Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.9% to close at 26,877.42 points, the Hang Seng Tech Index up by 0.11%, and the State-Owned Enterprises Index rising by 0.71% [1][7]. Sector Performance - **Technology Stocks**: Mixed performance observed, with Alibaba and Bilibili both rising over 3%, while Kuaishou fell over 2%, and Xiaomi and Baidu dropped over 1% [1][7]. - **Biopharmaceutical Sector**: Strong performance noted, particularly with WuXi AppTec rising over 8%. The upcoming JPMorgan Healthcare Conference is expected to act as a catalyst for the innovative drug market, with expectations for updates on the operational progress of Chinese innovative drug companies [3][9]. - **Gold Stocks**: Continued upward trend, with China Gold International increasing over 7%. Citigroup has aggressively raised its short-term outlook for precious metals, predicting gold prices could reach $5,000 per ounce and silver $100 per ounce within the next three months, driven by geopolitical risks, physical shortages, and uncertainties in Federal Reserve policies [3][9]. - **Commercial Aerospace Sector**: A pullback was observed, with Goldwind Technology declining over 9%. Recent shareholder sell-offs have contributed to market volatility. However, significant breakthroughs in reusable rocket technology in China are expected to reshape the cost structure of the aerospace industry, benefiting upstream companies in aerospace manufacturing, new materials, and satellite applications [3][9]. New Listings - Three new stocks were listed today, with Zhaoyi Innovation rising over 37%, BBSB International up over 11%, and Hongxing Cold Chain increasing by 0.33% [4][9].

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will continue to diverge this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to excel over physical e-commerce [2] Group 1: Market Trends - The macroeconomic environment remains weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which continues to be a drag on the industry [2] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" of US stocks at 31 times [2] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top choice due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [2] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the preferred choice among Chinese e-commerce stocks [2] - Baidu Group-SW (09888) is considered attractive in the AI field, with value release on the right track [2] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [2] - Within specific segments, JD Health (06618) and Trip.com Group-S (09961) are viewed positively [2]

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will remain differentiated this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to outperform physical e-commerce [1] Group 1: Market Trends - The macroeconomic environment is weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which remains a drag on the industry [1] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" in the US stock market at 31 times [1] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top pick due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [1] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the top choice among Chinese e-commerce stocks [1] - Baidu-SW (09888) is considered attractive in the AI field, with value release on the right track [1] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [1] - Within specific sectors, JD Health (06618) and Trip.com (09961) are viewed positively [1]

Market Review - Gold and silver prices experienced significant fluctuations, with London spot gold dropping below $4,580 per ounce and silver falling below $84 per ounce after reaching historical highs the previous trading day [1] - Asian stock markets opened higher, with the Nikkei 225 index rising by 1.67% and the Korean Composite Index increasing by 0.81% [1] - U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.17% at 49,590.20 points, the Nasdaq up 0.26% at 23,733.90 points, and the S&P 500 up 0.16% at 6,977.27 points [1] - Notable gains were seen in popular Chinese stocks, with the Nasdaq Golden Dragon China Index rising by 4.26%, Alibaba increasing by over 10%, and Bilibili and Xpeng Motors rising by nearly 9% and over 8%, respectively [1] Company News - Google's market capitalization surpassed $4 trillion, following an announcement of a partnership with Apple to enhance AI capabilities, including a significant upgrade to Siri later this year [2] - Planet Labs' stock reached a new historical high after announcing a multi-year agreement with the Swedish Armed Forces worth "low nine figures" [2] - Nvidia and Eli Lilly announced a $1 billion investment over five years to establish a joint research lab in the San Francisco Bay Area, aimed at accelerating AI applications in the pharmaceutical industry [2] - Meta Platforms' CEO Mark Zuckerberg revealed plans for a new initiative called "Meta Compute," which aims to build "tens of gigawatts" of AI infrastructure by the end of 2030 [2] Institutional Research - Moody's latest report indicates that to support the explosive growth of AI and cloud computing, trillions of dollars must be invested in servers, computing devices, data center facilities, and additional power capacity [3] - An estimated $3 trillion will flow into data center-related investments over the next five years, primarily from large tech companies due to their increasing demand for data centers and power capacity [3]

Core Viewpoint - Chinese concept stocks experienced a significant rally, with the Nasdaq China Golden Dragon Index (HXC) rising by 4.26% on January 13, 2026, indicating a positive market sentiment towards these stocks [1][6]. Group 1: Rising Stocks - Major stocks that saw increases include Alibaba, which rose by 10.17%, and TSMC, which increased by 2.52% [1][7]. - Other notable gainers include Netease (+4.73%), Baidu (+6.06%), Ctrip (+4.36%), JD (+4.35%), and Xpeng Motors (+8.39%) [1][7]. - The overall trend shows a strong performance among Chinese tech stocks, with many companies experiencing gains of over 5% [1][6]. Group 2: Declining Stocks - Among the declining stocks, Pinduoduo fell by 1.51%, and Manbang dropped by 1.43% [2][8]. - The overall market sentiment was overshadowed by the positive performance of the broader market indices, despite these declines in specific stocks [2][8]. Group 3: Market Performance - The U.S. stock market also saw gains, with the Dow Jones and S&P 500 reaching historical highs, indicating a broader bullish trend in the market [2][8]. - The Dow Jones increased by 86.13 points (0.17%) to close at 49,590.20, while the Nasdaq rose by 62.56 points (0.26%) to 23,733.90 [2][8].

Core Viewpoint - The report from Jefferies indicates that Bilibili-W (09626) is expected to meet revenue and non-GAAP operating profit forecasts for Q4 2025, with total revenue projected to increase by approximately 5% year-on-year, reaching 8.1 billion RMB [1] Revenue Forecast - Total revenue for Bilibili is expected to reach 8.1 billion RMB in Q4 2025, reflecting a year-on-year growth of about 5% [1] - The mobile gaming revenue is projected to increase by 1% quarter-on-quarter [1] - Online advertising revenue is anticipated to grow by 21% year-on-year to 2.9 billion RMB, accounting for 36% of total revenue [1] Business Segmentation - The growth in online advertising revenue is driven by several factors, including daily active users, traffic, and revenue per thousand ad impressions [1] - The success of the game "Escape from Duckkov" is highlighted, with a strategic focus on leading positions in vertical categories, long-term product operations, and targeting younger generations [1] Future Outlook - Jefferies' 2026 outlook report predicts that artificial intelligence will become a key focus area, with the entertainment industry favored due to its defensive nature [1]

Core Viewpoint - The report from Jefferies indicates that Bilibili-W (09626) is expected to meet revenue and non-GAAP operating profit forecasts for Q4 2025, with total revenue projected to increase by approximately 5% year-on-year, reaching 8.1 billion RMB [1] Revenue Breakdown - Mobile game revenue is anticipated to grow by 1% quarter-on-quarter [1] - Online advertising revenue is expected to increase by 21% year-on-year to 2.9 billion RMB, accounting for 36% of total revenue, driven by factors such as daily active users, traffic, and revenue per thousand ad impressions [1] Game Performance - The game "Escape from Duckkov" has achieved success, with a strategic focus on leading positions in vertical categories, long-term product operations, and appealing to younger generations [1] Future Outlook - According to the 2026 outlook report, artificial intelligence is projected to become a key area, with the entertainment industry favored for its defensive nature [1]

Core Viewpoint - Bilibili (BILI.US) is experiencing a pre-market increase of 3.53%, reaching $30.2, following a report from Jefferies that forecasts the company's Q4 2025 revenue and non-GAAP operating profit to align with their predictions, with total revenue expected to grow approximately 5% year-over-year to reach 8.1 billion RMB [1] Group 1: Financial Performance - Jefferies maintains a target price of $34 for Bilibili's U.S. stock and retains a "Buy" rating [1] - The forecast for total revenue in Q4 2025 is set at 8.1 billion RMB, reflecting a year-over-year increase of about 5% [1] Group 2: Gaming and Strategic Focus - The game "Escape from Duck Cove" has achieved success, with a strategy focused on leading positions in vertical categories, long-term product operations, and appealing to younger generations [1] - Jefferies' outlook for 2026 indicates that artificial intelligence will become a key area of focus, while the entertainment industry is favored for its defensive nature [1]

Core Viewpoint - Bilibili's stock price increased by nearly 7% at the close, with a current rise of 6.62%, reaching HKD 238.2, and a trading volume of HKD 1.148 billion [1] Group 1: Financial Performance - Jefferies forecasts that Bilibili's revenue and non-GAAP operating profit for Q4 2025 will meet expectations, with total revenue projected to grow approximately 5% year-on-year, reaching RMB 8.1 billion [1] - Longcheng Securities reports that Bilibili's AI-driven content production is boosting user numbers to new highs, with AI video material consumption accounting for over 60% and smart advertising consumption exceeding 45%, leading to an overall efficiency improvement of more than 10% [1] Group 2: Strategic Focus - Jefferies highlights that Bilibili's gaming strategy focuses on maintaining a leading position in vertical categories, long-term product operations, and appealing to younger generations, with the game "Escape from Duckkov" achieving success [1] - Longcheng Securities emphasizes the importance of AI in enhancing marketing material production efficiency and advertising effectiveness, while also noting the stable performance of the game "Three Kingdoms: Strategizing the World" and monitoring the progress of new game releases [1]

Group 1 - Bilibili-W (09626) saw a nearly 7% increase in stock price, closing at 238.2 HKD with a trading volume of 1.148 billion HKD [1] - According to a report by Jefferies, Bilibili's revenue for Q4 2025 is expected to reach approximately 8.1 billion RMB, reflecting a year-on-year growth of about 5% [1] - The success of the game "Escape from Duckville" is highlighted, with a strategic focus on leading positions in vertical categories, long-term product operations, and targeting younger generations [1] Group 2 - Longcheng Securities reported that AI is driving an increase in content production, leading to a continuous rise in platform user numbers [1] - The efficiency of marketing material production and advertising effectiveness has improved due to AI technology, with over 60% of AI video material consumption and more than 45% of advertising smart placement consumption [1] - The overall distribution efficiency has increased by over 10%, and the game "Three Kingdoms: Strategizing the World" is maintaining stable performance [1]