SmartHK Morning Brief | SASAC promotes central enterprises to actively expand effective investment in computing power SanDisk(SNDK.US) up over 10%

【Today’s Headlines】

The State Council Issued the “Implementation Opinions on Improving the National Unified Electricity Market System”

The “Opinions” clarify that by 2030, a basically complete national unified electricity market system will be established, and by 2035, a fully unified national electricity market system will be built.

The “Opinions” point out that first, efforts should be made to optimize the allocation of electricity resources nationwide, improve the pathways for achieving a unified national electricity market system, and perfect cross-provincial and cross-regional electricity trading systems. Second, functions of the electricity market should be improved, including the comprehensive development of better price discovery and supply-demand regulation spot markets, continuous improvement of medium- and long-term markets to ensure stable electricity supply, acceleration of auxiliary service markets that support flexible regulation of the power system, enhancement of green electricity markets that better realize environmental values, establishment of capacity markets to reliably support the construction of regulation power sources, and the creation of a standardized, orderly, convenient, and efficient retail market. Third, promote equal and broad participation of various market entities, further encouraging power generation, user-side, and new business entities to participate in the electricity market. Fourth, build a unified national electricity market system, standardize market rules, improve governance mechanisms, refine electricity pricing mechanisms, unify technical standards, and establish a nationwide credit system for the electricity market. Fifth, strengthen policy coordination, enhance the connection between electricity planning and market development, improve emergency response and risk prevention systems, and establish an evaluation system for the electricity market.

Note: This “Opinions” constitutes a systemic positive signal for Hong Kong-listed power and related industries, involving Hong Kong stocks China Resources Power (00836), Longyuan Power (00916), China Resources Smart Energy (01083), China Power International (01071), Datang New Energy (01798), Times Electric (03898), among others.

【Market Outlook】

US Major Indices Slightly Down, SanDisk (SNDK.US) Surges Over 10%

Last night, the US Dow Jones Industrial Average fell 66.74 points from the previous trading day, closing at 50,121.4 points, down 0.13%; the S&P 500 declined 0.34 points to 6,941.47, a 0.0% drop; the Nasdaq Composite decreased 36.0 points to 23,066.47, down 0.16%.

Popular tech stocks showed mixed performance, with Google and Microsoft dropping over 2%, Amazon down over 1%, Intel up over 2%, Nvidia, Apple, and Tesla gaining less than 1%. Storage concept stocks, metals, and mining sectors led gains, with SanDisk up over 10%, Micron Technology nearly 10%, Western Digital and Seagate up over 4%, BHP and Vale up over 3%. Cryptocurrency-related stocks plummeted, with Robinhood down over 8%, Coinbase and Strategy down over 5%, Circle down over 3%.

Most Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 0.65%. China Internet companies like China Internet Plus (+12%), Kingsoft Cloud (+10%), TSMC (+3%) hitting new highs, Bilibili and NIO up over 2%. The Hang Seng Index ADRs declined, with a proportional drop to 27,071.73 points, down 194.65 points or 0.71% from Hong Kong close.

NYMEX WTI crude oil futures for the current month rose $0.93 to $64.89 per barrel, up 1.45%. COMEX gold futures for the current month increased $76.80 to $5,107.8 per ounce, up 1.53%. COMEX silver futures rose $3.70 to $84.085 per ounce, up 4.60%.

【Hot Topics Preview】

State-owned Assets Supervision and Administration Commission of the State Council Promotes Central Enterprises to Actively Expand Effective Investment in Computing Power

Recently, the SASAC held a special deployment meeting for the “AI+” initiative for central enterprises. The meeting emphasized that central enterprises should strengthen independent innovation, focus on breaking through key core technologies, continue tackling “large model” technologies, and turn more independent innovation results from prototypes into products and industries. They should also enhance scenario cultivation, strengthen the precise connection between artificial intelligence, core responsibilities, and industry needs, and focus on high adaptability, high value, and high reliability to promote large-scale AI application.

Issuance of the “Anti-Monopoly Guidelines in the Utility Sector”

According to the State Administration for Market Regulation, to thoroughly implement the decisions and deployments from the 20th National Congress and subsequent plenary sessions on strengthening anti-monopoly efforts, improve regulation of natural monopoly segments, establish fair competition rules, prevent and stop monopoly behaviors in the utility sector, safeguard market fairness, protect consumer interests and social public interests, the Anti-Monopoly and Anti-Unfair Competition Committee of the State Council has issued the “Anti-Monopoly Guidelines in the Utility Sector.”

Public utility sectors such as water supply, electricity, gas, and heating are natural monopolies, with frequent monopoly behaviors in recent years. Utility operators may extend their monopoly advantages to upstream and downstream competitive segments or exclude and restrict market competition in these segments. Note: The “Guidelines” involve companies like China Resources Gas (01193), ENN Energy (02688), Longyuan Power (00916), Beijing Enterprises Water Group (00371), among others.

Global New Materials International (06616) Participates in Establishing a Partnership to Acquire 29.89% of Zhejiang Jihua (603980.SH); Trading Resumes on February 12

Global New Materials International (06616) announced that the contracting parties have entered into a share transfer agreement. Junheng Limited Partnership has conditionally agreed to purchase, subject to the achievement of certain conditions, while the sellers (Hangzhou Jinhui and Mr. Shao Hui) have conditionally agreed to sell Jihua’s shares. Junheng Limited Partnership was established under the Junheng Partnership Agreement for acquisition purposes, with Shenzhen Qise (a wholly owned subsidiary of the company) acting as general partner and Hongzun Limited Partnership as limited partner. Upon completion, the acquisition will expand the company’s market share in the coatings and chemicals industry, positively impacting its valuation in both A-shares and global markets, supporting long-term development.

China Resources Power (00836) Subsidiary Power Plants Sold 23.78 Million MWh in January, Up 28.4% Year-on-Year

China Resources Power (00836) announced that in January 2026, its subsidiary power plants sold 23.78 million MWh, an increase of 28.4% year-on-year. Among them, wind power plants sold 4.93 million MWh, up 7.2%; photovoltaic power stations sold 1.28 million MWh, up 72.3%.

Sabela (02508) Achieves Major Progress in Global Expansion Plans

Sabela (02508) announced that the company will expand into the eastern United States, the UK, France, Thailand, and Australia, establishing new service outlets in these five international hubs. The company has already reached strategic agreements with partners in New York, London, Paris, Bangkok, and other cities. The board stated that these five countries and regions have significant unmet demand for specialized, high-quality postpartum recovery services. This demand has promising commercial prospects, and the board has observed local markets already seeing brands established by local entrepreneurs, with very positive market feedback.

Youyishiguang (06820): Expected 2025 Profit of About HKD 90-96 Million, Turning Losses into Profits

Youyishiguang (06820) announced that the group expects to achieve revenue of approximately HKD 1.22-1.26 billion in 2025, representing a year-on-year increase of about 4.9% to 8.4%; and profits of about HKD 90-96 million, turning losses into gains, a year-on-year increase of approximately 284.2% to 296.5%. The main reason for revenue growth is the steady contribution from existing game products, with titles like “Dulala Rising,” “Lingyun Nuo,” and “Xifei Chuan” performing well, along with positive progress in new business areas.

BYD Announces Partnership as Official Partner of Manchester City Football Club

On February 11, BYD announced a strategic partnership with Manchester City Football Club, becoming an official partner.

Value Partners Group (00806): Expected 2025 Consolidated Net Profit Attributable to Shareholders to Surge to About HKD 660 Million

Value Partners Group (00806) announced that it expects the group’s attributable net profit for 2025 to reach approximately HKD 660 million (unaudited estimate), a significant increase from HKD 31 million in 2024.

NetEase-S (09999) Reports 2025 Results, Net Profit Attributable to Shareholders About RMB 33.76 Billion, Up 13.68% Year-on-Year

NetEase-S (09999) announced its Q4 2025 results, with revenue of RMB 27.547 billion, up 3.0% year-on-year. Gross profit was approximately RMB 17.7 billion, up 8.7%. Net profit attributable to shareholders was RMB 6.242 billion. The quarterly dividend was USD 0.232 per share. Revenue from games and related value-added services was RMB 22 billion, up 3.4%. Youdao revenue was RMB 1.6 billion, up 16.8%. Net revenue from NetEase Cloud Music was RMB 2 billion, up 4.7%.

NetEase Cloud Music (09899) Reports 2025 Results, Adjusted Net Profit About RMB 2.86 Billion, Up 68.2% Year-on-Year

NetEase Cloud Music (09899) announced its 2025 results, with revenue approximately RMB 7.759 billion, gross profit about RMB 2.77 billion, up 3.3%; annual profit about RMB 2.746 billion, up 75.4%; and adjusted net profit approximately RMB 2.86 billion, up 68.2%.

【Stock Highlights】

Rebio Bio-B (06938) Signs Exclusive Global Licensing Agreement with Madrigal for Several siRNA Assets

Rebio Bio-B (06938) announced that on February 11, 2026 (after trading hours), the company and its subsidiary Ribocure Pharmaceuticals AB entered into an exclusive global licensing agreement with Madrigal Pharmaceuticals, Inc. (NASDAQ: MDGL) for the development of six preclinical siRNA therapies targeting fatty liver disease related to metabolic dysfunction-associated steatohepatitis (MASH). The group will receive a USD 60 million upfront payment, with potential total payments of USD 4.4 billion upon reaching certain development, regulatory, and commercialization milestones, plus potential royalties on net sales.