Global Market Overview - The Chinese stock market has shown an upward trend, with healthcare, consumer discretionary, and real estate sectors leading, while energy, telecommunications, and conglomerates lagged behind. Southbound capital recorded a net inflow of HKD 18.72 billion, with Kuaishou, Xiaomi, and SMIC seeing the highest net purchases, while Tencent and China Mobile experienced significant net sales [3] - The A-share market saw gains in media, pharmaceuticals, and electronics, while oil, banking, and transportation sectors faced declines. The market is entering a spring offensive phase, with expectations that previously underperforming sectors like healthcare and consumer will outperform [3] - The U.S. stock market continued its upward trajectory, led by energy, financials, and consumer discretionary sectors, while defensive sectors like utilities, staples, and healthcare lagged. Major tech stocks such as Amazon and Tesla contributed to the gains [3] Economic Indicators - China's December RatingDog services PMI reached 52, indicating expansion, although new export orders contracted. Business outlook for the coming year has improved, with the government emphasizing the importance of innovation and the application of new technologies [3] - In the U.S., the December ISM manufacturing PMI unexpectedly contracted significantly, with new orders shrinking for the fourth consecutive month and inventory reduction accelerating. This data contributed to a decline in U.S. Treasury yields and a drop in the dollar [3] Sector-Specific Insights - AI demand is driving significant price increases in DRAM, with Samsung and SK Hynix planning to raise prices by 60%-70%. Strong demand for AI servers has led to Hon Hai's Q4 sales increasing by 22% year-on-year, with a notable 31.8% increase in December alone [3] - Nvidia's release of the new Rubin platform significantly reduces inference costs compared to the previous Blackwell platform, indicating advancements in AI technology [3] - The brain-machine interface industry may be approaching a critical commercialization turning point, with potential applications in medical rehabilitation, AI connectivity, and humanoid robot collaboration, as highlighted by Elon Musk's announcement regarding Neuralink's production timeline [3]

Group 1 - Kuaishou-W (01024) experienced a significant stock increase, rising nearly 5% and over 11% in the previous day, with a current price of 77.1 HKD and a trading volume of 2.331 billion HKD [1] - The "Motion Control" feature is gaining popularity on overseas social media, allowing users to create diverse and shareable video content, with a16z partner Justine Moore referring to it as "the Nano Banana of the video world" [1] - The "Motion Control" feature is derived from Kuaishou's AI video generation model, Kling, which is set to release version 2.6 in December 2025, capable of generating complete audio and video in a single instance [1] Group 2 - According to Shenwan Hongyuan, global website traffic for the Kling AI model has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Huafu Securities noted that the pricing for the Kling 2.6 model has increased, with the standard mode of the previous version charging 20 inspiration points for a 5-second video, while the new model only supports high-quality mode at a cost of 50 inspiration points, indicating expanded commercialization potential [1]

Group 1 - Kuaishou-W (01024) has seen a significant stock price increase, rising nearly 5% recently and over 11% the previous day, with a current price of 77.1 HKD and a trading volume of 2.331 billion HKD [1] - The "Motion Control" feature is gaining popularity on overseas social media, allowing users to create diverse and shareable video content, with a16z partner Justine Moore referring to it as the "Nano Banana of the video world" [1] - The "Motion Control" feature is derived from Kuaishou's AI video generation model, Kling, which is set to release version 2.6 in December 2025, capable of generating complete audio and video in a single instance [1] Group 2 - According to Shenwan Hongyuan, global website traffic for the Kling AI model has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] - Huafu Securities notes that the pricing for the Kling 2.6 model has increased, with the high-quality model charging 50 inspiration points for a 5-second video, compared to the previous model's 20 and 35 inspiration points for standard and high-quality modes respectively, indicating expanded commercialization potential [1]

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its KuaLing AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1][2]. Group 1: KuaLing AI Updates - KuaLing AI has launched several updates in December, including the world's first multimodal video model KuaLing O1 and the audio-visual synchronization model KuaLing 2.6, which are anticipated to increase user numbers and payment rates [2]. - The KuaLing O1 model is the first globally to support full-modal editing, improving workflow efficiency, while KuaLing 2.6's audio-visual synchronization is expected to integrate better with gaming, advertising, short dramas, and live streaming [2]. - KuaLing AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [2]. Group 2: Pricing Advantage - KuaLing 2.6 offers a pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second, compared to Google Veo's pricing of 0.4 USD per second for standard and 0.15 USD for fast versions [2]. - Kuaishou's KuaLing AI revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of 140 million USD [2]. Group 3: Impact on Core Business - The One series of end-to-end generative models has positively impacted Kuaishou's core business, with the OneRec model contributing to a 4%-5% increase in domestic marketing revenue in Q3 2025 [3]. - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce sector [3]. Group 4: Future Outlook - The company is expected to maintain steady growth in its core business through 2026, with previous network attack issues being addressed promptly, allowing for a gradual restoration of live streaming services [4]. - The impact of the lower-margin live streaming business on overall revenue is considered limited due to the growth in core advertising and e-commerce sectors [4].

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its Keling AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1] Group 1: Keling AI Updates - Keling AI has launched several updates in December, including the world's first full-modal video model Keling O1 and the first audio-visual model Keling 2.6, which are anticipated to increase user numbers and payment rates [1] - The Keling O1 model supports full-modal editing, improving workflow efficiency, while Keling 2.6's audio-visual capabilities are expected to integrate well with gaming, advertising, short dramas, and live streaming [1] - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] Group 2: Pricing Advantage - Keling 2.6 offers a clear pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second [2] - In comparison, Google Veo 3.1's standard version is priced at $0.4 per second, while Sora 2-pro is priced at $0.3 per second, making Keling 2.6 competitively priced [2] - Keling AI's revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of $140 million [2] Group 3: Impact on Core Business - The One series of generative models has positively impacted Kuaishou's marketing and e-commerce sectors, with the OneRec model boosting domestic marketing revenue by approximately 4%-5% in Q3 2025 [3] - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce segment [3] Group 4: Outlook for 2026 - The company is expected to maintain steady growth in its core business through 2026, despite previous network attacks that have been addressed without significant impact on other operations [4] - The company’s live streaming revenue has been stabilized through strict ecosystem governance, and the growth in core advertising and e-commerce businesses is expected to mitigate the lower-margin impact of live streaming [4]

Group 1 - The top short-selling ratios are led by China Resources Beer (100.00%), BYD Company (100.00%), and Xiaomi Group (75.49%) [1][2] - The highest short-selling amounts are recorded for Ping An Insurance (2.081 billion), Alibaba (1.871 billion), and Xiaomi Group (1.624 billion) [1][2] - The highest deviation values are for BYD Company (43.54%), CIFI Holdings (39.74%), and Xiaomi Group (34.28%) [1][2] Group 2 - The top short-selling amounts table shows Ping An Insurance at 2.081 billion, Alibaba at 1.871 billion, and Xiaomi Group at 1.624 billion [2] - The top short-selling ratios table lists China Resources Beer and BYD Company both at 100.00%, followed by Xiaomi Group at 75.49% [2] - The top short-selling deviation values table highlights BYD Company with a deviation of 43.54%, followed by CIFI Holdings at 39.74% and Xiaomi Group at 34.28% [2]

1月5日上榜港股通成交活跃榜个股中，南京熊猫电子股份为近一个月首次上榜。 证券时报·数据宝统计显示，1月5日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交529.01 亿港元，占当日港股通成交金额的36.84%，净买入金额99.89亿港元。 上榜的成交活跃股中，阿里巴巴-W成交额为95.60亿港元，成交金额居首；其次是中芯国际、盈富基 金，成交金额分别为87.99亿港元、68.45亿港元。 以上榜次数统计，1月5日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜17次，最受港股通资金关注。 南京熊猫电子股份为近一个月首次上榜，当日港股通成交额为16.35亿港元，成交净买入1.05亿港元，该 股当日收盘上涨39.75%。（数据宝） （文章来源：证券时报网） 1月5日港股通成交活跃股榜单 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 榜次数 | （港元） | （%） | | 0070 ...

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额95.60亿港 元，中芯国际、盈富基金成交额紧随其后，分别成交87.99亿港元、68.45亿港元。以净买卖金额统计， 净买入的个股共有10只，盈富基金净买入额为68.26亿港元，净买入金额居首，该股收盘股价下跌 0.08%，快手-W净买入额为15.56亿港元，小米集团-W净买入额为10.19亿港元。净卖出金额最多的是腾 讯控股，净卖出9.19亿港元，该股收盘股价上涨0.24%，中国移动、南京熊猫电子股份遭净卖出4.06亿 港元、1.05亿港元。 今日上榜个股中，盈富基金、快手-W、小米集团-W等8只股同时上榜港股通（深）、港股通（沪）成 交活跃股， 盈富基金合计成交额68.45亿港元，成交净买入68.26亿港元，快手-W合计成交额53.10亿港 元，成交净买入15.56亿港元。腾讯控股合计成交额64.57亿港元，成交净卖出9.19亿港元。 从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有华虹半导体、 小米集团-W、中芯国际，连续净买入天数分别为5天、3天、3天。以其间净买入金额统计，净买入金额 最多 ...

1月5日恒生指数上涨0.03%，报收26347.24点，全天南向资金通过港股通渠道合计净买入187.23亿港 元。 证券时报·数据宝统计，1月5日港股通全天合计成交金额为1436.06亿港元，成交净买入187.23亿港元。 具体来看，沪市港股通成交金额871.38亿港元，成交净买入98.09亿港元；深市港股通成交金额564.68亿 港元，成交净买入89.14亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为55.70亿港元，成交金额居 首；其次是中芯国际、盈富基金，成交金额分别为53.49亿港元、52.86亿港元。以净买卖金额统计，盈 富基金净买入额为52.72亿港元，净买入金额居首，该股收盘股价下跌0.08%。净卖出金额最多的是腾讯 控股，净卖出4.38亿港元，收盘股价上涨0.24%。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额39.90亿港元；其次是中芯国 际、腾讯控股，成交金额分别为34.50亿港元、30.33亿港元。以净买卖金额统计，有9只股为净买入，净 买入金额最多的是盈富基金，净买入15.54亿港元，该股收盘下跌0.08%。净卖出金额最多的是腾讯控 ...

腾讯控股、中国移动分别遭净卖出9.19亿港元、4.06亿港元。 上交所、深交所自2024年8月19日起调沪深港通交易信息披露机制。 在沪股通和深股通方面，调整后，每个沪股通和深股通交易日收市后，公布当日沪股通和深股通成交总 额及总成交笔数、ETF成交总额、前十大成交活跃证券名单及其成交总额，并按月度、年度公布前述数 据的汇总情况。 风险提示: 投资涉及风险，证券价格可升亦可跌，更可变得毫无价值。投资未必一定能够赚取利润，反 而可能会招致损失。过往业绩并不代表将来的表现。在作出任何投资决定之前，投资者须评估本身的财 政状况、投资目标、经验、承受风险的能力及了解有关产品之性质及风险。个别投资产品的性质及风险 详情，请细阅相关销售文件，以了解更多资料。倘有任何疑问，应征询独立的专业意见。 来源：华盛通 华盛资讯1月5日讯，港股日内窄幅震荡，截至收盘，三大指数涨跌不一，恒生指数微涨0.03%，国企指 数跌0.22%，恒生科技指数涨0.09%。 今日科网股普涨，其中快手-W涨超11%领跑，哔哩哔哩-W涨超5%，阿里巴巴-W涨超2%。"三桶油"普 跌，中国石油股份、中国海洋石油跌超3%，中国石油化工股份跌近2%。 南向资 ...