下跌股当中（按市值从高到低），台积电跌0.16%，阿里巴巴跌1.10%，网易跌1.76%，日月光半导体跌 2.05%，百度跌1.42%，京东跌0.66%，携程跌3.01%，腾讯音乐跌3.16%，富途控股跌5.55%，中通跌 0.22%，贝壳跌2.26%，小鹏汽车跌0.26%，哔哩哔哩跌1.55%，中国新城农村跌1.22%，满帮跌1.61%， 新东方跌1.05%，万国数据跌4.33%，唯品会跌4.12%，BOSS直聘跌6.75%，WSP控股跌1.42%，名创优 品跌0.51%，小马智行跌0.73%，华视传媒跌5.64%，金山云跌8.97%，欢聚跌1.50%，世纪互联跌 5.23%。 2月24日热门中概股多数下跌，纳斯达克中国金龙指数（HXC）收跌0.95%。 上涨股当中（按市值从高到低），拼多多涨0.78%，中华电信涨0.26%，联电涨0.10%，理想汽车涨 0.82%，华住酒店集团涨0.26%，蔚来涨4.54%，亚朵集团涨0.74%，慧荣科技涨0.95%，拓臻生物涨 4.15%，雾芯科技涨1.16%。 美股周一大幅收跌，道指下跌逾800点。在最高法院否决其"对等"关税后，美国总统特朗普表示将提高 全球关税，美 ...

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]

Market Overview - On February 13, 2026, a significant asset sell-off occurred in global financial markets, particularly impacting U.S. stock indices. The Dow Jones Industrial Average fell by 669.42 points (1.34%) to close at 49,451.98, while the Nasdaq Composite Index dropped 469.32 points (2.03%) to 22,597.15. The S&P 500 Index also declined by 108.71 points (1.57%) to 6,832.76 [1]. Commodity Market Impact - The sell-off extended to the commodity markets, with gold and silver experiencing substantial declines. COMEX gold futures fell by 3.08% to $4,941.4 per ounce, while COMEX silver futures plummeted by 10.62% to $75.01 per ounce [2][3]. Technology Sector Reaction - Major technology companies were severely affected, with Apple’s stock price dropping by 5%, resulting in a market value loss of over $120 billion (approximately 800 billion RMB). Other tech giants like Microsoft, Amazon, Tesla, Meta, and Nvidia also saw significant declines [3][4]. Chinese Concept Stocks - The Nasdaq Golden Dragon China Index, which includes many Chinese concept stocks, fell by 3% on the same day, indicating a collective sell-off in this sector. Over 40 Chinese concept stocks experienced substantial declines, with Tencent Music down 10.57% and Alibaba down 3.40% [3][4][6]. Employment Data Influence - The catalyst for this market turmoil was a strong U.S. employment report released on February 11, showing a non-farm payroll increase of 130,000 in January, significantly above the expected 70,000. This led to a shift in market expectations regarding Federal Reserve interest rate cuts, with the probability of a March rate cut dropping from 19.6% to 6% [5][6]. Capital Expenditure Concerns - Major tech companies announced aggressive capital expenditure plans for 2026, with Alphabet projecting $175 billion to $185 billion and Amazon estimating $200 billion, both nearly doubling their 2025 expenditures. This raised investor concerns about the return on such investments, especially as many companies reported record profits but saw stock price declines [10][11]. Market Sentiment and Volatility - The market's fear and volatility increased sharply, with the VIX index rising significantly. The sell-off was exacerbated by algorithm-driven trading, which triggered stop-loss orders and led to extreme price movements [15][16][17]. Global Market Impact - The financial turmoil that began in Wall Street quickly spread to global markets, with Asian and European stock markets opening lower in response to the U.S. declines [18].

Group 1 - The core point of the article is that Futu Network Technology (Shenzhen) Co., Ltd. has applied for a patent for a method and device related to account opening processes, which aims to enhance efficiency and accuracy in customer information attribution [1] Group 2 - The patent application, titled "Method, Device, Equipment, and Medium for Account Opening Processing," was published under CN121504341A and was filed on September 2025 [1] - The method involves receiving a target account opening event triggered by a target account opening object, determining a unique target promotion object corresponding to the target account opening link, generating a customer record based on these elements, and storing it in a customer database [1] - The technology aims to automate the attribution and creation of customer information, significantly improving account opening efficiency and achieving precise attribution between account opening objects and promotion objects [1] Group 3 - Futu Network Technology (Shenzhen) Co., Ltd. was established in 2015 and is primarily engaged in software and information technology services, with a registered capital of 20 million USD [1] - The company has participated in five bidding projects and has 129 trademark records and 227 patent records, along with 10 administrative licenses according to data from Tianyancha [1]

Group 1 - The Nasdaq China Golden Dragon Index (HXC) fell by 3% on February 13, indicating a general decline in popular Chinese concept stocks [1][8] - Among the stocks that rose, Chunghwa Telecom increased by 0.82% and Huazhu Hotels Group rose by 0.23% [2][8] - Notable declines included TSMC down 1.60%, Alibaba down 3.40%, Pinduoduo down 4.16%, and Baidu down 4.64% [2][8] Group 2 - The US stock market closed lower on Thursday, with technology stocks leading the decline; the Nasdaq dropped over 2% [2][8] - The Dow Jones Industrial Average fell by 669.42 points, a decrease of 1.34%, closing at 49,451.98 points [2][8] - The S&P 500 index declined for the third consecutive trading day, dropping by 108.71 points or 1.57%, to close at 6,832.76 points [2][8] Group 3 - The list of top gainers included companies like Wu Xin Holdings, which surged by 36.29%, and Jiuzi New Energy, which rose by 31.93% [3][9] - Conversely, significant losers included Tencent Music down 10.57% and GMM down 17.43% [6][11]

Group 1 - Major tech stocks experienced a broad increase, with SanDisk rising over 8%, Oracle up 2%, and NVIDIA increasing by more than 1% [1][2] - Other notable gainers included Tesla, Broadcom, Apple, and Amazon, all showing positive movement [1] - The three major U.S. stock indices opened higher, with the Nasdaq up 0.77%, the Dow Jones up 0.41%, and the S&P 500 up 0.62% [3] Group 2 - Chinese concept stocks mostly rose, with Kingsoft Cloud increasing by over 11%, Bilibili up more than 3%, and Century Internet and Beike both rising over 2% [2][4] - Storage-related stocks rebounded, with Micron Technology rising over 6% and Western Digital increasing by more than 4% [4]

Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].

Summary of Futu Holdings (FUTU) Conference Call Company Overview - **Company**: Futu Holdings (FUTU) - **Market Cap**: $21.1 billion - **Current Price**: $151.49 - **Target Price**: $213.39 - **Upside Potential**: 40.9% [1] Key Takeaways Industry and Market Position - **Client Growth**: Futu is optimistic about new client growth driven by the Hong Kong IPO market, new market launches, and market share gains in existing markets. The company plans to enter one to two new markets in 2026 [1][20]. - **Market Share**: In Hong Kong, Futu has approximately a 30% share in client accounts but only 1% to 2% in terms of assets under management (AUM), indicating significant room for growth [17]. Strategic Focus - **Client and AUM Growth**: The company aims to attract higher-net-worth clients and increase wallet share in established markets like Hong Kong. The average client asset balance in international markets has shown double-digit quarter-over-quarter growth [20][21]. - **Revenue Diversification**: Futu is diversifying its revenue streams beyond simple trading, focusing on higher-margin derivatives, wealth management, banking integration, and cryptocurrency [1][32]. Competitive Landscape - **Differentiation**: Futu differentiates itself through superior user experience and technology, targeting a specific niche among global peers rather than competing on price [1][17]. - **US Market Strategy**: Futu finds the US market attractive and aims to fill gaps between competitors like HOOD and IBKR by offering sophisticated user tools and a user-friendly experience [18]. Financial Performance and Projections - **Revenue Growth**: Projected revenue growth is significant, with estimates of HK$ 13,503.8 million for 2024, increasing to HK$ 29,132.9 million by 2027 [5]. - **Net Income Growth**: Expected net income growth of 27.0% in 2024, with a peak of 95.0% in 2025 [5]. - **Earnings Per Share (EPS)**: Projected EPS growth from HK$ 39.30 in 2024 to HK$ 102.51 by 2027 [5]. Risks and Challenges - **Rate-Cutting Impact**: Management believes that potential negative impacts from a rate-cutting cycle on interest income can be offset by higher trading volumes and growth in margin financing [1][32]. - **Client Acquisition Costs**: Futu views brand marketing as a continuous investment, with a low client churn rate of less than 1% over the past two quarters [26]. New Products and Initiatives - **Product Development**: Futu plans to focus on product development in 2026, particularly in banking integration and cryptocurrency, while maintaining a competitive commission rate in Asian markets [32][19]. - **Market Expansion**: The company is strategically selecting new markets based on investor interest in overseas allocations and the competitive landscape [27]. Conclusion Futu Holdings is positioned for significant growth in the coming years, with a strong focus on client acquisition, revenue diversification, and market expansion. The company's strategic initiatives and optimistic outlook on market conditions present a compelling investment opportunity, despite potential risks associated with market volatility and competition.

Group 1 - A company associated with self-heating pots, Hangzhou Jinlingyang, is facing bankruptcy with a total execution amount exceeding 1.4 billion yuan [2] - The company has multiple legal issues, including 6 execution records and 9 instances of being listed as a dishonest executor [2] - The legal representative, Cai Hongliang, has been restricted from high consumption due to these issues [2] Group 2 - Xiaohongshu is developing an AI video editing product named OpenStoryline, currently in testing and may be open-sourced in the future [2] Group 3 - A certain e-commerce platform has launched a limited edition gold phone case priced at 139,999 yuan, which includes a free iPhone 17 Pro Max with the purchase [3][4] - The gold phone case is available in various weights, starting from 10g to 100g, with the highest priced version at 139,999 yuan [3][4] Group 4 - Memory prices are expected to surge by 80%-90% by the first quarter of 2026, driven by a significant increase in DRAM prices for general servers [6] - The price of 64GB RDIMM contracts has risen from 450 USD in the fourth quarter to over 900 USD in the first quarter, with expectations to exceed 1000 USD in the second quarter [6] Group 5 - Apple is preparing to celebrate its 50th anniversary, with CEO Tim Cook confirming that a commemorative event will take place, although details are not yet disclosed [7] - Cook emphasized the importance of reflecting on the company's history while looking forward to future innovations [7] Group 6 - Tesla's FSD (Full Self-Driving) technology does not have a specific launch date in China, but local training centers have been established to support its deployment [8] - The company aims to ensure that the technology will perform at a level comparable to or better than local drivers [8] Group 7 - Alphabet's dollar bond issuance has attracted over 100 billion USD in demand, indicating strong investor interest in AI-related bonds [9] - The expected issuance size is around 15 billion USD, showcasing a rare level of enthusiasm in corporate bond markets [9] Group 8 - Seres plans to divest significant assets, resulting in a loss of control over Blue Electric Vehicles, with the local government and other investors taking a substantial stake in the new entity [10] - The agreement indicates that Seres will only hold a minority interest in Blue Electric Vehicles post-divestment [10] Group 9 - Playboy has signed an agreement to sell 50% of its China business to UTG Group for a total of 122 million USD, which includes cash payments and guaranteed dividends [12] - This deal allows UTG to manage Playboy's operations in mainland China, Hong Kong, and Macau [12]

Group 1 - The core viewpoint of the article is that Futu Holdings (FUTU.US) saw a stock price increase of over 3%, reaching $156.55, following an upgrade from Goldman Sachs from "Neutral" to "Buy" [1] - Goldman Sachs raised the 12-month price target for Futu to $213.39, indicating approximately 30% upside potential [1] - The upgrade is primarily based on a more positive outlook on the capital market environment and a reassessment of Futu's sustainability in terms of "new customer acquisition and trading activity" [1]