February 27th, Eastmoney Financial Evening News (with News Broadcast)

Hot Topics

Central Political Bureau Meeting:

The Central Political Bureau of the Communist Party of China held a meeting on February 27. The meeting emphasized that we must continue to implement more proactive fiscal policies and moderately relaxed monetary policies, strengthening the coordination of reform measures and macroeconomic policies. Focus on building a strong domestic market, accelerate the cultivation and expansion of new growth drivers, and speed up high-level technological independence and self-reliance. Continue to deepen reforms in key areas, further expand high-level opening-up, solidly promote rural revitalization, advance new urbanization and regional coordinated development. Make greater efforts to ensure and improve people’s livelihoods, accelerate the green transformation, strengthen risk prevention and resolution in key areas, and enhance safety capabilities.

Wu Qing Holds Symposium:

According to the China Securities Regulatory Commission website, on February 27, Wu Qing, Secretary of the Party Committee and Chairman of the CSRC, held a symposium in Beijing, engaging in in-depth exchanges with representatives from eight foreign-funded securities, fund, and futures institutions in China, and fully listening to their opinions and suggestions. The participating institutions unanimously expressed confidence in the long-term positive development of China’s economy and capital markets. Wu Qing stated that the CSRC will earnestly implement the decisions of the 20th CPC Central Committee’s Fourth Plenary Session and the upcoming “Two Sessions,” and solidly carry out the work related to the “14th Five-Year Plan” for the capital market, researching and planning key measures to promote high-quality development of the capital market over the next five years.

China-Canada Adjusts Bilateral Tariffs:

The Customs Tariff Commission of the State Council announced that from March 1, 2026, to December 31, 2026, it will adjust the tariffs imposed on certain imported goods originating from Canada as specified in the “Announcement of the Customs Tariff Commission on Additional Tariffs on Certain Imported Goods from Canada” (Tariff Commission Announcement No. 3 of 2025). Specifically, no additional tariffs will be imposed on Canadian oilcake and peas, and the 25% tariffs on Canadian lobsters and crabs will remain unchanged. This adjustment aims to deepen China-Canada trade cooperation and promote healthy, stable, and sustainable development of bilateral economic and trade relations.

Some U.S. Companies Face Rare Earth Shortages:

According to industry insiders, suppliers to U.S. aerospace and semiconductor companies are currently facing increasingly severe shortages of rare earth elements, with at least two suppliers beginning to refuse some customer orders. The shortages mainly involve yttrium and scandium, which are niche metals within the 17 rare earth elements. These elements play a crucial role in defense technology, aerospace, and semiconductors, and are almost entirely produced in China.

Middle East Situation:

According to Iran’s Mehr News Agency on the 27th, Brigadier General Shakarchi, spokesperson for Iran’s Armed Forces General Staff, stated that any provocation by the U.S. will be met with a “decisive and destructive” response from Iran’s armed forces. Shakarchi said Iran’s military is closely monitoring U.S. and Israeli movements in the region and is well prepared. He described the U.S. presence as part of “psychological warfare, extortion, and bullying.” He emphasized, “We are not warmongers nor afraid of war; we will resolutely defend our country and the interests of the Iranian people.” Any reckless actions could trigger large-scale conflict in the region and provoke an unprecedented strong response.

Private Equity Fund Supervision:

The China Securities Regulatory Commission issued the “Measures for the Supervision and Administration of Private Equity Fund Information Disclosure,” which will come into effect on September 1, 2026. The measures strengthen the information disclosure responsibilities of private fund managers and custodians, standardize private fund information disclosure behaviors, and help improve transparency and protect investors’ legal rights. Moving forward, the CSRC will organize efforts to implement the “Measures,” strengthen supervision of information disclosure, and urge market participants to fulfill their responsibilities, promoting the healthy and regulated development of the private equity industry.

Adjustment of Index Samples for STAR 50 and Others:

On February 27, the Shanghai Stock Exchange and China Securities Index Co., Ltd. jointly announced that they will adjust the sample stocks of the STAR 50 and other indices, effective after market close on March 13, 2026. Among the changes, GuoDun Quantum, Zhongke Feice, and Zhongke Xingtu will be added to the STAR 50 Index, while Huajing Biological, Suri New Materials, and Junshi Biosciences will be added to the STAR 100 Index.

Cambricon’s Performance Brief:

On February 27, Cambricon released its 2025 performance brief, reporting total revenue of 6.497 billion yuan, a year-on-year increase of 453.21%; net profit attributable to shareholders was 2.059 billion yuan, turning around from a loss of 452 million yuan in the same period last year; basic earnings per share were 4.93 yuan. The company benefited from the continuous rise in demand for computing power in the AI industry, expanding its market through excellent product competitiveness and actively promoting AI application scenarios, resulting in significant revenue growth compared to the previous year.

Multiple Companies Under Investigation:

On the evening of the 27th, Jierong Technology announced that due to suspected violations of information disclosure laws, the CSRC decided to file an investigation against the company, Jierong Group, and its actual controller Zhao Xiaoqun. Shuangliang Energy Saving also announced that, due to suspected misleading disclosures and other violations, the company is under investigation according to relevant laws and regulations. Haitai Development announced that, due to suspected illegal information disclosure, the CSRC has decided to investigate the company. Additionally, Dahua Intelligent announced that the Shenzhen Stock Exchange will implement other risk warnings on its stock, changing the stock abbreviation from “Dahua Intelligent” to “ST Dahua,” with trading suspended for one day starting March 2, 2026, and resuming on March 3 with other risk warnings.

A-Share February Wrap-up:

The Shanghai Composite Index rose 1.09% this month, showing a “narrow-range rebound after a surge,” with three consecutive positive monthly closes. The Shenzhen Component Index increased by 2.04%, while the ChiNext Index declined by 1.08%. Sector-wise, the focus on hot topics increased significantly, with notable gains in chemical, non-ferrous metals, and related sectors driven by price increases. The chemical sector saw rapid rotation: disperse dye stocks like CuHua increased over 32%, phosphate chemical stocks like Jinzhengda surged over 58%, and Baichuan shares rose nearly 50%. The glass fiber sector was active, with international composite materials up over 60%. The non-ferrous metals and tungsten sectors continued to rise, with Zhangyuan Tungsten up 78% this month. Rare earth stocks performed strongly, with Shenghe Resources reaching new highs. Additionally, the popular stocks in computing power and electricity, such as Yunnan Energy Investment, soared 115%, ranking first in monthly gains.

Thematic Opportunities

AI Programming:

Recently, the AI programming field has seen continuous growth in popularity. Alibaba Cloud launched the “Coding Plan,” offering API services for four open-source models: Qwen3.5, GLM-5, MiniMaxM2.5, and Kimi K2.5, allowing users to switch freely among models. Huawei Cloud’s CodeArts smart coding agent beta was released on the 26th, mainly providing intelligent coding solutions with engineering capabilities for developers and enterprises. It is based on Huawei’s massive codebase to develop an AI coding intelligent agent.

Minsheng Securities stated that with AI development, “AI + industry applications” are accelerating deployment, and in the future, it may recreate the high prosperity seen in “Internet + industry applications.” AI programming has become one of the earliest core applications of AI to be implemented, with many tech giants worldwide launching related products. AI may first disrupt its “creator”—AI programming. According to Grand View Horizon, the global AI coding tools market is valued at $6.111 billion in 2024 and is expected to reach $26.033 billion by 2030, with a CAGR of 27.1% from 2024 to 2030.

Domestically, according to Yiou Think Tank, China’s AI code generation market reached 6.5 billion yuan in 2023, with an expected growth to 33 billion yuan by 2028, at a CAGR of 38.4%. Key stocks include development tools and platforms like Zhuoyi Information, Puyuan Information, and Jindai; infrastructure support like Xinjun Network and Xiechuang Data; industry solutions such as Haoyun Technology and Zhejiang University NetNew; and comprehensive tech service providers like Zhongcheng Technology.

Cloud Computing:

Recently, Hetzner, Europe’s largest data center operator and cloud service provider, announced that due to significant cost increases across IT sectors, it will raise prices for all products and services starting April 1, including cloud services, dedicated servers, storage, and load balancers. This is the second price increase announced by Hetzner this month, after a one-time fee hike for dedicated servers on February 2. Prior to this, other European cloud providers like OVHcloud, AWS, Google Cloud, and domestic companies such as Wangsu and UCloud also announced price hikes.

Industry analysts believe that the global cloud service price increases resonate with the surge in domestic AI computing power demand, as the rise of domestic large models enhances the global competitiveness of China’s cloud infrastructure. Companies with independent computing bases and overseas deployment advantages are gaining prominence. China’s latest research reports indicate that as model capabilities improve, agents and multimodal applications are entering deep development. The rising costs of computing power highlight supply bottlenecks, and the industry chain is expected to benefit continuously.

Currently, 231 A-share stocks are involved in cloud computing, with a total market cap exceeding 10 trillion yuan, including giants like China Mobile and Foxconn Industrial Internet, as well as Zhongji Xuchuang, China Telecom, Lanqi Technology, and ZTE. In February, 63 cloud concept stocks received net financing inflows, with 15 stocks seeing over 100 million yuan in net financing. Cambricon received an additional 1.478 billion yuan from leveraged funds, while Wangsu, Century Huatong, and Dawei Technology attracted 525 million, 460 million, and 324 million yuan respectively. DataPort and Yanshan Technology also saw net financing over 200 million yuan each.

Company News

Zhongji Xuchuang: Achieved total revenue of 38.24 billion yuan in 2025, up 60.25%; net profit attributable to shareholders was 10.799 billion yuan, up 108.81%.

Muxi Co., Ltd.: Total revenue of 1.644 billion yuan, up 121.26% year-over-year. Net profit attributable to parent company owners was -781 million yuan. The company’s products and services gained widespread recognition from downstream clients, with GPU shipments increasing significantly, driving revenue growth.

Baiwei Storage: Revenue of 11.296 billion yuan in 2025, up 68.72%; net profit attributable to parent was 867 million yuan, up 437.56%. The storage industry’s recovery led to substantial business growth.

Hua Sheng Tiancheng: The company’s main cooperation mode with Huawei is purchasing Huawei software and hardware products based on project construction and operational needs, which accounts for a small proportion of global revenue and does not significantly impact performance.

UCloud: Total revenue of 1.7 billion yuan, up 13.11%; net profit of -76.683 million yuan, down 68.19% year-over-year.

Aolide: Expected net profit attributable to shareholders in Q1 2026 is between 70 million and 85 million yuan, a YoY increase of 175.20%-234.17%. Net profit after deducting non-recurring gains and losses is estimated between 53 million and 65 million yuan, up 298.49%-388.71%.

Shengyi Technology: Achieved total revenue of 28.431 billion yuan in 2025, up 39.45%; net profit of 3.334 billion yuan, up 91.76%. Increased sales and prices of copper-clad laminates contributed to revenue growth and improved profitability.

Yingzhong Technology: Planning to acquire at least 51% of Changzhou Yingzhong Electric Co., Ltd. with cash, gaining control. The transaction is expected to constitute a major asset restructuring and related-party transaction.

Jiangwu Equipment: Clarified that there are no plans or activities to inject mining assets, despite media reports. The company’s main business remains the R&D, production, and sales of magnetic separation equipment.

Fenghuo Communications: The company’s main business involves integrated information and communication technology products, providing secure optical communication products and services for operators, government, finance, and transportation sectors. The company does not produce commercial satellites; the revenue from low-earth orbit satellite routing and inter-satellite laser communication accounts for less than 1% of total revenue, with minimal profit contribution. Investors should be aware of investment risks.

CCTV News Broadcast

The Central Political Bureau of the CPC held a meeting on February 27 to discuss the draft outline of China’s 15th Five-Year Plan for national economic and social development, submitted for review at the Fourth Session of the 14th National People’s Congress, and the draft of the “Government Work Report.”

At the start of the new year, various regions are working hard, taking responsibility, focusing on goals, and promoting high-quality development to ensure a good start for the “14th Five-Year Plan.”

Today, the China Manned Space Agency announced that in 2026, China’s manned space program will deepen the application and development of the space station and advance lunar exploration missions.

The 2026 quarterly safety production inspection and supervision campaign has recently begun.

The People’s Bank of China has lowered the foreign exchange risk reserve ratio for forward foreign exchange sales to 0.

New regulations on online catering food safety have been issued.

During the “14th Five-Year Plan,” the trade volume of nine mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area increased by 16.1%.

The Ministry of Education issued guidelines to promote the construction of healthy schools.

The China-Europe Railway Express eastward corridor exceeded 1,000 trips this year.

Xiamen port’s inbound and outbound passenger volume hit a record high, surpassing one million for the first time.

On the 26th, Iran and the U.S. held their third indirect talks in Geneva, Switzerland. Iran’s delegation leader and Foreign Minister, Araghchi, said after the talks that “good progress was made.” According to U.S. media on the 26th, U.S. officials described the negotiations as “positive.”