Tongtong Decision-Making Reference | Hot topics revolve around robots and large models. Pay attention to NVIDIA's (NVDA.US) earnings report this week.

【Chief Editor’s Market View】

Lacking guidance from A-shares, Hong Kong stocks continued to fluctuate sluggishly during the Spring Festival, with hotspots mainly revolving around the explosive popularity of robots and large models sparked by the Spring Festival Gala.

On February 20, the U.S. Supreme Court ruled that the tariffs implemented by the U.S. government under the International Emergency Economic Powers Act (IEEPA) lacked clear legal authorization. It announced the termination of a series of tariff measures. The U.S. government responded by citing Section 122 of the Trade Act of 1974, with President Trump announcing on the 21st that the “Global Import Tariffs” on goods imported into the U.S. would be increased from 10% to 15%, effective immediately. The tariff negotiations are expected to be a repeated game, making unilateral legal changes difficult.

U.S. President Trump will deliver the State of the Union Address on February 24, outlining policy priorities for the coming year.

Regarding Iran, there is currently no sign of tension, with negotiations continuing unless hostilities break out. On the other hand, Germany’s new Chancellor Mertzs will visit China from February 24 to 26, with stops in Beijing and Hangzhou.

Overall, the A-share market opened this week. Usually, the market tends to perform better after a sluggish pre-holiday period. Note that NVIDIA will release its earnings after the market close on February 25. Its performance and guidance not only impact its stock price but also directly influence investor sentiment across the entire AI industry chain.

Reports indicate that memory chip giant Samsung Electronics is negotiating the pricing of its latest generation AI storage chips, which are expected to be up to 30% more expensive than the previous generation. The storage concept is expected to continue strengthening.

During the 2026 Spring Festival, VLCC freight rates surged to high levels. On February 20, VLCC rates for the Middle East route, West Africa/Latin America route, and Gulf of Mexico route were $157,000, $137,000, and $101,000 per day, respectively, surpassing the peak levels of November 2025 and reaching new highs since April 2020. Related shipping stocks are expected to benefit.

MSCI (Morgan Stanley Capital International) announced its quarterly index adjustment results for February 2026, which will take effect after the close on February 27. Selected stocks are worth关注.

【This Week’s Golden Stocks】

Shoucheng Holdings (00697)

Shoucheng Holdings is an asset management company based on real estate and property operations, with a full industry chain layout mainly focused on property and robotics sectors.

This Spring Festival Gala, three companies invested and serviced by Shoucheng Holdings—Songyan Power, Yushu Technology, and Galaxy General—appeared on the national stage, showcasing China’s robotics industry’s technical accumulation and implementation capabilities across different segments. Currently, Shoucheng Holdings has systematically invested in leading industry companies such as Yushu Technology, Yunshe, Galaxy General, Accelerated Evolution, Xinghaitu, Xingdong Jiyuan, and Songyan Power.

In the first half of 2025, operating cash flow was 277 million yuan, a 235% increase from 82.7 million yuan in the first half of 2024. The core reason is the increase in income from asset operations, mainly from the operation of the T5 terminal parking lot at Xi’an Xianyang International Airport, as well as income from asset financing, including REITs fund asset circulation and dividends from robotics funds and REITs.

The company’s asset operations involve key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Chengdu-Chongqing, and Greater Bay Area, focusing on transportation hubs, municipal supporting facilities, and high-value commercial and office properties. These assets often require certain franchise rights for operation, which creates high entry barriers and exclusivity.

Currently, the company controls 20% of the million-level passenger flow airport parking buildings (including Beijing Capital Airport, Guangzhou Baiyun Airport, Xi’an Xianyang Airport T5, etc.), with a customer renewal rate exceeding 95%. This business provides the company with very stable cash flow.

The company is gradually shifting from heavy assets to light assets, transitioning from parking lot property investments to REITs investments. It also has significant investments in the robotics field. Given the current popularity of robotics, asset circulation has certain potential.

【Industry Observation】

Mass production in the general robotics field may trigger increased demand for laser radar.

(1) Robotaxi: Resonance between China and the U.S. industry. Policies like the U.S. SELF-DRIVE Act promote the mass production of Tesla Cybercabs. Leading Chinese companies like Xiaoma Zhixing and Didi have significantly reduced the cost of pre-installed vehicles, expanding fleet sizes toward thousands or even tens of thousands.

(2) Unmanned logistics: Companies like New Stone Age and Jiushi Intelligent have fleet sizes exceeding ten thousand units, with related policies gradually advancing.

(3) Garden robots: Laser radar solutions address pain points of traditional RTK and visual solutions in complex gardens. Leading laser radar companies have signed annual orders of tens of thousands of units.

(4) Humanoid robots: Yushu Technology showcased the G1 and H2 robots equipped with Hesai Technology’s T-series laser radar at the Spring Festival Gala. Top laser radar companies have already established cooperation with leading robot companies like Yushu Technology, Galaxy General, and Zhiyuan.

The era of thousand-yuan machines begins, with L3 gradually being implemented. As the industry chain matures and prices rapidly decline, by 2025, the industry will have entered the “thousand-yuan machine” era, with configurations penetrating from high-end to mid- and low-end markets. The subsequent deployment of L3 is expected to further increase the value per vehicle of laser radar. Guolian Securities estimates that, under optimistic scenarios, China’s ADAS laser radar market could reach 36 billion yuan by 2028. The industry exhibits a significant Matthew effect, with Hesai Technology, Suteng Juchuang, and Huawei dominating the market. It is recommended to focus on leading companies with mass production and delivery barriers, strong cost control, and early profitability turning points, such as Hesai Technology (02525) and Suteng Juchuang (02498).

【Data Market Watch】

HKEX data shows that the Hang Seng Futures (February) open interest is 116,021 contracts, with a net open interest of 46,600 contracts. The settlement date for Hang Seng Futures is February 26, 2026. The futures will settle this cycle.

The Hang Seng Index is at 26,413 points, with a dense area of bearish warrants below, gradually approaching the midline, indicating a downward tendency. As annual reports are gradually released and U.S. tariff policies remain unstable, the Hang Seng Index is expected to be bearish this week.

【Chief Editor’s Remarks】

The first trading day of the Year of the Horse did not follow the usual long holiday rally pattern, with the Hang Seng Tech Index dropping nearly 3%, giving the market a cold shower. This decline is not accidental, involving both long-term logical restructuring—platform economy profit boundaries being reshaped, Hang Seng Tech constituent stocks mainly on the application side with persistent shortcomings in core underlying technology—and short-term external shocks, such as fluctuating U.S. tariff policies, escalating geopolitical conflicts, and divergence in U.S. AI stocks. Currently, Hong Kong stocks show a dichotomy: traditional internet giants remain under pressure, while pure AI new stocks are showing independent trends. In the short term, market sentiment still faces pressure, but long-term opportunities will ultimately depend on technological breakthroughs and alignment with the era’s trends.