On February 26, the three major indexes of Hong Kong stocks soared at the beginning of the session, and then fell rapidly and remained ** throughout the day. As of **, the Hang Seng Index closed down 054% at 1663474 points; The Hang Seng Tech Index fell 019% at 339329 points; The Hang Seng China Enterprises Index fell 072% at 572336 points. 
On the market, the performance of technology stocks was sluggish, Bilibili fell more than 2%, NetEase, Tencent fell more than 1%, Xiaomi, JD.com fell nearly 1%, Meituan, Alibaba fell slightly. The non-ferrous sector led the decline, and CGN Mining fell more than 8%. Financial and insurance stocks fell, with Ping An of China and Chinese Life falling more than 2%, and AIA falling more than 1%. On the other hand, favorable policies stimulated the strengthening of heavy machinery stocks, Sany International once rose more than 17% in intraday trading, and Apple concept stocks, paper stocks, and education stocks performed actively. The property sector collectively rose, Evergrande Property rose 34%, Ya Life Services rose more than 11%, and Kaisa Beautiful rose more than 10%. 
Here's the good news! Heavy machinery stocks soaredSany International once rose by more than 17%.On February 26, stimulated by favorable policies, most of the heavy machinery stocks in Hong Kong stocks **. Among them, Sany International once rose more than 17% intraday and closed up more than 14%, leading the sector. In addition, China National Heavy Duty Truck rose 395%, Morimatsu International rose 239%, China Lonking rose 149%。
On the news side, the fourth meeting of the ** Financial and Economic Committee studied the issue of large-scale equipment renewal and trade-in of consumer goods, and studied the effective reduction of logistics costs in the whole society. The scope of this trade-in includes not only traditional consumer goods such as automobiles and home appliances, but also various production equipment such as machine tools, boilers, and paint equipment. Analysts said that the equipment renewal cycle window may be approaching, with the 8th year of the excavator as the peak period of renewal, 2023 and 2024 domestic excavator renewal demand will hit the bottom**. Hua Chuang** pointed out that as a midstream industrial investment product, the growth momentum of general equipment is driven by downstream demand and has typical cyclical growth characteristics. Downstream capital expenditure fluctuations are transmitted to the upstream, forming an inventory cycle of replenishment and destocking, which is expected to be the first to benefit under the influence of large-scale equipment renewal policies and industrial upgrading trends. General equipment mainly includes industrial machine tools, injection molding machines, industrial robots, industrial control, construction machinery, etc. In addition, as of February 23, 31 provinces have published budget reports and disclosed the amount of local government bonds approved in advance. According to the data, in 2024, the total amount of special bonds and general bonds approved in advance by 31 provinces across the country will be 2.28 trillion yuan and 432 billion yuan, respectively. These two figures are equivalent to 60% of the new special bonds and new general bonds in 2023, respectively. At the same time, major projects around the country set off a wave of concentrated start-up, which is expected to drive the recovery of the construction machinery industry. Will Air China increase its holdings? Cathay Pacific rose more than 4% at one point in intraday tradingOn February 26, Cathay Pacific Airways rose more than 4% intraday, and its stock price hit a new high since September 2023, and finally closed up 307%。
It is reported that Air China has recently re-examined increasing its stake in Cathay Pacific by nearly 30%, and has approached advisers to discuss relevant matters, including communicating with lenders, to assess the opportunity to obtain sufficient financing, but the relevant discussions are still in the preliminary stage.
It is reported that according to the shareholders' agreement disclosed by Cathay Pacific in 2018, if Air China wants to increase its stake in Cathay Pacific, it must obtain the consent of Swire Pacific. Currently, Swire Pacific holds about 45% of the airways and has expressed strong support for the airline. There is a shareholders' agreement between Air China and Swire Pacific, and both parties are deemed to be acting in concert. If Air China increases its stake, it may not only trigger regulatory issues, but also cross the 30% threshold for an all-out offer. In the industry, the China Post ** research report pointed out that in 2024, the growth rate of China's civil aviation supply will be limited, and the demand side will recover as a whole. Among them, the repair of the international market is expected to further improve the market structure, and the fundamentals of the industry continue to improve. In the longer term, there are long-term constraints on the supply of civil aviation, the growth rate of supply is expected to remain low, and the increase in demand is expected to drive the continuous improvement of the supply and demand relationship of civil aviation and raise the profitability of the industry. Editor: Captain Review: Xu Wen.