Chinese Concept Stocks | Nasdaq Golden Dragon Index Drops 5.24% Amid Chinese Stocks Rally

On February 25th (Tuesday) Eastern Time, the three major U.S. stock indexes fluctuated, with the S&P 500 index down 0.47% at 5955.25 points; the Dow Jones index up 0.37% at 43621.16 points; and the Nasdaq index down 1.35% at 19026.39 points.

On February 24th, the Nasdaq Golden Dragon China Index fell 5.24%.

Among popular Chinese concept stocks, Xiaopeng Motors rose 5.46%, Alibaba increased 3.88%, Bilibili climbed 3.75%, JD.com rose 1.93%, Baidu increased 1.31%, NetEase rose 0.73%, NIO fell 1.95%, TSMC dropped 1.20%, and Pinduoduo decreased 0.50%.

In terms of continuously rising Chinese concept stocks, Yuchai International saw a 5.18% increase over 7 consecutive days with a cumulative increase of 117.31%. 1 Pharmacy Network rose 0.12% over 7 days with a cumulative increase of 14.29%. Paiming Chip City increased 9.02% over 5 consecutive days with a cumulative increase of 22.88%. BeiGene rose 0.47% over 4 days with a cumulative increase of 9.72%. TH International increased 1.70% over 4 days with a cumulative increase of 6.02%. Sanhe Intelligent rose 6.75% over 4 days with a cumulative increase of 207.26%. Taihe Cheng Medical increased 11.95% over 4 days with a cumulative increase of 16.30%. Ucommune rose 1.85% over 4 days with a cumulative increase of 6.42%.

Regarding continuously declining Chinese concept stocks, Cango fell 6.70% over 10 consecutive days with a cumulative decrease of 33.21%. Kuke Music fell 8.51% over 8 days with a cumulative decrease of 42.36%. TSMC dropped 1.19% over 6 days with a cumulative decrease of 7.13%. Opera Browser fell 1.94% over 6 days with a cumulative decrease of 16.97%. Xunlei decreased 8.88% over 6 days with a cumulative decrease of 21.97%. Metalpha Technology fell 7.14% over 6 days with a cumulative decrease of 37.41%. Huami Technology decreased 0.72% over 6 days with a cumulative decrease of 9.24%. Inlife fell 9.09% over 6 days with a cumulative decrease of 87.75%. Libang Kitchenware dropped 27.66% over 6 days with a cumulative decrease of 49.75%.

On the afternoon of February 25, Chongqing Party Secretary Yuan Jiajun met with Wu Yongming, CEO of Alibaba Group, and his delegation. Yuan Jiajun welcomed them to Chongqing to deepen cooperation and expressed gratitude for Alibaba Group's strong support in building Digital Chongqing and developing artificial intelligence. He noted that Chongqing, as a mega-city, offers vast opportunities for AI development in industrial growth and social governance. Chongqing is seizing opportunities to enhance AI capabilities, building a digital city operation and governance center, exploring new paths for modernizing governance in large cities, creating a new model of "industrial brain + future factory," and continuously optimizing the AI development ecosystem. The collaboration between Chongqing and Alibaba Group faces new significant opportunities, and he hopes for pragmatic cooperation in AI model applications, new energy computing hub construction, Digital Chongqing, modern industrial system development, and expanding consumption.

NVIDIA announced that the GTC 2025 conference will hold a China AI Day - Cloud and Internet online session in Chinese, scheduled to start live streaming at 9:30 a.m. Beijing time on March 18. The session will gather several domestic cloud and internet companies, including ByteDance, Volcano Engine, Alibaba Cloud, Baidu, Ant Group, JD.com, Meituan, Kuaishou, Baichuan Intelligence, Laiye Technology, and Votee AI, to share their advancements in large language models, multimodal large language models, data science, and search promotion, showcasing how to enhance production-level AI performance and efficiency through software-hardware co-optimization methods.

Xiaopeng Auto CEO He Xiaopeng posted on social media about Tesla FSD's gradual rollout in China, expressing a warm welcome and anticipating more exciting exchanges and mutual promotion in the smart driving industry.

On the evening of the 25th, the Hong Kong Stock Exchange announced that Baidu reached an acquisition agreement with JOYY Group to acquire JOYY Group's domestic video entertainment live streaming business, YY Live, for $2.1 billion. The agreement states that the $1.6 billion previously deposited in escrow (over 11 billion RMB) has been fully returned to Baidu and will be invested in cloud and AI infrastructure.

Around the technical development of intelligent space and AI base models, Li Auto recently made organizational and personnel adjustments: Chen Wei, formerly responsible for space AI, was transferred to lead the base model department within the System and Computing Group, overseeing self-research of base models. Chen Wei's reporting line changed from Gu Xiaofei, Vice President of Li Auto Intelligent Space, to Xie Yan, CTO of Li Auto and head of the System and Computing Group. Jiang Huixing, formerly head of the Language Intelligence Department under Space AI, replaced Chen Wei as head of Space AI, reporting to Gu Xiaofei.

Augmented Technology issued a notice of unusual fluctuations, clarifying that since its establishment, the company has focused on the research and innovation of various wireless communication chips, centered on cellular baseband communication technology. The chip product sales business accounts for the largest proportion of the company's main business income over the years, with a relatively low proportion of custom chip business. As of the date of this announcement, rumors of a deep strategic partnership with Alibaba Group are untrue, and the company has not provided any ASIC chip customization services to Alibaba Group. It advises investors to make rational decisions and invest prudently.

On the afternoon of February 25, it was reported that Alibaba would fully open-source its video generation model Wanxiang 2.1 tonight. In January, Alibaba's Wanxiang announced the launch of the upgraded 2.1 version, enhancing video and image generation capabilities. In terms of video generation, Wanxiang 2.1 enhances spatiotemporal context modeling ability through self-developed efficient VAE and DiT architecture, supporting efficient encoding and decoding of infinitely long 1080P videos and achieving Chinese text video generation for the first time, ranking first on the VBench list.

JD.com, together with BOE and Skyworth, launched JD's first customized 100-inch TV, the Skyworth JD100 Mini. It is reported that the Skyworth JD100 Mini will start pre-sale on JD.com at 8 p.m. on March 3 and officially go on sale at 8 p.m. on March 13. JD.com stated that for users purchasing JD & Skyworth customized JD100 Mini, JD.com will provide a one-stop "delivery and installation" service for free, covering pre-inspection, product delivery to home, and installation and debugging with just one online appointment and two on-site visits. Additionally, JD.com will offer an extra one-year full machine warranty for free.

On February 25, EHang signed a strategic cooperation framework agreement with Jianghuai Automobile and Guoxian Holdings to establish a joint venture in Hefei, investing in the construction of a low-altitude aircraft manufacturing base to produce electrified, intelligent, and unmanned eVTOL aircraft. The three parties will promote technological upgrades and industrial localization, integrating the new energy vehicle industry chain with aircraft manufacturing technology, standardizing key components of aircraft, creating a comprehensive industrial cluster, and jointly promoting the development of the low-altitude economy and new three-dimensional transportation ecosystem.

According to Baidu Search, as artificial intelligence technology continues to break through, our work and learning methods are rapidly changing. The continuous breakthroughs in deep learning large models are also bringing a new revolution to the education field. Based on this, Baidu's education products "photo search questions" and "AI writing compositions" have officially integrated the DeepSeek-R1 model, injecting new momentum into education products to provide users with a more intelligent and efficient learning experience.

Citi published a research report stating that Trip.com Group's revenue for the previous quarter rose 23% year-on-year, exceeding Citi's expectations by 3.6%. Among them, lodging booking revenue grew 33% year-on-year, exceeding Citi's expectations by 2%; transportation ticketing revenue increased 16% year-on-year, also surpassing Citi's expectations by 3%. Additionally, the company's gross margin for the previous quarter was 79.3%, while Citi predicted 80.5%; the non-GAAP operating profit margin was 21.6%, largely in line with Citi's forecast of 21.5%, but slightly lower than some investors' expectations. Non-GAAP net income was 3.04 billion RMB, with Citi and market expectations at 3 billion and 2.9 billion RMB, respectively. Citi believes investors will focus on Trip.com's revenue outlook for the first quarter and full year, performance in domestic and outbound travel, views on AI technology development, and thoughts on shareholder returns. Citi has a target price of $78 for Trip.com's U.S. stocks and a buy rating.

China Galaxy International's research report stated that artificial intelligence might be a long-term growth driver for Alibaba. The Chinese tech giant announced plans to invest over $52 billion in AI and cloud computing over the next three years. China Galaxy International expects Alibaba's AI-related capital expenditures to primarily focus on cloud infrastructure, Qwen large language models, and various AI applications. The broker believes that if Alibaba can increase its monetization rate in fiscal year 2026 while stabilizing its e-commerce market share, developing its AI and cloud business, it may be possible to re-rate its stock. China Galaxy International reiterated its overweight rating on Alibaba and raised its target price from HK$133 to HK$170.

Li Auto announced that its first pure electric SUV, the Li Auto i8, has entered the mass production countdown stage and is expected to debut at the Shanghai Auto Show on April 23. As the first model in Li Auto's "i" series, the i8 is positioned as a six-seater mid-to-large pure electric SUV, targeting families with two children.

Recently, at the Xiaopeng X9 overseas shipment ceremony, Xiaopeng Auto Chairman CEO He Xiaopeng was asked about the progress of Xiaopeng humanoid robots, stating that although almost all robots in the industry today are at the L2 stage, the goal is to advance to L3. Xiaopeng's robots are also in this process, and he is confident that Xiaopeng will become one of the first companies in China to mass-produce L3 robots. He further stated that Xiaopeng's world model, reinforcement learning, and distillation capabilities will be fully deployed in vehicles, and this technical architecture will be reused in humanoid robots. As a result, humanoid robots will learn more capabilities and acquire more data within the same architecture as smart driving, advancing rapidly.

Li Auto's official blog released information about the first pure electric SUV, the Li Auto i8. According to an insider at Li Auto, the i8 adopts a new exterior design, representing the "next-generation pure electric SUV design direction." The insider revealed that the i series is Li Auto's new pure electric SUV series, alongside the L series and MEGA, forming a complete vehicle matrix with the three product lines.

Li Auto's official blog announced that the