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Group 1 - Tencent Holdings (00700), Xiaomi Group-W (01810), and Kuaishou-W (01024) ranked the top three in net inflow of southbound funds, with net inflows of 1.412 billion, 0.870 billion, and 0.775 billion respectively [1] - Alibaba-W (09988), Laopuhuang (06181), and Meituan-W (03690) ranked the top three in net outflow of southbound funds, with net outflows of -2.615 billion, -0.468 billion, and -0.367 billion respectively [1] - In terms of net inflow ratio, Changjiang Infrastructure Group (01038), CLP Holdings (00006), and Hong Kong and China Gas (01083) led the market with ratios of 65.87%, 58.38%, and 56.59% respectively [1] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 1.412 billion and a net inflow ratio of 12.94%, and Kuaishou-W (01024) with 0.775 billion and a net inflow ratio of 26.20% [2] - The top ten stocks by net outflow included Alibaba-W (09988) with -2.615 billion and a net outflow ratio of -15.38%, and Laopuhuang (06181) with -0.468 billion and a net outflow ratio of -29.76% [2] - The top three stocks by net inflow ratio were Changjiang Infrastructure Group (01038) at 65.87%, CLP Holdings (00006) at 58.38%, and Hong Kong and China Gas (01083) at 56.59% [3]

Core Viewpoint - The Hang Seng Index (HSI) experienced a slight decline, closing at 26,787.80, down 0.23% from the previous close, indicating a mixed performance in the Hong Kong stock market [1]. Group 1: Market Performance - The Hang Seng Index closed at 26,787.80, down 60.67 points or 0.23% [1]. - The index reached a high of 26,950.81 and a low of 26,739.26 during the trading session, with a trading volume of 52.77 million shares [1]. - The average price for the session was 26,845.04, with a 52-week high of 27,275.90 and a low of 19,335.70 [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 127.188, up 0.62% compared to the previous close [2]. - Tencent Holdings closed at HKD 624.864, down 0.42% from the previous close [2]. - Alibaba Group saw a price increase of 3.63%, closing at HKD 159.900 [3]. - Other notable performances include AIA Group up 0.84% at HKD 84.400 and China Construction Bank up 1.17% at HKD 7.810 [3].

Group 1 - Kuaishou Technology announced that its AI product, Keling AI, achieved revenue exceeding $20 million in December 2025, corresponding to an annual recurring revenue (ARR) run rate of $240 million [1] - In March 2025, Keling AI reported an ARR surpassing $100 million just 10 months after its official launch [1]

Market Overview - On January 13, the Hang Seng Index rose by 0.90%, with total southbound trading amounting to HKD 137.35 billion, including buy transactions of HKD 69.32 billion and sell transactions of HKD 68.03 billion, resulting in a net buying amount of HKD 1.30 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading amount of HKD 54.86 billion, with buy transactions of HKD 28.00 billion and sell transactions of HKD 26.85 billion, leading to a net buying amount of HKD 1.15 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.49 billion, with buy transactions of HKD 41.32 billion and sell transactions of HKD 41.17 billion, resulting in a net buying amount of HKD 0.15 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 139.06 billion and a net buying amount of HKD 10.71 billion, closing with a price increase of 3.63% [1][2] - Tencent Holdings followed with a total trading amount of HKD 52.93 billion and a net buying amount of HKD 7.56 billion, closing with a price increase of 0.72% [1][2] - Xiaomi Group-W had a total trading amount of HKD 49.62 billion and a net buying amount of HKD 6.07 billion, closing with a price decrease of 1.96% [1][2] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W, Tencent Holdings, and Kuaishou-W having net buying days of 9, 5, and 3 respectively [2] - Tencent Holdings had the highest cumulative net buying amount of HKD 69.99 billion, followed closely by Xiaomi Group-W with HKD 69.33 billion [2] - Two stocks faced continuous net selling, with China Mobile and Meituan-W having net selling amounts of HKD 52.84 billion and HKD 11.67 billion respectively [2]

Core Insights - Kuaishou Technology announced that its AI product, Keling AI, achieved a revenue exceeding $20 million in December 2025, resulting in an annual recurring revenue (ARR) run rate of $240 million [1] - Keling AI previously reported an ARR surpassing $10 million in March 2025, just ten months after its official launch [1] - The company has released the world's first unified multimodal video model, Keling O1, and the Keling 2.6 model, which features "audio-visual synchronization" capabilities, along with new motion control functions, indicating rapid product iteration [1]

Core Insights - Kuaishou Technology announced that its AI product, Keling AI, achieved a revenue of over $20 million in December 2025, corresponding to an annual recurring revenue (ARR) run rate of $240 million [1] - Keling AI previously reported an ARR exceeding $10 million in March 2025, just ten months after its official launch [1] - Since December, Keling AI has released the world's first unified multimodal video model, Keling O1, and the Keling 2.6 model, which features "audio-visual synchronization" capabilities and has launched motion control functions [1]

Core Insights - Kuaishou Technology (01024) announced that its AI product, Keling AI, achieved a monthly revenue exceeding $20 million in December 2025, corresponding to an annual recurring revenue (ARR) run rate of $240 million [1] - Keling AI previously reported an ARR surpassing $10 million in March 2025, just ten months after its official launch [1] Product Development - Since December, Keling AI has released the world's first unified multimodal video model, Keling O1, and the Keling 2.6 model, which features the capability of "audio-visual synchronization" [1] - The company has also introduced new functionalities such as action control, indicating a rapid iteration of its products [1]

Core Insights - Kuaishou Technology announced that its AI product, Keling AI, achieved a monthly revenue of over $20 million in December 2025, corresponding to an annual recurring revenue (ARR) run rate of $240 million [1] - Keling AI reached an ARR of over $100 million just 10 months after its official launch in March 2025 [1] - Since December of the previous year, Keling has released the world's first unified multimodal video model, Keling O1, and the Keling 2.6 model, which features "audio-visual synchronization" capabilities, along with new motion control functions, indicating rapid product iteration [1]

Core Insights - Kuaishou Technology announced that its AI product, Keling AI, achieved a revenue of over $20 million in December 2025, corresponding to an annual recurring revenue (ARR) run rate of $240 million [1] - Keling AI previously reported an ARR exceeding $10 million in March 2025, just 10 months after its official launch [1] - The company has released the world's first unified multimodal video model, Keling O1, and the Keling 2.6 model, which features "audio-visual synchronization" capabilities, along with new motion control functions, indicating rapid product iteration [1]