Capital markets witnessed a package of refinancing policies. On February 9, stock exchanges in Shanghai, Shenzhen, and Beijing introduced a series of measures to optimize the refinancing system, aiming to precisely address market bottlenecks and enhance resource allocation efficiency. The reforms focus on high-quality listed companies and the technological innovation sector. Key measures include improving review efficiency, revising the identification standards for "light-asset, high R&D investment" firms, supporting fundraising for new industries, business models, and technologies synergistic with core operations, and shortening the financing intervals for unprofitable listed companies.
Industry insiders noted that these policies signal regulatory efforts to guide capital precisely towards national strategic areas, but do not imply indiscriminate easing or encouragement of fundraising for non-productive purposes. Conversely, risk prevention and strengthened supervision remain priorities, with exchanges maintaining strict oversight over excessive financing and speculative arbitrage.
In significant news, former President Trump plans to exempt tech giants from impending chip tariffs, as companies like Amazon, Google, and Microsoft race to build data centers powering the AI boom. Sources indicate the U.S. Commerce Department intends to provide tariff exemptions for large-scale data center operators, linked to investment commitments from TSMC. The exemption plan highlights Trump's determination to impose chip tariffs while incentivizing domestic chip manufacturing, while also offering relief to companies heavily reliant on imported semiconductors that drive U.S. AI advancement. A government official cautioned that the plans are still evolving and have not been finalized by the President.
Iran's Supreme Leader Ayatollah Khamenei called on citizens to demonstrate "resolve" ahead of the 47th anniversary of the Islamic Revolution. In a national televised address, Khamenei stated that since the 1979 revolution, "foreign forces have consistently attempted to restore the previous situation," referring to Iran's dependence on the U.S. during the Pahlavi era. He emphasized that national strength stems more from popular will and perseverance than from missiles and aircraft, urging Iranians to display this willpower and thwart enemies.
Separately, the U.S. issued new guidance for commercial vessels transiting the Strait of Hormuz. The Maritime Administration advised U.S.-flagged ships to stay as far as possible from Iranian territorial waters and verbally refuse boarding requests by Iranian forces, while crews should not offer physical resistance if boarding occurs.
U.K. politics faced an unexpected disruption as Prime Minister Starmer's communications director Tim Allen resigned on February 9, the second senior official to leave the Prime Minister's office within 24 hours. This followed the resignation of Chief of Staff Morgan McSweeney over the involvement of former U.S. Ambassador Peter Mandelson in the Epstein case. Consequently, the FTSE 100 index, the GBP/EUR exchange rate, and the 10-year gilt yield all experienced declines, with hedge funds actively betting on further GBP weakening via options markets.
Elon Musk's promotion of "photovoltaics" sparked market enthusiasm. Reports indicated Tesla is ramping up solar manufacturing hiring to become the largest U.S. solar module producer, while SpaceX acquired AI startup xAI to build space-based data centers. A SpaceX team also recently visited Chinese PV companies. On February 9, A-share photovoltaic sector stocks responded positively, with the photovoltaic equipment sub-index rising 4.53%, main funds net inflows reaching 4.058 billion yuan, and multiple stocks hitting limit-up.
Compared to ground-based photovoltaics, space-based PV offers significant advantages. Research from China Galaxy Securities and Industrial Securities notes space-based PV can generate power 24/7 with efficiency 7-10 times higher than ground-based systems.
Equity funds are launching密集ly, with numerous feeder-fund-initiated products established. By February 9, 41 equity funds and 12 hybrid FOFs were scheduled for February issuance. Seven new funds, including ETF feeder funds and hybrid FOFs, completed fundraising within three business days after subscription opened last week. Notably, four of these quickly established funds were low-threshold feeder-fund-initiated products. Since the start of the year, over 30 such funds have been launched, primarily focusing on thematic sectors like medical innovation, consumption, semiconductors, technology, resources, as well as quantitative and dividend strategies.
Industry sources noted that feeder-fund-initiated products require only a 10 million yuan self-investment by fund companies to establish, helping them capture spring market opportunities and gain first-mover advantages. Such products demonstrate risk-sharing with investors and offer flexible布局 tools.
Google's parent Alphabet launched a high-grade U.S. dollar bond issuance on Monday, planning to raise approximately $20 billion to support up to $185 billion in capital expenditures for 2026, focusing on AI infrastructure like AI chips, data centers, and cloud computing. This marks another large-scale dollar bond financing in less than four months, attracting over $100 billion in subscription orders.
Former President Trump claimed his nominated Fed Chair candidate Kevin Warsh could achieve 15% economic growth, an extremely optimistic target highlighting the pressure Warsh would face if confirmed. Trump also labeled his appointment of Jerome Powell as a major mistake.
As the 2026 Spring Festival Gala approaches, a showcase of advanced technology is underway. Multiple robotics companies have announced partnerships as official intelligent mobility strategic partners or designated embodied AI model robots for the gala. Preliminary industry statistics indicate over five embodied AI companies will participate, with robot troupes performing on stage. This multi-brand embodied AI robot appearance at the gala represents a significant showcase for China's robotics industry transitioning from labs to commercial application. Industry experts believe the embodied AI sector, represented by humanoid robots, is moving from isolated breakthroughs to industrial scaling, gradually advancing from technical validation to mass production and value demonstration.
Presales for the 2026 Spring Festival film season began on February 9, with eight films scheduled. By 20:15 that day, total presale票房 had exceeded 70 million yuan. CICC research forecasts total box office revenue could reach between 6.5 billion and 8.5 billion yuan.
The White House announced it is reducing "reciprocal tariffs" on Bangladeshi goods and providing new exemptions for textiles. Trump will lower the overall reciprocal tariff rate on Bangladesh to 19%, down from 20% last year (which was reduced from 37%). The agreement includes mechanisms for certain textiles to receive full tariff exemptions, supporting Bangladesh's garment industry. Fed Governor Christopher Waller stated that as a sell-off hits cryptocurrency markets, the optimism driving gains following Trump's election may be fading.
Shenyang Cuihua Gold & Jewelry Co., Ltd. announced it received a立案调查 notice from the CSRC on February 9 due to suspected information disclosure violations. The company stated some operations and business activities can continue, and it will cooperate with the investigation while fulfilling disclosure obligations.
Amid intensifying competition, OpenAI CEO Sam Altman informed employees and investors that the company maintains strong momentum. Internal Slack messages revealed Altman told employees ChatGPT's "monthly growth rate has again exceeded 10%," and OpenAI is preparing to launch an "upgraded chat model" this week. Currently, ChatGPT has over 800 million weekly users, but Google and Anthropic are steadily eroding market share. OpenAI entered a "code red" state in December to comprehensively improve ChatGPT, temporarily shelving other projects to concentrate resources.
Foreign institutions are intensively researching A-share companies, with the technology sector being a key focus. The "AI漫剧" concept continues gaining traction in the A-share market. The computing power industry welcomes further policy support, with related listed companies seizing development opportunities. Surging AI demand is driving MLCC price increases following memory chips. Policy support and market demand are synergizing, potentially accelerating the hydrogen energy industry's development.
Entering 2026, A-share ETF market fund flows show changing patterns: traditional broad-based ETFs experience continuous outflows and规模 contraction, while sector ETFs in high-growth areas like chemicals, communications, and non-ferrous metals attract substantial inflows. This trend resonates with preliminary annual report业绩 forecasts, outlining three core investment themes—AI, inflation-driven chains, and global expansion.
Institutional analysis suggests A-share company业绩 convey positive signals, with policy support, technological breakthroughs, and accelerated globalization driving quality sectors aligned with industrial trends, potentially leading the next market phase.
Since 2026, ETF fund flows have diverged: while some CSI 300 and CSI 1000 broad-based ETFs saw significant规模 declines, sector ETFs in chemicals, communications, software, and non-ferrous metals recorded substantial net inflows. Choice data shows that as of February 6, seven sector ETFs had net inflows exceeding 10 billion yuan year-to-date, covering communications, chemicals, non-ferrous metals, gold, satellites, and semiconductor equipment.
Specifically, Guotai Communication ETF attracted 23.954 billion yuan in net inflows, ranking first, with份额 increasing by nearly 10 billion units. Peng Hua Chemical ETF received 15.534 billion yuan in net inflows, with份额 growing from 20.6 billion at end-2025 to 38.07 billion, an 85% increase. Southern Non-ferrous Metals ETF attracted 12.758 billion yuan in net inflows, with份额 rising from 10.688 billion to 16.374 billion, a 53.2% increase.
These flows effectively reflect the structural characteristics of the current A-share profit recovery. By January 31, 2026, 2025业绩 forecasts were largely disclosed. Industrial Securities research notes that based on disclosed data, median and overall net profit cumulative growth rates for all A-shares in 2025 were 17.94% and 37.26% respectively, improving from 14.15% (overall) in the first three quarters of 2025. Both metrics reached new highs since 2022, further confirming the profit recovery trend.
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