The Ministry of Commerce convened an automotive enterprise symposium on February 6 to discuss matters related to automobile distribution and consumption. Representatives from relevant automotive industry associations, research institutions, and companies attended the meeting. Vice Minister Sheng Qiuping participated in the discussions and emphasized that China's massive market foundation is solid, the automotive consumption chain has significant long-term potential, and continuous policy implementation provides stable support. He stated that there is considerable room for expanding automotive consumption across the entire value chain. In 2026, the Ministry of Commerce, in collaboration with relevant departments, will focus on both policy support and reform innovation, integrating existing measures with new policies to optimize vehicle trade-in programs, pilot reforms in automotive distribution and consumption, improve industry management systems, and implement multiple measures to expand and enhance automobile consumption.
Overnight, U.S. stock markets closed higher, with AI application and precious metals sectors leading the gains. The Dow Jones Industrial Average rose by 20.2 points, or 0.04%, to close at 50,135.87. The S&P 500 increased by 32.52 points, or 0.47%, to 6,964.82, while the Nasdaq Composite advanced by 207.46 points, or 0.9%, to 23,238.67. Most major technology stocks closed higher, with Oracle surging over 9%, Microsoft and Broadcom rising more than 3%, Nvidia and Meta gaining over 2%, and Tesla and TSMC increasing over 1%. AI application and precious metals sectors outperformed, with Vista Gold climbing over 14% and Applovin jumping more than 13%. Popular Chinese stocks were mixed, with the Nasdaq Golden Dragon China Index edging up 0.12%. 21Vianet Group rose over 5%, and Pony.ai advanced more than 3%. Hong Kong's Hang Seng Index ADRs also gained, rising 53.48 points or 0.2% to 27,080.64 on a proportional basis. COMEX gold futures for the front month contract increased by $104.40, or 2.10%, to $5,084.2 per ounce, while silver futures rose by $6.16, or 8.00%, to $83.05 per ounce.
Seven government departments recently conducted administrative guidance sessions with leading platform companies and express delivery enterprises regarding labor practices. The Ministry of Human Resources and Social Security, along with other authorities, held meetings with 16 companies including Meituan, Taobao Quick Purchase, JD Instant Delivery, Flash Express, SF City Express, Freshippo, DiDi, T3 Go, CaoCao Chuxing, Lalamove, Full Truck Alliance, YTO Express, STO Express, ZTO Express, Yunda Express, and J&T Express to safeguard the rights of workers in new employment forms. The meetings emphasized that companies must fully implement labor responsibilities, continuously improve labor management, and effectively protect the rights of workers in new employment models.
Two major ultra-high voltage power transmission projects with total investment of 55.7 billion yuan are planning to introduce private enterprise investment. The Qinghai Energy Bureau recently issued an announcement soliciting eligible private enterprises to participate in the investment of the Xinjiang Power Transmission to Sichuan-Chongqing Ultra-High Voltage Direct Current Project. Similar announcements were also released by the Chongqing Energy Bureau and the Xinjiang Development and Reform Commission. Earlier in January, the Gansu Energy Bureau disclosed a comparable announcement seeking private enterprise participation in the Gansu Badain Jaran Desert Base Power Transmission to Sichuan Ultra-High Voltage Direct Current Project. The total investments for these projects are 31.1 billion yuan and 24.6 billion yuan, respectively. Project companies will be jointly established by State Grid and qualified private enterprises to handle investment, construction, and operation. Private enterprises will collectively hold approximately 10% equity, with a project operation period of 35 years. Returns will be based on transmission prices approved according to national regulations, with an expected equity internal rate of return of 5%. This marks the first time domestic UHV projects have initiated private investment participation, with clear qualification thresholds set for participating enterprises, requiring sufficient financial strength and industry relevance.
China has achieved kilogram-level uranium extraction from seawater. According to an announcement from the China National Nuclear Corporation, an academic exchange meeting and council meeting of the Seawater Uranium Extraction Technology Innovation Alliance was held in Shanghai on February 5. The meeting announced that China has successfully met the target of extracting kilogram-level uranium products from real marine environments, laying a solid foundation for the transition of seawater uranium extraction technology from laboratory research to engineering applications. This development involves Hong Kong-listed CGN Mining Co. Ltd. (01164).
CEO Hou Xiaonan of Yuewen Group (00772) issued an internal Spring Festival letter stating that the faster AI develops, the more valuable original content becomes, and the value of good stories will be amplified unprecedentedly. He mentioned that Yuewen's vast high-quality IP portfolio faces new opportunities for visualization. The company will fully embrace AI across content incubation, premium content production, IP development, and industrial globalization, actively deploying in new scenarios such as AI-generated comic series to enhance IP development efficiency and value.
HuiJu Technology (01729) announced a proposed placement of 108 million new shares at a discount of approximately 14.97%. The placement price is HK$15.22 per share, compared to the closing price of HK$17.90 on February 9. Assuming full placement, gross proceeds are expected to be approximately HK$1.6438 billion, with net proceeds around HK$1.6345 billion.
Air China Limited announced that its application for a private placement has passed the review by the Shanghai Stock Exchange. However, the matter still requires approval from the China Securities Regulatory Commission, and the final outcome and timing remain uncertain.
China Resources Pharmaceutical Group Limited (03320) announced that its wholly-owned subsidiary has initiated the potential sale of approximately 17.87% equity in Hefei Tianmai Biotech Development Co., Ltd. through a public listing on the Shanghai United Assets and Equity Exchange, with a minimum listing price of approximately 1.42 billion yuan.
RuiFeng Renewable Energy (00527) announced the signing of an investment framework agreement to build the Xuanhua Artificial Intelligence Computing Center Project in Hebei Province, with a total planned investment of approximately 24 billion yuan. The project, to be constructed in five phases, aims to be the largest inference computing cluster in North China. The first phase plans to build no less than 3,000 racks, with operations expected to commence by February 2028.
According to Haikou Customs statistics, since the adjustment of the Hainan offshore duty-free policy on November 1, 2025, duty-free shopping sales in the first 100 days reached 11.585 billion yuan, a year-on-year increase of 14.71%. This involves China Tourism Group Duty Free Corp. (01880).
Lead Intelligent Equipment Co., Ltd. set the final offer price for its Hong Kong listing at HK$45.80 per share. H shares are expected to begin trading on Wednesday.
Axera (00600) announced that its public offering was oversubscribed by approximately 104.82 times, with a final offer price of HK$28.20 per share. Net proceeds from the global offering are approximately HK$2.799 billion. Trading of H shares is expected to commence on the Hong Kong Stock Exchange on the morning of February 10, 2026. The grey market closed down over 4%, resulting in a loss of HK$120 per board lot.
In grey market trading, the "first fishing equipment stock" Lexin Outdoor (02720) surged over 100%, generating a profit of HK$6,375 per board lot.
CHONGQING M&E (02722): Cummins delivered strong performance. Despite continued weakness in the North American truck market, Cummins reported robust operational results for the fourth quarter and full year. The distribution and power systems segments achieved record high sales and profitability, driven by operational efficiency and strong demand for data center backup power. Cummins' Q4 2025 revenue reached $8.5 billion, up 1% year-on-year, with net profit of $593 million compared to $418 million in the same period last year. An earlier Industrial Securities research report noted that CHONGQING M&E holds stakes in both Chongqing Cummins and Chongqing Hitachi Energy. Chongqing Cummins is Cummins' only large-bore engine enterprise in China. Due to tight industry supply, the company is actively expanding capacity, and demand for high-horsepower engines for data centers and other sectors is expected to continue growing in the coming years. Additionally, the report expects Chongqing Hitachi Energy to benefit from synchronized demand growth in domestic and international power grids, sustaining a prolonged period of prosperity.