Group 1 - Major tech stocks in Hong Kong experienced a decline, with notable drops of approximately 4% for companies such as NetEase, Meituan, Bilibili, and Trip.com, while Baidu and Tencent fell over 3% [1][2] - The Hang Seng Index saw a broader market downturn, with a decline of 1% and the Hang Seng Tech Index dropping by 1.87% [2] - Specific stock performance included Kingdee International down by 4.98%, NetEase down by 4.15%, and Meituan down by 4.11%, among others [3]

Macro and Strategy - The macro review highlights a significant increase in PPI month-on-month, with January 2026 CPI showing a year-on-year increase of 0.2% and PPI down by 1.4% compared to the previous year [5][6] - The Hang Seng Technology Index has faced a downturn, failing to experience the expected post-Lunar New Year rally, with a notable shift in investment from high-growth tech stocks to dividend-paying assets [5][6] - The report discusses the performance of various asset classes, indicating a decline in equity indices and mixed results in commodity prices, with WTI crude oil rising by 2.75% [5][6] Industry and Company - The internet industry report emphasizes the growth potential of AI applications, with major companies like SpaceX and Meta making significant advancements in AI technology [13][14] - The pharmaceutical industry report suggests a focus on undervalued sectors, particularly in medical services and consumer-related segments, anticipating a recovery in 2026 [15][16] - China Uranium Industry (001280.SZ) is highlighted for its strong position in the natural uranium market, with a projected production of 3,955 tons in 2024, accounting for 6.4% of global output [17][18] - Bilibili (09626.HK) is expected to benefit from increased advertising revenue in 2026 due to the gaming industry's growth and the rise of AI applications [19][20] - Semiconductor company SMIC (00981.HK) reported a revenue of $2.489 billion in Q4 2025, exceeding guidance, with expectations for growth in 2026 to surpass industry averages [21][22] - Lianchuang Optoelectronics (600363.SH) is focusing on high-temperature superconductors and laser technology, with a projected net profit growth of 19.4% in 2025 [25][26]

Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

Economic Data - The U.S. added 130,000 jobs in January, significantly exceeding the market expectation of 55,000 [1] - The unemployment rate stands at 4.3%, slightly below the economists' forecast of 4.4% [1] - Job growth is primarily concentrated in the healthcare sector, which added 124,000 jobs, double the normal growth rate for 2025 [1] - There is a persistent downward revision in the labor market data, with the average monthly job addition for last year adjusted to only 15,000 [1] Company News - Apple is reportedly facing setbacks in the development of an upgraded version of Siri, which may delay the release of several anticipated AI features [3] - Meta has begun construction on a new data center in Lebanon, Indiana, with an investment exceeding $10 billion, aimed at enhancing its AI infrastructure [5] - Google is integrating AI shopping features into its search engine and Gemini chatbot, allowing consumers to purchase products directly through AI-driven answers [7] - T-Mobile anticipates service revenue to reach approximately $77 billion by 2026, with plans to achieve 18 to 19 million broadband users by 2030 [8] - Ancora Capital has increased its stake in Warner Bros. Discovery and plans to oppose the company's deal with Netflix regarding its production and streaming assets [9] - Kraft Heinz has paused its planned spin-off, focusing instead on improving company performance under the new CEO Steve Cahillane [10]

Summary of the Conference Call on Bilibili Company Overview - **Company**: Bilibili (B站) - **Industry**: Online Video and UGC (User Generated Content) Platform Key Points and Arguments Industry Context - The rapid development of AI technologies, particularly in the realm of multimedia content creation, is influencing the competitive landscape of online platforms, including Bilibili [1][2]. - The emergence of large models and updates from competitors like Alibaba and Kuaishou indicates a fast-paced evolution in the industry [1]. Bilibili's Position - Bilibili is currently the third-largest UGC platform in China, following Douyin and Kuaishou, which highlights its strong market position despite being primarily focused on mid-length and professional content [3]. - The platform has maintained its appeal and user base through a commitment to quality content and community engagement, rather than solely relying on aggressive monetization strategies [4]. User Growth and Engagement - Bilibili has experienced a user growth rate of 8-9% in 2025, which is notable given the overall saturation of the internet user base in China [7]. - The average daily usage time per user has increased by 6% to approximately 120 minutes, indicating strong user engagement [8]. Content Ecosystem - The proportion of PUGV (Professional User Generated Video) content has risen significantly, reaching 96% in 2024, which differentiates Bilibili from other platforms [9]. - The number of active content creators has also seen consistent growth, contributing to a vibrant content ecosystem [9]. Financial Performance - Bilibili's revenue streams are diversified across advertising, value-added services, and gaming, with advertising growth consistently around 20% [12][13]. - The company achieved its first quarterly net profit in Q3 2020, marking a significant milestone in its financial journey [16]. - Cost management has improved, with a decrease in both absolute costs and cost-to-revenue ratios, enhancing profitability [17][18]. Future Growth Potential - Bilibili is positioned to expand into the broader gaming market, moving beyond its traditional focus on niche genres, which could significantly increase its market share [25][26]. - The advertising revenue potential is substantial, with current figures indicating that Bilibili captures less than 1% of the market share, suggesting significant room for growth [28]. AI Integration - The integration of AI technologies, particularly in content creation (e.g., AI-generated animations), is expected to enhance user experience and advertising efficiency [30][31]. - Bilibili's user demographic is increasingly receptive to AI-driven content, positioning the platform favorably for future growth [31]. Long-term Outlook - The average age of Bilibili's user base is increasing, which may enhance their purchasing power and engagement with monetizable content over time [22][23]. - The company is viewed as having a strong long-term growth trajectory, with the potential for significant appreciation in valuation as it capitalizes on its user base and content ecosystem [20][32]. Additional Important Insights - Bilibili's management structure and governance are stable, reducing operational risks [11]. - The platform's unique community and content strategy create a robust competitive moat against rivals [10]. This summary encapsulates the key insights from the conference call regarding Bilibili's current standing, growth potential, and strategic direction within the online video and UGC industry.

近年来，春晚越来越受到年轻人的欢迎，数据显示，24年春晚15-44岁的年轻用户占比达到51.59%。25 年春晚B站直播观看人数超过1亿，其中30岁以下年轻人占比为83%。在年轻人成为春晚观看主力军的同 时，春晚也在不断探索年轻化的内容。24年，在《看动画片的我们长大了》里，年轻人在春晚上合唱最 喜欢的动画主题歌；25年，与B站共创的《春意红包》全网播放量超过10亿，成为了海外播放量第二的 蛇年春晚节目。 智通财经APP获悉，周三，哔哩哔哩(BILI.US)盘前涨逾3%，报32.10美元。消息面上，2月10日，中央 广播电视总台《2026年春节联欢晚会》与春晚独家弹幕视频平台B站共同宣布：今年的春晚首次引入UP 主参与。春晚导演组在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了 春晚纪录片的创作和拍摄，春晚后将在B站独家播出。 ...

近年来，春晚越来越受到年轻人的欢迎，数据显示，24年春晚15-44岁的年轻用户占比达到51.59%。25 年春晚B站直播观看人数超过1亿，其中30岁以下年轻人占比为83%。在年轻人成为春晚观看主力军的同 时，春晚也在不断探索年轻化的内容。24年，在《看动画片的我们长大了》里，年轻人在春晚上合唱最 喜欢的动画主题歌；25年，与B站共创的《春意红包》全网播放量超过10亿，成为了海外播放量第二的 蛇年春晚节目。 周三，哔哩哔哩(BILI.US)盘前涨逾3%，报32.10美元。消息面上，2月10日，中央广播电视总台《2026 年春节联欢晚会》与春晚独家弹幕视频平台B站共同宣布：今年的春晚首次引入UP主参与。春晚导演组 在晚会策划过程中广泛征求意见，B站UP主积极参与讨论。此外，UP主还参与了春晚纪录片的创作和 拍摄，春晚后将在B站独家播出。 ...

整体上看，恒指站稳27000点关口后再度进入盘整模式。今日全天成交2172.18亿港元，延续缩量态势，临近长假部分资金开始提前离场观望。 沽空方面，今日总沽空金额288.24亿港元，相当于恒指成交额的13.27%，空头继续活跃，但尚未对大市走向产生影响。 智通财经2月11日讯（编辑 冯轶）今日港股延续向上势头，三大指数短线均连续3日收涨。截至收盘，恒生指数、国企指数分别上涨0.31%及0.28%，恒生科 技指数一度冲高至1.3%，最终收涨0.9%。 【恒指站稳27000点盘整向上 节前资金面缩量观望】 盘面上，今日大型科网股进一步回暖，小米盘中一度大涨至5.4%，网易、快手、百度、美团小幅上涨。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800700 | 恒生科技指数 | 5499.99 | +48.96 | +0.90 | | 09626 | 哔哩哔哩-W | 252.800 | +12.400 | +5.16 | | 01810 | 小米集团-W | 37.100 | +1.520 | +4.27 | | 099999 ...

Core Viewpoint - The Hang Seng Index rose by 0.31%, while the Hang Seng Tech Index increased by 0.9% [1] Group 1: Company Performance - Bilibili saw an increase of over 5% in its stock price [1] - Tencent Music, Xiaomi Group, and Kingdee International each rose by over 4% [1] - BYD Company, WuXi Biologics, and New Oriental Education experienced gains of over 3% [1] Group 2: Company Declines - Pop Mart International fell by over 5% [1] - China Life Insurance declined by nearly 4% [1]

Core Viewpoint - The BoShi Hong Kong Internet ETF (159568) has shown positive performance since its inception, with significant increases in both share count and fund size in 2025 [1][2]. Fund Performance - As of February 11, 2024, the BoShi Hong Kong Internet ETF closed with a gain of 0.78%, with a trading volume of 53.48 million yuan [1]. - The fund was established on February 8, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - The latest share count is 324 million, with a total fund size of 539 million yuan, reflecting a 27.57% increase in shares and a 27.24% increase in size since December 31, 2025 [1]. Liquidity Metrics - Over the last 20 trading days, the ETF has accumulated a trading volume of 2.066 billion yuan, averaging 103 million yuan per day [1]. - In the year to date, the ETF has seen a total trading volume of 3.446 billion yuan over 28 trading days, averaging 123 million yuan per day [1]. Fund Management - The current fund manager, Li Qingyang, has managed the ETF since its inception, achieving a return of 66.36% during his tenure [2]. - The ETF's top holdings include Tencent Holdings (15.35%), Alibaba-W (14.43%), Xiaomi Group-W (13.96%), and Meituan-W (12.30%), among others [2].