Financial Breakfast | Nvidia's performance "exploded," boosting AI sentiment, Nasdaq rises for two consecutive days by over 1%, Bitcoin surges nearly 8%

Market Overview Investors are betting that NVIDIA's strong performance will reignite enthusiasm for AI trading, driving tech stocks to rebound for the second consecutive trading day. The Nasdaq rose another 1%, marking the first time in two months that it has seen back-to-back gains of over 1%. Software stock ETFs also rebounded for the second day, rising 3%. The seven major tech companies all saw gains, with NVIDIA's earnings report and guidance exceeding expectations, causing its stock price to rise about 3.5% in after-hours trading before turning negative. Circle surged 35%, with the company's fourth-quarter earnings exceeding expectations. Netflix rose nearly 6%, as the market bets it will abandon its acquisition of Warner Bros. U.S. Treasury yields rose across the board. The dollar fell 0.24%. The renminbi rose for the fourth consecutive day, breaking through the 6.87 and 6.86 levels during the day, approaching 6.85, reaching its highest point since April 2023. Cryptocurrencies saw a major rebound. Bitcoin surged nearly 8%, approaching $70,000 again. Ethereum skyrocketed 13%, briefly breaking through $2,100. Gold and silver continued the rebound trend seen in U.S. stocks yesterday, with gold rising 0.44% and silver rising 2.2%. WTI crude oil fell 0.77%, as a significant increase in U.S. crude oil inventories put pressure on oil prices. During the Asian session, the ChiNext index rose over 1%, with price increase themes collectively surging. The renminbi reached a nearly three-year high, and the Hang Seng Index fluctuated upward by 0.7%, while the first stock of large models, Zhipu, fell over 10%. Key News China The People's Republic of China and the Federal Republic of Germany issued a joint news statement. The U.S. Trade Representative stated that it will continue to advance the 301 investigation into the status of the U.S.-China Phase One trade agreement, with a response from the Ministry of Commerce. Li Qiang: Chinese and German enterprises can continue to deepen cooperation in machinery, equipment, and chemical industries. Shanghai released the "Seven Measures" for the real estate market: the social security threshold for non-Shanghai residents buying homes within the outer ring is reduced to 1 year, with a maximum of 3.24 million available for housing provident fund loans. Hong Kong's annual budget proposal: 2025 economic growth of 3.5%, real estate market recovery, and a 90% increase in daily stock market turnover! Economic growth is expected to be between 2.5% and 3.5% in 2026. ByteDance's new valuation is $550 billion. Overseas AI demand remains strong, NVIDIA's Q4 revenue increased by 73%, and Q1 guidance is "explosive," reaching a new high, with Jensen Huang raising the revenue forecast by 500 billion. Jensen Huang: The application of agents by enterprises has surged, and Grace Blackwell paired with NVLink is the king of inference; the current space data center economy is still "barren," but the situation will change over time. Trump's State of the Union Address: "Tariffs boosted the stock market," large tech companies need to build their own power plants, and legislation should be enacted to prohibit lawmakers from trading stocks. The U.S. Trade Representative: The "global import tariffs" imposed on some countries may reach 15%. The EU estimates that €4.2 billion worth of goods will face new tariffs exceeding the upper limits of the EU-U.S. agreement Iran's foreign minister is preparing to attend the third round of indirect talks between the U.S. and Iran; Trump specifically wants to hear "never nuclear"; Vance: The U.S. is hopeful about the negotiations, but does not rule out military action. Cuba's Ministry of the Interior: A U.S.-registered speedboat intruded into Cuban territorial waters and opened fire, Cuban forces retaliated, killing 4 people. Traders have reduced bets on a Federal Reserve interest rate cut, with the probability of a June rate cut dropping to 50%, a new low for the year. A technical failure at the Chicago Mercantile Exchange caused interruptions in natural gas and metal futures trading, all orders placed on Wednesday were canceled. The world's fourth-largest producer has announced an immediate suspension of lithium ore exports. Market Report U.S. and European Stock Markets: The S&P 500 rose 0.81%, closing at 6946.13 points. The Dow Jones increased by 0.63%, closing at 49482.15 points. The Nasdaq rose 1.26%, closing at 23152.077 points. The European STOXX 600 index closed up 0.69%, at 633.47 points. A-shares: The Shanghai Composite Index closed at 4147.23 points, up 0.72%. The Shenzhen Component Index closed at 14475.87 points, up 1.29%. The ChiNext Index closed at 3354.82 points, up 1.41%. Bond Market: The yield on the U.S. 10-year Treasury rose by 1.91 basis points, at 4.0480%. The yield on the 2-year U.S. Treasury rose by 0.79 basis points, at 3.4689%. Commodities: Spot gold rose by 0.52%, at $5171.48 per ounce. Spot silver rose by 2.67%, at $89.4791 per ounce. WTI April crude oil futures closed down 0.32%, at $65.42 per barrel. Brent April crude oil futures closed up 0.11%, at $70.85 per barrel. News Details Global Highlights China Joint News Statement of the People's Republic of China and the Federal Republic of Germany. According to Xinhua News Agency, both sides emphasized that economic and trade cooperation is an important component of bilateral relations and are willing to deepen mutually beneficial cooperation. Both sides stressed that open dialogue, fair competition, and mutual market access are crucial. The Chinese side noted that the German side attaches importance to issues such as "reducing dependence," trade imbalances, and export controls, while the German side noted the Chinese side's concerns regarding the securitization of economic and trade issues and export controls on high-tech products. Both sides are willing to properly address each other's concerns through candid and open dialogue to ensure a long-term, balanced, reliable, and sustainable economic and trade relationship The U.S. Trade Representative stated that it will continue to advance the 301 investigation into the status of the U.S.-China Phase One Economic and Trade Agreement, and the Ministry of Commerce responded. China is willing to work with the U.S. to use the important consensus of the two heads of state as guidance, effectively utilize the U.S.-China economic and trade consultation mechanism, focus on the future, concentrate on implementing the existing economic and trade consensus results of both sides, and actively explore points of mutual interest, looking "forward" together. If the U.S. insists on advancing the relevant investigation, or even imposes tariffs and other restrictive measures under the pretext of the investigation, China will take all necessary measures to firmly defend its legitimate rights and interests. Li Qiang: Chinese and German enterprises can continue to deepen cooperation in machinery, equipment, and chemical industries. On the afternoon of February 25, Premier Li Qiang attended a symposium of the China-Germany Economic Advisory Committee in Beijing with German Chancellor Merz. Li Qiang stated that in the face of rising uncertainties in the world economy, China and Germany should strengthen cooperation to address risks. The two sides can work together in traditional cooperation, future opportunities, and business environment to achieve mutual benefit and win-win results. Merz expressed that the economic and trade relationship between Germany and China is vibrant and is willing to strengthen cooperation in the automotive, chemical, and renewable energy sectors, welcoming Chinese enterprises to invest in Germany. Shanghai releases "Seven New Policies" for the housing market: Non-Shanghai residents' social security threshold for purchasing homes within the outer ring is reduced to 1 year, and the maximum loan for housing provident fund is 3.24 million. Five departments in Shanghai jointly released new housing policies, effective from February 26, 2026. In terms of purchase restrictions, the social security threshold for non-Shanghai residents purchasing homes within the outer ring is reduced to 1 year, and those who have held a residence permit for 5 years are exempt from the social security purchase limit for one additional home. Regarding the housing provident fund, the maximum loan amount for the first home is raised to 2.4 million (up to 3.24 million for families with multiple children), and the recognition of loans for the second home is relaxed. In terms of taxation, personal housing property tax is temporarily exempted for the first home of adult children. Experts interpret Shanghai's "New Seven Policies" for the housing market. According to The Paper, non-Shanghai residents can purchase housing within the outer ring after 1 year of social security; the maximum loan from the housing provident fund is 3.24 million, and the policy of "recognizing the house but not the loan" is implemented; specific first homes are temporarily exempt from property tax. The new policy directly addresses the pain points of work-residence balance, livability, and improvement of rigid demand, significantly reducing the costs of buying and replacing homes, promoting the active release of housing consumption demand and balancing supply and demand, consolidating the current stable and improving trend in the housing market. Hong Kong's annual budget: 3.5% economic growth in 2025, housing market recovery, and a 90% increase in daily stock market turnover! Economic growth is expected to be between 2.5% and 3.5% in 2026. The Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, released the 2026/27 annual budget. Hong Kong's economy is expected to grow by 3.5% in 2025, marking three consecutive years of growth. The Hang Seng Index rose 28% for the year, with daily turnover increasing by 90% to nearly HKD 250 billion, and new stock fundraising ranked first globally The real estate market is warming up, with residential transaction volume reaching a four-year high, housing prices ending a three-year decline. Economic growth is expected to be between 2.5% and 3.5% in 2026. ByteDance's new valuation, $550 billion! Investment firm General Atlantic plans to sell part of its stake in ByteDance, with a valuation as high as $550 billion, up 14.6% from the $480 billion valuation in secondary market transactions last November, and up 66% from last year's employee buyback price. Strong financial performance—annual profits are expected to reach $48 billion, surpassing Meta—and the resolution of uncertainties surrounding TikTok's U.S. operations have jointly supported this high valuation. Overseas AI demand remains strong, NVIDIA's Q4 revenue increased by 73%, Q1 guidance "exploded" to a new high, Jensen Huang raised the revenue forecast to $500 billion. In Q4, NVIDIA's total revenue and data center revenue both set records; thanks to the ramp-up of Blackwell, gross margin exceeded 75%, reaching a year-and-a-half high; data center revenue accelerated to a 75% year-on-year growth, with network revenue increasing by over 260%; gaming revenue fell short of expectations, declining 13% quarter-on-quarter due to channel inventory impacts. NVIDIA expects supply constraints to become a headwind for business in Q1 and beyond; the median Q1 revenue guidance is still 4% higher than the most optimistic expectations from buyers, with a nearly 77% year-on-year increase, excluding revenue from Chinese data center computing; starting from Q1, non-GAAP will include equity incentives. Jensen Huang stated that the surge in computing demand and the rise of proxy applications will exceed the previously set $500 billion chip revenue target, and the current space data center economy is still "barren." NVIDIA's stock initially rose nearly 4% after hours but later turned negative. NVIDIA's GTC conference may announce the next-generation computing chip "Feynman," with market rumors suggesting it will exclusively use TSMC's 1.6nm advanced process, and integrate Groq LPU to challenge ultra-low latency. Wccftech expects Feynman to start production in 2028, with shipments possibly in 2029-2030. Trump's State of the Union Address: "Tariffs boosted the stock market," large tech companies need to build their own power plants, and legislation should prohibit lawmakers from trading stocks. In his first State of the Union address during his second term, Trump stated that the stock market is at a "record high," inflation has "plummeted," and expressed "great regret" over the Supreme Court's rejection of tariffs, claiming that "tariffs boosted the stock market," and hopes that tariffs "replace the modern income tax system." He also stated that he would allow immigrants to "enter legally," demanded that tech giants "provide their own power and build their own factories," mentioned receiving "80 million barrels of oil" from Venezuela, and pushed for legislation to prohibit lawmakers from trading stocks U.S. tech giants to sign agreement at the White House, committing to "self-solve" electricity supply for AI data centers to ensure stable electricity prices for residents. Media reports indicate that Amazon, Google, Meta, Microsoft, xAI, Oracle, and OpenAI will sign an agreement at the White House on March 4, committing to build or procure electricity supply for new AI data centers. The White House stated that this move aims to ensure that as computing power demand surges, electricity prices for U.S. residents do not rise. U.S. Trade Representative: The "global import tariff" imposed on some countries may reach 15%. The U.S. Supreme Court ruled that the original tariff measures lacked legal authorization, prompting Trump to change the legal basis to continue imposing tariffs. The U.S. Trade Representative stated that the "global import tariff" imposed on some countries will increase from the recently implemented 10% to 15% or higher. “Reciprocal Tariffs” one year on, did Americans ultimately bear the brunt? CITIC Construction pointed out that 92% of the costs of Trump's tariff policy in 2025 (100% in Japan) will be borne by U.S. importers, and this is accelerating the transmission to consumers, cumulatively raising PCE year-on-year by about 0.72 percentage points by the end of the year—after deducting tariffs, the actual core inflation is only 2.18%. This indicates that inflation stickiness has been severely underestimated, and the Federal Reserve's interest rate cut expectations may be overly optimistic. EU estimates €4.2 billion worth of goods face new tariffs exceeding the EU-U.S. agreement cap. A spokesperson for the European Commission stated that under the new U.S. tariff mechanism, about 7% of EU export goods will face tariffs exceeding the 15% cap set by the agreement. He emphasized that EU products must continue to enjoy the most competitive treatment, and tariffs must not exceed the previously agreed clear and comprehensive cap. Iran's Foreign Minister prepares to attend the third round of indirect talks between Iran and the U.S., Vance: The U.S. is hopeful about the talks, but does not rule out military action. According to CCTV News, on the evening of the 25th local time, Iranian Foreign Minister Amir-Abdollahian led an Iranian delegation to Geneva, Switzerland, to participate in the upcoming third round of talks between Iran and the U.S. scheduled for the 26th. U.S. Vice President Vance stated that the U.S. is "hopeful" about the new round of indirect talks between Iran and the U.S. taking place in Geneva on the 26th. The U.S. position is "very clear," that Iran cannot possess nuclear weapons. President Trump prefers to resolve issues diplomatically, but will also use U.S. military force if necessary. U.S.-Iran nuclear talks expected to resume on Thursday, Trump specifically wants to hear "never nuclear", oil prices react in advance In his State of the Union address, Trump again pressured Iran, stating that U.S.-Iran negotiations are ongoing, but "we have not yet heard that key phrase: 'We will never have nuclear weapons.'" Due to Iran's control over the Strait of Hormuz, which has a daily oil flow of 16.5 million barrels, market concerns have driven oil prices to a six-month high. Iran, facing "maximum pressure" with limited oil revenues, will see the outcome of the Geneva talks this Sunday determine the short-term direction of the oil market. Cuba's Ministry of the Interior: U.S. speedboat intruded into Cuban territorial waters and opened fire, Cuba retaliated and killed 4 people. According to CCTV News, the Cuban Ministry of the Interior reported on February 25 that the border guard discovered a speedboat registered in Florida, USA, illegally intruding into Cuban territorial waters near Villa Clara province, leading to a firefight in which 4 attackers were killed and 6 were injured. On the same day, the U.S. planned to conditionally ease the oil blockade against Cuba; Canada provided assistance to Cuba, making "independent decisions" without consulting the U.S. Traders cut bets on Federal Reserve rate cuts, June rate cut probability drops to 50%, a new low for the year. Against the backdrop of rising risk appetite, the money market currently estimates the probability of a 25 basis point rate cut by the end of June has dropped to 50%, the lowest level this year, indicating that investors are reassessing the easing path. Chicago Fed President Goolsbee previously took a hawkish stance, stating that "3% inflation is not good enough," warning against premature rate cuts. The market is leaning towards a cautious rate cut pace of "less and later." CME technical failure causes interruption in natural gas and metal futures trading, all orders canceled on Wednesday. This is the second systematic trading interruption at CME within a month, coinciding with the expiration date of the March natural gas futures contract. Market participants stated that a "freeze" occurring before market close is "extremely bad timing," affecting all participants using futures as pricing and hedging tools. The world's fourth-largest producer announces an immediate suspension of lithium ore exports! Zimbabwe announced an immediate suspension of lithium concentrate and raw ore exports, with the resource localization strategy being implemented more vigorously than expected. The country has lithium reserves of 126 million tons, making it a major global supplier. The ban will directly impact overseas refining companies, and U.S. lithium stocks strengthened in pre-market trading. Research Report Highlights HSBC's "Contrarian View": Software will consume AI, now is a good time to buy the dip. HSBC believes that enterprise-level software will not be disrupted but will instead "consume and tame" AI. The uncertainty flaws of large models cannot meet the enterprise's requirements for zero errors and high reliability, while traditional software giants like Microsoft and Oracle, with their deep data and architectural barriers, are embedding AI into their platforms Compared to the previously overheated hardware semiconductor sector, the current software sector's valuation is at a historical low, and 2026 will be the starting year for the monetization of AI in the software industry. The "scarce asset" of the AI era? Goldman Sachs: HALO - heavy assets, not outdated. Goldman Sachs suggests that funds in the AI era are flowing into "heavy assets, low elimination" (HALO) physical assets, such as power grids, pipelines, utilities, transportation infrastructure, and key industrial capacities. These assets are difficult to replicate, have high physical barriers, and are not easily outdated. Goldman Sachs' HALO investment portfolio has outperformed light assets by 35% since 2025, and the future profit growth rate and ROE expectations for heavy asset companies will also fully surpass. AI capital expenditure surges, power grids are under more pressure! Goldman Sachs significantly raises global AI electricity demand forecast: demand will surge by 220% by 2030. Goldman Sachs' latest report raises the forecast for global data center electricity demand growth to 220% by 2030, with the United States accounting for 60%. The incremental AI investment is spilling over from computing power to the electricity supply chain, triggering a "super cycle of reliability" in infrastructure. Although the capital expenditure of cloud vendors has surged, squeezing free cash flow, they still have the financial capacity to pay for clean electricity premiums. Currently, the industry bottleneck is shifting from power generation equipment to labor shortages, and market focus is shifting from "thematic speculation" to the hard constraints of "AI revenue conversion." Domestic Macro What does China's first use of the watch list system mean? According to an article by Yu Yuantan: First, the initial use of the watch list system opens a new path for precise governance of export controls in China. Second, strict prohibitive measures are taken against entities on the control list, demonstrating a firm stance against Japan's "re-militarization" and nuclear ambitions. Third, this measure is an upgraded version of Announcement No. 1, aimed at achieving multi-layered control, precise prevention, and effective countermeasures against Japanese military-related entities. Will the RMB break through 6.8? Multiple institutions point out that the damage to the dollar's credit is the core driver of this round of appreciation. As long as the weak dollar pattern is not reversed, combined with the amplifying effect of corporate foreign exchange settlement demand and fundamental support, the trend of RMB appreciation is difficult to end. Caixin Securities estimates that it may break through 6.8 in extreme cases. Domestic Companies Heading south to Guangdong, major investment! Liu Qiangdong announces: hopes to have a yacht priced at 100,000 yuan, making it affordable for the working class. Liu Qiangdong announced a personal investment of 5 billion yuan to establish a new energy smart yacht brand, Sea Expandary, in Guangdong, with a full industry chain layout for the yacht industry. He hopes to launch a yacht priced at 100,000 yuan in the future, making it affordable for the working class and promoting the popularization of yacht consumption, tapping into the huge potential of the domestic yacht market Transsion Holdings' net profit plummets 53% in 2025, with rising storage chip prices becoming the biggest "profit assassin." Alibaba Cloud launches low-cost AI programming package, integrating four top open-source models. Alibaba Cloud's BaiLian has launched a Coding Plan that includes API services for four major open-source models: Qwen3.5, GLM-5, MiniMax M2.5, and Kimi K2.5. Currently, only Alibaba Cloud offers this service among global cloud providers. In terms of pricing, the lightweight version is priced at 7.9 yuan for the first month and 40 yuan from the second month; the professional version is 39.9 yuan for the first month and 200 yuan from the second month. Strong demand for AI computing power, Haiguang Information's revenue is expected to increase by 57% year-on-year in 2025, with Q1 2026 net profit expected to grow by 23% to 42% year-on-year. Overseas Macro US-UK technology agreement struggles to restart: nuclear energy projects break the ice first, while AI and quantum fields remain deadlocked. The US-UK "Technology Prosperity Agreement" has partially restarted, with civilian nuclear energy being the first to break the ice: both sides have begun discussions on nuclear technology cooperation, which will shorten project approval cycles, benefiting companies like Centrica. However, cooperation in AI and quantum computing, the core of the original agreement, remains stalled, highlighting ongoing competition between the two countries in sensitive technology fields. Despite Trump's new 10% global tariff, informed sources told the media that this move will not hinder the progress of negotiations. Japanese long-term bond yields soar collectively, Prime Minister Kishi Sanae nominates two re-inflationist scholars to join the central bank policy committee. Japanese Prime Minister Kishi Sanae has nominated two re-inflationist scholars to join the central bank policy committee, sending a strong dovish signal, causing the 30-year government bond yield to soar by 10.5 basis points to 3.38%, the yen weakened, and the Nikkei index rose by 2.2%. The market's expectations for an interest rate hike in April are facing reassessment. Analysts believe that if the nominations are approved, it will slightly delay the pace of interest rate hikes, but it will not overturn the central bank's established policy path, and concerns about the central bank's independence remain within controllable limits. 107 votes in favor, 12 votes against, the UN General Assembly passes a resolution calling for an immediate ceasefire between Russia and Ukraine! Russia opposes, while China and the US abstain.. The UN General Assembly passed a resolution "supporting Ukraine in achieving lasting peace" with 107 votes in favor, Russia opposed, and China and the US abstained. China called for creating conditions for a political solution, while Ukraine insisted on the need for security guarantees, and Russia questioned "who provides guarantees to Russia." The US policy has shifted to "negotiation priority," but core issues such as territory and neutrality remain unresolved. Among the 2.5 million Ukrainian female refugees in the EU, one-quarter have experienced violence Quantitative giant Jane Street accelerated the "crypto winter" of 2022, "insider information" preemptively exploited, low discount bottom-fishing. Jane Street is accused of acting as a "behind-the-scenes operator" in the $40 billion collapse of Terra: obtaining insider information through a secret channel called "Bryce's Secret," completing the largest single sell-off in history less than 10 minutes after quietly withdrawing from Terraform, and then attempting to bottom-fish at a steep discount. This institutional-level short-selling ultimately triggered a global crypto winter, leading to the dramatic collapse of FTX. OPEC+ may finalize production increase plans on Sunday, several representatives expect to restart "modest production increase" mode in April. The current performance of oil prices contrasts with expectations of "oversupply," as resilient demand, geopolitical risks, and supply disruptions in multiple regions have driven oil prices up 17% year-to-date. Several OPEC representatives expect to restart "moderate incremental" production increases, with analysts predicting a limited increase of about 137,000 barrels per day. Overseas Companies OpenAI and Anthropic both miss gross profit targets, non-paying users and computing power become major burdens. OpenAI and Anthropic are facing severe profitability challenges due to uncontrolled inference costs. Last year, OpenAI's gross margin fell from 40% to 33%, far below expectations, as its inference costs surged to $8.4 billion due to demand exceeding expectations. Free users account for 95%, and high computing power products further drag down profits. Despite some improvement in the efficiency of paid users, both companies face significant challenges in achieving their goal of over 60% gross margin by the end of this decade. One of the most dramatic turns! Anthropic abandons its signature "safety guardrail" commitment. Anthropic has long positioned itself as a safer alternative to other AI competitors, but it has now relaxed its commitment to maintaining safety "guardrails." Once a startup with the mission of "benefiting humanity," it is now shifting its focus to profitability and success. This policy update from Anthropic comes amid escalating disputes with the U.S. Department of Defense. "Father of OpenClaw": When "experimental projects" become "global hits," the essence of software development has changed—code is dead, intent lives on. OpenAI interviews Steinberger, the father of OpenClaw. He submits code 90,000 times a year with AI, validating the explosive power of "one person army." He points out that AI now has the ability to solve problems independently, and the essence of development has shifted to "defining intent" rather than writing code He predicts that technology will completely explode in 2026 and calls on developers to immediately "enter the market with a playful mindset." SK Hynix announces $15 billion investment plan for the new factory in Yongin, with the first cleanroom going into production ahead of schedule. Accelerating production expansion, SK Hynix is speeding up the construction of the Yongin cluster in South Korea, with total investment in the first factory soaring to 31 trillion won, and five cleanrooms in phases two to six being rolled out simultaneously, with the first cleanroom set to go into production ahead of schedule in February 2027. The company will also collaborate with over 50 enterprises to create a world-class ecosystem, aggressively locking in future victories with strong capital expenditures. Samsung Electronics moves towards the "trillion-dollar club". Morgan Stanley raised Samsung's target price to 248,000 won and listed it as a top pick. The super pricing cycle for DRAM is expected to continue until 2027, combined with a surge in HBM market share, Samsung is experiencing the largest profit recovery in its history. Companies that reach this market capitalization milestone often continue to outperform the market. Morgan Stanley predicts that Samsung's profits will surpass most companies in the Mag 7 by 2027. Quantum Unlock 1.0: IBM elaborates on five key issues in quantum computing. IBM has established superconducting qubits as the core, aiming to achieve quantum advantage with the Nighthawk processor by 2026 and reach the fault-tolerant computing turning point by 2029. The focus of technology has shifted from physical breakthroughs to engineering expansion, emphasizing the tight coupling of quantum and classical computing power. Applications will first land in the fields of chemistry and materials, and by 2029, the optimization field will welcome its "ChatGPT moment." Industry/Concept AI Glasses | According to Shanghai Securities News, during the Spring Festival in 2026, sales of AI glasses showed explosive growth, with sales in Huaqiangbei, Shenzhen, surging by 70% to 80% compared to usual, and revenue from technology products growing by 35% year-on-year, making AI glasses one of the hottest "tech gifts" of the year. Commentary: Galaxy Securities believes that AI glasses are gradually evolving into the core carrier of the next generation of human-computer interaction, with the industry reaching a critical turning point in 2023, driven by breakthroughs in multiple core technologies. On one hand, multimodal large models are maturing and have been successfully deployed to terminal devices through model compression technology, enabling lightweight devices to possess complex voice and environmental interaction capabilities; on the other hand, the introduction of dedicated low-power chips provides the hardware foundation for all-weather offline voice interaction and real-time translation, while multi-chip heterogeneous architecture and swappable battery design further optimize the balance of power consumption and battery life. Technological advancements are collectively driving AI glasses from being an accessory to smartphones to becoming intelligent devices that can independently provide value in multiple scenarios, laying the foundation for a large user base to potentially replace smartphones as the new terminal in the future. Electronic Fabric | According to grassroots research from brokerages, the supply and demand for special electronic fabrics remain tight, and companies are strongly motivated to continue shifting production to special fabrics under the drive of marginal profits, resulting in a continuous compression of weaving machine capacity for 7628 electronic fabrics Institutions expect the price increase potential of 7628 electronic fabric in this round to reach 8 yuan/meter. Commentary: CITIC Securities believes that, referring to storage, the current demand cycle for electronic fabric is mainly driven by AI demand, which has stronger growth and sustainability, and AI has a greater demand for special electronic fabrics. Under the super cycle, 7628 electronic fabric is also expected to welcome a new price peak. Considering the rapid and sustained growth of AI demand, it is expected that the demand for special fabrics will increase by 100% by 2026. Due to the bottleneck in the production capacity of Toyota weaving machines, special electronic fabrics will still be in a state of supply shortage in 2026, and companies have strong motivation to continue to shift production to special fabrics driven by marginal profits. Recently, Taiyao Technology stated that some glass fabric manufacturers have successively stopped producing E-glass glass fabric and shifted to producing Low-Dk glass fabric, verifying the logic of tight supply and demand for special electronic fabrics and the continuous occupation of weaving machine capacity. AI Chips | According to Science and Technology Daily, a research team from the School of Electronics at Peking University has creatively prepared the smallest and lowest power-consuming ferroelectric transistor to date, which is expected to provide core device support for the improvement of computing power and energy efficiency of AI chips. The team has reduced the physical gate length of the ferroelectric transistor to the 1-nanometer limit, breaking the physical limitations of traditional ferroelectric transistors and reducing energy consumption by an order of magnitude compared to the best international levels. Commentary: China Securities Journal points out that the "storage-computation integration" characteristic of this transistor allows it to simultaneously complete data storage and computation, which is highly aligned with the evolutionary direction of AI chips. It is expected to completely break the efficiency bottleneck caused by the separation of "storage" and "computation" in traditional computing architectures, laying a key technological foundation for the development of the next generation of high-performance, low-energy AI chips. The nano-gate ferroelectric transistor, with ultra-low operating voltage and extremely low energy consumption characteristics, can not only provide core device solutions for building high-efficiency data centers but also lay a key technological foundation for the development of the next generation of high-performance AI chips. This technological breakthrough fills the gap in the domestic field of atomic-scale ferroelectric transistors and breaks the monopoly of international giants in the core device field of AI chips. Precision Medicine | According to China Science Daily, a research team from the Center for Excellence in Molecular Cell Science of the Chinese Academy of Sciences (Institute of Biochemistry and Cell Biology) and collaborators have developed a "histidine scanning method" that can quickly locate the "key sites" on the T cell receptor (TCR) molecules on the surface of T cells that are responsible for recognizing cancer cells and initiating the clearance program. After "upgrading" these sites, the TCR molecules transform into a highly sensitive enhanced version of a "security scanner," significantly improving the ability of T cells to clear cancer cells. This strategy has shown good anti-cancer effects in experiments. Commentary: This method does not rely on the three-dimensional structural information of TCR molecules. It only requires simultaneous modification of multiple "key buttons" that have been screened to enhance the ability of TCR molecules to "capture" cancer cells, thereby transforming T cells into highly efficient "super guardians." The modified T cells have higher activation levels, stronger lethality, and can accurately distinguish between friend and foe, avoiding harm to healthy cells. Currently, this research has shown significant efficacy in animal models, providing a new idea for developing a new generation of efficient and precise cancer immunotherapy 5. Lithium | According to Jiemian News, the Zimbabwe Ministry of Mines has announced an immediate suspension of all raw ore and lithium concentrate exports (including in-transit goods) to strengthen mineral regulation and accountability. In the future, only companies holding valid mining rights and approved processing plants will be eligible for export, and agents and third-party traders are prohibited from exporting. Violators (such as those continuing to use expired permits) will have their export licenses revoked and even their mining rights. Commentary: According to the latest data from 2025, Zimbabwe is the fifth largest lithium producer in the world, with its lithium production (measured in lithium carbonate equivalent, LCE) accounting for about 12% of the global total supply. As Africa's largest lithium producer, Zimbabwe plays a key role in the global lithium supply chain, with over 90% of its exported lithium concentrate going to China, making it China's second-largest source of lithium concentrate imports, second only to Australia. This move directly reduces global lithium production supply, exacerbating concentrate shortages, amplifying short-term supply gaps, and increasing lithium price elasticity. Today's News Preview The number of first-time unemployment claims in the U.S. last week. Federal Reserve Governor Bowman’s hearing. European Central Bank President Lagarde's speech at the European Parliament. The Bank of Japan's Financial Markets Department holds a "Market Operations Meeting." The Bank of Korea announces its interest rate decision. Baidu earnings call.