Core Viewpoint - The report by Jefferies emphasizes that artificial intelligence will remain the primary theme in China's internet market through 2026, followed by the defensive entertainment sector and the rapidly growing tourism industry [1] Group 1: Market Trends - The market has already factored in recent consumer sentiment and monthly Gross Merchandise Volume (GMV) growth, with a year-on-year GMV increase of 7.5% in the third quarter of September, and growth rates of 4.9% and 1.5% for October and November respectively compared to the same period last year [1] Group 2: Company Preferences - Jefferies lists Alibaba-W (09988) and Tencent Holdings (00700) as the top picks in the internet sector, followed by Baidu Group-SW (09888), Trip.com Group-S (09961), NetEase-S (09999), Kuaishou-W (01024), Tencent Music-SW (01698), JD Group-SW (09618), and Meituan-W (03690) [1] Group 3: E-commerce Focus - The focus in the fast e-commerce sector is shifting from low Average Order Value (AOV) orders to high AOV orders, as the latter offers better unit economics under healthy industry conditions [1] Group 4: Kuaishou Developments - Kuaishou's AI-generated model "K可灵AI" has launched several new products, with analysis indicating that its motion control feature has gained significant popularity in overseas markets since late December and into January, with expectations that Kuaishou's fourth-quarter performance will meet projections [1]

今日（1月13日）港股市场大爆发，港股三个主要指数均涨超1%，自带"科技+红利"哑铃策略的——香 港大盘30ETF（520560）跳空大涨，场内价格盘中涨超2.1%，现涨1.93%！ 成份股方面，比亚迪股份、阿里巴巴涨超4%，中国人寿、中国平安涨逾3%，中国海洋石油、理想汽 车、吉利汽车涨超2%，中国石油股份、腾讯控股、快手等个股跟涨。 港股科技方面，AI应用出现涨停潮，GEO成AI行业热点。究其原因，随着稀宇科技（MiniMax）、智 谱华章等AI大模型公司登陆资本市场，叠加摩尔线程、沐曦股份、壁仞科技、天数智芯等国产AI硬件 公司借助资本市场力量快速推动业务发展，AI应用已经成为整个行业的焦点领域。 港股红利方面，开年以来，多家银行密集推出新一期"资产提升活动"，用户参与活动达标后可获得相应 的积分、微信立减金等权益，涉及国有大行、城商行等。 第四，港股有结构性分化。此外，2025年恒生指数涨了28%，其中科技类是业绩贡献得多、高股息类却 是估值贡献得多，同时还有一批企业仍处于底部区间。 配置方面，广发证券建议采用哑铃策略，港股稳定价值类资产作为底仓长期配置，港股景气成长类资产 的产业逻辑依然坚实，震荡中 ...

Core Viewpoint - Alibaba's stock price has shown a significant increase, reflecting strong market confidence in its AI capabilities and cloud services [1][4]. Group 1: Stock Performance - Alibaba-W (09988) saw an intraday increase of over 5%, with a current price of 159.60 HKD, and a trading volume of 12.938 billion HKD [1][4]. Group 2: AI Model Performance - The Tongyi Qianwen series models from Alibaba Cloud have achieved over 700 million downloads, making it the highest downloaded open-source AI series on the Hugging Face platform as of January 2026 [1][4]. - In December 2025 alone, the download count for this series surpassed the combined total of models ranked second to eighth [1][4]. Group 3: Revenue Growth Projections - Morgan Stanley forecasts that Alibaba Cloud's revenue growth will maintain a strong momentum, with a year-on-year growth rate expected to accelerate to over 35%, surpassing the previous quarter's 34% [1][4]. - There is potential for further acceleration to 40% in the fiscal year 2027, reinforcing Alibaba's position as "China's best AI enabler" [1][4]. - Barclays Bank highlights Alibaba as the only full-stack AI leader among Chinese cloud providers, possessing competitive large language models (LLMs) and AI infrastructure [1][4].

Group 1 - The tightening of regulations and the introduction of e-commerce value-added tax are impacting the profitability of small and medium-sized merchants, which will exert pressure on the monetization capabilities and profit margins of e-commerce platforms [1] - Demand for AI cloud services remains strong, and with domestic chip supply gradually catching up and some high-end foreign chips being approved, supply constraints are expected to ease [1] - The competitive landscape in the fields of food delivery, instant retail, and AI chatbots remains intense, with companies investing in promotional expenses to capture market share and enhance new user penetration and adoption rates, potentially further pressuring profitability and profit margins [1] Group 2 - The overseas market is becoming a new focus for Robotaxi, AI applications, and internet data center construction [1] - The preferred companies in the industry include Tencent Holdings (00700), Alibaba (BABA.US), Trip.com (TCOM.US), NetEase (NTES.US), and Century Huatong (002602.SZ) [1]

Group 1 - The tightening of regulations and the introduction of e-commerce value-added tax are impacting the profitability of small and medium-sized merchants, which will exert pressure on the monetization capabilities and profit margins of e-commerce platforms [1] - Demand for AI cloud services remains strong, and with domestic chip supply gradually catching up and some high-end foreign chips being approved, supply constraints are expected to ease [1] - The competitive landscape in the fields of food delivery, instant retail, and AI chatbots remains intense, with companies investing in promotional expenses to capture market share and enhance new user penetration and adoption rates, potentially further pressuring profitability and profit margins [1] Group 2 - The overseas market is becoming a new focus for Robotaxi, AI applications, and internet data center construction [1] - The preferred companies in the industry include Tencent Holdings (00700), Alibaba (BABA.US), Trip.com (TCOM.US), NetEase (NTES.US), and Century Huatong (002602) [1]

来源：格隆汇APP 隔夜美股市场阿里巴巴(BABA.US)飙升超10%报166.31美元，折算成港股市场价格为160.5港元/股。 格隆汇1月13日｜投资者关注中国人工智能(AI)技术发展趋势，以及中国在下一代AI范式能否反超美 国。港股市场AI巨头阿里巴巴(9988.HK)继昨日收涨超5%后，今日盘初一度拉升涨超6%，报164港元， 股价创2个月新高。 ...

Core Viewpoint - The Hong Kong stock market experienced a significant surge, with major indices rising over 1%, driven by a "technology + dividend" strategy, particularly highlighted by the Hong Kong Large Cap 30 ETF (520560) which saw a jump of over 2.1% during trading [1] Group 1: Market Performance - The Hong Kong stock market indices all rose over 1%, with the Hong Kong Large Cap 30 ETF (520560) showing a mid-session increase of over 2.1% and closing up 1.93% [1] - Key stocks such as BYD, Alibaba, and China Life saw gains exceeding 4%, while China Petroleum and Tencent also contributed to the upward trend [1] Group 2: AI and Dividend Strategies - The AI sector in Hong Kong is gaining traction, with companies like MiniMax and Zhiyu Huazhang entering the capital market, leading to a surge in AI applications [2] - Several banks have launched new asset enhancement activities, allowing users to earn rewards, indicating a focus on dividend strategies in the market [2] Group 3: Investment Rationale - Analysts highlight four main reasons for investing in Hong Kong stocks: global interest rate cuts increasing capital availability, significant net inflows from mainland investors, rising valuations for monopolistic and leading global stocks, and structural differentiation within the market [3] - The Hong Kong stock market is expected to attract more overseas capital due to the appreciation of the Renminbi and anticipated declines in the US dollar index [2][3] Group 4: Investment Strategy - GF Securities recommends a "barbell strategy" for investing in Hong Kong stocks, combining stable value assets with growth-oriented assets, emphasizing the Hong Kong Large Cap 30 ETF (520560) as a flexible investment tool [4] - The ETF includes a mix of high-growth technology stocks like Alibaba and Tencent, alongside stable dividend-paying stocks such as China Ping An and China Construction Bank [4][5]

今日（1月13日）港股市场大爆发，港股三个主要指数均涨超1%，自带"科技+红利"哑铃策略的——香 港大盘30ETF（520560）跳空大涨，场内价格盘中涨超2.1%，现涨1.93%！ 成份股方面，比亚迪股份、阿里巴巴涨超4%，中国人寿、中国平安涨逾3%，中国海洋石油、理想汽 车、吉利汽车涨超2%，中国石油股份、腾讯控股、快手等个股跟涨。 港股科技方面，AI应用出现涨停潮，GEO成AI行业热点。究其原因，随着稀宇科技 （MiniMax）、智谱华章等AI大模型公司登陆资本市场，叠加摩尔线程、沐曦股份、壁仞科技、 天数智芯等国产AI硬件公司借助资本市场力量快速推动业务发展，AI应用已经成为整个行业的焦 点领域。 港股红利方面，开年以来，多家银行密集推出新一期"资产提升活动"，用户参与活动达标后可获 得相应的积分、微信立减金等权益，涉及国有大行、城商行等。 值得关注的是，1月2日，离岸人民币兑美元汇率盘中升破6.97，创下2023年5月以来的新高水平。随着 市场预期美联储或采取更深幅度的降息，未来美元指数或进一步下行，港股有望进一步吸引海外配置资 金流入。 站在当前时点，为什么要布局港股？业内人士指出，主要关注以下四 ...

Group 1 - The core viewpoint of the news highlights a significant increase in Hong Kong technology stocks, driven by positive developments in overseas Chinese concept stocks, with the Hong Kong Stock Connect Technology 30 ETF (520980) rising over 2% and achieving a trading volume exceeding 100 million HKD [1][3] - The Hang Seng Technology ETF (513260), which has the lowest management fee in its category at 15 basis points, also saw an increase of nearly 2%, with a trading volume surpassing 1.6 billion HKD and a net inflow of over 180 million HKD in the last 20 days [3] - Overseas, the Nasdaq Golden Dragon China Index rose over 4%, with notable increases in stocks such as Kingsoft Cloud (up over 21%) and Alibaba (up over 10%), driven by Morgan Stanley's expectations of accelerated revenue growth for Alibaba Cloud due to the expansion of generative AI workloads [5] Group 2 - In the Hong Kong technology sector, Alibaba's stock rose over 4%, while BYD and Xpeng Motors increased by over 3%, and Tencent and Kuaishou saw gains of over 1% [6] - Recent data indicates that southbound funds have consistently flowed into Hong Kong stocks, with Xiaomi Group leading with a net buy of 6.1 billion HKD, followed by Kuaishou and Tencent [8][9] - The report from Western Securities suggests that the Hong Kong market is expected to outperform the A-share market in 2025, with a potential rebound in 2026 driven by a weaker US dollar, appreciation of the RMB, and recovery in the Chinese economy [10][11] Group 3 - The "three doors" concept for the Hong Kong market includes international capital, Chinese capital, and the recovery of the Chinese economy, which are expected to drive significant investment opportunities in 2026 [10][11] - The report emphasizes that the inflow of Chinese capital into Hong Kong will not be limited to mainland southbound funds, as a substantial amount of Chinese capital currently overseas may also invest in Hong Kong stocks [11] - The anticipated recovery in corporate earnings and the potential for a favorable economic environment in 2026 could lead to a significant rebound in the Hong Kong technology sector, which has been relatively stagnant [10][11]

Group 1: Market Performance - The Dow Jones and S&P 500 indices both reached all-time highs, with the Dow closing at 49,590.2 points and the S&P 500 at 6,977.27 points, reflecting increases of 0.17% and 0.16% respectively [6][7]. - The Nasdaq also saw a rise, closing up 0.26% at 23,733.9 points [7]. Group 2: Walmart's Performance - Retail giant Walmart's stock rose by 3%, reaching a record high of $117.97 per share, with a market capitalization of $940.2 billion [10]. - Walmart will replace AstraZeneca in the Nasdaq 100 index, effective January 20, 2026 [13]. Group 3: Chinese Stocks Performance - Chinese stocks performed strongly, with the Nasdaq Golden Dragon China Index increasing by 4.26%. Alibaba led the gains with a surge of over 10%, marking its largest increase since August 29 of the previous year [15]. - Other notable performers included Bilibili, XPeng Motors, and Baidu, which saw increases of over 8%, 8.44%, and 6.07% respectively [15][16]. Group 4: Precious Metals - Gold and silver prices surged, with gold reaching a historical high of $4,640.50 per ounce during trading before settling at $4,596.6, a decrease of 0.39% [18][19]. - Silver also experienced significant movement, with prices reaching $84.25 per ounce, down 0.99% from earlier highs [18][19].