Group 1 - The core viewpoint of the article emphasizes the importance of trade issues and macroeconomic policies, particularly focusing on the government's efforts to stimulate new growth points and enhance the silver economy and elderly care services [2][9] - During the recent Spring Festival holiday, domestic travel reached 596 million trips, an increase of 95 million trips compared to the previous year, with total spending of 803.48 billion yuan, marking a historical high for both visitor numbers and expenditures [2][9] - The U.S. has officially begun imposing a 10% global tariff, with plans to potentially increase the rate to 15%, indicating a significant shift in trade policy [2][9] Group 2 - The A-share market saw all major indices close in the green, with the Shanghai Composite Index rising by 0.87% to 4117.41 points and the ChiNext Index increasing by 0.99%, reflecting a positive market sentiment [3][10] - The trading volume in the domestic market was approximately 2 trillion yuan, indicating a slight increase in trading activity [3][10] - The futures market showed a decrease in both trading volume and open interest for stock index futures, suggesting a potential reduction in market speculation [10][11] Group 3 - The overall market factors in the domestic environment appear stable, with investor sentiment trending towards stability, which may lead to a continued pattern of volume contraction and market recovery [4][11]

Group 1 - Copper and aluminum prices are on the rise, with Citigroup predicting copper prices to reach $14,000 per ton in the next three months and an average price of $13,000 per ton by 2026 [1] - Morgan Stanley forecasts an average aluminum price of $3,200 per ton in Q2 2026, with strong support for prices in the second half of 2026 [1] - Shenwan Hongyuan Research indicates significant production disruptions in copper mining and tight non-US inventories, alongside long-term demand support from grid investments and AI data center construction, suggesting a sustained increase in copper prices [1] Group 2 - The China Nonferrous Metals Industry Association proposed including large trade volumes of copper concentrate in the national copper strategic reserve and exploring a commercial reserve mechanism for state-owned enterprises [1] - As of February 25, 2026, the CSI Industrial Nonferrous Metals Theme Index (H11059) rose by 2.46%, with notable increases in stocks such as Chihong Zn & Ge (+7.29%) and Northern Rare Earth (+5.42%) [1] - The CSI Industrial Nonferrous Metals Theme Index tracks 30 large-cap companies involved in copper, aluminum, lead, zinc, and rare earth metals, with the top ten stocks accounting for 55.71% of the index [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold showed an upward trend during the holiday; silver is expected to open higher after the holiday; copper prices rebounded with the rise of the US stock market; zinc is in a wide - range adjustment; the increase in domestic lead inventories limits price rebounds; tin is trending strongly with fluctuations; aluminum is expected to have a spring rally; alumina has an increase in maintenance; cast aluminum alloy follows the trend of electrolytic aluminum; platinum is trending strongly with fluctuations; palladium generally follows a strong trend; there is still speculative sentiment in Shanghai nickel, and the contradiction in nickel ore should be continuously monitored; for stainless steel, the cost support center has shifted up, but inventory accumulation in the off - season restricts its flexibility [2]. Summary by Related Catalogs Gold - **Price and Trading Volume**: The closing prices of main gold contracts such as Shanghai Gold 2602, Gold T + D, Comex Gold 2602, and London Gold Spot all declined, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Gold 2602 increased by 28,688, and the position decreased by 5,958 [4]. - **Inventory and Spread**: Gold inventories in some markets decreased, and spreads also changed. For example, the spread between Gold T + D and London Gold increased by 759.30 [4]. - **Trend Intensity**: The trend intensity of gold is 1 [6]. Silver - **Price and Trading Volume**: The closing prices of main silver contracts such as Shanghai Silver 2602, Silver T + D, Comex Silver 2602, and London Silver Spot all declined, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Silver 2602 increased by 4,927, and the position decreased by 13,313 [4]. - **Inventory and Spread**: Silver inventories in some markets decreased, and spreads also changed. For example, the spread between Silver T + D and London Silver increased by 2,053 [4]. - **Trend Intensity**: The trend intensity of silver is 1 [6]. Copper - **Price and Trading Volume**: The closing prices of main copper contracts such as Shanghai Copper and London Copper 3M increased, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Copper Index decreased by 119,764, and the position increased by 10,253 [7]. - **Inventory and Spread**: Copper inventories in some markets increased, and spreads also changed. For example, the spot - to - futures near - month spread of copper increased by 250 [7]. - **Industry News**: Chile's state - owned Codelco copper company's copper production in December 2025 increased by 3.7% year - on - year; in December 2025, the global refined copper market had a supply surplus of 98,000 tons; Uganda plans to connect a new railway to Tanzania's railway, which may open up a new export channel for copper [7][9]. - **Trend Intensity**: The trend intensity of copper is 0 [9]. Zinc - **Price and Trading Volume**: The closing price of Shanghai Zinc increased, while that of London Zinc 3M decreased. Trading volumes and positions showed different changes. For example, the trading volume of Shanghai Zinc decreased by 11,090, and the position increased by 4,439 [10]. - **Inventory and Spread**: Zinc inventories in some markets changed, and spreads also changed. For example, the spread between ZN00 - ZN01 increased by 80 [10]. - **Industry News**: China's Ministry of Commerce will adjust counter - measures against US tariffs as appropriate; the US is considering imposing new tariffs on about six industries [11]. - **Trend Intensity**: The trend intensity of zinc is 0 [13]. Lead - **Price and Trading Volume**: The closing prices of main lead contracts such as Shanghai Lead and London Lead 3M decreased, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Lead increased by 8,374, and the position increased by 205 [15]. - **Inventory and Spread**: Lead inventories in some markets increased, and spreads also changed. For example, the spread between PB00 - PB01 increased by 200 [15]. - **Industry News**: Trump's 10% "global tariff" took effect on Tuesday; the US is considering imposing new tariffs on about six industries; China's LPR has remained unchanged for nine consecutive months [15]. - **Trend Intensity**: The trend intensity of lead is 0 [15]. Tin - **Price and Trading Volume**: The closing prices of main tin contracts such as Shanghai Tin and London Tin 3M increased, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Tin decreased by 103,755, and the position decreased by 7,222 [18]. - **Inventory and Spread**: Tin inventories in some markets changed, and spreads also changed. For example, the spread between LME tin (spot/three - month) increased by 21 [18]. - **Trend Intensity**: The trend intensity of tin is 1 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing prices of main contracts of aluminum, alumina, and cast aluminum alloy showed different trends, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Aluminum decreased by 119,727, and the position decreased by 14,862 [21]. - **Inventory and Spread**: Inventories and spreads of aluminum, alumina, and cast aluminum alloy also changed. For example, the domestic aluminum ingot social inventory increased by 211,000 tons [21]. - **Industry News**: The Fed warns that monetary policy may not be able to handle the unemployment wave caused by AI; Trump's 10% "global tariff" took effect on Tuesday, and the implementation schedule of the 15% tariff is yet to be determined [23]. - **Trend Intensity**: The trend intensity of aluminum is 1, that of alumina is 0, and that of aluminum alloy is 1 [23]. Platinum and Palladium - **Price and Trading Volume**: The closing prices of main platinum and palladium contracts increased, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Platinum decreased by 2,011, and the position increased by 17 [25]. - **Inventory and Spread**: Platinum and palladium inventories in some markets remained unchanged, and spreads also changed. For example, the spread between PT9995 and PT2606 decreased by 0.99 [25]. - **Industry News**: Takaichi Sanae expressed concerns about further interest rate hikes; the Trump administration will use AI to set reference prices for key minerals; the situation in Iran is tense; the Fed has different views on AI and interest rates [28]. - **Trend Intensity**: The trend intensity of platinum and palladium is 0 [27]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing prices of main nickel and stainless - steel contracts showed different trends, with trading volumes and positions showing different changes. For example, the trading volume of Shanghai Nickel decreased by 246,471, and the position decreased by 7,222 [29]. - **Inventory and Spread**: Nickel and stainless - steel inventories and spreads also changed. For example, the spread between the near - month and the consecutive - first contract of nickel decreased by 450 [29]. - **Industry News**: Indonesia has suspended issuing new smelting licenses; the Indonesian government will revise the benchmark price formula for nickel ore; some nickel mines in Indonesia are facing potential fines; there are monopoly issues in the port of an Indonesian industrial park; Indonesia has approved the 2026 mining work plan and budget; a Swiss company plans to restart its nickel mine in Guatemala; the export volume of Philippine nickel ore may double; there was a landslide in an Indonesian industrial park [29][30][31]. - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0 [34].

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年02月24日星期二 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 金银市场结束盘整，突破上行，铜跟随上涨，较节前价格微升。但 铜作为顺周期资产，关税担忧的重燃一定程度限制其上涨空间，金 铜比再度上升。美国2025年四季度以及2025年全球经济增速低于 预期，但通胀和核心通胀高于预期，对铜价影响偏中性。美国 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on February 25, 2026 [1][3][4] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: The spot price in China is 101,575, LME price is 12,973, with a ratio of 7.72; the three - month price in China is 101,810, LME price is 13,062, ratio 7.81. The equilibrium ratio for spot import is 7.82, with a loss of 409.36; the loss for spot export is 841.74 [1] - **Zinc**: The spot price in China is 24,650, LME price is 3,366, ratio 7.32; the three - month price in China is 24,680, LME price is 3,398, ratio 4.93. The equilibrium ratio for spot import is 8.20, with a loss of 2,960.82 [1] - **Aluminum**: The spot price in China is 23,390, LME price is 3,087, ratio 7.58; the three - month price in China is 23,635, LME price is 3,114, ratio 7.58. The equilibrium ratio for spot import is 8.25, with a loss of 2,082.64 [1] - **Nickel**: The spot price in China is 136,650, LME price is 17,470, ratio 7.82. The equilibrium ratio for spot import is 7.96, with a loss of 1,163.71 [1] - **Lead**: The spot price in China is 16,575, LME price is 1,913, ratio 8.64; the three - month price in China is 16,670, LME price is 1,963, ratio 12.58. The equilibrium ratio for spot import is 8.47, with a profit of 319.07 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 1,640, 1,940, 2,190, and 2,230 respectively, while the theoretical spreads are 601, 1,101, 1,609, and 2,117 [4] - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 505, 560, 600, and 630 respectively, with theoretical spreads of 224, 353, 483, and 612 [4] - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 395, 480, 555, and 620 respectively, and the theoretical spreads are 227, 355, 482, and 610 [4] - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 30, 40, 60, and 105 respectively, with theoretical spreads of 208, 312, 416, and 521 [4] - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 3,820, 4,350, 4,840, and 4,800 respectively [4] - **Tin**: The spread between the 5 - 1 contracts is - 3,450, and the theoretical spread is 7,976 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1,535 and 105 respectively, with theoretical spreads of 215 and 1,014 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are - 530 and - 25 respectively, with theoretical spreads of 162 and 305 [4][5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 55 and 85 respectively, with theoretical spreads of 158 and 269 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) are 4.13, 4.31, 6.11, 0.96, 1.42, and 0.68 respectively; in London (triple - continuous), they are 3.90, 4.26, 6.73, 0.92, 1.58, and 0.58 respectively [5]

港股有色金属板块震荡上扬，灵宝黄金涨超6%，万国黄金集团、中国有色矿业涨超3%，中国中冶、五 矿资源跟涨。 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The economy shows a mixed picture, with some indicators experiencing decline while others are on the rise. For example, GDP growth rate has decreased, but social financing scale has increased [1]. - The commodity market is active, with significant capital inflow on the first trading day after the Spring Festival, especially in gold, silver, copper, and lithium carbonate [2]. - The stock market has different performances, with A - shares having a good start in the Year of the Horse, while the Hong Kong stock market has declined [29]. - The bond market is relatively strong, with most interest - rate bond yields falling and some bond prices rising or falling [19]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth rate in Q4 2025 was 4.5%, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In January 2026, the manufacturing PMI was 49.3%, slightly up from 49.0% in the previous month; the non - manufacturing PMI: business activity was 49.4%, down from 50.1% in the previous month [1]. - Social financing scale in January 2026 was 7220.8 billion yuan, a significant increase from 817.8 billion yuan in the previous month [1]. - M0, M1, and M2 growth rates in January 2026 were 2.7%, 4.9%, and 9.0% respectively, with M0 and M1 growth rates decreasing compared to the previous month, while M2 growth rate increased [1]. - CPI in January 2026 was 0.2% year - on - year, the same as the previous month; PPI was - 1.4% year - on - year, an improvement from - 2.1% in the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The 1 - year LPR is 3.0% and the 5 - year LPR is 3.5%, remaining unchanged for 9 consecutive months. Policy interest rates and LPR quotes are likely to remain stable in the short term [2]. - On February 24, the commodity futures market had a net capital inflow of nearly 45 billion yuan, with significant inflows into gold, silver, copper, and lithium carbonate [2]. - The Shanghai Gold Exchange adjusted the margin ratios and price limits for some contracts starting from February 24 [2]. - The US has started to levy a 10% global tariff and is preparing to raise it to 15%. It is also considering additional tariffs on six industries [3]. 3.2.2 Metals - The Ministry of Commerce included 20 Japanese entities in the export control list and 20 in the watch list to prevent Japan's "remilitarization" and nuclear - possession attempts [5]. - In December 2025, the global refined copper market had a surplus of 173,000 tons [6]. - As of February 24, 2026, the持仓 of the world's largest gold ETF, SPDR Gold Trust, increased by 7.72 tons to 1094.19 tons [6]. - Many countries are implementing strategies for key mineral reserves, which may lead to a shift in commodity policies [6]. 3.2.3 Coal, Coke, Steel, and Minerals - The Trump administration plans to use an AI project to set reference prices for key minerals in a global metal trading group [7]. 3.2.4 Energy and Chemicals - Domestic refined oil prices have increased for the third time this year. On February 24, gasoline and diesel prices were raised by 175 yuan/ton and 170 yuan/ton respectively [9]. - Venezuela will increase its crude oil exports starting from March, especially to India [9]. - The CEO of Occidental Petroleum said that US oil production can remain stable when oil prices are between $60 - 65 per barrel [9]. 3.2.5 Agricultural Products - ICE cocoa fell below $3000/ton, reaching its lowest level since March 2024 [11]. - The US Department of Agriculture predicts that US beef exports will decrease by 6% and imports will increase by 3% in 2026 compared to 2025 [11]. - India's soybean meal exports in January 2026 increased to 132,440 tons [11]. - Malaysia's palm oil exports from February 1 - 15 decreased by 11.2% [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On February 24, the central bank conducted 526 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 926.4 billion yuan as 1452.4 billion yuan of reverse repurchases matured [13]. - The central bank will conduct 600 billion yuan of MLF operations in February, with an additional 300 billion yuan compared to the maturity amount, marking the 12th consecutive month of increased renewal [13]. 3.3.2 Important News - The US has started to levy a 10% global tariff and is considering raising it to 15%, as well as additional tariffs on six industries. China is closely monitoring and may adjust counter - measures [14]. - Panama's government took over two container terminals operated by CK Hutchison. China will safeguard the legitimate rights and interests of the enterprise [15]. - The State Council meeting deployed post - Spring Festival government work, including promoting the development of the silver - haired economy and pension services [15]. - The Spring Festival holiday had record - high domestic tourism numbers and spending [15]. - The consumer goods trade - in program in 2026 has benefited 30.532 million people and driven sales of 204.54 billion yuan [16]. - The Spring Festival travel season had a record - high travel volume, with an 8.2% year - on - year increase [16]. - The real estate market in core cities may experience a "small spring" recovery after the holiday [16]. - The LPR has remained unchanged for 9 consecutive months, and policy interest rates are likely to remain stable in the short term [16]. - The public fund issuance market was active on the first trading day after the Spring Festival [17]. 3.3.3 Bond Market Summary - On the first trading day after the Spring Festival, the inter - bank bond market was relatively strong, with most interest - rate bond yields falling and treasury bond futures rising [19]. - The inter - bank market funds were slightly tightened, with the weighted average interest rates of DR001, DR007, and DR014 rising [20]. - In the exchange bond market, some bonds rose and some fell, and the Wande real - estate bond 30 index and high - yield urban investment bond index rose [20]. - The CSI Convertible Bond Index and Wande Convertible Bond Equal - Weighted Index rose [21]. - Most money market interest rates rose [21]. - Shibor short - term varieties mostly rose [22]. - Bank - to - bank repurchase fixed - rate bonds rose across the board [22]. - The winning bid yields and multiples of some financial bonds and treasury bonds were announced [23]. - European bond yields fell collectively, and US bond yields showed mixed trends [23][24]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 265 points to 6.8849 at the 16:30 close, and the central parity rate was depreciated by 16 points [25]. - The US dollar index rose 0.17%, and most non - US currencies fell [25]. 3.3.5 Research Report Highlights - Xingzheng Fixed - Income believes that the Chinese - funded US - dollar bond market is volatile, and it is recommended to prioritize the coupon strategy and use hedging tools [26]. - CITIC Securities believes that the recent fluctuations in US tariff policies may have limited impact on China's exports in 2026 [27]. 3.4 Stock Market News - A - shares had a good start in the Year of the Horse, with the Shanghai Composite Index rising 0.87%, the Shenzhen Component Index rising 1.36%, and the ChiNext Index rising 0.99%. Resource - related stocks rose, while some sectors such as film and AI application stocks declined [29]. - The Hong Kong stock market fell, with the Hang Seng Index down 1.82%, the Hang Seng Tech Index down 2.13%, and the Hang Seng China Enterprises Index down 2.06%. Some sectors such as large - scale technology stocks and financial stocks declined, while some sectors such as AI application and oil and gas stocks rose [29].

Group 1 - As of February 24, the margin trading balance in A-shares reached 26,227.57 billion yuan, an increase of 346.32 billion yuan from the previous trading day, accounting for 2.52% of the A-share circulating market value [1] - The trading volume of margin financing on the same day was 2,281.23 billion yuan, which is an increase of 482.89 billion yuan from the previous trading day, representing 10.28% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 26 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 6.539 billion yuan [1] Group 2 - A total of 84 individual stocks had net financing inflows exceeding 100 million yuan, with Zhongji Xuchuang leading at a net inflow of 1.003 billion yuan [1] - Other notable stocks with significant net financing inflows include Kingsoft Office, China Jushi, Deep Technology, Runze Technology, Kweichow Moutai, Shannon Semiconductor, Dongshan Precision, TBEA, and Baiwei Storage [1][2] - The current storage super cycle is driven by explosive demand and supply lag, particularly in high-end storage chips due to AI demand, leading to significant price increases [2]

Group 1 - The core viewpoint of the article highlights the performance of the Nonferrous Metals ETF (512400), which opened with a gain of 0.44% at 2.270 yuan [1] - The major holdings of the Nonferrous Metals ETF include Zijin Mining, which rose by 0.20%, Luoyang Molybdenum by 0.61%, Northern Rare Earth by 0.36%, Huayou Cobalt by 1.06%, China Aluminum by 0.85%, Ganfeng Lithium by 1.43%, Shandong Gold down by 0.30%, Yun Aluminum by 0.72%, Zhongjin Gold down by 0.32%, and Cangge Mining up by 0.45% [1] - The performance benchmark for the Nonferrous Metals ETF is the CSI Shenwan Nonferrous Metals Index return, managed by Southern Fund Management Co., Ltd., with a return of 130.87% since its establishment on August 3, 2017, and a return of -1.29% over the past month [1]

Market Performance - The Hong Kong stock market opened higher on February 25, with the Hang Seng Index rising by 0.58% to 26,745.2 points, the Hang Seng Tech Index up by 0.86% to 5,316.09 points, and the National Enterprises Index increasing by 0.68% to 9,069.19 points [1] - Major tech stocks saw gains, including Alibaba up 1.22%, Tencent Holdings up 0.48%, JD Group up 1.03%, NetEase up 1.51%, Meituan up 1.23%, and Kuaishou up 0.38% [1] - The AI application sector showed strong performance, with KEEP rising by 3.94%, Out of Home asking up 3.17%, Paradigm Intelligence up 2.82%, and Haizhi Technology Group up 2.38% [1] Company Earnings - Maoyan Entertainment (01896.HK) expects revenue for FY2025 to reach HKD 4.6 billion to 4.7 billion, a year-on-year increase of approximately 12.7% to 15.1%, with net profit projected at HKD 540 million to 590 million, a significant increase of about 196.9% to 224.4% [2] - Green Tea Group (06831.HK) anticipates a net profit of HKD 460 million to 508 million for 2025, representing a year-on-year increase of approximately 31.4% to 45.1% [2] - Fengsheng Life Services (00331.HK) reported a mid-term revenue of HKD 3.777 billion for the six months ending December 31, 2025, a decrease of 7.7% year-on-year, with net profit down 10.6% to HKD 216 million [2] - Baosheng Group (03368.HK) expects total operating revenue of RMB 3.698 billion for 2025, a decline of 0.8%, with same-store sales down 16.6%, and a loss of RMB 186 million, an increase of 6.35% year-on-year [2] - China Overseas Land & Investment (00127) anticipates a potential loss reduction of 75% to 85% for 2025, but expects revenue to decrease by 5% to 15% [2] - Digital Telecom (00315.HK) reported mid-term revenue of HKD 3.561 billion, a year-on-year increase of 2%, with profit rising by 8% to HKD 278 million [2] Strategic Collaborations - Haizhi Technology Group (02706.HK) has entered into a strategic cooperation framework agreement with Zhiyu (02513.HK) to collaborate in model training and application scenarios [3] Share Buybacks and Holdings - Conch Cement (00914.HK) plans to increase its holdings in the company’s A-shares by HKD 700 million to 1.4 billion, reflecting confidence in future development [8] - Xiaomi Group (01810.HK) repurchased 2.7942 million shares for HKD 99.998 million at prices ranging from HKD 35.64 to 35.92 [8] - Geely Automobile (00175.HK) repurchased 3.18 million shares for HKD 53.2801 million at prices between HKD 16.67 and 17.1 [8] - NetEase Cloud Music (09899.HK) repurchased 93,700 shares for HKD 14.9998 million at an average price of HKD 160.08 [8] - Meitu (01357.HK) repurchased 219,850 shares for HKD 12.5009 million at prices ranging from HKD 5.64 to 5.73 [8] Institutional Insights - Galaxy Securities believes the technology sector remains a long-term investment focus, with potential for rebound due to reduced valuation pressure and accelerated AI application advancements [9] - Longcheng Securities reports that global grid investment has rapidly increased since 2020, with expectations for 2024 to reach USD 390 billion and over USD 400 billion in 2025, indicating a strong demand for electrical equipment in the U.S. [9]