**Macro News** 1. China's General Office of the State Council has circulated an opinion from the Ministry of Civil Affairs and nine other departments titled "Opinions on Further Strengthening Safety Management in Elderly Care Institutions." The document proposes that by the end of 2026, efforts will be intensified to investigate and rectify existing safety risks in these institutions, aiming for dynamic elimination of hazards. By the end of 2027, enhancements in personnel, physical, and technical security measures will be tailored to local conditions, significantly improving the intrinsic safety levels of elderly care facilities. 2. The People's Bank of China released its Monetary Policy Execution Report for the fourth quarter of 2025. The report outlines the continuation of an appropriately accommodative monetary policy. It emphasizes the flexible and efficient use of various policy tools, including reserve requirement ratio and interest rate cuts, to maintain ample liquidity and relatively loose social financing conditions. The report also stresses the importance of balancing internal and external equilibrium for interest and exchange rates, guiding short-term money market rates to operate stably around the central bank's policy rate. 3. The Shanghai Municipal Planning and Natural Resources Bureau has published a draft of the "Shanghai Metropolitan Area Territorial Spatial Plan (2025-2035)" for public comment. According to the draft's objectives, by 2035, efforts will accelerate to build a socialist modern international metropolitan area with global influence. 4. U.S. President Donald Trump stated he is considering deploying an additional aircraft carrier strike group to the Middle East if negotiations with Iran fail to yield results, preparing for potential military action. On February 10, Trump asserted, "Iran will not have nuclear weapons or missiles." 5. Federal Reserve official Lorie Logan indicated that if inflation continues to decline and the labor market remains stable in the coming months, further interest rate cuts may not be necessary. Another Fed official, Thomas Barkin, suggested that the Fed's interest rate policy could remain unchanged "for a considerable period," noting that the current target rate is "close" to a neutral level. According to CME's FedWatch Tool, the probability of a 25-basis-point rate cut by March is 19.6%, while the chance of rates holding steady is 80.4%.
**Industry News** 1. The Ministry of Industry and Information Technology, along with four other departments, issued an implementation opinion on strengthening information and communication capabilities to support low-altitude infrastructure development. The document highlights the need to enhance integrated innovation and equipment R&D for low-altitude gear and communications, promoting the adaptation and verification of 5G/5G RedCap modules with low-altitude aircraft. 2. The National Development and Reform Commission and other departments released an implementation opinion to accelerate the promotion of artificial intelligence applications in the bidding sector. The opinion proposes that by the end of 2026, key scenarios such as bid document inspection, intelligent auxiliary bid evaluation, and collusion identification should achieve full application coverage in some provinces and cities. By the end of 2027, more key scenarios should be promoted nationwide, forming a set of experiences in model training, application scenarios, and mechanism safeguards to effectively foster the standardized and healthy development of the bidding market. 3. The Shanghai Intelligent Connected Vehicle Testing and Demonstration Promotion Working Group recently compiled and released the "Shanghai Intelligent Connected Vehicle Development Report (2025)." The report shows that by the end of last year, the city had cumulatively opened 3,173 autonomous driving test roads totaling 5,238.82 kilometers. 4. Wall Street analysts are showing strong enthusiasm for Chinese artificial intelligence (AI)-related stocks, as evidenced by a recent wave of initial ratings for listed companies. Analysts from J.P. Morgan, including Olivia Xu, initiated coverage on two companies with "overweight" ratings. 5. Zhejiang Province's "14th Five-Year Plan for National Economic and Social Development" was officially released on February 10. The plan proposes exploring the construction of an integrated computing power system combining general, intelligent, super, and quantum computing, with forward-looking layouts for spatiotemporal intelligence and space computing infrastructure. 6. The National Health Commission held a press conference yesterday, alerting the public to irregularities associated with "light medical aesthetics." The commission clarified that "light medical aesthetics" typically refers to non-surgical cosmetic procedures involving injections, photoelectric projects, and biotechnology, which are inherently medical acts that must be performed by professional medical personnel in accredited institutions. Lifestyle beauty salons, hair salons, and nail shops are strictly prohibited from offering such services. 7. Lei Jun, founder, chairman, and CEO of Xiaomi, revealed during a live stream that the final first-generation Xiaomi SU7 mass-production vehicle has rolled off the assembly line and is en route for delivery to its owner, marking the official discontinuation of the first-generation model. 8. The China Academy of Information and Communications Technology officially released the "Intelligent Medical Equipment Industry Blue Book (2025) – Artificial Intelligence Edition" in February 2026. The blue book states that AI medical equipment, leveraging efficient algorithms, multi-source data integration, and continuous self-learning capabilities, significantly enhances early disease screening efficiency, improves clinical diagnostic accuracy, and enables more precise personalized intervention treatments.
**Company News** 1. SMIC released an earnings preview, reporting a net profit of 1.223 billion yuan for the fourth quarter of 2025, a year-on-year increase of 23.2%. 2. JAC Motors disclosed a report on its private placement issuance, noting that Ge Weidong subscribed for approximately 20.0481 million shares at a cost of about 1 billion yuan. 3. CITIC Securities announced that its subsidiary, China Asset Management, achieved a net profit of 2.396 billion yuan in 2025. 4. Dawei Technology announced that its Zhangbei Data Center project does not involve computing power leasing services. 5. China Tungsten and High-tech announced plans to invest 145 million yuan in a new project to produce an additional 30 million PCB drill bits and rods annually. 6. Changfei Optical Fiber stated that the current quantity of optical fiber and cable products used for internal data center connections and interconnects accounts for a relatively small proportion of total global market demand. 7. Baichuan Industries announced that market prices for some of its main products have risen, but the impact on the company's performance cannot be estimated at this time. 8. The Shenzhen Stock Exchange announced that recent significant price fluctuations in *ST Lifang have repeatedly triggered abnormal trading standards. The exchange has taken self-regulatory measures, including suspending trading for investors involved in abnormal transactions. 9. Hengdian影视 disclosed that the box office performance of three Spring Festival films, including "Pegasus 3," remains uncertain. If the company's stock price experiences further abnormal increases, it may apply for a trading halt for verification. 10. Conveyor Group announced that its wholly-owned subsidiary signed a 1.331 billion yuan EPC general contract, representing approximately 86.66% of the company's audited operating revenue for 2024. 11. Jiamei Packaging stated that if its stock price experiences further abnormal increases, it may apply to the Shenzhen Stock Exchange for another trading halt for verification. 12. Runtu Co. announced that due to the uncertainty surrounding the sustainability of disperse dye price fluctuations, the impact on the company's performance cannot be estimated at this time.
**Global Markets** The three major U.S. stock indices closed mixed. The Dow Jones Industrial Average rose 0.1%, while the Nasdaq Composite fell 0.59% and the S&P 500 declined 0.33%. Storage and cryptocurrency-related stocks led the declines. The Livermore China U.S. Stock Leaders Index gained 1.07%. WTI crude futures fell 0.62% to close at $63.96 per barrel. Brent crude futures dropped 0.35% to settle at $68.80 per barrel. COMEX gold futures declined 0.62% to finish at $5,047.90 per ounce. COMEX silver futures fell 2.01% to close at $80.58 per ounce. The CME Group will launch single-stock futures this summer. The new products will enable market participants to trade futures on more than 50 top U.S. stocks from the S&P 500, Nasdaq 100, and Russell 1000 indices. Alphabet's bond issuance in Europe has raised a cumulative $11 billion, bringing its total global debt issuance to over $30 billion.
**Investment Opportunities Reference** 1. **Core Computing Infrastructure: AI Wave Amplifies Supply-Demand Gap in Power Equipment** Industry reports indicate that Alphabet plans to raise $20 billion through a U.S. dollar bond issuance, exceeding the previously expected $15 billion. Alphabet stated last week that it plans capital expenditures of up to $185 billion this year, surpassing the total of the past three years, as the company heavily invests in data centers critical to its AI strategy. Currently, global AI computing power construction is in an explosive growth phase. High-power, high-stability power supply has become the "lifeline" of computing clusters, with power equipment transformers upgrading to become core components of computing infrastructure. Huatai Securities noted that overseas, high-voltage power equipment remains in short supply globally, and AI data centers are further widening the supply-demand gap. Domestic high-voltage power equipment companies are embracing a new era of international expansion.
2. **"AI + Security" Industry Ushers in New Development Opportunities** Artificial intelligence (AI), as the core engine of the new round of technological revolution and industrial transformation, is profoundly altering the technological pathways and competitive landscape of cybersecurity. Simultaneously, its own robustness and security are receiving significant attention, presenting new development opportunities for the "AI + Security" industry. As AI technology accelerates its penetration, security and trustworthiness are becoming central issues for the industry. In July 2025, the World Artificial Intelligence Conference released the "Global AI Governance Action Plan," further highlighting the importance of security in the global AI industry chain. A Bank of China International research report pointed out that recent cybersecurity-related policies are entering the implementation phase. On November 1, the "National Cybersecurity Incident Reporting Management Measures" officially took effect, clearly defining the scope of application, regulatory responsibilities, entity obligations, and reporting timelines for cybersecurity incidents. This marks a transition in China's cybersecurity compliance system from "principled requirements" to a new stage of "refined governance." The newly revised "Cybersecurity Law" came into effect on January 1, 2026. Against the backdrop of accelerating AI construction and increasingly complex cyber attacks, the revised law and the management measures form a complementary relationship of "legal support and practical implementation," further strengthening the nation's efficient and coordinated cybersecurity defense system.
**[Trading Halts]** 300091 *ST Jinling 000430 *ST Zhanggu
**[Trading Resumptions]** 300344 *ST Lifang
**[Hot Topics]** GCL System Integration: The company currently does not possess production capacity for products related to the "space-based photovoltaic" field. Dinggu Jichuang: Currently holds a 5.8% equity stake in Hangju Technology, which is not expected to have a significant impact on operating performance. Dawei Technology (two consecutive limit-ups): Current production and operations are normal, with no major changes in its main business.
**[Additional Financing]** Xinhan New Materials: Plans a private placement to raise up to 1 billion yuan for projects including the construction of high-performance resin facilities. Chutian Dragon: Plans a private placement to raise up to 760 million yuan for projects including innovative application security products.
**[Equity Changes]** Shipu Testing: The controlling shareholder plans to transfer 8.5% of the company's shares via a block trade.
**[Share Reduction]** Haitaike: The controlling shareholder plans to reduce its stake by up to 3%. FiberHome Telecommunication Technologies: The chairman and some directors and senior executives plan to collectively reduce their holdings by up to 348,300 shares.
**[Operating Data]** CITIC Securities: China Asset Management's 2025 net profit was 2.396 billion yuan. Sundylee (Shennong Development): January sales revenue increased 40.48% year-on-year. New Wuzhou Group (Xinwufeng): Sold 451,700 hogs in January, a decrease of 10.71% year-on-year. JAC Motors: January sales were 34,800 vehicles, down 2.14% year-on-year. Shenzhen Airport: January passenger throughput increased 2.84% year-on-year. China State Construction Engineering: Signed new contracts totaling 399.5 billion yuan in January, up 1.8% year-on-year. Gemdale Corporation: January contracted sales amounted to 1.22 billion yuan, a decrease of 45.78% year-on-year.
**[Contract Awards]** China Railway Construction Corporation: Recently won 10 projects, each valued over 1.5 billion yuan, with a combined value of 45.142 billion yuan. Conveyor Group: Subsidiary signed a 1.331 billion yuan EPC general contract.
**[Major Investments]** Dong-E-E-Jiao: Plans to invest 1.485 billion yuan in the construction of a health consumer goods industrial park project. Heshun Technology: Subsidiary plans to invest 850 million yuan in the second phase of the Yibin Heshun New Energy Vehicle High-End Components project.
**[Other Announcements]** China Singyes Solar Technologies: Subsidiary plans to acquire 100% equity of Jinhua Fengling for 527 million yuan. GP TITANIUM: Nanjing Titanium Dioxide production is temporarily halted effective immediately, not expected to significantly impact production and operations. Ming Li Da: Plans to terminate the investment and construction of the Zhaoqing New Energy Key Components Intelligent Manufacturing project.
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