Zhitong Hong Kong Stock Early Knowledge | DeepEP opens to the public, chip demand surges, photovoltaic module prices increase

【Today's Headlines】

Leading photovoltaic companies respond: Photovoltaic module prices increased

There are reports in the market that several leading photovoltaic companies have raised module prices. A business leader from Longi Green Energy stated that the company's module prices have indeed increased, but specific prices cannot be disclosed at this time. Tongwei Co., Ltd. responded that the company's module prices are expected to rise, but the specific increase is not convenient to disclose for now. Representatives from Jinko Solar and TRINA SOLAR stated that the company has raised photovoltaic module prices, with an increase of 0.01 to 0.03 yuan per watt.

A person from a leading module manufacturer told reporters that the company has indeed adjusted prices recently; under the influence of new policy rush installation factors, the company's module production scheduling has increased recently. At the same time, industry self-discipline is gradually taking effect, and the market adjustment mechanism is gradually returning to rationality. Another module manufacturer stated that the recent slight price increase is mainly due to temporary supply tightness, and the long-term price trend is still under observation.

Note: The documents issued by the National Development and Reform Commission and the National Energy Administration this year clearly state that after April 30, distributed photovoltaic grid-connected projects will fully implement market-oriented rules; after May 31, the electricity generated by new energy will all enter the electricity market, and new energy grid connection will fully enter the bidding era.

【Market Outlook】

Overnight, the Nasdaq and S&P 500 indices fell for the fourth consecutive trading day. U.S. consumer confidence saw its largest decline in nearly four years, dampening market sentiment. Investors are concerned that the uncertainty of Trump's policies may affect global economic growth.

The Dow Jones Industrial Average rose by 159.95 points, an increase of 0.37%, closing at 43,621.16 points; the Nasdaq fell by 260.54 points, a decrease of 1.35%, closing at 19,026.39 points; the S&P 500 index fell by 28.00 points, a decrease of 0.47%, closing at 5,955.25 points. Tesla (TSLA.US) fell by 8.3%, NVIDIA (NVDA.US) fell by 2.8%, and cryptocurrency concepts generally fell, with MicroStrategy (MSTR.US) down 11% and Coinbase (COIN.US) down over 6%.

The Nasdaq Golden Dragon China Index closed up 0.58%, Alibaba (BABA.US) rose by 3.8%, and Li Auto (LI.US) surged by 13%. The Hang Seng Index ADR rose, closing at 23,086.37, up 52.35 points or 0.23% compared to the Hong Kong closing.

【Hot Topics Ahead】

DeepEP opens to the public, chip demand surges

After Chinese companies launched the low-cost artificial intelligence model DeepSeek, the demand for NVIDIA's AI chips used in the model has significantly increased in the Chinese market. According to informed sources, several internet giants have seen a surge in orders for the same H20 chip. Meanwhile, smaller companies in China's healthcare, education, and other sectors have also begun to purchase servers equipped with the DeepSeek AI model and NVIDIA H20 chips. Previously, only financially strong companies in the finance and telecommunications sectors would purchase AI computing systems.

Luoyang Molybdenum (03993) responds to Congo export ban: Mining operations are proceeding in an orderly manner, and a special task force has been established to communicate with local authoritiesThe relevant authorities in Congo announced on the 24th that the country has decided to suspend cobalt exports for four months to address the global oversupply situation in the cobalt market. In response, the industry generally expressed that the export restrictions came as a surprise. The world's largest cobalt producer, Luoyang Molybdenum, stated that production and operational activities at its TFM and KFM mining areas are proceeding in an orderly manner. The company expects that this temporary measure will not have a significant impact on its operating performance. "A special task force has been established to maintain active communication with the Congolese government and industry regulatory agencies, closely tracking the progress of policy implementation," the company responded. The company stated that it strictly complies with local laws and regulations, and its MSCI ESG rating remains at AA. All cobalt products produced by the company are clean, traceable industrial mineral products that comply with the policy direction for the development of the cobalt industry in Congo.

Baidu Group-SW (09888) acquires JOYY's live streaming business in China

According to Zhito Finance APP, Baidu Group-SW (09888) announced that on February 25, 2025, Baidu entered into an agreement with JOYY Group to acquire the video entertainment live streaming business in mainland China (i.e., YY Live) previously owned by JOYY. Baidu has paid a total acquisition price of approximately $2.1 billion. As part of the transaction, the total amount of approximately $1.6 billion that Baidu previously deposited in an escrow account under a share purchase agreement (which is no longer valid) has been fully released to Baidu. Baidu plans to invest the released funds into its cloud and AI infrastructure.

HSBC: DeepSeek breakthrough boosts inference demand, raises domestic AI accelerator shipment forecast

HSBC analyst Frank He pointed out in a research report that DeepSeek's technological breakthrough may bring benefits to server and network equipment suppliers. As the development costs of the DeepSeek model have significantly decreased and the required computing power is lower, inference demand may see exponential growth in the coming quarters, accelerating investments in AI infrastructure. It is expected that as Chinese cloud service providers shift to domestic AI accelerators, the trend of localization will become increasingly significant. HSBC has raised its shipment forecasts for domestic AI accelerators from Chinese suppliers for 2025 and 2026 by 25% and 39%, respectively.

Haitong Securities (06837): The company's A-shares will be delisted on March 4, 2025

Haitong Securities announced that its A-shares will not enter the delisting arrangement period for trading and will be delisted on March 4, 2025. After the delisting of the company's A-shares on March 4, 2025, the company's A-share stock will no longer be displayed in the stock accounts of A-share shareholders, and the corresponding stock value will not be reflected in the total market value of investors' accounts until the company's A-shares are converted into Guotai Junan A-shares and the relevant procedures for the listing of the new A-shares are completed. From the date of listing of the new shares, the stock accounts of the original A-share shareholders will display Guotai Junan A-shares, and the corresponding stock value will be reflected in the total market value of investors' accounts.

Hisense Visual President Li Wei: AR glasses are the third-generation computing platform entry after TVs and smartphones

Li Wei, President of Hisense Visual, stated that AR glasses are the third-generation computing platform entry after TVs and smartphones. The consumer-grade AR market is gradually becoming a new growth point, especially the combination of AI and AR is seen as the next potential blockbuster in the consumer electronics market. AR glasses, as portable wearable devices, are considered to be the best carrier for AI implementationInvolving Hong Kong stock Hisense Home Appliances (00921).

Jingtai Holdings-P (02228) issues 342 million shares on February 25

According to the announcement from Jingtai Holdings-P (02228), the company will issue 342 million placement shares on February 25, 2025, in accordance with the placement agreement.

Land auctions in Hangzhou and Chengdu both sold at a premium, with the highest premium rate exceeding 72%

Hangzhou has released three residential land plots. It is reported that all three plots were sold at a premium, with a total transaction amount of 6.798 billion yuan and an average premium rate of 45.6%. Among them, the plot in the Shangcheng District went through 110 rounds of bidding and was ultimately won by China Resources Land (01109) for 2.618 billion yuan, with a transaction floor price of 50,683 yuan/sqm and a premium rate of 72.48%. Industry insiders pointed out that the core plots in this land auction maintained high heat, with real estate companies competing for quality resources driving up land prices, and consortium acquisitions became a typical feature of this land auction. On the same day, Chengdu had two residential land plots in the Chenghua District auctioned again using a "combined supply method," with both plots ultimately won by Greentown at a floor price of 20,500 yuan/sqm, with a total transaction price of 720 million yuan and a premium rate of 30.57%.

Hansoh Pharmaceutical (03692): B7-H3 targeted antibody-drug conjugate HS-20093 for osteosarcoma included in breakthrough therapy drugs

According to the announcement from Hansoh Pharmaceutical (03692), on February 25, 2025, the group's self-developed B7-H3 targeted antibody-drug conjugate (ADC) injection HS-20093 was approved by the National Medical Products Administration (NMPA) of China to be included in breakthrough therapy drugs, with the intended indication for the treatment of osteosarcoma patients who have progressed after at least second-line treatment.

EDA Group Holdings (02505): Fully integrates DeepSeek large model to empower cross-border e-commerce through AI

According to the announcement from EDA Group Holdings (02505), in order to achieve the goal of becoming a global leading artificial intelligence (AI) logistics technology service group, the group actively responds to the national "AI+" industry development strategy, deploying and integrating DeepSeek to promote its application in the group's business scenarios.

[Stock Highlights]

Chongqing Machinery and Electric (02722): Cummins generators benefit from AIDC construction boom + state-owned enterprise reform

Data center construction requires diesel engines as backup power sources, which are essential. Affected by the new round of AIDC construction boom from major internet companies, the industry price for diesel generators increased by 10-15% in January. Meanwhile, the supply and demand for diesel generators in North America has already tightened, leading to a global price increase for foreign-funded diesel generators. According to manufacturer quotes, the current import price for Cummins bare engines has been raised to 250,000.

The joint venture Chongqing Cummins is the strongest diesel generator company in China. According to the company's interim report, Chongqing Cummins is actually a joint venture held 50% by Chongqing Machinery and Electric and the U.S. listed company Cummins (CMI). In the first half of 2024, the company's performance began to explode, with revenue and profit reaching 2.17 billion and 520 million yuan, respectively, a year-on-year increase of 26.5% and 64%. At the same time, according to information from the Chongqing Business Committee's WeChat public account, Chongqing Cummins' output value in the first half of 2024 increased by 31% year-on-year, with May and June consecutively breaking the monthly sales historical recordOn the afternoon of February 10th, Zeng Jinghua, Secretary of the Party Committee and Director of the Chongqing State-owned Assets Supervision and Administration Commission, visited Chongqing Machinery and Electronics Group to investigate reform and development work. He emphasized the need to accelerate the completion of the group's strategic restructuring and the professional integration of its subsidiaries in accordance with the deployment requirements of the municipal party committee and municipal government, striving to create landmark achievements in deepening state-owned enterprise reform. According to information, Chongqing Machinery and Electronics Group holds one H-share listed company and has stakes in two A-share listed companies.

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