Market Overview - The Hong Kong stock market rebounded with the Hang Seng Index rising by 0.95% to close at 26,630.54 points, with a total turnover of HKD 288.42 billion. The Hang Seng China Enterprises Index increased by 0.51%, while the Hang Seng Tech Index rose by 0.56%. However, for the month, the Hang Seng Index fell by 2.76%, the China Enterprises Index by 4.91%, and the Tech Index by 10.15% [1] Blue-Chip Stocks Performance - Sun Hung Kai Properties (00016) reached a new high, closing up 7.12% at HKD 146, contributing 22.72 points to the Hang Seng Index. Morgan Stanley reported a 17% year-on-year profit growth for the first half of 2026, significantly above their expected 4% increase, driven by better-than-expected profits from mainland property developments [2] - Other blue-chip stocks included WuXi Biologics (02269) up 5.07%, China Shenhua Energy (01088) up 4.03%, while China Biologic Products (01177) fell by 1.63%, and Budweiser APAC (01876) dropped by 1.39% [2] Sector Highlights Technology Sector - Major tech stocks showed recovery, with Tencent rising by 1.17% and Meituan by 0.87%. The prices of tungsten and rare earth metals increased significantly, with Jiaxin International Resources surging over 15% to a new high [3] - The demand for rare earths is reportedly increasing, with suppliers in the aerospace and semiconductor sectors facing shortages [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rebound, with WuXi AppTec (02268) up 8.23% and Basilea Pharmaceutica (02616) up 7.05%. Recent earnings reports from several biotech firms showed strong performance, indicating a potential continuation of high growth in the sector [4] Power Sector - The power sector performed well, with Huaneng International (00902) rising by 6.54% and Datang International Power Generation (00991) up 6.43%. The recent announcement from the National Energy Administration regarding new power system construction capabilities has positively impacted this sector [5] Airline Sector - Major airlines experienced collective declines, with China Southern Airlines (01055) down 5.01% and China Eastern Airlines (00670) down 4.31%. The People's Bank of China announced a reduction in the foreign exchange risk reserve ratio, which may stabilize market expectations [6] MSCI Index Changes - The MSCI China Index will see changes post-market close, adding 37 new constituent stocks, including four Hong Kong stocks. This adjustment aims to enhance market representation and liquidity [7] Notable Stock Movements - JunDa Holdings (02865) surged by 23.69% due to its collaboration with a research institute on new battery technologies [8] - DCH Holdings (00179) rose by 17.4% as it enters the humanoid robot components market [9] - Lao Pu Gold (06181) saw a 3.58% increase following a successful promotional event [10] - Baidu Cloud (06608) issued a profit warning, predicting a significant decline in net profit due to increased investments in AI [11] - China Everbright Water (01857) fell by 12.5% after reporting a revenue decrease of 22% [12]

Core Viewpoint - China Merchants Jinling (00978.HK) announced a board meeting scheduled for March 12, 2026, to consider and approve the release of the annual performance announcement for the year ending December 31, 2025, and to discuss any other matters, including the proposal for a final dividend distribution if applicable [1] Summary by Category - **Company Announcement** - The board meeting will focus on the approval of the annual performance announcement for the fiscal year ending December 31, 2025 [1] - The meeting will also address the potential proposal for a final dividend distribution [1] - Additional matters will be discussed during the board meeting [1]

Group 1 - The company, Country Garden, announced the issuance of 266 million shares due to the conversion of zero-coupon mandatory convertible bonds, which will mature 78 months after June 30, 2025 [1]

Market Overview - The Hong Kong stock market rebounded with the Hang Seng Index rising by 0.95% to close at 26,630.54 points, with a total turnover of HKD 288.42 billion. The Hang Seng China Enterprises Index increased by 0.51%, while the Hang Seng Tech Index rose by 0.56%. However, for the month, the Hang Seng Index fell by 2.76%, the China Enterprises Index dropped by 4.91%, and the Tech Index decreased by 10.15% [1] Blue-Chip Stocks Performance - Sun Hung Kai Properties (00016) reached a new high, closing up 7.12% at HKD 146, contributing 22.72 points to the Hang Seng Index. Morgan Stanley reported a 17% year-on-year profit growth for the first half of 2026, significantly above their expected 4% increase, driven by better-than-expected profits from mainland property developments. This marks the first increase in interim dividends in three years, indicating management's confidence [2] - Other blue-chip stocks included WuXi Biologics (02269) up 5.07%, China Shenhua Energy (01088) up 4.03%, while China Biologic Products (01177) fell by 1.63%, and Budweiser APAC (01876) dropped by 1.39% [2] Sector Highlights Technology Sector - Major tech stocks showed recovery, with Tencent rising by 1.17% and Meituan by 0.87%. The prices of tungsten and rare earth metals have shown a significant upward trend, with Jiaxin International Resources surging over 15% to a new high [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rebound, with WuXi AppTec (02268) up 8.23%, and several companies reporting strong earnings. For instance, BeiGene reported a 40.4% year-on-year revenue increase for 2025, while Zai Lab's revenue for Q4 2025 grew by 17% [4] Power Sector - Power stocks performed well, with Huaneng International (00902) rising by 6.54%, and Datang International Power Generation (00991) up 6.43%. The recent announcement of pilot projects for new power systems by the National Energy Administration has positively impacted this sector [5] Airline Sector - Major airlines experienced collective declines, with China Southern Airlines (01055) down 5.01%, China Eastern Airlines (00670) down 4.31%, and Air China (00753) down 4.1%. The People's Bank of China announced a reduction in the foreign exchange risk reserve ratio, which may stabilize market expectations [6] MSCI Index Changes - The MSCI China Index will see changes post-market close, adding 37 new constituent stocks, including four Hong Kong stocks. This adjustment aims to enhance market representation and liquidity, with expected passive fund inflows following the changes [7] Notable Stock Movements - Junda Holdings (02865) surged by 23.69% after announcing a partnership with a research institute to develop new battery technologies [8] - DCH Holdings (00179) rose by 17.4% as it enters the humanoid robot components market, collaborating with well-known manufacturers [9] - China Everbright Water (01857) fell by 12.5% after reporting a 22% decrease in revenue for the year ending December 31, 2025 [12]

Group 1 - TST PROPERTIES (00247) announced a mid-term dividend of HKD 0.15 per share, to be distributed on April 24, 2026, for the six months ending December 31, 2025 [1]

Core Viewpoint - TST PROPERTIES (00247) announced a mid-term dividend of HKD 0.15 per share, to be distributed on April 24, 2026, for the six months ending December 31, 2025 [1] Company Summary - TST PROPERTIES will distribute a mid-term dividend of HKD 0.15 per share [1]

Group 1 - The global AI revolution is accelerating, transitioning from model innovation to widespread commercial implementation, with Hong Kong internet leaders expected to experience a "second growth curve" driven by technology [1] - Southbound capital has seen a record net purchase of 1,404.844 billion HKD in 2025, continuing to increase in 2026, with a net purchase of 144.548 billion HKD as of February 26 [1] - The ICBC Credit Suisse CSI Hong Kong Internet ETF (code: 159179) was officially launched on March 2, providing investors with a low-cost, convenient index investment tool focused on the core sector of Hong Kong internet [1] Group 2 - The CSI Hong Kong Internet ETF closely tracks the CSI Hong Kong Internet Index, which selects 30 listed companies involved in internet-related businesses, reflecting the overall performance of internet-themed listed companies [2] - The index features three main characteristics: it covers various types of internet companies, emphasizes "soft technology" without including hard tech companies, and shows strong growth and profitability attributes with a compound revenue growth rate of 16.40% over the past five years [2][3] - The index has demonstrated a return of 63.26% over the past two years, indicating strong performance during the recent internet rebound [2] Group 3 - As of February 26, 2026, the price-to-earnings ratio (PE) of the CSI Hong Kong Internet Index is 22.17, positioned in the lower range of valuations, indicating attractive valuation [3] Group 4 - The internet industry is entering a critical window for the commercialization of AI applications, with various sectors such as e-commerce, AI applications, and cloud services showing significant growth potential [6] - The e-commerce sector is benefiting from strong cash flow and profit inflows, with AI advertising tools enhancing merchant payment willingness and capabilities [6] - The gaming sector is projected to generate 350.8 billion CNY in revenue by 2025, with a year-on-year growth of 7.7%, while self-developed games in overseas markets are expected to earn 20.4 billion USD, reflecting a 10% increase [7] Group 5 - The ICBC Credit Suisse Hong Kong Internet ETF (159179) offers significant advantages in terms of low fees, with a management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in the industry [9] - The fund allows T+0 trading without QDII quota restrictions, enabling flexible investment in the Hong Kong internet sector [9] - The fund's management team emphasizes strict risk control and precise tracking error management, ensuring effective investment deviation control [9]

Group 1 - Citi has raised the target price for Hysan Development from HKD 17.35 to HKD 24.3 while maintaining a "Buy" rating [1] - Hysan Development's basic profit is expected to decline by 2% for the fiscal year 2025 due to rising financing costs, with a 9% drop in profit after excluding perpetual capital securities [1] - The debt-to-asset ratio for Hysan Development stands at 32.4% [1] Group 2 - The Lee Garden Phase 8 is anticipated to bring over 20% growth potential in foot traffic during 2026-2027, which is expected to drive sales growth for merchants [1] - The expected growth in rental income from lease renewals is projected to be 2% in 2026 [1] - The recovery in office building occupancy rates provides flexibility for future new supply [1]

Group 1 - The average rate for a 30-year fixed mortgage in the U.S. has dropped to 5.98%, marking the first time it has fallen below 6% since September 8, 2022 [1] - The mortgage rate has decreased for three consecutive weeks, down from 6.01% a week prior and 6.76% a year ago [1] - The decline in mortgage rates is attributed to the Federal Reserve's interest rate cuts last year, which have led to an overall downward trend in mortgage rates since the second half of last year [1] Group 2 - The decrease in mortgage rates is expected to enhance the purchasing power of potential homebuyers, which is seen as positive news for the real estate market [1] - An increase in mortgage applications by 0.4% has been reported, indicating a potential uptick in market activity [1] - The U.S. real estate market has been in a downturn since 2022 due to high mortgage rates, with projected home sales for 2025 expected to be the lowest since 1995 at 4.06 million units [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report anticipates a warming of the iron ore market, with prices expected to fluctuate upwards [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of I2605 was 748.5 yuan/ton, down 4.0 yuan/ton (-0.53%). The yesterday's position was 540,573 hands, with an increase of 12,089 hands [1] - **Spot Prices**: Among imported ores, the price of Carajás Fine (65%) was 878.0 yuan/ton, up 5.0 yuan/ton; PB (61.5%) was 750.0 yuan/ton, down 2.0 yuan/ton; Jinbuba (61%) was 702.0 yuan/ton, down 3.0 yuan/ton; Super Special (56.5%) was 638.0 yuan/ton, down 2.0 yuan/ton. Among domestic ores, the price of Hanxing (66%) and Laiwu (65%) remained unchanged at 899.0 yuan/ton and 817.0 yuan/ton respectively [1] - **Basis and Spreads**: The basis of I2605 against Super Special increased by 1.8 yuan/ton to 91.8 yuan/ton, and against Jinbuba increased by 0.8 yuan/ton to 69.5 yuan/ton. The spread of I2605 - I2609 decreased by 0.5 yuan/ton to 16.5 yuan/ton, and I2609 - I2701 remained unchanged at 11.5 yuan/ton. The spread of Carajás Fine - PB increased by 7.0 yuan/ton to 128.0 yuan/ton, PB - Jinbuba increased by 1.0 yuan/ton to 48.0 yuan/ton, and PB - Super Special remained unchanged at 112.0 yuan/ton [1] 3.2 Macro and Industry News - On February 25, 2026, five departments in Shanghai jointly issued a notice to optimize and adjust the local real - estate policy, which took effect on February 26 [1] - On February 25, it was reported that some steel enterprises in North China had received a notice of temporary independent emission reduction during the 2026 National Two Sessions. They were required to implement phased emission reduction control from March 4 to March 11, with a blast furnace load reduction of no less than 30% [2] - On February 24, the Chinese Foreign Ministry Spokesperson Mao Ning said that the two sides of China and the United States were in communication regarding President Trump's visit to China [2] 3.3 Trend Intensity - The trend intensity of iron ore is 1, indicating a relatively positive outlook [2]