---
title: "HK stocks on fire; Pop Mart launches 'After-school Merodi' | Daily News Recap\n\n---"
description: "0223 | Dolphin Research Focus: Macro/Sector. 1) Major shift in U.S. tariff policy in Feb 2026, as the Supreme Court struck down global tariffs imposed under the International Emergency Economic Powers"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/38826946.md"
published_at: "2026-02-23T08:39:00.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# HK stocks on fire; Pop Mart launches 'After-school Merodi' | Daily News Recap

---

## 0223 ｜**Dolphin Research Key Watch:**

## **🐬 Macro / Sector**

**1.** In Feb 2026, U.S. tariff policy saw a major reset as the Supreme Court ruled global tariffs under IEEPA unconstitutional and voided them. The White House subsequently imposed a 10% temporary tariff on all imports starting Feb 24, later lifted to 15%, set for 150 days and requiring Congress to extend; critical minerals and pharmaceuticals are exempt.

Previously levied $175 bn in tariffs may be refunded. Near-term trade could be disrupted, while longer-term cost pressures should ease; watch whether Congress approves an extension.

A weaker USD improves liquidity. Export-linked names should benefit from tariff rollback, supporting valuation recovery.

**2.** Reports suggest the U.S. may launch military strikes against Iran on Feb 23–24, favoring limited action. Targets could include nuclear facilities and military positions, while the U.S. and Iran are still slated to hold Geneva talks on Feb 26.

The headlines elevate Middle East geopolitical risk. Expect a quick spike in intl oil prices and gold’s safe-haven premium, adding to global market volatility.

## **🐬 Single Names**

**1.**$POP MART(09992.HK)

POP MART officially announced a new IP 'Merodi After School'. It features a soothing campus style, with 12 standard SKUs plus 1 secret; blind boxes are priced at RMB 69, launching online on Feb 26 and in stores on Feb 27, with HK on the same pricing schedule.

The launch broadens its IP roster and reduces dependence on core IPs. We will watch whether it can sustain mass appeal.

**2.**$BABA-W(09988.HK)

Alibaba Cloud’s Coding Plan added four coding models, including Qwen3.5-Plus, enabling flexible multi-model switching. It introduced Lite/Pro low-cost subscriptions, with first-month pricing for new users at RMB 7.9 and RMB 39.9.

Broader model coverage improves fit across use cases, and aggressive pricing should speed AI coding adoption to capture share. We will track user conversion, model runtime performance, and partner ecosystem expansion.

## **🐬 Top Sectors**

**SH/SZ:** Movies & Entertainment, Kitchenware, Security & Alarm Services. These sectors led.

**HK:** Trading & Payment Services, Silver, Gold. These sectors led.

**U.S.:** Silver, Precious Metals & Minerals, Kitchenware. These sectors led.

## **🐬 Watch Tomorrow**

**1.** China’s 1Y Loan Prime Rate by Feb 24. Key watch.

**2.** U.S. 15% global tariff takes effect. Effective Feb 24.

Risk disclosure and statement: [海豚研究免责声明及一般披露](https://support.longbridge.global/topics/misc/dolphin-disclaimer). Please refer for details.

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---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.