Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Global financial markets are affected by multiple factors including geopolitical tensions, tariff policies, and corporate earnings, leading to significant fluctuations in various asset classes. For example, the US stock market declined due to Trump's tariff plan and EU's suspension of the trade - agreement approval, while the precious metals market rose due to increased risk - aversion [5][6]. - The energy market is influenced by the Iran - US nuclear negotiation, with expectations of increased Iranian oil supply putting downward pressure on oil prices [7]. 3. Summary by Directory Overnight Night - Market Trends - **Stock Markets**: US major indices (Dow, S&P 500, Nasdaq) fell, with IBM and American Express leading the decline. European indices (DAX, CAC40, FTSE 100) also closed lower. The reasons include Trump's tariff plan and EU's suspension of trade - agreement approval [5]. - **Precious Metals**: COMEX gold and silver futures rose due to increased risk - aversion from geopolitical tensions, tariff policy changes, and other factors [6]. - **Energy**: US crude oil and Brent oil futures fell as the Iran - US nuclear negotiation showed signs of progress, increasing the expectation of more Iranian oil supply [7]. - **Base Metals**: Most London base metals declined, except for LME tin which rose [7]. Important News Macro News - Shanghai Export Container Settlement Freight Index for European routes dropped 2.1%. The US will stop collecting certain illegal tariffs. There is still a risk of US military strikes against Iran. India postponed a trade delegation plan. China is assessing the impact of US tariff rulings and urges the US to cancel unilateral tariffs. The EU suspended the approval of a trade agreement with the US. The Trump administration is considering new "national security tariffs" [9][11]. Energy Futures - Saudi Aramco sold condensate oil. Methanol supply in Southeast Asia is restricted due to planned maintenance. Goldman Sachs and Morgan Stanley have different forecasts for oil prices, with Goldman Sachs raising price forecasts for Q4 2026 and 2027, and Morgan Stanley expecting a short - term increase followed by a decline [14][16][18]. Metal Futures - The US energy storage market is expected to grow 21%. Lebanon may sell part of its gold reserves. UBS is positive on gold, with a target price of $6200/ounce [20][21]. Black - Series Futures - China's iron ore arrivals decreased, but global iron ore shipments increased. Vietnam plans to build a large - scale steel plant. The blast furnace capacity utilization rate of Chinese pig - iron enterprises decreased, and inventory increased [23][25]. Agricultural Products Futures - Malaysian palm oil production and exports decreased in February. Argentina's soybean moisture conditions improved, and the production forecast remains unchanged [27][28]. Financial Markets Financial - 143 companies have submitted IPO applications in the Hong Kong stock market in 2026. Deloitte predicts a better performance in the Hong Kong IPO market this year [30]. Industry - Payment transactions on Chinese New Year's Eve increased. The real - estate market may show more stabilization signals. China's AI governance system is maturing [31]. Overseas - The US may adjust tariff application methods and continue steel - aluminum tariffs. The Fed has about 75 basis - points to reach the neutral rate. India plans to invest $200 billion in AI. The Australian central bank may tighten policy. UK unemployment reached a new high [32][34][35]. International Stock Markets - US and European stock markets rose, while the Japanese market fell. High - end companies made significant stock - position adjustments. The UK may adjust accounting rules to attract Chinese companies. Australia simplifies corporate governance rules. Some companies announced major transactions or reported good earnings [36][38][41]. Commodities - Precious metals, oil, and most base metals futures fell due to factors such as progress in the Iran - US nuclear negotiation and reduced risk - aversion [43]. Bonds - US Treasury yields had mixed changes. Japanese bonds rose, and the 2029 fiscal - year bond issuance may increase [45]. Foreign Exchange - The US dollar index rose slightly, and most non - US currencies fell [46]. Upcoming Economic Data and Events - **Economic Data**: Include Japan's trade balance, UK's inflation and housing - price index, US's new - home construction, and other data [48]. - **Events**: New Zealand's central - bank rate decision, European Central Bank officials' speeches, and the Fed's release of meeting minutes [50]. - **Market Closures**: Chinese, South Korean, and Vietnamese stock markets are closed due to the Spring Festival [52].

NEW YORK, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Lufax Holding Ltd (NYSE: LU) resulting from allegations that Lufax may have issued materially misleading business information to the investing public. So What: If you purchased Lufax securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The ...

（文章来源：每日经济新闻） 每经AI快讯，2月21日，中概股龙头指数收涨0.94%。成分股中，网易有道涨近10%，希尔威金属矿业涨 超5%，涂鸦智能涨逾4%，日月光控股、挚文集团涨超3%；世纪互联、陆金所跌超4%，AHG、NEGG 跌超3%，文远知行、哔哩哔哩跌超2%。 ...

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Lufax Holding Ltd due to allegations of materially misleading business information issued to the public [1] Group 1: Investigation Details - The investigation is prompted by a current report filed by Lufax with the SEC on January 27, 2025, which indicated a proposal to remove Lufax's auditors and a possible delay in the publication of its 2024 annual report [1] - Following this announcement, Lufax's American Depositary Shares (ADSs) experienced a decline of 13.8% on the same day [1] Group 2: Class Action Information - Investors who purchased Lufax securities may be entitled to compensation through a contingency fee arrangement, meaning no out-of-pocket fees or costs are required [1] - The Rosen Law Firm is preparing a class action to seek recovery of investor losses [1] Group 3: Rosen Law Firm's Credentials - The firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company [1] - Rosen Law Firm was ranked No. 1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions of dollars for investors [1] - In 2019, the firm secured over $438 million for investors, and its founding partner was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020 [1]

Core Viewpoint - The stock prices of several companies, including Lufax Holdings, Wanwu Xingsheng, Noah Wealth, JinkoSolar, and Trip.com, have experienced declines, indicating a negative trend in the market for these firms [1] Company Performance - Lufax Holdings saw a decline of 3.28% in its stock price [1] - Wanwu Xingsheng's stock dropped by 2.99% [1] - Noah Wealth experienced a decrease of 2.68% [1] - JinkoSolar's stock fell by 2.41% [1] - Trip.com reported a decline of 2.26% [1]

Lufax Holding Ltd 陸金所控股有限公司 董事名單及其角色和職能 陸金所控股有限公司的董事（「董事」）會（「董事會」）成員載列如下。 執行董事 趙容奭先生 （首席執行官） 席通專先生 非執行董事 郭世邦先生 蔡方方女士 李佩鋒先生 獨立非執行董事 （於開曼群島註冊成立的有限公司） （股份代號：6623） （紐交所股票代碼：LU） 葉迪奇先生 （董事長） 楊如生先生 李祥林先生 李蕙萍女士 下表載列董事會審計委員會及提名與薪酬委員會成員資料。 | | 董事會委員會 | | 提名與 | | --- | --- | --- | --- | | 董事 | | 審計委員會 | 薪酬委員會 | | 趙容奭先生 | | | | | 席通專先生 | | | | | 郭世邦先生 | | | | | 蔡方方女士 | | | | | 李佩鋒先生 | | | | 1 | | 董事會委員會 | | 提名與 | | --- | --- | --- | --- | | 董事 | | 審計委員會 | 薪酬委員會 | | 葉迪奇先生 | | | 主席 | | 楊如生先生 | | 主席 | 成員 | | 李祥林先生 | | 成員 ...

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Lufax Holding Ltd due to allegations of materially misleading business information issued to the investing public [1] Group 1: Investigation Details - The investigation is focused on Lufax Holding Ltd (NYSE: LU) and its business practices [1] - Shareholders who purchased Lufax securities may be entitled to compensation without any out-of-pocket fees or costs through a contingency fee arrangement [1]

Core Viewpoint - The significant stock price increase of Lufax Holdings (LU.N) by 15.61% to $3.11 is attributed to the completion of its audit process and management restructuring, signaling a resolution to the audit issues that have plagued the company for over a year [2][3]. Audit Resolution - Lufax completed its financial audit for the fiscal years 2022 to 2024 two and a half months ahead of the deadline, with Ernst & Young providing an authoritative audit opinion [4]. - The adjustments to the 2023 fiscal year financial report showed a net profit change of 7.9%, which did not reach the lower limit of market expectations of 8%-15% [4]. - The audit issues were primarily technical compliance problems rather than fundamental financial flaws, as indicated by the relatively manageable adjustments [4]. Market Performance - The stock price of Lufax remained stable during the audit turmoil, reflecting investor focus on current operations and future growth rather than past issues [5]. Business Performance - As of December 2024, Lufax's loan balance reached 216.9 billion yuan, with new loans of 21.31 billion yuan, showing slight growth compared to 2.08 billion yuan in 2023 [6]. - The customer base expanded to 25.9 million, with active customers increasing to 5 million, up from 3.9 million in 2023 [6]. - The consumer finance segment showed significant growth, with customer numbers rising to 4.1 million and loan balances increasing to 50.1 billion yuan, alongside a decrease in non-performing loan ratio from 1.5% to 1.2% [7]. Management Restructuring - The management changes, including the appointment of Ji Xiang as CEO and the addition of Cai Fangfang to the board, are seen as strategic moves to address future challenges [8][9]. - Ji Xiang's background in retail banking and strategic management aligns with Lufax's focus on quality and prudent operations [8]. - Cai Fangfang's extensive experience in compliance and human resources is expected to enhance corporate governance and risk management [9]. Governance Improvements - Lufax has engaged Deloitte for a special review of its internal control systems, aiming to enhance governance and operational efficiency [10]. - The combination of audit completion, management changes, and internal control improvements indicates a comprehensive approach to governance repair [10]. - The market's positive response, reflected in the stock price surge, suggests that the core obstacles to Lufax's recovery have been largely addressed [10].

Group 1 - The Livermore Chinese concept stock index rose by 0.2% at the beginning of trading on February 17 [1] - Among the constituent stocks, Lufax increased by 10% [1] - Hesai Technologies rose nearly 8% [1] - Melco Resorts & Entertainment gained 4.7% [1] - Pony.ai saw an increase of over 2% [1]

Foreign Exchange and Interest Rate Risk - The company is primarily exposed to foreign exchange risk from RMB-denominated loans to subsidiaries, with a 5% appreciation of RMB potentially impacting profit before tax by RMB (174) million in 2023 and RMB (121) million in 2024[1119]. - A parallel shift of +100 basis points in interest rates could increase profit before tax by RMB 466 million in 2022, RMB 299 million in 2023, and RMB 193 million in 2024[1127]. - The company has entered into forward RMB-FX trading to manage foreign currency risk exposure since May 2023[1118]. - The company’s interest rate risk policy focuses on managing the maturities of interest-bearing financial assets and liabilities to mitigate cash flow and fair value interest rate risks[1121]. Financial Assets and Liabilities - As of December 31, 2022, total financial assets amounted to RMB 327,871 million, while total financial liabilities were RMB 246,274 million, resulting in a total interest rate sensitivity gap of RMB 81,596 million[1123]. - As of December 31, 2023, total financial assets decreased to RMB 213,892 million, while total financial liabilities were RMB 133,607 million, leading to a total interest rate sensitivity gap of RMB 80,285 million[1124]. - The company’s cash at bank decreased from RMB 43,939 million in 2022 to RMB 39,696 million in 2023[1123][1124]. - The company’s borrowings increased from RMB 36,916 million in 2022 to RMB 38,823 million in 2023[1123][1124]. - The company’s loans to customers decreased from RMB 211,447 million in 2022 to RMB 129,694 million in 2023[1123][1124]. Credit Risk - Credit risks are primarily associated with deposit arrangements, financial assets at fair value, accounts receivable, and loans to customers, with various controls in place to monitor these risks[1128]. - As of December 31, 2022, the credit risk exposure for loans to customers was RMB149.2 billion, which decreased to RMB64.6 billion in 2023 and further to RMB20.9 billion (US$2.9 billion) in 2024[1130]. - The on-balance sheet credit risk exposure for the company as of December 31, 2022, 2023, and 2024 amounted to RMB66.9 billion, RMB70.7 billion, and RMB93.5 billion (US$12.9 billion), respectively[1130]. - The company uses a three-stage model for impairment based on changes in credit quality since initial recognition, with Stage 1 having 12-month ECL and Stages 2 and 3 having lifetime ECL[1132]. - The company defines a financial instrument as in default if the borrower is 90 days or more past due on its contractual payments, aligning with the definition of credit-impaired assets[1136]. Expected Credit Loss and Financing Guarantees - Total expected credit loss (ECL) and financing guarantee liabilities under the assumption of reclassification of financial assets from stage 2 to stage 1 were RMB10,479 million in 2022, RMB9,651 million in 2023, and RMB11,256 million in 2024[1140]. - The total ECL and financing guarantee liabilities recognized in the consolidated balance sheet were RMB12,826 million in 2022, RMB11,459 million in 2023, and RMB12,761 million in 2024[1140]. - The difference in ECL and financing guarantee liabilities due to reclassification from stage 2 to stage 1 was RMB(2,347) million (18%) in 2022, RMB(1,808) million (16%) in 2023, and RMB(1,506) million (12%) in 2024[1140]. - Financing guarantee commitments were RMB68,503 million as of December 31, 2022, decreased to RMB54,903 million in 2023, and are projected to be RMB68,017 million in 2024[1142][1143]. Fair Value of Financial Instruments - As of December 31, 2023, total financial assets at fair value through profit or loss decreased to RMB 24,763 million from RMB 31,914 million in 2022, representing a decline of approximately 22.6%[1149]. - Level 3 instruments increased from RMB 3,006 million in 2022 to RMB 5,487 million in 2023, marking an increase of 82.3%[1151]. - Additions to Level 3 instruments were RMB 2,720 million in 2023, while disposals amounted to RMB 1,021 million, resulting in a net increase[1151]. - The gains or losses recognized in profit or loss for Level 3 instruments were RMB (280) million in 2023, compared to RMB (34) million in 2022, indicating a significant increase in losses[1151]. - The discount rates used to determine the fair value of Level 3 instruments ranged from 0.66% to 16.01% as of December 31, 2023[1155]. - If the risk-adjusted discount rate increased by 100 basis points, the expected change in profit before income tax would be a loss of RMB 173 million for 2023[1156]. - The total financial assets at fair value through other comprehensive income were RMB 1,156 million as of December 31, 2024[1149]. - The total Level 3 instruments at the end of 2024 are projected to be RMB 4,023 million, a decrease from RMB 5,487 million in 2023[1151]. - The company transferred RMB 1,063 million from Level 2 to Level 3 in 2023 due to the application of significant unobservable inputs in the valuation method[1151]. ADS Program and Share Conversion - Investors holding ADSs directly must follow specific procedures to convert ADSs to ordinary shares for trading on the Hong Kong Stock Exchange, which typically requires two business days for CCASS transactions and may take 14 business days or more for physical shares[1175]. - The depositary will issue the corresponding number of ADSs upon payment of fees and taxes, and delivery will be made to the designated DTC account of the holder[1176]. - All costs associated with the conversion of ADSs to ordinary shares and vice versa will be borne by the investor, with fees for ordinary share transfers in Hong Kong ranging from HK$2.50 to HK$20, and up to US$0.05 per ADS for issuance or cancellation[1180]. - The depositary may refuse to deliver or register transfers of ADSs if the transfer books are closed or if deemed advisable, in compliance with U.S. federal securities laws[1179]. - Holders of ADSs must provide satisfactory proof of identity and comply with established procedures for the withdrawal of ordinary shares from the ADS program[1178]. - If there are insufficient ordinary shares on the Hong Kong share register to satisfy a cancellation of ADSs, the withdrawal will be partially fulfilled from the principal share register in the Cayman Islands[1176]. - Investors must submit a completed letter of transmittal to the custodian via their broker for the transfer of ordinary shares[1172]. - The process for withdrawing ordinary shares from the ADS program requires the holder to turn in ADRs and pay applicable fees and taxes[1177]. - The depositary is not obligated to maintain or increase the number of ordinary shares on the Hong Kong share register to facilitate withdrawals[1176]. - Temporary delays may occur during the transfer process, particularly if the depositary's transfer books are closed[1175].