新浪科技讯 1月8日下午消息，天眼查工商信息显示，近日，深圳光智时空科技有限公司发生工商变 更，新增蚂蚁集团旗下上海云玡企业管理咨询有限公司以及成都龙珠股权投资基金合伙企业（有限合 伙）、广州华芯盛景创业投资中心（有限合伙）、北京中发展金种子创业投资中心（有限合伙）为股 东，同时，注册资本由约164.35万人民币增至约210.62万人民币。 深圳光智时空科技有限公司成立于2024年9月，法定代表人为孙洋，经营范围含计算机软硬件及辅助设 备零售、计算机软硬件及辅助设备批发、通讯设备销售、电子产品销售、通讯设备修理、移动终端设备 制造、可穿戴智能设备制造等。股东信息显示，该公司现由孙洋、苏州光之时空科技合伙企业（有限合 伙）、Eastern Bell International XXVI Limited及上述新增股东等共同持股。 公开信息显示，光智时空是一家专注于AI领域的创新型企业，致力于构建AGI时代的入口级交互设备和 平台。 | | | | 康公司 直老板 蓝光区 情网站 重新元指时空利益病量公司 图 免除一 | 鱼 出处有 -- ■ 应用 · 商务合作 企业园产品 · | | --- | --- | -- ...

Group 1 - The platform economy has become an integral part of daily life, providing employment for millions and driving economic growth, necessitating a broader evaluation beyond mere financial metrics [1] - Recent central economic work conferences have emphasized the importance of platform enterprises in leading development, creating jobs, and fostering international competitiveness, highlighting the need for these companies to align their growth with the aspirations of the populace [1][2] - The new mission of platform economy is to integrate social responsibility into business models, ensuring the protection of laborers' rights and fostering sustainable development [2] Group 2 - The Chinese government is enhancing the support system for platform economy, with initiatives like occupational injury insurance trials expanding to include more platform workers, and various policies addressing issues like high traffic costs and price transparency [2] - Companies like Meituan and Taobao are taking concrete actions to support their workers, such as providing social insurance subsidies, indicating a shift towards long-term partnerships with laborers [2][3] - Platforms are launching various support plans, such as Pinduoduo offering ongoing traffic support to agricultural merchants, which helps reduce operational costs and boosts order growth for small businesses [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,184.20, down by 274.75 points or 1.04% from the previous close of 26,458.95 [1] - The index reached a high of 26,390.97 and a low of 26,183.42 during the trading session, with an average price of 26,287.19 [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 124.996 HKD, down 1.73% from the previous close [2] - Tencent Holdings closed at 619.762 HKD, down 0.76% from the previous close [2] - Alibaba Group (W) saw a decline of 3.25%, closing at 145.900 HKD [3] - Other notable declines include: - Xiaomi Group (W) down 1.55% to 38.160 HKD [3] - NetEase (S) down 2.88% to 222.600 HKD [3] - Meituan (W) down 1.51% to 104.500 HKD [3] ADR Performance - Tencent's ADR closed at 619.762, reflecting a decrease of 0.76% compared to its Hong Kong stock price [3] - HSBC's ADR was at 124.996, down 1.73% from its Hong Kong counterpart [3] - Alibaba's ADR closed at 142.841, down 2.10% compared to its Hong Kong price [3]

Core Viewpoint - Zhiyu officially listed on the Hong Kong Stock Exchange on January 8, becoming the "first stock of large models" and is recognized as a leading AI company in China, particularly among the "six small tigers" of domestic large models [1][3]. Company Overview - Zhiyu was founded in June 2019 by a team with a strong academic background from Tsinghua University, focusing on innovations in Artificial General Intelligence (AGI) [1][2]. - The company has raised nearly 8.4 billion yuan through 8 rounds of financing, with over 50 investment institutions participating, including major internet companies and venture capital firms [5]. Investment Background - Zhongke Chuangxing, an early investor, finalized its investment in Zhiyu before the company was officially established, highlighting its proactive approach in identifying top talent in the AI sector [2]. - The initial post-investment valuation of Zhiyu was 375 million yuan, which was considered high at the time, but Zhongke Chuangxing decided to invest 40 million yuan to support the company's development [2]. Market Position - As of October 2023, Zhiyu ranks first among independent general model developers in China and second among all general model developers, with a market share of 6.6% [3]. IPO Details - The IPO price was set at 116.20 HKD, leading to an estimated market capitalization of over 51.1 billion HKD, representing a nearly 90% increase from the last post-investment valuation of 24.4 billion yuan [6]. - Major shareholders include Junlian Capital, Meituan, and Ant Group, with significant paper gains expected due to their early investments [6]. Investor Composition - The cornerstone investors in the IPO collectively subscribed for approximately 2.984 billion HKD, accounting for about 68.63% of the global offering shares, indicating strong interest from long-term funds [7]. - The investor base is diverse, including state-owned enterprises, insurance funds, public asset management, hedge funds, and industrial capital [7][8].

Core Viewpoint - The Hang Seng Index fell by 0.94% on January 7, with southbound capital transactions totaling HKD 134.39 billion, indicating a net inflow of HKD 9.18 billion [2] Group 1: Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 134.39 billion, with buy transactions at HKD 71.79 billion and sell transactions at HKD 62.61 billion, resulting in a net buy of HKD 9.18 billion [2] - The Shenzhen Stock Connect saw total transactions of HKD 53.91 billion, with net buying of HKD 5.69 billion, while the Shanghai Stock Connect had total transactions of HKD 80.49 billion, with net buying of HKD 3.49 billion [2] Group 2: Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks at HKD 15.06 billion, followed by SMIC and Tencent Holdings with HKD 6.48 billion and HKD 6.27 billion respectively [2][4] - Tencent Holdings recorded a net buy of HKD 1.96 billion, while Xiaomi Group-W had a net buy of HKD 1.63 billion, and the Yingfu Fund saw a net buy of HKD 1.47 billion [2][3] - China Mobile experienced the highest net sell at HKD 1.13 billion, with its stock price declining by 0.97% [2][4] Group 3: Continuous Net Buying - Four stocks received continuous net buying from southbound capital for more than three days, with Xiaomi Group-W leading at five days, followed by Alibaba-W at four days, and China Life at three days [3] - The total net buying amounts during this period were HKD 3.61 billion for Xiaomi Group-W, HKD 2.12 billion for Alibaba-W, and HKD 1.25 billion for China Life [3]

Core Insights - The report highlights the growing trend of "pre-order online and pick up" services in the food and beverage industry, particularly among young consumers who value time-saving solutions [1][2] Group 1: Service Adoption and User Behavior - In 2025, the "秒提" service connected 250,000 restaurants, optimizing the consumer process by allowing users to order online and pick up without waiting in line, significantly enhancing store efficiency [1] - Users saved approximately 1.66 billion minutes collectively in 2025, equivalent to over 160,000 golden weeks, showcasing the time efficiency of the service [1] - The service has expanded from office areas to community business districts, train stations, and tourist attractions, becoming a necessity for young consumers [1][10] Group 2: Regional Preferences and Trends - Major cities like Shanghai, Guangzhou, Shenzhen, and Beijing are leading in "秒提" service adoption, with a notable increase in consumer willingness across the country [5] - Northern regions prefer quick-filling options like milk tea and burgers, while southern areas lean towards coffee and snacks, indicating distinct regional consumption characteristics [6] Group 3: Demographics and Consumption Patterns - Young consumers aged 20-34 are the primary users of the "秒提" service, with significant order volumes during afternoon tea times, indicating a shift in consumption habits [7] - Tea drinks are the most popular items ordered through the service, with approximately 1 billion cups ordered in 2025, reflecting the rise of new-style tea brands [9] Group 4: Integration with Lifestyle - The "边逛边秒提" model has gained traction, with over 6.55 million people using the service while visiting scenic spots, demonstrating a seamless integration of dining and leisure activities [10] - The service has expanded to thousands of community business districts and train stations, enhancing consumer convenience and contributing to commercial efficiency [10][11]

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: 美团 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 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 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03690 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 83690 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 9,264,431,217 | USD | | 0.00001 | USD | | 92,644.31 | | 增加 / 減少 (-) | | | | | | | | USD | | | | 本月底結存 | | | ...

Core Insights - On January 7, 2026, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 83.52 billion, 44.91 billion, and 34.34 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 67.05 billion, 28.31 billion, and 19.91 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 83.52 billion, net buying of +9.74 billion - SMIC (00981): Trading amount of 44.91 billion, net selling of -10.38 billion - Tencent Holdings (00700): Trading amount of 34.34 billion, net buying of +8.86 billion - Xiaomi Group-W (01810): Trading amount of 23.83 billion, net buying of +8.13 billion - China Mobile (00941): Trading amount of 22.60 billion, net selling of -11.26 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 67.05 billion, net selling of -8.50 billion - Tencent Holdings (00700): Trading amount of 28.31 billion, net buying of +10.69 billion - SMIC (00981): Trading amount of 19.91 billion, net selling of -3.20 million - Xiaomi Group-W (01810): Trading amount of 16.55 billion, net buying of +8.19 billion - Meituan-W (03690): Trading amount of 13.07 billion, net buying of +4.48 billion [2]

Group 1 - The Hong Kong stock market saw a net inflow of 9.178 billion HKD from northbound trading on January 7, with the Shanghai-Hong Kong Stock Connect contributing 3.49 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 5.688 billion HKD [1] - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800), while the most sold stocks were China Mobile (00941), SMIC (00981), and CNOOC (00883) [1][2] - Alibaba-W (09988) recorded a net inflow of 9.74 billion HKD, while SMIC (00981) experienced a net outflow of 10.38 billion HKD [2] Group 2 - Tencent (00700) received a net inflow of 8.86 billion HKD, while Xiaomi Group-W (01810) saw a net inflow of 8.13 billion HKD [2] - The report from Citigroup highlighted three key themes for the mainland internet industry by 2026: growth in recurring revenue from cloud infrastructure, competition among major internet companies for AI chatbot user traffic, and deployment of proprietary AI agents by vertical companies [4] - Xiaomi Group-W (01810) was notably bought with a net inflow of 16.32 billion HKD, as the CEO announced plans for the new generation of the Xiaomi SU7 to be launched in April [5] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net inflows of 14.65 billion HKD and 9.12 billion HKD, respectively [5] - Goldman Sachs maintained an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios amid low investor positioning [5] - Goldwind Technology (02208) received a net inflow of 2.1 billion HKD, with potential positive catalysts linked to its stake in Blue Arrow Aerospace [6] Group 4 - China Life (02628) saw a net inflow of 4.16 billion HKD, while China Mobile (00941) and SMIC (00981) faced net outflows of 11.26 billion HKD and 10.7 billion HKD, respectively [7]

Group 1 - The Hang Seng Tech Index has declined by 2.3%, indicating a broader downturn in the technology sector in Hong Kong [1] - Tencent Music has dropped over 5%, while Alibaba and BYD have seen declines exceeding 4% [1] - Other companies such as NIO, Bilibili, Xiaopeng Motors, Kuaishou, and Li Auto have all fallen by more than 3%, with Tencent, Meituan, NetEase, and SMIC experiencing declines of over 2% [1]