Morning News

# Market Overview

Source: Wall Street News

Nvidia's strong earnings failed to ease market concerns, with its stock plummeting nearly 5.5%, dragging down the broader U.S. stock market, AI concept stocks, and the chip sector.

The Dow Jones Industrial Average rose slightly, while the Nasdaq Composite fell nearly 1.2%, erasing almost all of yesterday's gains. The Russell 2000 small-cap index closed 0.5% higher. Large-cap tech stocks were the main drag on the U.S. market, with sector rotation underway. Reports of strained relations between Anthropic and the U.S. Department of Defense fueled a strong rebound in software stocks, which notched a third straight day of gains.

U.S. Treasury yields across maturities fell 3 to 4 basis points broadly, with the 10-year yield hitting its lowest level since November 28 last year. The U.S. dollar index rose 0.12%.

Cryptocurrencies fell in tandem with tech stocks. Bitcoin dropped over 2%, falling below $68,000. Ethereum slumped 3.5%, briefly dipping below $2,000 during the session.

Spot gold edged up 0.4% in volatile trading. Spot silver fell 1%, while New York copper rose 0.68% for a third consecutive gain. Crude prices swung wildly amid market focus on U.S.-Iran negotiations. WTI crude plunged 3% at one point before rebounding 4.9% from session lows, ending marginally lower than yesterday's close.

During Asian trading hours, Chinese equities were mixed: the Shanghai Composite edged down, while computing hardware stocks surged. The yuan strengthened past the 6.83 level against the dollar. The Hang Seng Tech Index tumbled nearly 3%, with tech and internet stocks broadly lower.

# Key News

## China

- Baidu reported Q4 revenue of 32.74 billion yuan. AI computing power subscription revenue surged 143% YoY; AI cloud revenue reached 30 billion yuan in 2025. Orders for "Apollo Go" robotaxis skyrocketed 200%.

- Driven by a boom in AI computing power orders, VeriSilicon's 2025 revenue rose 35.77% YoY, with its net loss narrowing to 528 million yuan.

- DeepSeek, in collaboration with Tsinghua University and Peking University, released a groundbreaking technical paper focusing on the underlying infrastructure of AI agents, aiming to break through the I/O bottleneck in agent reasoning.

- Li Ka-shing sells again! Three CK Hutchison Group companies issued a joint announcement to sell their UK power grid business, cashing out over 110 billion Hong Kong dollars.

## Global

- Block cuts nearly half its workforce to bet on AI, sending its stock soaring 24%. CEO: AI boosts efficiency; most companies will make similar adjustments in the coming year.

- Samsung's memory division demands premium prices, and Apple accepts all terms. Samsung's mobile division is forced to use 50% Micron memory chips.

- Google upgrades its hit image tool Nano Banana with Pro capabilities and Flash speed, launching on Gemini and Search on Thursday.

- CoreWeave's Q4 revenue doubled; year-end backlog reached $66.8 billion, but losses unexpectedly widened, leading to a sharp after-hours drop.

- Dell beats expectations on both earnings and guidance, forecasting AI server revenue to double this year. Its stock rose over 12% in after-hours trading.

- Netflix refuses to raise its offer for Warner Bros. Discovery and announces a share repurchase restart. Its stock jumped 13% in U.S. after-hours trading.

- Fed Governor Michelle Bowman reaffirms the need for 100 basis points of rate cuts in 2026, warning that excessive regulation distorts credit structure.

- The third round of U.S.-Iran negotiations concluded. Iran's foreign minister called it "good progress," while U.S. media reported Washington felt disappointed, made tough demands, and there were clear divisions between Trump and the military.

# Market Closing Levels

## U.S. & European Equities

- S&P 500: -0.54% to 6,908.85

- Dow Jones Industrial Average: +0.03% to 49,499.20

- Nasdaq Composite: -1.18% to 22,878.383

- Euro Stoxx 600: -0.05% to 633.18

## A-Shares

- Shanghai Composite: -0.01% to 4,146.63

- Shenzhen Component: +0.19% to 14,503.79

- ChiNext Index: -0.29% to 3,344.98

## Bond Market

- U.S. 10-year Treasury yield: -3.82 bps to 4.0136%

- U.S. 2-year Treasury yield: -2.86 bps to 2.4423%

## Commodities

- Spot gold: +0.41% to $5,186.18/oz

- Spot silver: -0.88% to $88.4490/oz

- WTI April crude futures: -0.32% to $65.21/bbl

# Detailed News

## Global Highlights

### China

**German Chancellor Merz Visits Unitree Robotics, Witnesses Robot Boxing and Dance Performances**

German Chancellor Friedrich Merz paid a visit to Chinese robotics firm Unitree Robotics. Founder Wang Xingxing introduced China's robotic technologies to Chancellor Merz and his delegation, with live demonstrations of robot boxing and dance performances. Wang stated that Germany is a highly important market, and he looks forward to seizing this opportunity to establish partnerships with more German enterprises and drive the development of the global intelligent robotics industry.

**Baidu Posts Q4 Revenue of 32.74 Billion Yuan; AI Computing Subscription Revenue Surges 143% YoY; AI Cloud Revenue Hits 30 Billion Yuan in 2025; Apollo Go Orders Skyrocket 200%**

Baidu's Q4 revenue reached 32.74 billion yuan, beating expectations. New AI business revenue amounted to 11.3 billion yuan, accounting for 43% of total revenue. Full-year revenue stood at 129.1 billion yuan, with new AI business exceeding 40 billion yuan, a 48% year-on-year increase. Operating cash flow turned positive in the second half to 3.9 billion yuan, restoring the company's cash-generating ability. Baidu announced a share repurchase program of up to $5 billion and adopted a dividend policy for the first time, while advancing the spin-off and listing of Kunlun Chip.

During the earnings call, Robin Li emphasized that "applications matter more than models," noting that the value of models is ultimately realized through applications. He affirmed Baidu's commitment to an application-driven development path, using real demand to continuously feed and iterate model capabilities. In autonomous driving, Li expressed confidence in the global scale expansion of Apollo Go, expecting more cities to achieve positive unit economics and further validate the sustainability of its business model.

**VeriSilicon's 2025 Revenue Grows 35.77% YoY Driven by AI Computing Order Boom; Net Loss Narrows to 528 Million Yuan**

VeriSilicon, a leading domestic custom chipmaker, reported 2025 revenue of approximately 3.152 billion yuan, a year-on-year increase of over 35%. Net loss narrowed to 528 million yuan, a reduction of 73 million yuan from the previous year. A surge in AI computing demand drove new orders of nearly 6 billion yuan for the year, with AI-related orders accounting for over 73%. Benefiting from a leap in data processing business and economies of scale from mass production, the company's backlog exceeds 5 billion yuan, with break-even in sight.

**DeepSeek, Tsinghua and Peking University Release Groundbreaking Paper: Targeting Agent Infrastructure to Break Through I/O Bottlenecks in Agent Reasoning**

The paper proposes a reasoning system called DualPath, which addresses the I/O bandwidth bottleneck caused by KV-Cache reading in agentic large model scenarios. It innovatively introduces a dual-path loading mechanism: "storage → decoding → pre-filling," fully utilizing idle storage bandwidth on decoding nodes. The system, validated on a 1,152-GPU cluster with QoS traffic isolation and adaptive scheduling, boosts offline inference throughput by up to 1.87x and average online service throughput by 1.96x.

**Li Ka-shing Sells Again! CK Hutchison Group Sells UK Power Grid Business for Over HK$110 Billion**

Three CK Hutchison Group companies—CK Infrastructure Holdings, Power Assets Holdings, and Cheung Kong Property Holdings—jointly announced the sale of 100% equity in UK Power Networks to a subsidiary of France's Engie, for a total consideration of over HK$110 billion. The three companies hold 40%, 40%, and 20% stakes respectively. Proceeds will be used for future investments and acquisitions, according to *National Business Daily*.

### Overseas

**Nvidia Plunges 5.7% Intraday Despite Beating Earnings, Marking Biggest Drop in Three Months**

Why Did the Market "Cold Shoulder" Nvidia's "Blowout" Earnings? Nvidia has beaten revenue expectations for 14 consecutive quarters. As outperformance becomes the norm, strong results alone are no longer sufficient. Market focus has shifted to concerns over the sustainability of AI demand and Nvidia's own supply constraints. Massive long-term orders on the demand side have also drawn criticism due to cross-shareholdings with clients. Additionally, while Nvidia's data center business grew strongly, other segments underperformed.

**Goldman Sachs Highlights Three Catalysts for Nvidia, Declaring "Clear Path to Outperformance in Coming Months"**

Nvidia's latest earnings and guidance exceeded expectations across the board. Goldman Sachs reiterated its "Buy" rating with a $250 price target. Driven by three catalysts—increased capital spending from hyperscalers, funding for AI startups, and technological leadership in new architectures—Nvidia's path to outperforming the broader market is clear. Backed by deep partnerships with Meta, OpenAI, and others, and resilient gross margins, Nvidia is driving strength across the entire industry chain.

**Block Cuts Nearly Half Its Workforce to Bet on AI; Shares Surge 24%**

Fintech firm Block announced in a shareholder letter the layoff of about 4,000 employees, nearly half its workforce. CEO Jack Dorsey admitted employees were informed of the cuts on the day of the announcement and predicted most companies will be forced to make similar structural adjustments in the coming year. Block's shares rose more than 24% in after-hours trading following the announcement.

**Samsung's Memory Division Demands Premium Prices; Apple Accepts All Terms; Samsung Mobile Forced to Use 50% Micron Chips**

**Dell Beats Earnings and Guidance, Forecasts AI Server Revenue to Double This Year; Shares Jump Over 12% After Hours**

Dell Technologies reported Q4 and full-year results, with revenue, profit, and cash flow hitting all-time highs. AI-optimized server business emerged as the core growth engine. The company forecasts fiscal 2027 revenue of up to $142 billion and AI server revenue to double year-on-year to about $50 billion, both significantly above market expectations, driving its shares up over 12% in after-hours trading.

**Netflix Rejects Raising Bid for Warner Bros. Discovery, Announces Share Repurchase Resumption; Shares Rise 13% After Hours**

**Fed Governor Milan Reiterates Need for 100 bps Rate Cuts in 2026, Warns Excessive Regulation Distorts Credit Structure**

Federal Reserve Governor Michelle Bowman reiterated on Thursday that despite an improving labor market, she still expects 100 basis points of rate cuts in 2026 and favors acting sooner. She noted excessive regulation has raised bank credit costs, leading to a surge in private credit, though it does not yet pose systemic risks. Bowman struck a cautious tone on the employment outlook, citing weak inflationary pressures to support rate cuts. She has repeatedly opposed holding rates steady and advocated for larger cuts.

**Third Round of U.S.-Iran Talks Conclude; Iran FM Cites "Good Progress"; U.S. Media Reports Washington Disappointed, Tough Demands Made, Trump-Military Divisions**

Iran's foreign minister said the two sides are close to consensus in some areas, with technical talks to be held in Vienna next Monday. Oman's foreign minister, acting as mediator, called the talks "major progress." Media reports indicate significant differences remain: the U.S. insists on Iran's complete dismantling of nuclear facilities and removal of all enriched uranium abroad; Iran proposes halting enrichment activities for a limited period, with resumption under a supervised framework. An Iranian spokesman stated, "We will continue uranium enrichment as needed."

## Selected Research Reports

**Zimbabwe's Ban Sparks Supply Fears; Lithium Carbonate Breaks 180,000 Yuan; Listed Companies Respond in Droves**

Guotai Junan and Haitong Securities believe Zimbabwe's lithium ore export ban will exacerbate the supply gap amid low inventories and recovering demand, expecting lithium prices to trade in a strong range. Chinese firms including Sinomine Resource and Yahua Group have responded, with some having stocked up in advance or applying for new export licenses.

**Goldman Sachs: Zimbabwe's Lithium Export Ban Unlikely to Be Lifted Soon; Lithium Prices to Hit Record Highs "Without a Doubt"**

Goldman Sachs emphasized the ban will only be lifted if miners fully comply with Zimbabwe's local processing requirements. History shows the Democratic Republic of the Congo's cobalt export ban, implemented in February 2025, only evolved into an export quota system in October of that year.

**Memory Chip Shortage to Shrink Global Smartphone Market by 13% in 2026; Era of Cheap Phones May End**

Driven by AI-fueled memory chip shortages, IDC forecasts global smartphone shipments will fall 12.9% year-on-year to about 1.1 billion units in 2026, a decline exceeding those during the pandemic and tariff crises. Rising DRAM and NAND costs are squeezing the entry-level market, marking the end of the "sub-$100 smartphone era." IDC expects the shortage to persist through 2027, with prices unlikely to return to 2025 levels even after supply recovers.

**Record Inflows Fail to Prevent Worst Relative Performance in 15 Years; U.S. Stock Market's Halo Fades, Dollar Alert Sounded?**

Deutsche Bank notes U.S. equities attracted record inflows equivalent to about 2% of GDP in 2025 but underperformed global markets by the widest margin in 15 years. With high valuation premiums and improving non-U.S. earnings momentum, overseas capital may reassess its overweight position in U.S. stocks. Should inflows cool or reverse, the dollar could face downward pressure similar to that after the early-2000s tech bubble burst.

**"Shovel Sellers" in the Robot Wave! Morgan Stanley Favors Core Component with 300x Growth Potential**

Morgan Stanley argues bearings are essential for all robot forms, irreplaceable and difficult to produce in-house. More complex robots require more and higher-priced bearings, creating a re-rating opportunity for the bearing industry amid long-term growth. The global robot bearing market is projected to grow from $827 million in 2025 to $255 billion by 2050.

**Goldman Sachs: Oil Prices to Bottom in Late 2026; Supply Gap to Emerge in 2027**

Goldman Sachs forecasts the crude market will hit a price bottom in Q4 2026, with Brent falling to $60/bbl amid a severe surplus of 2.3 million bpd for the year. However, the market will return to deficit in H2 2027, with a 300,000 bpd gap in Q4. Demand growth will rely entirely on non-OECD countries, with India emerging as a new engine (rising to 6.3 million bpd). Despite bleak 2026 fundamentals, price risks are tilted to the upside, requiring hedging against 2027's structural shortage.

这里是**专业、流畅、符合海外财经媒体风格**的完整英文翻译，严格对照原文信息，无删减、无篡改：

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# Domestic Macro

Will China join Russia in supporting Iran against U.S. aggression? Foreign Ministry responds.

According to The Paper, Foreign Ministry spokesperson Mao Ning stressed that China consistently advocates resolving issues through political and diplomatic means and opposes the use or threat of force in international relations.

Mao Ning pointed out that the Chinese and Iranian peoples enjoy traditional friendship. China supports the Iranian government and people in safeguarding national stability and legitimate rights and interests. It is hoped that all parties will cherish peace, exercise restraint, and resolve differences through dialogue. China is ready to continue playing its role as a responsible major country to this end.

**Banks see sharp rise in mortgage inquiries on first day of Shanghai’s “Seven Shanghai Rules” launch.**

Following the launch of Shanghai’s new “Seven Shanghai Rules” policy, ripples have appeared in the second-hand housing market. On one hand, some homeowners have accelerated listing by taking advantage of the new policy; on the other hand, some have chosen to raise prices or suspend sales.

Agents noted that many homeowners have shifted their mindset, believing market expectations have improved and that they can wait for a more favorable transaction timing.

# Domestic Companies

**Luckin Coffee Q4 net revenue up 33% YoY but profit falls, as delivery orders surge and squeeze margins.**

Luckin Coffee achieved 2025 revenue of 49.288 billion yuan (+43% YoY). Non-GAAP operating profit reached 5.646 billion yuan (+43.5% YoY). Stores exceeded 31,000, and same-store sales growth for company-owned stores turned positive from -16.7% to 7.5%.

However, Q4 showed a clear “revenue growth without profit growth”: revenue rose 32.9%, while net profit was only 518 million yuan (851 million yuan in the same period last year), mainly due to a 94.5% surge in delivery fees and higher accrued income tax.

**BeiGene Q4 revenue up 33% YoY, full-year turns profitable; Brukinsa hits quarterly record of 1.1 billion yuan.**

BeiGene posted 2025 full-year revenue of 5.343 billion US dollars, up 40% YoY. Global sales of its flagship drug Brukinsa reached 3.9 billion US dollars, ranking first in its segment.

Both operating cash flow and net profit turned positive, ending the “cash-burning” model. For 2026, with new drugs approaching commercialization, total revenue guidance was raised to 6.4 billion US dollars, entering a new phase of high-quality growth.

**Tesla China launches major promotion: Model 3/Y down payment from 79,900 yuan, 7-year ultra-low rate or 5-year 0% rate available.**

Tesla China introduced a limited-time promotion. Orders placed for all Model 3/Y variants (except Performance versions) by March 31 will qualify for 7-year ultra-low-interest financing or 5-year 0% financing, with a down payment starting at 79,900 yuan.

The move aims to boost sales amid challenges: Tesla’s 2025 global deliveries were overtaken by BYD, and its China sales declined. On FSD’s progress in China, Tesla said it is carrying out adaptation work.

# Overseas Macro

**U.S. 30-year mortgage rate falls below 6% for first time since 2022; industry: spring home sales may hit multi-year best.**

According to Freddie Mac, the average U.S. 30-year fixed mortgage rate was 5.98%, down from 6.01% a week earlier and 6.76% a year ago. The last time it was below 6% was September 2022.

Industry observers noted that slowly improving affordability could make this spring selling season the best in years. Winter blizzards that hit the U.S. Northeast may further unleash pent-up demand built up over years.

**U.S. rare earth supply crisis worsens! Some aerospace and chip production curbed; yttrium price surges 69x in a year.**

The U.S. aerospace and semiconductor sectors face a severe rare earth shortage. Yttrium prices have jumped 69-fold in a year, forcing aerospace coating firms to curb output and implement rationing.

Scandium stockpiles are running low, threatening chip supply chains. Despite White House pledges to develop alternatives, critical materials rely heavily on imports, risking disruptions to industrial production and high-end manufacturing.

**Lagarde: ECB closely monitoring AI’s impact on labor market; no mass layoffs seen yet.**

ECB President Christine Lagarde said AI investment has boosted productivity in Europe, with significant benefits for small and medium-sized enterprises.

While mass unemployment has not emerged, the pace of AI evolution is unprecedented. She stressed the ECB will remain “extremely vigilant” about potential job losses and address structural economic changes driven by AI.

**ECB records third consecutive annual loss, longest losing streak in its history.**

The European Central Bank posted a third straight annual loss, with a 2025 net loss of 1.3 billion euros, marking its longest losing streak.

The main cause was the mismatch between low-rate bond purchases and high interest rates. A weak yen has depleted foreign exchange buffers, risking new losses. Markets worry future QE tools may become more restrained, with profitability expected to return in 2026 or 2027.

**Kishida appoints dovish board members; BOJ rate hike path faces high hurdles.**

Morgan Stanley and Goldman Sachs believe the personnel changes will raise the bar for rate hikes and significantly reduce chances of early tightening in April or June, making summer the key window.

Morgan Stanley maintains its base case of a June hike, pending May inflation data to confirm wage pass-through. Goldman Sachs sticks to a July hike and warns that delaying beyond July would risk falling behind the yield curve, forcing a terminal rate above 1.5%.

**India eases rules to allow equity funds to allocate up to 35% to gold and silver.**

SEBI revised rules to allow actively managed equity funds to allocate up to 35% of assets to gold, silver and related instruments, expanding the frontier for a $384 billion market.

The move comes as global precious metals demand rises. In January, India’s gold ETF inflows exceeded equity fund inflows for the first time.

**This crypto winter has not broken the underlying infrastructure.**

Despite Bitcoin sell-offs, core infrastructure remains intact: exchanges operate normally, custodians have strong solvency, institutional buyers hold firm, Bitcoin ETF assets are steadily held, and free trading supply has decreased.

Bernstein analysts view the current downturn as merely a “crisis of confidence.”

**Crypto bull Tom Lee: AI and crypto sell-off nearing an end.**

Tom Lee believes markets often bottom amid “bad news,” and Citrini Research’s “AI doomsday” report signals a bottoming zone.

He estimates the sell-off in the Magnificent Seven is “about 95% complete,” software sector sell-off “roughly 99% done,” and the crypto pullback is in its “final weeks.”

# Overseas Companies

**10x capacity of HBM! SK Hynix teams up with SanDisk to launch global standardization of HBF.**

SK Hynix and SanDisk are jointly promoting global standardization of High-Bandwidth Flash (HBF) to fill the tier gap between HBM and SSD.

HBF balances high bandwidth and large capacity via NAND stacking, optimized for AI inference. The pair set up a working group under the OCP framework, targeting commercialization in 2027. Its long-term market size is expected to surpass HBM as a key pillar of AI storage architecture.

**$21,000 Bloomberg Terminal replicated by AI! Perplexity launches new “PC” in two months: integrates all AI features, orchestrates 19 models with Opus core.**

Perplexity launched Perplexity Computer, a general-purpose AI Agent with an in-browser secure sandbox architecture that autonomously handles complex tasks such as programming and project management.

Five hours after launch, users built a Bloomberg Terminal alternative at just 1/12 the cost, supporting multi-model invocation and task collaboration.

**Betting on the “singularity moment”! Circle earnings call: AI agents to become biggest growth driver.**

Circle’s Q4 profit surged 412%, with revenue up 77% YoY.

The CEO believes the current moment may be the singularity of the AI economic explosion, with USDC to become the core medium of exchange in this new economy. Circle has launched Circle Gateway testnet for AI agents.

**Tesla overpromising on California robotaxis? Regulatory records show zero road test miles for six straight years.**

Tesla has made no substantive progress toward Robotaxi service in California: road test mileage has been effectively zero for six straight years (only 562 miles), far below the 50,000-mile threshold for an operational permit.

Musk blamed the approval process, but experts said the reality is the opposite: the company has not met basic testing requirements. So-called “Robotaxis” in the Bay Area are actually human-assisted driving services.

# Industries & Themes

1. **AI Coding**

On February 26, Huawei Cloud CodeArts launched its public beta version, integrating code large models, IDE, and autonomous development modes. It covers AI coding technologies including code generation, R&D Q&A, unit test case generation, expert skills, codebase indexing, and rule-driven development.

It connects open-source models GLM-5.0, DeepSeek-V3.2, Huawei’s self-developed models, and a dedicated HarmonyOS model, boosting developer efficiency and enabling intelligent coding.

**Comment:**

Cinda Securities believes AI coding reshapes core productivity, empowered by foundational large-model technologies.

Large-model-based automated programming and code generation improve efficiency and automation in software development.

AI coding directly acts on core development links and is expected to become one of the most valuable AI applications.

Widespread overseas adoption and product launches validate its potential.

Driven by open-source ecology and corporate payments, the AI coding tool market is projected to reach **$26 billion by 2030**.

2. **Commercial Aerospace**

CAS Space revealed its recoverable liquid carrier rocket **Lijian-2** is scheduled for its maiden flight in late March, carrying a prototype of China’s **Qingzhou-1** cargo spacecraft.

CAS Space has filed its 2026 launch plan, targeting 13 missions with plans to add 1–2 more, setting new records for frequency and density.

LandSpace recently announced its reusable rocket **Zhuque-3** will conduct another recovery test in Q2 2026.

The team is optimizing the landing process and aims for the first recovered and reused flight in Q4.

**Comment:**

Zhongtai Securities views 2026 as a peak period for maiden flights and recovery verification of China’s commercial rockets.

The industry is moving from technical breakthroughs to large-scale, reusable, low-cost deployment.

Booming applications including space computing, satellite internet, space tourism, and deep-space exploration are driving rocket demand.

3. **Artificial Intelligence**

Data from OpenRouter, the world’s largest AI model API aggregation platform, shows:

- Feb 9–15, 2026: Chinese models recorded **4.12 trillion tokens**, exceeding U.S. models (2.94 trillion) for the first time.

- Feb 16–22: Chinese model usage jumped to **5.16 trillion tokens**, widening the lead.

Four of the world’s top five most-used models are Chinese, driven by cluster growth rather than a single hit product.

**Comment:**

Institutions note rapid iteration in model architecture, efficiency, and GPU adaptation, while inference demand continues surging.

After daily usage hits the trillion-token level, high-concurrency and long-context traffic tends to flow to stable, large-scale head vendors.

Leading firms with computing power scheduling, ecosystem adaptation, and scale cost advantages will gain incremental share and drive market concentration.

4. **Computing Power**

On February 26, DeepSeek announced the upcoming launch of V4 “Sea Lion Lite”, supporting a **1M ultra-long context window** that can process full-length texts such as *Jane Eyre* in one pass, greatly expanding AI application boundaries.

The version is deeply adapted to the Huawei Ascend platform, with inference speed improved by over **35x**.

Breaking industry norms, DeepSeek granted early access exclusively to Huawei and other domestic suppliers, helping form a closed-loop domestic AI computing chain.

**Comment:**

DeepSeek’s choice of Huawei reflects both technical adaptation and strategic security.

The “model + chip” collaboration is critical to a self-sufficient domestic AI ecosystem.

Huawei’s recently released Atlas 950 super node supports 8,192 Ascend 950DT chips with 8 EFLOPS FP8 computing power, marking a systematic breakthrough beyond single-chip comparisons.

Prioritizing domestic chips strengthens the “domestic large model + domestic chip” ecosystem and reduces reliance on overseas computing power.

5. **PCB**

On February 25, NVIDIA CEO Jensen Huang revealed on the earnings call that NVIDIA recently signed a non-exclusive technology licensing agreement with AI startup Groq, obtaining non-exclusive IP rights to the LPU architecture and absorbing Groq’s founder and core team.

Technical integration results are expected to be unveiled at the annual GTC conference.

NVIDIA will use Groq’s technology to expand AI infrastructure and improve performance and market value.

**Comment:**

The AI industry is shifting from a “scale race” to an “efficiency and value realization phase”, with inference demand outpacing training demand.

Groq’s dedicated LPU offers 5–10x speed and 1/10 cost vs. GPUs.

Analysts expect NVIDIA to showcase LPUs at GTC, targeting inference workloads similar to ASICs, likely using SRAM for low latency.

LPUs are expected to become a key tool for NVIDIA in the inference market.

High-layer PCBs (potentially over 50 layers) with per-cabinet value of ~400,000–500,000 yuan will expand the PCB market.

6. **HBF**

On February 26, SK Hynix and SanDisk held the launch of the **HBF Standardization Alliance**, officially releasing a global standardization strategy for High-Bandwidth Flash (HBF), the next-generation memory for AI inference.

HBF fills the tier gap between HBM and SSD, meeting dual demands for capacity scalability and energy efficiency in AI inference.

**Comment:**

HBF is expected to integrate into NVIDIA, AMD, and Google products in 2027–2028, with a 2038 market size exceeding HBM.

Standardization marks a new phase in AI storage architecture.

Vendors offering full-stack HBM+HBF solutions will gain strategic advantages as inference demand booms.

7. **Photovoltaics**

A research team from the Qingdao Institute of Bioenergy and Bioprocess Technology, Chinese Academy of Sciences, achieved **over 15% photoelectric conversion efficiency** on a new solar cell material, certified by international authorities.

The core material is **copper zinc tin sulfur selenium (CZTSSe)** solar cells.

**Comment:**

CZTSSe uses abundant elements, no rare metals, low material cost, solution-based fabrication, thin-film structure, and non-toxic composition, suitable for large-scale deployment.

Efficiency breaking 15% meets the threshold for commercial PV application, positioning CZTSSe as a promising next-generation solar technology.

8. **Horse Racing**

According to Guangzhou Conghua District High-Quality Development Conference on February 26, Conghua is the only horse-racing “disease-free zone” in mainland China and the 53rd globally recognized by international authorities.

The Hong Kong Jockey Club Conghua Racecourse is becoming an equine industry platform linking the Greater Bay Area and the world.

It will host historic regular international-standard speed horse races in October 2026.

Guangzhou is planning a 10-square-kilometer Guangdong-Hong Kong equine industry cooperation zone to unlock a 100-billion-yuan high-end consumer market in the Greater Bay Area, with over 10,000 mu reserved for development.

# Today’s News Preview

- MSCI China Index adds 37 stocks including Baiyin Nonferrous.

- CSI Index Company releases CSI HK Connect Robotics Theme Index.

- U.S. January PPI.

- Germany, France February CPI.

- Japan February Tokyo CPI.

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# Risk Warning & Disclaimer

The market is risky and investments need caution.

This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users.

Users should consider whether any opinion, view, or conclusion in this article fits their specific situation.

Investment decisions are made at one’s own risk.