Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.91%, Green Power Environmental (01330) at 69.45%, and Tianjin Chuangye Environmental (01065) at 67.62% [1][2] - The largest increases in holding amounts over the last five trading days were seen in Alibaba-W (09988) with an increase of 2.229 billion, SMIC (00981) with an increase of 1.693 billion, and Huahong Semiconductor (01347) with an increase of 1.379 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.613 billion, UBTECH (09880) with a decrease of 787 million, and Kuaishou-W (01024) with a decrease of 739 million [1][3] Group 2 - The latest holding ratio rankings for Hong Kong Stock Connect show that China Telecom holds 9.842 billion shares, Green Power Environmental holds 0.281 billion shares, and Tianjin Chuangye Environmental holds 0.230 billion shares [2] - The top ten companies with the largest increases in holdings over the last five trading days include Tencent Holdings (00700) with an increase of 917 million and China Construction Bank (00939) with an increase of 866 million [2] - The top ten companies with the largest decreases in holdings over the last five trading days also include Alibaba Health (00241) with a decrease of 665 million and China Hongqiao (01378) with a decrease of 647 million [3]

Group 1 - The top short-selling stocks include Sun Hung Kai Properties (80016), China Resources Beer (80291), and AIA Group (81299), all with a short-selling ratio of 100.00% [1][2] - The highest short-selling amounts are recorded for Xiaomi Group (01810) at 1.128 billion, Baidu Group (09888) at 1.106 billion, and Alibaba Group (09988) at 995 million [1][2] - The highest deviation values are for Ping An Insurance (82318) at 58.81%, JD Group (89618) at 38.75%, and Sun Hung Kai Properties (80016) at 35.83% [1][2] Group 2 - The top short-selling ratio rankings show Sun Hung Kai Properties (80016) with a short-selling amount of 196,700 and a ratio of 100.00%, followed by China Resources Beer (80291) with 11,500 and 100.00% [2] - The top short-selling amounts list Xiaomi Group (01810) with 1.128 billion, Baidu Group (09888) with 1.106 billion, and Alibaba Group (09988) with 995 million [2] - The top deviation values list Ping An Insurance (82318) with a short-selling amount of 3.2371 million and a ratio of 92.98%, followed by JD Group (89618) with 320,900 and 98.46% [2]

Group 1 - The top three companies with net inflow of southbound funds are SMIC (00981) with 458 million, Sanhua Intelligent Control (02050) with 405 million, and Hua Hong Semiconductor (01347) with 390 million [1] - The top three companies with net outflow of southbound funds are China Mobile (00941) with -601 million, UBTECH (09880) with -516 million, and Sanofi (01530) with -357 million [1] - In terms of net inflow ratio, Haitian Flavoring (03288) leads with 76.61%, followed by Southern Hong Kong Stock Connect (03432) with 62.50%, and CIMC (02039) with 59.57% [1] Group 2 - The top ten companies by net inflow include Tencent Holdings (00700) with 272 million and Alibaba-W (09988) with 263 million [2] - The top ten companies by net outflow include Meituan-W (03690) with -287 million and Bilibili-W (09626) with -242 million [2] - The top three companies with the highest net outflow ratio are Dekang Agriculture (02419) at -50.69%, Sanofi (01530) at -47.05%, and Jianfa International Group (01908) at -45.45% [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,547.45, down by 37.61 points or 0.14% [1] - The index reached a high of 26,639.66 and a low of 26,442.66 during the trading session [1] - The average price for the day was 26,541.16, with a trading volume of 49.443 million shares [1] Blue-Chip Stocks Performance - HSBC Holdings closed at 129.700 HKD, up by 1.17% compared to the previous close [2] - Tencent Holdings closed at 599.924 HKD, down by 0.43% compared to the previous close [2] - Alibaba Group (ADR) saw an increase of 2.19%, closing at 163.200 HKD [3] - Notable declines included NetEase, which fell by 3.70% to 208.000 HKD [3] Individual Stock Movements - Tencent Holdings (ADR) was priced at 599.924, reflecting a decrease of 0.43% compared to its Hong Kong price [3] - Alibaba's ADR was at 164.396, showing an increase of 0.73% compared to its Hong Kong price [3] - HSBC's ADR was at 129.700, indicating an increase of 1.17% compared to its Hong Kong price [3] - Other notable movements included Baidu Group, which increased by 3.29% to 153.700 HKD [3]

Group 1 - Meituan's medical beauty sector is facing aggressive price competition from Alibaba's e-commerce platform, Tmall, which has introduced significant discounts [1][2] - Tmall's "百亿补贴" (100 billion subsidy) strategy has led to the price of the "童颜针" (Aivilan, 84mg) dropping to 1399 yuan per unit, with potential discounts bringing it down to as low as 999 yuan [1][2] - In contrast, Meituan's pricing for the same product remains around 4000 yuan in the Beijing area, indicating a direct challenge to Meituan's market position [2] Group 2 - Meituan has established a strong market presence with nearly 9,500 new medical beauty institutions opened by August 2025, and over 200 upstream brands have joined its platform [3] - Tmall's strategy to attract users through subsidies is a response to the significant barriers Meituan has built with its extensive offline supply network [4] - The medical beauty market has already seen a price war initiated by competitors, such as New Oxygen, which introduced a product priced at 2999 yuan, significantly lower than the market average of 13,000 to 24,000 yuan [5]

Financial Performance - The fund achieved a realized income of approximately 4.19 million yuan but reported a loss of about 0.39 million yuan due to fair value changes impacting overall profit negatively [1] - The net asset value at the end of the reporting period was approximately 80.74 million yuan, with a net asset value per share of 1.3810 yuan [1] Fund Net Value Performance - The fund's net value decreased by 4.27% in Q4, outperforming the benchmark by 0.16 percentage points [2] - Over the past three years, the fund's cumulative net value growth rate was 44.38%, significantly exceeding the benchmark by 8.87 percentage points [2] Investment Strategy and Operations - The fund follows a complete replication strategy tracking the CSI Hong Kong Stock Connect 50 Index, adapting to market fluctuations and investor redemptions [3] - The market environment in Q4 2025 was complex, influenced by international negotiations and domestic economic pressures, with the fund focusing on effective index tracking [3] Performance Metrics - The tracking deviation was +0.16%, primarily due to operational costs and adjustments in index constituents [4] - The fund maintained a tracking deviation within the contractually agreed limit of 0.2% [4] Macroeconomic and Market Outlook - The domestic economic transition highlights new productive forces as structural strengths, with a focus on maintaining a strong domestic market [5] - The Hong Kong market is influenced by both domestic economic fundamentals and international monetary policies, necessitating attention to demand recovery and geopolitical changes [5] Fund Asset Composition - Equity investments accounted for 94.82% of the fund's total assets, with cash and equivalents making up 4.92% [6][7] - The fund's asset allocation is highly concentrated in equities, aligning with the index tracking requirements [7] Industry Allocation - The financial sector represented 43.48% of the fund's investments, followed by non-essential consumer goods at 19.77%, indicating a high concentration in these sectors [8] Top Holdings - The top ten holdings accounted for 53.97% of the fund's net asset value, with HSBC Holdings and Tencent Holdings being the largest positions [9] - The concentration in top holdings suggests significant influence on the fund's net value fluctuations [9] Fund Share Changes - The fund experienced a net subscription of 2 million shares during the reporting period, reflecting increased market interest in the Hong Kong Stock Connect 50 Index [10]

Core Insights - A new round of national subsidy policy has been implemented in Shenzhen, significantly boosting consumer enthusiasm for shopping [1][6] - Consumers can enjoy a convenient experience with the national subsidy, receiving products like smartphones and tablets in as fast as 30 minutes [1][6] Group 1: National Subsidy Program - Shenzhen consumers can receive a 15% subsidy by shopping through the Meituan app, which has partnered with local stores of brands like Huawei, Apple, and Xiaomi [1][6] - For example, a 256GB iPhone 17 originally priced at 5999 yuan can save consumers approximately 500 yuan when combined with the national subsidy and platform discounts [1][6] Group 2: Impact on Retail - The implementation of the subsidy has led to a notable increase in sales for digital and home appliance stores in Shenzhen since 2025 [1][6] - Meituan plans to continue expanding its collaboration with local brand stores to ensure that the benefits of the subsidy reach more physical merchants [2][6] Group 3: Delivery and Service Enhancements - To handle the surge in orders due to the subsidy, Meituan has launched a specialized fulfillment service, employing trained delivery personnel for all subsidy orders [2][6] - The service includes features such as on-site unboxing, activation, and photo confirmation to provide consumers with a seamless "buy and use" experience [2][6]

Core Viewpoint - Starting from January 1, 2026, Meituan's shared power banks will be upgraded to Super Fast Charge 2.0 and have received 3C certification along with multiple international compliance certifications from Japan and the EU [1] Group 1 - Meituan has integrated shared power bank benefits into its membership system, allowing users with a Black Gold membership to enjoy 2 hours of shared power bank service per month [1] - Users with a Black Diamond membership can enjoy 4 hours of shared power bank service per month [1]

Investment Rating - The report maintains a positive outlook on the Robovan sector, particularly emphasizing the potential of L4 RoboX technology in 2026 [3]. Core Insights - The 2026 smart technology landscape differs from previous years, focusing more on AI logic and software opportunities rather than hardware and consumer sales [3]. - Key catalysts for Robovan's growth include model iterations, increased RoboX deployments, and supportive policy developments [3]. - The report highlights the successful penetration of Robovan in the express delivery sector, with expectations for expansion into fast-moving consumer goods, durable goods, and chain restaurant applications [3]. - Investment recommendations suggest a strong focus on L4 RoboX as a primary investment theme for 2026 [3]. Summary by Sections Industry Overview - The report draws parallels between the current AI-driven transformation in transportation and the previous 4G mobile internet wave, noting that AI will enhance hardware capabilities and replace existing transportation methods [4][12]. - The report identifies Robovan as a key player in urban logistics, with significant potential for replacing traditional delivery vehicles [4][12]. Robovan Market Dynamics - Robovan's successful deployment in express delivery has led to approximately 27,000 units delivered in the first 11 months of 2025, primarily in the express sector [3]. - The report outlines the expected growth of Robovan in various logistics scenarios, including fast-moving consumer goods and durable goods delivery [3][46]. Technological Advancements - The report discusses the technological advancements in Robovan, including hardware and algorithm improvements that reduce costs and enhance operational efficiency [23][24]. - It emphasizes the importance of a robust supply chain and the integration of AI technologies to facilitate Robovan's commercial viability [23][24]. Policy Support - The report highlights ongoing government support for Robovan technology, with numerous policies aimed at facilitating the deployment and commercialization of autonomous delivery vehicles [12][19]. - It notes that over 250 cities have opened public road rights for Robovan, indicating a favorable regulatory environment for growth [20]. Market Potential - The urban delivery market is projected to reach 1.4292 trillion yuan in 2022, with Robovan expected to capture a significant share due to its efficiency in the supply chain [56]. - The report identifies that 64% of the urban delivery market consists of scenarios suitable for Robovan, indicating substantial growth opportunities [56].

Group 1 - Northbound capital recorded a net buy of HKD 139.3 billion on January 21, with HK Stock Connect (Shanghai) contributing HKD 77.89 billion and HK Stock Connect (Shenzhen) contributing HKD 61.41 billion [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988), while the most sold stocks were China Mobile (00941), Tencent (00700), and Hua Hong Semiconductor (01347) [1] - Alibaba-W received a net buy of HKD 10.77 billion, with significant growth in its AI model downloads, surpassing 100 million downloads [5] - China Life (02628) saw a net buy of HKD 10.07 billion, driven by positive expectations in the life insurance sector [5] - Kuaishou-W (01024) gained a net buy of HKD 7.33 billion, with its AI product showing a 350% increase in paid user growth [5] Group 2 - Semiconductor stocks showed divergence, with SMIC (00981) receiving a net buy of HKD 3.87 billion, while Hua Hong Semiconductor (01347) faced a net sell of HKD 1.2 billion [6] - TSMC's increased capital expenditure forecast indicates strong long-term demand driven by AI [6] - Shandong Gold (01787) received a net buy of HKD 3.03 billion, with gold prices hitting historical highs amid geopolitical tensions [7] - CNOOC (00883) saw a net buy of HKD 3.64 billion, with ongoing geopolitical tensions affecting oil prices [7] - Xiaomi Group-W (01810) and Meituan-W (03690) received net buys of HKD 5.89 billion and HKD 2.04 billion, respectively, while China Mobile (00941) and Tencent (00700) faced net sells of HKD 9.21 billion and HKD 2.71 billion [7]