February 25 Pre-market Morning Report: Hot Topics

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No.1 Pre-market Hot Topics

1. Yesterday’s Hot Topics
   Price Increase - Oil: Junyou Shares, Intercontinental Oil & Gas
   Price Increase - MLCC: Fenghua High Tech
   Price Increase - Silver: Hunan Silver
   Price Increase - Glass Fiber: Shandong Glass Fiber
   Price Increase - Titanium Dioxide: Jinpu Titanium
   Phosphorus Chemical: Chengxing Shares
   Iran Resources: Jinrui Mining, Jinniu Chemical
   Diamond Heat Dissipation: Yellow River Cyclone, Sifangda
   Electric Power & Grid: Hanlan Shares, Baobian Electric
   Military Industry: Yaxing Anchor Chain

2. Nvidia’s Thursday Earnings Report
   Nvidia will release its FY2026 Q4 (ending January) financial report on Thursday, February 26, Beijing time.
   Akash Systems announced it has delivered the world’s first Nvidia GPU servers equipped with Diamond Cooling technology to India’s sovereign cloud service provider NxtGen AI Pvt Ltd. These servers are based on the Nvidia H200 platform, marking the first commercial deployment of “Diamond Heat Dissipation Technology” in AI servers, signifying the transition of diamond cooling tech from lab to industry.
   Nvidia concept stocks: Zhongji Xuchuang, New Ease, Yingweike, Shenghong Technology
   Diamond Heat Dissipation: Yellow River Cyclone, Sifangda, Power Diamond, Worldde
   Beijing Stock Exchange + Diamond Heat Dissipation: Huifeng Diamond

3. Trump Plans to Use AI to Set Key Mineral Reference Prices, First Includes Germanium, Gallium, Antimony, Tungsten
   The Trump administration plans to use AI developed by the Pentagon to set reference prices for critical minerals to support its plan to build a global metals trading group. The initial focus will be on four key minerals: Germanium, Gallium, Antimony, and Tungsten, with plans to expand coverage gradually.
   US-listed Indium Phosphide Substrate Company AXTI surged 23.39%, hitting a new high, benefiting from increased demand for indium phosphide in AI infrastructure.
   Germanium: Yunnan Germanium
   Gallium: China Aluminum
   Antimony: Huayu Mining, Hunan Gold
   Tungsten: Zhangyuan Tungsten, Xianglu Tungsten, Zhongtung High-tech
   Indium Phosphide: Yuelin Shares, Yunnan Germanium

4. First IPO of the Year in the Year of the Horse: Shenghe Jingwei Semiconductor Approved
   On February 24, the Shanghai Stock Exchange announced that Shenghe Jingwei Semiconductor’s IPO application has been approved by the listing committee, making it the first approved Sci-Tech Innovation Board IPO in the Year of the Horse. Its 12-inch bumping capacity is the largest in mainland China.
   Shareholders include Shangfeng Cement, Jingxing Paper, Yidao Information.

5. Elon Musk’s Idea to Launch AI Satellite Network from the Moon Using Electromagnetic Launch
   To facilitate the deployment of AI data center satellite networks, SpaceX CEO Elon Musk envisions launching satellites into Earth orbit via electromagnetic launch from the Moon. According to France’s Future Science website, Musk plans to build a large electromagnetic launch device and satellite assembly plant on the Moon, using the former to send satellites into orbit. SpaceX recently applied to the U.S. Federal Communications Commission to deploy a system of up to one million satellites in low Earth orbit to create an on-orbit data center network supporting high-performance computing like AI.
   Electromagnetic Launch: Lianchuang Optoelectronics, Xiangdian, Aerospace Electronics
   SpaceX: Western Materials, ReSheng Technology

6. State Council Executive Meeting: Silver-Haired Economy and Elderly Care Services
   On February 24, the State Council held an executive meeting to discuss promoting the development of the silver-haired economy and elderly care services. The focus is on further releasing the demand for silver-haired consumption, enhancing consumption capacity, and leveraging policies like consumption subsidies to create new scenarios and formats for elderly consumption. It also emphasizes improving the quality and coverage of inclusive elderly care services, establishing a tiered, categorized, accessible, urban-rural integrated, and sustainable elderly care system to better ensure support for the elderly.
   Elderly Care: Yuexin Health, Aoyang Health, Xinlong Health

7. Meta Plans to Launch Stablecoins Later This Year
   Meta intends to officially enter the stablecoin field later this year, aiming to build blockchain-based payment infrastructure. The company is testing digital payments within its existing payment platform.
   Stablecoin concept stocks: Yuyin Shares, Cuiwei Shares, Sifang Jingchuang, Hengbao Shares

8. Rare Earth Prices Accelerate Rise; Japan Plans Undersea Rare Earth Mining
   Affected by China’s export controls to Japan, heavy rare earth prices have surged significantly. Yttrium oxide price has risen to $850/kg, Dysprosium to $1100/kg, with ongoing supply concerns reaching the highest levels since 2015. Additionally, during the Chinese New Year, domestic sales of AI glasses increased by 70-80%, AI toy sales exploded by 500 times year-over-year, and the YuShu humanoid robot swarm set a global record for coordinated movement. These terminal applications heavily rely on high-performance NdFeB permanent magnets for precise power output and responsiveness, and hardware scaling will directly boost upstream rare earth functional material demand.
   Media reports indicate Japan is starting plans to extract rare earth elements from the seabed. Earlier this month, Japan announced the collection of sediment containing rare earths from about 6,000 meters deep near Minamitorishima Island. These seabed deposits could become future supply sources, potentially starting after March 2028, contributing to the supply chain. Former Japanese Minister of Economy, Shinzo Abe, recently stated plans to meet with Trump in March to request U.S. participation in the Minamitorishima extraction project and accelerate progress.
   Rare Earth Permanent Magnets: Northern Rare Earth, China Rare Earth, Zhong Rare Metals, Ningbo Yunsheng
   Beijing Stock Exchange + Rare Earth Permanent Magnets: Jiuling Technology, Benlang New Materials

9. Industry News

10. Zhangyuan Tungsten raises procurement prices for the second half of February 2026.

11. Anhui Province implements the Quantum Information Industry’s “Thousand-Scene Action,” aiming to land over 300 application scenarios by 2026 (Keda Guochuang, Guodun Quantum).

12. Tetrachloroethylene surged 23.19% month-over-month (Juhua Shares, Binhua Shares).

13. German Chancellor Olaf Scholz will visit China from February 25-26, including a visit to Chinese robot company YuShu Technology (Jingxing Paper, Shoukai Shares).

14. Power companies in California, New York, North Carolina, Texas, etc., can annually receive government subsidies for grid upgrades and charging infrastructure, totaling about $400-500 million. Nearly half of these subsidies will be used to purchase charging solutions from Daotong Technology, which expects to secure at least 100 energy storage demonstration stations collaborating with power companies this year (Daotong Technology).

15. BASF’s TDI plant in South Korea will undergo scheduled maintenance from February 25 to March 15, 2026 (Cangzhou Dahua, Wanhua Chemical).

16. U.S. military deploys 11 F-22 fighters to Israel.

17. Apple plans to purchase over 100 million advanced chips produced by TSMC in 2026.

18. On February 25, the People’s Bank of China will conduct a 600 billion yuan MLF operation with a one-year maturity.

No.2 Selected Announcements

1. Daily Announcements
   Changxin Bochuang: intends to acquire 93.81% of Shanghai Honghui Guanglian Communication Technology Co., Ltd., to expand upstream in the optical communication industry chain.
   Bohai Leasing: its controlled subsidiary sells 24 leased aircraft with leases, market value approximately $1.589 billion.
   Yida Shares: controlled subsidiary Taixing Yida obtains a filing certificate for a project producing 200,000 tons of epoxy propylene (ethylene) derivatives annually.
   Light Media: “Flying Past Life 3” has grossed about 2.926 billion yuan; revenue from this film is approximately 43-53 million yuan.
   Hailuo Cement: controlling shareholder Hailuo Group plans to increase holdings by 700 million to 1.4 billion yuan.

2. Trading Suspensions and Resumptions
   Tongwei Shares: suspended, planning to acquire 100% of Lihuo Qingneng.
   Duorui Medicine: suspended, offer period for takeover has expired.

3. Landmines
   Hengtong Shares: shareholder plans to reduce holdings by 3.00%.
   Runda Medical: shareholder plans to reduce holdings by 2.99%.
   Fushike Holdings: shareholder plans to reduce holdings by 2.00%.
   Zhixin Precision: shareholder plans to reduce holdings by 1.85%.
   Xinchai Shares: shareholder plans to reduce holdings by 1.14%.
   Shibi Bai: shareholder plans to reduce holdings by 1.00%.
   Yashi Optoelectronics: shareholder plans to reduce holdings by 0.97%.
   Boji Medical: shareholder plans to reduce holdings by 0.69%.
   Hongbaoli: shareholder plans to reduce holdings by 0.04% (first board).
   Kaipu Cloud: terminated acquisition of 100% of Nanning Taike.

4. Abnormal Announcements
   Baita Precision: robot business revenue accounts for a very low proportion of total revenue.
   Yuneng Holdings: will not consolidate Chuangtian Computing’s financial statements; main business remains thermal power generation.

5. Dynamic Updates

No.3 Global Markets

1. Global Markets
   U.S. stock indices all closed higher, with most large tech stocks up; AMD up over 8%, Intel up over 5%.
   Chinese concept stocks rose 1.58%. Among constituents, Nanmao surged 14%, Xiaopeng Motors, GDS, and Century Internet gained over 6%.

2. Popular U.S. and Chinese Concept Stocks
   Meta reportedly reached a $60 billion AI chip procurement deal with AMD, deploying 6 GW of AMD GPUs.
   AMD concept stocks: Tongfu Microelectronics, Aoshi Kang, China Digital Gate.

3. Commodities (Night Trading Varieties)