互联网行业对短剧的重视正不断提升。1月26日，在腾讯年会上，董事会主席马化腾再度谈及这一领 域。他表示，腾讯视频在2025年虽然爆款不多，需要给予成长耐心，但也直面了来自短剧的冲击。未 来，平台除了坚持高品质长视频投入，接下来也要做一些广告驱动的产品。 这已是马化腾连续第二年在内部年会上强调短剧的重要性。2025年初，马化腾首次公开谈及短剧，承认 了"短剧对长内容造成较大的冲击"，并明确坚持精品短剧战略方向，加大对短剧的投入。 短剧的崛起，悄然改变着视频行业的格局。2025年9月，红果免费短剧月活跃用户已达2.36亿，首次超 越B站，并大幅领先于优酷，快速跻身行业前四。尽管腾讯视频月活仍居第一，但后来者的迅猛追赶， 已带来真实压力。 值得注意的是，这股短剧热潮，早已溢出视频平台范畴，成为各类应用争夺用户注意力的共同选择。1 月27日，QuestMobile发布《中国互联网发展年鉴（2025-2026）》，报告显示，在互联网整体流量见顶 的背景下，2025年互联网巨头们不约而同地转向"降本增效"与"用户价值深耕"，而短剧正是提升用户停 留与黏性的有效工具。 "不仅是视频平台，淘宝、拼多多等电商平台、美团等生活服 ...

Core Viewpoint - Bilibili-W (09626) has seen a nearly 5% increase in stock price, currently trading at 268.8 HKD with a transaction volume of 568 million HKD, driven by the announcement of cash red envelope distribution plans by Tencent and Baidu totaling 1.5 billion CNY [1] Group 1: Market Activity - As of January 25, Tencent and Baidu announced a cash red envelope distribution plan for the Spring Festival, with a total amount of 1.5 billion CNY [1] - Bilibili's stock price rose by 4.92%, reflecting positive market sentiment [1] Group 2: Industry Trends - Major industry players are intensifying efforts in AI applications, which are seen as significant catalysts for investment opportunities [1] - CITIC Securities reported that AI applications have become the core driver of advertising revenue growth for Bilibili [1] Group 3: Advertising and User Engagement - The AI application "Tongyi Qianwen" is the exclusive title sponsor for a recent program on Bilibili, engaging in real-time interaction with content [1] - Other leading AI model companies, including Kimi, ByteDance, Zhiyuan AI, and Baidu's Wenxin Yiyan, are also actively advertising on Bilibili, leveraging its high user engagement with an average daily usage time exceeding 100 minutes [1]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 1.07% to 27,053.05 points, the Hang Seng Tech Index up by 0.2%, and the National Enterprises Index rising by 0.86% [1][9]. Technology Sector - Mixed performance in the tech sector, with Bilibili rising over 5%, Alibaba up more than 2%, and Lenovo and Tencent increasing by over 1%. However, JD.com and NetEase both fell by over 1% [1][9]. Gold Sector - Zijin Mining Group boosted gold stocks, with Zijin Gold International surging over 10%. Zijin Gold International signed an arrangement agreement to acquire Allied Gold Corporation at a cash price of CAD 44 per share, totaling approximately CAD 5.5 billion (around RMB 28 billion) [2][10]. Insurance Sector - The insurance sector was active, with AIA Group rising over 3%. Several listed insurance companies reported their 2025 premium income or net profit data, with New China Life Insurance achieving a premium income of RMB 195.9 billion, a 15% year-on-year increase, and China Pacific Insurance reporting a total premium income of RMB 461.7 billion, up 4.43% year-on-year. Huachuang Securities expects steady growth in premium income for listed insurers in 2025, driven by investment performance [3][11]. Banking Sector - The banking sector saw significant gains, with Agricultural Bank of China rising over 2%. Despite a low preference for the banking sector, state-owned and joint-stock banks remain in focus. Recent passive fund outflows have impacted the banking sector's liquidity, but the high dividend and low valuation attributes continue to attract long-term funds, leading to a revaluation of the sector [5][12].

Group 1 - Bilibili-W (09626) saw a nearly 5% increase in stock price, reaching 268.8 HKD with a trading volume of 568 million HKD [1] - Tencent and Baidu announced a combined cash red envelope distribution plan totaling 1.5 billion RMB for the Spring Festival, indicating strong market activity [1] - Major industry players are intensifying efforts in AI applications, which are viewed as significant investment opportunities by institutions [1] Group 2 - CITIC Securities reported that AI applications have become the core driver of advertising revenue growth for Bilibili [1] - The "Tongyi Qianwen" app is the exclusive title sponsor for a recent program, engaging in real-time interaction with content [1] - Other leading AI model providers, including Kimi, ByteDance, Zhiyuan AI, and Baidu's Wenxin Yiyan, are also actively advertising on Bilibili, leveraging its high user engagement [1]

Core Insights - The Chinese internet advertising industry has transitioned from a phase of "incremental traffic acquisition" to a focus on "efficiency extraction from existing resources" [1][2] - The new rule emerging from this differentiation is that technology determines efficiency, efficiency drives revenue, and ecosystem shapes the landscape [2] Group 1: Advertising Revenue Performance - Alibaba's advertising revenue for Q3 2025 reached 789.27 billion yuan, a 10% year-on-year increase and a slight 2.1% quarter-on-quarter growth, maintaining its leading position in the industry [5] - Pinduoduo's online marketing service revenue was 533.48 billion yuan, an 8% year-on-year increase but a 1.2% quarter-on-quarter decline, indicating a strategic focus on long-term ecosystem development [6][7] - Tencent's marketing service revenue grew by 21% to 362 billion yuan, showcasing the effectiveness of its technology-driven approach [7][8] - JD.com's market and marketing revenue increased by 23.7% to 256.88 billion yuan, driven by the growth of its food delivery business and AI-enabled advertising solutions [10] - Bilibili's advertising revenue reached 25.7 billion yuan, with a 23% year-on-year growth, attributed to the maturation of its user base [11] Group 2: Challenges Faced by Mid-Tier Platforms - Baidu's online marketing revenue fell by 18.6% to 153 billion yuan, primarily due to budget cuts from advertisers and the restructuring of search scenarios by AI [12][14] - Zhihu's advertising revenue declined by 26.19%, reflecting a mismatch between its high-knowledge user base and consumer conversion needs [15] - Automotive media service revenue for Che168 dropped by 8.59%, as traditional advertising models struggle against the evolving strategies of new energy vehicle companies [16] Group 3: Industry Trends and Future Outlook - The differentiation in advertising revenue among internet companies in Q3 2025 signifies a reconstruction of internet marketing value logic, focusing on traffic depth, transaction closure, and technology adaptation [16] - Platforms achieving growth typically exhibit a combination of extensive traffic, ecosystem closure, and deep integration of AI technology, while declining platforms often lack these comprehensive advantages [16] - The future of internet marketing will prioritize platforms that can achieve ecosystem synergy, embedded technology, and full-link value delivery, moving away from traditional single-channel models [16]

Market Overview - The Hang Seng Index (HSI) is currently at 26,765.52, with a slight increase of 16.01 points or 0.06%, and a trading volume of 261.7 billion [1] - The Hang Seng Technology Index (HSTECH) has decreased by 72.02 points or 1.24%, with a trading volume of 57.2 billion [1] - The Hang Seng Biotech Index (HSBIO) is at 15,631.84, down by 305.23 points or 1.92%, with a trading volume of 10 billion [1] - The Hang Seng China Enterprises Index (HSCEI) is at 9,147.21, down by 13.60 points or 0.15%, with a trading volume of 85.4 billion [1] - The Hang Seng Composite Index (HSCI) is at 4,121.71, down by 0.87 points or 0.02%, with a trading volume of 178.4 billion [1] Technology Sector Performance - Most tech stocks have experienced a pullback, with Xiaopeng Motors falling over 4% and companies like SMIC, Kuaishou, Baidu, Leap Motor, and NIO dropping over 3% [1] - Other notable declines include Xiaomi Group, Bilibili, and Alibaba, all of which have also seen decreases [1] Precious Metals Sector Performance - China Silver Group has seen a significant increase of 19.12%, currently priced at 0.810, with a rise of 0.130 [3] - China Gold International has increased by 8.08%, now at 235.400, with a rise of 17.600 [3] - Laopu Gold has risen by 7.80%, currently at 849.500, with an increase of 61.500 [3] - Other companies in the precious metals sector, such as Chifeng Gold and Shandong Gold, have also reported positive changes, with increases ranging from 4.51% to 7.44% [3]

Core Viewpoint - The major update for the mobile game "Azur Lane," developed by Manjuu and Yongshi and published by Bilibili, was launched on January 22, 2026, introducing new ships from the Sardinia Empire and new gameplay features for players [1][3]. Group 1: New Content and Features - The update includes the introduction of new ships from the Sardinia Empire, enhancing the game's offerings for players [1]. - A limited-time event titled "Light and Shadow Fashion - Shooting in Progress!" is currently active from January 22 to February 5, 2026, allowing players to obtain new rare ships through limited construction [3]. - The new ships include the battleship "Francesco Caracciolo" and the light cruiser "Alberto di Giussano," with the former being a historically significant ship [3]. - A new chapter, Chapter 16, has been unlocked, featuring increased enemy ship strength, with the highest level reaching approximately 132 [3][4]. Group 2: Gameplay Enhancements - The new Chapter 16 introduces gameplay mechanics such as "Support Fleet," "War Fog," and "Land-based Air Force Bases," which provide strategic options for players [4]. - Players can now utilize different ship types in the Support Fleet for additional torpedo support or airstrike capabilities [4]. - The presence of War Fog enhances enemy ship capabilities, while Land-based Air Force Bases provide aerial support to enemies, requiring players to adapt their strategies [4]. Group 3: Upcoming Events and Promotions - As the Lunar New Year approaches, a series of festive events and rewards will be launched in February 2026, offering players additional incentives and surprises [4].

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]

Group 1: U.S. and Greenland Island Dispute - The U.S. President Trump expressed intentions to negotiate the purchase of Greenland, emphasizing its strategic importance to U.S. national security [3][8] - Trump criticized Denmark for its perceived ingratitude regarding Greenland and stated that no other country could ensure its security [3] - The international response included strong opposition from European leaders, particularly the UK, asserting that the future of Greenland should be determined by its people and Denmark [8] Group 2: Market Reactions and Economic Indicators - U.S. stock indices saw significant gains, with the Dow Jones Industrial Average rising by 418 points and the Nasdaq index increasing by over 1% [5] - Notable increases in Chinese concept stocks were observed, with Baidu rising by 7.12% and iQIYI by 7.03% [5][8] - The market reacted to Trump's comments, with gold prices initially dropping by $40 before stabilizing at $4849.49 per ounce [3] Group 3: Federal Reserve and Monetary Policy - Trump announced plans to nominate a new Federal Reserve Chair, indicating dissatisfaction with current Chair Powell's timing on interest rate adjustments [7] - Economists predict that the Federal Reserve will maintain the benchmark interest rate unchanged during the January meeting, contrary to previous expectations of potential rate cuts [7] - Concerns regarding the independence of the Federal Reserve have increased, with Trump criticizing its failure to lower rates and the Justice Department threatening investigations into the Fed [7]

Group 1 - The Hang Seng Tech Index has returned above the 20-day moving average, indicating a short-term bullish trend, with notable stock movements from major companies like Baidu, Alibaba, Bilibili, Kuaishou, SMIC, Hua Hong Semiconductor, and Li Auto [1] - Since October of last year, Hong Kong tech assets have been under pressure due to structural industry differences, negative impacts from delivery subsidies, and year-end liquidity constraints. However, these factors are expected to improve by 2026, driven by AI industry growth, a cycle of overseas interest rate cuts, foreign capital inflows, and the return of southbound funds, suggesting a potential rebound for undervalued Hong Kong tech stocks [1] - Year-to-date, southbound funds have seen a cumulative net inflow of nearly 68 billion HKD into the Hong Kong stock market. Looking ahead to 2026, domestic AI models like DeepSeek are expected to launch around the Chinese New Year, while major domestic companies are increasing capital expenditures to enhance overall model capabilities [1] Group 2 - The National Securities Hong Kong Stock Connect Technology Index includes biotech leaders such as BeiGene, Innovent Biologics, and WuXi Biologics, currently trading at a rolling P/E ratio of only 27 times, which is below the 50th percentile of the past decade, indicating significant mean reversion potential [2]