Major indices in the A-share market showed strength with moderate gains during the morning session on February 12. By the midday close, the Shanghai Composite Index had risen by 0.12%, the Shenzhen Component Index increased by 0.80%, and the ChiNext Index advanced by 1.18%.

Sector performance varied, with CPO, basic metals, and power equipment among the top gainers. In contrast, sectors such as catering and tourism, cultural media, and banking underwent adjustments.

In Hong Kong, the Hang Seng Tech Index saw an expanded decline, with stocks including Kingdee International, Trip.com Group, and Meituan each falling more than 4%.

Basic metal stocks performed strongly, particularly in the nickel and cobalt segments, where several companies such as Pengxin Resources, Dongyang Sunshine, and Quartz Corp. hit the daily limit-up.

According to sources, the world’s largest nickel mine, PT Weda Bay Nickel, has been informed that its ore production quota for this year will be 12 million tons, significantly lower than the 42 million tons expected for 2025—a reduction of 71%, far exceeding market expectations. Analysts at ANZ Research noted that improved global risk appetite has driven basic metals higher during early Asian trading. Recent reports of rising copper inventories in China and the U.S. have also boosted market sentiment, amid concerns that the U.S. is building strategic reserves and certain countries are increasing stockpiles to mitigate supply chain risks.

Power grid equipment stocks also rose sharply, with Hanhe Cable, Zhongheng Electric, and SF Auto Electric among those hitting the daily limit-up.

This follows the State Council’s release of an implementation plan aimed at establishing a nationally unified power market system, targeting basic completion by 2030 and full completion by 2035. BOC Securities highlighted that ongoing domestic power sector reforms and accelerated construction of ultra-high voltage and main grid projects are sustaining strong demand for grid equipment. Overseas grid upgrade demand remains robust, with recommendations to focus on companies benefiting from the high growth in ultra-high voltage infrastructure.

Shares of KNOWLEDGE ATLAS surged by as much as 33% during the session, reaching a latest price of HK$400 per share.

The company announced a structural adjustment to its GLM Coding Plan pricing, resulting in an overall price increase of over 30%. In a notice, KNOWLEDGE ATLAS cited strong and growing demand for the GLM Coding Plan, along with rapid expansion in user base and usage volume. To ensure stability and service quality under high load, the company has increased investments in computing power and model optimization, leading to continuous product upgrades.

Based on actual usage and resource investment changes, the company decided to adjust the pricing structure by eliminating first-purchase discounts while retaining quarterly and annual subscription discounts. Overall prices have been raised by at least 30%, though existing subscribers will not be affected by the increase.