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The US-Iran conflict suppresses global risk appetite, the blockade of the Strait of Hormuz constrains oil, and the key to foreign capital inflow into Hong Kong stocks lies in fundamentals --- 0203 Macro Highlights

The US-Iran conflict suppresses global risk appetite, the blockade of the Strait of Hormuz constrains oil, and the key to foreign capital inflow into Hong Kong stocks lies in fundamentals --- 0203 Macro Highlights

``` 1. On February 28, the US and Israel launched a joint strike against Iran, after which Iran retaliated. Geopolitical tensions temporarily boosted commodity risk premiums and suppressed global risk appetite, resulting in lower US Treasury yields. There are significant internal disagreements within the Federal Reserve. Although the market expects three
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MINIMAX: Total annual revenue in 2025 increased by 158.9% year-on-year to $79 million, with over 70% of the revenue coming from international markets; the annual loss increased by 302.3% from $465 million in 2024 to $1.872 billion in 2025.

MINIMAX: Total annual revenue in 2025 increased by 158.9% year-on-year to $79 million, with over 70% of the revenue coming from international markets; the annual loss increased by 302.3% from $465 million in 2024 to $1.872 billion in 2025.

``` MiniMax's full-year performance in 2025 exceeded expectations, AI platformization opens up growth space MiniMax released its annual results for the year ended December 31, 2025. During the reporting period, the company's total revenue was $79.038 million, an increase of 158.9% year-on-year, with more than
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