Macroeconomy
1. Paul Chan, Financial Secretary of Hong Kong: Accelerating the development of the Northern Metropolis is the key for Hong Kong to seize the opportunities of technological transformation. Hong Kong needs to speed up the construction of the Northern Metropolis to attract technology enterprises to settle in Hong Kong and expand the scale of their R&D or high-end manufacturing operations in Hong Kong. In the coming years, the engineering expenditure of the Hong Kong Special Administrative Region Government will reach its peak.
2. China News Service: At present, the flu in Hong Kong is still at a high level of prevalence, and many Hong Kong people have started to wear masks. The emergency room consultant of Princess Margaret Hospital in Hong Kong said that the number of patients in the emergency department of his hospital has increased recently and is still on the rise. However, there are still sufficient beds and medicines at present.
3. CCTV News: The US National Aeronautics and Space Administration said that the probability of an asteroid named "2024 YR4" hitting the Earth in 2032 is 2%. It is estimated that the asteroid is between 40 and 90 meters in diameter, which is equivalent to the size of a large building.
4. Ministry of Transport: On February 15 (the 33rd day of the Spring Festival travel rush, the 18th day of the first lunar month), the cross-regional passenger flow in the whole society was 200.618 million person-times, a month-on-month increase of 0.5% and a year-on-year increase of 11.6%.
Real Estate Trends
1. CCTV News: Since the beginning of this year, more than 20 cities have optimized their housing provident fund policies. Many places have focused on increasing loan amounts, reducing down payment ratios and supporting flexible employees. The maximum loan amounts in various places have been increased by hundreds of thousands of yuan, and the loan amounts for highly educated talents and multi-child families have also been raised to varying degrees.
2. China Financial News: In just over a month since the beginning of the year, Kunhua Equity Investment has made five consecutive moves and successively acquired five Wanda Plazas in Xuancheng, Tongling, Anyang, Siping and Yangzhou. To ease the debt pressure, Wanda Group has transformed into an asset-light model and has sold many Wanda Plaza projects in the past two years.
3. Beijing Municipal Commission of Housing and Urban-Rural Development: On February 15, 152 new houses were signed online in Beijing, with a signed area of 12,000 square meters, of which 85 were residential houses with a signed area of 9,485.58 square meters; 181 second-hand houses were signed online, with a signed area of 16,200 square meters, of which 171 were residential houses with a signed area of 15,600 square meters. The residential transactions were active.
Stock Market Review
1. Last Friday, the Shanghai Composite Index closed up 0.43% at 3,346.72 points, up 1.30% for the week; the Shenzhen Component Index closed up 1.16% at 10,749.46 points, up 1.64% for the week; the ChiNext Index closed up 1.80% at 2,215.30 points, up 1.88% for the week.
2. Last Friday, the Hang Seng Index closed up 3.69% at 22,620.33 points, up 7.04% for the week; the Hang Seng Tech Index closed up 5.56% at 5,526.22 points, up 7.30% for the week; the H-share Index closed up 4.11% at 8,331.40 points, up 7.03% for the week.
3. CITIC Securities: This time, three national AMC enterprises and China Securities Finance Corporation have been incorporated into Central Huijin. The number of securities companies with important influence under Central Huijin will increase to 8. Against the background of the country's continuous encouragement to improve the allocation of industry resources through mergers and acquisitions and accelerate the construction of world-class investment banks, the multi-license efficiency integration plan of Huijin's securities companies is worth observing.
4. CSC: At present, domestic demand has a stable start, external demand disturbances are limited, and the real estate market is gradually emerging from the demand freeze point. The medium-term market will still maintain an upward trend of fluctuations. The recent increase in the technology sector has been quite substantial, and some theme directions have overheated short-term trading indicators. However, compared with the fundamental logic in 2023, this round of technology market performance is expected to still have room.
5. Securities Times: Among the 139 listed companies that disclosed institutional research last week, "AI" was almost the only theme. In addition to the AI medical field empowered by software, the more active AI hardware fields on the market, such as humanoid robots and consumer electronics, have also attracted great attention from institutions.
6. Wanda Cinema: Shareholders with more than 5% of the shares plan to reduce their holdings by no more than 63.3534 million shares in total, that is, no more than 3.0% of the company's total share capital.
7. Tuowei Information (7 out of 8 days with daily limit): The recent production and operation situation is normal, and no major undisclosed information that may or has had a significant impact on the company's stock trading price has been found in the recent public media reports.
8. Meinian Health (4 out of 6 days with daily limit): The current business situation is normal, and there are no major matters that should be disclosed but have not been disclosed.
9. Mengwang Technology (8 consecutive daily limits): At present, the main business is still cloud communication business, and there is a situation of overheated market sentiment and a relatively high speculation risk.
10. STEP: Haier Group will become the actual controller of the company, and the stock will resume trading from the opening on Monday, February 17.
11. New Share Subscription: This week, there are 3 new shares to be subscribed, namely Changyou Technology and Yutian Guanjia on the Growth Enterprise Market and Huitong Holdings on the main board of the Shanghai Stock Exchange.
12. Unlocking of Restricted Shares: This week, a total of 50 restricted shares will be unlocked, with a total unlocking quantity of 59.131 billion shares and an unlocking market value of 469.904 billion yuan. Among them, China Telecom ranks first on the unlocking list with 453.279 billion yuan, and Yuehai Feed and Biyigu Co., Ltd. rank second and third with 4.152 billion yuan and 1.959 billion yuan respectively.
13. Jinli Huadian: Plans to acquire 100% equity of Haidelisen to add high-pressure fluid equipment business.
14. Hailanxin: Plans to issue shares and pay cash to acquire 100% equity of Hailan Huanyu, and the stock will resume trading from the opening on February 17.
Wealth Focus
1. Beijing Municipal Bureau of Market Regulation: Issued new regulations on online platform transactions. Encourage online trading platform operators to introduce systems such as "mystery shoppers" and "whistleblowers" in the sampling process to fully implement the management of prohibited and restricted goods. It is not allowed to fabricate, modify, delete or block consumers' evaluation information, nor to put good reviews first or bad reviews last to mislead consumers.
2. Securities Times: On February 14, Shanghai's first comprehensive large-scale job fair in spring 2025 was held in Shanghai Stadium. The job salaries in the artificial intelligence field are the highest. The maximum monthly salaries of key positions such as large model data development engineers, architecture development engineers and training platform engineers can reach 60,000 yuan.
Industry Observation
1. CCTV News: On February 14, local time in North America, *Ne Zha 2* was officially released. On that day, the opening scale in the United States reached 770 theaters, breaking the overseas release scheduling record of domestic Chinese film distributors in nearly 20 years. The film was released in 48 states in the United States, covering more than 400 cities, and topped the box office champion of Chinese-language films in the past 20 years.
2. Huanqiu.com: Recently, many domestic and foreign large model manufacturers have announced the free opening of their large model services. The free basic service will become a traffic entrance, and the business closed loop will be realized through value-added services such as technology output and enterprise-level solutions. The essence of this competition is to compete for the right to formulate the next generation of human-computer interaction standards.
3. Hainan Province: Issued the *Several Measures of Hainan Province to Support the High-Quality Development of General Aviation and Low-Altitude Economy (Draft for Public Comment)*. For new construction and expansion projects of low-altitude public communication, navigation and surveillance infrastructure that meet the provincial-level planning, apply for financial support according to 50% of the total project investment, and the total financial support shall not exceed 25 million yuan per year.
4. Guangming Daily: Recently, the international authoritative journal *Cell* online published the research results of the Chinese Academy of Sciences. This research has created a new rice germplasm that synthesizes coenzyme Q10. Coenzyme Q10 is closely related to human health, especially heart health. It is an electron transporter in the mitochondrial respiratory chain and also a fat-soluble antioxidant.
5. CCTV Finance: Affected by the reduction in production in major producing areas worldwide, the international coffee bean futures price has been rising all the way. In January, the import price of coffee beans per kilogram in South Korea rose nearly 70% year-on-year. To ease the pressure of rising raw material costs, the South Korean catering industry has recently launched a "beanless coffee" drink that replaces coffee beans with other raw materials.
6. Japan's Ministry of Agriculture, Forestry and Fisheries: The latest survey in February showed that as of the week ending January 27, the average retail price of 5-kilogram packages of rice in Japan was 3,688 yen (about 175 yuan RMB), an 82% year-on-year increase. At present, the retail price of rice in Japan is nearly 35 yuan RMB per kilogram.
Company News
1. Securities Times: China Agricultural Reinsurance Co., Ltd. announced that the Ministry of Finance, the controlling shareholder, will transfer all its shares in China Agricultural Reinsurance to Central Huijin Investment Co., Ltd. free of charge. After the transfer, Central Huijin will hold about 55.90% of the shares of China Agricultural Reinsurance and become the controlling shareholder of the company.
2. Elon Musk: The Grok 3 model will be released at 8 p.m. Pacific Time on Monday (12 p.m. Beijing Time on Tuesday), and a live demonstration will be held at that time. Grok 3 has a strong reasoning ability and performs better than any other released product we know.
3. Sam Altman, CEO of OpenAI: GPT 4o upgrades its intelligence to reach the o3 pro level, and the updated GPT 4o is still the best AI search product.
4. IT Home: Broadcom and TSMC are paying attention to Intel's spin-off deal. Broadcom has been closely following Intel's chip design and marketing business and has informally discussed bidding matters with consultants. TSMC has been studying the control of some or all of Intel's chip factories and may do so as part of an investor consortium or other structure.
Global Perspective
1. Indonesia: It will launch 15 large downstream projects with a total value of billions of dollars within this year. The cabinet's downstream policy adheres to the principle of openness to foreign investment and welcomes foreign investors to participate, but the country's development still needs to be independent.
2. CCTV News: The Israeli Ministry of Defense said that late at night on February 15, local time, a large number of US-made heavy bombs arrived in Israel late at night. In January, the White House instructed the US Department of Defense to lift the Biden administration's restrictions on the supply of 2,000-pound bombs to Israel.
3. Jiemian News: The European Union hopes to prevent the import of some foods produced according to different standards to protect European farmers in response to US President Trump's trade policy. The early targets may include US crops such as soybeans, which use pesticides that EU farmers are not allowed to use when planting.
Financial Data
1. Last Friday, the onshore RMB against the US dollar closed at 7.2654 at 16:30, up 0.3743%, up 0.3224% for the week; the central parity rate of the RMB was 7.1706, up 0.0181%, up 0.0014% for the week.
2. New Third Board: Last week, 1 new company was listed, and the trading volume was 961 million yuan, a month-on-month increase of 191.47%. Up to now, the total number of listed companies on the New Third Board has reached 6,083.
3. Shanghai Environment and Energy Exchange: Last week, the trading volume of carbon emission allowances in the national carbon market through listing agreement transactions was 110,200 tons, with a total turnover of 10.0626 million yuan. The closing price was 91.14 yuan/ton, down 1.93% for the week.
4. US Stocks: Last Friday, the Dow Jones Industrial Average fell 0.37% to 44,546.08 points, up 0.55% for the week; the S&P 500 Index fell 0.01% to 6,114.63 points, up 1.47% for the week; the Nasdaq Composite Index rose 0.41% to 20,026.77 points, up 2.58% for the week.
5. Europe: Last Friday, the DAX 30 index in Germany fell 0.44% to 22,513.42 points, up 3.33% for the week; the CAC 40 index in France rose 0.18% to 8,178.54 points, up 2.58% for the week; the FTSE 100 index in the UK fell 0.37% to 8,732.46 points, up 0.37% for the week.
6. Gold: Last Friday, COMEX gold futures fell 1.76% to $2,893.7 per ounce, up 0.21% for the week.
7. Crude Oil: Last Friday, WTI March crude oil futures fell 0.77% to $70.74 per barrel, down 0.37% for the week. Brent April crude oil futures fell 0.37% to $74.74 per barrel, up 0.11% for the week.