里昂发表研报指，中国互联网行业在2025年表现强劲，随着DeepSeek引领国内AI趋势，预计2026年涨 势将延续，尤其在代理AI和生成式视频应用的竞争将加剧。中国与美国将在全球范围内的AI模型、应 用、云服务及自动驾驶(Robotaxi)领域展开正面竞争。 尽管面临地缘政治挑战，中国游戏和电商在海外市场持续快速增长，但该行对国内电商板块的前景持谨 慎态度。在投资策略上，里昂偏好AI、游戏及健康相关板块，并认为中国有望在全球引领AI应用落 地。里昂列出2026年六大首选股，包括腾讯、小米、阿里巴巴、网易、快手及京东健康，并特别指出看 好阿里巴巴的云业务、腾讯的AI应用，以及小米的消费级AI设备。 ...

Group 1 - The core point of the article highlights a decline in Hong Kong's tech stocks, with notable companies such as Bilibili, Tencent Music, and Kuaishou experiencing drops of over 2% [1] - Alibaba, Tencent Holdings, BOSS Zhipin, Alibaba Health, and NetEase also saw declines, indicating a broader trend in the tech sector [1] Group 2 - The article mentions specific stock performance, indicating that multiple key players in the tech industry are facing downward pressure [1]

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by NVIDIA, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with NVIDIA in absolute computing power, the focus is shifting to system efficiency and scene adaptability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - The industry consensus is that breakthroughs in single-point technology are insufficient for winning the competition; ecological collaboration, particularly the "two-way approach" between models and chips, is becoming crucial for the true independence of domestic AI [1] - Looking ahead to 2025, global large model technology capabilities are expected to advance, overcoming productivity scenarios and making significant progress in reasoning, programming, Agentic, and multimodal capabilities, although there are still shortcomings in model generalization stability and hallucination rates [1] - By 2026, further breakthroughs in large models are anticipated in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal, progressing towards the long-term goal of AGI [2] Group 3 - The commercial value of AI-assisted programming tools is gradually being recognized, leading to an increased willingness among enterprise users to pay for software development, data analysis, and business process automation scenarios, which is expected to benefit domestic AI large models [2] - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

Group 1 - JD.com (SWR 89618) has the highest short-selling ratio at 85.52%, followed by AIA Group (R 81299) at 77.11% and Lenovo Group (R 80992) at 67.79% [1][2] - Tencent Holdings (00700) leads in short-selling amount with 2.709 billion yuan, followed by Pop Mart (09992) at 974 million yuan and Xiaomi Group (W 01810) at 793 million yuan [1][2] - Huatai Securities (06886) has the highest deviation value at 40.23%, followed by Tong Ren Tang Technologies (01666) at 35.46% and China Ship Leasing (03877) at 26.75% [1][2] Group 2 - The top ten short-selling ratios include JD.com at 85.52%, AIA Group at 77.11%, and Lenovo Group at 67.79% [2] - The top ten short-selling amounts show Tencent Holdings at 2.709 billion yuan, Pop Mart at 974 million yuan, and Xiaomi Group at 793 million yuan [2] - The top ten deviation values are led by Huatai Securities at 40.23%, followed by Tong Ren Tang Technologies at 35.46% and China Ship Leasing at 26.75% [2]

可灵 3.0 有望进一步推进技术前沿 买入（维持） 核心观点 快手-W 01024.HK 公司研究 | 动态跟踪 核心观点：1 月初可灵海外出圈后，整个 1 月看收入和 DAU 端都保持相对高位，热度持 续性表现好。目前数据意义在于整体稳在更高水位后，从 1 月初主要在低 ARPU 地区流 量扩圈（如东南亚、中亚等）→高付费能力地区收入震荡爬升，预期后者对可灵 ARR 提升作用更大。此外新一代可灵 3.0 版本内测中，统一架构下工作流衔接性更好，且区 别于竞品的迭代在于原生文本输出，预计进一步推进技术前沿水平。产品层面更侧重于 专业创作各环节提效，若年前能全量使用，有望延续 1 月产品热度，带动需求释放。 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年经调整归母净利润为 204/225/259 亿元。维持此前给予公司 26 年 18xPE 估值，对应合理价值为 4,048 亿 CNY，折合 4,542 亿 HKD（港币兑人 民币汇率 0.891），目标价 104.36 港元/股，维持"买入"评级。 风险提示 宏观消费恢复不及预期，国内商业化效率不及预期，海外业务亏损加大，可 灵技术迭代不及预期 公司主要 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,513.11, down by 334.21 points or 1.24% [1] - The index reached a high of 26,812.73 and a low of 26,414.23 during the trading session [1] - The trading volume was 70.4034 million shares, with an average price of 26,613.48 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 139.704, up by 0.51% compared to the previous close [2][3] - Tencent Holdings closed at HKD 552.190, down by 1.04% compared to the previous close [2][3] - Alibaba Group (W) closed at HKD 159.500, down by 0.93% [3] - AIA Group closed at HKD 90.700, up by 1.40% [3] - Xiaomi Group (W) closed at HKD 33.960, down by 1.85% [3] - Meituan (W) closed at HKD 92.150, down by 1.13% [3] - China Ping An closed at HKD 72.050, up by 1.05% [3] ADR Performance - Tencent's ADR (TCEHY) was priced at USD 552.190, reflecting a decrease of 1.04% compared to its Hong Kong counterpart [3] - Alibaba's ADR (BABA) was priced at USD 155.411, down by 2.56% compared to its Hong Kong counterpart [3] - HSBC's ADR (HSBC) was priced at USD 139.704, up by 0.51% compared to its Hong Kong counterpart [3]

中芯国际 中国移动 中国海油 钧达股份 华虹公司 长飞光纤 分时图 日K线 周K线 月K线 114.84 -1.19 -1.03% 2.47% 1.65% 0.83% 0.00% 0.83% 1.65% 2.47% 113.16 114.12 115.07 116.03 116.99 117.94 118.90 09:30 10:30 11:30/13:00 14:00 15:00 15:30 0 34万 68万 101万 2月4日港股市场，北水成交净买入133.73亿港元，其中港股通(沪)成交净买入73.93亿港元，港股通(深)成交净买入59.8亿 港元。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、南方恒生科技(03033)。北水净卖出最多的个股是中芯国际 (00981)、华虹半导体(01347)。 | 股票名称 | 买入额 | 卖出额 | 头实思额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 | 52.05亿 | 31.40 乙 | 83.45亿 | | HK 00700 | | | +20.66亿 | | 阿里巴巴-W | ...

沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 72.56 亿元 | +1.66 亿元 | | 阿里巴巴-W(09988) | 29.45 亿元 | +9.55 亿元 | | 中芯国际(00981) | 16.87 亿元 | -4.31 亿元 | | 小米集团-W(01810) | 13.46 亿元 | +4.31 亿元 | | 南方恒生科技(03033) | 12.11 亿元 | +11.23 亿元 | | 美团-W(03690) | 10.53 亿元 | +4.04 亿元 | | 长飞光纤光缆(06869) | 10.05 亿元 | -476.84 万元 | | 快手-W(01024) | 7.68 亿元 | +2.21 亿元 | | 钧达股份(02865) | 6.75 亿元 | +7011.29 万元 | | 华虹半导体(01347) | 6.15 亿元 | -2.36 亿元 | 智通财经APP获悉，2026年2月4日当天，腾讯控股(00700)、阿里巴巴-W(09988)、中芯国际(00981)位居 ...

智通财经APP获悉，2月4日港股市场，北水成交净买入133.73亿港元，其中港股通(沪)成交净买入73.93亿港元，港股通 (深)成交净买入59.8亿港元。 港股通(深)活跃成交股 北水资金抢筹科网股，腾讯(00700)、阿里巴巴-W(09988)、美团-W(03690)、快手-W(01024)分别获净买入22.31亿、11.71 亿、4.04亿、2.2亿港元。消息面上，近日网上流传一则互联网增值服务（如游戏内购、广告）加税的传言。大摩认为市场 对于增值税法规可能带来负面影响的过度担忧。该行指出，目前没有证据表明互联网相关服务(例如虚拟游戏物品、网络 广告等，税率为6%)的增值税会发生任何变化。该行认为中国的AI路径在2026年将更加明朗，由供给端和需求端共同驱 动。 小米集团-W(01810)获净买入7.65亿港元。消息面上，中银国际发表报告指，1月小米电动车交付量超过3.9万台，表现优于 同行，主要得益于YU7储备订单及金融促销方案的推出。该行认为小米在AI大模型、机器人及芯片等领域的持续投入及潜 在回报预期，将为当前估值提供支撑。 北水净买入最多的个股是腾讯(00700)、阿里巴巴-W(09988)、南 ...

Core Insights - The conference highlighted the importance of finding long-term growth amidst global economic uncertainty and the acceleration of Chinese companies going overseas [1] - The focus has shifted from mere expansion to a systematic examination of profitability, long-term operations, and localization understanding in overseas markets [1] Group 1: Market Focus and Strategy - Kuaishou's international commercialization head, Du Zheng, emphasized that Brazil has become a crucial market for Chinese companies going abroad, with a focus on understanding local needs and leveraging Chinese offerings [2] - The strategy for Brazil will involve brand building and consumer conversion, aiming for sustainable profitability while enhancing commercial capabilities to support partners [2] Group 2: Advertising and Content Strategy - The year 2025 is seen as a pivotal year for overseas commercialization, transitioning from a single advertising logic to a comprehensive solution focused on real business growth [4] - Kuaishou's overseas brand advertising has expanded across various industries, including mobile, beauty, automotive, and home appliances, achieving growth despite market pressures [4] Group 3: Product and Operational Enhancements - Kuaishou is enhancing its commercial products to improve user engagement and extend advertising reach through innovative models like WiFi hotspots and offline scenarios [11] - The company is transitioning from manual to AI-driven advertising strategies to increase efficiency and reduce costs, aiming for more stable and precise conversion rates [11] Group 4: Brand Marketing and Emotional Connection - Kuaishou's brand marketing has shifted from mere exposure to emotional connection, utilizing local content marketing strategies to integrate brands into the Brazilian market effectively [13] - The company plans to continue focusing on emotional marketing in 2026, leveraging major events to help brands convert marketing budgets into long-term investments [15] Group 5: Channel Development and Policy Framework - Kuaishou has established a dual-track agency service model to enhance its channel ecosystem, achieving significant growth in new customer budgets and operational efficiency [15][16] - The company will maintain stable policies while supporting new industries and opportunities, with a focus on preventing policy abuse to ensure business growth certainty in 2026 [16][19]