--- title: "Zhitong Hong Kong Stock Early Knowledge | Offline performances during the Spring Festival increased by 27% year-on-year, Trump considers imposing new national security tariffs" type: "News" locale: "en" url: "https://longbridge.com/en/news/276658874.md" description: "According to CINNO Research, the overall performance of the mobile phone market in February 2026 is sluggish, affected by the Spring Festival holiday and the traditional off-season. The National Energy Administration will release a new energy system and a series of energy planning in various fields to promote the construction of a strong energy country. The Nasdaq China Golden Dragon Index fell nearly 1%, and the U.S. stock indices, including the Dow Jones, Nasdaq, and S&P 500, all experienced declines, with precious metals and non-ferrous sectors leading the gains, while IBM plummeted over 13%" datetime: "2026-02-23T23:48:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276658874.md) - [en](https://longbridge.com/en/news/276658874.md) - [zh-HK](https://longbridge.com/zh-HK/news/276658874.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/276658874.md) | [繁體中文](https://longbridge.com/zh-HK/news/276658874.md) # Zhitong Hong Kong Stock Early Knowledge | Offline performances during the Spring Festival increased by 27% year-on-year, Trump considers imposing new national security tariffs **【Today's Headlines】** **National Energy Administration: Will Release and Implement New Energy System and Series of Sectoral Energy Plans** According to the official WeChat account of the National Energy Administration, Ren Yuzhi, Director of the Planning Department, stated that 2026 marks the beginning of the "14th Five-Year Plan." We will release and implement a new energy system and a series of sectoral energy plans, deeply practice the new strategy for energy security, accelerate the construction of a new energy system, promote the construction of a strong energy nation, and provide strong energy support for achieving decisive progress in basically realizing socialist modernization. Among them, engineering projects are an important means of planning implementation, and we must strengthen the principle of "projects following the plan." On one hand, we will solidly promote the construction of strategic landmark major projects, safely and orderly advance the construction of the Yaxi Hydropower Project, layout the construction of the "Three Norths" wind and photovoltaic bases, the integrated water-wind-solar base in the southwest, the coastal nuclear power base, and the offshore wind power base, and optimize the construction of backbone channels for electricity, oil, and gas. On the other hand, we will accelerate the construction of a number of "small but beautiful" projects, implement the electric vehicle charging network enhancement project, layout the construction of several integrated wind-solar-hydrogen-ammonia bases, build a number of solar thermal power generation projects, establish a number of zero-carbon parks, and promote the green transformation of thermal systems. **【Market Outlook】** **Nasdaq China Golden Dragon Index Falls Nearly 1%** Overnight, the Dow Jones Industrial Average fell 821.91 points, a decrease of 1.66%, closing at 48,804.06 points; the Nasdaq fell 258.80 points, a decrease of 1.13%, closing at 22,627.27 points; the S&P 500 index fell 71.76 points, a decrease of 1.04%, closing at 6,837.75 points. Precious metals and non-ferrous sectors led the gains, while application software and information technology services saw significant declines. IBM (IBM.US) plummeted over 13%, marking its largest single-day drop since 2000, after AI startup Anthropic stated that its Claude Code tool could assist in modernizing the outdated programming language COBOL. The Nasdaq China Golden Dragon Index fell nearly 1%. Adobe (ADBE.US) and Oracle (ORCL.US) fell about 4.6%, Salesforce (CRM.US) fell 3.7%, and Microsoft (MSFT.US) fell 3.2%. The Hang Seng Index ADR declined, closing at 26,737.03 points, down 344.88 points or 1.27% compared to the Hong Kong close. COMEX gold futures for the current month rose by $167.00, an increase of 3.29%, closing at $5,247.9 per ounce. COMEX silver futures for the current month rose by $5.66, an increase of 6.87%, closing at $88.0 per ounce. Spot gold: BK1617 7436.62 -2.13% rose by $123.41, an increase of 2.42%, closing at $5,227.75 per ounce. Spot silver rose by $3.55, an increase of 4.19%, closing at $88.2 per ounce. **【Hot Topics Ahead】** **Trump Considers Imposing New National Security Tariffs** A ruling by the U.S. Supreme Court last week declared several tax measures from President Trump's second term invalid, and now the Trump administration is considering imposing new national security tariffs on six industries According to informed sources, the new tariffs under consideration may cover industries such as large batteries, cast iron and iron fittings, plastic pipes, industrial chemicals, as well as grid and telecommunications equipment. These tariffs will be imposed under Section 232 of the Trade Expansion Act of 1962, which grants the president broad authority to impose tariffs based on national security risks. The new Section 232 tariffs will be independent of other tariffs announced by Trump since the Supreme Court dismissed several of his tariffs on Friday morning. The announced tariffs include a new 15% tariff that will last for five months, as well as several tariffs planned to be imposed after that period, which will be issued under Section 301 of the Trade Act. **Institution: Off-season combined with high costs leads to a decline in mobile panel prices in February** According to CINNO Research, the overall performance of the mobile market in February 2026 was sluggish due to the impact of the Spring Festival holiday and the traditional off-season. Meanwhile, upstream memory prices continued to rise sharply, significantly increasing the BOM costs for complete machines, prompting terminal brands to lower their shipment targets to control costs. Against this backdrop, the mobile panel market continued to show weakness, with prices of mobile panels of all technology types facing varying degrees of downward pressure. **Orca Entertainment releases Spring Festival entertainment consumption report, offline performances up 27% year-on-year** On February 23, Orca Entertainment Group released the "Spring Festival Entertainment Consumption Report," which showed that its subsidiaries, Damai Entertainment and Youku, reported a 27% year-on-year increase in the number of offline performance projects from February 10 to February 21. The online classic series "Tibetan Sea Chronicle" and the documentary "Return to the Wolf Pack 10th Anniversary Special Edition" became family favorites. As of February 23 at 15:22, the total box office for the Spring Festival films in 2026 had exceeded 5.5 billion yuan, with Jiangsu, Guangdong, Shandong, Zhejiang, and Henan being the top five provinces in box office revenue; Shanghai, Beijing, Guangzhou, Chengdu, and Shenzhen were the top five cities. Additionally, the box office share from third- and fourth-tier cities reached 53.4%, setting a new record for the Spring Festival period. This involves Hong Kong-listed Damai Entertainment (01060). **The Dark Side of the Moon becomes the fastest domestic company to reach a ten-unicorn status** Exclusive reports indicate that after raising over $1.2 billion in consecutive financing rounds, the large model unicorn The Dark Side of the Moon has achieved the highest financing amount in the large model industry in nearly a year, and has set the record for the fastest progression from establishment to ten-unicorn status for a domestic company. Public information shows that it took ByteDance over 4 years to surpass a valuation of $10 billion, and Pinduoduo over 3 years, while Kimi went from a $300 million angel round to a valuation exceeding $100 billion in just over two years, increasing its value by more than 30 times. Additionally, sources from multiple informants revealed that Kimi's K2.5 large model, released less than a month ago, has generated cumulative revenue exceeding the total revenue for the entire year of 2025 in just 20 days, driven mainly by a surge in global paid users and API call volume, especially with overseas paid users maintaining rapid growth, leading Kimi's overseas revenue to surpass that of the domestic market. This involves Hong Kong-listed Alibaba (09988) and Tencent (00700), both of which are direct investors in The Dark Side of the Moon. The rare joint investment by Alibaba and Tencent breaks the traditional pattern of limited collaboration between the two giants in core cutting-edge technology fields, highlighting the strategic scarcity of The Dark Side of the Moon **Moutai in Short Supply in Many Areas** After in-depth research in consumer frontlines such as Yancheng, Jiangsu, visits to supermarkets and distributors, and analysis of third-party data platforms, it has been learned that during the Spring Festival of 2026, the liquor market is showing characteristics of "moderate recovery under structural differentiation," with Moutai liquor in short supply in many markets. This involves the Hong Kong stock market's liquor and beer sectors. **Cha Bai Dao (02555) Sales at Scenic Area Stores Up 4500%, Chongqing and Chengdu Among Top Five Cities in Sales** According to data from Cha Bai Dao, during the Spring Festival, the sales of "group meals" with five cups or more reached 1.5 times the usual amount, with Chongqing, Chengdu, Shanghai, Beijing, and Hangzhou leading in sales among the five major tourist cities; additionally, "niche travel" has become a keyword, with niche destinations such as Gansu's Jiayuguan, Sichuan's Aba Prefecture, Hubei's Qianjiang, Shanxi's Shuozhou, and Guangxi's Guigang entering the top ten in sales growth, with some scenic area stores seeing sales increases of up to 4500%. **Guofu Hydrogen Energy (02582) Wins Bid for 80K Cold Box Procurement Project at the Institute of Plasma Physics, Chinese Academy of Sciences** Guofu Hydrogen Energy (02582) announced that on February 13, 2026, the company successfully won the bid for the 80K cold box procurement project at the Institute of Plasma Physics, Chinese Academy of Sciences, with a bid amount of RMB 3.2 million. The project focuses on the key low-temperature systems of the national-level nuclear fusion research platform, providing important engineering support for the stable operation of the facility, in line with China's 15th Five-Year Plan. **Wuyi Vision (06651): SimOne 4.0 Successfully Completes Systematic Adaptation and Deep Optimization on Moore Threads MTT S5000 GPU** Wuyi Vision (06651) announced that recently, the next-generation intelligent driving and robotics simulation platform SimOne 4.0 has successfully completed systematic adaptation and deep optimization on the Moore Threads MTT S5000 GPU, supporting the mass production of multiple intelligent driving technology routes from large model perception mining, 4DGS model training to 4DGS simulation reasoning and synthetic data generation, and further expanding to training and intelligent upgrades in embodied intelligence fields such as robotics, achieving full-stack domestic production of high-confidence closed-loop simulation and synthetic data for physical AI. **China Qinfa (00866) Issues Profit Warning, Expects After-Tax Loss Not to Exceed 98 Million Yuan in 2025, Turning from Profit to Loss Year-on-Year** According to Zhitong Finance APP, China Qinfa (00866) announced that the group expects to incur an after-tax loss of no more than RMB 98 million in 2025, while the after-tax profit for 2024 is approximately RMB 556 million. **\[Stock Highlights\]** **Tongguan Gold (00340) Issues Profit Alert, Expects Shareholder Profit of Approximately HKD 820 Million to HKD 840 Million in 2025, Year-on-Year Growth of Approximately 289% to 298%** Tongguan Gold (00340) announced that the group expects to achieve a profit attributable to shareholders of approximately HKD 820 million to HKD 840 million in 2025, representing a year-on-year growth of approximately 289% to 298%. This figure includes approximately HKD 55 million in non-operating expenses related to the fair value changes of derivative instruments associated with convertible bonds and contingent consideration payables Excluding this non-operating expense, the adjusted profit attributable to the company's owners for 2025 is expected to be approximately HKD 875 million to HKD 895 million, representing a year-on-year increase of about 315% to 324%. The increase in profit attributable to the company's owners is mainly due to the increase in the production and sales volume of mineral gold, as well as the rise in its average selling price compared to the same period in 2024 ## Related News & Research - [Shootin' the Bull about commodities hinged on energy.](https://longbridge.com/en/news/280206758.md) - [Trump: We will bring out National Guard where we need it](https://longbridge.com/en/news/280196385.md) - [Hegseth: Will be Trump's choice to say we've achieved what we needed for security](https://longbridge.com/en/news/279795151.md) - [Trump: We don't need anything from anyone but it's appropriate](https://longbridge.com/en/news/279822574.md) - [Trump's job approval was 40%, up 1 percentage point from prior Reuters/Ipsos poll](https://longbridge.com/en/news/279835251.md)