Real-time News

On February 11, Iranian Foreign Minister Araqchi stated in an interview that Iran is capable of reaching a new agreement on the nuclear issue that is superior to the Obama administration's Iran nuclear deal. He emphasized that this goal is achievable, and that Iran is not only capable of reaching an agreement better than previous ones, but also of providing credible guarantees against developing nuclear weapons. He pointed out that the nuclear weapons issue is the primary concern of all parties involved, and Iran can provide guarantees on this matter. Furthermore, Araqchi stated in the interview that Iran still does not have complete trust in the United States. The attack on Iran during negotiations last June was a very bad experience, and ensuring that such an incident does not repeat itself depends primarily on the United States.

On February 11th, Citigroup issued a research report stating that China Literature Limited (00772.HK) issued a profit warning, projecting non-IFRS adjusted net profit for last year to be between RMB 800 million and 900 million, lower than Citigroup's and market expectations. The bank estimates that New Classics Media may record a loss in fiscal year 2025, mainly due to delays in content production leading to limited drama series releases, a significant difference from Citigroup's previous forecast of releasing six drama series in the second half of the year and recording RMB 243 million in profit. Profit from non-New Classics Media businesses may be RMB 1 billion, lower than Citigroup's pre-earnings forecast of RMB 1.08 billion. Therefore, Citigroup believes that the lower-than-expected profit for China Literature in 2025 is mainly due to the limited content releases from New Classics Media, while non-New Classics Media businesses will only slightly underperform expectations. Given that the market is already aware of the content production delays, Citigroup believes that the disappointing performance of New Classics Media's business should not be surprising. Citigroup expects the market to lower its profit forecast for China Literature in response to the profit warning, and the share price is expected to decline. Citigroup maintains a buy rating on China Literature with a target price of HKD 38.

On February 11th, Citigroup released a research report predicting that Pop Mart's (09992.HK) IP-centric diversification strategy will enhance its ability to withstand IP cyclical risks and revitalize new demand. Citigroup's weekly data tracking shows a recent upward trend in app downloads, particularly in China and the US, which Citigroup attributes primarily to the launch of its new Skullpanda x My Little Pony series. Looking ahead to 2026, Citigroup predicts that the group's breakthroughs in IP diversification, product innovation, and monetization capabilities across a wide range of sectors will drive growth. The report mentions that the group's other iconic IP products, such as SKULLPANDA and CRYBABY, are becoming new growth drivers and have their own fan bases, proving they are not simply substitutes for LABUBU. The report predicts that non-LABUBU IPs have upside potential this year, and recent global consumer surveys also suggest that interest in non-LABUBU IPs in overseas markets may be underestimated. Citigroup has given Pop Mart a "Buy" rating with a target price of HK$415, based on a P/E ratio of 28x for 2026 earnings. The group commands a premium compared to most global toy and IP peers, likely due to its rapid growth driven by overseas expansion. Citigroup also believes Pop Mart deserves a premium over its domestic competitors due to its leading position.

OpenAI founder Altman: Today we updated GPT-5.2 (Instant Model) in ChatGPT. While the changes are minor, we hope you find them to be an improvement.

February 11th, Futures News: Economies.com analysts' latest view: In recent intraday trading, spot gold prices have continued to fluctuate within a narrow range, holding steady above the psychological level of $5,000, attempting a technical correction in preparation for accumulating bullish momentum, driving prices higher, and resuming the upward trend.

February 11th, Futures News: Economies.com analysts' latest view: WTI crude oil futures prices further consolidated their gains in the previous trading session, benefiting from their continued trading above the EMA50 moving average. This moving average continues to provide dynamic support, further strengthening the stability and dominance of the main bullish trend in the short term, especially as prices move along the support trendline of this trend.

February 11th, Futures News: Economies.com analysts' latest view: Brent crude oil futures prices rebounded from intraday levels in the previous trading session, benefiting from positive signals from the Relative Strength Index (RSI). After digesting overbought conditions, this opens up room for continued intraday gains in the near future. With prices continuing to face dynamic support and resistance, represented by trading above the 50-day EMA, the price is expected to move along the main upward trend line in the short term, further strengthening bullish expectations.

February 11th - Sources exclusively revealed that WeRide (00800.HK) will soon be integrated into Alipay's new Robotaxi mini-program, following its recent launch. "System integration and debugging are currently underway, and it will be launched soon." Alipay customer service confirmed that the "Alipay - Travel - Robotaxi" channel already aggregates autonomous driving mobility services such as Pony.ai, currently operating in Beijing, Shanghai, Guangzhou, and Shenzhen, with more cities being added gradually. "Regarding whether other autonomous driving platforms will be integrated later, there is currently no further information to disclose; details will be subject to the launch date."

February 11th - According to foreign media reports, two sources familiar with the matter revealed that ByteDance is developing artificial intelligence chips and is in talks with Samsung Electronics regarding foundry services. This move aims to secure a supply of advanced processors for ByteDance. The sources stated that ByteDance plans to receive chip samples by the end of March. This year, the company plans to produce at least 100,000 chips for AI inference tasks and plans to gradually increase production to 350,000. Negotiations with Samsung also include securing a supply of memory chips, which are in high demand and short supply in the context of global AI infrastructure development, making the deal more attractive. A company spokesperson stated that information regarding the chip project was inaccurate but did not provide further details. Samsung declined to comment.

February 11th, Futures News: This week, the prices of blending raw materials for marine fuel mainly rose. Shale oil benchmark prices remained unchanged at 4006 yuan/ton, but market feedback indicated a slight decrease in transaction prices this week, with not all transactions completed despite increased volume. Low-sulfur residue oil/asphalt raw material prices mainly rose, with increases ranging from 50-170 yuan/ton. Coal, diesel, and marine fuel prices declined somewhat. This week, raw material prices in Northeast China rose by 100-150 yuan/ton, with some manufacturers canceling large-order discounts. Raw material prices showed mixed trends, with manufacturers having limited spot resources. Wholesale ex-warehouse prices in Northeast China rebounded, with a reference price of 4750 yuan/ton. Overall, the theoretical blending profit for marine fuel (180CST) this week was 314 yuan/ton. According to Zhuochuang Information's data model calculations, if shale oil is used as a blending raw material, the theoretical blending cost (including tax) for marine fuel (180CST) is 4436 yuan/ton, a decrease of 6 yuan/ton or 0.13% compared to the previous week.

The China Earthquake Networks Center officially reported that a magnitude 3.8 earthquake occurred at 12:13 on February 11 in Gerze County, Ngari Prefecture, Tibet (33.04°N, 85.12°E), with a focal depth of 10 kilometers.

On February 11th, the State Administration of Foreign Exchange (SAFE) published an article by Xiao Sheng, Director of the Capital Account Management Department. Xiao Sheng stated that the policy on RMB and foreign currency pooling for multinational corporations will be promoted and upgraded. In recent years, SAFE has promoted the iterative upgrading of multinational corporation pooling policies and increased the integration of various pooling methods, initially forming a policy framework for multinational corporation pooling that combines RMB and foreign currencies with different versions. Recently, the People's Bank of China and SAFE have promoted the integrated RMB and foreign currency pooling policy nationwide, applicable to large and super-large multinational corporations. In 2026, the policy will be extended to more medium-sized enterprise groups nationwide, implementing a centralized operation and management policy for cross-border RMB and foreign currency funds for multinational corporations, supporting more multinational corporations to conduct flexible and efficient cross-border fund operations, and contributing to the development of headquarters economy.

On February 11, the State Administration of Foreign Exchange's monthly journal, *China Foreign Exchange*, published an article by Xiao Sheng, Director of the Capital Account Management Department. Xiao Sheng stated that in 2026, the two-way opening of the financial market will be promoted in an orderly manner. The policy on cross-border funds for Qualified Foreign Institutional Investors (QFII) will be studied and optimized to improve the convenience of foreign investment in the domestic capital market. The issuance of investment quotas for Qualified Domestic Institutional Investors (QDII) will continue in an orderly manner to meet the reasonable demand of domestic investors for overseas securities investment. The government will cooperate with relevant departments to promote the construction of interconnectivity mechanisms such as the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Bond Connect, continuously improving the level of two-way opening of the financial market.

February 11th – At a regular press conference held by the State Council Taiwan Affairs Office on February 11th, spokesperson Zhu Fenglian stated in response to a reporter's question that the DPP authorities are attempting to seek "independence" by relying on foreign powers, and are unprincipledly fawning over foreign countries and selling out Taiwan without any bottom line in the so-called Taiwan-US trade negotiations. If the relevant reports are true, Taiwan's traditional industries will be severely impacted, and the food safety of the people will be completely unprotected. The DPP authorities are allowing the United States to take whatever it wants, sacrificing the prospects for Taiwan's industrial development and harming the interests and well-being of the Taiwanese people, and will inevitably be rejected by the Taiwanese people.

According to Punchbowl: The U.S. House of Representatives rejected a rule designed to prevent lawmakers from challenging Trump's tariff resolution.

February 11th - According to foreign media reports, Song Jae-hyuk, President and Chief Technology Officer of Samsung Electronics' chip business, stated on Wednesday that Samsung Electronics has returned to the top of the memory industry thanks to its next-generation HBM4 technology, a statement that reversed the company's stock price decline. Song made this unusually firm statement at SemiconKorea in Seoul. Previously, a Samsung executive publicly supported the "Samsung comeback" in January, further reinforcing market expectations that Samsung's next-generation HBM technology would be adopted by AI chip leader Nvidia. Samsung plans to begin mass production of HBM4 this month, with Nvidia expected to be its first customer.

On February 11, the State Administration for Market Regulation (SAMR) issued a centralized notification to designated CCC certification bodies and laboratories regarding the results of the 2025 "random inspection and public disclosure" of designated CCC certification implementation bodies. The inspection uncovered 472 issues involving 51 institutions. Major issues included reduced or omitted certification procedures, insufficient testing and factory inspection conclusions to support certification decisions, lax oversight of key technical information in certification assessment, failure to convert certificates according to regulations, inadequate testing capabilities, and insufficient standardization in daily testing processes and management. The SAMR has already issued decisions to revoke or suspend some of the designated qualifications of the aforementioned institutions, imposed economic penalties, issued administrative warnings, and ordered them to rectify the issues within a specified period. All designated CCC certification bodies and laboratories are required to firmly establish a risk awareness, strictly implement their primary responsibilities, and effectively improve their professional capabilities to prevent various potential risks in CCC certification through full-chain supervision.

On February 11th, according to Futures News, the overnight SHIBOR was 1.3660%, up 0.40 basis points; the 7-day SHIBOR was 1.5230%, down 0.80 basis points; the 14-day SHIBOR was 1.6000%, down 0.40 basis points; the 1-month SHIBOR was 1.5511%, up 0.01 basis points; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.