Eight government departments have issued an implementation opinion to accelerate the promotion and application of artificial intelligence in the field of bidding and tendering. The document emphasizes advancing AI adoption throughout the entire bidding process and key management segments, guided by principles of government leadership, multi-stakeholder participation, scenario-driven application, and security control. The initiative aims to enhance the digital and intelligent level of services and supervision, improve bidding practices, and support fair and efficient allocation of public resources while regulating market order. By the end of 2026, key application scenarios such as bid document inspection, intelligent-assisted bid evaluation, and collusive bidding identification are expected to achieve full coverage in select provinces and cities. By the end of 2027, more key scenarios will be promoted nationwide, forming a set of experiences in model training, application, and institutional safeguards to foster healthy development in the bidding market.
Overnight, U.S. stocks closed mixed, with the Dow Jones Industrial Average rising 52.27 points to 50,188.14, a gain of 0.1%. The S&P 500 fell 23.01 points to 6,941.81, down 0.33%, while the Nasdaq Composite dropped 136.2 points to 23,102.53, a decline of 0.59%. Major tech stocks were mixed, with Spotify surging over 14%, Oracle up more than 2%, and Tesla and TSMC both gaining over 1%, with TSMC hitting a new record high. Most popular Chinese stocks advanced, with the Nasdaq Golden Dragon China Index rising 0.87%. Autohome increased over 4%, Tencent Music rose more than 3%, Li Auto climbed nearly 3%, and Alibaba gained over 2%. The Hang Seng Index ADR fell proportionally, closing at 27,136.23 points, down 46.92 points or 0.17% from the Hong Kong market close.
Ahead of the Spring Festival, several high-quality films are set for theatrical release. To strengthen copyright protection for cinema films, maintain orderly copyright practices in the film market, and foster a healthy viewing environment, four departments including the National Copyright Administration have jointly launched the "Sword Shadow" special campaign for 2026. A copyright protection warning list for key works will be issued, and efforts will be intensified in offline inspections and online monitoring. Illegal activities such as unauthorized recording, distribution, and sale of pirated IP derivative products will be strictly penalized. Authorities will also promote the transformation of film and television IP value, enhance industry integration, strengthen copyright education, and urge online platforms to fulfill their responsibilities in establishing compliance governance systems. Related Hong Kong stock: Fubo Group (03738).
The Hong Kong Special Administrative Region government has accepted the Minimum Wage Commission's recommendation to raise the statutory minimum wage from HK$42.1 to HK$43.1 per hour, an increase of HK$1.0 or 2.38%. The government will gazette the amendment on the coming Friday and submit it to the Legislative Council on February 25. If approved, the revised minimum wage will take effect on May 1 this year. This affects locally listed companies in Hong Kong.
International gallium prices have tripled over the past two years. According to Argus Media, the average price in January reached a record high of approximately US$1,572 per kilogram. Gallium is widely used in technology and military applications globally, with China dominating primary production, accounting for over 90% of the world's output. In recent months, the U.S. government has invested hundreds of millions of dollars in domestic and overseas facilities to establish its own gallium supply chain, reduce import reliance, and reshape the global supply through a three-pronged strategy involving overseas deployment, international cooperation, and domestic recycling. Finnish consulting firm Rovjok forecasts global gallium demand to grow by about 24% by 2030. Related Hong Kong stocks in the gallium industry chain: Aluminum Corporation of China (02600), Innoscience (02577).
The new round of centralized procurement for drugs from the first to eighth national volume-based procurement batches has concluded bidding. A total of 4,163 products from 1,020 companies have been selected as provisional winners, covering 316 commonly used drugs across 26 therapeutic areas including anti-infectives, oncology, diabetes, hypertension, lipid management, neurology, respiratory, and digestive systems. Demand matching for manufacturer brands reported by medical institutions reached 88%. The majority of previously selected clinical products continued to win bids, with a selection rate of 98%. Sihuan Pharmaceutical (02005) announced that 45 of its products were provisionally selected in the bidding, expected to positively impact the company's business.
SMIC (00981) released its fourth-quarter results, reporting revenue of US$2.489 billion, up 12.8% year-on-year and 4.5% quarter-on-quarter. Gross margin stood at 19.2%. Net profit attributable to owners was US$173 million, a 60.7% annual increase but a 9.9% quarterly decline. Earnings per share were US$0.02.
Elephant Future Group (02309) issued a profit alert, expecting an interim net profit attributable to owners of approximately HK$178 million, turning around from a loss of HK$117 million in the same period last year, mainly due to a one-time gain of about HK$350 million from the sale of a subsidiary.
China Nuclear Energy Technology (00611) plans to acquire full equity in Ningxia Tianping Boguang New Energy Co., Ltd. for approximately RMB80.38264 million. Upon completion, the target company will become a wholly-owned subsidiary.
TVB (00511) projected a net profit attributable to shareholders exceeding HK$50 million for 2025, reversing from a loss of HK$491 million in 2024, with EBITDA expected to surpass HK$350 million.
Zhaojin Mining (02489) announced that its subsidiaries Yantai Zhongjia Mining and Yantai Mujin Mining have suspended production following a severe accident at a third-party mine in Zhaoyuan, Yantai, as required by local safety authorities.
Sihuan Pharmaceutical (00460) anticipates 2025 revenue of no less than RMB2.5 billion, representing growth of over 30% year-on-year, with net profit expected to be no less than RMB150 million.
In grey market trading, shares of Lead Intelligent Equipment (00470) closed at HK$46.66, up 1.88% from the offer price of HK$45.80, with a profit of HK$86 per lot before fees.
Dongyue Group (00189) forecasted a more than 100% increase in net profit attributable to owners for 2025, driven by higher prices in its refrigerant segment and strict cost control, despite asset impairment losses from the phased closure of two older power plants.