News

Glonghui, February 25th｜Goldman Sachs released a report stating that the Spring Festival tourism data was overall healthy, with the number of domestic tourists increasing by 19% year-on-year to 596 million, and tourism spending rising by 19% year-on-year to 803 billion yuan, with an average daily growth of 6%. The number of outbound travelers increased by 24% year-on-year to 4.8 million, among which the Japan route saw a year-on-year decrease of about 50%, but the transfer demand for Southeast Asia and South Korea routes increased by 10-40% year-on-year, offsetting part of the impact. The report pointed out that the hotel industry performed outstandingly during the Spring Festival, with revenue per available room driven by average room rates, achieving a mid-to-high single-digit percentage year-on-year growth. Airfare prices also performed better than expected, limited by tight capacity, with domestic route ticket prices rising by 7% year-on-year and international route ticket prices rising by 15% year-on-year. Hainan duty-free shops underperformed expectations, with average daily sales increasing by only 15% (compared to 45% in January), mainly due to a decline in per capita spending. Macau’s average daily gross gaming revenue was 786 million Macau patacas, up 5% year-on-year, but below the expected 850 million to 900 million Macau patacas, partly due to a decrease in VIP room win rates.

Cathie Wood stated that ARK Invest predicts artificial intelligence will trigger productivity growth, accelerate GDP growth, and simultaneously lower inflation, although it may cause short-term market disruptions. Title: Judge Dismisses Musk’s Trade Secret Theft Lawsuit Against OpenAI Content: The judge ruled that Musk’s xAI failed to prove any wrongdoing by OpenAI in the trade secret theft lawsuit, and the case was dismissed. Title: Trump Administration Plans to Require Banks to Collect Customer Citizenship Data Content: According to The Wall Street Journal, the Trump administration is considering an executive order requiring banks to collect customer citizenship data to strengthen immigration policy enforcement. Title: Solo Bitcoin Miner Successfully Mines a Block and Earns About $200,000 in Rewards Content: A solo Bitcoin miner successfully mined block 938092, receiving approximately 3.12 Bitcoin in rewards and fees, with a total value of about $200,000. Title: Google Search for “Unable to Sell House” Reaches Historic High Content: Google search data shows that searches for “unable to sell house” have reached a historic high. Title: Stripe Considering Acquisition of PayPal Content: According to reports, Stripe is considering acquiring PayPal, with specific details yet to be disclosed. Title: An Exchange Launches 24/5 Commission-Free Stock Trading Service Content: An exchange announced the launch of a 24/5 commission-free stock trading service. Eligible U.S. users can trade stocks starting from $1, and crypto investment portfolios are integrated. Title: U.S. Defense Secretary Threatens to Remove Anthropic from Pentagon Supply Chain Content: U.S. Defense Secretary Pete Hegseth threatened to remove Anthropic from the Pentagon supply chain unless it approves AI models for legitimate military applications. Title: Meta Plans to Launch Stablecoin and Integrate New Wallet in 2026 Content: According to reports, Meta plans to launch a stablecoin in the second half of 2026, integrating third-party payment functions and new wallet services. Title: President Trump Will Not Pardon Sam Bankman-Fried Content: The White House confirmed that President Trump will not pardon Sam Bankman-Fried.

Glonghui, February 25th｜CLSA released a report stating that Nvidia's stock price has risen by about 7% to 8% in the past six months, which is lackluster compared to other foundational artificial intelligence stocks such as TSMC (up 73%) and memory-related stocks (up 180% to 300%). Nvidia is currently trading at a forecasted FY2027 P/E ratio of 26 times. CLSA believes Nvidia offers attractive value, and the capital expenditures announced by hyperscale data centers confirm that AI infrastructure construction is still accelerating. The firm believes the upcoming earnings announcement provides an opportunity to revitalize the market narrative. The firm expects Q4 FY2026 revenue ending January this year to be $67.2 billion, a year-on-year increase of 71%, higher than the upper end of the guidance of $66.3 billion. Although the current forecast for Q1 FY2027 ending April is $72.7 billion, a year-on-year increase of 65%, any guidance equal to or above $75 billion will reinforce the message of accelerating revenue growth. The firm gives Nvidia a "high conviction outperform" rating with a target price of $300.