Group 1 - Blackstone-backed mobile advertising platform Liftoff has confidentially resubmitted its IPO application, previously delaying a plan to raise up to $762 million [1] - On February 14, 2026, rumors emerged that Blackstone is considering acquiring Hong Kong property firm New World Development, which led to a 53% year-to-date increase in New World's stock price despite the company stating no agreement has been reached [1] Group 2 - Blackstone reported strong performance for the fiscal year 2025, with assets under management increasing by 13% to approximately $1.27 trillion, and fourth-quarter inflows reaching $71 billion, the highest in three and a half years [2] - The net profit attributable to shareholders for fiscal year 2025 was $30.192 billion, reflecting an 8.74% year-over-year growth, with a return on equity (ROE) of 35.78% [2] Group 3 - Blackstone's stock (BX.N) experienced a price fluctuation of 2.51% from February 13 to 18, 2026, with a high of $134.86 and a low of $126.67, closing at $133.03 on February 18, up 1.25% for the day with a trading volume of $433 million [3] - During the same period, the asset management sector rose by 1.39%, while the Dow Jones and Nasdaq indices increased by 0.22% and 0.72%, respectively [3]

Core Viewpoint - The flying performance featuring 22,580 drones, organized by EHang Intelligent and its subsidiary EHang Egret Media Technology, showcases the integration of traditional culture and cutting-edge technology, setting a Guinness World Record for the most drones controlled by a single computer simultaneously [1][6][12]. Group 1: Event Details - The flying performance took place on New Year's Eve 2026 at the Central Park in Hefei, highlighting the combination of Anhui's traditional Hui-style architecture and modern technology [1][5]. - A total of 22,580 GHOSTDRONE 4.0 drones were used, achieving a new Guinness World Record for simultaneous airborne drones controlled by a single computer [3][6]. Group 2: Technological Achievements - EHang's drone formation technology has evolved from controlling 8 drones to 22,580 drones over nine years, demonstrating significant advancements in drone control and synchronization [7][10]. - The GD4.0 drones feature solid-state batteries, allowing for over 45 minutes of flight time in temperatures as low as -20 degrees Celsius, with high precision in positioning and flight control [9][10]. Group 3: Industry Implications - The successful record-breaking event is expected to drive advancements in global drone swarm control technology, providing a reference for cold-weather applications and addressing technical challenges in high-density airspace management [12][13]. - EHang is exploring commercial opportunities, including regular flying activities in Hefei's Central Park and plans for the EH216-S manned aircraft to enhance tourism and urban air mobility [12][13]. Group 4: Economic Context - Anhui province has established a solid foundation for the low-altitude economy, with over 570 companies in the industry chain and expected revenue exceeding 60 billion yuan by 2025 [13].

Core Viewpoint - Sweden is considering adopting the euro, marking a significant shift in its monetary policy, influenced by geopolitical concerns and its recent NATO membership [1][6][7] Group 1: Political Developments - The Swedish government has initiated discussions on the pros and cons of joining the eurozone, led by Finance Minister Elisabeth Svantesson [2][5] - Lars Calmfors, a prominent economist, has shifted his stance to support eurozone membership, citing changed geopolitical dynamics and the need for stronger European cooperation [8][10] - Political support for euro adoption is fragmented, with only the Liberal Party firmly in favor, while other parties remain undecided or opposed [11][10] Group 2: Economic Implications - Joining the eurozone could enhance Sweden's political ties within Europe and provide a stronger voice in monetary policy, potentially benefiting trade and investment [7][9] - Sweden's economy is increasingly synchronized with the eurozone, reducing the necessity for an independent monetary policy [3][8] - The volatility of the Swedish krona has been a concern for business leaders, who argue that adopting the euro would stabilize the currency and benefit the industrial sector [3][8] Group 3: Public Sentiment and Challenges - Public opinion remains divided, with nearly half of Swedes opposing euro adoption, although support has increased compared to a decade ago [10][11] - A significant barrier to euro adoption is the need for broad political and public support, as previous decisions have relied on public referendums [10][11] - If obstacles are overcome, transitioning from the krona to the euro could take at least four years, including a two-year period to establish exchange rate stability [11][10]

Core Viewpoint - New World Development (00017.HK) announced that it will hold a board meeting on February 27, 2026, to approve the interim results for the six months ending December 31, 2025, and to consider the distribution of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for February 27, 2026 [1] - The meeting will focus on approving the interim results for the six months ending December 31, 2025 [1] - The company will also consider the distribution of an interim dividend during this meeting [1]

Group 1 - The 2026 New World National Comic Culture Expo was held in Zhengzhou, focusing on integrating traditional Chinese culture with contemporary national comic trends, attracting numerous fans and visitors [1] - The expo featured a collaboration between CITIC Bank Zhengzhou Branch and Zhengzhou Cultural Tourism and Sports Group, launching a co-branded credit card designed with national comic elements, offering exclusive benefits to attendees [3] - CITIC Bank Zhengzhou Branch conducted financial literacy promotion activities during the expo, targeting young audiences to raise awareness about fraud prevention and card safety [3] Group 2 - CITIC Bank Zhengzhou Branch plans to leverage the "finance + industry" synergy of the group to provide more open, diverse, and convenient financial services, aiming to integrate deeper into the lives and consumption scenarios of young people [4]

Core Viewpoint - The 2026 New World National Comic Culture Expo, sponsored by CITIC Bank Zhengzhou Branch and organized by Zhengzhou Cultural Tourism and Sports Group, successfully attracted a large number of national comic enthusiasts and visitors, showcasing the integration of traditional Chinese culture with contemporary national comic trends [1][3]. Group 1: Event Overview - The expo lasted for two days and was held at the Zhengzhou International Convention and Exhibition Center, marking it as a significant cultural event in the Central Plains region [1]. - The event combined professional exhibitions with public experiences, allowing both seasoned fans and curious visitors to engage with the vibrant young culture and unique charm of national style [3]. Group 2: Financial and Cultural Integration - The collaboration between CITIC Bank Zhengzhou Branch and Zhengzhou Cultural Tourism and Sports Group represents an innovative attempt to merge finance with culture, aligning with the bank's brand proposition of "making wealth warm" [3]. - A co-branded national comic-themed card was launched during the expo, featuring national comic elements, offering personalized and collectible value, along with exclusive benefits such as opening gifts and consumption discounts [3]. Group 3: Financial Literacy Promotion - During the expo, CITIC Bank Zhengzhou Branch conducted financial literacy campaigns, utilizing interactive activities to educate young audiences on fraud prevention and card safety, thereby enhancing public financial literacy [5]. - The bank aims to leverage its "finance + industry" collaborative advantages to provide more open and diverse financial services, integrating into the lifestyles and consumption scenarios of young people [5].

Core Viewpoint - The successful completion of live working at an altitude of 5211.5 meters by the State Grid Qinghai Electric Power Company marks a new world record for ultra-high voltage live working at high altitudes, enhancing the safety and reliability of power supply in Tibet during the peak electricity demand period [1][2] Group 1: Project Overview - The ±400 kV Qinghai-Tibet interconnected project, known as the "Electricity Highway," is the first power line to enter Tibet, completed and put into operation at the end of 2011, enabling the integration of the Tibet power grid with the national grid [1] - The project addresses the seasonal electricity shortages in winter and the challenges of hydropower consumption in summer for the Tibet region [1] Group 2: Operational Achievements - The live working operation was conducted at two locations: the 1382 tower near the Tangula Mountain Pass at 5211.5 meters and the 1134 tower in the Yanshiping area at 4691 meters, both setting new world records for altitude [2] - The operation demonstrates the advanced capabilities of the power grid maintenance in extreme environments, ensuring minimal power outages and providing robust support for local economic and social development [2] Group 3: Safety Measures - The company utilized drones for comprehensive inspections of the power line, identifying and addressing potential hazards before the peak demand period, ensuring a stable power supply for the Tibetan people during the Spring Festival [2]

Group 1 - The company, New World Department Store China (00825.HK), will hold a board meeting on February 26, 2026, to approve the publication of its interim results for the six months ending December 31, 2025, and to consider the distribution of an interim dividend, if any [1]

Core Viewpoint - China has achieved a significant technological breakthrough in nuclear fusion with the "Honghuang 70" device, successfully igniting plasma at 100 million degrees Celsius and maintaining stable operation for 1337 seconds, setting a new world record [1][29]. Group 1: Technological Achievement - The "Honghuang 70" device's 1337 seconds of stable operation surpasses the previous record of 1066 seconds held by the EAST device, marking a substantial advancement in nuclear fusion technology [7][9]. - This achievement is seen as a milestone that could revolutionize energy production, as nuclear fusion has the potential to provide a clean, virtually limitless energy source without long-lived nuclear waste or greenhouse gas emissions [4][31]. Group 2: Competitive Landscape - China's rapid advancement in nuclear fusion technology positions it as a leader in the field, contrasting with other countries that have faced significant challenges in achieving similar breakthroughs [13][21]. - The ITER project, a collaborative effort among seven countries, aims for a target of 500 seconds of stable operation but has yet to achieve ignition, highlighting the difficulties faced by international projects [23]. Group 3: Strategic Advantages - China's success is attributed to a collaborative model that combines state-supported research institutions with private enterprises, allowing for innovative engineering solutions and efficient project execution [15][26]. - The "Honghuang 70" device utilizes high-temperature superconducting magnet technology, which is more efficient and stable compared to traditional low-temperature superconductors, contributing to the extended operational time [14][17]. Group 4: Future Prospects - The breakthrough lays the foundation for commercial nuclear fusion power plants, with projections suggesting that China could achieve commercial viability by 2050, ahead of global timelines by 10-15 years [11][29]. - The successful development of nuclear fusion technology is expected to significantly reduce electricity costs and enhance energy security, ultimately leading to a sustainable energy future free from fossil fuel dependence [31][33].

Group 1 - The core viewpoint of the report is that New World Development is expected to announce a net loss for the first half of the fiscal year 2026, despite improvements in Hong Kong residential sales and reductions in administrative expenses [1] - The primary focus for New World Development remains on deleveraging, with project sales emphasizing volume over profit margins [1] - The K11 malls under the company are performing well, showing positive sales growth and new tenant signings, which may lead to unexpected positive results [1] Group 2 - Morgan Stanley has assigned a "Reduce" rating to New World Development with a target price of HKD 6.5 [2]