Market data as of the close on February 26: The Shanghai Composite Index edged down 0.01% to 4,146.63 points. The STAR 50 Index rose 0.85% to 1,485.86 points. The Shenzhen Component Index gained 0.19% to 14,503.79 points. The ChiNext Index fell 0.29% to 3,344.98 points.
In New York, the three major stock indices closed mixed on February 26. The Dow Jones Industrial Average increased by 17.05 points, or 0.03%, closing at 49,499.20. The S&P 500 index dropped 37.27 points, or 0.54%, settling at 6,908.86. The Nasdaq Composite Index declined by 273.70 points, or 1.18%, finishing at 22,878.38.
International oil prices experienced minor losses on February 26. The April delivery light crude oil futures contract on the New York Mercantile Exchange decreased by $0.21, or 0.32%, closing at $65.21 per barrel. The April delivery Brent crude futures contract on the London ICE Futures Europe exchange fell by $0.10, or 0.14%, settling at $70.75 per barrel.
Key financial news: 1. At a regular press conference held by the Ministry of Commerce on February 26, spokesperson He Yongqian responded to inquiries regarding the upcoming sixth round of U.S.-China economic and trade consultations. She stated that China and the U.S. maintain communication at various levels through the economic and trade consultation mechanism. China is willing to work with the U.S. to implement and uphold the consensus reached by the two heads of state during their Busan meeting and February 4 phone call. The aim is to properly manage differences through equal consultation, expand practical cooperation, maintain the healthy, stable, and sustainable development of bilateral economic and trade relations, and better benefit both countries and the world.
2. Responding to questions about adding 20 Japanese entities to an export control list, spokesperson He Yongqian stated on February 26 that the measure aims to curb Japan's remilitarization and nuclear ambitions, and is entirely justified, reasonable, and lawful. She clarified that China's listing action, conducted in accordance with the law, targets only a small number of Japanese entities. The related measures apply solely to dual-use items and do not affect normal Sino-Japanese economic and trade exchanges. Japanese entities that are诚信守法 have no need for concern. An announcement dated February 24 on the Ministry of Commerce website listed 20 Japanese entities, including well-known companies such as Mitsubishi Shipbuilding Co., Ltd. and Mitsubishi Heavy Industries Aero Engines, Ltd., under export control measures.
3. On the evening of February 26, the People's Bank of China issued a notice concerning cross-border RMB interbank financing business for banking financial institutions. The notice supports domestic banking financial institutions in conducting cross-border RMB interbank financing business with overseas institutions in a standardized manner. Cross-border RMB interbank financing refers to borrowing and lending activities primarily involving RMB funds between domestic banks and overseas institutions. This includes account financing, bond repurchases, and other fund financing activities involving substantive creditor-debt relationships, but excludes domestic banks' investments in or purchases of interbank certificates of deposit, bonds, and other debt instruments from overseas institutions.
4. On February 26, the onshore yuan against the U.S. dollar opened stronger, breaching the 6.86 level and subsequently strengthening further past 6.85. It reached a session high of 6.8430, marking its highest level since April 17, 2023. Over the three trading days following the Spring Festival holiday, the onshore yuan has appreciated by nearly 1% cumulatively.
5. Latest monitoring data from the China General Chamber of Commerce indicates that during the Spring Festival holiday, retail sales maintained rapid growth. The average daily retail sales of 100 key large retail enterprises nationwide increased by 24.0% year-on-year, indicating sustained release of consumption potential. As a traditional peak season for gold consumption, the average daily retail sales of gold, silver, and jewelry products surged 33.4% year-on-year during the holiday. The growing trend of "reverse migration" for the New Year, where people gather in major cities, contributed to a sharp increase in gold and jewelry sales in first-tier cities. Strong demand for holiday gatherings drove significant growth in related product sales, with average daily food retail sales up 23.0% year-on-year. Boosted by returning home for visits and holiday renewal demand, average daily apparel retail sales grew 17.3% year-on-year.
6. To reinforce the primary responsibility of online business operators, the State Administration for Market Regulation has recently formulated two regulations focusing on online catering and food sales. The regulations specify that takeaway-only merchants must prominently display a "No Dine-in" identifier on their main page. Food delivery platforms are required to verify and compare merchants' food business license information with data held by provincial market regulatory authorities; merchants failing verification will not be allowed platform services.
7. Starting from 00:00 on February 26, the compensation process for the valuation adjustment of the SDIC Silver LOF commenced. The compensation plan details a progressive reduction rule for calculating settlement amounts. Investors affected by less than 1,000 yuan will receive full compensation. For amounts exceeding 1,000 yuan, compensation will be calculated using decreasing ratios, with the highest bracket's excess portion compensated at only 5%. The funding for this special work plan comes from the company's own assets, which are strictly separated from fund assets. The compensation channel does not have a specific closing deadline.
8. In a statement released on February 26, SanZhiYang Group clarified that recent widespread online rumors about its "successful backdoor listing" are inaccurate and have caused public misunderstanding. The statement sternly declared that, as of now, SanZhiYang Group and its subsidiaries have not undertaken any form of backdoor listing, overall listing, or IPO application. Online claims about "SanZhiYang listing on Nasdaq" or "backdoor listing via a U.S. company" refer only to overseas live-streaming operation cooperation. The group has not authorized any institution or individual to conduct fundraising, primary stock sales, or equity transfers under the guise of "listing"; any such activities are fraudulent. The company has preserved evidence and will pursue legal action against those maliciously fabricating and spreading false information.
9. East Money Information Co.,Ltd. announced on the evening of February 26 that its controlling shareholder and actual controller, Qi Shi, plans to donate 20 million of his unrestricted tradable shares, representing 0.13% of the company's total shares, to the Shanghai Jiao Tong University Education Development Foundation. Based on East Money's closing price of 22.5 yuan per share on February 26, the donated shares are valued at approximately 450 million yuan.
10. Baidu released its fourth-quarter and full-year 2025 financial results on February 26. Total revenue for 2025 reached 129.1 billion yuan, a decrease of 3% year-on-year, primarily due to declines in traditional businesses, partially offset by growth in Baidu's core AI new businesses. AI business revenue accounted for 40 billion yuan of the total. Net profit attributable to Baidu for 2025 was 5.6 billion yuan, down 76% year-on-year. Excluding the impact of long-lived asset impairment, net profit attributable to Baidu was 19.4 billion yuan, a decrease of 18% year-on-year. Non-GAAP net profit attributable to Baidu was 18.9 billion yuan, down 30% year-on-year. Adjusted EBITDA was 22.9 billion yuan, declining 31% year-on-year.
11. Deppon Logistics Co., Ltd. announced on the evening of February 26 that it intends to voluntarily withdraw the listing and trading of its A-shares from the Shanghai Stock Exchange via a shareholders' resolution and apply for the shares to continue trading on the National Equities Exchange and Quotations delisting board. The matter was approved at the company's first interim shareholders' meeting of 2026. The company submitted the relevant application to the SSE on February 26, pending a decision on acceptance.
12. On February 26 local time, Iran and the United States held a third round of indirect talks in Geneva, Switzerland. With Oman's active mediation, parties unusually signaled optimism, stating that the talks achieved "significant progress" and were "close to consensus" in certain areas. However, continued U.S. military deployments in the Middle East outside the negotiations highlighted persistent fundamental differences on core issues. On the same day, the U.S. also held separate meetings with representatives from Ukraine and Russia.