The Fujian Provincial Department of Commerce and eight other departments recently issued the "Implementation Details for Car Trade-in in Fujian Province 2026", which stipulated the subsidy standards for car replacement and renewal. It stated that for the purchase of eligible passenger new energy vehicles (NEVs), a subsidy of 8% of the new car's sales price will be offered, with a maximum subsidy amount of RMB15,000. For the purchase of eligible passenger internal combustion engines vehicles (ICEVs), a subsidy of 6% of the new car's sales price will be provided, with a maximum subsidy amount of RMB13,000.

Simultaneously, the Henan Provincial Department of Commerce and seven other departments released the "Implementation Details for Car Trade-in Subsidy in Henan Province 2026", clarifying the subsidy policies for both car scrapping and replacement. For scrapping eligible old cars and purchasing eligible passenger NEVs, a subsidy of 12% of the new car's sales price will be provided, with a maximum subsidy amount of RMB20,000. For scrapping eligible passenger ICEVs and purchasing eligible passenger ICEVs, a subsidy of 10% of the new car's sales price will be provided, with a maximum subsidy amount of RMB15,000. For purchasing passenger NEVs, a subsidy of 8% of the new car's sales price will be provided, with a maximum subsidy amount of RMB15,000; for purchasing passenger ICEVs, a subsidy of 6% of the new car's sales price will be granted, with a maximum subsidy amount of RMB13,000.
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CLSA published a report covering NVIDIA (NVDA.US), the stock price of which has elevated approximately 7-8% over the past six months, lagging behind other foundational AI peers such as TSMC (up 73%) and memory-related stocks (up 180-300%).

CLSA believed NVIDIA offers attractive value, and the capex announced by hyperscale data centers confirm that AI infrastructure development is still accelerating. The broker spotted the upcoming earnings release as an opportunity to reinvigorate the narrative.

The broker expected revenue for 4QFY26 to be USD67.2 billion, representing a 71% YoY growth, exceeding the guidance upper limit of USD66.3 billion. This would indicate an acceleration in revenue growth. Although the current forecast for 1QFY27 is USD72.7 billion, representing a 65% YoY rise, any guidance equal to or above USD75 billion would reinforce the message of accelerating revenue growth. The broker assigned NVIDIA a High Conviction Outperform rating with a target price of USD300.
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HSBC Global Investment Research released a report on NVIDIA (NVDA.US), which is set to disclose its 4QFY26 results on Wednesday (25th). The broker forecast quarterly revenue to reach USD68 billion, topping management guidance and market expectations by 5% and 3%, respectively.

With the continued production increase of GB300 in FY27, the broker anticipated 1QFY27 revenue to reach USD74 billion, surpassing market expectations of USD71.8 billion by 3%. Despite uncertainties in Chinese exports, the broker has not accounted any Chinese revenue in its forecasts, thus expecting revenue to still beat expectations.

HSBC Global Investment Research largely maintained its EPS forecasts for NVIDIA for FY26-28 and trimmed the TP from USD320 to USD310, maintaining a Buy rating. It believed the company's server CPU transactions could prove to be future upside catalyst but remains too early to quantify.
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The Apple (AAPL.US) iPhone 18 series has entered mass production testing, while the iPhone 18 Pro production line has also started operation, foreign media reported, citing a Chinese Weibo account known as "Fixed Focus Digital".

Sources told the leaker account that only minimal material changes have been made to the iPhone 18 series, and the overall design specifications remain largely unchanged.

MacRumors, a media outlet reporting Apple-related news, analyzed that this progress aligns with Apple's typical transition from design verification testing to early production verification testing in February for iPhones.
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US bourse rebounded on Tuesday after a collapse on Monday in wake of tariff hits, propelled by the surge in AMD (AMD.US) and software stocks. The DJIA shot up 370 points or 0.8%, closing at 49,174; the S&P 500 mounted 52 points or 0.8% to 6,890; and the Nasdaq leaped 236 points or 1% to 22,863.

Home Depot (HD.US) exceeded expectations of its results performance for the first time this year, with its stock price up nearly 2%. IBM (IBM.US) slightly picked up by nearly 3% on Tuesday after a 13% slip on Monday given concerns over AI impacts.

Meta (META.US) reached an AI chip deal with AMD and invested in AMD through performance-linked warrants, allowing for the subscription of up to 160 million shares. AMD closed up nearly 9%. Meta uses millions of NVIDIA (NVDA.US) chips in its data center construction. NVIDIA added 0.7% ahead of its earnings release on Wednesday.
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Moonshot AI, a large model unicorn, has reached a valuation of over USD10 billion, marking the fastest pace for a Chinese company to become a decacorn (a company valued at over USD10 billion) from its inception, according to Chinese media reports.

Data shows that Moonshot AI has achieved a valuation of over USD10 billion in just over two years. Benefiting from the leading performance of its new model, Kimi K2.5, its cumulative revenue over the past 20 days has already exceeded the total revenue for the entire year of 2025.

According to last week's foreign media disclosures, Moonshot AI's existing investors, including BABA-W (09988.HK) and TENCENT (00700.HK), have committed over USD700 million to the first round of its latest financing.
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Investors continued to worry about the impact of AI on multiple industries. Coupled with US President Donald Trump's increase in global tariffs, US bourse tumbled on Monday. The DJIA nosedived 894 points at most, closing down 821 points or 1.7% at 48,804. The S&P 500 dropped 71 points or 1%, closing at 6,837. The Nasdaq slid 258 points or 1.1%, closing at 22,627.

Anthropic announced a new programming feature for its Claude Code, causing IBM (IBM.US) to plunge 13% at close, which contributed to the DJIA's slump. Software stocks were further pressured, with Microsoft (MSFT.US) shedding over 3% and CrowdStrike (CRWD.US) slipping by 10%.

Financial-related stocks were lackluster too, with American Express (AXP.US) down 7%, and both Visa (V.US) and JPMorgan (JPM.US) down 4%. Defensive stocks performed better, with Walmart (WMT.US) and Procter & Gamble (PG.US) up 2-3% against the market trend.

Trump announced over the weekend that global tariffs would be increased from 10% to 15% with immediate effect, leading the European Parliament to suspend the review of the US-EU trade agreement. Wayfair (W.US) retreated nearly 10%, and Nike (NKE.US) cratered over 3%.
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Following the US Supreme Court's overturning of US President Donald Trump's tariff policy, Trump immediately announced a 15% global tariff hike. Major Asia-Pacific stock markets had a good run broadly this morning (23rd). Taiwan reopened after the Lunar New Year holiday, breaking the 34,000 level for the first time in history, peaking at 34,212, and last logged at 34,057, up 451 points or nearly 1.4%. Singapore stocks went up 23 points or nearly 0.5%, at 5,041, setting a historical high. South Korea's Kospi added 55 points or nearly 1%, at 5,863, having marked an intraday high of 5,931, also a historical high. Mainland China's A-shares and Japanese stock markets are still closed. In Hong Kong, the HSI opened 385 points higher this morning; with gains expanding in the early session, it reclaimed the 27,000 level. It last leapfrogged 737 points or 2.8%, at 27,151, with a turnover of HKD77.874 billion.

Heavyweight techs led the market rally. MEITUAN-W (03690.HK) opened 3% higher; with extended upswing, it peaked at HKD87.5. It last stood at HKD86.7, up 7.37%, making it the top blue-chip gainer, with a turnover of HKD2.741 billion. JD-SW (09618.HK) last posted at HKD109.2, up 5.2%, with a turnover of HKD438 million. TENCENT (00700.HK) last stood at HKD539, up 3.26%, with a turnover of HKD4.895 billion. BABA-W (09988.HK) last printed at HKD152.9, up 3.94%, with a turnover of HKD2.917 billion. XIAOMI-W (01810.HK) was last at HKD36.72, up 3.85%, with a turnover of HKD1.405 billion. KUAISHOU-W (01024.HK) last traded at HKD68.9, up 3.61%, with a turnover of HKD442 million. NTES-S (09999.HK) last quoted at HKD184.9, up 3.12%, with a turnover of HKD550 million.

Last Friday (20th), three AI model stocks that hit record highs drastically retreated from their historical closing highs. KNOWLEDGE ATLAS (02513.HK) last traded at HKD586.5, down 19.1%, with a turnover of HKD1.952 billion. MINIMAX-WP (00100.HK) slid as much as 15.5% intraday to a low of HKD820. It last charted at HKD879, down 9.38%, with a turnover of HKD1.356 billion. HAIZHI TECH GP (02706.HK) last logged at HKD139.1, down 9.73%, with a turnover of HKD448 million.
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OpenAI aims to splurge approximately USD600 billion on computing power by 2030, Reuters reported. The AI startup reported revenue of USD13 billion last year, beating the estimated USD10 billion, with expenses of USD8 billion, less than the USD9 billion target.

OpenAI expects to log revenue of over USD280 billion by 2030, with consumer and enterprise sectors contributing equally, according to CNBC.

Moreover, OpenAI informed investors that its AI model computation (inference) related expenses rallied by 4 times by 2025, leading to a decline in adjusted gross margin from 40% in 2024 to 33% in 2025, the Information reported.
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The export of complete vehicles from mainland China reached 8.32 million units last year, China Passenger Car Association (CPCA) Secretary-General Cui Dongshu stated, citing Chinese customs data.

Although this figure sparked market doubts, the overseas sales of mainland-manufactured and independent brand cars surpassed 9 million units, looking beyond the single dimension of complete vehicle exports and from the perspective of a global full industry chain, Cui said.

This not only represents a phased achievement in the globalization of the mainland automotive industry but also marks a pivotal transformation from "product going global" to "industry going global" in the overseas production and sales system of mainland cars.

At this juncture, the mainland automotive industry is steadily progressing along the development trajectory of the global automotive industry, with a coordinated development pattern encompassing complete vehicles, parts, and overseas bases, aiming to achieve overseas sales of 20 million vehicles, Cui added.
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