Group 1: Market Index Performance - The Hang Seng Index opened 216 points higher, reached a high of 25,390 points with an increase of 326 points, then dropped 48 points to 25,015 points, and finally closed up 272 points or 1.1% at 25,335 points. The H-shares Index rose 83 points or 1% to 8,582 points, and the Hang Seng Tech Index climbed 92 points or 1.9% to 4,922 points. The total turnover of the market was HK$350.933 billion [1] - The Shanghai Composite Index rose 50 points or 1.3% to 3,931 points, with a turnover of RMB967.85 billion. The Shenzhen Component Index increased 264 points or 2% to 13,801 points, with a turnover of RMB1.21 trillion. The ChiNext Index advanced 65 points or 2% to 3,316 points, with a turnover of RMB554.8 billion [2] - The Dow Jones Industrial Average rose 305 points or 0.7% to 46,429 points, the S&P 500 Index increased 35 points or 0.5% to 6,591 points, and the Nasdaq Composite Index climbed 167 points or 0.8% to 21,929 points [2] Group 2: Central Bank Operations - The People's Bank of China conducted 78.5 billion yuan of seven-day reverse repurchase operations on the 25th, with an operating rate of 1.4%. There were 20.5 billion yuan of reverse repurchases due, resulting in a net injection of 58 billion yuan. The central bank will conduct 500 billion yuan of one-year MLF operations today, with 400 billion yuan of MLF due [2] Group 3: International Situation - Iran will reject the US ceasefire proposal and put forward five conditions to end the war, including the complete cessation of enemy aggression and assassination, the establishment of a mechanism to ensure no future war, clear definition of war damage compensation and payment methods, a full ceasefire on all fronts, and international recognition of Iran's sovereignty over the Strait of Hormuz [3] Group 4: Fund and Company Performance - As of the end of February 2026, the net asset value of domestic public funds totaled 38.61 trillion yuan, breaking through the 38 trillion yuan mark for the first time and hitting a record high for 11 consecutive months, with money funds and bond funds contributing the main increments [4] - China Silver Group (00815.HK) reported annual revenue of 3.063 billion yuan, a year-on-year decrease of 26.3%. Net profit was 586 million yuan, a year-on-year increase of 5783.3%, with earnings per share of 0.245 yuan. No dividend was distributed [4] - Mengniu Dairy (02319.HK) achieved revenue of 82.245 billion yuan in 2025, a year-on-year decrease of 7.3%. Net profit was 1.545 billion yuan, a 13.79-fold increase. Earnings per share were 0.396 yuan, and a final dividend of 0.52 yuan was distributed, compared with 0.509 yuan in the previous year [4] - China Taiping (00966.HK) reported insurance service revenue of 24 billion yuan in 2025, a year-on-year increase of 9%. Net profit was 27.059 billion yuan, a 220.9% increase, mainly due to insurance service performance, net investment growth, and the one-time impact of the new corporate tax policy. Earnings per share were 7.251 yuan, and a final dividend of 1.23 yuan was distributed, compared with 0.35 yuan in the previous year [4] - CGN Power (01816.HK) reported revenue of 75.697 billion yuan in 2025, a year-on-year decrease of 4.1%. Net profit was 9.765 billion yuan, a year-on-year decrease of 9.9%, with earnings per share of 0.193 yuan. A final dividend of 0.086 yuan was distributed, compared with 0.095 yuan in the previous year [5] - China Life (02628.HK) reported annual revenue of 616.065 billion yuan, a year-on-year increase of 16.5%. Net profit was 154.078 billion yuan, a year-on-year increase of 44.1%, with earnings per share of 5.45 yuan. A proposed final dividend of 0.618 yuan per 10 shares was announced, with a total annual dividend of 0.856 yuan per 10 shares, and the total dividend amount reached 24.195 billion yuan, a year-on-year increase of 31.7% [5] - Zhihu - W (02390.HK) reported annual revenue of 2.749 billion yuan, a year-on-year decrease of 23.6%. The loss widened to 193 million yuan, compared with a loss of 172 million yuan in the previous year, with a loss per share of 0.8 yuan. No dividend was distributed [5] - Kingsoft (03888.HK) reported revenue of 9.683 billion yuan, a year-on-year decrease of 6.2%. Net profit was 2.004 billion yuan, a year-on-year increase of 29.2%, with earnings per share of 1.46 yuan. A final dividend of HK$0.13 was distributed, compared with HK$0.15 in the previous year [5] - Kuaishou - W (01024.HK) reported a profit of 5.234 billion yuan in the fourth quarter, a year-on-year increase of 31.7%. Revenue increased 11.8% year-on-year to 39.568 billion yuan, higher than the comprehensive broker forecast range of 38.746 billion to 38.991 billion yuan [6]

Market Performance - The Hang Seng Index (HSI) fell by 223 points or 0.9%, closing at 25,277 points[1] - The Shanghai Composite Index (SSE) dropped by 49 points or 1.2%, ending at 3,957 points[2] - The S&P 500 decreased by 100 points or 1.5%, closing at 6,506 points[2] Currency and Interest Rates - The RMB/USD central parity rate was reported at 6.8898, up by 77 pips, marking the highest level since April 25, 2023[2] - The People's Bank of China maintained the one-year and five-year Loan Prime Rates (LPR) at 3% and 3.5%, respectively[2] Company Earnings - China National Pharmaceutical Group (01099.HK) reported revenue of RMB 575.168 billion, a year-on-year decrease of 1.6%, with net profit rising by 1.5% to RMB 7.155 billion[4] - Zijin Mining Group (02899.HK) achieved revenue of RMB 349.079 billion, a year-on-year increase of 15%, with net profit growing by 61.6% to RMB 51.777 billion[4] - Sinopec (00386.HK) reported revenue of RMB 2.78 trillion, down 9.5%, with net profit declining by 33.6% to RMB 32.476 billion[5] Stock Market Activity - The total trading volume in the Hong Kong market was HKD 342.518 billion[1] - The small-cap Russell 2000 index fell by 2.3%, officially entering a correction phase[2]