Market Overview - The North Exchange 50 Index increased by 0.58% during the second week of February 2026[15] - The average daily trading volume on the North Exchange fell to 18.581 billion yuan, a decrease of 9.33% from the previous week[7] Trading Activity - The turnover rate for the North Exchange was 16.83%, with a total of 294 listed companies[8] - The proportion of North Exchange trading volume in the overall market slightly rebounded to 0.88%[9] Sector Performance - Most sectors on the North Exchange experienced negative median returns, with the media sector leading at 22.62% and the oil and petrochemical sector declining by -8.66%[19] - The computer industry had the highest median price-to-earnings (P/E) ratio at 140.24 times, while the construction and decoration sector had a relatively low P/E ratio of 27.89 times[19] New Listings - Two new stocks were listed on the North Exchange, with average first-day price increases of over 150%[41] - The new stocks included Aide Technology, which saw a first-day price increase of 202.96%, and Haisan Medical, which increased by 142.41%[44] Risks - There is a risk of a pullback in North Exchange stocks due to recent fluctuations in trading volume and liquidity[45]

Core Insights - The CEO of XPeng Motors, He Xiaopeng, announced a strategic plan titled "Steady Progress and Breaking the Game, 2026 Towards a New Decade of Physical AI," marking 2026 as a pivotal year for the company's transition from "capable" to "mass production" in embodied intelligence [1][4] - The company plans to launch three cutting-edge AI businesses this year: humanoid robots, flying cars, and Robotaxi services, with a focus on large-scale production and delivery [1][4] Flying Cars - The flying car, referred to as "land aircraft carrier," has completed its trial production line and has undergone extreme cold testing at -35 degrees Celsius [5] - XPeng has received over 7,000 global orders for the flying car, with 600 orders from the Middle East, and its manufacturing facility in Guangzhou has an annual production capacity of "tens of thousands" [6] - The company aims to initiate commercial exploration of personal low-altitude travel this year [7] Humanoid Robots - The next-generation IRON robot is set to begin mass production by the end of 2026, targeting the title of "the world's first mass-produced advanced humanoid robot" [8] - This robot will meet automotive-grade standards and will initially be used in guiding and shopping scenarios, with an open SDK available for global developers to build an ecosystem [8] Robotaxi Services - The Robotaxi initiative will accelerate this year, with pilot operations for ride-hailing services starting, utilizing models built on the GX platform equipped with four self-developed Turing AI chips, providing 3000 TOPS of computing power for a pure vision solution [8] - He Xiaopeng predicts that the Robotaxi segment will enter a rapid growth phase between 2027 and 2028, significantly boosting revenue and market value for the company [2][8] Global Strategy and Product Expansion - 2026 is projected to be an unprecedented product year for XPeng, with three super-range products launching in Q1 and at least four new vehicles entering overseas markets throughout the year, aiming to double overseas sales [10] - By 2030, XPeng plans to achieve overseas sales of 1 million vehicles, contributing over 70% of profits, focusing on key markets such as Germany and Thailand [3][10] Talent Acquisition - To support its ambitious plans, XPeng intends to hire 8,000 people globally in 2026, including 5,000 campus recruits, to strengthen its talent pool [11] - He Xiaopeng emphasized that 2026 will be a critical turning point for fully autonomous driving, as the company aims to transition from an automotive manufacturer to a comprehensive player in the physical AI sector [11]

Domestic News - The Ministry of Commerce has announced the inclusion of 20 Japanese entities, including Mitsubishi Heavy Industries, in an export control list due to their involvement in enhancing Japan's military capabilities. Exporters are prohibited from exporting dual-use items to these entities without special permission from the Ministry [1] - Another 20 Japanese entities, including Subaru Corporation, have been placed on a watch list due to the inability to verify the end users and purposes of dual-use items. Exporters must submit risk assessment reports and written commitments that the items will not be used to enhance Japan's military capabilities when applying for export licenses [1] - The People's Bank of China announced that the Loan Prime Rate (LPR) for both 1-year and 5-year terms remains unchanged at 3.0% and 3.5%, respectively [2] - The National Development and Reform Commission reported an increase in domestic gasoline and diesel prices by 175 yuan and 170 yuan per ton, respectively, effective from February 24 [2] International News - The U.S. Department of Homeland Security confirmed the cessation of tariffs on imported goods under the International Emergency Economic Powers Act starting February 24 [5] - A study from the German Economic Institute indicated that Germany's automobile exports to China are expected to decrease by about one-third in 2025, with last year's exports dropping to below 14 billion euros (approximately 16.49 billion USD) from nearly 30 billion euros three years ago [5] Market Overview - The Shanghai Composite Index rose by 0.87% to 4117.41, while the Shenzhen Component Index increased by 1.36% to 14291.57. The ChiNext Index also saw a rise of 0.99% to 3308.26 [5] - The onshore RMB was quoted at 6.8849, appreciating by 232 points, while the offshore RMB stood at 6.8778, up by 107 points [5] - WTI crude oil was priced at 66.37, reflecting a slight increase of 0.09%, and Brent crude oil was at 71.17, up by 0.08% [5]

Group 1 - The U.S. government will stop collecting illegal tariffs on imported goods starting February 24, leading to a rise in major stock index futures [1] - Amazon plans to invest $12 billion in building advanced data centers in Louisiana, creating 540 full-time jobs and 1,710 full-time equivalent positions [1] - Tesla's new car registrations in the EU fell by 17% in January, with sales dropping to 8,075 vehicles from 9,733 year-over-year, resulting in a market share decline from 1.0% to 0.8% [1] Group 2 - Anthropic will hold a live event to showcase its AI assistant Claude, targeting corporate executives, amid market anxiety contributing to a significant drop in stock indices [2] - PayPal has attracted interest from potential buyers, with at least one major competitor exploring a full acquisition, while others focus on specific assets [2] - The White House is pressuring tech executives to commit to covering the costs of data center operations without passing expenses onto consumers [3] Group 3 - FedEx is suing the U.S. government for a full refund of tariffs it has paid, seeking reimbursement for all IEEPA tariffs [3] - Apple plans to produce some new Mac Mini models in the U.S. later this year, with manufacturing set to begin at a Foxconn facility north of Houston [3] - Uber announced its acquisition of parking app SpotHero to enhance its app's parking reservation capabilities for events and venues [4]

Core Viewpoint - The new BMW M5 Touring is set to adopt a part of the new design language, emphasizing a more sporty appearance, with a release expected in mid-2027 [1][2][9]. Group 1: Design and Testing - The new model is currently undergoing testing in Sweden's cold climate, with most exterior adjustments seemingly focused on the front end [5][11]. - The test vehicle appears to be a U.S. version, indicated by the orange reflector on the front bumper side, with a reduced grille size and a new headlight design that no longer extends upward along the engine cover seam [7][13]. Group 2: Technical Specifications - The new M5 Touring is expected to feature a charging port cover and will likely continue to utilize a twin-turbocharged S68 engine paired with an electric motor, forming a hybrid system [9][15].

Core Viewpoint - The court ruled in favor of the company in a defamation case against the self-media account "AutoReport Automotive Economics," ordering the defendant to delete infringing content, publicly apologize, and pay 5 million yuan in damages [1] Group 1 - The court found that the defendant disseminated content that lacked factual verification, misrepresented information, and clearly defamed the company, harming its reputation [1] - The company expressed its commitment to using legal means to protect its rights against misleading information and insults that infringe upon its interests [1] - The company welcomes criticism, suggestions, and supervision from the public but will firmly defend its legitimate rights against false information [1]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 24 日 钢材&铁矿石日报 专业研究·创造价值 产业矛盾累积，钢矿偏弱运行 核心观点 螺纹钢：主力期价震荡走弱，录得 0.88%日跌幅，量仓扩大。现阶段， 供稳需弱局面下假期螺纹钢产业矛盾持续累积，库存大幅增加，钢价继 续承压运行，相对利好的是政策预期与成本支撑，预计走势延续弱势寻 底态势，重点关注累库情况以及节后短流程钢厂复产节奏。 热轧卷板：主力期价偏弱震荡，录得 0.87%日跌幅，量仓扩大。目前来 看，热卷供应压力未退，而需求延续季节性走弱，基本面延续弱势运 行，价格 ...

Group 1: Liquidity - The net outflow of leveraged funds reached a new high since April 1998, amounting to -737 billion CNY, placing it in the 1st percentile over the past three years[12] - The issuance of equity public funds rebounded to a historical high of 259 billion CNY, representing the 97th percentile[6] - The net outflow of stock ETFs increased to -488 billion CNY, which is in the 3rd percentile over the past three years[20] Group 2: Market Demand - Equity financing amounted to 206 billion CNY, placing it in the 83rd percentile over the past three years[26] - The net reduction in industrial capital reached -100.8 billion CNY, which is in the 83rd percentile over the past three years[29] - The net inflow of southbound funds decreased to 246 billion CNY, which is in the 77th percentile over the past three years[38] Group 3: Trading Congestion - The trading heat for the building materials sector increased by 19 percentage points to 68%, indicating strong market interest[55] - The trading heat for the liquor sector rose by 10 percentage points to 26%[50] - The trading heat for the medical services sector decreased by 18 percentage points to 58%[46] Group 4: Investor Sentiment - Retail investor net inflow decreased to 117.1 billion CNY, down by 447.4 billion CNY from the previous value, placing it in the 65.4th percentile over the past five years[2] - The search interest for A-shares on social media declined, reflecting a drop in trading sentiment ahead of the holiday[2]

Group 1 - The U.S. government will stop collecting illegal tariffs on imported goods starting February 24, leading to a rise in major stock index futures [1] - Amazon announced a $12 billion investment to build advanced data centers in northwestern Louisiana, expected to create 540 full-time jobs and 1,710 full-time equivalent positions [1] - Tesla's new car registrations in the EU fell by 17% in January, with sales dropping to 8,075 vehicles compared to 9,733 in the same month last year, resulting in a market share decline from 1.0% to 0.8% [1] Group 2 - Anthropic will hold a live event to showcase its AI assistant Claude, targeting corporate executives, amid market anxiety contributing to a significant drop in stock prices [2] - PayPal has attracted interest from potential buyers, with at least one major competitor exploring a full acquisition, while others are focusing on specific assets [2] - The White House is pressuring tech executives to commit to covering the costs of data center operations without passing on expenses to consumers [3] Group 3 - FedEx is suing the U.S. government for a full refund of tariffs it has paid, seeking reimbursement for all IEEPA tariffs [3] - Apple plans to produce some new Mac Mini models in the U.S. later this year, with manufacturing set to begin at a Foxconn facility north of Houston [3] - Uber announced its acquisition of parking app SpotHero to enhance its app's parking reservation capabilities for events and venues [4]

Group 1 - The visit of German Chancellor Olaf Merz to China signifies a pivotal moment for Europe, indicating a potential shift in geopolitical dynamics and economic cooperation [1][3][4] - The recent U.S. Supreme Court ruling against tariffs imposed during the Trump administration provides a legal basis for German companies to recover from significant losses, particularly in the automotive and machinery sectors [3][8] - Germany's strategic focus is shifting towards integrating with the Chinese market while addressing security concerns, reflecting a deeper awareness of geopolitical realities [3][10] Group 2 - The discussions during Merz's visit are expected to cover not only economic and climate issues but also security matters, marking a significant change in Germany's approach to China [4][10] - The emphasis on cooperation with China in advanced technologies, such as those represented by Yushutech, highlights the transition from traditional partnerships to cutting-edge innovation [5][7] - Germany's strategy aims to balance cooperation with China while maintaining military ties with the U.S., showcasing a flexible approach to international relations [10][12] Group 3 - The notion of "strategic autonomy" is emerging as Europe seeks to reduce dependency on a single superpower while diversifying its international partnerships [10][12][14] - The evolving relationship between Europe and China is not merely opportunistic but represents a significant adjustment in multilateral relations, with potential implications for global order [12][14] - The ongoing geopolitical shifts suggest that Europe is exploring new avenues for collaboration that could redefine its role in the international arena [12][14]