U.S. stock futures were lower this morning, with the Dow futures falling around 0.2% on Tuesday.Shares of Travere Therapeutics Inc (NASDAQ:TVTX) fell sharply in pre-market trading after the company issued a corporate update and 2026 outlook.Travere Therapeutics said it expects total U.S. net product sales for the fourth quarter to be $127 million and expects $410 million U.S. net product sales for 2025. The company said it will restart Phase 3 HARMONY study in the first quarter of 2026.Travere Therapeutics ...

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted an A1 listing application to the Hong Kong Stock Exchange, signaling a potential shift in strategy towards valuing its core assets through spin-offs [1][2]. Group 1: Spin-off Significance - The spin-off of Kunlun Chip is not just a subsidiary listing but a signal of Baidu's intent to unlock value amid a challenging environment for Chinese internet giants regarding asset separation [2]. - The market has historically undervalued Baidu, perceiving it primarily as a traditional search advertising company, despite its significant investments in AI and technology [3][4]. - Kunlun Chip, as a leading AI chip manufacturer, has been undervalued within Baidu, which limits its growth potential and financing capabilities [5][6]. Group 2: Market Dynamics and Identity - The chip industry operates on a principle of neutrality, which has hindered Kunlun Chip's growth while it remained a part of Baidu [7]. - By becoming an independent entity, Kunlun Chip can attract a broader customer base and tap into a larger total addressable market (TAM) [7]. - The financial burden of funding chip development through Baidu's advertising revenue is no longer sustainable, making the spin-off a strategic move to optimize cash flow [8]. Group 3: Future Speculations on Autonomous Driving - The potential for Baidu to spin off its autonomous driving business, particularly the Apollo project, is being speculated as the next logical step following Kunlun Chip's separation [9][10]. - The autonomous driving sector is at a critical juncture, with the need for significant investment to scale operations, which could negatively impact Baidu's financial performance if retained within the company [10][11]. - A proposed spin-off could involve creating a new company focused solely on autonomous driving, allowing for better valuation and attracting strategic investors [11][12]. Group 4: Strategic Implications - The spin-off of Kunlun Chip may serve as a precursor to further separations within Baidu, allowing each business unit to thrive independently [14][15]. - The historical context of successful spin-offs in the tech industry suggests that separating high-growth potential businesses can lead to enhanced valuations and operational efficiencies [13][14]. - Baidu's actions indicate a shift from maintaining a large conglomerate to enabling individual units with unique growth trajectories to compete effectively in their respective markets [15].

来源：智通财经 1月13日，港股开盘，恒生指数涨1.32%，恒生科技指数涨1.93%。科网股全线走强，阿里巴巴、阿里健 康涨近5%，百度集团涨近2%。 ...

美国银行将百度公司目标价从151美元上调至180美元。 来源：滚动播报 ...

1月2日，百度正式公告，旗下AI芯片子公司昆仑芯已向港交所提交上市申请，算是正式回应了12月初市场关于百度分拆芯片业务上市的传闻。 百度昆仑芯的业务主体为昆仑芯（北京）科技股份有限公司，如果仔细分析这家公司的历史沿革会发现，这家公司的前身其实是星云融创（北京）科技有 限公司——百度于2015年收购的"安全宝"业务公司。 从安全业务到芯片，背后的逻辑是什么呢？ 百度的芯片业务发端于2011年的FPGA AI加速器项目，并于2017发布自研AI计算芯片核心架构——昆仑芯XPU。随后在2018年，百度在AI开发者大会上正 式发布云端全功能AI芯片"昆仑 1"；到2024年，昆仑芯3代P800系列推出并量产，主打训推一体，对标英伟达A800，在算力密度和能效比上实现大幅提 升。 因此，市场也普遍将百度的这次分拆解读为百度在大模型时代的AI算力基础设施布局。 不过，从工商信息看，昆仑芯的"前身"——星云融创，则最早由创新工场和安全领域的技术专家马杰在2011年共同成立的一家安全技术公司，创新工场持 股35%；之后在2012年和2013年分别进行了A轮和B轮融资，分别引入了北京艾普优计算机系统有限公司（苹果资本）和南京网 ...

Group 1 - Some popular Chinese concept stocks experienced a decline in pre-market trading, with Baidu dropping over 3% and Xpeng Motors falling more than 2% [1]

Core Insights - The narrative around the AI industry is undergoing significant scrutiny as massive capital expenditures collide with stagnant revenue growth, raising concerns about a potential "bubble" [1] - There is a growing gap between substantial investments in AI and the actual commercial returns, leading to a shift in focus from technological optimism to financial pragmatism [2] Group 1: Investment and Market Performance - In the U.S. market, NVIDIA's stock has reached new highs, reflecting investor enthusiasm for its AI chip business, while companies like Microsoft, Google, and Meta show structural differences in stock performance [1] - In China, Alibaba's stock has hit multi-year highs, with Tencent and Baidu also showing active performance in AI-related stocks, indicating ongoing market interest in domestic AI applications and infrastructure [1] - Despite high valuations in the global capital markets for the AI industry, concerns about the sustainability of these valuations are becoming a focal point of discussion [1] Group 2: Profitability Challenges in ToB AI - The global enterprise AI market is experiencing an asymmetric cycle of investment and profitability, with major players like Amazon and Google facing challenges as they expand [3] - Amazon's AWS is projected to have a capital expenditure of $125 billion in 2025, primarily for AI data center expansion, but its profit margins are under pressure due to rising operational costs [4][6] - AWS's revenue and operating income showed signs of recovery in Q3 2025, but profitability remains sensitive to capital expenditure and customer purchasing cycles [7] Group 3: Google Cloud's Growth and Challenges - Google Cloud has positioned AI at the core of its growth strategy, achieving significant revenue growth, but concerns about the mismatch between capital expenditure and returns persist [8][10] - Despite high ROI cases reported, the majority of AI projects struggle to achieve measurable returns, with only 25% of enterprise AI projects meeting initial ROI goals [14][15] Group 4: ToC AI Market Dynamics - The consumer AI segment faces challenges in converting user growth into revenue, with only 5% of AI projects yielding measurable benefits [16] - OpenAI's ChatGPT is projected to have annual revenue exceeding $20 billion in 2025, but its operational costs are rising exponentially, leading to significant losses [17] - The user base for ChatGPT has grown rapidly, but the conversion rate to paid subscriptions remains low, highlighting a disconnect between user acquisition and monetization [20][23] Group 5: Commercialization and Long-term Perspectives - The current investment-return imbalance in AI is seen as a phase rather than a failure of technology, with the potential for long-term value creation through efficiency improvements across industries [25][26] - The AI industry's commercial path is expected to follow a "J-curve," indicating that current losses are part of a necessary accumulation phase before significant returns can be realized [26][27] - The ongoing challenges in both ToB and ToC segments are contributing to the narrative of an "AI bubble," but the long-term potential of AI technology remains intact [27][28]

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].

美银证券发布研报称，预计今年股价表现仍将分化，人工智能板块将再次跑赢大市，娱乐及旅游等虚拟 消费将继续优于实体电商，人工智能仍是业界最大增长亮点。但疲弱的宏观环境对消费支出（电商）及 企业支出（广告）构成压力，仍是拖累行业的因素。不过中国互联网股估值具备吸引力，为下行风险提 供缓冲，目前预测市盈率为18倍，低于十年平均的23倍、纳指100的26倍及"美股七巨头"的31倍。 百度集团-SW（09888）在人工智能领域具备吸引力，价值释放亦步入正轨。数字娱乐方面偏好线上游 戏，推荐哔哩哔哩-W（09626）及腾讯音乐-SW（01698）。细分行业中，看好京东健康（06618）及携 程集团-S（09961）。 选股方面，该行仍更偏好人工智能及线上游戏而非电商，腾讯控股（00700）仍是行业首选，兼具人工 智能应用推动增长、市场竞争格局稳定、股东回报优异以及估值吸引等多重优势。阿里巴巴（09988） 仍是中国人工智能领域的最佳投资标的，亦是中国电商股首选。 ...

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]