Hong Kong Stock Market Morning Report: Our country is striving to build agriculture into a modernized large industry; trends of popular Chinese concept stocks are diverging

LootboxPhobia · 2026-02-23T00:17:20+00:00

1. This year's No. 1 Central Document proposes efforts to develop agriculture into a modern large-scale industry. Zhu Weidong, Deputy Director of the Central Finance Office and Deputy Director of the Central Agriculture Office, recently stated that the goal will be achieved through three approaches: promoting agriculture, forestry, animal husbandry, and fishery together; integrating production, processing, and sales; and combining agriculture with culture and tourism.2. On February 21 local time, U.S. President Trump posted on his social platform "Truth Social" that he will raise the tariff rate on global goods from 10% to 15%.3. On February 20 local time, the U.S. Supreme Court ruled that the Trump administration's large-scale tariff policies were illegal. Economists at the University of Pennsylvania's Wharton Budget Model estimated that the tariffs imposed under the U.S. International Emergency Economic Powers Act exceeded $175 billion. With the Supreme Court ruling them illegal, this amount may need to be refunded.4. U.S. Q4 real GDP annualized quarter-over-quarter preliminary estimate was 1.4%, with a forecast of

LootboxPhobia

2026-02-23 00:17:20

This year’s Central No. 1 Document proposed making agriculture a modern large industry. Zhu Weidong, Deputy Director of the Central Finance Office and Deputy Director of the Central Agriculture Office, recently stated that efforts will be made in three areas: promoting agriculture, forestry, animal husbandry, and fishery simultaneously; integrating production, processing, and sales; and combining agriculture with culture and tourism to achieve this goal.
On February 21 local time, U.S. President Donald Trump posted on his social platform “Truth Social” that the 10% import tariff on global goods will be increased to 15%.
On February 20 local time, the U.S. Supreme Court ruled that the Trump administration’s large-scale tariff policies were illegal. Economists at the University of Pennsylvania’s Wharton Budget Model estimated that the tariffs imposed under the U.S. International Emergency Economic Powers Act exceeded $175 billion. With the Supreme Court ruling their illegality, these funds may need to be refunded.
The U.S. Q4 real GDP annualized quarter-over-quarter preliminary estimate was 1.4%, compared to an expected 3.0%. The December core PCE price index increased by 3.0% year-over-year, versus an estimated 2.9%.
Spot gold rose 2.15% last Friday, COMEX gold futures increased by 2.51%, spot silver rose 7.81%, and COMEX silver futures increased by 8.61%.
A senior U.S. official revealed on February 22 that if Iran submits a detailed nuclear agreement draft within the next 48 hours, U.S. negotiators are prepared to hold a new round of talks with Iran next Friday in Geneva. The official said that the current diplomatic efforts might be the last opportunity for Iran before President Trump launches a large-scale joint military operation with Israel. The Trump administration is awaiting Iran’s proposal. Iran has not responded at this time.

Global Markets

The three major U.S. stock indices opened lower last Friday but closed higher collectively. At the close, the Dow Jones rose 0.47% to 49,625.97 points; the S&P 500 increased 0.69% to 6,909.51 points; the Nasdaq Composite gained 0.9% to 22,886.07 points.

Most large tech stocks rose, ranked by market cap: Nvidia up 1.02%, Apple up 1.54%, Google C up 3.74%, Microsoft down 0.31%, Amazon up 2.56%, Meta up 1.69%, Tesla up 0.03%. In sectors and concept stocks, semiconductor and storage stocks strengthened, while many cybersecurity stocks plummeted.

In Chinese concept stocks, the Liquor Monster Chinese Concept Stock Leading Index rose 0.93%, and the Nasdaq Golden Dragon China Index fell 0.05%. Popular Chinese stocks had mixed performances: Pinduoduo up 2.93%, NIO up 2.84%, Futu Holdings up 1.22%; Bilibili down 2.13%, BaWang Tea down 1.99%, Baidu down 0.91%, XPeng Motors down 0.73%.

Hong Kong stocks continued to fluctuate last Friday. At the close, the Hang Seng Index fell 1.1% to 26,413.35 points; the Hang Seng Tech Index dropped 2.91% to 5,211.5 points; the H-shares Index declined 1.22% to 8,959.56 points.

Market performance showed strength in oil, electrical equipment, AI applications, and robotics stocks, while film, internet, and tech stocks weakened.

Company News

Cifi Holdings (01777): The offshore debt restructuring plan was approved by approximately 99.67% of creditors, pending court approval for implementation.

Xiehe New Energy (00182): Expected net profit for 2025 to decline by over 80% year-over-year, compared to about 800 million yuan profit in the same period last year. Mainly due to decreases in power generation revenue, gross margin, and asset impairments.

Dingdang Health (09886): Expected net loss for fiscal year 2025 to significantly narrow by over 80%, mainly due to reduced goodwill impairment; adjusted net profit not less than approximately 5 million yuan, turning from loss to profit year-over-year.

Honghui Group (00183): Issued an earnings warning, expecting the interim attributable loss to shareholders to decrease significantly by 30% to 40%.

Global Holidays

The CME Group in the U.S. will trade its Treasury futures contracts starting at 15:00 Beijing time due to the Japanese Emperor’s Birthday holiday.

The Tokyo Stock Exchange is closed for one day for the Emperor’s Birthday holiday.

Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect southbound and northbound trading are closed for the Spring Festival holiday.

Shanghai, Shenzhen, and the Beijing Stock Exchange, as well as domestic futures exchanges, are closed for the Spring Festival and will resume normal trading from February 24 (Tuesday).

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