2月27日投资早报|锐新科技拟购买德恒装备51%股权股票复牌，臻镭科技2025年净利润同比增长582.01%，*ST阳光申请撤销退市风险警示

Market Overview - On February 26, 2026, the A-share market saw all three major indices close higher, with the Shanghai Composite Index at 3888.60 points, up 0.34%, and the Shenzhen Component Index at 12984.08 points, up 0.85% [1] - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling 1.44% to 26381.02 points, and the Hang Seng Technology Index down 2.87% to 5109.33 points [1] - In the U.S. stock market, the S&P 500 Index decreased by 0.54% to 6908.86 points, while the Dow Jones Industrial Average saw a slight increase of 0.03% to 49499.2 points [1] Banking Sector - The People's Bank of China announced support for domestic banks to conduct RMB cross-border interbank financing under lawful, compliant, and risk-controlled principles [2] - Domestic banks are required to manage these financing activities centrally and establish robust risk management and internal control mechanisms [2] - A warning mechanism must be established for when the net RMB financing balance approaches 80% of the upper limit [2] AI Industry - For the first time, China's AI model API usage surpassed that of the U.S., with 4.12 trillion tokens called in the week of February 9-15, compared to 2.94 trillion tokens in the U.S. [3] - The following week, China's usage further increased to 5.16 trillion tokens, marking a 127% rise over three weeks, while U.S. usage fell to 2.7 trillion tokens [3] - Four out of the top five AI models by usage are from Chinese companies, contributing 85.7% of the total calls [3] Baidu Financial Performance - Baidu Group reported fourth-quarter revenue of 32.74 billion RMB, a 5% increase from the previous quarter, slightly above market expectations [3] - AI business revenue accounted for 43% of Baidu's general business revenue, with smart cloud infrastructure revenue at 5.8 billion RMB and AI high-performance computing subscription revenue up 143% year-over-year [3] - The adjusted EBITDA for the fourth quarter was 4.7 billion RMB, with an EBITDA margin of 14% [3]