Core Viewpoint - The Hong Kong stock market is experiencing a recovery, with sectors such as building materials, steel, and real estate leading the gains, while tech stocks are also seeing a rebound [1] Group 1: Market Performance - The Hong Kong Stock Connect Internet ETF (159792) opened higher and saw a trading volume exceeding 300 million yuan, with an increase of nearly 1% by 9:54 AM [1] - Despite a pullback on February 24, the ETF attracted significant capital, with a daily increase of 1.191 billion shares and a net inflow of 953 million yuan [1] Group 2: Sector Analysis - The semiconductor sector is showing a clear upward trend, driven by the active performance of new tech forces since the start of the Year of the Rabbit [1] - Analysts suggest that the acceleration of AI large models and the continuous development of humanoid robots, along with the upcoming earnings disclosures from listed companies, are likely to sustain investor interest in Chinese assets [1] Group 3: Investment Opportunities - The Hong Kong Stock Connect Internet ETF (159792) tracks the CSI Hong Kong Stock Connect Internet Index, with the top ten constituent stocks including Alibaba, Xiaomi, Tencent, and Meituan, which collectively account for nearly 60% of the index [1] - Investors can also explore investment opportunities through linked funds (Class A: 014673; Class C: 014674) [1]

2026 年 2 月 25 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 全球市场观察 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,590 | -1.82 | 3.74 | | 恒生国企 | 9,008 | -2.06 | 1.06 | | 恒生科技 | 5,271 | -2.13 | -4.45 | | 上证综指 | 4,117 | 0.87 | 3.74 | | 深证综指 | 2,713 | 1.23 | 7.21 | | 深圳创业板 | 3,308 | 0.99 | 3.28 | | 美国道琼斯 | 49,175 | 0.76 | 2.31 | | 美国标普 500 | 6,890 | 0.77 | 0.65 | | 美国纳斯达克 | 22,864 | 1.04 | -1.63 | | 德国 DAX | 24,986 | -0.02 | 2.02 | | 法国 CA ...

Core Viewpoint - The company issued a voluntary clarification announcement in response to recent stock price declines and market rumors regarding the impact of rapid iterations of AI large models on the software industry [2] Group 1: Company Response - The board acknowledged the significant drop in the company's stock price and clarified that the rapid development of AI large models has increased demand for computing power and related services, which benefits the company's main business [2] - The company reported that as of September 30, 2025, 83.9% of its revenue was derived from computing power-related income, while only 16.1% came from software services [2] - For the period from January to September 2025, the company experienced a year-on-year revenue growth of 36.8% and achieved its first quarterly profit in the third quarter of 2025 [2] Group 2: Industry Context - The company emphasized that its core business focuses on computing power, utilizing AI technology to assist various industry clients in achieving intelligent upgrades and comprehensive digital transformation [2] - The rapid iteration of AI large models has significantly increased market demand for computing power, providing ample opportunities for the company's further development [2]

Market Overview - Major indices opened slightly higher on February 25, with the Shanghai Composite Index up 0.15%, Shenzhen Component Index up 0.21%, and ChiNext Index up 0.15% [1] - Over 2900 stocks in the market opened higher, with the phosphate chemical and small metal sectors leading the gains [1] Sector Performance - The phosphate chemical sector continued its strong performance, with stocks like Chengxing Co. rising for two consecutive days. Other companies such as Huanbang Bio, Jinzhe Da, Liuguo Chemical, Chuanjin Nuo, and Yuntianhua also saw gains [2] - The small metal sector experienced multiple stock increases, with Yunnan Zhenye opening up 9.87%. Other stocks like Zhangyuan Tungsten and Tin Industry also rose. The overall performance of non-ferrous metals was strong during the Spring Festival, with LME tin, nickel, and copper prices rising [3] Price Movements - International phosphate fertilizer prices have surpassed $700 per ton due to the U.S. designating phosphorus and glyphosate as critical defense materials, leading to a restructuring of the global phosphate supply chain [2] - The domestic tin ingot prices are expected to rise due to anticipated export restrictions on tin raw materials from Indonesia, strengthening the long-term supply-demand outlook for tin [3] Hong Kong Market - The Hong Kong stock market opened slightly higher, with the Hang Seng Index up 0.58% and the Hang Seng Technology Index up 0.86% [4] - Tech stocks in Hong Kong saw broad gains, with companies like Meituan, NetEase, JD.com, and Alibaba all rising over 1%. However, AI model concept stocks continued to weaken, with Zhipu falling nearly 6% and MiniMax dropping over 4% [5]

Core Viewpoint - The article highlights the inflated valuations of AI companies, drawing parallels with the electric vehicle company Rivian, which experienced a significant drop in market value after failing to meet performance expectations [3][4][11]. Group 1: Rivian's Journey - Rivian raised $2.85 billion through four rounds of financing in 2019 before going public in November 2021, achieving a valuation of $120 billion, making it one of the largest IPOs in U.S. history [6]. - After its IPO, Rivian's market value soared to over $150 billion, surpassing established automakers like Daimler and Volkswagen, but subsequently plummeted by 80% within four months [6][10]. - As of now, Rivian's market value has decreased by over 90%, resulting in a loss of more than $130 billion in total market capitalization [3][10]. Group 2: Financial Performance - In Q4 2025, Rivian reported revenues of $1.286 billion, a year-over-year decline of 25.84%, with automotive revenue dropping 45% to $839 million [13]. - For the full year 2025, Rivian achieved total revenues of $5.387 billion, an 8.39% increase from $4.97 billion in the previous year, but incurred a net loss of $3.646 billion, a 23.19% increase from the prior year's loss [15]. - The software and services segment showed significant growth, with revenues increasing by 222% to $1.557 billion in 2025 [15]. Group 3: Strategic Partnerships and Future Plans - Rivian received a total investment of $5.8 billion from Volkswagen, which included the establishment of a joint venture to develop next-generation electric vehicles [8]. - The company plans to launch the R2 model in Q2 2026, which is expected to be a critical turning point for demonstrating long-term profitability [16]. - Rivian anticipates quarterly deliveries to rise significantly in the second half of 2026, with expected cash inflows of $2 billion from the joint venture with Volkswagen [16]. Group 4: Market Context and Implications - The article emphasizes that the current AI wave has generated even larger capital inflows compared to the previous electric vehicle boom, with major tech companies like Google, Meta, Microsoft, and Amazon collectively spending $650 billion this year [12]. - The narrative surrounding AI companies is compared to that of Rivian, suggesting that without solid products and technology, companies may struggle to sustain their inflated valuations [11][17]. - The conclusion drawn is that while Rivian's losses are decreasing, the timeline for achieving profitability remains uncertain, and the company must reach a break-even point to ensure its survival [17].

Core Viewpoint - The company clarifies that recent rumors regarding the potential replacement of existing software business models by rapidly iterating AI large models have caused significant stock price declines, but the company is actually benefiting from the growth in demand for computing power and related services [1][2]. Group 1: Company Performance - As of September 30, 2025, 83.9% of the company's revenue is derived from computing power-related income, while only 16.1% comes from software services [2]. - The company reported a year-on-year revenue growth of 36.8% for the period from January to September 2025, and achieved its first quarterly profit in the third quarter of 2025 [2]. - The company's core business focuses on providing AI technology services to enterprise clients, facilitating their intelligent upgrades and digital transformations [2]. Group 2: Market Trends - The rapid iteration of AI large models has significantly increased market demand for computing power, creating vast opportunities for the company's further business development [2]. - The company confirms that its business operations are normal and that it is not aware of any undisclosed insider information as of the date of the announcement [2].

2月24日，农历马年第一个工作日，广东"新春第一会"连续第四年召开，再次奏响高质量发展时代强 音。今年广东高质量发展大会的主题是"制造业与服务业协同发展"，为广东全年经济发展打响持续争先 的"发令枪"。 广东省委书记黄坤明在大会上强调，推动制造业与服务业协同发展，是顺应产业演进规律、实现产业高 级化的必由之路，是拥抱科技浪潮、赢得未来主动的关键之举，是畅通经济循环、丰富群众生活的战略 之需。制造业与服务业双向奔赴，关乎广东高质量发展大局、现代化建设全局。 从产业科技互促双强到建设现代化产业体系，再到制造业与服务业协同发展，广东接下来如何在两业协 同中实现产业发展提质增效？如何以制造业之强牵引服务业之优，以服务业之优增进制造业之强， 在"制造强省"与"服务高地"相互成就中打开产业发展新天地？日前，南方财经记者专访了中山大学中国 第三产业研究中心主任、教授、博导李江帆，围绕上述问题展开深入探讨。 广东推动两业协同恰逢其时 南方财经：2026年广东省政府工作报告提出，分领域推进生产性服务业向专业化和价值链高端延伸，促 进生活性服务业高品质、多样化、便利化发展。你认为，广东生产性服务业在向专业化和价值链高端延 伸的过 ...

Core Viewpoint - The Hong Kong stock market has experienced fluctuations since the start of the Year of the Rabbit, with a notable performance in the technology sector, particularly in semiconductors, driven by AI advancements and upcoming earnings disclosures [1][2]. Market Performance - Since the market opened after the Lunar New Year (February 20-24), the Hang Seng Index has decreased by 0.43%, the Hang Seng China Enterprises Index by 0.69%, and the Hang Seng Technology Index by 1.80%. However, since January 2026, the Hang Seng Technology Index has dropped over 4%, while the other two indices have seen gains [1]. - Various sectors have shown positive performance, with telecommunications, energy, and industrial sectors leading with increases of 2.62%, 2.48%, and 2.43% respectively. Other sectors like materials, information technology, finance, and discretionary consumption have seen slight increases, while consumer staples, conglomerates, and healthcare have declined [1]. Individual Stock Performance - Nearly half of the stocks in the Hong Kong market have risen since the Lunar New Year, with notable gainers including Dachen Microline Group (over 100%), Jiuyuan Group, Putian Communication Group, and Yabo Technology Holdings (over 50%), and several others with gains exceeding 20% [2]. - Stocks with a market capitalization exceeding HKD 1 trillion have seen over 60% increase since the Lunar New Year, including China Petroleum (over 4%), China National Offshore Oil Corporation, Agricultural Bank of China, and Zijin Mining (over 1%) [2]. Semiconductor Sector Strength - On February 24, the Wind Hong Kong Semiconductor Index continued its upward trend, rising by 2.00% after an initial dip, with significant gains from stocks like Weizhi Holdings (13.79%), Zhaoyi Innovation (11.91%), and Puda Technology (10.91%) [2]. - The strength in the semiconductor sector is attributed to rising AI computing demands and breakthroughs in domestic equipment and components, leading to increased market confidence [2]. Future Outlook - Looking ahead to 2026, ongoing domestic industrial policies and measures to reduce competition are expected to improve manufacturing profitability and overall demand for upstream components and equipment [3]. - Analysts suggest three key areas for future investment: rising geopolitical risks leading to increased interest in precious metals and energy, low valuations in the consumer sector with potential for growth, and the technology sector as a long-term investment focus due to ongoing advancements in AI [3][4]. Technology Sector Insights - The technology sector has shown strong performance, with new AI model stocks like MINIMAX-WP and Zhiyu showing significant upward trends, while traditional internet giants have faced adjustments [4]. - Current valuations in the Hong Kong technology sector are at historical lows, indicating potential for future growth as AI development continues [4].

Core Insights - The article discusses the rapid advancements in AI technology, particularly focusing on ByteDance's recent launch of multiple AI models, including Doubao-Seed-2.0, which aims to redefine AI's role in real-world applications [2][3][4]. Group 1: AI Model Developments - ByteDance launched a series of AI models from February 12 to 14, 2026, including Seedance 2.0 and Seedream 5.0 Lite, showcasing significant advancements in AI capabilities [2][4]. - Doubao-Seed-2.0 is highlighted as a multi-modal agent model that excels in handling complex real-world tasks, marking a generational leap in AI capabilities [13][14]. Group 2: Market Dynamics and Challenges - The AI industry is experiencing a "demand anxiety," where high model scores in labs do not translate to stable performance in commercial applications [5][6]. - Companies face three main challenges in adopting AI: capability limitations, high costs versus low stability, and the need for cloud infrastructure to support AI applications [6][8][10]. Group 3: Cloud and AI Integration - The integration of AI with cloud services is becoming crucial, with the demand for model-as-a-service (MaaS) driving new growth in the cloud market [10][22]. - Fire Mountain Engine, powered by ByteDance's AI models, is positioned to dominate the public cloud market, with a reported 49.2% share in the AI model invocation market by mid-2025 [16][18]. Group 4: Industry Implications - The emergence of the "trillion Tokens club" indicates that AI is now integral to core business operations across various industries, including automotive and smart devices [17][20]. - The competition in the cloud market is shifting from selling basic resources to providing intelligent scale, emphasizing the need for robust model capabilities and efficient execution [26].

Core Insights - The company has achieved a significant milestone by surpassing 10 million units in cumulative shipments of smart electric two-wheelers, marking an important point in its development journey [2][3]. Group 1: Testing and Quality Assurance - The company operates a state-of-the-art testing center equipped with over 250 high-end testing devices, capable of executing 565 specialized experiments, covering 95% of national safety inspection tests for electric motorcycles and bicycles [2]. - Each batch of two-wheelers undergoes rigorous testing to ensure safety before being released to the market, reflecting the company's commitment to user safety [2]. Group 2: Global Expansion Strategy - Globalization is a core strategy for the company, with plans to officially enter the Southeast Asian market, emphasizing the importance of understanding local consumer habits and needs [4]. - The company has already established a presence in over 100 countries and regions, utilizing both online platforms like Amazon and offline channels such as Costco and Target to reach consumers [4][5]. Group 3: Innovation and Technology - The company is focusing on smart technology as a key competitive advantage, planning to equip its electric motorcycles with automated driving assistance capabilities and self-balancing technology [6][7]. - Advanced AI capabilities are being developed, including a vehicle assistant based on large models, aimed at enhancing user experience and safety through features like battery safety alerts and accurate range predictions [7].