### Macroeconomy
1. Xinhuanet: Ensuring that there is no large-scale return to poverty or new poverty, improving the development level of rural industries, the level of rural construction, and the level of rural governance, and making every effort to boost agricultural efficiency, rural vitality, and farmers' income, providing a fundamental support for promoting Chinese-style modernization. This is the 13th Central No. 1 Document guiding the work related to agriculture, rural areas, and farmers since the 18th National Congress of the Communist Party of China.
2. Nanjing City: Released the country's first emergency management government affairs large model in a vertical field - "Ning'anqing". "Ning'anqing" is deeply customized and developed based on the full-blooded version of the DeepSeek-R1-671B large model deployed on Nanjing Government Cloud. It is the first intelligent agent of a professional department in the government version of "My Nanjing".
3. Civil Aviation Administration of China: During the Spring Festival travel rush in 2025 (January 14 - February 22), civil aviation in China transported a total of 90.2 million passengers, with an average of 2.255 million passengers per day, a year-on-year increase of 7.4%. A total of 739,000 flights were guaranteed, with an average of 18,500 flights per day, a year-on-year increase of 8.3%. Both the passenger traffic volume and the number of flights reached record highs.
4. China Economic Net: China has formed the world's largest domestic tourism market, becoming the largest source country and a major destination for international tourism. The tourism industry has maintained steady growth, the integration of culture and tourism has been continuously deepened, and consumption formats and scenarios have become increasingly rich. Arrangements have been made around expanding the supply of characteristic and high-quality products, cultivating consumption scenarios, and optimizing the consumption environment.
5. The Paper: The average domestic air ticket prices before and after the Spring Festival reached their peaks on January 25 and February 4 respectively, and then gradually declined. As of February 17, the average price dropped below 700 yuan, a decrease of 42% compared with the peak. In addition to the significant drop in air ticket prices, hotel prices also have obvious advantages.
6. CCTV News App: US President Donald Trump said in a speech that he demands to obtain rare earths, oil, and anything else that can be obtained from Ukraine to recover the funds invested in Ukraine, believing that an agreement with Ukraine is very close.
### Real Estate Trends
1. Ministry of Housing and Urban-Rural Development: In 2024, a total of 58,000 urban old residential communities were newly started to be renovated across the country, exceeding the annual target task of 54,000. According to the statistical data reported by various regions, 11 regions including Beijing, Henan, and Guangxi exceeded the plan.
2. Central No. 1 Document: Do a solid job in the confirmation, registration, and issuance of certificates for homesteads integrated with houses. Explore effective forms of realizing the revitalization and utilization of houses legally owned by farmers through means such as leasing, shareholding, and cooperation. Urban residents are not allowed to buy rural houses and homesteads in rural areas, and retired cadres are not allowed to occupy land to build houses in rural areas.
3. Shaoguan City, Guangdong Province: At the beginning of January, 958 residential houses were signed online, 675 garages and parking spaces were signed online, and 211 commercial and business land transactions were completed. The transaction area of newly built commercial housing has steadily rebounded for three consecutive months. The de-inventory period of newly built commercial residential houses is 15 months, which has returned to a reasonable range.
### Stock Market Review
1. Last Friday, the Shanghai Composite Index closed up 0.85% at 3,379.11 points, up 0.97% for the week; the Shenzhen Component Index closed up 1.82% at 10,991.37 points, up 2.25% for the week; the ChiNext Index closed up 2.51% at 2,281.51 points, up 2.99% for the week.
2. Last Friday, the Hang Seng Index closed up 3.99% at 23,477.92 points, up 3.79% for the week; the Hang Seng Tech Index closed up 6.53% at 5,859.30 points, up 6.03% for the week; the H-share Index closed up 4.14% at 8,666.72 points, up 4.02% for the week.
3. CBN: The Shanghai Stock Exchange plans to visit a hundred private listed companies in Shanghai before the end of March, go deep into the front line to seek advice and understand their needs, truly implement policies from paper to the "production line", and effectively focus ideas and methods on the overall requirements of doing a good job in private economy work.
4. Haitian Flavor Industry: On January 13, it submitted an application to the Hong Kong Stock Exchange for the issuance of H-shares and listing on the Main Board of the Hong Kong Stock Exchange. The company has submitted the filing application materials for this issuance to the China Securities Regulatory Commission and was recently accepted by the CSRC. This matter is still uncertain, and the company will perform information disclosure obligations in a timely manner according to the progress.
5. China Satcom: At 20:11 on February 22, the Zhongxing 10R satellite was successfully launched at the Xichang Satellite Launch Center using the Long March 3B enhanced launch vehicle, and the satellite entered the scheduled orbit as planned. The Zhongxing 10R satellite will be delivered to the company for operation and management after passing the in-orbit test.
6. Sunsir Science & Technology: The company noticed that relevant platforms have included its stocks in the DeepSeek and Xinchuang concept stocks. However, the company has no business cooperation with Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd., and the company's access to the DeepSeek large model has no impact on its current performance.
7. Shengtong Co., Ltd. (3 consecutive daily limit): Signed a strategic cooperation framework agreement with Unitree Robotics. It mainly purchases the quadruped robot products of Unitree Robotics, develops the "Artificial Intelligence Partner" series of courses using the characteristics of these products, organizes students to participate in learning and competitions, and charges students course training fees and teaching aid fees.
8. New Share Subscription: This week, there are 2 new shares to be subscribed, 1 on the Growth Enterprise Market and 1 on the Shanghai Main Board, namely Hanshow Technology and Yongjie New Materials.
9. Unlocking of Restricted Shares: This week, a total of 46 restricted shares will be unlocked, with a total unlocking quantity of 4.572 billion shares and an unlocking market value of 24.082 billion yuan. Among them, Jinhui Mining Co., Ltd. ranks first on the unlocking list with 9.322 billion yuan, and Shanze Hi-Tech Co., Ltd. and Zhejiang Wenshi Internet Co., Ltd. rank second and third with 6.484 billion yuan and 1.648 billion yuan respectively.
10. Zhongyan Dadi: Wang Lijian, the controlling shareholder and actual controller of the company, Niu Hui, the director and senior manager, and Liu Yan, the senior manager, plan to reduce their shareholdings in the company by a total of no more than 3,829,300 shares (accounting for 3.07% of the company's total share capital excluding the repurchased shares).
11. Fangyuan Co., Ltd.: Guangdong Zhongke Baiyun Emerging Industry Venture Capital Fund Co., Ltd., a shareholder of the company, plans to reduce its shareholding by no more than 5,100,000 shares through centralized bidding transactions due to the fund's capital arrangement needs, accounting for no more than 1% of the company's total share capital. The share reduction period is within 3 months after 3 trading days starting from February 24.
12. Shanghai Auto Parts: Glori and Dizhi Kai, the shareholders, are persons acting in concert, holding a total of 17.04% of the company's shares. The two shareholders plan to reduce their shareholdings in the company by a total of no more than 10 million shares through block transactions and centralized bidding transactions, that is, no more than 2.96% of the company's total share capital.
13. Xunjiexing: Zhang Rende, the chairman of the board of supervisors, plans to reduce his shareholdings in the company through centralized bidding, with a total reduction quantity of no more than 150,000 shares, accounting for no more than 0.1125% of the company's total share capital. The share reduction period is from March 17 to June 13.
14. Aeolos Energy: Beijing Ruizhe Phase II Industrial Investment Center (Limited Partnership), a shareholder of the company, plans to reduce its shareholdings in the company through centralized bidding and block transactions, with a total reduction quantity of no more than 820,000 shares, and the proposed share reduction ratio is no more than 0.5125% of the company's total share capital.
15. Orient International (Holding) Co., Ltd.: Jiang Yuanyang, the deputy general manager of the company, plans to reduce his shareholdings in the company by no more than 8,300 shares through centralized bidding transactions due to personal capital arrangements, accounting for 0.0009% of the company's total share capital.
### Wealth Focus
1. CCTV.com: The global box office (including pre-sales and overseas) of *Ne Zha 2* has exceeded 13.5 billion yuan, ranking 8th on the global film history box office list.
2. Guangming.com: James Cameron recently revealed that *Avatar 3* is now almost completed and has been previewed for some audiences. The feedback is very good, and he also feels quite good. The feedback says that it is the best among the three *Avatar* films so far.
### Industry Observation
1. Central No. 1 Document: Continue to promote the industrialization of biological breeding. Promote the high-quality development of agricultural machinery and equipment, accelerate the research, development, and application of domestically produced advanced and applicable agricultural machinery and equipment, and promote the scrapping and renewal of old agricultural machinery. Support the development of smart agriculture and expand the application scenarios of technologies such as artificial intelligence, data, and low-altitude.
2. Shenzhen City: In the next step, it will continue to make efforts in four aspects: policies, scenarios, innovation, and robots. In addition, we will soon release special policies for humanoid robots. Through methods such as "revealing the list and taking up the challenge", we will provide precise support for opening up application scenarios, breaking through key technologies, constructing special data sets, and improving large-scale manufacturing and application capabilities.
3. China National Radio Network: The innovative drug donanemab was first launched in Ruijin Hospital Hainan Branch Affiliated to Shanghai Jiao Tong University School of Medicine on February 21. It is used to treat Alzheimer's disease patients in the mild cognitive impairment stage or mild dementia stage of the disease, bringing new medication options for domestic patients.
4. Xinhua News Agency: An international research team discovered through animal experiments that amlodipine, a drug commonly used to treat hypertension, can significantly relieve the symptoms of attention deficit hyperactivity disorder (commonly known as ADHD), and is expected to become a more effective and safer drug for ADHD.
5. CCTV News App: Recently, led by AVIC Hangyu, the first "Biodynamic Experiment of the Upward Ejection Human Protection Device" was successfully completed. This experiment established a database of the biomechanical characteristics of the human cervical spine under the upward ejection condition, filling the gap in the technical field of aviation medical protection, and also providing key ergonomic support for human protection in the research and development of new ejection seats.
6. CCTV.com: Recently, a netizen released information on an Internet platform saying that "Disneyland will be located in Chongqing and the site will be selected in Beibei", which has attracted attention. After verification, the rumored information is a rumor.
7. CCTV News: On February 23, the scale of Shanghai's artificial intelligence industry exceeded 450 billion yuan in 2024, a year-on-year increase of more than 7%, and a total of 60 generative AI large models were filed. By the end of 2025, Shanghai will build a world-class artificial intelligence industry ecosystem covering aspects such as computing power, corpus, models, and applications.
### Financial Data
1. Securities China: Throughout 2024, insurance asset management companies registered a total of 21 equity products, including 12 equity investment plans and 9 private equity funds, with a total registered scale of approximately 73 billion yuan. Among them, in many products, insurance funds jointly invested with local state-owned assets and social security funds.
2. Last Friday, the onshore RMB against the US dollar closed at 7.2554 at 16:30, up 0.0854%, up 0.1376% for the week; the central parity rate of the RMB was 7.1696, up 0.0223%, up 0.0139% for the week.
3. New Third Board: Last week, 7 new companies were listed, and the trading volume was 941 million yuan, a month-on-month decrease of 2.10%. Up to now, the total number of listed companies on the New Third Board has reached 6,090.
4. Shanghai Environment and Energy Exchange: Last week, the trading volume of carbon emission allowances in the national carbon market through listing agreement transactions was 249,200 tons, with a total turnover of 22.5021 million yuan. The closing price was 89.90 yuan/ton, down 1.36% for the week.
5. US Stocks: Last Friday, the Dow Jones Industrial Average fell 1.69% to 43,428.02 points, down 2.51% for the week; the S&P 500 Index fell 1.71% to 6,013.13 points, down 1.66% for the week; the Nasdaq Composite Index fell 2.20% to 19,524.01 points, down 2.51% for the week.
6. Europe: Last Friday, the DAX 30 index in Germany fell 0.12% to 22,287.56 points, down 1.00% for the week; the CAC 40 index in France rose 0.39% to 8,154.51 points, down 0.29% for the week; the FTSE 100 index in the UK fell 0.04% to 8,659.37 points, down 0.84% for the week.
7. Gold: Last Friday, COMEX gold futures fell 0.22% to $2,949.6 per ounce, up 1.69% for the week.
8. Crude Oil: Last Friday, WTI April crude oil futures closed down 2.87% at $70.4 per barrel, down 0.44% for the week; Brent April crude oil futures closed down 2.68% at $74.43 per barrel, down 0.41% for the week.