Tongtong Hong Kong Stocks Morning Brief | Nvidia(NVDA.US) Q4 Revenue Up 73% Year-over-Year Zimbabwe Suspends Export of Lithium Concentrate and Raw Ore

【Today’s Headlines】

Zimbabwe Suspends Export of Lithium Concentrate and Raw Ore

Zimbabwe has suspended the export of lithium concentrate and raw ore, aiming to promote local processing by mining companies. Zimbabwe’s Minister of Mines announced on Wednesday that the export ban is effective immediately until further notice. Governments across Africa have been trying to compel mining companies to refine minerals locally to gain greater economic benefits from their resources. According to official data, Zimbabwe has one of Africa’s largest lithium reserves and is among the world’s major producers, with estimated resources of 126 million tons. The Minister of Mines stated that the ban will only be lifted if miners comply with government requirements. Last year, the country announced a ban on lithium concentrate exports starting in 2027, as part of efforts to develop local refining operations by foreign mining companies. This involves the Hong Kong-listed lithium mining sector.

The latest report from the U.S. Geological Survey projects Zimbabwe’s lithium production to reach 28,000 tons (lithium content) in 2025, ranking second after Argentina, China, and Chile.

【Market Outlook】

Nasdaq China Golden Dragon Index Down 0.48%

U.S. stocks closed overnight with the Dow up 307.65 points, or 0.63%, at 49,482.15; the Nasdaq rose 288.40 points, or 1.26%, to 23,152.08; the S&P 500 increased 56.06 points, or 0.81%, to 6,946.13. Nvidia (NVDA.US) rose 1.4%, after reporting earnings, it briefly surged over 3% in after-hours trading; Circle (CRCL.US) jumped 35%, Western Digital (WDC.US) gained 7.5%.

The Nasdaq China Golden Dragon Index fell 0.48%, with Xpeng Motors (XPEV.US) dropping nearly 3%. The Hang Seng Index ADRs rose, with a proportional increase to 26,885.71 points, up 119.99 points or 0.45% from Hong Kong’s close.

COMEX gold futures for the current month increased $7.40, or 0.14%, to $5,183.7 per ounce. COMEX silver futures rose $1.70, or 1.95%, to $89.21 per ounce.

【Hot Topics Preview】

Ministry of Commerce and Six Other Departments Announce Adjustment to the “Encouraged Import Services Directory”

To implement the decisions and deployments of the CPC Central Committee and the State Council on actively expanding high-quality service imports, the Ministry of Commerce, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Ecology and Environment, Ministry of Housing and Urban-Rural Development, National Health Commission, and National Intellectual Property Administration have adjusted the “Encouraged Import Services Directory,” now announced. The 2019 No.14 announcement by the Ministry of Commerce, the NDRC, the Ministry of Finance, the Ministry of Ecology and Environment, and the National Intellectual Property Administration is also repealed.

Trump Administration Plans to Use AI Models for Pricing Critical Minerals

According to Reuters, the Trump administration plans to use AI models to price critical minerals. Following the announcement, prices of various base metals on the London Metal Exchange rose overnight. The reference prices will be set by the U.S. Department of Defense’s “National Security Open Price Exploration,” abbreviated as OPEN, an AI-based metals project. Sources reveal that the Trump administration is currently prioritizing at least four critical minerals—germanium, gallium, antimony, and tungsten—for the OPEN AI pricing model, with plans to expand coverage gradually. S&P Global and a Finnish data company will provide data and technical support. Analysts believe this mechanism could benefit U.S. mining companies but may also increase downstream manufacturing costs.

Nvidia (NVDA.US) Reports $68.1 Billion Revenue in Q4, Up 73% Year-over-Year

Nvidia’s Q4 revenue reached $68.1 billion, up 73% YoY, beating market expectations of $65.684 billion; last year’s same quarter was $39.331 billion. Data center revenue was $62.3 billion, versus expected $60.62 billion, from $35.58 billion last year. Network revenue for the quarter was $10.98 billion, with analysts expecting $9.02 billion; gaming revenue was $3.7 billion, versus expected $4.01 billion. Nvidia forecasts first-quarter revenue between $76.44 billion and $79.56 billion, with market estimates at $72.78 billion.

Super Large Oil Tankers from the Middle East See Sharp Rise in Daily Charter Rates

LSEG data shows that on Tuesday, the daily charter rate for VLCC super tankers from the Middle East to China surpassed $170,000, the highest since April 2020. Shipping analytics firm Kpler reports that in February, Middle Eastern crude oil exports exceeded 19 million barrels per day, also the highest since April 2020. The increase mainly comes from Saudi Arabia, the UAE, and Iran. Involving Hong Kong-listed shipping stocks.

CK Infrastructure (01038), China Power (00006), and CK Asset (01113) Plan to Sell 100% Equity in UK Power Networks

The target group’s main business is distributing electricity in London, Southeast England, and Eastern regions. The group owns and operates power grids in London, Southeast England, and the East. The total length of its power grid is about 192,000 kilometers, covering over 29,000 square kilometers, serving 8.5 million households and businesses. The group also operates non-regulated businesses through UK Power Networks Services, including designing, constructing, owning, and operating private power grids, with clients including public and private entities.

Hundreds of Thousands Watch Guangzhou Racecourse Auction; Real Estate Firms Compete for Nearly 10 Hours to Win

On February 25, Guangzhou’s land market held its first auction of the year, with the so-called last remaining undeveloped “treasure land” in Zhujiang New Town—the racecourse site—being auctioned. Due to its prime location and large size, it attracted eight companies: Yuexiu, Poly, China Resources, China Merchants, Zhujiang Real Estate, Guangzhou Metro, Guangzhou Construction, and Guangzhou Urban Investment. Starting at 10 a.m., seven companies took turns bidding until around 3 p.m., when Poly and Yuexiu remained. Yuexiu Properties ultimately won with a total bid of 23.6 billion yuan. The floor price exceeded 80,000 yuan per square meter, setting a new record for Guangzhou. The nearly 10-hour auction drew hundreds of thousands of online viewers. Involving Hong Kong-listed Yuexiu Properties (00123).

Conch Materials Technology (02560): Ningbo Conch New Materials to Raise Capital via Public Listing

The company plans to introduce an investor, increasing registered capital by RMB 36.25 million. Before and after the capital increase, the company will hold 80% of Ningbo Conch New Materials, which remains a subsidiary.

Hengwan Technology (01523) Plans to Spin Off and List the Spun-off Entity Independently on Nasdaq

As of this announcement, the spun-off entity is a wholly owned subsidiary of the company; after the spin-off, the entity will be separated from the company, forming an independent listing structure, with shareholders (excluding non-qualifying shareholders) entitled to hold shares in both the company and the spun-off entity.

XianSheng Pharmaceutical (02096) Expects 2025 Fiscal Year Net Profit Attributable to Shareholders of About RMB 1.3–1.4 Billion, Up 80.1%–93.9% YoY

Forecasts: The group expects revenue of about RMB 7.7–7.8 billion for FY2025, an increase of approximately 16.0%–17.6% from the RMB 6.635 billion in FY2024. Adjusted net profit attributable to shareholders is expected to be RMB 1.25–1.35 billion, up about 24.1%–34.1% from RMB 1.007 billion in FY2024. The growth is mainly driven by revenue from innovative drugs, licensing income, and increased fair value gains on the group’s investment portfolio.

Xinyijie Group (01686) Reports Interim Results, Net Profit Attributable to Shareholders Rises 10% YoY to HKD 531 Million

Xinyijie Group (01686) announced its interim results for the six months ending December 31, 2025. Benefiting from contributions from new data centers and steady internal growth of existing data centers, recurring revenue from data centers and IT facilities increased 7% to HKD 1.377 billion. Total revenue rose 3% YoY to HKD 1.508 billion. EBITDA increased 4% YoY to HKD 1.096 billion, with profit margin expanding from 72% to 73%.

Ctrip Group-S (09961) Reports 2025 Full-Year Results, Net Profit Attributable to Shareholders of RMB 33.294 Billion, Up 95.08%

Ctrip Group-S (09961) announced its 2025 full-year results, with net operating revenue of RMB 62.4 billion, up 17%; net profit attributable to Ctrip Group Ltd. was RMB 33.294 billion, up 95.08%; basic earnings per share were 50.62 cents. For the full year, accommodation booking revenue was RMB 26.1 billion, up 21%, accounting for 42% of total revenue.

Nine Dragons Paper (02689) Reports Interim Results, Net Profit Attributable to Shareholders of RMB 1.966 Billion, Up 318.78%

Nine Dragons Paper (02689) announced its interim results for the six months ending December 31, 2025. The group achieved revenue of RMB 37.221 billion, up 11.22% YoY; net profit attributable to shareholders was RMB 1.966 billion, up 318.78%; basic earnings per share were RMB 0.42.

Wankai Yilian (01762) Issues Profit Warning, Expected Annual Profit of RMB 60–68 Million, Up About 690.3%–795.7% YoY

During the reporting period, the group’s revenue surged mainly due to (a) the commercialization of its self-developed AI business platform achieving precise targeting, increasing ROI and advertiser re-investment, thereby steadily boosting mobile advertising revenue; (b) continued breakthroughs in overseas business, significantly increasing related income—over RMB 17–21 million compared to RMB 32.35 million in the same period of 2024, an increase of approximately 425.5%–549.1%; and © new growth from non-mobile game distribution businesses.

【Stock Highlights】

H螺创业 (00586) Plans to Acquire Additional Equity Stake from Conch Group

H螺创业 (00586) announced that it has been informed by Anhui Conch Group Limited that it is considering acquiring additional shares of the company (potential acquisition), which would result in Conch Group directly and indirectly holding about 21% of the issued share capital after the transaction. After completion, Conch Group and its concert parties will hold no more than 30% of voting rights and will restructure the company’s board. The company will become a subsidiary of Conch Group, with its financial performance consolidated into Conch Group’s financial statements.

As of this announcement, Conch Group directly and indirectly holds shares through Conch Cement (600585/00914). Conch Cement owns about 10.39% of the company’s issued share capital and is the largest single shareholder; Anhui State-owned Assets Supervision and Administration Commission indirectly holds 51% of Conch Group, with the company holding 49% of Conch Group.