Core Viewpoint - The Hong Kong stock market started 2026 with a strong performance, indicating a continuation of the structural bull market from 2025, with a clear investment focus on hard technology sectors like semiconductors, AI, and smart hardware, as well as policy-driven consumption sectors like home appliances and automobiles [1][5]. Market Performance - The Hang Seng Index rose by 2.76% to close at 26,338.47 points, while the Hang Seng Technology Index surged by over 4% to 5,736.44 points, and the Hang Seng China Enterprises Index increased by 2.86% to 9,168.99 points [1]. Semiconductor Sector - The semiconductor sector saw significant gains, driven by mergers and acquisitions as well as domestic production initiatives. Notable stock performances included Huahong Semiconductor (up 9.42%), SMIC (up 5.11%), and Jingmen Semiconductor (up 3.53%) [5][6]. - Huahong Semiconductor announced a major asset restructuring plan to acquire a 97.5% stake in Huali Micro for a transaction price of 8.268 billion yuan, alongside plans to raise up to 7.556 billion yuan for technology upgrades [6][7]. Internet Technology Sector - Internet technology stocks rebounded strongly, with Baidu Group rising by 9.53%, NetEase by 6.62%, and Alibaba by 4.34%. A key catalyst was Baidu's announcement of its AI chip subsidiary Kunlun's application for a mainboard listing [9][10]. - Kunlun's expected revenue for 2025 is around 5 billion yuan, with a potential valuation of 3 to 11 billion USD for Baidu's stake in the company [11]. Home Appliances Sector - Home appliance stocks benefited from favorable policies, with Skyworth Group rising by 10.45%, Midea Group by 5.12%, and Haier Smart Home by 4.20%. The National Development and Reform Commission and the Ministry of Finance announced a new policy to support large-scale equipment updates and trade-in programs [11][12]. - The new policy is expected to alleviate sales pressure in the short term and benefit leading companies with R&D and brand advantages in the long term [13]. Automotive Sector - Several automotive stocks gained, including Li Auto (up 4.93%) and BYD (up 3.57%), supported by the implementation of the "old-for-new" vehicle trade-in policy [14][16]. - The policy allows consumers to receive subsidies for trading in eligible old vehicles for new ones, which is expected to stimulate market confidence [16]. Solar Energy Sector - Solar energy stocks saw gains, with GCL-Poly Energy rising by 20.99% and GCL-Technology by 4.72%. The market regulator is enhancing compliance guidance for price competition in the solar industry [17]. Commercial Aerospace Sector - Commercial aerospace stocks performed well, with Asia Pacific Satellite rising by 34.53% and Aerospace Holdings by 18.33%. Blue Arrow Aerospace's IPO application was accepted, marking a significant milestone in the sector [18][19]. Individual Stock Movements - Delin Holdings rose by 11.76% following the conditional approval of its subsidiary to provide virtual asset trading services [21]. - Meitu Inc. increased by 6.14% after issuing $250 million in convertible bonds to Alibaba, which could make Alibaba the third-largest shareholder in Meitu [22].

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 - The Hong Kong stock market saw a collective surge in mobile game stocks, indicating a positive trend in the sector [1] Group 1: Stock Performance - Blueport Interactive rose over 10% [1] - Zhongjiu Mobile and Tanwan increased by over 6% [1] - NetEase and Feiyu Technology both saw gains of over 5% [1] - Boya Interactive climbed over 4% [1] - Friendship Time and Tencent both grew by over 3% [1] - NetDragon, Kingsoft, Bilibili, ZhiJianYueDong, and Seventh Avenue all experienced increases of over 2% [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: Market Overview - The Hong Kong stock market opened the year 2026 with the Hang Seng Index rising by 2.18%, gaining 559 points to close at 26,189 points, while the Hang Seng Tech Index increased by 3.38% [1] - The early trading volume in the Hong Kong market reached 76.8 billion HKD [1] Group 2: Aerospace and Technology Sector - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, accelerating the capitalization process in the commercial aerospace sector, leading to significant gains in related stocks: Goldwind Technology rose over 17%, Asia-Pacific Satellite surged over 32%, Aerospace Holdings increased by over 18%, and AVIC Industry rose by 4% [1] - Huahong Semiconductor surged over 10% as it plans to invest 8.27 billion RMB to acquire equity in Huali Microelectronics [2] - The robotics sector continues to rise, with frequent industry chain exchanges and market anticipation for Tesla's Optimus project, leading to gains in companies like Lijiang Technology (up over 6%), Sanhua Intelligent Control (up 6.37%), and Delta Electronics (up 4.1%) [2] Group 3: Notable Company Developments - Baidu Group's stock rose over 7% as its subsidiary Kunlun Chip submitted a listing application to the Hong Kong Stock Exchange [3] - NetEase's stock increased by over 5%, with its game "Yanyun" topping the iOS sales chart in China, indicating a strong product pipeline [4] - Xirui's stock rose over 8% as the U.S. classified advanced air traffic as a national strategy, benefiting Xirui's long-standing presence in the U.S. market [5] - Skyworth Group's stock increased by nearly 10% following the formal signing of a 10MW distributed photovoltaic power station project in Italy [6] - Li Auto's stock rose over 5%, with cumulative deliveries surpassing 1.5 million units, and reports indicate adjustments to the company's product line [7] - Biran Technology debuted on the market with an opening increase of 82.14%, later rising by 72%, focusing on self-developed GPGPU chips and intelligent computing solutions [7]

每经AI快讯，网易-S(09999.HK)现涨超5%，截至发稿，涨5.13%，报225.6港元，成交额2.29亿港元。 （文章来源：每日经济新闻） ...

Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

Core Viewpoint - The game "Yan Yun Shi Liu Sheng" by NetEase faced public criticism due to the anniversary costume "Fei Bai Cheng Shi," but regulatory authorities found no violations of relevant laws and regulations in the game's content [1][2]. Group 1 - The controversy originated from the launch of the "Fei Bai Cheng Shi" costume during the anniversary event on December 23, 2025, which some players found uncomfortable [2]. - On December 26, the game announced that the dyeing issue of the "Fei Bai Cheng Shi" appearance was addressed with the first batch of fixes completed by the early hours of December 25, restoring the dyeing function for the female version, while the male version is still under urgent repair [3]. - The game plans to enhance the quality and performance of the dyeing materials to resolve issues related to highlights and oily textures, and will introduce two additional crafting options for both male and female costumes in future updates to meet diverse player preferences [3].

不知不觉间，我们已经迎来了2025的最后一天。 今年的最后一个月似乎没有以往来得这么热闹，不少厂商已经把目光放在了明年。而当我们回顾过去一年时，会感觉今年倒也算充实，仅从国内厂商的角 度来讲，单机产品自不必多说，它们依旧在茁壮成长。 而偏商业的游戏里，今年已经有众多未上线产品进行了多轮测试，也是让大伙都眼前一亮。但从另一方面来讲，以我个人的体感而言，能够对市场格局带 来较大改变的新品数量却不及去年，大多数拥有亮眼成绩的都是老产品在发力。 腾讯这边总体上来讲相对比较好去概括，在今年关停项目上主要突出在两个方向，一是新老汰换，二是缩减代理。 总体上来看，腾讯今年所砍掉的产品里，有不少是已经上了年纪的产品，比如《QQ超市》《雪鹰领主》《仙剑奇侠传Online》《七雄争霸》《王牌 NBA》这几款产品，就属于上了年纪的那一批，大多数运营时间长达8年，有的甚至还要更长，比如《QQ超市》就长达14年。 而有新产品进来，就会有老产品离去，今年一年中我们见证了不少产品的离开，给圈子和外界都留下了很深的印象，于是我决定拉一遍表格，去统计那些 在今年有停运、停更情况的产品，其总数高达117款，当然由于一年内产品众多，我也只能做不完 ...