Company Highlights - Dipo Technology (1384.HK), recognized as the "first stock of enterprise-level large model AI applications" in Hong Kong, saw its stock price rise by 7.49% to HKD 74.6, reaching a three-week high [1] - Since its IPO at HKD 26.66, the stock has appreciated approximately 1.8 times, indicating strong market performance [1] - The stock has increased by 18.4% over the last 10 trading days, outperforming the Hang Seng Index, which rose by 5.88% during the same period [1] - Dipo Technology entered a strategic cooperation agreement with Muxi Co. on December 17, 2025, to leverage each other's strengths in the enterprise-level large model AI application sector [1] Industry Insights - The AI sector is witnessing significant developments, with overseas companies like xAI and Anthropic securing funding, and domestic policies promoting "AI + manufacturing" [2] - Companies such as Zhipu and MiniMax have experienced substantial stock price increases following their listings, indicating a positive market sentiment [2] - The upcoming release of DeepSeek-V4 is expected to trigger a new wave of AI application enthusiasm [2] - Citic Securities highlights that as model capabilities improve, particularly in reasoning and long-window cost reduction, AI downstream application scenarios are accelerating towards commercial validation [2] - Key focus areas for commercialization include search & marketing, coding, multimodal applications, agents, and AI for science [2]

Company Highlights - Dipo Technology (1384.HK), recognized as the "first stock of enterprise-level large model AI applications" in Hong Kong, saw its stock price rise by 7.49% to 74.6 HKD, reaching a three-week high [1] - Since its IPO at 26.66 HKD, the stock has appreciated approximately 1.8 times, indicating strong market performance [1] - The stock has gained 18.4% over the last 10 trading days, outperforming the Hang Seng Index, which increased by 5.88% during the same period [1] - Dipo Technology entered a strategic cooperation agreement with Muxi Co. on December 17, 2025, to leverage each other's strengths in the enterprise-level large model AI application sector [1] Industry Insights - The AI sector is witnessing significant developments, with overseas companies like xAI and Anthropic securing financing, and domestic policies promoting "AI + manufacturing" [2] - Companies such as Zhipu and MiniMax have experienced substantial stock price increases following their listings, indicating a positive market sentiment [2] - The upcoming launch of DeepSeek-V4 is expected to trigger a new wave of AI application enthusiasm [2] - CITIC Securities highlights that as model capabilities improve, particularly in reasoning and cost reduction for long-window applications, AI downstream application scenarios are rapidly entering the commercialization validation phase [2] - Key areas of focus include search & marketing, coding, multimodal applications, agents, and AI for science, with expectations for accelerated commercialization processes among related companies [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 滴普科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01384 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 326,632,000 | RMB | | 1 RMB | | 326,632,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 326,632,000 | RMB | | 1 RMB | | 326,632,000 | 本月底法定 ...

Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.13% to 25,808.79 points, while the Hang Seng Tech Index increased by 0.14% to 5,496.52 points. The National Enterprises Index fell by 0.03% to 8,911.15 points, and the Red Chip Index decreased by 0.14% to 4,061.97 points [1] Company News - Vanke Enterprises extended the grace period for the repayment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific reported a passenger count of 2.5304 million in November, marking a 26% year-on-year increase [3] - China General Nuclear Power's units 1 and 2 in Huizhou are in the debugging phase, with expected operational dates adjusted to the first half and second half of 2026, respectively [3] - Nanshan Aluminum International has increased its annual production capacity of alumina to 4 million tons [7] - He Yu Pharmaceutical's CSF-1R inhibitor received approval from China's NMPA [5] - Shengnuo Pharmaceutical completed Phase I trials for its drug STP707 and submitted a clinical research report to the FDA [6] Industry Insights - Huatai Securities noted that the market is still in a left-side layout phase, with a strong consensus on an early spring rally, but year-end supply and demand pressures may create uncertainty for a "Santa rally" [10] - CITIC Construction pointed out that after a period of single-sided growth in September, the Hong Kong market has experienced adjustments, with some quality assets returning to a high cost-performance ratio [10] - Guotai Junan Securities highlighted that historical data shows strong performance in U.S. stocks during year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [11] - GF Fund mentioned that while short-term liquidity disturbances may impact the market, the upward trend in the AI industry cycle remains intact, suggesting that the market structure for Hong Kong stocks will not change [11]

Core Viewpoint - The "Golden Award" for Annual Outstanding Investment Value IPO was awarded to Dipo Technology (01384.HK) during the "Technology Empowerment · Capital Breakthrough" online sharing session held by Gelonghui on December 22 [1] Group 1 - The "Annual Outstanding Investment Value IPO" award recognizes newly listed companies that excel in core business, performance growth, and shareholder value creation [1] - Dipo Technology is noted for its significant growth potential and competitive advantages within its industry [1] - The evaluation process for the award involved quantitative data analysis and a panel of expert reviewers [1]

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]

Core Insights - Dipo Technology (01384.HK) has announced a strategic partnership with Muxi Co., aiming to integrate enterprise-level large model AI application solutions with core technologies in full-stack GPU chips and computing power [1][2] - The collaboration focuses on addressing the challenges of computing power supply and AI application implementation in enterprise digital transformation, enhancing the "AI+" industry development strategy [1][2] - Dipo Technology's market debut on October 28 was highly successful, with 239,000 participants in the subscription, achieving an oversubscription rate of 7,590 times, and its stock price has increased by 157% since the issue price [2] Company Overview - Dipo Technology specializes in providing enterprise-level large model AI application solutions, facilitating efficient integration of data, decision-making, and operations for businesses [2] - The company has developed the FastData Foil data fusion platform and the Deepexi enterprise-level large model platform, enabling the deployment and implementation of Agentic AI applications across various vertical industries, including retail, manufacturing, healthcare, and transportation [2] Market Position - According to Frost & Sullivan, Dipo Technology is ranked as the number one provider of enterprise-level large model AI application solutions in China by revenue in 2024 [3] - The company is among the first in China to establish an AI-Ready data fusion platform and has the industry's first general enterprise operational decision-making model that has completed dual regulatory filings for deep synthesis algorithms and generative AI services [3]

Market Overview - The Hong Kong stock index opened higher but showed mixed performance, with the Hang Seng Index up 0.18% at 25,848.99 points, the Hang Seng Tech Index down 0.42% at 5,503.87 points, the National Enterprises Index up 0.11% at 8,949.28 points, and the Red Chip Index up 0.39% at 4,091.24 points [1] - Major tech stocks exhibited varied movements, with Alibaba up 0.68%, Tencent down 1.46%, JD.com up 0.98%, Xiaomi down 1.66%, NetEase up 0.19%, Meituan up 0.39%, Kuaishou down 3.6%, and Bilibili up 0.41% [1] - Wind power stocks led the gains, with Dongfang Electric rising over 5%, while gold stocks continued their upward trend, with Shandong Gold also up over 5% [1] - The lithium battery sector saw significant increases, with Ganfeng Lithium up over 4%, and building materials and cement stocks remained active, with Dongwu Cement reaching a historical high [1] - Mobile game stocks, Apple concept stocks, and new energy vehicle companies mostly declined [1] - Newly listed company Relax Health saw a first-day increase of over 145%, while Nobi Kan surged 338.75% in half a day [1] Corporate News - Vanke Enterprises (02202.HK) extended the grace period for the principal and interest payment of its fourth phase of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (00293.HK) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shanhigh New Energy (01250.HK) signed an EPC contract with China Railway 17th Bureau for a total price of 405.5 million yuan [3] - China General Nuclear Power (01816.HK) announced that the commissioning of Units 1 and 2 in Huizhou has been adjusted to the first half and second half of 2026, respectively [3] - Lehua Entertainment (02306.HK) entered into a business cooperation framework agreement with Youku Information Technology [4] - Xinyang Global Holdings (00723.HK) signed a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [4] - Tabo (06110.HK) reported a high single-digit year-on-year decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year [4] - Dipo Technology (01384.HK) entered into a strategic cooperation agreement with Muxi Co., aiming to deepen their strategic partnership in enterprise-level large model AI applications [4] - He Yu-B (02256.HK) received approval from China's NMPA for its CSF-1R inhibitor Beijiemai® [5] - Saint Noble Pharmaceuticals-B (02257.HK) completed Phase I trials for its experimental drug STP707 and formally submitted a clinical research report to the FDA [6] - Nanshan Aluminum International (02610.HK) increased its annual production capacity for alumina to 4 million tons [7] - Rungo Interactive (02422.HK) plans to sell 75% of its stake in Xi'an Tiantai Innovation Technology Co., Ltd. for 11.3 million yuan [8] - China Tianhua Chemical (00362.HK) received guidance from the Hong Kong Stock Exchange for resuming trading, but remains suspended [9] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally." The first quarter may present a higher probability phase for investment [10] - CITIC Securities observed that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations since October due to repeated overseas macro expectations. Quality assets in the Hong Kong market have re-entered a high cost-performance zone, and with continued northbound capital inflow and improved profit expectations, the market is entering a significant year-end trading window [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is anticipated to receive substantial policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [11]

Group 1 - The stock of Dipo Technology (01384.HK) opened over 10% higher, currently up 10.15% at HKD 75.45 [1] - The trading volume reached HKD 724,300 [1]

Core Viewpoint - Dipo Technology (01384) has entered a strategic cooperation agreement with Muxi Integrated Circuit (Shanghai) Co., Ltd. to enhance collaboration in enterprise-level AI applications, focusing on key industries such as manufacturing, commercial circulation, transportation, and healthcare [1] Group 1: Strategic Cooperation Agreement - The agreement aims to leverage the strengths and resources of both companies to deepen their strategic partnership in the AI application field [1] - A joint technical team will be established to create an end-to-end domestic AI solution, covering hardware computing platforms to AI enterprise operating systems and Agentic AI applications [1] - Muxi will provide comprehensive technical support and empower Dipo's team with competitive and targeted solutions [1] Group 2: Business Development and Goals - The cooperation is based on principles of equality, mutual benefit, resource sharing, and complementary advantages [1] - The partnership is expected to enhance business development and achieve mutual benefits, contributing to the strategic goals of the company [1]