February 25th: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and important financial media

Wednesday, February 25th, the main highlights of today’s headlines are as follows:

China Securities Journal

The State Council Executive Meeting Calls for Creating New Consumption Scenarios and Business Models for the Silver Economy

Premier Li Qiang chaired the State Council executive meeting on February 24th, deploying efforts to promptly advance government work after the Spring Festival holiday. The meeting emphasized that this year marks the start of the 14th Five-Year Plan, and all government departments should further enhance their sense of responsibility and urgency, focus on annual goals, quickly get into work mode, and ensure the implementation of the Party Central Committee’s decisions and deployments. Particularly, they should establish and practice correct performance views, act based on reality and laws, and consciously deliver results for the people through practical efforts. Key tasks should be prioritized, with responsibilities divided clearly, mobilizing resources swiftly, and researching and promoting work in depth to achieve tangible results. Management and services should be optimized through innovative ideas, supporting localities and enterprises to explore new growth points actively. More on-the-ground efforts should be made to understand enterprise needs and public concerns, with targeted policies and measures to continuously stimulate market vitality and improve people’s livelihoods.

Private Equity Focuses on Dual Main Lines: “Control the Focus on the Bend”

After the holiday break, on February 24th, the A-share market saw simultaneous increases in volume and price, with strong capital inflows. Meanwhile, structural divergence was also emerging. Resource sectors such as oil & gas, non-ferrous metals, and chemicals performed strongly, while themes like film and TV cinemas and AI applications experienced notable pullbacks. This “ice and fire” pattern indicates that the A-share market’s steady start in the Year of the Horse harbors underlying differences. Several leading private equity firms told China Securities Journal that the first trading day validated optimistic expectations before the holiday, but market main lines are gradually shifting, requiring investors to recalibrate their strategies between “technology” and “resources.”

Space Photovoltaic Sector Continues to Heat Up, Investment Opportunities in the Industry Chain Highlighted

The space photovoltaic concept continues to heat up, becoming a new focus for capital markets. Data shows that the photovoltaic concept index rose 1.70% on February 24th. Among the index components, GCL Integration, Southern Power Grid Energy, and Jiazhe New Energy hit the daily limit, with Quartz Shares up over 9%, and companies like Guosheng Technology, Jinkai New Energy, and Electric Power Green Energy also gaining.

Oil & Gas ETFs Lead the Rise, Capital Flow May Reverse

On February 24th, the A-share market strengthened, with oil & gas-themed ETFs leading gains. Several gold and gold ETF funds also performed well. Bond ETFs saw active trading, with multiple Sci-Tech Innovation Bond ETFs ranking high in turnover; stock ETFs such as the CSI A500 ETF also saw high trading volumes. In the week before the holiday (February 9-13), many bond ETFs experienced net capital inflows, while broad-based stock ETFs maintained net outflows. As of February 13th, since the start of 2026, the total net outflow of ETFs in the market exceeded 830 billion yuan.

Shanghai Securities News

Market-wide Rally Marks a “Good Start” for the Year of the Horse

On February 24th, the first trading day of the lunar Year of the Horse, major A-share indices all closed higher, with total market turnover surpassing 2 trillion yuan. Stocks broadly rose, with market risk appetite clearly rebounding. The Shanghai Composite closed at 4,117.41 points (+0.87%), the Shenzhen Component at 14,291.57 points (+1.36%), and the ChiNext at 3,308.26 points (+0.99%). Total market turnover exceeded 2.2 trillion yuan, an increase of 219.2 billion yuan from the last trading day before the holiday, indicating a return of cautious funds and increased market activity. Over 4,000 stocks rose, with more than 100 hitting the daily limit, spreading profit opportunities. Sector-wise, cyclical and growth stocks rose together, with resource stocks like oil & gas, precious metals, and chemicals leading gains.

Supreme Court: Drafting Judicial Interpretations on Insider Trading and Market Manipulation in Securities Market

On February 24th, the Supreme People’s Court held a press conference on “Judicial Service and Guarantee for High-Quality Economic and Social Development.” Wang Chuang, head of the Civil Second Division, announced that in 2026, the Supreme Court will formulate judicial interpretations on civil compensation for insider trading and market manipulation in the securities market, and will study judicial responses to new financial cases such as private funds and virtual currencies, improving the financial judicial protection system.

New Year Frontline Observations by Securities Analysts: Service Consumption Leads, New Production Power Sparks Vitality

During the 2026 Spring Festival holiday, many securities analysts took advantage of travel and return trips to visit grassroots areas, capturing potential opportunities from a professional perspective. They visited places like Wenchang, Funing, Fuzhou, Shihezi, as well as Australia and Indonesia, recording insights on consumption changes, industrial upgrades, and overseas expansion opportunities.

Price Increases in Storage Chips May Continue Throughout the Year; China’s Industry Rise Becomes a “Decisive Factor”

Currently, DRAM and NAND inventories can only sustain about four weeks, and price increases are now inevitable. Just after the Spring Festival in 2026, global storage giants like SK Hynix issued statements that reignited the price hike trend in the storage market. On February 24th, storage concept stocks in the A-share market continued to rise, with Beijing Junzheng, Taiji Industrial, and Shannon Chip Innovation each gaining over 5%.

Securities Times

State Council Deploys Post-Holiday Work, Focuses on Silver Economy and Elderly Care Development

Premier Li Qiang chaired the State Council executive meeting on February 24th, emphasizing efforts to advance government work after the Spring Festival. The meeting highlighted that this year marks the start of the 14th Five-Year Plan, and all departments should strengthen their sense of responsibility and urgency, focus on annual goals, and ensure the implementation of central decisions. They should establish correct performance views, act based on reality and laws, and deliver tangible results for the people. Key tasks include prioritizing responsibilities, mobilizing resources quickly, researching and promoting work in depth, and achieving real results. Management and services should be innovated, supporting local and enterprise efforts to explore new growth points, with targeted policies to stimulate market vitality and improve people’s livelihoods.

Cancellation of Photovoltaic Export Tax Refunds Approaching, Industry Consolidation Expected to Accelerate

According to announcements from the Ministry of Finance and State Taxation Administration, starting April 1st, export VAT refunds for products like photovoltaics will be canceled, seen as a key move to curb industry overcompetition and “internalization.” Industry sources indicate that manufacturers are increasing production to export more before the deadline, but this pre-export push raises concerns about demand in Q2 and beyond, with profit pressures expected for leading companies.

People’s Bank of China Conducts 600 Billion Yuan MLF Operation, Continuing to Increase for 12 Months

On February 24th, the PBOC announced it will conduct a 600 billion yuan Medium-term Lending Facility (MLF) operation on February 25th, with a one-year maturity, using fixed amount, rate bidding, and multiple price points. With 300 billion yuan maturing in February, the central bank will net inject 300 billion yuan this month, continuing the increase for 12 consecutive months.

Breakthroughs in AI Chips, Investors Rush into 12 Concept Stocks

Demand for domestic computing power and AI chips is surging, with industry prospects broadening. Several companies forecast performance growth in 2025, driven by technological advances and demand. Key technological progress in next-generation AI chips is accelerating.

Securities Daily

Multiple Regions Hold “First Spring Meeting” to Strategize on New Production Power Development

On February 24th, the first working day after the Spring Festival, provinces like Guangdong and Hunan held their “First Spring Meeting,” focusing on high-quality development. Guangdong’s meeting emphasized coordinated development of manufacturing and services; Hunan’s focused on promoting private economy growth and enterprise services; Hubei’s aimed at accelerating the strategic rise of central China; other regions like Anhui, Shandong, and Guangxi also held similar meetings.

Downstream Market Consumption Potential Unleashed; Nearly 60% of Spring Festival Box Office in Tier 3-4 Cities

On February 24th, Maoyan Research Institute released the “2026 Spring Festival Data Insights” report, showing total box office of 5.752 billion yuan and 120 million viewers. Without blockbuster hits, overall performance was average, with “Flying Past Life 3” meeting industry expectations.

Most Insurance Institutions Plan Slight Increase in A-Share Allocation This Year

The China Banking and Insurance Asset Management Association released a survey indicating that insurance firms are optimistic about domestic stocks and securities funds, planning to slightly increase A-share holdings. They favor Hong Kong stocks, gold, and U.S. stocks as well.

Post-Holiday Metal Futures Rise Broadly, Silver Futures Up Over 10%

On February 24th, the first trading day after the holiday, the futures market saw more gains than declines. Metal sectors, especially precious metals like silver, performed strongly, with main contracts opening sharply higher and maintaining over 10% gains throughout the day.

China National Radio

Ministry of Commerce Spokesperson Answers Questions on Export Controls Related to Japan

On February 24th, the Ministry of Commerce spokesperson responded to questions about export control measures toward Japan. The spokesperson stated that according to the Export Control Law of the People’s Republic of China and related regulations, China has decided to:

Guotou Capital: Guotou Silver LOF and Settlement Plan Will Have a Negative Impact on the Company’s Parent Net Profit

On the evening of February 23rd, Guotou Capital announced that due to valuation adjustments of its subsidiary Guotou Silver LOF, it has analyzed the impact and proposed countermeasures. The company estimates that this adjustment will negatively affect its 2026 parent net profit by less than 5% of its audited 2024 net profit, without substantially impacting overall business development.

Yicai Financial News

From the Spotlight on the Spring Festival Gala to Stock Price Pressure: Robot Sector Faces “Expectations Gap” Chill

During the 2026 CCTV Spring Festival Gala, humanoid robots showcased impressive skills, demonstrating China’s industrial strength. However, this enthusiasm did not translate into the capital markets—on February 24th, robot concept stocks in the A-share market fell sharply, with companies like Wuzhou New Spring down 6.9%, and core component firms like Lide Harmonic, Wanxiang Qianchao, and Zhaowei Electromechanical leading declines, contrasting sharply with the pre-holiday rally in Hong Kong robot stocks.

Bank Stocks Start the Year of the Horse Cold, Institutional Research Reveals Major Concerns

The first trading day of the Year of the Horse saw a market rally, but bank stocks remained subdued, with some declining. The latest LPR rates remained unchanged for nine months. Despite a “good start” in social financing data, credit growth in January was surprisingly weak, raising concerns about credit quality and post-holiday recovery pace.