Market Overview - The Hong Kong stock index opened high but closed lower, with the Hang Seng Index down 0.29% at 26,844.96 points, the Hang Seng Tech Index down 0.11% at 5,822.18 points, the National Enterprises Index down 0.5% at 9,220.81 points, and the Red Chip Index down 0.34% at 4,139.41 points [1] Company News - Tencent Holdings (00700.HK) repurchased 1.017 million shares for HKD 636 million at a price range of HKD 619-632 [2] - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 148 million at a price range of HKD 37.86-37.92 [3] - Six Fortune Group (00590.HK) reported a retail value increase of 26%, retail income increase of 17%, and same-store sales increase of 15% in Q3, exceeding expectations [3] - China Southern Airlines (01055.HK) reported a 11.89% increase in passenger capacity and a 19.28% increase in cargo capacity for December 2025 [6] Industry Insights - Tianfeng Securities noted that the Hong Kong stock market has a basis for short-term valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [7] - The firm suggested a focus on technology and consumer sectors that are relatively undervalued [7] - According to Huatai Securities, the market is experiencing a shift towards a bullish sentiment, with historical data indicating a high probability of price increases following a period of panic [8] - Industry recommendations include prioritizing leading companies in the AI sector and exploring opportunities in insurance, banking, energy, and new consumption areas [8]

1月16日，2025年广东"百千万工程"青年兴乡培育计划总结大会在中山大学广州校区南校园举办，将汇聚兴乡青年代表、专家学 者及行业大咖等，一同总结年度成果，多维度探讨青年在乡村振兴中的核心价值与时代机遇，强化社会共识，推动青年力量持 续注入"百县千镇万村高质量发展工程"（下称"百千万工程"）。 在广东，"返乡"的内涵正悄然改变，成为越来越多青年主动选择、欣然奔赴的新赛道，通往创新创业、筑梦圆梦的广阔舞台。 2022年底，广东部署实施"百千万工程"，聚力攻坚推动县镇村的"短板"转化为"潜力板"。其中，团省委联合腾讯公司、中国农业 大学于2023年12月共同发起广东"百千万工程"青年兴乡培育计划（下称"青年兴乡培育计划"），为青年投身乡村振兴提供了清 晰的成长路径和资源支撑，成效显著。 随着青年兴乡培育计划的纵深推进，南粤青年投身乡村振兴的趋势正在发生结构性变化—— 从"被动回乡"到"主动奔赴"，乡村成为青年逐梦的主动选择。比如，高玉婷放弃广州设计工作，运用互联网和新媒体思维，让 年轻人爱上潮汕老菜脯；方敏从母婴博主转型，为家乡揭阳谋划油柑产业新发展；张邦健辞去上海的产品经理职务，在清远英 德深耕农业赛道。 20 ...

Core Viewpoint - The article discusses the competitive landscape of patents in the field of "physical AI," which integrates humanoid robots and artificial intelligence, highlighting China's leading position in this sector [2][4]. Group 1: Patent Competitiveness - China ranks first globally in the comprehensive strength of patents related to physical AI, followed closely by the United States [2]. - The analysis was conducted with the assistance of LexisNexis, focusing on the integration of robotics and AI technologies [2]. Group 2: Leading Companies - The top three companies in terms of comprehensive patent strength in the physical AI sector are Baidu (4126 points), Huawei (3645 points), and Tencent (3043 points), all from China [5][6]. - Samsung Electronics from South Korea ranks fourth with 2734 points, followed by NVIDIA from the United States with 2154 points [5]. Group 3: Comparative Analysis - Chinese companies, while leading in quantity, still face challenges in patent quality compared to American firms like Intel, NVIDIA, and Alphabet, although Huawei is reportedly nearing their level [6]. - Japan's highest-ranked company in this field is Fanuc, which is positioned at 13th place [6].

Core Insights - Tencent's WeChat Wealth Management revealed that 98% of users achieved profitability in 2025, with users holding equity funds such as indices, stocks, and mixed funds achieving an annualized return of 24.8% [1][2] - Cumulative profits for users since inception exceeded 100 billion yuan, highlighting the significance of equity investments in driving user profitability [2] - The introduction of a "long-term investment" section in 2025, focusing on fixed income and funds, resulted in 100% profitability for users who held investments for over a year [2] User Engagement and Investment Strategies - Regular investment (DCA) has become a preferred method for users to manage high-volatility equity assets, with 14% of users opting for DCA and 26% among equity fund investors [2] - DCA users reported a 60% higher return compared to those making one-time purchases, emphasizing the benefits of staggered investments [2] - Tencent Wealth Management has enhanced its membership services, offering various benefits such as exclusive financial products and fee reductions, effectively creating a service loop that combines earning and saving [2] Institutional Collaboration and Content Services - The collaboration between Tencent Wealth Management and financial institutions focuses on enhancing user investment decisions through professional insights and educational content [3] - The integration of various WeChat tools, such as video accounts and mini-programs, facilitates the dissemination of financial knowledge and product services [3] - The community aspect of Tencent Wealth Management has attracted financial influencers and professionals to share investment strategies, enhancing user engagement and knowledge [3] Content Creation and User Experience - Financial content creators emphasize the importance of simplifying complex market concepts for users, making investment knowledge more accessible [4] - Tencent Wealth Management has innovated content delivery by targeting core user groups, resulting in increased engagement and cost efficiency [4] - The platform continues to innovate with features like "hot opportunities" and "index rankings," providing users with practical tools for investment decision-making [4]

Core Insights - Tencent's WeChat Wealth Management reported that 98% of users achieved profitability in 2025, with users holding equity funds such as indices, stocks, and mixed funds achieving an annualized return of 24.8% [2][4][3] - Cumulative profits for users since inception exceeded 100 billion yuan, highlighting the significance of equity investments in user profitability for 2025 [4] - The introduction of a "long-term investment" section focused on fixed income and funds resulted in 100% profitability for users holding investments for over a year [4] Investment Trends - Regular investment (DCA) has become a preferred method for users to manage high-volatility equity assets, with 14% of all users opting for this strategy, and 26% among equity fund investors [4] - Users who engaged in regular investments saw a 60% higher return compared to those who made one-time purchases, demonstrating the effectiveness of this strategy [4] User Benefits and Services - Tencent Wealth Management enhanced its membership services in 2025, offering exclusive benefits such as special financial packages, investment welfare cards, and fee reductions for nearly 3 million users [4][10] - The platform aims to create a service loop that combines earning and saving for users, effectively reducing various investment costs [4] Institutional Collaboration and Content Services - The partnership with Huatai PineBridge Fund focuses on enhancing user investment decisions through professional asset matching, market analysis, and educational content [6] - The integration of various WeChat tools, such as video accounts and mini-programs, has improved the dissemination of financial knowledge and investment services [8] Functionality and Innovation - Tencent Wealth Management continues to innovate by upgrading its membership system and launching practical investment tools like "Hot Opportunities" and "Index Hot Rankings" to assist users in decision-making [10] - Features such as family accounts and AI-driven investment insights are designed to enrich user experience and provide comprehensive financial services [10]

Group 1 - The core viewpoint is that Tencent Cloud is likely the only public cloud vendor that has started to achieve profitability [1] - Tencent Cloud is expected to be officially profitable from the last quarter of 2024 to 2025 [1] - This profitability is attributed to the significant elimination of unhealthy business segments and a focus on platform products [1]

MACD金叉信号形成，这些股涨势不错！ 该行重申对2026年上半年市场的正面看法。股票配置上，该行建议投资者同时布局A股和港股市场，实 现行业均衡曝险，对港股的互联网及高股息股票维持乐观，同时看好A股的科技硬件及设备板块。该行 在港股的首选股分别为腾讯控股、申洲国际、潍柴动力、华润置地和阿里巴巴，A股的首选股分别为美 的集团、北方华创、宁德时代、恒瑞医药和澜起科技，评级均为"买入"。 格隆汇1月16日｜大和发表报告指，由于"春季行情"提前到来，投资者可能提早在农历新年假期或全国 两会前提前获利了结，同时料流动性支持与刺激政策预期可推升A股市场，但涨势将减慢，市况迈 向"慢牛"。 虽然监管层于1月14日调高最低保证金比例以冷却市场情绪，但该行认为A股目前尚未进入 泡沫阶段。过去一个月融资交易占总成交比重从9.9%升至11.2%，仍低于历史上曾引发监管收紧的"警 戒水平"12%。此外，投资者在前三大热门行业的拥挤度也远低于2025年2月或10月的高峰水平。 ...

Core Insights - The animation market experienced significant growth in the past year, with monthly online views skyrocketing from 3 billion to 15 billion, and total views exceeding 75 billion, surpassing traditional animation market size within a year [1] - Despite the rise of short animations, long video platforms have not been significantly impacted, as top IP annual series remain stable, indicating a parallel development path [1][2] - The rapid evolution of short animations towards IP and quality production is expected to disrupt the current market equilibrium [1][7] Group 1: Market Dynamics - The domestic drama market faced a notable impact from short dramas, with the top 20 long dramas in 2025 seeing a 20% reduction in effective views compared to previous years [2] - Animation has become a crucial support for long video users, with 6 out of the top 10 new shows on Tencent Video being anime series, enhancing user acquisition and retention [2] - The overall impact of short animations on long-form anime remains limited, as the latter continues to attract substantial viewership [5][6] Group 2: Content Quality and Audience Engagement - Current short animations primarily serve as "fast food" entertainment, lacking the depth and emotional connection found in long-form anime, which continues to dominate viewer preferences [5][6] - The transition of short animations towards quality and IP-driven content is anticipated, with platforms beginning to leverage classic stories to establish emotional connections with audiences [9][10] - The rise of male and female-targeted short animations is expected to cater to diverse audience needs, potentially shifting viewer demographics [10] Group 3: Platform Strategies - Major platforms like Tencent Video and Bilibili are actively engaging in the short animation space, with Tencent Video launching initiatives to support quality content creation [11][19] - Bilibili's unique UGC community is driving the production of short animations, although it faces challenges in upgrading to higher-quality 3D animations [19][21] - Platforms are exploring collaborations with web novel IPs to enhance the quality and appeal of short animations, indicating a shift towards more structured content creation [10][23]

Group 1 - The core viewpoint is that China's gaming user spending per capita has significant growth potential compared to foreign markets, with expected increases in average revenue per user (ARPU) driven by policy support, increased game supply, and macroeconomic recovery [1] - The gaming policy environment in China has improved, with a projected issuance of 1,771 game licenses in 2025, marking a 25% increase from 2024 and a 65% increase from 2023, indicating a stable and supportive phase for the industry [1] - The overseas market for self-developed games in China is expected to reach $20.455 billion in 2025, reflecting a year-on-year growth of 10.23%, supported by a systematic national strategy for cultural export [1] Group 2 - The domestic mini-program gaming market is projected to generate revenue of 53.535 billion yuan in 2025, representing a substantial year-on-year growth of 34.39% [2] - A new agreement between Apple and Tencent regarding a 15% commission on payments within mini-program games is expected to enhance the payment process, potentially increasing iOS mini-program user numbers and improving profit margins for gaming companies [2] - The WeChat mini-game platform is set to implement a new incentive policy for in-app purchases starting January 1, 2026, which will favor developers by adjusting revenue sharing from 70:30 to 80:20 [2] Group 3 - AI is transforming the entire game development process, reducing character animation production time by 40% and significantly improving marketing efficiency through AI-generated materials and targeted advertising [3] - AI is enhancing operational efficiency by providing intelligent customer service and improving material risk detection, thus streamlining the gaming experience [3] - New AI-driven gameplay experiences are being developed, such as "Endgame Duel" and the AI-native application "EVE," which integrate emotional dialogue and personalized immersive experiences [3]

Core Viewpoint - The report from CICC is optimistic about Tencent's main businesses in gaming, advertising, financial services, and enterprise services, expecting high-quality growth and accelerated investment in AI [1] Group 1: Business Performance - Tencent's gaming revenue is expected to grow this year, supported by various ecosystem products like video accounts and mini-programs [1] - Advertising revenue is anticipated to outperform market expectations, driven by deeper collaboration among ecosystem products [1] - Financial technology and enterprise services revenue is projected to grow by 10% year-on-year in Q4 of last year [1] Group 2: Financial Projections - CICC forecasts a 23% year-on-year increase in adjusted operating profit for Tencent in Q4 of last year [1] - Adjusted net profit is also expected to rise by 23% year-on-year [1] - The revenue forecast for this year has been slightly reduced by 1% to 831.7 billion yuan, while Non-IFRS profit forecasts for 2025 and 2026 have been increased by 1% to 262.9 billion yuan and 294.8 billion yuan, respectively [1] Group 3: Investment Rating - CICC maintains a "beat industry" rating for Tencent with a target price of 700 HKD [1]