Morning News

# Market Overview

Last Friday, U.S. stocks were hit by a triple whammy of rising PPI inflation, a credit crisis, and the risk of a U.S.-Iran war. The Dow Jones closed down more than 1%, and the S&P 500 posted its largest monthly decline in 11 months.

Financial and tech stocks dragged down the broader market: the banking index fell nearly 5%, with Jefferies, embroiled in the collapse of British private credit giant MFS, plunging over 9%; Block's massive layoffs stoked fears of AI's impact on employment, sending credit card issuers lower, with American Express down nearly 8%; the tech sector fell over 2%, with NVIDIA dropping more than 9% in two days after reporting earnings, and CoreWeave, whose Q4 losses unexpectedly widened, slumping over 18%; Dell, with strong earnings, rose nearly 22%; Netflix, which abandoned its bid for Warner Bros. Discovery, climbed nearly 14%.

U.S. PPI growth exceeded expectations, driving a sharp rally in Treasury prices. The 10-year U.S. Treasury yield fell below 4.0%, hitting a four-month low; the U.S. dollar index turned higher in short-term trading and refreshed its daily high.

The People's Bank of China announced intervention measures, causing the offshore yuan to turn lower, falling more than 300 pips from its daily high at one point and approaching 6.87. However, the yuan still surged nearly 1,000 pips in February, marking five consecutive months of gains. Bitcoin fell below $66,000 during trading, dropping over 4% from its daily high, and plummeted more than 20% in February.

Trump did not rule out military action against Iran, triggering a sharp rebound in crude oil, which rose about 4% at one point during trading and closed at a seven-month high; gold and silver rallied, with gold rising over 1% and silver futures surging over 8% during trading, both hitting one-month highs. Precious metals posted double-digit gains in February, with gold futures rising over 10%, marking their largest monthly increase in 14 years.

During Friday's Asian session, the ChiNext Index fell 1%, computing power hardware stocks underwent a collective correction, rare metals saw a surge in limit-up stocks, the Hang Seng Index rose 1%, and the yuan retreated below 6.85.

Following U.S.-Israeli strikes on Iran, Middle Eastern stock markets closed lower on Sunday. Saudi Arabia's main index fell over 2%, Saudi Aramco dropped more than 3%, and Egypt's index declined 2.5%.

# Key News

## China

The Political Bureau of the CPC Central Committee held a meeting to discuss the draft outline of the 15th Five-Year Plan and the Government Work Report.

China Securities Regulatory Commission: It will study and plan key measures for the high-quality development of the capital market during the 15th Five-Year Plan period, and accelerate the two-way flow of foreign institutions "coming in" and "going out".

The People's Bank of China announced that starting March 2, the risk reserve requirement ratio for forward foreign exchange sales will be lowered from 20% to 0%.

Innovative Speedtech's 2025 net profit increased by 108.81% year-on-year, driven by robust demand for high-speed optical modules amid computing power infrastructure investment.

Cambricon achieved annual profitability for the first time, with a 2025 net profit of 2.06 billion yuan and a 4.5-fold surge in revenue.

Moore Threads' 2025 revenue rose 243.37% year-on-year, with mass production of its flagship GPU narrowing losses by 36.7%.

Domestic GPU shipments accelerated. Maxiechips reduced losses by 44% in 2025, with revenue surging 121%.

## Overseas

On February 28, the United States and Israel launched a "preemptive" military strike against Iran. Iran's Supreme Leader Ayatollah Ali Khamenei was killed in the attack, and Iran vowed "devastating retaliatory strikes". Trump said a diplomatic solution remained "easy" to reach and that there were "suitable candidates" to take charge of the Iranian regime.

On March 1, the U.S. military announced it had destroyed the headquarters of Iran's Islamic Revolutionary Guard Corps, stating the military operation did not target nuclear facilities and denying that the USS Abraham Lincoln aircraft carrier was hit by Iran. Trump said the military operation against Iran could last about four weeks and that Iran's naval headquarters had been largely destroyed. Iran claimed its counterattacks had caused 560 U.S. military casualties and shot down more than 20 U.S. and Israeli drones. Iran's interim leadership council began work the same day, and the Iranian foreign minister said there were no plans to block the Strait of Hormuz. Britain, France, and Germany issued a joint statement saying they might take "necessary defensive actions" against Iran.

Reports: The U.S. is not considering releasing strategic oil reserves to counter potential oil price spikes from strikes on Iran. OPEC+ agreed to a modest production increase of 206,000 barrels per day in April, with plans to continue the increase through September.

Following U.S.-Israeli strikes on Iran, Middle Eastern stock markets closed lower on Sunday, with Saudi Arabia's main index falling over 2%. Fearing a collapse due to potential Iranian attacks, the UAE unusually closed its two major financial markets.

U.S. core PPI for January recorded the fastest growth in a year, unexpectedly heating up and complicating the Federal Reserve's monetary policy.

The Pentagon requested "full access" to AI models. Anthropic refused, while Elon Musk's xAI agreed. Trump ordered federal agencies to discontinue using Anthropic products, and the Pentagon declared Anthropic a supply chain risk. Over 100 Google employees signed an open letter demanding red lines in U.S. military contracts, refusing to become a "war machine".

OpenAI completed a $110 billion financing round, valuing the company at $730 billion, with Amazon investing $50 billion.

Shifting away from an exclusive focus on NVIDIA, Meta is spending tens of billions of dollars to rent Google's TPUs.

SpaceX is reportedly considering secretly filing for an IPO as early as March, targeting a listing in June this year.

Is the subprime crisis repeating? British private credit giant MFS has collapsed, with major banks including Barclays caught up in the turmoil. Creditors warn that double pledging could lead to a $1.3 billion shortfall.

# Market Closing Data

## U.S. and European Stock Markets

- S&P 500: down 0.43% to 6,878.88 points; down 0.87% in February

- Dow Jones Industrial Average: down 1.05% to 48,977.92 points; up 0.17% in February

- Nasdaq Composite: down 0.92% to 22,668.212 points; down 3.38% in February

- European STOXX 600: up 0.11% to 633.85 points; up 3.74% in February

## A-Shares

- Shanghai Composite Index: up 0.39% to 4,162.88 points

- Shenzhen Component Index: down 0.06% to 14,495.09 points

- ChiNext Index: down 1.04% to 3,310.30 points

## Bond Market

At the close of the bond market, the yield on the benchmark 10-year U.S. Treasury note stood at approximately 3.94%, down about 6 basis points on the day and a cumulative decline of about 30 basis points in February. The 2-year U.S. Treasury yield was around 3.37%, down about 6 basis points intraday and a total drop of about 15 basis points in February.

## Commodities

- WTI April crude oil futures: up 2.78% to $67.02/barrel; up nearly 2.8% in February

- Brent May crude oil futures: up 2.87% to $72.87/barrel; up about 5.1% in February

- COMEX March gold futures: up 1.04% to $5,230.5/ounce; up about 11% in February

- COMEX March silver futures: up 6.53% to $92.682/ounce; up about 18.4% in February

- LME copper futures: up 0.29% to $13,344/tonne; up about 1.4% in February

- LME tin futures: up nearly 6.1% to $57,728/tonne; up 11.1% in February

# Detailed News Highlights

## Global Highlights

### China

The Political Bureau of the CPC Central Committee held a meeting to discuss the draft outline of the **15th Five-Year Plan** and the Government Work Report. According to Xinhua News Agency, China will continue to implement a more proactive fiscal policy and a moderately loose monetary policy, and strengthen the coordination between reform measures and macro policies. Efforts will be made to build a strong domestic market, accelerate the cultivation and expansion of new growth drivers, and speed up efforts to achieve high-level self-reliance and self-improvement in science and technology. China will continue to deepen reforms in key areas, further expand high-level opening-up, solidly advance rural revitalization across the board, and promote new urbanization and coordinated regional development. Greater efforts will be made to ensure and improve people's livelihoods, accelerate comprehensive green transformation, strengthen the prevention and resolution of risks in key areas, and enhance security capacity. The government will strengthen self-improvement and firmly establish and practice a correct view of performance.

The China Securities Regulatory Commission (CSRC) will study and plan key measures for the high-quality development of the capital market during the 15th Five-Year Plan period, and accelerate the two-way opening-up of foreign institutions "coming in" and "going out". The meeting proposed to continuously improve the adaptability and coverage of the capital market in serving the real economy, and enhance the continuity and predictability of policies; further improve the investment value of listed companies, strengthen investor protection and corporate governance; continuously improve the facilitation of cross-border investment and financing, and strengthen alignment with international standards and regulatory rules; promote the two-way opening-up of industry institutions "coming in" and "going out", support the differentiated and specialized development of foreign institutions, and enhance the global resource allocation capacity of domestic institutions.

The People's Bank of China (PBOC) announced that starting from March 2, the **risk reserve requirement ratio for forward foreign exchange sales** will be lowered from 20% to 0, in order to reduce enterprises' foreign exchange purchase costs and support exchange rate risk management. This adjustment comes after a three-and-a-half-year hiatus, and the cut essentially represents a reasonable exit from previous measures, promoting the return of foreign exchange policies to neutrality.

Zhang Yu of Huachuang Securities analyzed that this move may reflect the central bank's determination to curb excessive appreciation and volatility of the RMB, aiming to reduce enterprises' forward foreign exchange purchase costs (estimated to be reduced by about 493 pips) to balance market supply and demand. In the short term, the current appreciation rate of the RMB is unsustainable, but in the medium term, it will maintain a stable and upward trend supported by export resilience.

**Innovative Speedtech (Innovative Optical)** achieved a **108.81% year-on-year increase in net profit** in 2025, driven by robust demand for high-speed optical modules amid computing power infrastructure investment. The company's revenue reached 38.24 billion yuan in 2025, with a net profit of 10.8 billion yuan, doubling year-on-year. Driven by global computing power construction, demand for high-speed optical modules has exploded, and product structure optimization has led to profit growth far outpacing revenue growth. The company boasts stable profitability, with its optical module business making a prominent contribution. Through economies of scale and solution optimization, it has firmly established itself as an industry leader and achieved rapid expansion of its asset scale.

**Cambricon** achieved annual profitability for the first time, with a net profit of 2.06 billion yuan in 2025 and a **4.5-fold surge in revenue**. Cambricon's full-year revenue in 2025 reached 6.497 billion yuan, a year-on-year increase of 453%; net profit attributable to shareholders was 2.059 billion yuan, compared with a loss of 452 million yuan in the same period last year, marking its first annual profit since listing. Non-GAAP net profit was 1.770 billion yuan, indicating that performance is driven by core businesses. Benefiting from the release of AI computing power demand, the company's product competitiveness has driven market expansion.

**Moore Threads** saw its **revenue surge 243.37% year-on-year** in 2025, with mass production of its flagship GPU narrowing losses by 36.7%. The company's revenue reached approximately 1.506 billion yuan in 2025, a year-on-year surge of 243%, with a net loss attributable to shareholders of about 1.024 billion yuan, a 36.70% narrowing from the loss of 1.618 billion yuan in the same period last year. Its core product, the MTT S5000 AI computing card, has achieved mass production, supporting training for trillion-parameter large models with performance comparable to international peers. Following its successful IPO on the STAR Market and a doubling of asset scale, the company is accelerating the commercialization of domestic GPUs and overcoming ecological challenges.

Domestic GPU shipments accelerated. **MetaX** reduced losses by 44% in 2025, with revenue surging 121%. MetaX's full-year revenue in 2025 reached 1.644 billion yuan, a year-on-year increase of 121.26%, driven by a surge in GPU shipments. Net loss attributable to shareholders was 781 million yuan, a 44.53% narrowing from the same period last year. Economies of scale in revenue diluted fixed costs, coupled with a reduction in share-based payment expenses, jointly driving the loss reduction. The company completed its STAR Market IPO during the year, with owner's equity increasing more than 10-fold to 13.173 billion yuan, strengthening its capital strength.

### Overseas

On Friday, February 27, the U.S.'s largest aircraft carrier arrived in the Middle East, and the U.S. called on its citizens to leave Israel as soon as possible. The Chinese Foreign Ministry reminded citizens to avoid traveling to Iran temporarily and for those already in the country to evacuate promptly. Trump stated that the U.S. and Iran would continue negotiations, warning that "sometimes you have to fight". Oman's Foreign Minister said Iran had agreed not to possess "nuclear materials that can be used to make nuclear bombs".

On Saturday, February 28, the U.S. and Israel launched a "preemptive" military strike against Iran. Iran retaliated by attacking multiple targets in Israel and the Middle East, vowing "devastating retaliatory strikes" against Israel.

According to Xinhua News Agency, nuclear weapons were used in the Iranian capital on the morning of February 28 local time. Trump claimed that Anthropic attempted to force the U.S. Department of Defense to abide by its service terms instead of the U.S. Constitution, granting federal agencies a six-month transition period.

Over 100 Google employees signed an open letter demanding red lines in U.S. military contracts, refusing to become a "war machine"!

**OpenAI** completed a **$110 billion financing round**, valuing the company at **$730 billion**, with **Amazon investing $50 billion**. The two sides simultaneously reached a strategic cooperation, covering joint development of stateful runtime environments, AWS exclusive distribution of OpenAI Frontier models, OpenAI's procurement of 2 gigawatts of Trainium computing power, and custom model development. In addition, SoftBank and NVIDIA each invested $30 billion.

Shifting away from an exclusive focus on NVIDIA, **Meta** is spending **tens of billions of dollars** to rent Google's TPUs. According to reports, Meta has signed multi-year agreements to rent Google's TPUs for tens of billions of dollars and plans to use them for AI training, not just inference. This deal comes shortly after Meta committed to purchasing millions of NVIDIA GPUs, indicating a shift from "betting heavily on NVIDIA" to a "multi-supplier" strategy. Google also plans to establish a TPU leasing joint venture with investment institutions to accelerate TPUs into a new multi-billion-dollar business.

**SpaceX** is considering secretly filing for an IPO as early as March, targeting a listing in June this year. Reports indicate that SpaceX's target valuation for this IPO may exceed **$1.75 trillion**. In February this year, SpaceX completed the acquisition of AI startup xAI, with the combined entity valued at $1.25 trillion after the transaction.

Musk made another bold prediction: **Tesla will build factories on the moon in 20 years**, and robots will make work an "option" within 10 years. In an interview, Musk stated that Tesla's Full Self-Driving (FSD) is expected to launch in Europe in March, and fuel-powered vehicles will become history; this year is a "big year" for Tesla's capacity expansion and new product launches, with the Cybertruck expected to enter mass production by the end of the year; in 20 years, Tesla will build factories on the moon, and the Optimus robot will make human work an option within a decade.

Is the subprime crisis repeating? British private credit giant **MFS** has collapsed, with major banks including Barclays caught up in the turmoil. Creditors warn that double pledging could lead to a **$1.3 billion shortfall**.

MFS collapsed abruptly amid allegations of fraud and double pledging of assets, exposing over £2 billion in risk exposure for major banks including Barclays, Jefferies, and Apollo. The firm operated with extremely high leverage, was accused of embezzling hundreds of millions of pounds in assets, and its founder's whereabouts are unknown. This has triggered deep concerns on Wall Street about the vulnerability of private credit. JPMorgan's Dimon warned that the current market's irrational exuberance is repeating the precursors to the 2008 crisis.

Creditors believe that MFS's double pledging could result in "unexplained shortfalls" in over 80% of its £1.2 billion debt.

A "cockroach infestation" of private credit issues, compounded by AI concerns, sent U.S. bank stocks plummeting 6%. The U.S. banking sector suffered its worst decline of the year on Friday, with the KBW Bank Index falling 6% intraday, its largest single-day drop since trade turmoil in April last year. Risks in the private credit sector erupted intensively, with multiple funds facing liquidity issues, and the collapse of a British mortgage lender sparking contagion fears. Goldman Sachs and Zions Bancorp plunged nearly 8%, while Apollo plummeted 9%.

## Selected Research Reports

### Is Marx's Prediction of AI's Future Coming True?

When AI achieves full automation, "capital" will be equivalent to "labor", labor value will approach zero, and the foundation of traditional economics will face collapse. Deutsche Bank simulates two endgames: if AI completely replaces humans, wealth will be highly concentrated, with an abundance of goods but no one able to afford them, leading to deflation, low interest rates, high profits, but volatile stock markets; if AI merely empowers humans, employment and demand can still recover, and inflation, interest rates, and stock markets are more likely to rise moderately.

### The "Darwinian Moment" Has Arrived!

Analysts warn that some private equity (PE) firms face extinction risks. The private equity industry is mired in difficulties: Bain & Company data shows that investor allocation ratios fell to just 14% in 2025, a post-financial crisis low, with approximately $3.8 trillion in assets stuck waiting for exit. Fundraising is concentrated at the top, making it difficult for small and medium-sized funds to survive. A PE partner bluntly stated that "Darwinian elimination" is accelerating, and some managers will quietly liquidate.

### Howard Marks of Oaktree Capital: AI Is Replacing Labor, Not Assisting It—Investors Should Neither Be Fully Invested Nor Empty-Handed

In his latest memo, Howard Marks of Oaktree Capital stated that AI has evolved into an "autonomous agent" that substantially replaces labor. In the investment field, AI's information processing capabilities surpass humans, but it still lacks qualitative and intuitive judgment. Amid the bubble debate, he pointed out that this technological revolution is real and offered a clear strategy: "Select quality assets and maintain moderate positions."

### The Twilight of the Dollar, the Return of Gold—Three Main Themes for A-Shares Under the New Geopolitical Order

A report from China Merchants Securities points out that the "three pillars" of the U.S. dollar are collapsing, and gold is returning as the ultimate measure of value. The pricing logic of A-shares is shifting to a new paradigm of "security-resilience-controllability", with three main themes emerging: hard currency resources (gold and key minerals) to hedge credit risks, core technologies (AI, semiconductors, commercial aerospace) to build productivity engines, and safe assets (military, information technology innovation, key infrastructure) benefiting from the rigid demand of "national subscription".

# Domestic Macro

### U.S. Trade Representative’s Contradictory Tariff Stances on China: Experts Analyze Core Causes

According to Global Times, U.S. Trade Representative Greer has made contradictory statements on tariffs against China, shifting from advancing a Section 301 investigation to maintaining existing tariffs. Experts point out that the core reasons for these inconsistent remarks lie in the U.S.’s conflicting mindset of “containing” while “relying on” China, as well as the long-standing tug-of-war between hardliners and rationalists in U.S. domestic politics.

### Shanghai’s “Seven Measures” Take Effect: Property Viewings Double Month-on-Month, Buyers Sign Deals on Launch Day

As reported by The Paper, just two days after Shanghai’s new “Seven Measures” for the property market took effect, the market heated up rapidly. On February 25, second-hand home viewings surged 122% month-on-month, new home viewings rose 106%, online inquiries jumped 81% from January’s daily average for second-hand homes and 156% for new homes. On-the-ground feedback shows stronger buyer willingness to enter the market, hesitant buyers accelerating purchases, some homeowners raising listing prices, and early signs of a “spring market rally” emerging.

# Domestic Companies

### AMEC Posts Record 2025 Revenue of 12.3 Billion Yuan, Net Profit Up 30.69% YoY; Thin-Film Equipment Becomes New Growth Driver

Advanced Micro-Fabrication Equipment Inc. China (AMEC) reported 2025 revenue of approximately 12.385 billion yuan, a 36.62% year-on-year surge. Etching equipment remained its core business with sales nearing 10 billion yuan; thin-film equipment grew by over 224%, becoming the second growth engine. The company invested over 3.7 billion yuan in R&D for the year, up more than 52% year-on-year. Despite short-term pressure on profit margins, it achieved major technological breakthroughs in atomic-level etching and advanced process epitaxy equipment, further enhancing visibility for domestic substitution.

### AI Demand Ignites Strong Performance! Montage Technology Logs 2.236 Billion Yuan in 2025 Net Profit, Adjusted Net Profit Surges Nearly 90%

Montage Technology Co., Ltd. posted 2025 revenue of 5.456 billion yuan and net profit of 2.236 billion yuan, up 50% and 58% year-on-year respectively. Driven by AI demand, its core interconnect chip business saw both volume and price increases, generating 5.139 billion yuan in revenue with a gross margin of 65.6%. Excluding share-based payments, actual net profit reached 2.647 billion yuan, an increase of 81%.

### Multiple Smartphone Brands to Raise Prices Across the Board: More Than One Round Likely, New Models to Cost at Least 1,000 Yuan More

Driven by soaring memory chip costs, China’s smartphone industry will see a comprehensive price hike in March, with new models increasing by at least 1,000 yuan and overall average prices rising 15%–25%. This is the largest collective price adjustment in nearly five years, hitting mid-to-low-end models hardest. On the same day, Meizu announced it would suspend in-house smartphone hardware development and fully transition to AI.

### ByteDance’s New Algorithm Cuts Computing Power Usage by One-Third

ByteDance, in collaboration with Beihang University, proposed the SAGE-RL algorithm, targeting the “overthinking” pain point of large models—where models generate massive redundant tokens even after reaching correct answers, wasting computing power. Research found models possess “self-awareness” but cannot stop promptly due to sampling strategy limitations. The SAGE algorithm enables step-by-step exploration for models to output end markers at the right time, reducing inference token consumption by about one-third while maintaining accuracy, achieving “cost reduction and efficiency enhancement.”

# Overseas Macro

### AI and Geopolitical Risks Trigger Massive Capital Flight from U.S. Stocks into Safe-Haven Gold and Treasuries

Hit by dual shocks of AI disruption fears and geopolitical tensions, systematic capital is exiting U.S. stocks on a large scale, with quantitative funds cutting equity allocations to zero. Funds have poured into safe-haven assets, driving U.S. Treasuries to their best performance in a year and gold prices above $5,000. Market defensive sentiment is strong, awaiting guidance from key data.

### Storm Shifts to Bond Markets? Global Investment-Grade Bond Spreads Widen Nearly 4 Bps; Software Default Risks Spark Concerns

Amid intertwined AI disruption fears and private credit risks, global investment-grade bond markets are under pressure: yield spreads widened nearly 4 basis points this week, the largest weekly move since November last year. UBS warned that if AI delivers a “radical” shock to businesses, private credit default rates could rise to as high as 15%, and software industry default risks could also reach double digits.

### Tokyo CPI Falls Below 2% Target for First Time in 15 Months, but BOJ’s Rate-Hike Path Remains Unshaken

Tokyo’s core CPI fell to 1.8% in February, dropping below the 2% target for the first time since October 2024 due to energy subsidies. However, inflation excluding energy rose to 2.5%, with service prices firming, indicating underlying pressure persists. Combined with resilient retail and industrial data, analysts widely believe this technical cooling will not alter the Bank of Japan’s rate-hike path, with a high probability of another policy tightening in April.

# Overseas Companies

### NVIDIA Plunges Overnight: Institutions Sell, Retail Investors Buy Frenetically?

NVIDIA reversed sharply from a 5% intraday gain to a 5% loss, triggering violent volatility in the tech sector. The real sellers were institutions: Goldman Sachs’ flagship Agentforce accounted for less than 2% of holdings, with margin pressure and across-the-board cost increases leading to GAAP profit growth of only 3% year-on-year, far below expectations. The only bright spot was a $50 billion share repurchase plan, but the cloud of “AI disrupting SaaS” lingers, and upward momentum remains unclear.

# Industries & Concepts

### 1. Robotics

On February 28, the Annual Conference on Humanoid Robotics and Embodied Intelligence Standardization (HEIS) was held in Beijing. The **Standard System for Humanoid Robotics and Embodied Intelligence (2026 Edition)** was officially released. This is China’s first top-level standard design covering the entire industrial chain and lifecycle of humanoid robots, marking the completion of such a framework and laying the foundation for large-scale industrial development.

### 2. SuperNode

According to People’s Finance News, on February 28 local time in Barcelona, Spain, during MWC26 Barcelona, Huawei for the first time showcased overseas its latest SuperNode products built on the new interconnection protocol **UnifiedBus (灵衢)**. Through system-level architectural innovation of “cluster + SuperNode,” Huawei launched the UnifiedBus protocol, enabling interconnection of up to 8,192 cards within a SuperNode. Featuring ultra-high bandwidth, ultra-low latency, and unified memory addressing, the entire cluster efficiently learns and thinks like a single computer logically.

### 3. Mobile+

To implement the deployment of building a transport powerhouse and deepen digital technology-enabled mobility services, the Ministry of Transport reviewed and approved the **Implementation Plan for “Mobile+” Card-Free Convenient Expressway Passage (2026–2028)** on February 28, 2026. Following the principle of “pilot first, steady promotion,” the plan replaces physical ETC or CPC cards with mobile identity authentication and electronic credentials to achieve contactless expressway passage, aiming to improve traffic efficiency, optimize public travel experience, and drive digital transformation of the national expressway network. It uses mobile identity authentication technology to bind license plate information and generate electronic passage credentials, integrating multiple technologies (e.g., QR code recognition, message push, contactless identification) for card-free passage.

### 4. Aerospace

According to Securities Times, on February 28, the U.S. military strike against Iran deployed the U.S. Space Force (USSF), Air Force, Navy, Marine Corps, and Army in operations against Iran, with the Space Force seeing its first combat deployment as an independent service. On March 1, it was confirmed that Iran’s Supreme Leader Ali Khamenei was killed in the attack, along with several senior military officials. Earlier, on January 3, the U.S. military conducted a rapid and precise capture operation against Venezuela’s former president. Trump stated that Khamenei “could not escape our highly sophisticated intelligence and tracking systems.”

### 5. DRAM

According to Securities Times, the world’s top two DRAM chipmakers, Samsung Electronics and SK Hynix, have notified customers of another significant DRAM price increase in the second quarter of this year. DDR5 prices are set to rise by approximately 40%, with a clear warning that DRAM prices could double in Q2 2026. Reports also indicate Apple has finally accepted Samsung Electronics’ 100% price increase for LPDDR5X.

### 6. Pipelines

According to Shanghai Securities News, on February 28, China Oil & Gas Pipeline Network Corporation (PipeChina) announced the simultaneous commencement of three key national oil and gas infrastructure projects: the **Jiangsu-Anhui-Henan Trunk Line**, the **Wen 23–Anqing Natural Gas Pipeline**, and the **Shandong Pipeline Network North Trunk Line (Phase I)** in Jiangsu, Anhui, Henan, and Shandong. As the 15th Five-Year Plan begins, PipeChina is ramping up investment in energy infrastructure. The three trunk pipelines, with a total investment exceeding 30 billion yuan, will effectively drive development in upstream and downstream industries such as steel, equipment manufacturing, and construction.

### 7. Power Grid

On February 28, State Grid Corporation of China released ten measures to serve high-quality new energy development, including enhancing power grid resource allocation capacity and improving new energy hosting capacity. During the 15th Five-Year Plan period, State Grid will strengthen power grid construction at all levels, aiming to put 15 UHVDC projects into operation, increase cross-regional transmission capacity by 35%, and expand inter-regional flexible mutual aid capacity by more than twice, meeting the needs of large-scale and efficient allocation of new energy.

# Today’s News Preview

- The People’s Bank of China will cut the risk reserve requirement ratio for forward foreign exchange sales from 20% to 0% starting March 2.

- Eurozone February Manufacturing PMI.

- U.S. February ISM Manufacturing Index.

- Mobile World Congress 2026 (MWC) will be held in Barcelona, Spain from March 2 to 5.

- Alibaba’s Tongyi Qianwen will launch its first AI glasses of the same name during MWC, with online and offline pre-orders opening March 2.

- Earnings releases from Yatsen Holding and MiniMax, followed by MiniMax’s earnings conference call.

- Close monitoring of the situation in Iran.

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# Risk Warning & Disclaimer

The market is subject to risks, and investment requires caution. This article does not constitute personal investment advice, nor does it consider the specific investment objectives, financial situations, or needs of individual users. Users should assess whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this article is at one’s own risk.