Group 1: Company Developments - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream event, which has been postponed to January 3 due to illness, with a promise to give away 15 Xiaomi 17 Ultra phones as compensation [2] - Huawei's rotating chairman Meng Wanzhou reported that over 36 million devices are running HarmonyOS 5.0 and highlighted the company's contributions to 5G-A networks, serving 60 million users [4] - Kuaishou's Vice President Zhou Guorui is rumored to be leaving the company, with no official response from Kuaishou as of the report [5] - Tesla announced that its 9 millionth electric vehicle rolled off the production line at its Shanghai Gigafactory [6] - CATL plans to build 1,325 battery swap stations by 2025, exceeding its targets, and aims to establish over 3,000 stations by 2026 [7] - SoftBank has fully completed its $40 billion investment commitment to OpenAI, indicating a strong focus on the AI sector [8] - Didi expects over 80 million ride requests on December 31, driven by various travel demands, and has introduced incentives for drivers during the holiday period [9] - Samsung has reportedly received U.S. approval to ship chip manufacturing equipment to its factories in China starting in 2026 [10] - Micron's wireless charging chips have been successfully integrated into AI phones developed in collaboration with ByteDance and ZTE [11] - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for China's largest DRAM manufacturer [12] - MiniMax has begun its Hong Kong IPO process, with a total subscription amount of approximately 2.723 billion HKD from 14 cornerstone investors [13] - Cao Cao Mobility announced the acquisition of 100% stakes in Yao Mobility and Geely Business Travel for a total cash consideration of approximately 225 million yuan [14] Group 2: Product and Technology Innovations - Qingtian Rental launched a "1 yuan instant rental" service, aimed at making robotic applications more accessible for businesses [15] - Tencent released and open-sourced its translation model 1.5, supporting 33 languages and 5 dialects, with options for edge deployment [16] - Non-invasive brain-computer interface technology was applied for the first time in a national sports event, showcasing its potential in competitive settings [17]

Summary of Key Points Core Viewpoint - On December 30, 61 Hong Kong-listed companies conducted share buybacks, totaling 45.6855 million shares and an aggregate amount of HKD 906 million [1]. Group 1: Buyback Details - Tencent Holdings repurchased 1.062 million shares for HKD 636.5 million, with a highest price of HKD 600.5 and a lowest price of HKD 594.5, bringing its total buyback amount for the year to HKD 79.401 billion [1][2]. - China COSCO Shipping Holdings repurchased 4.3715 million shares for HKD 61.0054 million, with a highest price of HKD 14.06 and a lowest price of HKD 13.86, totaling HKD 6.9266 billion for the year [1][2]. - China Feihe repurchased 8.837 million shares for HKD 36.3424 million, with a highest price of HKD 4.12 and a lowest price of HKD 4.07, totaling HKD 1.10005 billion for the year [1][2]. Group 2: Notable Buybacks - The largest buyback amount on December 30 was from Tencent Holdings at HKD 636.5 million, followed by China COSCO Shipping Holdings at HKD 61.0054 million [1][2]. - In terms of share quantity, China Feihe had the highest buyback volume on December 30 with 8.837 million shares, followed by Maple Leaf Education and China COSCO Shipping Holdings with 7.648 million and 4.3715 million shares, respectively [1][2]. Group 3: First-Time Buybacks - Notably, Sunac Services and Changfeng Pharmaceutical conducted their first buybacks of the year on this date [2].

Market Overview - The Hong Kong stock market opened slightly lower on December 31, with the Hang Seng Index down 0.21% at 25,801.49 points, the Hang Seng Tech Index down 0.22% at 5,566.24 points, and the National Enterprises Index down 0.23% at 8,970.49 points [1] - Major tech stocks mostly declined, with Alibaba down 0.55%, Tencent down 0.42%, and JD.com down 1.32%. Conversely, Xiaomi rose by 0.86% [1] Company News - Zijin Mining (02899.HK) expects to achieve a net profit of approximately RMB 51-52 billion for the fiscal year 2025, representing a year-on-year increase of about 59%-62% due to increased production and sales prices [2] - Starry Development (00640.HK) reported revenue of approximately HKD 835 million for the fiscal year ending September 30, 2025, a year-on-year increase of 13.4%, and a net profit of approximately HKD 122 million, up 21.7% [2] - Shanghai Electric (02727.HK) plans to sell a 47.4% stake in Electric Guoxuan and waive its preemptive rights to an additional 3.6% stake [3] - CNOOC Services (02883.HK) has recently purchased bank wealth management products totaling HKD 3 billion [4] Clinical Trials and Drug Approvals - Fosun Pharma (02196.HK) has initiated clinical trials for its integrated diagnosis and treatment nuclear medicine project SRT-007 within China [5] - Hutchison China MediTech (00013.HK) announced that its new drug application for Savolitinib, intended for treating gastric cancer patients with MET amplification, has been accepted and prioritized for review [5] Strategic Partnerships - Linkong Biotechnology Group (00690.HK) has established a strategic partnership with Wenzhou Medical University National Engineering Research Center and the Ouhai District People's Government [6] Financing Activities - Youlian International Education Leasing (01563.HK) has entered into a financing lease agreement for energy-saving equipment [7] Stock Buybacks - Tencent Holdings (00700.HK) repurchased 1.062 million shares for HKD 636 million at prices ranging from HKD 594.5 to HKD 600.5 [8] - COSCO Shipping Holdings (01919.HK) repurchased 4.3715 million shares for HKD 61.05 million at prices between HKD 13.86 and HKD 14.06 [9] - China Feihe (06186.HK) repurchased 8.837 million shares for HKD 36.34 million at prices between HKD 4.07 and HKD 4.12 [10] - Kuaishou-W (01024.HK) repurchased approximately 464,000 shares for HKD 29.88 million at prices between HKD 63.75 and HKD 64.75 [10] - Giant Bio (02367.HK) repurchased 400,000 shares for HKD 13.44 million at prices between HKD 33.48 and HKD 33.76 [11] Institutional Insights - Everbright Securities notes that the overall profitability of Hong Kong stocks remains strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals. Despite recent gains, valuations are still considered low, suggesting long-term investment potential [12] - Founder Securities highlights positive signals from government policies aimed at optimizing the "two new" policies, which may enhance the competitive environment in the automotive industry [12] - CITIC Securities anticipates a 7.9% increase in Hong Kong private residential transaction volumes in 2026, driven by a favorable interest rate environment and increased asset allocation demand [12]

Summary of Key Points Core Viewpoint - A total of 70 companies, including Tencent Holdings and Kweichow Moutai, conducted share buybacks on December 30, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.062 million shares for a total of 636 million, representing 1.098% of its total share capital [1][2] - China COSCO Shipping Holdings (01919) repurchased 4.3715 million shares for 61.05 million, accounting for 4.283% of its total share capital [2] - China Feihe (06186) repurchased 8.837 million shares for 36.34 million, which is 2.863% of its total share capital [2] Group 2: Other Notable Buybacks - Kuaishou-W (01024) repurchased 464,000 shares for 29.88 million, which is 0.413% of its total share capital [2] - Sanhua Intelligent Control (02050) repurchased 375,000 shares for 18.89 million [2] - Baidu Cloud-W (06608) repurchased 1.2 million shares for 13.67 million, representing 1.319% of its total share capital [2] Group 3: Additional Companies - Vitasoy International (00345) repurchased 626,000 shares for 3.99 million, which is 2.368% of its total share capital [3] - Keep (03650) repurchased 100,000 shares for 358,400, which is 0.146% of its total share capital [3] - Nine Mao Jiu (09922) repurchased 554,000 shares for 1.00 million, representing 0.458% of its total share capital [3]

Market Overview - The Hang Seng Index (HSI) closed at 25,845.14, down by 9.46 points or 0.04% [1] - The index had a trading volume of 36.86 million shares, with a high of 25,919.17 and a low of 25,815.14 [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 123.376, up by 0.31% compared to the previous close [2] - Tencent Holdings closed at HKD 599.528, down by 0.08% compared to the previous close [2] Individual Stock Movements - Tencent Holdings: Latest price HKD 600.000, up by HKD 3.500 or 0.59%, ADR price HKD 599.528, down by HKD 0.472 [3] - Alibaba Group: Latest price HKD 144.500, up by HKD 1.200 or 0.84%, ADR price HKD 143.326, down by HKD 1.174 [3] - HSBC Holdings: Latest price HKD 123.000, up by HKD 1.100 or 0.90%, ADR price HKD 123.376, up by HKD 0.376 [3] - AIA Group: Latest price HKD 81.650, down by HKD 0.550 or 0.67%, ADR price HKD 82.070, up by HKD 0.420 [3] - Meituan: Latest price HKD 104.300, up by HKD 0.100 or 0.10%, ADR price HKD 103.410, down by HKD 0.890 [3] - Ctrip Group: Latest price HKD 571.000, up by HKD 11.500 or 2.06%, ADR price HKD 562.723, down by HKD 8.277 [3] - BYD Company: Latest price HKD 97.600, up by HKD 0.500 or 0.51%, ADR price HKD 97.496, down by HKD 0.104 [3]

Group 1 - The news reports that Kuaishou Technology's Vice President, Zhou Guorui, who is responsible for foundational models and recommendation models, is set to leave the company, with his internal status showing "on leave" and personal signature changed to "Log Out" [2] - Zhou Guorui has a strong academic and industry background, having previously worked as a senior algorithm expert at Alibaba and published research in top international conferences [2] - His departure is significant due to his central role in Kuaishou's AI strategy, having joined the company in 2021 and led the development of the OneRec architecture, which achieved a major breakthrough in the recommendation system [2] Group 2 - Zhou Guorui's potential departure is part of a broader trend, with at least six other vice president-level technical executives leaving Kuaishou since 2025, covering key areas such as recommendation algorithms and commercialization [3] - Despite being viewed as a "second growth curve" by Kuaishou's CEO, the commercialization progress of AI products has been below expectations, with the AI product "Keli" generating only 250 million yuan in revenue in Q2 2025, accounting for 4.8% of total revenue [3] - The AI business faces challenges including unstable generation quality, unestablished user habits, and intense competition [3]

Core Insights - The news reports that Zhou Guorui, the head of Kuaishou's large model division, is set to leave the company, with his future plans currently unknown [2][4]. Company Overview - Zhou Guorui is a significant figure at Kuaishou, having held the position of Vice President and head of foundational large models and recommendation models [2][4]. - His LinkedIn profile indicates that he holds both bachelor's and master's degrees from Beijing University of Posts and Telecommunications, specializing in information and communication engineering [6]. Career Background - Prior to joining Kuaishou in 2021, Zhou worked at Alibaba's advertising division, focusing on deep learning applications in advertising ranking and model optimization [7][10]. - At Kuaishou, he advanced from the position of recommendation algorithm vice president to leading the large model and recommendation model teams [10]. Key Contributions - Zhou was instrumental in the development of the OneRec architecture, which significantly restructured the recommendation system, achieving larger models with lower costs [11][12]. - The OneRec system reportedly reduced operational costs to about one-tenth of previous levels while enhancing performance across various core business scenarios, including short video recommendations and e-commerce [12][14]. Future Implications - The immediate impact of Zhou's departure on Kuaishou's AI strategy is expected to be limited due to the established stability of the OneRec architecture and the company's commitment to self-developed recommendation models [18]. - However, the long-term effects may include challenges in technology iteration speed and potential instability in technical direction due to the loss of core talent [18].

Core Viewpoint - Kuaishou-W has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3] Share Buyback Summary - On December 30, Kuaishou-W repurchased 464,000 shares at a price range of HKD 63.750 to HKD 64.750, totaling HKD 29.8846 million [2] - The stock closed at HKD 64.500 on the same day, reflecting a 1.10% increase with a total trading volume of HKD 886 million [2] - Since December 15, the company has conducted buybacks for 10 consecutive days, acquiring a total of 9.9627 million shares for a cumulative amount of HKD 643 million, despite a 4.37% decline in stock price during this period [2] - Year-to-date, Kuaishou-W has executed 44 buybacks, totaling 56.4706 million shares and an aggregate buyback amount of HKD 3.098 billion [2] Detailed Buyback Data - The buyback details include various dates, share quantities, highest and lowest prices, and total amounts spent, showcasing a consistent buyback strategy [2][3]

Group 1 - Kuaishou-W (01024.HK) announced a share buyback of 464,000 shares at a cost of HKD 29.885 million on December 30 [1]

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： 2025年12月30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 ...