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On February 25, the A-share market continued its strong performance since the beginning of the Year of the Horse. The major indexes collectively closed up and market trading continued to increase. It is worth mentioning that after the first trading day of the Year of the Horse on February 24, the market reached a daily limit of more than 100 stocks. On the 25th, the market once again ushered in a daily limit of more than 100 stocks. Volume energy and sentiment resonated upward, and the spring market enthusiasm continued to spread.
As of the close, the Shanghai Composite Index was at 4147.23 points, up 0.72%; the Shenzhen Component Index was at 14475.87 points, up 1.29%; the GEM Index was at 3354.82 points, up 1.41%; the Science and Technology Innovation Composite Index was up 1.20%, and the Beixin 50 Index was up 0.77%. The total turnover of the three cities of Shanghai, Shenzhen and North China exceeded 2.48 trillion yuan, with a volume of 262.7 billion yuan higher than the previous trading day. It has remained above 2.2 trillion yuan for two consecutive trading days, and the trend of capital entry is clear.
General rising characteristics are obvious
Specifically, on February 24, the turnover of the Shanghai, Shenzhen and North stock markets was 2.2 trillion yuan, 4,006 stocks in the market rose, and 109 stocks reached the daily limit, achieving a "good start" in the Year of the Horse. On February 25, the volume was further amplified. 3,748 stocks in the market rose, 101 stocks reached the daily limit, and only 4 stocks fell below the limit. The profit-making effect of individual stocks is high. The general market rise has obvious characteristics, and the upward trend of the index resonates with the strength of individual stocks, changing the previous structurally differentiated market pattern.
At the level of individual stock sentiment, the daily limit of more than 100 stocks for two consecutive days has become the core indicator of market sentiment, while the echelon of strong connected stocks is complete, highly open, and has a stable promotion rate, which has become an intuitive reflection of short-term capital sentiment. On February 25, the total number of stocks with consecutive boards was 18, which was significantly expanded from the 7 stocks on the previous trading day. Among them, 4 stocks with three consecutive boards or above with high bids reached 4. The height of the market's consecutive boards expanded from 3 consecutive boards before the holiday to 5 consecutive boards in one fell swoop. Short-term relay sentiment continued to recover. Yuneng Holdings, which has five consecutive board targets, is the highest space board in the market, with a single-day transaction volume of 3.359 billion yuan and a turnover rate of 21%.
From the perspective of the structure of daily limit stocks, cyclical stocks and technology growth stocks have become the main force. There are both low-level targets driven by resource price increases and hard technology targets supported by industrial prosperity. The closing rate remains high, the willingness of funds to close the market is strong, and short-term funds and mid-term institutional funds have formed a synergy to promote market sentiment to continue to rise.
Price increase themes lead the rise
In terms of sector operation, the market presents a pattern driven by the dual main lines of cyclical price increases and technological growth, providing support for the continued upward movement of the index. The theme of cyclical price increases has become the core leading force in the market in the past two days. Benefiting from the rise in international commodity prices, the strengthening of domestic strategic resource positioning and the expectation of product price increases, the rare earth, minor metals, non-ferrous metals, oil and gas exploration, phosphorus chemicals, steel and other sectors have exploded across the board.
Among them, the concept of rare earths surged, with Baotou Steel Co., Ltd. and Northern Rare Earth both hitting their daily limit. On the news, the quotations from the Baotou Rare Earth Products Exchange show that the prices of praseodymium and neodymium oxide, praseodymium and neodymium metal, metal neodymium, dysprosium oxide, and terbium oxide have generally risen after the holiday. The average prices on February 24 were 882,000 yuan/ton and 1.0367 million yuan/ton respectively. , 1.12 million yuan/ton, 1.6229 million yuan/ton and 6.438 million yuan/ton, respectively increased by 41,600 yuan/ton, 31,700 yuan/ton, 80,000 yuan/ton, 170,000 yuan/ton and 118,000 yuan/ton compared with before the holiday.
The port shipping sector was also affected by the logic of price increases. China Merchants Energy Shipping and COSCO Shipping Energy all went up by the daily limit at the beginning of the market. As of the close, the total market value had exceeded 110 billion yuan. In terms of news, the prosperity of the oil transportation industry has increased significantly recently and has become a hot spot in the market. The latest data on February 24 showed that the price of renting a very large crude carrier (VLCC) to transport Middle East crude oil to China has exceeded US$170,000 per day, setting a new high since April 2020.
Agency: The spring market is sustainable
Market institutions generally believe that the daily limit of 100 stocks has been exceeded for two consecutive days and the trading volume has gradually increased, confirming the logic of capital entry and the sustainability of the spring market.
A Galaxy Securities research report stated that after the Spring Festival holiday, catalyzed by policy expectations, liquidity support and industrial trends, the market is likely to fluctuate upward. At the same time, it is necessary to pay close attention to the short-term disturbance of market sentiment caused by overseas uncertainties. Around March, the A-share market may take policy catalysis as the core driving force, with funds competing around policy-oriented industry main lines and theme opportunities, showing the characteristics of "rotation of policy hot spots and rapid switching of styles". At the same time, in March, the market logic will gradually shift from "policy expectations" to "performance fulfillment." The disclosure of the 2025 annual report of listed companies and the subsequent disclosure of the first quarter report of 2026 will become the market anchor, and targets whose performance exceeds expectations may receive funding focus.
In terms of allocation opportunities, Galaxy Securities believes that we can focus on two main lines: on the one hand, the concept of "anti-involution" driven by the improvement of the supply and demand pattern and the restoration of industry profits, as well as the valuation of dividend assets with a margin of safety. The allocation logic is still clear. It is recommended to focus on non-ferrous metals, petroleum and petrochemical industries that benefit from rising prices, as well as basic chemicals, steel, cement, building materials, finance and other sectors. On the other hand, as the world's major changes unseen in a century accelerate, the underlying logic of the domestic economy shifts to new productive forces. Semiconductors, artificial intelligence, new energy, military industry, aerospace and other fields deserve attention.
At 16:00 on February 24, 2026, the Thai Tourism Police and Chonburi Immigration Bureau officials conducted a joint operation and arrested four transgender suspects on suspicion of robbing and beating a German tourist in Pattaya. There are still two suspects at large.
The arrest resulted from a report made by a 55-year-old German man to the Pattaya City Police Station. The man said that before 0:45 a.m. on February 24, in a hotel room on Pattaya Road 2, two suspects stole 35,000 baht in cash and 1,200 euros from the room safe.
The tourist said that he found one of the suspects near Pattaya Beach afterwards and tried to control him while calling the police. During the process, he was surrounded by the other suspect's accomplices and was injured.
Police revealed that the tourist had invited the two suspects to the hotel room before the incident. During this period, while he was in the bathroom with one of them, the other person found an envelope containing cash and took the cash. Due to an argument, the original sex deal was canceled and the two men left the room. Police said the suspect admitted to dividing the stolen goods afterwards.
Tourists went out to search for the two men after discovering their belongings were missing, and were confronted by one of them near the beach. Police said the suspect called his accomplices for backup, and others arrived and beat the tourists.
Three of the suspects were charged with joint injury causing injury; another two were also charged with "joint burglary at night". All arrested persons have been detained and will be dealt with according to law.
Police said two of the suspects had apologized and admitted to committing the crime out of greed after seeing the large amount of cash.
The victim expressed appreciation for the Pattaya police's quick action and said he planned to return to the resort city in December this year to thank the police in person for their assistance.
On the 24th, New York Governor Kathy Hochul publicly asked the Trump administration to refund approximately $13.5 billion in tariff payments to New York residents. This move followed the Supreme Court's 6-3 ruling last week that Trump's tariff policies were illegal. Hochul called these tariffs essentially "illegal taxes on consumers, small businesses and farmers," and cited data from the Yale Budget Laboratory, pointing out that the average New York household spent $1,751 more due to tariffs, with a total impact across the state of $13.5 billion.
“These unjustified and illegal tariffs are nothing more than a tax on New York consumers, small businesses and farmers – so I’m demanding a full refund,” Hochul said in a statement. “I will never stop fighting for New Yorkers, which means I will always work to put money in your pockets — not take money out of your pockets.”
The Supreme Court ruled that Trump did not have the authority to impose the tariffs under the emergency powers law, emphasizing that the power to impose taxes rests with Congress. The ruling reverses a broad range of tariffs imposed by Trump last year that were aimed at China and other countries but were criticized for burdening American consumers.
New York State Senator Michelle Hinchey supported the move: "Trump's tariffs unfairly raise taxes on New Yorkers, driving up costs for working people and increasing operating costs for businesses. Our residents and businesses deserve to get this money back."
Hochul is not alone in his efforts, as California Governor Gavin Newsom and Illinois Governor JB Pritzker have also issued similar requests.
In his State of the Union address on the 24th, Trump stated that tariffs would be restored through other means. Analysts said the refund request could trigger a wave of lawsuits across the country and test the federal government's response.
On the 24th, the historic Molino Building in Buenos Aires was lit up in Chinese red. Argentine House of Representatives Speaker Martin Menem and Chinese Ambassador to Argentina Wang Wei attended the Chinese New Year celebrations, which local media interpreted as a "handshake that transcends ideology."
The question that arises is "when will President Milley fly to Beijing?" Although he himself stated in an interview with the media at the beginning of the year that he would visit China this year, he does not rule out that this trip will be affected by Afghanistan's financial situation and Sino-US relations.
On the one hand is the China-Arab local currency swap agreement that expires in the middle of this year. If an extension or new arrangement cannot be reached, Argentina's already fragile foreign exchange reserves will face a severe impact and may even fall into a debt default crisis again.
On the other hand, Milley is deeply tied to the United States diplomatically, so his visit to China also depends on the "face" of the United States. Local diplomats predict that Milley will most likely observe Trump's announced visit to China in April, assess the boundaries of Sino-US interaction, and determine whether Argentina has "bargaining space" before embarking on a trip to Beijing.
As the expiration date of the swap agreement approaches, the Milais government must exchange high-level contacts for financial stability and is likely to plan a visit to China between May and June. This is also the most realistic trigger point for his visit to China.
Of course, by then, Milley is likely to describe his visit to China as a "commercial consultation in the interests of Argentina" rather than an ideological turn, as he stated in an interview at the beginning of the year.
Therefore, the Spring Festival activities held in the House of Representatives are more about releasing friendly signals to China rather than ideological changes. This signal is also reflected in the personnel layout.
Recently, Ignacio de Wit, who has a background of studying in China, became the Secretary of State for Strategic Affairs and officially entered Milley's "core political circle." De Wit had previously been invited by China to receive training in the "Towards the Future" academic exchange program in China, and also held important positions at the Arab-China Chamber of Commerce.
Local media referred to De Wit as the "Adoni (Cabinet Chief Minister) No. 2" official who is not only responsible for coordination between the government and Congress, but also responsible for identifying strategic opportunities.
Media reports said: "When issues become sensitive, DeWitt will appear." He also believes that DeWitt's appointment as strategic secretary of state is an "interface" reserved for the Milley government to maintain pragmatic contacts with China while maintaining a pro-American stance.
In addition to Speaker of the House of Representatives Menem praising Sino-Arab cultural exchanges as a "bridge of mutual respect" at the event, Sino-Arab cultural diplomacy is also unprecedentedly popular. The Lantern Festival Temple Fair held in La Plata attracted more than 700,000 people and was the largest celebration of the Chinese New Year in Latin America.
This excitement in official and non-governmental diplomacy is also warming up Milley's possible visit to China.
But there is still huge uncertainty about whether Milley will visit China. Even whether Trump’s claimed visit to China will take place is still unknown. In the context of Milley's over-reliance on Washington's "instructions", it is unknown whether he has the diplomatic initiative.
But for Millais, the middle of the year may be an insurmountable "rigid node." He wants to wait for clearer signals from Washington, but central bank reserves don't allow him to wait indefinitely.
From the Spring Festival celebrations at the Molino Building to the emergence of "China experts" in the decision-making circles of the Presidential Palace, the Milais government is carefully seeking a strategic balance. Under the diplomatic banner of "turn to the right", China has quietly turned to pragmatism in international exchanges. Millay's visit to China is no longer a question of "whether to go or not", but a decision on how to stabilize Argentina's economic fundamentals through a trip to Beijing before June without offending Washington.
In the early morning of the 23rd, many Chinese tourists stranded at the Moscow airport said that due to Ukrainian drones invading Moscow’s airspace, Moscow flights were widely delayed. They had been stranded at the airport for several hours and were very anxious. On the morning of the 23rd, a passenger on flight CZ342 from Moscow to Beijing told Jimu News that she and her friends had been stranded at the Moscow Airport for 10 hours and were expected to board the plane at 11:00 Beijing time. They were worried about not being able to make it to work. A customer service staff member of China Southern Airlines said that the flight was delayed due to public safety reasons and there is currently no compensation measure.
Screenshots of netizen posts
According to a post by a netizen, a notice at the Moscow airport showed that due to Ukrainian drones invading Moscow's airspace, Moscow Sheremetyevo Airport was temporarily closed, and China Southern Airlines flight CZ341 was diverted to Gorky Airport for refueling. Flight CZ342 is expected to be delayed for 6 hours. Boarding time to be determined. Each passenger is issued a 4,000 ruble meal voucher. Many Chinese tourists said they were also stranded at the Moscow airport and felt very anxious.
Screenshots of netizen posts
On the morning of the 23rd, the netizen Ms. Huang told Jimu News reporter that she traveled to Russia during the Spring Festival holiday. Affected by the Ukrainian drone attack, flights to Moscow were widely delayed. Her flight CZ342 was originally scheduled to take off at 19:00 local time on the 22nd. So far, she has been stranded at the Moscow Airport for 10 hours and is expected to board the plane at 7:00 local time on the 23rd. "I received two delayed text messages, and I felt very anxious. There were many Chinese people in the airport. Everyone was very tired and lay together. We didn't dare to sleep, so we just sat on the chairs and wanted to go home. After all, there was a 5-hour time difference, and there were a lot of things to do when we got back, and we were worried that we would not be able to catch up with work." Ms. Huang said.
Another passenger on China Eastern Airlines flight MU592 told Jimu News reporter that she was stranded at the airport for nearly nine hours and has now boarded the plane. News of flight delays were updated many times, and she was very worried. "There are many Chinese people at the airport, and most of them are rushing back to work on the plane," she said. A reporter from Jimu News found that the flight had taken off from Moscow.
Jimu News reporter contacted China Southern Airlines regarding this matter. A customer service staff said that flight CZ342 was late due to public safety reasons for the previous flight, which resulted in the delay of subsequent flights. The flight is expected to take off at noon on February 23, Beijing time. Regarding follow-up measures, customer service said that the delay was caused by force majeure factors and was not caused by China Southern Airlines. No additional compensation is currently available. The flight manager showed that the flight will take off at 7:06 am on the 23rd (12:06 Beijing time).
According to the Global Times, the Russian Ministry of Defense stated on the 22nd that as of 20:00, the Russian air defense system had intercepted and shot down 360 Ukrainian drones that day, of which more than 20 drones flew to Moscow.
The Russian Ministry of Defense posted on social media that day that from early morning to 20:00 on the 22nd, the Russian air defense system intercepted and shot down 360 Ukrainian drones over the Bryansk Oblast, Kaluga Oblast, Belgorod Oblast, Tula Oblast, Kursk Oblast, Smolensk Oblast, Tver Oblast and Moscow Oblast. More than 20 of them flew to Moscow. In addition, the Russian Ministry of Defense reported that day that in retaliation for Ukraine’s attacks on Russian civilian infrastructure, in the past 24 hours, the Russian military used ground and air long-range precision weapons and drones to launch large-scale attacks on Ukraine’s military-industrial complex and military energy infrastructure.
IT House reported on February 21 that before the advent of the MacBook, Apple’s iconic consumer product was the iBook series.
A Reddit post that went viral on Thursday showed that even though it has been 27 years since the first iBook was released, Apple still retains system update servers for the series, and the iBook can connect to modern Wi-Fi networks without any modifications. Triggered user discussion on Apple's long-term software support strategy.
As a product line born after Steve Jobs returned to Apple in 1996, iBook is a more user-friendly and less powerful follow-up to Apple's professional laptop PowerBook. Obviously, this positioning has not affected Apple's support for it.
The poster @Decent-Cow2080 showed an iBook G4 released in 2003 and successfully downloaded several system patches in 2026. Of course, these updates are just patches released over a decade ago, as security support for the iBook G4 ended in 2011.
Even so, these files are still quietly stored on Apple's servers, waiting for anyone who needs them. This is equivalent to Microsoft servers still hosting Windows 98 today (which is not the case).
Remarkably, the 23-year-old device seamlessly connects to modern Wi-Fi networks without any modifications. This is one of the important legacies left by Jobs for iBook G4.
As the first mainstream consumer laptop equipped with Wi-Fi (IT Home Note: Apple called it AirPort at the time), Jobs even used a hula hoop to demonstrate on stage, as if to let people see the future wireless connection method with their own eyes. Nearly three decades later, people continue to marvel at its ability to seamlessly connect to the Internet, which is significant in itself.
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