Group 1 - The top short-selling stocks include Sun Hung Kai Properties (80016), China Resources Beer (80291), and AIA Group (81299), all with a short-selling ratio of 100.00% [1][2] - The highest short-selling amounts are recorded for Xiaomi Group (01810) at 1.128 billion, Baidu Group (09888) at 1.106 billion, and Alibaba Group (09988) at 995 million [1][2] - The highest deviation values are for Ping An Insurance (82318) at 58.81%, JD Group (89618) at 38.75%, and Sun Hung Kai Properties (80016) at 35.83% [1][2] Group 2 - The top short-selling ratio rankings show Sun Hung Kai Properties (80016) with a short-selling amount of 196,700 and a ratio of 100.00%, followed by China Resources Beer (80291) with 11,500 and 100.00% [2] - The top short-selling amounts list Xiaomi Group (01810) with 1.128 billion, Baidu Group (09888) with 1.106 billion, and Alibaba Group (09988) with 995 million [2] - The top deviation values list Ping An Insurance (82318) with a short-selling amount of 3.2371 million and a ratio of 92.98%, followed by JD Group (89618) with 320,900 and 98.46% [2]

Group 1 - The top three companies with net inflow of southbound funds are SMIC (00981) with 458 million, Sanhua Intelligent Control (02050) with 405 million, and Hua Hong Semiconductor (01347) with 390 million [1] - The top three companies with net outflow of southbound funds are China Mobile (00941) with -601 million, UBTECH (09880) with -516 million, and Sanofi (01530) with -357 million [1] - In terms of net inflow ratio, Haitian Flavoring (03288) leads with 76.61%, followed by Southern Hong Kong Stock Connect (03432) with 62.50%, and CIMC (02039) with 59.57% [1] Group 2 - The top ten companies by net inflow include Tencent Holdings (00700) with 272 million and Alibaba-W (09988) with 263 million [2] - The top ten companies by net outflow include Meituan-W (03690) with -287 million and Bilibili-W (09626) with -242 million [2] - The top three companies with the highest net outflow ratio are Dekang Agriculture (02419) at -50.69%, Sanofi (01530) at -47.05%, and Jianfa International Group (01908) at -45.45% [3]

Group 1 - The article discusses how China's approach to artificial intelligence (AI) is reshaping global perceptions and applications, focusing on integrating AI into various societal aspects rather than just developing proprietary models [1] - China aims to make AI a public utility, similar to electricity and broadband, ensuring its affordability and widespread availability across production, services, governance, and welfare [1] - Major Chinese tech companies like Baidu, Tencent, and iFlytek are becoming platform providers for AI services, with a focus on creating a nationwide AI neural network [1] Group 2 - Baidu's autonomous driving platform exemplifies the integration of AI with smart infrastructure, AI mapping, sensors, and cloud collaboration, while Huawei provides comprehensive AI systems for industrial parks and ports [2] - AI tools are also being utilized in rural China, where e-commerce platforms offer farmers AI-driven solutions for crop diagnosis, yield prediction, and pricing [2] - Open-source technology plays a strategic role in China's AI ecosystem, facilitating collaboration among developers, startups, universities, and local governments, aligning with China's emphasis on collective problem-solving and standardization [2] Group 3 - China's AI model is particularly appealing to global south countries, offering affordable alternatives to the financial and institutional barriers posed by Western approaches [3] - Initiatives like the "Digital Silk Road" integrate AI systems with infrastructure such as power grids and 5G networks, promoting a state-led growth model prevalent in Asia, Africa, and the Middle East [3] - The cultural foundation of China's AI path emphasizes collective interests, collaborative governance, and practical problem-solving, potentially reshaping the global technology market and societal perceptions of AI [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,547.45, down by 37.61 points or 0.14% [1] - The index reached a high of 26,639.66 and a low of 26,442.66 during the trading session [1] - The average price for the day was 26,541.16, with a trading volume of 49.443 million shares [1] Blue-Chip Stocks Performance - HSBC Holdings closed at 129.700 HKD, up by 1.17% compared to the previous close [2] - Tencent Holdings closed at 599.924 HKD, down by 0.43% compared to the previous close [2] - Alibaba Group (ADR) saw an increase of 2.19%, closing at 163.200 HKD [3] - Notable declines included NetEase, which fell by 3.70% to 208.000 HKD [3] Individual Stock Movements - Tencent Holdings (ADR) was priced at 599.924, reflecting a decrease of 0.43% compared to its Hong Kong price [3] - Alibaba's ADR was at 164.396, showing an increase of 0.73% compared to its Hong Kong price [3] - HSBC's ADR was at 129.700, indicating an increase of 1.17% compared to its Hong Kong price [3] - Other notable movements included Baidu Group, which increased by 3.29% to 153.700 HKD [3]

Core Viewpoint - Tencent Holdings is expected to report Q4 2025 earnings with a revenue forecast of 194.6 billion yuan, representing a 13% year-on-year growth, driven by stable performance in online advertising, gaming, and financial technology sectors [1][4]. Group 1: Gaming Sector - The online gaming revenue is projected to reach 58 billion yuan in Q4 2025, reflecting an 18% year-on-year increase, with strong performances from established titles like "Honor of Kings" and "Peacekeeper Elite" [2][5]. - The new game "Delta Action" is expected to perform well, with user acquisition efforts ramping up during the 2026 Spring Festival, potentially boosting revenue further [2][5]. - The overseas gaming market is anticipated to grow by 22% year-on-year, with titles like Supercell's "Clash Royale" and the AAA game "Dying Light: The Following" showing strong performance [2][5]. Group 2: Marketing Services - Marketing services revenue is expected to reach 41.3 billion yuan in Q4 2025, marking an 18% year-on-year growth, supported by stable growth in video accounts and the release of more advertising inventory [2][5]. - AI integration in advertising is projected to mitigate macroeconomic pressures, with significant reductions in operational tasks for advertisers, enhancing overall efficiency [2][5]. Group 3: Financial Technology and Enterprise Services - Financial technology and enterprise services revenue is forecasted to be 61.2 billion yuan, showing a 9% year-on-year increase, primarily driven by payment services [3][6]. - The introduction of AI applications and tools in WeChat mini-programs is expected to provide comprehensive support for developers, facilitating the rapid transformation of ideas into profitable products [3][6]. Group 4: Investment Outlook - The company is increasing investments in AI talent and capabilities, with a long-term growth potential in areas like WeChat e-commerce and AI Agent empowerment not fully reflected in current profit forecasts [3][6]. - Adjusted net profit estimates for 2025-2027 are projected at 260.1 billion, 296.1 billion, and 339.9 billion yuan, with slight downward adjustments of 1%-2% [3][6].

Core Viewpoint - Tencent is expected to achieve a revenue growth of 13% year-on-year in Q4 2025, with adjusted net profit increasing by 16% to 643 billion [1] Group 1: Gaming Business - Tencent's gaming revenue is projected to grow by 16% year-on-year in Q4, with a sequential slowdown due to the longer deferral period of "Delta" and no new game launches in the domestic market [2] - "Counter-Strike: Future" has launched on both platforms, reaching over 10 million players shortly after its release, with expected first-year revenue between 35-70 billion [2] - Key upcoming projects for 2026 include "Rock Kingdom: World" in March and "Honor of Kings World" in spring, along with several other titles [2] Group 2: Financial Technology - Financial technology revenue is anticipated to grow by 9% year-on-year in Q4, primarily due to a slowdown in social retail growth [3] - AI mini-programs are expected to enhance e-commerce, transportation, and local life scenarios, with significant growth in token usage and paid penetration rates anticipated in 2026 [3] - In 2025, the monetization scale of AI application mini-programs increased by 108%, with eCPM rising by 75% [3] Group 3: Advertising Revenue - Advertising revenue is expected to grow by 20% year-on-year in Q4, driven by increased budgets from long-tail advertisers and efficiency improvements from AI [4] - WeChat is gradually evolving towards a shelf-like e-commerce model, introducing social relationship-based product recommendations and exploring differentiated social e-commerce features [4] - In 2025, the GPM of WeChat mini-stores increased to 1.5 times compared to 2024, with a 70% year-on-year growth in the average number of active merchants [4] Group 4: Profit Forecast and Valuation - Revenue forecasts for Tencent have been adjusted downwards by 0.5% to 0.8% for 2025-2027, primarily due to changes in gaming revenue deferral predictions [5] - Adjusted net profit forecasts have been revised down by 0.9% to 0.5% to 263.1 billion, 299.4 billion, and 342.5 billion respectively, mainly due to increased AI investment costs [5] - The target price for Tencent is set at 792 HKD, corresponding to a 21.6 times PE valuation for 2026 [5]

专题：世界经济论坛年会_2026冬季达沃斯 新浪财经 康路 发自瑞士达沃斯 2026年1月21日，在达沃斯举行的世界经济论坛（WEF）上，腾讯集团高级执行副总裁、云与智慧产业 事业群CEO汤道生分享了腾讯在人工智能领域的战略观察与产业实践。他指出："我们的云战略核心， 就是支持各类不同的模型运行，为客户提供不依赖特定模型的工具和产品。我们认为，这样才能够把选 择合适模型的自主权交还给客户。" 汤道生表示，"当人们谈论AI时，可能倾向于把它想象一个庞大的超级系统，称之为AGI，但实际上， 现实中却是多种不同的模型，服务于不同的场景。" 此外，腾讯正坚定投入全栈自研混元大模型，加快模型研发进程，在过去一年发布了30多个新模型，涵 盖增强混合推理、图像、视频及3D生成等多个领域。其中，全新发布的混元2.0，采用了混合专家 （MoE）架构，具备高达406B总参数量（激活参数32B），推理能力和效率处于业界领先地位。混元 3D大模型开源平台的下载量已突破300万，被全球开发者、创作者和开源社区公认为最受欢迎的3D开源 模型之一。 目前，混元大模型已支持腾讯内部900多个业务场景提效，包括腾讯会议、微信、广告、游戏业务等 ...

Core Insights - WeChat, launched on January 21, 2011, is celebrating its 15th anniversary in 2026, marking a significant milestone in digital social interaction [3] - The app's early design details and iconic features, such as the Earth launch screen, have sparked renewed public interest and discussion [3] User Engagement - Daily active users accessing Moments has reached 780 million, with 120 million users actively posting content [3] - The Moments feature has evolved beyond social display to become a unique space for individuals to document life changes and significant milestones [4]

Core Insights - The domestic two-dimensional game market in China is experiencing significant turbulence, with major companies like Tencent facing challenges while others like miHoYo and NetEase are preparing to launch new products [1][5] Market Dynamics - The 2025 report indicates that the domestic two-dimensional mobile game market generated a revenue of 28.281 billion yuan, reflecting a year-on-year decline of 3.64%, primarily due to fluctuations in top products' revenue and underperformance of new releases [1] - The market is showing a clear divide, where leading companies maintain growth through quality content and long-term operations, while smaller firms struggle to break through [1][8] Company Adjustments - Tencent's game "White Corridor" has ceased updates, signaling a strategic shift to optimize resources despite holding a controlling stake in the developer [3] - The company has also exited its investment in Guangzhou Mingzhou Technology, indicating a decisive move away from underperforming projects [4][6] Competitive Landscape - Major players like miHoYo and NetEase are intensifying their competition, with miHoYo focusing on technology-driven projects and NetEase's new game "Code: Infinite" generating significant buzz [6][7] - The industry is witnessing a "military competition" as giants aim to capture future market opportunities through strategic investments and product launches [5][6] Industry Trends - The market is shifting towards "premiumization," where high-quality content and user engagement are becoming essential for survival, leading to a significant shake-up in the industry [8] - The success of titles like "Ningchao" from Kuro Game, which saw a 66% revenue increase in 2025, exemplifies the importance of frequent updates and global operations in maintaining product relevance [9]

Financial Performance - The fund achieved a realized income of approximately 4.19 million yuan but reported a loss of about 0.39 million yuan due to fair value changes impacting overall profit negatively [1] - The net asset value at the end of the reporting period was approximately 80.74 million yuan, with a net asset value per share of 1.3810 yuan [1] Fund Net Value Performance - The fund's net value decreased by 4.27% in Q4, outperforming the benchmark by 0.16 percentage points [2] - Over the past three years, the fund's cumulative net value growth rate was 44.38%, significantly exceeding the benchmark by 8.87 percentage points [2] Investment Strategy and Operations - The fund follows a complete replication strategy tracking the CSI Hong Kong Stock Connect 50 Index, adapting to market fluctuations and investor redemptions [3] - The market environment in Q4 2025 was complex, influenced by international negotiations and domestic economic pressures, with the fund focusing on effective index tracking [3] Performance Metrics - The tracking deviation was +0.16%, primarily due to operational costs and adjustments in index constituents [4] - The fund maintained a tracking deviation within the contractually agreed limit of 0.2% [4] Macroeconomic and Market Outlook - The domestic economic transition highlights new productive forces as structural strengths, with a focus on maintaining a strong domestic market [5] - The Hong Kong market is influenced by both domestic economic fundamentals and international monetary policies, necessitating attention to demand recovery and geopolitical changes [5] Fund Asset Composition - Equity investments accounted for 94.82% of the fund's total assets, with cash and equivalents making up 4.92% [6][7] - The fund's asset allocation is highly concentrated in equities, aligning with the index tracking requirements [7] Industry Allocation - The financial sector represented 43.48% of the fund's investments, followed by non-essential consumer goods at 19.77%, indicating a high concentration in these sectors [8] Top Holdings - The top ten holdings accounted for 53.97% of the fund's net asset value, with HSBC Holdings and Tencent Holdings being the largest positions [9] - The concentration in top holdings suggests significant influence on the fund's net value fluctuations [9] Fund Share Changes - The fund experienced a net subscription of 2 million shares during the reporting period, reflecting increased market interest in the Hong Kong Stock Connect 50 Index [10]