The Shenzhen Municipal Bureau of Commerce released guidelines for the implementation of subsidies for vehicle replacement and renewal. The new policy adopts a subsidy mechanism based on the proportion of the car price, differing from the traditional fixed-amount subsidy method.

Individual consumers trading in old vehicles for new energy passenger cars will receive an 8% subsidy based on the car price, with a maximum subsidy of RMB15,000, according to the guidelines. Those trading in for fuel-powered vehicles will receive a 6% subsidy, with a maximum amount of RMB13,000.
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The US-Israel joint military action against Iran prompted instability in the Middle East. US stocks plunged shortly after opening on Monday. However, investors believed the market overreacted to the Iran war and bought on dips, which led to a recovery in the three major stock indices before the market ended.

The DJIA initially plummeted by nearly 600 points, but later narrowed its losses, closing down only 73 points or 0.2% at 48,904. The S&P 500 edged up 2 points to 6,881. The Nasdaq, after dropping 1.6% at one point, ultimately added 80 points or 0.4% to 22,748.

Investors absorbed some heavyweight tech stocks, with NVIDIA (NVDA.US) up 3% and Microsoft (MSFT.US) up 1.5%.

Defense stock Lockheed Martin (LMT.US) hit a 52-week high, soaring over 3%. Due to the US and Israeli airstrikes on Iran, several oil stocks surged, with ExxonMobil (XOM.US) climbing 1.1% to a 52-week high and Chevron (CVX.US) also rising over 1%.
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TENCENT (00700.HK)'s multiplayer adventure game, Honor of Kings: World, has officially been scheduled for release in April, with pre-registration now open on Apple iOS.

It is reported that Honor of Kings: World is an open-world RPG game supporting ray tracing and Nvidia (NVDA.US)'s DLSS 3 technology. Its pioneer test has already commenced on 24 July 2025.
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CICC released a report on NVIDIA (NVDA.US), of which 4QFY26 results and 1Q guidance beat both the broker's and market's expectations.

CICC believed the main reason behind this is the strong shipment of cabinet products following the surge in inference demand driven by agents.

The broker kept an Outperform rating on NVIDIA, raising the target price by 6% to USD240.6, citing the trend of expanding computing power is clear.
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NVIDIA's (NVDA.US) results for the fourth fiscal quarter ending January and the operating guidance for the first fiscal quarter ending April were robust, beating street consensus across the board, JP Morgan said in its report.

The revenue guidance for the first fiscal quarter was approximately USD5 billion higher than the broader market forecast, and the recent gross margin guidance remained solidly at a mid-high level of 74-75%.

JP Morgan noted that the stock performance reflects high investor expectations, likely tied to the ongoing market focus on NVIDIA's data center business growth prospects for next year. Additionally, it believed that generative AI will become a new demand driver.

JP Morgan was upbeat about NVIDIA's revenue growth for FY27, raising the target price from USD250 to USD265 and maintaining an Overweight rating.
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HSBC Global Investment Research published a report on NVIDIA (NVDA.US), which charted sales of USD68.1 billion for 4QFY26, topping management guidance and street consensus, and aligning with the broker's forecasts.

NVIDIA's results beat, the quarterly guidance was raised, and management reaffirmed confidence in AI, but there were no new narratives, such as the expansion of the total addressable market (TAM) for AI.

The broker trimmed NVIDIA's target price from USD310 to USD295, maintaining a Buy rating, but slightly lowered its EPS estimates for FY27 and FY28 by 4% each.
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Although NVIDIA (NVDA.US) guided its revenue for the first fiscal quarter ending in April to beat expectations of USD5 billion, and to reach USD78 billion given exponential agentic AI demand, its stock price remained largely flat after the market closed, Citi said in its report.

The broker believed that the GTC conference held in mid-March will be a positive event for the stock and expected NVIDIA to showcase Groq SRAM low-latency inference, CPUs, and optical networks. Furthermore, early visibility into sales for 2027 may act as a catalyst for the stock price.

Citi assigned a Buy rating to NVIDIA, raising the target price from USD270 to USD300.
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Netflix (NFLX.US) withdrew from the acquisition battle for Warner Bros. Discovery (WBD.US), clearing the way for competitor Paramount Skydance (PSKY.US) to acquire Warner Bros. Discovery for US$111 billion, according to foreign media.

Following the news, Netflix's share price shot up 8.8% to US$92.03 in after-hours trading session, while Paramount Skydance swelled 5.9% to US$11.84 in after-hours trading session. Warner Bros. Discovery waned 1.28% to US$28.44.

Netflix issued a statement saying that its original agreement with Warner Bros. Discovery could have created shareholder value, and had a clear regulatory approval path. However, matching Paramount Skydance's latest offer would render the deal financially unattractive, leading to the decision to abandon the acquisition.

Under the terms of Paramount Skydance's deal, Paramount Skydance will pay Warner Bros. Discovery US$2.8 billion as compensation for terminating the agreement with Netflix. If the deal fails to receive regulatory approval, Paramount Skydance will also pay Warner Bros. Discovery US$7 billion.
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Warner Bros. Discovery (WBD.US) issued a statement on Thursday, stating that the new acquisition proposal from Paramount (PSKY.US) is more favorable to shareholders than the previous agreement reached with Netflix (NFLX.US). Netflix is having four business days to submit a new offer to outbid its competitor.

Earlier this week, Paramount had raised its acquisition offer from USD30 per share to USD31 per share, intending to acquire all assets of Warner Bros. Discovery.

Last December, Netflix had agreed to acquire Warner Bros. Discovery's studio and streaming media assets at USD27.75 per share, with the assets valued at approximately USD72 billion and the enterprise value at approximately USD82.7 billion.
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The global gaming chip woe may persist until the end of this year, which hinted that the gaming industry will face more headwinds, especially as consumer demand slackens, leading to meager sales, NVIDIA (NVDA.US) CFO Colette Kress stated during the quarterly earnings conference call on Wednesday.

She mentioned that supply constraints will hamper the company's gaming business, with supply remaining very tight this quarter and in the coming quarters, while overall demand remains strong.

She also noted that if the situation improves by year-end, there may be an opportunity to consider the impact on annual growth, but it is now premature to tell.
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