Zhitong Hong Kong Stocks Morning Brief | Spring Festival Offline Performances Increase by 27% Year-on-Year Trump Considers Imposing New National Security Tariffs

【Today’s Headlines】

National Energy Administration: Will Release and Implement New Energy System and Series Sector-Specific Energy Plans

The official WeChat account of the National Energy Administration reports that Director of Planning at the NEA, Ren Yuzhi, stated that 2026 marks the beginning of the “14th Five-Year Plan” period. We will release and implement new energy systems and a series of sector-specific energy plans, deeply practice the new energy security strategy, accelerate the construction of a new energy system, promote the building of a strong energy nation, and provide solid energy support for the fundamental realization of socialist modernization.

Among these, engineering projects are key to the implementation of the plans, emphasizing “projects follow the plans.” On one hand, solidly advance the construction of strategic landmark major projects, safely and orderly promote the Yajiang Hydropower Project, and plan the construction of the “Three North” wind and solar bases, Southwest water, wind, and solar integrated bases, coastal nuclear power bases, and offshore wind power bases, optimizing the construction of backbone channels such as power, oil, and gas. On the other hand, accelerate the development of a batch of “small and beautiful” projects, implement electric vehicle charging network upgrades, plan and build several integrated bases for wind, solar, hydrogen, and ammonia, develop a number of CSP (concentrated solar power) projects, establish zero-carbon parks, and promote the green transformation of thermal systems.

【Market Outlook】

Nasdaq China Golden Dragon Index Falls Nearly 1%

Overnight, the US Dow Jones Industrial Average dropped 821.91 points, a decline of 1.66%, closing at 48,804.06; the Nasdaq fell 258.80 points, down 1.13%, closing at 22,627.27; the S&P 500 declined 71.76 points, or 1.04%, to 6,837.75. The precious metals and non-ferrous sectors led gains, while application software and IT services declined sharply. IBM (IBM.US) plummeted over 13%, the largest single-day drop since 2000. Previously, AI startup Anthropic announced that its Claude Code tool can assist in modernizing outdated programming language COBOL.

The Nasdaq China Golden Dragon Index fell nearly 1%. Adobe (ADBE.US) and Oracle (ORCL.US) declined about 4.6%, Salesforce (CRM.US) down 3.7%, and Microsoft (MSFT.US) down 3.2%. The Hang Seng Index ADR decreased, with a proportional closing at 26,737.03 points, down 344.88 points or 1.27% from Hong Kong market close.

COMEX gold futures for the current month rose $167.00, up 3.29%, to $5,247.9 per ounce. COMEX silver futures for the current month increased $5.66, up 6.87%, to $88.0 per ounce. Spot gold: BK1617 7436.62 -2.13% rose $123.41, up 2.42%, to $5,227.75 per ounce. Spot silver rose $3.55, up 4.19%, to $88.2 per ounce.

【Hot Topics Preview】

Trump Considers Imposing New National Security Tariffs

Last week, a ruling by the U.S. Supreme Court invalidated several taxes from President Trump’s second term. Now, the Trump administration is considering imposing new national security tariffs on six industries. Sources reveal that the proposed tariffs may cover sectors such as large batteries, cast iron and iron fittings, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. These tariffs would be levied under Section 232 of the Trade Expansion Act of 1962, which grants the President broad authority to impose tariffs based on national security risks. The new Section 232 tariffs will be independent of other tariffs announced since the Supreme Court rejected several of Trump’s tariffs last Friday morning. Previously announced tariffs include a new 15% tariff, maintained for five months, and several other tariffs planned to be imposed after that period, which will be announced under Section 301 of the Trade Law.

Institutions: Off-Season and Rising Costs Lead to Full-Range Decline in February Mobile Panel Prices

According to CINNO Research, affected by the Spring Festival holiday and traditional off-season, the overall mobile phone market in February 2026 performed poorly. Meanwhile, upstream memory prices continued to rise sharply, significantly increasing the BOM (Bill of Materials) costs of devices. End brands are lowering shipment targets to control costs. Against this backdrop, the mobile panel market remains weak, with prices across various technologies facing different degrees of downward pressure.

Whale Entertainment Releases Spring Festival Cultural Consumption Report, Offline Performances Up 27% Year-on-Year

On February 23, Whale Entertainment Group released the “Spring Festival Cultural Consumption Report.” Data from Damai Entertainment and Youku show that from February 10 to 21, offline performances increased by 27% year-on-year. Classic online dramas “Hidden Sea” and documentary “Return to the Wolf Pack: 10th Anniversary Special” are family favorites. As of 3:22 PM on February 23, the total box office for the 2026 Spring Festival period exceeded 5.5 billion yuan. Regionally, Jiangsu, Guangdong, Shandong, Zhejiang, and Henan are the top five provinces by box office; Shanghai, Beijing, Guangzhou, Chengdu, and Shenzhen are the top five cities. Additionally, third- and fourth-tier cities accounted for 53.4% of box office, a new high for Spring Festival. The report involves Hong Kong-listed Damai Entertainment (01060).

Moon Shadow Faces Becomes the Fastest Domestic Unicorn to Reach 10 Billion Yuan Valuation

Exclusive sources reveal that after raising over $1.2 billion in funding, the large model unicorn Moon Shadow Faces has achieved the highest funding amount in nearly a year for the large model industry and has become the fastest domestic company to reach a valuation of over 10 billion yuan since its founding. Public data shows that ByteDance took over four years to reach a valuation of over $10 billion, Pinduoduo took over three years, and Kimi, from angel round with $300 million to over $10 billion valuation, achieved this in just over two years, with its valuation increasing more than 30 times. Additionally, insiders report that less than a month after Kimi’s K2.5 large model was released, Kimi’s revenue in just 20 days exceeded its total revenue for 2025, driven by a surge in global paying users and API calls, especially overseas paying users, whose revenue has surpassed domestic. The investment involves Hong Kong-listed Alibaba (09988) and Tencent (00700), both direct investors in Moon Shadow Faces. The rare joint investment by Alibaba and Tencent signals strategic importance and breaks traditional patterns of competition in core frontier technology fields.

Moutai in Multiple Regions Faces Supply Shortages

Through in-depth field research in Yancheng, Jiangsu, and visits to supermarkets and distributors, as well as analysis of third-party data platforms, it is learned that during the 2026 Spring Festival, the liquor market showed a “mild recovery amid structural differentiation,” with Moutai in high demand across many markets.

Chabaidao (02555) Scenic Area Stores See 4500% Sales Growth; Chongqing, Chengdu Among Top Five Cities

Data from Chabaidao shows that during the Spring Festival, single transactions of five or more cups of “group meals” reached 1.5 times the usual volume. Chongqing, Chengdu, Shanghai, Beijing, and Hangzhou led in sales; additionally, “niche tourism” became a keyword, with destinations like Jiayuguan in Gansu, Aba in Sichuan, Qianjiang in Hubei, Shuozhou in Shanxi, and Guigang in Guangxi entering the top ten in sales growth, with scenic store sales increasing by up to 4500%.

Guofu Hydrogen Energy (02582) Wins Bid for 80K Cold Storage Procurement for Plasma Physics Institute of Hefei Institute of Material Science, Chinese Academy of Sciences

Guofu Hydrogen Energy (02582) announced that on February 13, 2026, the company successfully won the bid for the 80K cold storage procurement project for the Plasma Physics Institute of Hefei Institute of Material Science, Chinese Academy of Sciences, with a bid amount of 3.2 million RMB. The project focuses on critical low-temperature systems for the national fusion research platform, providing essential engineering support for stable operation, consistent with China’s 15th Five-Year Plan.

Wuyi Vision (06651): SimOne4.0 Successfully Completed System Adaptation and Deep Optimization on Moore Thread MTT S5000 GPU

Wuyi Vision (06651) announced that recently, the next-generation intelligent driving and robotics simulation platform SimOne4.0 has successfully completed system adaptation and deep optimization on Moore Thread’s MTT S5000 GPU. From large model perception mining, 4DGS model training to 4DGS simulation inference and synthetic data generation, it fully supports mass production of multiple intelligent driving technical routes such as end-to-end, VLA, and world models, and extends to training and intelligent upgrades in embodied intelligence fields like robotics, achieving high-confidence closed-loop simulation and synthetic data of physical AI with full-stack domesticization.

China Qinfa (00866) Issues Profit Warning, Expected 2025 After-Tax Loss Not Exceeding 98 Million RMB, Turning from Profit to Loss

Zhitongcaijing APP reports that China Qinfa (00866) announced that the group expects to record an after-tax loss of no more than 98 million RMB in 2025, compared to an approximate after-tax profit of 556 million RMB in 2024.

【Stock Highlights】

Tongguan Gold (00340) Announces Profit Surprise, Expected 2025 Net Profit Attributable to Owners of About HKD 820-840 Million, Up About 289% to 298% Year-on-Year

Tongguan Gold (00340) announced that the group expects to achieve a net profit attributable to owners of approximately HKD 820-840 million in 2025, representing an increase of about 289% to 298%. This figure includes about HKD 55 million of non-operating expenses, related to fair value changes in derivatives of convertible bonds and contingent consideration payable. Excluding this non-operating expense, adjusted net profit attributable to owners for 2025 is estimated to be about HKD 875-895 million, up approximately 315% to 324%. The increase in net profit is mainly due to higher production and sales volume of mineral gold and increased average selling prices compared to 2024.