Market Performance - The Hong Kong stock market showed strong performance on the first trading day of 2026, with the Hang Seng Index surpassing 26,000 points, closing up 2.76% or 707.93 points at 26,338.47 points, with a total turnover of HKD 140.86 billion [1] - The Hang Seng Tech Index rose by 4%, closing at 5,736.44 points, indicating a positive sentiment in technology stocks [1] Blue-Chip Stocks - Baidu Group-SW (09888) led blue-chip stocks, rising 9.35% to HKD 143.8, contributing 12.42 points to the Hang Seng Index, with a trading volume of HKD 4.778 billion [2] - Baidu announced plans to spin off Kunlun Chip for independent listing, with an estimated valuation of USD 16 billion to USD 23 billion, suggesting Baidu's stake could be valued between USD 9 billion to USD 13 billion [2] - Other notable blue-chip performers included New Oriental-S (09901) up 7.15%, China Life (02628) up 5.33%, and Tencent (00700) up 4.01% [2] Sector Performance - The commercial aerospace sector saw a significant surge, with China Technology Group (01725) up 42.86% and Asia Pacific Satellite (01045) up 34.53% following the acceptance of Blue Arrow Aerospace's IPO application [3] - Semiconductor stocks also performed well, with Hua Hong Semiconductor (01347) up 9.42% and SMIC (00981) up 5.11%, driven by industry trends and acquisitions [4] - The robotics sector continued its upward trend, with notable gains from companies like Lijiang Technology (00558) and Jinli Permanent Magnet (06680) [4] Policy Impact - The National Development and Reform Commission and the Ministry of Finance announced a new policy for large-scale equipment updates and consumer goods replacement, expected to boost domestic appliance consumption [7] - Companies in the home appliance sector, such as Skyworth Group (00751) and Midea Group (00300), saw significant stock price increases, reflecting positive market sentiment towards the new policy [6][7] Notable Stock Movements - Wall Street's first trading day of 2026 saw significant movements, with Biran Technology (06082) debuting at a 75.82% increase, focusing on GPGPU chips for AI computing [7] - Meitu Company (01357) issued USD 250 million convertible bonds to Alibaba, which will make Alibaba the third-largest shareholder, indicating a strategic partnership [8] - Likin Resources (02245) received approval for its A-share IPO, reflecting confidence in its comprehensive industry chain in nickel trading and production [9]

Group 1 - Hong Kong tech stocks showed strong performance in the afternoon session on January 2, with Baidu Group rising over 8% [1] - NetEase increased by more than 6%, while Ctrip and Alibaba both saw gains exceeding 4% [1] - Tencent Holdings, Kuaishou, and JD.com all experienced increases of over 3% [1]

Core Viewpoint - Ctrip Group's stock price increased by 4.96%, currently at HKD 581.50, with a trading volume of HKD 551 million [1] Group 1: Industry Insights - The Ministry of Transport of China reported that on December 31, 2025, the inter-regional passenger flow reached 20.7763 million trips, a month-on-month increase of 33.7% and a year-on-year increase of 25.4% [1] - On January 1, 2026, the expected inter-regional passenger flow is projected to be 20.813 million trips, with a month-on-month increase of 0.2% and a year-on-year increase of 21% [1] Group 2: Company Performance - Guosen Securities forecasts that tourism demand will continue to be robust, with Ctrip benefiting from a comprehensive product supply and high-quality service, maintaining a strong domestic market position and deep competitive moat [1] - Ctrip's market share is steadily increasing, and profit margins are expected to gradually improve [1] - The company is capitalizing on the opportunity for international expansion and the benefits of inbound policy changes, maintaining a rapid growth strategy that has been validated in multiple regions, driving overall revenue growth of over 15% [1] - Ctrip's significant share buyback plan and regular dividend arrangements reflect a positive stance on shareholder returns [1]

Core Viewpoint - The article discusses the performance and market dynamics of China's top internet companies in 2025, highlighting a clear differentiation among them in terms of market capitalization, profitability, and strategic direction as they transition from rapid expansion to a focus on quality growth [5][14]. Group 1: Market Capitalization and Rankings - The top 10 internet companies in China by market capitalization at the end of 2025 show stability in rankings, with Tencent, Alibaba, and Pinduoduo maintaining their positions, while other companies like Xiaomi and NetEase have seen upward movement [6][12]. - Tencent leads with a market cap of $728.7 billion, followed by Alibaba at $351.6 billion and Pinduoduo at $161.6 billion, with significant year-to-date stock price increases of 45%, 77%, and 17% respectively [9][10]. - The second tier includes Xiaomi, NetEase, and Meituan, with Xiaomi's market cap at $131.5 billion and a stock price increase of 14%, while Meituan's market cap has decreased by 32% [11][13]. Group 2: Revenue and Profitability Trends - Revenue growth is observed across the top companies, with only Baidu experiencing a slight decline, while Xiaomi leads with a 32.5% revenue increase [18]. - Profitability shows a stark contrast, with companies like Alibaba, Meituan, and JD.com facing pressure due to high marketing costs, particularly in the competitive food delivery sector, leading to "increased revenue without increased profit" [18][19]. - In contrast, companies like Tencent and NetEase have maintained strong profit margins through their gaming and social media ecosystems, with Tencent's gaming revenue exceeding $180 billion in the first three quarters of 2025 [20]. Group 3: Emerging Players and Market Dynamics - The mid-tier companies ranked 11th to 20th have shown significant stock price increases, indicating market recognition of their potential, with Giant Network leading with a 245% increase [23][24]. - Companies like Tencent Music and Kingsoft Office are highlighted as having potential for upward movement into the top tier, driven by their stable business models and market opportunities [25]. - The article emphasizes that while the top tier remains stable, the mid-tier companies are crucial to watch for future market shifts, as they may capitalize on emerging trends and niche markets [26].

Market Performance - The Hang Seng Index increased by 2.18%, reaching 26,189.79 points [1] - The Hang Seng Tech Index surged by 3.38%, closing at 5,702.56 points [1] - The Hang Seng China Enterprises Index rose by 2.26%, ending at 9,115.17 points [1] - The market recorded a half-day trading volume of 76.869 billion HKD [1] Notable Stock Movements - Wallen Technology experienced a significant increase of over 72% [1] - Hua Hong Semiconductor rose by 9.89% [1] - Baidu Group-SW saw a gain of 7.45% [1] - Sanhua Intelligent Control increased by 6.37% [1] - NetEase-S rose by 5.87% [1] - Li Auto-W gained 4.93% [1] - SMIC increased by 4.9% [1] - Trip.com Group-S rose by 4.33% [1] - Huatai Securities increased by 4.04% [1] Declining Stocks - Global New Material International fell by 8.99% [1] - 361 Degrees dropped by 10.89% [1] - Goldwind Technology increased by 17.15% [1] - Derin Holdings rose by 14.22% [1]

Group 1 - Ctrip Group-S (09961.HK) saw an intraday increase of nearly 5%, with a current rise of 4.33%, trading at 578 HKD [2] - The trading volume reached 424 million HKD [2]

Core Viewpoint - Ctrip Group's stock price increased by approximately 5%, reaching 578 HKD, driven by positive travel demand forecasts and strong financial performance indicators [1] Group 1: Market Performance - Ctrip Group-S (09961) saw a stock price increase of 4.33% with a trading volume of 424 million HKD [1] - The overall cross-regional personnel flow in China is projected to reach 20,776.3 million trips by December 31, 2025, reflecting a month-on-month growth of 33.7% and a year-on-year growth of 25.4% [1] Group 2: Industry Outlook - The tourism demand is expected to continue to be robust, with Ctrip benefiting from a strong product offering and quality service [1] - Ctrip's domestic market share is steadily increasing, supported by a solid competitive advantage, with profit margins anticipated to gradually improve [1] Group 3: Strategic Initiatives - Ctrip is positioned to capitalize on the international expansion opportunities and favorable inbound policies, maintaining a rapid growth strategy focused on scale [1] - The company has implemented a significant share buyback plan and regular dividend arrangements, indicating a proactive stance on shareholder returns [1]

2025年12月31日，携程集团发布《2025年度旅行报告》显示，旅游市场呈现需求多元化、体验深度化、 场景融合化特征，年轻群体主导的"回旋镖式"航线、自然疗愈导向的"沉浸走廊"等新业态加速涌现，推 动行业进入"情绪经济"新阶段。 2025年，"松弛感""反内卷"相关搜索量同比激增7倍，周一上午59%用户通过AI查询祈福目的地，"求治 愈""想发呆"成年度热词。报告指出，旅行已从"打卡消费"转向"心灵处方"，Z世代重视情绪价值与身份 认同，在节演展赛场景中客流占比超80%，热衷"搭子出游""拼小团"等社交化产品。 报告显示，2025年热门目的地呈现出多元化的特征。北京、上海作为国际文化与现代都市的代表持续受 到关注；西安、南京、成都等城市凭借深厚的历史底蕴与生活哲学吸引大量游客；重庆、长沙则以立体 魔幻的城市体验与活跃的夜经济成为"感官体验窗口"。此外，广州、深圳、杭州等地依托大湾区活力与 数字智能发展，成为"数智活力窗口"的典范。 银发族追求兴趣与温度，通过摄影、歌舞、非遗体验等活动丰富其精神生活；外国游客则通过味觉与视 觉沉浸式体验中国，如上海"TASTE OF CHINA 味"沉浸式餐厅广受欢迎。 西南 ...

Core Insights - The 2026 "Bet on China" top ten core assets have been announced by Gelonghui, a well-known independent research institution in China, based on votes from millions of members across over 70 countries [1][3] - The selection process involved over half a month of voting, resulting in hundreds of thousands of valid votes, emphasizing the collective wisdom of global investors [3] Selection Criteria - The selected listed companies must meet four key principles, reflecting the uncertainties in the Chinese investment market for 2025, including fluctuating recovery expectations, real estate stability concerns, and the ambiguity in investment directions related to AI and new energy [2] Performance Metrics - Since the end of 2018, the "Bet on China" top ten core assets index has achieved a cumulative increase of 318.67%, significantly outperforming the CSI 300 index (+56.2%), Hang Seng index (-0.82%), and S&P 500 index (+175.3%) [3] - In 2025, the equal-weighted return of the top ten core assets reached 35.1%, again surpassing the CSI 300 index (+17.7%), Hang Seng index (+27.8%), and S&P 500 index (+17.3%) [3] Core Assets Overview 1. **Zhongji Xuchuang (300308)**: Expected to benefit from the acceleration of AI computing infrastructure in China, with a projected demand for optical modules reaching 18 billion yuan, and a 50% annual growth in domestic demand for 800G optical modules [5] 2. **Tencent Holdings (00700.HK)**: With a massive user base, Tencent is expected to see its advertising revenue exceed 40 billion yuan in 2026, driven by its social media platforms and AI efficiency improvements [6][7] 3. **Alibaba (09988.HK)**: Anticipated to achieve 170 billion yuan in revenue from cloud services, with a growth rate of 34%, while also focusing on domestic consumption upgrades [7][8] 4. **Gold ETF (518880)**: Positioned as a key hedging tool for domestic investors, with a forecasted gold price potentially reaching 5,000 USD per ounce, supported by liquidity and geopolitical factors [8] 5. **Luoyang Molybdenum (603993/03993.HK)**: Expected to produce 660,000 tons of copper and 120,000 tons of cobalt in 2026, benefiting from the growth of the domestic electric vehicle market [9] 6. **Ping An Insurance (601318/02318.HK)**: Projected to see a 20%-25% increase in market value, benefiting from the domestic interest rate cycle and a focus on quality equity assets [10] 7. **Dongfang Caifu (300059)**: Anticipated to see a 22%-28% growth in market value, driven by increased capital market activity and AI-driven wealth management services [11] 8. **Wanhua Chemical (600309)**: Expected to achieve a net profit of 15.5-16.2 billion yuan in 2026, supported by domestic demand for MDI and new materials [12] 9. **WuXi AppTec (02268.HK)**: Positioned as a leader in the ADC field, with over 60% of its pipeline serving domestic clients, reflecting the growth of China's biopharmaceutical industry [13] 10. **Trip.com Group (09961.HK)**: Projected to see a revenue growth of over 25%, benefiting from the recovery of domestic travel and tourism [14] Conclusion - The ten core assets are aligned with China's key sectors such as AI computing, new energy, consumption, finance, and biomedicine, reflecting the country's new productive forces and upgrading of livelihoods [14]

Core Insights - The article presents the "Top 10 Core Assets for 2026" as voted by millions of members from over 70 countries, highlighting the collective wisdom of global investors in navigating market uncertainties [2][5]. Summary by Categories Core Assets - The selected core assets include: - **Zhongji Xuchuang (中际旭创)**: Market cap of 6,778 million RMB, focusing on AI and advanced manufacturing [3] - **Tencent (腾讯)**: Market cap of 49,160 million RMB, centered on AI applications [3] - **Alibaba (阿里巴巴)**: Market cap of 24,500 million RMB, involved in AI and cloud computing [3] - **Gold ETF (黄金ETF)**: Market cap of 1 million RMB, categorized under precious metals [3] - **Luoyang Molybdenum (洛阳钼业)**: Market cap of 4,279 million RMB, with no specific industry listed [3] - **China Ping An (中国平安)**: Market cap of 12,400 million RMB, in the financial sector [3] - **Dongfang Caifu (东方财富)**: Market cap of 3,663 million RMB, with no specific industry listed [3] - **Wanhua Chemical (万华化学)**: Market cap of 2,400 million RMB, in the chemical industry [3] - **WuXi AppTec (药明合联)**: Market cap of 1,515 million RMB, in the pharmaceutical sector [3] - **Trip.com Group (携程集团)**: Market cap of 3,250 million RMB, in consumer discretionary [3] Market Context - The investment landscape in China for 2025 is characterized by uncertainties, including fluctuating recovery expectations, geopolitical tensions, and evolving trends in real estate and AI [4]. - The article emphasizes the importance of collective intelligence in investment decisions, asserting that the aggregated insights from millions can effectively guide investors through market complexities [5][7]. Performance Metrics - From 2019 to 2025, the "Top 10 Core Assets Index" achieved a cumulative growth of 318.67%, significantly outperforming the CSI 300 Index (+56.2%) and the Hang Seng Index (-0.82%) [11]. - In 2025, the equal-weighted return of the top assets reached 35.1%, again surpassing the performance of major indices [11]. Selection Criteria - The selected companies must meet four key principles: 1. Represent Chinese enterprises with a domestic market focus 2. Align with future economic directions and create long-term value 3. Possess competitive advantages or potential in emerging sectors 4. Have a projected market cap growth of 20% or more in 2026 [10] Individual Company Insights - **Zhongji Xuchuang**: Expected to benefit from a surge in AI-related demand, with a projected market cap growth of 25%-30% [12]. - **Tencent**: Anticipated to see a 25%-30% increase in adjusted net profit, driven by its strong domestic user base and advertising revenue [13]. - **Alibaba**: Forecasted to achieve a 25%-28% stock price increase, supported by its dual focus on AI and consumer markets [14]. - **Gold ETF**: Positioned as a key hedging tool, with a projected 28%-32% growth in fund inflows [15]. - **Luoyang Molybdenum**: Expected to maintain its leading position in the battery materials sector, with a projected net profit of 320-350 million RMB [16]. - **China Ping An**: Anticipated to grow its market cap by 20%-25%, benefiting from the domestic financial market's recovery [17]. - **Dongfang Caifu**: Projected to see a 22%-28% increase in market cap, driven by the growth in wealth management services [18]. - **Wanhua Chemical**: Expected to achieve a net profit of 155-162 million RMB, supported by domestic demand [19]. - **WuXi AppTec**: Positioned as a leader in the ADC field, with significant growth driven by domestic innovation [20]. - **Trip.com Group**: Forecasted to grow revenue by over 25%, capitalizing on the recovery of domestic travel [21]. Conclusion - The selected core assets reflect a strategic alignment with China's economic growth and key sectors, including AI, renewable energy, finance, and healthcare, emphasizing their potential for long-term value creation [22].