--- title: "Zhitong Decision Reference | Hot topics revolve around robots and large models, pay attention to NVIDIA's earnings report this week" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276546625.md" description: "This week, the Hong Kong stock index fluctuated, with hotspots concentrated in the robotics and large model sectors. NVIDIA will release its financial report on February 25, affecting investment sentiment in the AI industry chain. Adjustments to tariff measures by the U.S. government and Trump's State of the Union address will attract attention. The new German Chancellor will visit China, and the overall performance of A-shares is expected to improve after the holiday. VLCC freight rates have reached a new high in 2020, benefiting related shipping stocks. MSCI will adjust its index on February 27, making selected varieties worth paying attention to" datetime: "2026-02-23T01:05:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276546625.md) - [en](https://longbridge.com/en/news/276546625.md) - [zh-HK](https://longbridge.com/zh-HK/news/276546625.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276546625.md) | [繁體中文](https://longbridge.com/zh-HK/news/276546625.md) # Zhitong Decision Reference | Hot topics revolve around robots and large models, pay attention to NVIDIA's earnings report this week **\[Editor’s Market View\]** Lacking guidance from the A-shares, the Hong Kong stock index has shown little improvement during the Spring Festival period and continues to fluctuate, with hotspots mainly revolving around the robots and large models that gained popularity during the Spring Festival Gala. On February 20, the U.S. Supreme Court ruled that the tariffs imposed by the U.S. government under the International Emergency Economic Powers Act (IEEPA) lack clear legal authorization, announcing the termination of a series of tariff measures. In response, the U.S. government invoked Section 122 of the Trade Act of 1974, with Trump announcing on the 21st that the "global import tariff" rate on goods imported into the U.S. will increase from 10% to 15%, "effective immediately." There will be repeated negotiations around tariffs, making it difficult to unilaterally change them through legal means. U.S. President Trump will deliver the State of the Union address on February 24, outlining the policy priorities for the coming year. Regarding Iran, there has been no sign of tension for now, with negotiations continuing as the main focus, unless a situation arises that requires action. On the other hand, Germany's new Chancellor Merz will visit China from February 24 to 26, with an itinerary that includes Beijing and Hangzhou. **Overall, the A-shares will also open this week, and typically, the post-holiday performance is better after a generally sluggish pre-holiday period. Note that NVIDIA will release its earnings report after the market closes on February 25, and its performance and guidance will not only affect its own stock price but also directly influence the investment sentiment across the entire AI industry chain.** Reports indicate that memory chip giant Samsung Electronics is negotiating the pricing of its latest generation of AI memory chips, with prices expected to be up to 30% higher than the previous generation. **The storage concept is expected to continue to strengthen.** During the Spring Festival in 2026, VLCC freight rates surged to high levels. On February 20, the VLCC freight rates for the Middle East route, West Africa/Latin America route, and the U.S. Gulf route were $157,000, $137,000, and $101,000 per day, respectively, exceeding the highest levels in November 2025 and reaching a new high since April 2020. **Related shipping stocks will benefit.** MSCI (Morgan Stanley Capital International) announced the results of its index quarterly adjustment for February 2026, which will take effect after the market closes on February 27. **Selected varieties are worth paying attention to.** **\[This Week's Golden Stock\]** Shoucheng Holdings (00697) Shoucheng Holdings is an asset management company based on real estate and property operations, with a full industry chain layout primarily focused on the property and robotics sectors. At this year's Spring Festival Gala, three companies invested in and serviced by Shoucheng Holdings—Songyan Power, Yushu Technology, and Galaxy General—appeared on the national stage, showcasing the technological accumulation and implementation capabilities of China's robotics industry across different sub-sectors. Currently, Shoucheng Holdings has systematically laid out investments in leading companies in the industry, including Yushu Technology, Yunshenchu, Galaxy General, Accelerated Evolution, Xinghai Map, Xingdong Era, and Songyan Power. In the first half of 2025, operating cash flow was 277 million, a 235% increase compared to 82.7 million in the first half of 2024, primarily due to increased revenue from asset operations, mainly from the operation of the T5 terminal parking lot at Xi'an Xianyang International Airport. Additionally, revenue from asset financing has increased, including the realization of asset recycling through REITs funds and dividend income from robotics funds and REITs The company's asset operations involve high-value assets such as transportation hubs, municipal facilities, and commercial property rights in core regions like Beijing-Tianjin-Hebei, the Yangtze River Delta, Chengdu-Chongqing, and the Greater Bay Area. The operation of these assets requires certain franchise rights, which also entails a high entry barrier and exclusivity to some extent. Currently, the company controls 20% of the multi-million passenger airport parking buildings (including key hubs like Beijing Capital International Airport, Guangzhou Baiyun International Airport, and Xi'an Xianyang International Airport T5), with a customer renewal rate exceeding 95%. This business provides the company with very stable cash flow. The company is gradually shifting from heavy assets to light assets, transitioning from parking lot property investment to REITS investment, and has made significant investments in the robotics field. Given the current popularity of robotics, asset circulation has certain potential. **【Industry Observation】** The mass production in the general robotics field may drive a larger demand for LiDAR. (1) Robotaxi: Resonance between the US and China industries. Policies like the US SELFDRIVE Act are advancing, and Tesla's Cyber cab mass production is gradually being realized. In China, leading companies like Pony.ai and Didi are significantly reducing the costs of mass-produced vehicles, with fleet sizes expanding to thousands or even tens of thousands. (2) Unmanned Logistics: Companies like New Stone Age and Ninebot have fleets exceeding ten thousand units, with relevant policies gradually advancing. (3) Courtyard Robots: LiDAR solutions address the pain points of traditional RTK and vision solutions in complex courtyards, with leading LiDAR companies signing annual orders in the hundreds of thousands. (4) Humanoid Robots: Yushu Technology's G1 and H2 robots, which appeared on the Spring Festival Gala, are equipped with Hesai Technology's T series LiDAR. Leading LiDAR companies have reached cooperation agreements with top robotics firms like Yushu Technology, Galaxy General, and Zhiyuan. The era of thousand-yuan machines has begun, with L3 gradually being realized. As the industrial chain matures and prices rapidly decline, the industry is expected to enter the "thousand-yuan machine" era by 2025, with vehicle configurations penetrating from high-end to mid- and low-end markets. The subsequent realization of L3 may further enhance the per-vehicle value of LiDAR. Guolian Securities predicts that in an optimistic scenario, the market size of ADAS LiDAR in China may reach 36 billion yuan by 2028. The industry shows significant Matthew effect, with Hesai Technology, Suton JuChuang, and Huawei dominating the market share. It is recommended to pay attention to leading companies like Hesai Technology (02525) and Suton JuChuang (02498) that have mass production delivery barriers, strong cost control capabilities, and are the first to reach profitability inflection points. **【Data Monitoring】** According to data released by the Hong Kong Stock Exchange, the total number of open contracts for the Hang Seng Index Futures (February) is 116,021, with a net open interest of 46,600 contracts. The settlement date for the Hang Seng Index Futures is February 26, 2026. This period is the index futures settlement. The Hang Seng Index is at 26,413 points, with the lower bear certificate dense area gradually approaching the central axis, indicating a willingness for the Hang Seng Index to decline. As annual reports are gradually released and US tariff policies remain unstable, the Hang Seng Index is bearish this week. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260223/1771802159478793.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **\[Editor's Note\]** The first trading day of the Year of the Horse in Hong Kong stocks did not continue the tradition of rising after the long holiday, with the Hang Seng Tech Index dropping nearly 3%, dousing the market with cold water. This decline is by no means coincidental; it reflects a reconstruction of long-term underlying logic: the profit boundaries of the platform economy are being reshaped, and the shortcomings of the Hang Seng Tech constituents, which are biased towards application and lack core underlying technology, are becoming increasingly evident. There are also short-term external disturbances, such as the repeated changes in U.S. tariff policies, escalating geopolitical conflicts, and the divergence in U.S. stock AI, all of which bring emotional shocks. Currently, Hong Kong stocks are experiencing a stark contrast, with traditional internet giants under continuous pressure, while pure AI newly listed stocks are showing independent market trends. In the short term, the market still faces emotional pressure, but long-term opportunities will ultimately return to the alignment of technological breakthroughs and the trends of the times ### 相关股票 - [NVIDIA (NVDA.US)](https://longbridge.com/zh-CN/quote/NVDA.US.md) - [VanEck Semiconductor ETF (SMH.US)](https://longbridge.com/zh-CN/quote/SMH.US.md) - [iShares Expanded Tech Software Sector ETF (IGV.US)](https://longbridge.com/zh-CN/quote/IGV.US.md) - [YieldMax NVDA Option Income Strategy ETF (NVDY.US)](https://longbridge.com/zh-CN/quote/NVDY.US.md) - [T-Rex 2X Long NVIDIA Daily Target ETF (NVDX.US)](https://longbridge.com/zh-CN/quote/NVDX.US.md) - [GraniteShares 2x Long NVDA Daily ETF (NVDL.US)](https://longbridge.com/zh-CN/quote/NVDL.US.md) - [SPDR S&P Software (XSW.US)](https://longbridge.com/zh-CN/quote/XSW.US.md) - [iShares Semiconductor ETF (SOXX.US)](https://longbridge.com/zh-CN/quote/SOXX.US.md) - [Direxion Daily NVDA Bull 2X Shares (NVDU.US)](https://longbridge.com/zh-CN/quote/NVDU.US.md) - [Spdr Select Tech (XLK.US)](https://longbridge.com/zh-CN/quote/XLK.US.md) - [Direxion Semicon Bull 3X (SOXL.US)](https://longbridge.com/zh-CN/quote/SOXL.US.md) ## 相关资讯与研究 - [NVIDIA GTC Keynote: Huang Unveils “AI Factories,” Blackwell-Rubin Roadmap, and $1T Demand View](https://longbridge.com/zh-CN/news/280016667.md) - [Synopsys Showcases NVIDIA Partnership Impact and Ecosystem Innovation at GTC 2026 | SNPS Stock News](https://longbridge.com/zh-CN/news/279319543.md) - [SpaceX Doubles Down on Nvidia (NVDA) Chips Amid Musk's AI Expansion Plans](https://longbridge.com/zh-CN/news/279809619.md) - [NVIDIA and Global Industrial Software Giants Bring Design, Engineering and Manufacturing Into the AI Era | NVDA Stock News](https://longbridge.com/zh-CN/news/279321742.md) - [L'Oreal and NVIDIA to expand their collaboration on using AI](https://longbridge.com/zh-CN/news/279470980.md)