Tengjing Technology: Planning to purchase the control of Xunte Communications will be suspended from the 27th

Tengjing Technology (688195) announced that the company is planning to purchase the control of Shenzhen Xunte Communication Technology Co., Ltd. (hereinafter referred to as "Xunte Communication") by issuing shares and paying cash, and the transaction is expected to constitute a major asset restructuring. The company's shares have been suspended since the market opened on February 27, and it is expected that the suspension will not exceed 5 trading days.

Hengrun shares: 12.8 million shares held by more than 5% shareholder Cheng Lixin will be auctioned judicially

Hengrun shares (603985) announced that more than 5% of the company's shareholders will be auctioned by the judiciary to hold 12.8 million shares of the company, accounting for 17.08% of their shares and 2.90% of the company's total share capital. The reason for the auction is a contract dispute. Cheng Lixin is not the controlling shareholder or actual controller of the company, and the judicial auction of the company's shares held by him will not lead to a change in the company's control, nor will it affect the company's daily operation and management.

Wuzhou New Year: The company's self-inspection production and operation are normal, and the performance of the Mexican factory in 2024 is less than expected

Wuzhou New Year (603667) issued an announcement on abnormal fluctuations in stock trading, saying that the company's shares will deviate from the closing price increase by more than 20% in three consecutive trading days from February 24 to 26, 2025, which is an abnormal fluctuation in stock prices. The company's self-inspection production and operation are normal, and the performance of the Mexican factory in 2024 is less than expected, with a loss of nearly 20 million yuan in the first three quarters, but there have been no major changes in the internal and external environment. The company, the controlling shareholder and the actual controller do not have any material matters that should be disclosed but have not been disclosed. The company's TTM price-to-earnings ratio valuation is much higher than the industry level, and there are investment risks.

Wuzhong, Jiangsu: Filed a case by the China Securities Regulatory Commission on suspicion of illegal information disclosure

Jiangsu Wuzhong (600200) announced that the company received the "Notice of Case Filing" from the China Securities Regulatory Commission on February 26, 2025, and the China Securities Regulatory Commission decided to file a case against the company due to the company's suspected illegal information disclosure. If the facts determined by the subsequent administrative penalty of the China Securities Regulatory Commission touch the situation of forced delisting of material violations, the company's shares will be subject to forced delisting of major violations. At present, the company's daily operation is normal, and it will actively cooperate with the investigation and fulfill the obligation of information disclosure.

Hangzhou Iron and Steel Co., Ltd.: It does not involve the research and development of core technologies of computing power

Hangzhou Iron and Steel Co., Ltd. (600126) issued an announcement on abnormal fluctuations in stock trading, and the company paid attention to the relevant reports on the deployment and adaptation of its subsidiary DeepSeek in the early stage. The company's main business is the production and sales of steel and its rolled products, and the company's main business will not change in the short term. The business model of the company's computing power business is mainly the procurement of hardware equipment and related software, and the leasing services provided to customers after integration, which does not involve the research and development of core computing power technologies, etc., and is expected to account for 0.06% of the company's total operating income in 2024, accounting for a very small proportion. The DeepSeek deployment adaptation mentioned in relevant media reports refers to the installation of DeepSeek software in the partner's system under the above business model. The company has nothing to do with the development and application of core technologies such as the DeepSeek system, and has no business dealings with Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd.

Zhejiang Zhongcheng: The revenue generated by SEPS series products currently accounts for a small proportion of the company's total revenue

Zhejiang Zhongcheng (002522) issued an announcement on abnormal fluctuations in stock trading, and the company noticed that the recent attention to the hot concept of AI + adults in the market is high. The company's holding subsidiary, Zhejiang Zhongli Synthetic Materials Technology Co., Ltd., is mainly engaged in the research and development, production and sales of thermoplastic elastomers, and its developed hydrogenated styrene/isoprene block copolymer (SEPS) series products can be used in the field of adult products such as physical dolls. The company's main business remained stable and did not fluctuate significantly.

Ningbo Huaxiang: It is planned to sell its European business for 1 euro to completely solve its long-term loss problem

Ningbo Huaxiang (002048) announced that since 2014, the European business has suffered long-term large losses, which has had a great impact on the overall development of the company. On February 25, the company signed a share purchase and transfer agreement with Mutares AG, a private equity investment firm listed in Germany, with effective conditions, to sell Ningbo Huaxiang Europe, including a total of six companies in Germany, Romania and the United Kingdom, with a preliminary price of 1 euro. The transaction is expected to have a greater impact on the company's 2025 financial statements, but in the long run, Ningbo Huaxiang has got rid of the burden of long-term constraints on the company's development, which is conducive to the company's future development and value enhancement.

[Performance].

Sugon: Net profit in 2024 will be 1.914 billion yuan, a year-on-year increase of 4.26

Sugon (603019) announced that in 2024, the company will achieve a total operating income of 13.166 billion yuan, a year-on-year decrease of 8.27%; net profit attributable to shareholders of listed companies was 1.914 billion yuan, a year-on-year increase of 4.26%; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 1.375 billion yuan, a year-on-year increase of 7.59%; basic earnings per share was 1.31 yuan, a year-on-year increase of 3.97%; The weighted average return on equity was 9.82%, down 0.48 percentage points year-on-year.

Maixinlin: In 2024, the net profit will be 45.2799 million yuan, a year-on-year increase of 197.01

Maixinlin (688685) released a performance report, achieving a total operating income of 477 million yuan in 2024, a year-on-year increase of 62.38%; net profit was 45.2799 million yuan, a year-on-year increase of 197.01%; Basic earnings per share was 0.31 yuan.

Donglai Technology: The net profit in 2024 will be 85.2367 million yuan, a year-on-year increase of 64.95

Donglai Technology (688129) released a performance report, achieving a total operating income of 598 million yuan in 2024, a year-on-year increase of 15.14%; net profit was 85.2367 million yuan, a year-on-year increase of 64.95%; Basic earnings per share was 0.76 yuan.

SmartGiant: In 2024, the net profit will be 15.2801 million yuan, a year-on-year increase of 70.07

SmartGiant (688115) released a performance report, achieving a total operating income of 185 million yuan in 2024, a year-on-year increase of 10.14%; net profit was 15.2801 million yuan, a year-on-year increase of 70.07%; Basic earnings per share was 0.23 yuan. In 2024, the company's revenue from automated production and testing equipment and technical services will increase, and various businesses will develop steadily.

Yingjixin: Net profit in 2024 will be 124 million yuan, a year-on-year increase of 322.73

Yingjixin (688209) released a performance report, achieving a total operating income of 1.429 billion yuan in 2024, a year-on-year increase of 17.53%; net profit was 124 million yuan, a year-on-year increase of 322.73%; Basic earnings per share was 0.29 yuan. During the reporting period, the company continued to enrich and optimize product categories and structures, and constantly explored new market areas and customer groups, resulting in sales revenue growth, gross profit margin improvement, and share-based payment expenses decreased year-on-year.

Fudan Microelectronics: Net profit in 2024 will be 573 million yuan, a year-on-year decrease of 20.43

Fudan Microelectronics (688385) released a performance report, achieving a total operating income of 3.59 billion yuan in 2024, a year-on-year increase of 1.51%; net profit was 573 million yuan, down 20.43% year-on-year; Basic earnings per share was 0.7 yuan. In 2024, the company adjusted the sales prices of some products in a timely manner to consolidate or expand its market share, and the sales volume and operating income increased. Affected by the decline in product sales prices and the adjustment of product structure, the company's comprehensive gross profit margin decreased by 5.26 percentage points during the reporting period.

Lianru Technology: Net profit in 2024 will be 118 million yuan, a year-on-year increase of 126.52

Lianru Technology (688449) released a performance report on February 26, achieving a total operating income of 1.174 billion yuan in 2024, a year-on-year increase of 13.55%; net profit was 118 million yuan, a year-on-year increase of 126.52%; Basic earnings per share was 0.32 yuan. In 2024, the operating income of the company's data storage main control chip business will achieve steady growth; The annual operating income of AIoT signal processing and transmission chip business increased significantly compared with the previous year.

Aotai Biotech: Net profit in 2024 will be 304 million yuan, a year-on-year increase of 68.18

Aotai Biotech (688606) released a performance report, achieving a total operating income of 870 million yuan in 2024, a year-on-year increase of 15.25%; net profit was 304 million yuan, a year-on-year increase of 68.18%; Basic earnings per share was 3.83 yuan. The growth of the company's performance is mainly due to the growth of the company's operating income and the profit growth brought about by cost reduction, cost control and efficiency improvement.

Xuantai Pharmaceutical: Net profit in 2024 will be 128 million yuan, a year-on-year increase of 109.97

Xuantai Pharmaceutical (688247) released a performance report, achieving a total operating income of 513 million yuan in 2024, a year-on-year increase of 70.97%; net profit was 128 million yuan, a year-on-year increase of 109.97%; Basic earnings per share was 0.28 yuan. During the reporting period, the company continued to strengthen the sales of products at home and abroad, and the sales revenue and equity sharing income of products increased significantly; At the same time, with the approval of CRO/CMO customers' products and the increase in commercial production and supply, CMO's revenue has increased significantly.

[Do a repurchase].

Yifei Laser: It is planned to repurchase the company's shares with 50 million yuan to 100 million yuan

Yifei Laser (688646) announced that the company intends to repurchase the company's shares through centralized bidding transactions, with a repurchase amount of not less than 50 million yuan and no more than 100 million yuan. The sources of funds include self-owned funds and self-raised funds, of which the self-raised part will be obtained through special loans of IB Wuhan Branch, and the loan amount shall not exceed 90 million yuan. The repurchased shares will be used for equity incentives/employee stock ownership plans or cancellation and reduce the registered capital at an appropriate time in the future, of which the number of shares used for equity incentives/employee stock ownership plans shall not be less than 50% of the total amount actually repurchased, and the number of shares used for cancellation shall not be more than 50% of the total amount actually repurchased. The repurchase price does not exceed 56.17 yuan per share. The repurchase period shall not exceed 12 months from the date of approval by the general meeting of shareholders.

[Sign a big order].

Lutianhua: It is planned to invest 1.171 billion yuan in the construction of a fine chemicals project with an annual output of 100,000 tons

Lutianhua (000912) announced that the company relies on the existing industrial foundation in the field of synthetic ammonia and oleochemical industry in Luzhou Naxi base, continuously extends the industrial chain, develops to fine chemicals, and plans to invest 1.171 billion yuan in the west area of Luzhou Lutianhua Chemical Industry Park to build a 100,000 tons/year green fine chemicals project.