Eastmoney Financial Breakfast Tuesday, February 24

Daily Highlights

Global Tariffs:

On February 20th, local time, U.S. President Trump posted on his social media platform “Truth Social” that he had just signed a bill in the Oval Office imposing a 10% global import tariff on all countries, which will take effect immediately. On February 21st, local time, President Trump posted again on “Truth Social” stating that the tariff rate for global goods will be increased from 10% to 15%.

Tariff Litigation Case:

On February 20th, Eastern Time, the U.S. Supreme Court announced the ruling on the tariff lawsuit, ruling that the U.S. government’s imposition of reciprocal tariffs, fentanyl tariffs, and related tariffs under the International Emergency Economic Powers Act is illegal. In response, a spokesperson for the Ministry of Commerce said they are paying close attention to the Supreme Court’s decision and are conducting a comprehensive assessment of the relevant content and impact. China urges the U.S. to cancel the unilateral tariffs imposed on trading partners.

Middle East Situation:

While Iran and the U.S. signal willingness to negotiate, the risk of U.S. military strikes on Iran remains. On February 22, Russian Sputnik News cited former CIA officials saying that the U.S. may launch a military strike against Iran on February 23 or 24.

On February 20, local time, Israel conducted airstrikes near the Beqaa Valley in eastern Lebanon and the Ain Hleweh refugee camp near Saida in southwestern Lebanon, resulting in over ten deaths. Lebanese President Aoun issued a statement on February 21 condemning the Israeli attack.

Federal Reserve Rate Cut Outlook:

As a close ally of Trump and one of the most dovish members of the Federal Reserve, Federal Reserve Board Member Stephen M. Miller recently retracted his call for significant rate cuts this year. He stated that recent data shows the labor market is performing more robustly than expected, and inflationary pressures are strengthening, leading him to revise his rate cut expectations. However, his stance remains dovish compared to most Fed officials, who project only a 25 basis point cut this year. Miller’s change in position further distances him from the White House’s economic policy stance.

German Chancellor’s Visit to China:

A Foreign Ministry spokesperson announced that at the invitation of Premier Li Qiang, German Chancellor Merz will pay an official visit to China from February 25 to 26.

Silver Fund Compensation Plan:

The Guotou Silver LOF compensation plan was finalized before the Spring Festival. Guotou Ruixin Fund announced that it will compensate investors affected by the valuation adjustment of Guotou Silver LOF. The plan follows principles of layered classification, convenience, and reliability to maximize the protection of investors’ rights, especially small and medium investors. Key features include: investors with valuation impact below 1,000 yuan will receive full compensation; those with impact of 1,000 yuan or more will be compensated proportionally on the excess amount over 1,000 yuan.

Guotou Fund’s announcement states that the valuation adjustment of Guotou Silver Futures Securities Investment Fund (LOF), a subsidiary of Guotou Ruixin Fund, has attracted market attention. The fund issued a special work plan on February 15, 2026. Preliminary estimates suggest that this plan will have a negative impact on the company’s net profit attributable to shareholders in 2026, amounting to less than 5% of the audited net profit for 2024, and will not materially affect overall business development. Final accounting treatment and impact on 2026 profits will be based on the annual audit results.

Commercial Space:

On February 21, local time, NASA Administrator Jared Isaacman announced that due to technical issues, the Artemis II lunar mission will undergo rocket withdrawal and the scheduled March launch has been canceled. Isaacman said that during routine system repressurization, the team was unable to allow helium to flow through the spacecraft system. This issue is similar to the fault characteristics encountered during the Artemis I mission. The spacecraft remains in a safe state.

Computing Power:

According to the latest news, OpenAI has significantly reduced its infrastructure spending target to 600 billion USD, down from the previously announced 1.4 trillion USD commitment. Sources say that due to widespread concerns that its expansion ambitions far exceed potential revenue, the AI giant is providing a lower figure and a clearer spending timetable.

Zhipu AI:

The “world’s leading large model stock” Zhipu officially released the GLM-5 technical report. Zhipu stated that GLM-5 can achieve significant performance leaps mainly due to four major technological innovations. GLM-5 demonstrates unprecedented capabilities in real-world programming tasks and surpasses all previous open-source baselines in end-to-end software engineering challenges.

On February 21, Zhipu issued an apology letter regarding the GLMCoding Plan and announced handling and compensation schemes. The company acknowledged three main issues: insufficient transparency of rules, slow rollout of GLM-5 in beta, and rough upgrade mechanisms for existing users. Zhipu explained that after GLM-5’s release, traffic exceeded expectations, and the company’s expansion pace could not keep up. Affected Lite and Pro users can apply for refunds.

Hot Topics

Film & Television:

According to online data, the total box office (including pre-sales) of films during the 2026 Spring Festival holiday has exceeded 5 billion yuan! The top four films are “Flying Past Life 3,” “Zhe Mu Wu Sheng,” “Dart: The Wind Rises in the Desert,” and “Boonie Bears: Year of the Bears.” The number of viewers during the holiday has surpassed 100 million, marking the eighth consecutive year with over 100 million viewers during Spring Festival.

Storage Chips:

Memory chip giant SK Hynix predicts that, driven by strong demand from AI customers and limited supply growth, storage chip prices will continue to rise throughout the year. The company also revealed that no customer this year can fully meet demand.

Flexible Storage and Computing Chips:

Tsinghua University, in collaboration with Peking University and Visionox, developed the world’s first flexible storage and computing chip, FLEXI, which recently published in the journal Nature. This chip achieves in-memory computing architecture on a flexible platform, targeting AI and neural network inference applications, opening a new era for flexible AI hardware.

Nvidia Chips:

On February 19, foreign media Wccftech reported that Nvidia founder and CEO Jensen Huang previewed at the upcoming GTC 2026 conference, stating he will unveil a “world’s first” new chip, sparking widespread industry attention. Tech media NeoWin speculates that this mysterious chip is likely based on the Rubin architecture.

Lithium Batteries:

UBS’s latest report is optimistic about China’s lithium industry, sharply raising price forecasts for spodumene and lithium carbonate. The report states that the market has entered its third supercycle of lithium prices. It predicts that the gradual realization of the “triple balance” in electric vehicles and the global explosion in energy storage demand will sustain lithium demand growth.

6G & Optical Communications:

Chinese scientists recently made breakthroughs in optical communication and 6G, achieving the world’s first cross-network integration of fiber-optic and wireless communication systems. Their self-developed “fiber-wireless integrated communication system” set new data transmission speed records and created a “versatile player” for 6G. The breakthrough emphasizes not only speed but also independence—key technologies are based entirely on domestically integrated optical platforms, bypassing reliance on foreign advanced microelectronics, providing a new path for China’s semiconductor “overtaking.”

Low-Altitude Economy:

To accelerate the establishment of a comprehensive low-altitude insurance policy system, the National Development and Reform Commission, the Financial Regulatory Authority, and the Civil Aviation Administration recently issued the “Implementation Opinions on Promoting High-Quality Development of Low-Altitude Insurance.” The document proposes nine specific measures across policy systems, institutional construction, product services, and infrastructure.

During the CCTV Spring Festival Gala, a large number of drones and low-altitude flying devices appeared collectively. They come from various companies, including China Aviation Industry Corporation’s drones “Yun Ying” and “Wing Loong,” EHang’s EH216-S manned drone, the new generation formation drone GHOSTDRONE 4.0, and Fengfei Aviation’s global first eVTOL seaplane airport.

Data Centers:

On February 17, Meta and Nvidia announced a new long-term partnership covering local deployment, cloud, and AI infrastructure. Meta will build large-scale data centers optimized for training and inference to support its long-term AI infrastructure roadmap.

Alibaba Qianwen:

On New Year’s Eve, Alibaba open-sourced the new generation large model Qwen 3.5-Plus, which rivals Gemini 3 Pro in performance and tops the list of open-source models worldwide. The Qwen 3.5 features a comprehensive overhaul of the underlying architecture, with a total of 397 billion parameters, only 17 billion active. It outperforms models with over a trillion parameters like Qwen 3-Max, with 60% lower deployment memory and significantly improved inference efficiency, reaching up to 19 times the maximum inference throughput.

Company News

ST Jinglan: From January 23 to February 13, 2026, the company’s stock price increased by 86.90%. Despite no significant change in performance, the stock price has recently diverged sharply from fundamentals. Investors should be cautious, as further abnormal increases may lead the company to request trading suspension for investigation. Please invest rationally and be aware of risks.

Qianye Biotech: The company has reached an exclusive licensing agreement with global biopharmaceutical giant GSK. GSK will obtain exclusive rights worldwide to develop, produce, and commercialize two siRNA pipeline products, one of which has entered IND (Investigational New Drug) stage, and the other is a preclinical candidate.

Tongce Medical: On February 13, 2026, Chairman Wang Yi increased his holdings by 10,500 shares, investing approximately 499,600 yuan; Director Huang Yuhua bought 10,000 shares for about 476,000 yuan; Secretary Zhang Hua bought 10,000 shares for about 473,300 yuan; other management members, Zhao Min, bought 7,700 shares for about 367,100 yuan. The company’s directors and senior executives plan to increase their holdings by no less than 6 million yuan and no more than 12 million yuan within six months from this date via centralized bidding.

Kede CNC: The company’s controlling shareholder Guangyang Technology, actual controllers Yu Dehai and Yu Benhong, and General Manager Chen Hu have voluntarily committed that from February 23, 2026, for the next six months, they will not reduce their holdings in any way. Shares increased due to dividend, bonus shares, rights issues, etc., during this period will also be subject to the same commitment, except for shares repurchased and canceled under stock incentive plans.

Lixun Precision: On February 13, 2026, the company repurchased 9.9006 million shares via a dedicated share repurchase account, accounting for 0.14% of total share capital as of February 12, 2026. The highest transaction price was 50.91 yuan/share, the lowest 50.14 yuan/share, with a total transaction amount of nearly 500 million yuan (excluding fees).

Shuangliang Energy Saving: The company’s wholly owned subsidiary Jiangsu Shuangliang Cooling System recently won a bid for the H-class combined cycle power plant’s air-cooling island (ACC) system in the Middle East, with an estimated bid amount of 100 million yuan, accounting for 0.77% of the company’s audited operating income in 2024. The project involves design, procurement, construction, and commissioning of the combined cycle power plant.

Click for more major announcements from listed companies>>

Global Markets

U.S. Military’s Top Commander Allegedly Warns Trump of Major Risks in Attacking Iran: According to CCTV News and other media, U.S. Joint Chiefs Chairman Dan Caine has been advising President Trump and senior officials that military action against Iran could entail significant risks, especially the possibility of prolonged conflict. U.S. officials familiar with the matter say that, similar to the Venezuela operation, Trump has authorized a small “think tank” to simulate Iran scenarios and provide options. Unlike the full support for Venezuela, General Caine has been more cautious regarding Iran, believing that a major strike carries higher risks of entanglement and casualties.

U.S. “Ford” Carrier Arrives at Souda Bay, Crete: The U.S. “Ford” aircraft carrier arrived at Souda Bay, Crete, on February 23. The base is a NATO military facility and a key strategic point for Greece, the U.S., and NATO in the eastern Mediterranean.

Fed “Dove” Waller Speaks: On Monday, Federal Reserve Governor Christopher Waller spoke at the 42nd National Association for Business Economics (NABE) Economic Policy Conference, slightly adjusting his dovish stance while emphasizing that U.S. economic data shows confusing contrasts. He said that if February data continues the strong momentum of January, he will join most colleagues in supporting the status quo in March.

Institutional Rebalancing:

Major Chinese institutional investors such as Hillhouse (HHLR), Jinglin, Gao Yi, Dongfang Gangwan, and Himalaya Capital have revealed their U.S. stock holdings: Pinduoduo, a leading Chinese e-commerce company, has seen collective increased holdings, becoming the consensus among multiple institutions; Alphabet has replaced Nvidia as the new core investment; Hillhouse is sharply focusing on “dual core,” while Himalaya Capital demonstrates a cautious approach emphasizing long-term value. Overall, leading institutions are shrinking their lines and increasing concentration, shifting from “hype on computing power” to “application and platform certainty” in AI. Consumer recovery and e-commerce giants in Chinese stocks remain core investment targets.

During Buffett’s last quarter as CEO, Berkshire Hathaway continued adjusting its tech holdings, reducing positions in Apple and Bank of America, while initiating a new position in The New York Times. Disclosed data shows that in Q4 2025, Berkshire significantly cut its Amazon holdings by over 77%, and reduced Apple for the third consecutive quarter. Despite these reductions, Apple remains Berkshire’s largest holding at the end of Q4 2025.

Trading Tips

Click to participate in subscription now>>

Bond Market Overview

Shibor: On February 14, the overnight Shibor was 1.3156%, up 4.46 basis points; 7-day Shibor was 1.3233%, down 10.67 basis points; 3-month Shibor was 1.5800%, up 0.1 basis points.

Euro Debt: At the European market close, UK 10-year government bond yield fell 3.9 basis points to 4.314%. German 10-year yield fell 2.7 basis points to 2.711%. French 10-year yield fell 2.2 basis points to 3.278%. Italian 10-year yield fell 2.1 basis points to 3.319%. Spanish 10-year yield fell 2.3 basis points to 3.126%. Greek 10-year yield fell 2.1 basis points to 3.317%.

U.S. Debt: At New York close, 10-year U.S. Treasury yield fell 5.36 basis points to 4.0290%. The 2-year yield dropped 4 basis points to 3.4380%; 30-year yield fell 2.24 basis points to 4.7011%. The 2/10 yield spread decreased by 1.357 basis points to +58.887 basis points. TIPS yields: 10-year down 2.58 basis points to 1.7608%; 2-year down 1.58 basis points to 0.7066%; 30-year down 0.04 basis points to 2.4864%, briefly dipping to 2.4620% before gradually recovering.

Commodity Futures

Domestic Futures: On February 13, most commodities closed lower. LME copper down over 7%, silver down over 5%, crude oil down over 4%, fuel oil and palladium down over 3%, international copper and fuel oil down over 2%, PP and PTA down over 1%, peanuts and liquefied gas slightly down; Baltic Dry Index up over 3%, caustic soda and eggs up over 2%, apples and double-adhesive paper up over 1%, rapeseed meal and soybean meal slightly higher.

International Metals: LME copper down $96 to $12,868/ton. Aluminum down $13 to $3,090/ton. Zinc down $28 to $3,354/ton. Lead down $14 to $1,951/ton. Nickel down $67 to $17,283/ton. Tin up $1,159 to $47,718/ton. Cobalt steady at $56,290/ton.

International Agricultural Products: NY close, Bloomberg grains index down 0.55% to 30.3660 points. CBOT corn futures up 0.23%, wheat futures down 1.08%. Soybeans up 0.23% to $4.4075/bushel, soybean meal down 0.51%, soybean oil up 0.93%. Lean hog futures up 0.08%, live cattle down 1.16%, feeder cattle down 0.99%. ICE raw sugar futures up 1.19%, white sugar futures up 0.42%. Arabica coffee futures down 2.24%, “C” coffee futures down 2.61%. Robusta coffee futures down 0.78%. NY cocoa futures down 1.04% to $3,145/ton. London cocoa futures down 2.68%. Chicago WCE canola futures up 0.25%. ICE cotton futures down 0.62%.

Forex Market

Renminbi: On February 23, offshore RMB was 6.88545 at 18:00 Beijing time.

U.S. Dollar: On the 23rd, the dollar index declined. The dollar index, measuring the dollar against six major currencies, fell 0.09% to close at 97.705. At the New York close, 1 euro exchanged for 1.1792 USD (up from 1.1780), 1 GBP for 1.3490 USD (down from 1.3491). 1 USD = 154.62 JPY (down from 155.02), 0.7744 CHF (down from 0.7754), 1.3696 CAD (up from 1.3686), 9.0647 SEK (up from 9.0540).

Economic Calendar