HTSC·2026-02-26 02:38Group 1: Fixed Income and AI Narrative Shift - The global AI narrative is experiencing a significant marginal change in 2026, with at least three layers of narrative transformation observed [2] - The first layer of narrative indicates a divergence regarding the Scaling Law, which has been a core engine for AI investment, suggesting that larger models, more data, and stronger computing power do not always lead to better performance [2] Group 2: Real Estate Market in Shanghai - On February 25, Shanghai's five departments jointly issued new housing policies, referred to as "沪七条," which include easing purchase restrictions, supporting public housing funds, and optimizing property taxes, indicating a stronger relaxation than the new policies in Beijing earlier this year [2] - The new policies are expected to effectively lower the threshold for home purchases and enhance payment capabilities, thereby activating both first-time and upgrade housing demand, exceeding market expectations [2] - The combination of these policies is anticipated to accelerate the transition of Shanghai's housing market from a "pre-expected bottom" to a "volume and price recovery," providing a crucial model for stabilizing the market in first-tier cities [2] Group 3: Semiconductor Industry Insights - The SEMICON Korea industry summit revealed that memory manufacturers are entering a seller's market with both price and volume increases expected in 2026, driven by limited supply and demand locked in through long-term contracts [4] - Samsung is accelerating its HBM4 layout, introducing 1γnm processes and optimizing front-end TSV structures, aiming to regain its technological leadership [4] - The optimism in capital expenditure from tech giants supports the memory market's recovery, with ASML seeing stronger orders for memory than for logic, indicating a structural recovery in the industry [4] Group 4: Key Company Updates - JD Industrial (7618 HK) is focused on supply chain digitization and has been rated "Buy" with a target price of HKD 18.47, reflecting a PE of 28x for adjusted net profit in 2026 [5] - The company is expected to leverage its technological capabilities and group synergies to enhance core user growth and expand revenue and profit margins through initiatives in BOM, international business, and proprietary brands [5] - Amer Sports (AS US) reported a strong Q4 2025 performance with revenue of USD 2.1 billion, a 28% year-on-year increase, driven by technical apparel and outdoor performance segments [6] - HSBC Holdings (5 HK) reported a 5.1% year-on-year increase in revenue for 2025, with a pre-tax profit growth of 7.1%, supported by net interest income and wealth management revenue [7] - AMD announced a strategic partnership with Meta, deploying up to 6GW of AMD Instinct GPUs, which positively impacted AMD's stock price, indicating a strong outlook for its AI business [7]