China Securities Journal A spokesperson from the Ministry of Commerce commented on the U.S. Supreme Court's ruling regarding a tariff lawsuit. The spokesperson stated that China has taken note of the decision and is conducting a comprehensive assessment of its content and implications. China consistently opposes unilateral tariff measures, emphasizing that trade wars have no winners and protectionism offers no solution. The U.S. measures, including reciprocal tariffs and fentanyl-related tariffs, violate international trade rules and U.S. domestic law, serving no party's interests. History shows that cooperation benefits both China and the U.S., while confrontation harms both. China urges the U.S. to revoke these unilateral tariffs. It is also noted that the U.S. is considering alternative measures, such as trade investigations, to maintain tariffs on trading partners. China will monitor developments closely and resolutely safeguard its interests.

A-shares resumed trading today, marking the first session of the Year of the Horse. Based on the performance of overseas markets during the Spring Festival holiday, institutional analysts hold an overall positive outlook for the post-holiday A-shares market, expecting improved odds for major indices. The bond market may continue to experience volatility. Institutional views favor the technology growth and cyclical resource sectors. Specific areas of interest include broad AI assets, commercial aerospace, brain-computer interfaces, as well as segments like copper, aluminum, gold, and construction machinery.

ST Jinglan issued an announcement stating that if its stock price experiences further abnormal increases, the company may apply for a trading suspension for verification purposes. Between January 23 and February 13, the company's stock price surged by 86.90%. While the company's fundamentals have not changed significantly, the recent price surge has severely deviated from its performance, posing substantial risks for investors. The company advised investors to invest rationally and be mindful of risks.

SDIC Silver LOF announced a trading halt from the market open on February 24 until 10:30 AM on the same day. Redemption services for the fund will operate as usual during the suspension. The halt was implemented due to a significant premium in the fund's secondary market trading price, aiming to protect investor interests.

Shanghai Securities News The total number of screenings during the Spring Festival film season set a new record, with high-quality content boosting offline consumption. As of 6:00 PM on February 23, the total box office revenue for the 2026 Spring Festival season surpassed 56 billion yuan, setting a new historical high for the period. The total annual box office for China's film market in 2026 has exceeded 80 billion yuan, temporarily ranking first globally for a single market, surpassing North America. An analyst noted that the overall quality of new releases during the season was well-received by audiences. From the sixth day of the lunar new year, box office contributions from first and second-tier cities increased significantly, with positive word-of-mouth driving a "return-to-cinema" trend. Several new releases are expected to maintain strong box office performance even after the holiday.

Many companies maintained full operational capacity during the Spring Festival holiday, with production lines running without interruption. From smart production lines rushing to fulfill orders to consumer-facing sectors providing festive services, and from digital guardians ensuring cyberspace to overseas construction sites progressing in tropical regions, economic resilience and vitality were evident everywhere.

The first batch of new share listings for the Year of the Horse arrives this week, with two subscriptions available. One company is a specialized high-end electroacoustic component manufacturer, while the other is a core global supplier of safety components for new energy vehicle power batteries. Regarding the outlook for the new share market, institutional research suggests that selective bullish sentiment is expected to gradually increase. Short-term focus is recommended on potential localized activity within the new share sector, with opportunities identified along event catalysts and growth themes.

Frontier Biotechnologies announced it has granted the global rights for two of its siRNA investigational products to GlaxoSmithKline PLC, in a deal with a total transaction value exceeding $1 billion. This represents another significant international collaboration in the small nucleic acid drug sector.

Securities Times The A-share market is transitioning from being driven by expectations to being validated by fundamentals. In 2026, monetary policies in major overseas economies are shifting from accommodative to tightening. Supported by fiscal stimulus, economies like the U.S. and Europe may enter a demand recovery phase within a third inventory cycle. If commodity prices rise beyond expectations, exacerbating inflationary pressures, markets may temporarily price in expectations for interest rate hikes. The prospective Federal Reserve Chair supports a combination of rate cuts and balance sheet reduction, but considering debt and liquidity issues, implementing balance sheet reduction is currently challenging and could pressure U.S. stocks and global risk assets if forced.

Demand for gold during the Spring Festival remained robust, while investment behavior grew more rational. Driven by increased uncertainty surrounding U.S. tariff policies and persistent safe-haven demand, international precious metal prices showed significant gains towards the end of the 2026 Spring Festival holiday. On February 23, international gold and silver prices rose for the fourth consecutive trading session. At the time of writing, spot gold prices exceeded $5,160 per ounce, while spot silver prices surpassed $87 per ounce.

The Ministry of Commerce responded to the U.S. Supreme Court's tariff ruling, stating that China is conducting a comprehensive assessment of the content and impact. The spokesperson also noted that the U.S. is preparing alternative measures, such as trade investigations, to maintain tariffs on trading partners. China will monitor the situation closely and firmly protect its interests.

An observation highlighted consumption upgrading trends within everyday life. The Spring Festival consumption period serves as a key window for observing economic and consumer trends. A notable phenomenon this year is the increasing rationality in consumer psychology, with a greater willingness to pay for high-quality products and services. For example, traditional homemade festive foods like fried meatballs, tofu, and fish, once a busy kitchen ritual, are now increasingly purchased ready-made from markets or restaurants. Catering to this demand, some businesses offered pre-made holiday gift packages, combining professional flavor with convenience, and gaining popularity in the home kitchen market.

Securities Daily Five chief economists offered advice for the capital market in the Year of the Horse, suggesting multi-dimensional efforts to strengthen the foundation for stable and positive development. Key figures shared insights on consolidating the market's favorable momentum, focusing on high-quality growth strategies for the year.

The technological evolution showcased during the Spring Festival Gala highlighted three major transformations. Humanoid robots took center stage, performing complex dances and maneuvers with fluidity, instantly capturing widespread attention online. The gala thus served not only as a cultural event but also as a showcase for China's technological advancements.

Following the distribution of 8 billion yuan in red envelopes, AI applications face a test of user retention. The Spring Festival period, being a prime national-level traffic window, saw intense competition among AI developers for future user access. Different strategies were employed: ByteDance's AI assistant Doubao partnered with the CCTV gala; Tencent's AI assistant Yuanbao utilized simple red envelope sharing mechanics for low-cost user acquisition via social networks; Alibaba took a different approach by deeply integrating its AI assistant Qianwen into various consumption scenarios, offering tangible benefits like bill waivers to cultivate user payment habits during holiday shopping.

Behind the rising single financing amounts in the commercial aerospace sector, investors are competing for allocations, with multiple companies advancing IPO plans. An investor in the sector noted that since late last year, commercial aerospace projects have entered a phase of allocation competition. Financing activity in the sector has intensified significantly recently, with deal sizes consistently increasing. Several financing rounds have been completed since February.