Market Overview - The Shanghai Composite Index increased by 0.41% to close at 4082.07 points, with a weekly high of 4142.56 points [1] - The Shenzhen Component Index rose by 1.39% to 14100.19 points, reaching a peak of 14296.48 points [1] - The ChiNext Index saw a 1.22% increase, closing at 3275.96 points, with a high of 3348.48 points [1] - In the global market, the Nasdaq Composite fell by 2.1%, the Dow Jones Industrial Average decreased by 1.23%, and the S&P 500 dropped by 1.39% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.03%, while the Nikkei 225 Index increased by 4.96% [1] New Stock Issuance - Two new stocks were issued during the week: Tongbao Optoelectronics (920168.BJ) on February 9, 2026, and Tongling Technology (920187.BJ) on February 11, 2026 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets was 25,797.58 billion yuan, with a financing balance of 25,640.12 billion yuan and a securities lending balance of 157.46 billion yuan [3] - The margin trading balance decreased by 752.4 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 13,113.7 billion yuan, down by 356.66 billion yuan, while the Shenzhen market's balance was 12,683.88 billion yuan, down by 395.74 billion yuan [3] - A total of 3,486 stocks had margin buying, with 184 stocks having over 1 billion yuan in buying amounts, led by Xinyi Technology (103.25 billion yuan), Zhongji Xuchuang (98.63 billion yuan), and Wangsu Science and Technology (74.22 billion yuan) [3] Fund Issuance - Seven new funds were issued during the week, including Guoshou Anbao Enhanced Return Bond E, Huafu Anhua Bond D, Dongfanghong Monetary F, Bank of China Health Life Mixed C, Huitianfu Tiantianle Double Win Bond E, Nuoan Selected Return Mixed C, and Changsheng Electronic Information Theme Mixed C [5] Share Buybacks - Eight companies announced share buybacks, with the highest amounts executed by Luxshare Precision (002475), Hengyi Petrochemical (000703), Linyang Energy (601222), Kaiying Network (002517), and Huitai Medical (688617) [7] - The industries with the highest buyback amounts were electronics, petroleum and petrochemicals, and public utilities [8]

新京报贝壳财经讯 2月23日，立讯精密发布公告称，公司于2026年2月13日首次通过股份回购专用证券 账户以集中竞价方式回购公司股份990.06万股，占公司总股本的0.14%，最高成交价为50.91元/股，最低 成交价为50.14元/股，成交总金额约为5亿元（不含交易费用）。本次回购股份资金来源为公司自筹资 金（含股票回购专项贷款资金等），回购价格未超过86.60元/股。本次回购符合相关法律法规及公司既 定的股份回购方案的要求。 ...

立讯精密2月24日披露，公司已于2026年2月13日首次通过股份回购专用证券账户，以集中竞价交易方式回购公司股份。此举标志着公司在2025年底启动的股 份回购方案已进入实质性实施阶段。 回溯公告可知，立讯精密于2025年12月31日审议通过了股份回购方案，同意公司使用自有资金或自筹资金以集中竞价交易方式回购公司股份。回购的股份将 全部用于实施员工持股计划或股权激励。此后，因公司进行2025年前三季度权益分派，回购价格上限由不超过86.96元/股调整为不超过86.6元/股，调整自 2026年2月12日起生效。 立讯精密在公告中强调，公司后续将根据市场情况在回购期限内继续实施本次回购计划，并按照相关法律法规的规定及时履行信息披露义务。 根据公司发布的公告，2026年2月13日，立讯精密首次回购股份数量为9,900,600股，占公司截至2026年2月12日总股本7,285,984,560股的比例为0.14%。此次 回购的最高成交价为50.91元/股，最低成交价为50.14元/股，成交总金额为499,946,537.83元。 本次回购的资金来源为公司自筹资金（含股票回购专项贷款资金等），回购价格未超过调整后的回购价格 ...

Group 1 - Tongce Medical's chairman and executives plan to increase their shareholding by 6 to 12 million yuan within six months, following recent purchases totaling approximately 1.34 million yuan [1] - Luxshare Precision has repurchased 9.9006 million shares for nearly 500 million yuan, representing 0.14% of its total share capital [2] - Jintai Construction's subsidiary won a project in Malaysia worth approximately 281 million yuan, accounting for 1.53% of the company's audited revenue for 2024 [3] Group 2 - Kela Co. announced the removal of independent director Jing Naiquan due to loss of independence and failure to fulfill duties [4] - Mingyang Smart Energy is planning to acquire 100% of Zhongshan Dehua Chip Technology Co., with ongoing audits and evaluations [5] - BGI Genomics intends to sell a subsidiary's equity for approximately 50 million USD and adjust licensing agreements [6] Group 3 - Guotou Capital reported that valuation adjustments at Guotou Ruijin Fund are expected to impact 2026 net profit by less than 5% [7] - Donghong Co. won a bid for a pressure steel pipe project worth 353 million yuan [9] - Yashi Chuangneng's major shareholder's shares, amounting to 2.9165% of total shares, will be auctioned, but it will not affect the company's operations [10] Group 4 - Frontier Biotech signed an exclusive licensing agreement with GlaxoSmithKline, receiving an upfront payment of 40 million USD and potential milestone payments totaling up to 950 million USD [11] - Kede CNC's major shareholders committed not to reduce their holdings for the next six months [12] - Richen Co. reported a 31.87% increase in net profit for 2025, driven by market expansion and operational efficiency [13] Group 5 - Jiayou International's PPP project in Zambia has officially commenced commercial operations and charging [14] - Junxin Co. updated its H-share listing application, pending approvals from regulatory bodies [15] - Shuangliang Energy's subsidiary won a bid for a 100 million yuan project in the Middle East [16][17] Group 6 - Baili Tianheng's drug candidate achieved primary endpoints in a Phase III clinical trial for triple-negative breast cancer [18] - ST Jinglan announced a significant stock price increase of 86.90% without major changes in performance, warning of potential stock suspension if prices continue to rise [19] - *ST Huiteng projected a revenue of 330 to 400 million yuan for 2025, with negative net profit expected [20]

Domestic News - The Ministry of Commerce of China urges the U.S. to cancel unilateral tariff measures imposed on trade partners following a Supreme Court ruling deeming such tariffs illegal [2] - The average price of passenger cars in January 2026 is projected to be 186,000 yuan, an increase of 15,000 yuan, indicating a significant market decline. Conventional fuel vehicle prices are rising, with an average of 181,000 yuan, while the average price of new energy vehicles is decreasing to 195,000 yuan, reflecting structural changes in consumption [3] - On February 23, the national highway traffic volume is expected to exceed 66 million trips, primarily driven by return traffic, maintaining a high operational level despite a slight decline [4] - By the end of 2025, over 80% of China's crude steel production capacity is expected to achieve ultra-low emissions, marking the completion of the steel industry's ultra-low emission transformation project [5] International News - Starting February 24, the U.S. will implement a temporary 15% import tariff on global goods for 150 days, following a Supreme Court ruling against previous tariffs. However, certain vehicles and parts will be exempt from this tariff [6] - Renault Group will fully acquire FLEXIS, a joint venture established with Volvo Group and CMA CGM, to develop a new generation of electric vans, with production set to begin by the end of 2026 [7] - Hyundai Motor Group plans to invest 10 trillion won (approximately 48 billion yuan) over the next five years in artificial intelligence, hydrogen energy, and robotics in South Korea [8] - Rheinmetall is preparing to divest its underperforming automotive parts business, having reached an employee transition agreement with the union, ensuring three years of job and site security for affected facilities [9] Corporate News - Aion reported that a vehicle fire incident in Huizhou, Guangdong, was not caused by the vehicle itself, as initial investigations showed the vehicle's three-electric system was normal [10] - Luxshare Precision announced its first share buyback of 9.9006 million shares, totaling nearly 500 million yuan, with a maximum price of 50.91 yuan per share [11] - Pure Lithium New Energy aims to achieve annual revenue of 1 billion yuan in 2026 by transitioning solid-state battery products from small-scale testing to market deployment across various applications [12]

Core Insights - The Active Copper Cable Multi-Source Agreement (ACC-MSA) has been established to enhance interoperability and innovation in next-generation copper interconnect solutions [1][5] - The consortium aims to address key industry challenges by reducing power, cost, and latency while improving performance for high-speed copper interconnects [1][5] Group 1: Consortium Formation - Thirteen global leaders in networking, semiconductors, and cabling have formed the ACC-MSA, co-chaired by MACOM and Semtech [2] - Founding members include major companies such as AMD, Cisco, Dell Technologies, NVIDIA, and others [2] Group 2: Technical Focus - The initial focus of the ACC-MSA is on optimized copper interconnects featuring integrated linear equalizers [3] - Specifications will cover electrical, firmware, and testing requirements to ensure interoperability among various vendors [3] Group 3: Industry Impact - The integration of linear equalizers is expected to extend the reach of copper cabling, reduce thickness, and lower power consumption and latency compared to traditional DSP-based solutions [4] - AI hardware infrastructure spending is projected to exceed $1 trillion by 2029, with networking infrastructure nearing $200 billion, highlighting the importance of ACCs in future deployments [4]

Group 1: Stock Recommendations - 吉利汽车 (Geely Auto) has a market cap of $23.4 billion, with a target price of $25.00, indicating an upside potential of 48%[5] - 正力新能 (Zhengli New Energy) has a market cap of $2.8 billion, with a target price of $18.00, indicating an upside potential of 113%[5] - 极兔速递 (Jitu Express) has a market cap of $12.2 billion, with a target price of $13.40, indicating an upside potential of 25%[5] - 三一国际 (Sany International) has a market cap of $6.2 billion, with a target price of $20.60, indicating an upside potential of 37%[5] - 瑞幸咖啡 (Luckin Coffee) has a market cap of $11.0 billion, with a target price of $54.68, indicating an upside potential of 41%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of -2.3%, outperforming the MSCI China Index, which returned -2.4% by 0.1 percentage points[10] - Out of the 26 stocks, 11 had returns exceeding the benchmark[10] - The report includes a new addition of Datadog (DDOG US) to the buy list, while Salesforce (CRM US) has been removed[7]

本次回购股份资金来源为公司自筹资金(含股票回购专项贷款资金等)，回购价格未超过86.60元/股。本 次回购符合相关法律法规及公司既定的股份回购方案的要求。 格隆汇2月23日丨立讯精密(002475.SZ)公布，2026年2月13日，公司首次通过股份回购专用证券账户以 集中竞价方式回购公司股份9,900,600股，占公司截至2026年2月12日总股本7,285,984,560股的0.14%，最 高成交价50.91元/股，最低成交价50.14元/股，成交总金额499,946,537.83元(不含交易费用)。 ...

立讯精密2月23日公告，公司于2026年2月13日首次通过股份回购专用证券账户以集中竞价方式回购公司 股份990.06万股，占公司总股本的0.14%，最高成交价为50.91元/股，最低成交价为50.14元/股，成交总 金额为4.99亿元（不含交易费用）。本次回购股份资金来源为公司自筹资金(含股票回购专项贷款资金 等)，回购价格未超过86.60元/股。本次回购符合相关法律法规及公司既定的股份回购方案的要求。 ...

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2026-022 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 立讯精密工业股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召开第 六届董事会第二十一次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用自有资金或自筹资金（含股票回购专项贷款资金等）以 集中竞价交易方式回购公司股份。在本次回购股份价格上限为人民币 86.96 元/股的 条件下，若按回购总金额上下限和回购股份价格上限测算，预计可回购股份数量为： 11,499,540 股至 22,999,080 股，占公司目前总股本比例为：0.16%至 0.32%。具体 回购数量及回购金额以回购期满或回购完毕时实际回购的股份数量和回购金额为准。 本次回购股份实施期限自公司股东会审议通过回购股份方案之日起不超过 12 个月， 回购完成后的股份将全 ...