GuShiio.com ① Pan Gongsheng: China government will implement a more proactive fiscal policy and a moderately loose monetary policy ② JPMorgan Chase: Valuation discounts are still very large, optimistic about the performance of China’s technology stocks relative to U.S. technology stocks ③ The S & P 500 Index hits a record high ④ Yushu Technology Wang Xingxing: Humanoid robots will reach a “new magnitude” in 2025 ④ Russia and the United States have decided to establish a consultation mechanism to eliminate factors that stimulate relations between the two countries.
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macro news
1. The United States and Russia held talks in Riyadh, the capital of Saudi Arabia, yesterday. Ukraine President Zelensky said that Ukraine was not invited and Ukraine would not participate in the negotiations, nor would it recognize the agreement reached by any negotiating party. The Ministry of Foreign Affairs said yesterday that it is happy to see all efforts dedicated to peace, including the peace talks consensus reached between the United States and Russia. At the same time, we expect that all parties and stakeholders will participate in the peace talks process in an appropriate manner.
2. Pan Gongsheng, Governor of the People’s Bank of China, was invited to attend the seminar on emerging market economies co-sponsored by the International Monetary Fund and Saudi Arabia on the 16th and delivered a keynote speech. He said that the China government will implement a more proactive fiscal policy and a moderately loose monetary policy, strengthen counter-cyclical adjustment of macroeconomic policies, continue to promote the transformation of China’s economic growth model, and consolidate and enhance the momentum of economic recovery.
3. Air Force Colonel Tian Junli, spokesperson of the Southern Theater Command, said that on February 18, a Philippine C-208 aircraft illegally broke into the airspace of China’s Huangyan Island without the permission of the China government. It also confused right and wrong and spread false narratives. The southern theater of the China People’s Liberation Army organized sea and air forces to follow up, monitor, warn and expel them in accordance with laws and regulations.
4. China Government Securities Depository and Clearing Co., Ltd. decided to reduce the fees for some business settlement services. A 50% discount will be given to the settlement fee for cash bond transactions of corporate bonds (including railway bonds). Buy and sell market-making support operating fees are 100% bilaterally free. An 80% discount on bond settlement and transfer fees after settlement fails. The preferential measures are valid from January 1, 2025 to December 31, 2027.
5. The U.S. State Department stated that U.S. Secretary of State Rubio and Russian Foreign Minister Lavrov decided to establish a consultation mechanism to eliminate factors that stimulate relations between the two countries during talks in Riyadh, Saudi Arabia. In addition, they also decided to establish a negotiating group to resolve the conflict in Ukraine.
industry news
1. JPMorgan Chase said it is optimistic about the performance of China technology stocks relative to U.S. technology stocks, and pointed out that after the recent rebound, the valuation discount of China technology stocks is still large.
2. Wang Xingxing, CEO of Yushu Technology, said in an interview yesterday that before the end of this year, the entire AI humanoid robot will reach a new level of magnitude.
3. DeepSeek launches NSA, which DeepSeek claims is a hardware-consistent and native-trainable sparse attention mechanism for ultra-fast long-context training and reasoning.
4. Dark Side of the Moon recently decided to significantly reduce its product launch budget, including suspending the launch of multiple Android channels and cooperation with third-party advertising platforms. It is understood that the Dark Side of the Moon explained this adjustment internally that the company has recently been affected by “external factors and internal strategic adjustments.”
5. Yesterday, at the “2025 Medical Artificial Intelligence and Precision Diagnosis and Treatment Development Forum” held by Ruijin Hospital Affiliated to Shanghai Jiao Tong University School of Medicine, Ruijin Pathology Model and Huawei DCS AI solution were officially released. According to reports, this large model not only integrates multi-modal data, but also combines the disease characteristics of China population, which can provide doctors with more accurate and efficient auxiliary diagnosis support.
6. After 21 days of release, the total box office (including pre-sales and overseas) of “Nezha: The Devil Boy in the Sea”(i.e.”Nezha 2”) exceeded 12.319 billion yuan yesterday, surpassing “Mind Agents 2” to top the list of global animated movie box office.
7. Yesterday, in the offshore waters of Lingshui, Hainan, a new data cabin was placed on the seabed and linked with the operating seabed data center to form a Hainan submarine intelligent computing center cluster. The current computing power of the submarine intelligent computing center cluster is equivalent to the simultaneous computing of about 30,000 high-end game computers. It can complete the computing capacity of an ordinary computer for one year in one second, and can support DeepSeek based intelligent assistants to conduct about 7000 intelligent sessions per second.
8. Musk disclosed the training cost of Grok 3 for the first time in a live broadcast yesterday, saying that the Grok 3 training process consumed a total of 200,000 NVIDIA GPUs, and the training was completed in xAI’s data center.
9. A reporter from the Financial Union interviewed a number of industry insiders and learned that DeepSeek’s rapid and extensive deployment of applications in the industry has helped the AI computing power market become popular again two weeks after the start of construction next year. At present, the volume of consultations on the rental and purchase of computing power equipment has increased significantly, and demand is still concentrated on NVIDIA products, especially H-series computing cards.
10. A number of leading shipping companies recently announced an increase in container freight rates in March. The main contract of the container shipping index (European Line) futures rose from a relatively low of 1,240.2 on January 16 to 2010.8 on February 17, an increase of 62.14%.
company news
1. Baidu released its 2024 financial report yesterday. The financial report showed that the company’s total revenue in 2024 reached 133.1 billion yuan, and the net profit attributable to Baidu’s core reached 23.4 billion yuan, a year-on-year increase of 21%. According to financial reports, in December 2024, the average daily call volume of Wenxin Model reached 1.65 billion; in the fourth quarter, smart cloud revenue increased by 26% year-on-year.
2. Sany Heavy Industry announced that the company is planning to issue shares (H shares) overseas and list them on the Stock Exchange of Hong Kong Limited, aiming to promote the company’s globalization strategy, strengthen docking with overseas capital markets, and improve corporate governance transparency and standardization level.
3. Jinfa Technology stated on the interactive platform that the company, as a limited partner, indirectly holds shares in Yushu Technology through Jinshi Growth Fund. Currently, Jinshi Growth Fund’s shareholding in Yushu Technology is 4.62%.
4. Anglo American announced that it has reached a final agreement to sell its nickel business to MMG Singapore Resources, a wholly-owned subsidiary of Minmetals Resources, for a cash consideration of up to US$500 million. The transaction is expected to be completed in the third quarter of this year.
5. Jidong Equipment issued an announcement on abnormal fluctuations in stock trading, stating that the company and its shareholding subsidiaries have not yet made arrangements in the field of humanoid robots or carried out specific cooperation with the outside world.
6. Donghua Software announced that the company has not signed a service cooperation agreement with Deepseek.
7. Juhua announced that it plans to increase its capital and hold Gansu Juhua to implement a high-performance fluorine and chlorine new material integration project with a total investment of 19.625 billion yuan.
8. Changsheng Bearing announced the investor relations activity record form. The cooperation between the company and Yushu Technology is advancing in an orderly manner. Cooperation agreements have been signed and orders have been obtained.
global market
1. The three major U.S. stock indexes all closed up slightly. The Dow rose 0.02%, the Nasdaq rose 0.07%, and the S & P 500 rose 0.24%, setting a record high. Meta fell more than 2%, ending its 20-year consecutive gains. Intel rose more than 16%, and has risen more than 40% since February, setting a new high since August last year. Popular Chinese stocks were mixed, with the Nasdaq China Golden Dragon Index closing down 1.27%. Most major European stock indexes rose, with Germany’s DAX30 index rising 0.2%, continuing to hit a record high.
2. Trump said he would impose a tariff of about 25% on imported cars.
3. The settlement price of international crude oil futures closed up. WTI March crude oil futures rose 1.57%, while Brent April crude oil futures rose 0.82%. U.S. natural gas futures hit US$4/million for the first time since January 24.
4. COMEX gold futures rose 1.77%, and COMEX silver futures rose 1.75%.
Investment opportunity reference
1. DeepSeek ignited central power enterprises, and more than 9 have been connected!
It has become a new trend for central power enterprises to access DeepSeek! According to incomplete statistics, nine central power enterprises, including State Energy Group, China Nuclear Power, CGN, Huaneng Group, State Power Investment Corporation, Huadian Group, State Grid, China Southern Power Grid, and Mengxi Power Grid, have successively connected to the DeepSeek model!
Since its release on January 20, the DeepSeek-R1 model has quickly become popular across the Internet. Many domestic and foreign companies have announced access to DeepSeek. According to incomplete statistics, more than 200 leading companies have completed the integrated deployment of DeepSeek technical interfaces. The Shanghai Securities Research News pointed out that DeepSeek-R1 focuses on strengthening the learning technology route, with strong reasoning capabilities and outstanding cost performance. Through efficient distillation technology, it migrates the reasoning capabilities of large models to smaller and more efficient versions, significantly reducing the model volume and computing resource requirements make it an ideal choice for end-side deployment. The lightweight model brought by DeepSeek is expected to accelerate the implementation of end-side AI and have a positive impact on the smart terminal industry.
2. Many local government systems are connected to DeepSeek, and institutions say that AI applications are expected to benefit widely
According to media reports, recently, Guangdong, Jiangsu, Shandong, Inner Mongolia, Jiangxi and other places announced that their government service systems will be connected to the DeepSeek series of large models. At present, it seems that the continuous connection of government systems in many places to DeepSeek will bring about considerable changes in many aspects such as improving the efficiency and quality of government services, optimizing public service experience, and promoting the intelligent transformation of government affairs.
Open Source Securities believes that AI infrastructure and applications are expected to benefit widely when DeepSeek leaves the circle. DeepSeek’s blockbuster is mainly beneficial in two directions: First, the threshold for using large models is lowered, which is expected to drive a larger market for inferential computing power, thus driving a significant increase in deployment requirements for AI infrastructure. Second, the performance of large models has been greatly improved while the cost has been reduced. Coupled with the advancement of AI Agents, it is expected to drive the rapid development of the B-side application and C-side intelligent hardware market.
3. As the “fingertip art” of robots interacting with the outside world, dexterous hands are key equipment
According to reports, with the continuous advancement of global intelligent manufacturing and artificial intelligence technology, robotic dexterous hands, as new end effectors, are gradually becoming one of the key equipment in automated production, medical rehabilitation and other fields.
Robot dexterous hands, as the “fingertip art” of robots interacting with the outside world, have attracted much attention since the 1970s. From the original three-finger design to today’s five-finger flexible operation, from industrial production lines to daily life scenarios, dexterous hands have become the key to solving complex homework problems with their excellent multi-tasking capabilities. During the development of the Terras humanoid robot, Musk once revealed that the engineering volume of the Optimus dexterous hand may account for half of the overall development project. The rapid development of the humanoid robot industry will bring incremental demand to the dexterous hand market. According to the forecast of the Toubao Research Institute, it is expected that under conservative circumstances, the global humanoid robot dexterous hand market size will be 32.06 billion yuan in 2030, with a compound annual growth rate of 81.2%., optimistic situation reached 87.97 billion yuan, with a compound annual growth rate of 109.3%.
4. This type of enterprise helps government and enterprise customers complete the localization deployment of DeepSeek
Recently, the three major operators have helped state-owned enterprises and government customers complete the size localization deployment of DeepSeek, starting the prelude to state-owned enterprises and governments deploying DeepSeek. China Mobile, Telecom and China Unicom have reached relevant cooperation with China Petroleum, China Petrochemical, and Foshan City Artificial Intelligence Application Empowerment Center respectively.
Huang Yayuan of CITIC Securities believes that operators are important partners in government and enterprises in deploying the AI model. Operators rely on the advantages of public cloud, rely on multiple ten thousand card clusters, and combine with AI smart computing service platforms to effectively solve industry customers ‘concerns about customization and data security. and other demands. We are optimistic that the deployment orders of Qianhang Baiye AI models will accelerate, and operators are expected to use their smart computing +AI model deployment capabilities to broaden revenue boundaries and improve profitability.
