GMT EIGHT - OPPORTUNITIES IN CHINA

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.

Amazon.com, Inc. (AMZN.US) launches an AI cost revolution! Self-developed AI ASIC accelerates large model training, challenging NVIDIA Corporation's computing monopoly.

AI ASIC will continue to weaken Nvidia's monopoly premium and market share in the medium to long term, rather than linearly replacing the GPU system.

Spot silver rose 5% intraday, now trading at $92.55 per ounce.

Spot gold breaks through $5230 per ounce, rising 0.91% intraday.

Spot silver breaks through $91 per ounce, up 3.28% intraday.

Anchoring the trillion-dollar overseas market, Titanium Technology accelerates towards becoming the "first share" of Multi-Agent driven by AI.

On February 27th, China's leading AI marketing technology company, Titanium Technology, officially submitted its application to the Hong Kong Stock Exchange, aiming to become the first stock in the "Multi-Agent" sector.

National News Publication Administration: A total of 6 imported online games were approved in February.

The 2026 approval information for imported online games released by the State Administration of Press and Publication shows that a total of 6 games were approved in February.

WTI crude oil rose 2% intraday, now trading at $66.52 per barrel.

Southbound funds purchased a net of HKD 14.997 billion today.

Regarding the Shanghai Stock Connect, Ying Fu Fund and Hang Seng China Enterprises respectively received net purchases of 6.777 billion Hong Kong dollars and 1.816 billion Hong Kong dollars; Chang Fei Fiber Optic Cable had the highest net selling amount, at 447 million Hong Kong dollars; as for the Shenzhen Stock Connect, South Hengsheng Technology and Ying Fu Fund received net purchases of 2.039 billion Hong Kong dollars and 1.608 billion Hong Kong dollars respectively; Huahong Semiconductor had the highest net selling amount, at 272 million Hong Kong dollars.

The weakened yen touches the nerves of the government! Japanese Finance Minister sends a strong signal: closely monitoring the foreign exchange market and will communicate closely with the United States.

Japanese Finance Minister Kobayashi Kozuki stated on Friday that the government is maintaining a high level of vigilance towards exchange rate fluctuations. He revealed to the parliament that with a sense of urgency, they are closely monitoring the recent depreciation trend of the yen.

HK Stock Market Move | Coal stocks collectively rise, overseas coal price advantage disappears, import constraints expected to support domestic coal prices.

Coal stocks collectively rose, as of the time of publication, China Qinfa (00866) rose by 7.51% to 3.72 Hong Kong dollars; China Coal Energy (01898) rose by 6.08% to 12.91 Hong Kong dollars; Yanzhou Coal Mining Australia (03668) rose by 4.46% to 33.28 Hong Kong dollars; Yanzhou Coal Mining (01171) rose by 3.94% to 13.98 Hong Kong dollars.

Musk announced that Tesla will build a factory on the moon within 20 years, encouraging investors to continue holding their shares.

Elon Musk recently stated in an interview with Tesla Gigafactory Berlin manager Andr Thrig that "20 years from now, I dare say Tesla will build a factory on the moon," and that he sees a "prosperous" and "extremely bright future" for Tesla. Musk also mentioned in the interview: "I suggest everyone continue to hold on to Tesla's stock, as its value will increase significantly."

HK Stock Market Move | Concept stocks of CXOs leading the rise, Wuxi XDC (02268) up more than 8%, Wuxi Bio (02269) up more than 4%.

Concept stocks of CXO rose at the forefront, with WuXi Biologics (02268) up 7.97% at 63 Hong Kong dollars; WuXi AppTec (02269) up 4.7% at 40.08 Hong Kong dollars; WuXi Vaccine (02359) up 2.28% at 19.7 Hong Kong dollars; and Kanglong Chemical (03759) up 2.28% at 19.7 Hong Kong dollars.

Goldman Sachs: It is expected that GALAXY ENT(00027) has sufficient financial capability to further increase dividends. The target price is lowered to 53.4 Hong Kong dollars.

Attention should be paid to the potential impact on gambling and tourism demand due to the upcoming National People's Congress and Chinese People's Political Consultative Conference from March 4th to 11th.

Major Move at the Beginning of the Year! Langjiu revokes its business unit and establishes "5 sales companies + 10 sales regions"

At the beginning of the Year of the Horse, Langjiu launched a new round of marketing system organizational structure adjustments: revoking the original Gulin Langjiu Sales Co., Ltd. and its divisions and departments. This is about a year after last year's attempt to operate under the "quasi-company system." On the evening of February 26, General Manager Wang Bowei of Langjiu Co., Ltd. announced the marketing system organizational structure adjustment plan and related personnel appointments. The marketing system will operate the Qinghua Lang, Honghua Lang, and Longma Lang brands, as well as the e-commerce KA channel, international business channel company operation + sales region overall coordination organizational operation model, that is, "5 sales companies + 10 sales regions," managed by Sichuan Langjiu Co., Ltd. This also means that the department system, which has been in operation for more than ten years and has helped Langjiu to grow from billions to billions of yuan, is undergoing profound changes.

Samsung Electronics (SSNLF.US) executives: The decision to launch the next generation of ultra-thin phones and three foldable phones has not yet been made.

Choi Won-jun revealed that the company is still evaluating whether to release another ultra-thin smartphone following the launch of the Galaxy S25 Edge last year. In addition, the company has also not committed to releasing the next generation of the TriFold three-fold smartphone.

South American Tin Industry acquired the Santa Barbara gold and copper mine in Ecuador and simultaneously initiated financing of 16 million Canadian dollars.

This project is located in the Zamora-Chinchipe Province in southeastern Ecuador, approximately 76 kilometers away from Zamora City. It is situated within the Zamora copper-gold mineralization zone, adjacent to several large producing or under-construction mines.

HK Stock Market Move | Many concept stocks related to AI surged, with Kingsoft Cloud (03896) once rising over 11% and Mobvista (01860) rising over 6%.

Most of the stocks related to AI are rising. As of the time of publication, Kingsoft Cloud (03896) is up 9.05% at 7.23 Hong Kong dollars; XMCT (03317) is up 8.82% at 89.45 Hong Kong dollars.

Breakthrough in chip manufacturing? ASML Holding NV ADR (ASML.US) has achieved a major breakthrough in next-generation EUV technology, now suitable for mass production, with costs doubled!

Global leader in lithography, ASML executives have stated that their next generation chip manufacturing equipment is ready and available for chip manufacturers to use for mass production.

Netflix (NFLX.US) withdraws from the bidding war! Paramount Sky (PSKY.US) makes a billion-dollar offensive, but Warner Brothers Discovery (WBD.US) is expected to emerge as the winner.

After Paramount Pictures raised the offer to acquire Warner Bros. Discovery, Netflix announced that it would give up its pursuit of acquiring Warner Bros. Discovery's film and television studio as well as HBO Max streaming service.

CICC: Maintains outperform rating on HKEX (00388), with a target price of 500 Hong Kong dollars.

The average size of the 4Q margin and settlement fund calculated by the line increased by 13% year-on-year and 5% month-on-month, with profits declining mainly due to a narrowing interest rate spread.

The United States will hold a crucial mineral industry event in Brazil.

The United States will host an important mining event in Brazil next month to deepen its relationship with the country. Brazil is one of the countries with the world's largest reserves of rare earths and various key metals, essential for modern technology and data centers. According to a preliminary agenda seen in the media, the U.S. Embassy in Brazil and the American Chamber of Commerce are assisting in organizing an event to be held in So Paulo on March 18, where U.S. government agencies will meet with executives of mining companies and rare earth enterprises operating in Brazil. Companies included in the agenda are Aclara Resources Inc., Meteoric Resources NL, Brazil Rare Earths, and Viridis Mining and Minerals Ltd. - all of whom have rare earth projects in Brazil. Brazil's only rare earth producer, Serra Verde Group, is also on the agenda, as well as the base metals sector of Vale. The U.S. Embassy in Brazil and the American Chamber of Commerce have both confirmed the event, and stated that a more detailed agenda will be announced later.

Debt Peak Meets AI Transformation: Bain Capital Warns of Possible Wave of Defaults in Software Industry

Bain Capital recently warned that as the disruptive impact of artificial intelligence (AI) technology continues to expand, coupled with the approaching peak in debt repayment, the software industry faces the risk of default rates on loans soaring into double digits.

It is reported that the new generation EUV lithography machine from ASML is now ready for mass production.

According to media reports, the Dutch lithography equipment manufacturer ASML's executives stated that the company's new generation extreme ultraviolet lithography machine is ready for use, and chip manufacturers can now begin using it for mass production. The unit price of this equipment is approximately 400 million US dollars, which is double the price of the first generation EUV machine. ASML's Chief Technology Officer, Marco Pieters, said that the equipment has processed about 500,000 silicon wafers so far, with very low downtime and pattern accuracy reaching production standards.

As the US dollar assets decline, global asset management shifts towards emerging markets. Inflows of funds may trigger a new round of market upswings.

Asset management companies with total global assets exceeding $20 trillion are becoming increasingly optimistic about emerging market stocks, currencies, local currency bonds, and credit, which could inject new momentum into this market's record-breaking rally.

NVIDIA Corporation's godson CoreWeave (CRWV.US) plunges 12% after hours! With a 670 billion order backlog, the heavy sword, but faces Q1 guidance "dark arrow"

In after-hours trading on Thursday, CoreWeave (CRWV.US) stock price plummeted 12% at one point. The cloud infrastructure supplier specializing in artificial intelligence announced fourth quarter revenue higher than Wall Street expectations, but it failed to boost the stock price.

After-hours surge of over 13%! Dell Technologies, Inc. Class C (DELL.US) AI server demand explodes, performance guidance far exceeds expectations and ignites the market.

Thanks to strong demand in the market for its artificial intelligence (AI) servers, Dell Technologies released financial outlook that far exceeded Wall Street's expectations, driving its stock price to surge more than 13% in after-hours trading.

A bracelet increases in price by over 20,000! CHOW TAI FOOK (01929), LAOPU GOLD (06181) and other jewelry brands are considering raising the prices of gold accessories.

With the soaring international gold prices, jewelry brands are starting to consider raising prices for their current fixed-price products.

Shenzhen Zhaowei Machinery & Electronics (02692) will be listed from February 27 to March 4, with an expected listing date of March 9.

Megawide Electrical (02692) will be holding its initial public offering from February 27, 2026 to March 4, 2026. The company plans to globally sell 26.7483 million H shares, with 10% of the shares being sold in Hong Kong and 90% internationally. The offer price per share is 73.68 Hong Kong dollars, with a minimum order of 100 shares per lot. It is expected that the H shares will begin trading on the Hong Kong Stock Exchange at 9:00 am on March 9, 2026 (Monday).

Overnight US stocks | Three major indexes rose and fell differently, with chip stocks generally falling. NVIDIA (NVDA.O) fell nearly 5.5% after its earnings report.

As of the close, the Dow Jones rose 17.05 points, an increase of 0.03%, to 49499.20 points; the Nasdaq fell 273.69 points, a decrease of 1.18%, to 22878.38 points; the S&P 500 Index fell 37.26 points, a decrease of 0.54%, to 6908.87 points.

On Thursday, the closing session in New York, S&P 500 stock index futures fell by 0.75%, Dow Jones index futures fell by 0.31%, and Nasdaq 100 stock index futures fell by 1.36%. Russell 2000 stock index futures rose by 0.10%.

NVIDIA Corporation (NVDA.US) plunges, dragging down the overall market. The Nasdaq falls more than 1% as market differentiation intensifies under the AI boom.

Nvidia experienced its worst single-day performance since last spring, dropping nearly 5.5% on Thursday.

Market news: NVIDIA spends $70 billion on corporate acquisitions to boost chip demand.

US Stock Market Move | NVIDIA Corporation (NVDA.US) responded to investors' bearish views after its performance report, causing a drop of over 5% in early trading.

On Thursday, Nvidia's (NVDA.US) financial report exceeded expectations again but received a tepid response, with the stock price falling more than 5% in early trading to $186.54.

In the era of AI, it is not at all a "human defeat"! The hottest positions have emerged, and the stock market is focused on two major themes.

In the era of AI, it is not a complete defeat for humans, but a comprehensive reassessment of positions and investment themes: the hottest job types are booming, and the pricing logic of technology stocks is completely rewritten.

WTI crude oil fell below $64 per barrel, dropping by 2.18% during the day.

China's AI usage surpasses the United States for the first time, with four large models dominating the top five globally.

In February, the model invocation volume of Chinese AI has explosively increased, surpassing the United States for the first time. Data from OpenRouter, the world's largest AI model API aggregation platform, shows that from the 9th to the 15th of this month, Chinese models had a invocation volume of 4.12 trillion Tokens, exceeding the 2.94 trillion Tokens of the same period in the United States for the first time. From the 16th to the 22nd of this month, the weekly invocation volume of Chinese models further increased to 5.16 trillion Tokens, a 127% increase over the past three weeks, while the United States models' invocation volume dropped to 2.7 trillion Tokens. At the same time, among the top five models in global invocation volume rankings, Chinese models occupy four positions. This powerful growth momentum is not based on a single hot product, but rather on the cluster-like rise of Chinese AI companies. Token is the smallest unit for AI models to process text. Compared to the number of users, Token invocation volume is a key indicator that more accurately reflects the intensity of AI model usage, user stickiness, and commercial value. Chinese model manufacturers are seizing the global market with rapid iteration and cost advantages, and the demand for domestic computing power is experiencing exponential growth.

Multiple lithium mining companies estimate that lithium ore exports from Zimbabwe are expected to resume within a month.

The Ministry of Mines in Zimbabwe announced recently that all exports of raw lithium ores and lithium concentrates are temporarily suspended. According to sources from the Zimbabwean Ministry of Mines and YaoChem Group, the ban on lithium exports is a temporary measure and is expected to be lifted within 1 to 4 weeks at the earliest. Currently, the company has sufficient raw material inventory and the impact on production and operation is limited. A spokesperson from the securities department of YaoChem Group stated that companies with mining rights and beneficiation plants can reapply for exports after submitting supplementary materials, and the company has already prepared the necessary documents. The Zimbabwean Ministry of Mines indicated that there will be a new approval process in place, and it is estimated that the ban may last for less than a month, depending on the approval process.

"The faith in Musk" has raised the valuation of SpaceX to sky-high trillion dollars, and the narrative of the "hardcore stress test" will also begin.

Reality will shine into the cyber carnival: from the Starlink satellite communication network to the space AI computing empire, Musk's premium will face a dual challenge of "valuation + competition".

Spot silver fell 3% intraday, currently trading at $86.15 per ounce.

Spot silver fell below $87 per ounce, dropping 2.36% intraday.

UBS: HSBC HOLDINGS (00005) showed strong performance in the last quarter, rated as "neutral".

UBS rates HSBC as "Neutral" with a target price of 140.6 Hong Kong dollars.

Stock market plunges by 54%, stagflation on the horizon? Fed simulates AI bubble bursting in extreme scenario.

Every year, the Federal Reserve will formulate a "severely adverse scenario" to conduct stress tests on the financial system.

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