Core Viewpoint - Goldman Sachs reports that the Chinese gaming and entertainment sector experienced significant stock price increases in 2025, with mid to large-cap stocks rising by 50% to 80% compared to the Hang Seng China Enterprises Index's 26% [1] Group 1: Market Performance - The strong performance continued into early 2026, with some stocks increasing by as much as 30% compared to related indices' growth of approximately 3-5% [1] - The price increase is attributed to a combination of valuation expansion and earnings per share growth [1] Group 2: Future Outlook - For 2026, Goldman Sachs outlines key themes and debates for the sector, indicating that the risk-reward profile remains attractive but is more alpha-driven [1] - The firm prefers companies with new growth potential, such as those benefiting from AI application penetration and accelerated overseas expansion [1] Group 3: Competitive Landscape - Companies that still have compound growth and profit expansion potential amid increasing competition, particularly with ByteDance raising competitive concerns, are favored [1] - Core buy stocks selected by Goldman Sachs include Tencent, NetEase, Kuaishou, Bilibili, and Tencent Music [1] Group 4: Stock Ratings - Goldman Sachs maintains a "Buy" rating on Tencent, adjusting the target price from HKD 770 to HKD 752 [1]

Core Insights - The article emphasizes the significance of AI in investment decisions, particularly in the context of Chinese internet companies and their overseas revenue potential [2][3]. Group 1: Overseas Revenue of Chinese Internet Companies - Chinese internet companies have an average overseas revenue exceeding 10%, with Pinduoduo leading at 35% [3]. - Companies like Tencent and Alibaba have low to high teens percentages of overseas revenue, indicating a growing trend towards international markets [3]. Group 2: Cloud Computing Sector - Alibaba Cloud and Tencent Cloud are rapidly expanding their international presence, with Alibaba planning new business regions in Brazil, France, and the Netherlands, and Tencent deploying services in 22 regions globally [4]. - Morgan Stanley projects that Alibaba Cloud's revenue growth will exceed 40% by FY2027, while Tencent's enterprise service revenue is expected to grow by 25% by FY2026 [5]. Group 3: Autonomous Driving Services - Baidu's autonomous driving service, "Luobo Kuaipao," is a leader in the sector, achieving over 250,000 weekly orders in fully autonomous mode as of Q3 2025, and has expanded to 22 cities including Dubai and Switzerland [7]. - Despite its leadership, Morgan Stanley anticipates that Baidu's revenue from this service will remain low and require continued investment [9]. Group 4: AI Models and Applications - Alibaba's Tongyi Qianwen model has gained significant traction globally, becoming the most downloaded AI model with over 700 million downloads by January 2026 [11]. - Kuaishou's Keling is expected to generate substantial revenue from overseas markets, with projections indicating an 80% year-on-year growth to reach $270 million by 2026, driven by B2B customer expansion [14].

Core Viewpoint - The Hong Kong capital market has seen a significant increase in refinancing activities at the beginning of 2026, with over HKD 27 billion raised, marking a more than 20-fold increase compared to the same period in 2025, setting a vibrant tone for the year ahead [1][3]. Group 1: Active Refinancing at the Start of 2026 - As of January 18, 2026, Hong Kong-listed companies have raised over HKD 27 billion through various methods such as placements and rights issues, compared to HKD 1.1 billion in the same period of 2025 [1][3]. - The robust refinancing activity is built on the historical high of HKD 325.32 billion in 2025, which surpassed the IPO fundraising scale for the first time [3]. - Major companies like BYD and Xiaomi have completed significant fundraising projects, contributing to a trend of continuous capital replenishment [3]. Group 2: Structural Characteristics of Refinancing - The refinancing activities in early 2026 are characterized by a diverse industry distribution, including sectors like oil and gas, construction, software services, and healthcare [7]. - Notable companies such as SF Express and Jitu Express have raised over HKD 1 billion, indicating a clear differentiation in fundraising scales [7]. - The use of raised funds is closely aligned with core business strategies, including international expansion, technology R&D, and financial structure optimization [7]. Group 3: Advantages of Hong Kong's Refinancing Market - The efficiency of Hong Kong's refinancing system allows companies to quickly seize market opportunities without prior regulatory approval for placements [4]. - The flexible and diverse financing tools available in the Hong Kong market cater to various corporate needs, enhancing the ability to raise funds [5]. - The market's recovery and valuation improvements since Q3 2024 have created a favorable environment for refinancing activities [5]. Group 4: Emerging Trends in Refinancing - The refinancing landscape is evolving, with a notable increase in strategic mutual holdings among companies, exemplified by the collaboration between SF Express and Jitu Express [8]. - The current refinancing structure shows a higher proportion of traditional and consumer industries compared to emerging sectors, highlighting the complementary nature of Hong Kong and A-share markets [8]. - Future trends indicate that refinancing will remain high but with a more stable growth rate, and the focus will shift towards optimizing capital structures and enhancing R&D capabilities [10].

Group 1: Major Developments - 康耐特光学 (02276) and 歌尔光学 plan to establish a joint venture to expand the application market for customized lenses in AI/AR/VR/MR glasses [1] - 圣贝拉 (02508) and 云迹科技 signed a strategic cooperation framework agreement to explore the deep integration and application of artificial intelligence and robotics in high-demand home care scenarios [1] - KKCG Maritime intends to initiate a voluntary conditional partial public acquisition offer to acquire 15.4% of 法拉帝 (09638) shares [1] - 远大医药 (00512) announced that the new drug application for the innovative radiolabeled drug TLX591-CDx has been accepted by the China National Medical Products Administration [1] - 艾美疫苗 (06660) received approval to conduct clinical trials for a 20-valent pneumococcal polysaccharide conjugate vaccine [1] - 中国东方航空股份 (00670) sold the 凯迪克大厦 in Shanghai and related assets to 东航置业 for approximately 134 million yuan [1] - 佑驾创新 (02431) signed a memorandum of understanding with India's leading automotive parts manufacturer STL [1] - 南山铝业国际 (02610) plans to develop electrolytic aluminum and related raw materials and supporting businesses [1] Group 2: Financial Performance - 顺丰控股 (06936) reported a total revenue of 27.339 billion yuan from its express logistics, supply chain, and international businesses in December, representing a year-on-year increase of 3.41% [2] - 美丽田园医疗健康 (02373) issued a profit warning, expecting adjusted net profit for 2025 to be no less than 380 million yuan, a year-on-year increase of at least 40% [2] - 中国太平 (00966) issued a profit warning, anticipating a year-on-year increase of approximately 215% to 225% in shareholder profit for the 2025 fiscal year [2] - 吉宏股份 (02603) issued a profit warning, expecting a net profit attributable to shareholders of approximately 273 million to 291 million yuan for 2025, a year-on-year increase of 50% to 60% [2] - 兖煤澳大利亚 (03668) reported a fourth-quarter coal sales volume of 10.8 million tons, a year-on-year increase of 4% [2] - 兖矿能源 (01171) reported a fourth-quarter commodity coal production of 46.51 million tons, a year-on-year increase of 4.4% [2] - 深圳控股 (00604) projected a total contract sales amount of approximately 13.311 billion yuan for 2025, a year-on-year decrease of 21.55% [2] - 上海石油化工股份 (00338) issued a profit warning, expecting a net loss attributable to shareholders of approximately 1.289 billion to 1.576 billion yuan for 2025, indicating a shift from profit to loss [2] - 上海石油化工股份 (00338) reported gasoline sales revenue of 24.656 billion yuan for 2025 [2]

格隆汇1月19日丨快手-W(01024.HK)公告，1月19日耗资2996万港元回购39.2万股。 快手-W(01024.HK)1月19日耗资2996万港元回购39.2万股 快手-W(01024.HK)：建议发行美元及人民币优 先票据 相关事件 ...

快手-W(01024)公布，2026年1月19日耗资约2996.04万港元回购39.2万股股份。 ...

智通财经APP讯，快手-W(01024)公布，2026年1月19日耗资约2996.04万港元回购39.2万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 快手科技（於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期： 2026年1月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | | | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01024 | 說明 | | | | | | | | | 多櫃檯證券代號 | 81024 | RMB 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 ...

Investment Rating - The report rates the computer industry as "Outperform the Market" [2] Core Insights - The commercialization of AI is accelerating, with significant developments in intelligent agents and video generation technologies [2][10][12] - Ant Group and Google have launched a Universal Commercial Protocol (UCP) to standardize AI-driven commercial interactions, enhancing seamless collaboration across various systems [10][11] - Kuaishou's Keling AI has achieved a monthly revenue of over $20 million (approximately 140 million RMB) as of December 2025, indicating rapid commercialization in the video generation sector [12][13] - Alibaba's Qianwen App has integrated deeply with its ecosystem, transitioning AI capabilities from simple chat functions to executing complex tasks, marking a new era in AI applications [15][16] - Shanghai's "Mosu Zhixing" initiative aims to scale L4 autonomous driving applications by 2027, establishing a leading position in the global smart connected vehicle industry [19][20] - The U.S. has threatened storage chip manufacturers with a 100% tariff unless they increase domestic production, highlighting the geopolitical dynamics in the semiconductor industry [22][23] Summary by Sections AI Commercialization - Ant Group and Google have introduced UCP, a new open standard for intelligent agents that facilitates seamless commercial interactions across various platforms [10][11] - Kuaishou's Keling AI has seen a significant increase in revenue, reaching an annual run rate of $240 million (approximately 1.68 billion RMB) by December 2025, driven by enhanced product capabilities and computational power [12][13][14] Integration of AI in Ecosystems - Alibaba's Qianwen App has integrated with major services like Taobao and Alipay, enabling it to perform real-world tasks such as ordering food and booking travel, thus evolving into a comprehensive AI assistant [15][16][17] Autonomous Driving Initiatives - Shanghai's "Mosu Zhixing" plan aims for large-scale deployment of L4 autonomous driving technology by 2027, with specific targets for passenger and freight transport [19][20][21] Semiconductor Industry Dynamics - The U.S. Commerce Secretary has warned storage chip manufacturers of potential tariffs, emphasizing the need for increased domestic production and the strategic importance of semiconductor independence [22][23]

Group 1 - Kuaishou concept declined by 1.52%, ranking among the top declines in the concept sector, with stocks like Ingravity Media and Vision China hitting the limit down [1] - The concept sector saw a net outflow of 2.762 billion yuan, with 39 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 100 million yuan [2] - The top net outflow stock was BlueFocus, with a net outflow of 555 million yuan, followed by Shengguang Group and Zhejiang Wenlian [2][3] Group 2 - Among the stocks in the Kuaishou concept, the top gainers included Baina Qiancheng, Tian Di Online, and Lishang Guochao, with increases of 12.81%, 9.99%, and 6.04% respectively [4] - The stocks with the largest net outflows included BlueFocus, Shengguang Group, and Zhejiang Wenlian, with net outflows of 555 million yuan, 409 million yuan, and 379 million yuan respectively [2][3] - The overall market performance showed that 15 stocks within the Kuaishou concept sector experienced price increases, while others faced significant declines [1][2]