Group 1 - The Hang Seng Index opened down 0.59%, while the Hang Seng Tech Index fell by 0.44%. Bank stocks strengthened, with China Merchants Bank rising nearly 1%, while the non-ferrous metals sector weakened, with China Aluminum dropping over 2%. Tech stocks were sluggish, with Alibaba and Baidu both declining by more than 1% [1] - CITIC Securities believes that due to the internal "14th Five-Year Plan" catalyst and external major economies' "fiscal + monetary" dual easing, the Hong Kong stock market is expected to welcome a second round of valuation repair and further earnings recovery by 2026. It suggests focusing on technology, healthcare, resource products, essential consumer goods, paper, and aviation sectors [1] - Everbright Securities indicates that with domestic policy efforts and a weaker US dollar, the Hong Kong stock market may continue to experience a volatile upward trend. The overall profitability of the Hong Kong market is relatively strong, and assets in the internet, new consumption, and innovative pharmaceuticals are relatively scarce. Despite several months of consecutive gains, the overall valuation remains low, making long-term allocation cost-effective [1] - Dongwu Securities believes that the Hong Kong stock market is entering a volatile upward phase, emphasizing the need to maintain dividends as a base and seize the technology growth market in the first half of the year. Potential incremental funds from southbound investments will continue to increase allocation to value dividends. Considering valuations and the AH comparison perspective, southbound funds will generally increase allocation to Hong Kong tech growth stocks, although the tech market will still be influenced by overseas interest rate cuts and US tech market trends, requiring dynamic observation [1] Group 2 - Industrial Securities suggests actively going long, as the Hong Kong stock market is expected to start a spring offensive led by the Hang Seng Tech Index. In the medium term, the bull market in Hong Kong stocks will continue into 2026, with earnings and liquidity likely to drive the market. Changes in risk appetite may present a pattern of "rise first, then fall, and rise again" [2] - In the first quarter of 2026, the risk appetite for Hong Kong stocks is expected to "rise first" [2]

迪拜道路与交通管理局负责人在活动现场表示，此次许可的颁发及基地启用，是迪拜推动智慧出行战略 的关键步骤，旨在为公众提供更安全、高效的创新出行选择。百度智能驾驶事业群组总裁则表示，迪拜 前瞻性的政策环境与基础设施为无人驾驶技术落地提供了良好条件，企业期待深度参与当地智慧交通系 统建设。 据了解，双方合作始于2025年3月签署的战略协议。此后，萝卜快跑于同年7月获得了迪拜的首张自动驾 驶测试牌照，并开始组建测试车队。此次获得全无人驾驶测试许可，标志着其在当地的技术验证与商业 化准备进入新阶段。 来源：中国青年报客户端 中国青年报客户端讯（中青报·中青网记者 张真齐）1月6日，萝卜快跑正式获得由迪拜道路与交通管理 局颁发的全无人驾驶测试许可，成为当前迪拜唯一获此许可的企业。根据许可，萝卜快跑可在迪拜指定 区域开展不配备安全员的全无人驾驶车辆公开道路测试，为其后续启动商业化运营铺平了道路。 同日，萝卜快跑在迪拜建设的首个一体化运营基地正式投入启用。该基地具备无人驾驶车辆的日常运 营、维护、安全监控与人员培训等综合功能。迪拜方面表示，该基地的启用是其"2030智能城市战略"的 一部分，该战略目标之一是到2030年将全市 ...

Core Insights - Baidu's autonomous driving service platform "Luobo Kuaipao" has received a full autonomous driving testing license from Dubai's Roads and Transport Authority (RTA), making it the only company authorized for such testing in Dubai [2][3] - This license marks a significant recognition of Chinese autonomous driving technology by Dubai and paves the way for Luobo Kuaipao to launch full commercial operations in Q1 2026, with plans to expand its fleet to over 1,000 vehicles in Dubai [2] - The first integrated autonomous driving operation base outside of China has been established in Dubai, which will support daily operations, maintenance, safety management, and personnel training for autonomous testing [2] Industry Developments - The RTA's approval reflects confidence in Dubai's policy environment and smart infrastructure, positioning the city as a global hub for future smart mobility [3] - Baidu's Vice President emphasized the favorable conditions in Dubai for the large-scale implementation of autonomous driving technology, highlighting the city's advanced transportation infrastructure and public acceptance of innovative technologies [3] - Chinese technology companies are actively participating in the global transportation ecosystem's reconstruction, with opportunities emerging in autonomous driving and smart connected vehicles, showcasing China's innovative solutions and experiences in the global transportation transformation [4]

Group 1 - Baidu's autonomous driving service platform "Luobo Kuaipao" has received the first full autonomous driving test permit from the Dubai Roads and Transport Authority (RTA), marking it as the first and only company authorized for full autonomous testing in Dubai [1][2] - This approval signifies recognition of Chinese autonomous driving technology by Dubai's highest authorities and opens a critical pathway for Luobo Kuaipao to launch full autonomous commercial operations in Q1 2026, with plans to expand its fleet to over 1,000 vehicles in the region [1] - The first integrated autonomous driving operation base established by Luobo Kuaipao in Dubai has officially commenced operations, serving as a "smart hub" that integrates vehicle operation, maintenance, safety management, and personnel training [1] Group 2 - RTA's Director General, Matar Al Tayer, praised the establishment of Luobo Kuaipao's first overseas operational base, highlighting it as a reflection of global confidence in Dubai's policy environment and smart infrastructure [2] - Baidu's Vice President, Wang Yunpeng, expressed honor in receiving the RTA's permit and emphasized Dubai's advanced transportation infrastructure and forward-looking policies as ideal conditions for the large-scale implementation of autonomous driving technology [4] - In Q3 2025, Luobo Kuaipao reported a significant increase in global ride service instances, reaching 3.1 million, a 212% year-over-year growth, with weekly orders for fully autonomous rides exceeding 250,000 by October 2025 [4]

该行对百度分拆建议分拆昆仑芯于香港主板上市，持乐观态度，认为这可以帮助释放百度的金融价值， 增强其AI生态系统。百度本月初发公告将将昆仑芯分拆，上市后还是百度的合并子公司，百度依旧持 有其59%的股份。鉴于上述因素，该行维持对百度2025年第四季度以及2026年的收入预测不变，预计经 调整纯利分别为41和191亿元人民币。 大华继显发布研报称，上调百度集团-W(09888)目标价9.9%，从151港元升至166港元，同时上调其美股 目标价，维持"买入"评级。 ...

该行对百度分拆建议分拆昆仑芯于香港主板上市，持乐观态度，认为这可以帮助释放百度的金融价值， 增强其AI生态系统。百度本月初发公告将将昆仑芯分拆，上市后还是百度的合并子公司，百度依旧持 有其59%的股份。鉴于上述因素，该行维持对百度2025年第四季度以及2026年的收入预测不变，预计经 调整纯利分别为41和191亿元人民币。 智通财经APP获悉，大华继显发布研报称，上调百度集团-W(09888)目标价9.9%，从151港元升至166港 元，同时上调其美股目标价，维持"买入"评级。 ...

作为中国少数具备高性能AI加速器设计能力的企业之一，百度旗下AI芯片部门昆仑芯正加速推进其资 本化进程。 据知情人士向彭博透露，昆仑芯已选定投行团队筹备香港首次公开募股（IPO），目标募资规模最高可 达20亿美元。这一动作不仅凸显了市场对人工智能基础设施领域的强烈兴趣，也标志着中国科技巨头在 关键硬件领域的独立化步伐正在加快。 知情人士向彭博表示，昆仑芯已聘请中国国际金融股份有限公司、中信证券和华泰证券作为此次IPO的 牵头银行。此外，中信建投国际（也参与了此次发行的相关工作。 针对上述消息，百度发言人未回复置评请求。中信建投、中金公司和华泰证券也未予置评，中信证券则 拒绝发表评论。 就在今年1月2日，百度官方证实昆仑芯已于上周秘密递交了IPO申请。尽管具体发行规模等细节仍在商 议中，且可能随市场情况发生变化，但据知情人士透露，募资额度预计在10亿至20亿美元之间。 此次IPO正值投资者对人工智能板块需求高涨之际。随着中国持续推动科技自立自强，被视为战略性行 业的AI相关企业正纷纷赴港上市以利用资本市场红利。近期AI芯片设计公司上海壁仞科技在港股首秀 中大涨76%，而去年底在内地上市的相关企业首日涨幅甚至达到 ...

据报道，知情人士称，百度旗下人工智能芯片公司昆仑芯已聘请投资银行安排香港IPO，募资金额可能 高达20亿美元。知情人士透露，昆仑芯已选择中金、中信证券和华泰证券为IPO牵头行，中信建投证券 也参与拟定昆仑芯的潜在发行方案。相关讨论仍在进行中，IPO规模等细节可能会有所变化，并指出融 资规模也可能在10亿美元左右。 ...

知情人士称，百度旗下人工智能（AI）芯片公司昆仑芯已聘请投资银行安排香港IPO，募资金额可能高 达20亿美元。知情人士透露，昆仑芯已选择中金、中信证券和华泰证券为IPO牵头行，中信建投证券也 参与拟定昆仑芯的潜在发行方案。知情人士表示，相关讨论仍在进行中，IPO规模等细节可能会有所变 化，并指出融资规模也可能在10亿美元左右。 百度1月2日表示，昆仑芯已以保密方式递交香港IPO文 件。 来源：环球市场播报 ...

自2025年3月签署战略协议以来，萝卜快跑在迪拜进展迅速：7月获发迪拜001号自动驾驶测试牌照，并 组建首个规模化测试车队，计划未来在迪拜部署超1000辆全无人驾驶汽车；9月在第四届迪拜世界自动 驾驶大会期间，成为唯一提供Robotaxi公众试乘体验的无人驾驶公司；此次获得全无人驾驶测试许可， 标志着萝卜快跑在迪拜的商业化服务落地进入最后冲刺阶段。 以新质生产力出海为牵引，中国科技正深度参与全球交通生态重构，在无人驾驶、智能网联等智慧交通 领域正迎来新发展机遇。 1月6日，百度旗下萝卜快跑正式获得迪拜道路与交通管理局(RTA)颁发的全无人驾驶测试许可，成为迪 拜首个且目前唯一获准开展全无人测试的平台。这为2026年一季度萝卜快跑启动全无人商业化运营打开 了关键的准入通道。根据规划，萝卜快跑在迪拜地区的全无人驾驶车队规模将扩充至1000辆以上。 同日，萝卜快跑在海外建设的首个无人驾驶一体化运营基地于迪拜正式启用。该基地集成了车辆日常运 营、维护升级、安全管控与人员培训等核心功能，是中东地区首个能够支持全无人车队规模化运营 的"智慧中枢"。它的落成，为全无人测试提供了全链条的技术与运营保障。 迪拜道路与交通管理局 ...