金吾财讯 | 纳斯达克中国金龙指数升逾2%，热门中概股普遍拉升，哔哩哔哩涨6.74%，百度涨6.59%， 万国数据涨4.98%，金山云涨4.14%，名创优品涨4.06%；跌幅方面，传奇生物跌10.76%，网易、瑞幸咖 啡跌近3%，亚玛芬体育跌1.63%。 金吾财讯 | 纳斯达克中国金龙指数升逾2%，热门中概股普遍拉升，哔哩哔哩涨6.74%，百度涨6.59%， 万国数据涨4.98%，金山云涨4.14%，名创优品涨4.06%；跌幅方面，传奇生物跌10.76%，网易、瑞幸咖 啡跌近3%，亚玛芬体育跌1.63%。 ...

Core Viewpoint - The U.S. stock market experienced a significant rebound following President Trump's cancellation of new tariffs on European countries and his announcement of a "framework agreement" regarding Greenland [1][3]. Market Performance - The Dow Jones Industrial Average rose by 1.21%, closing at 49,077.23 points; the S&P 500 increased by 1.16%, ending at 6,875.62 points; and the Nasdaq Composite gained 1.18%, finishing at 23,224.82 points [2]. Political Developments - Trump stated at the World Economic Forum in Davos that he would not use military force to acquire Greenland, which positively influenced the stock market. He mentioned a productive discussion with NATO Secretary General Mark Rutte, leading to a future agreement framework concerning Greenland and the Arctic region [3]. - Trump had previously announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to take effect on February 1, with a potential increase to 25% by June 1 if an agreement on Greenland was not reached [4]. Market Reactions - The stock market had previously declined sharply due to Trump's escalation of tariff threats and the possibility of military action regarding Greenland, marking the worst single-day performance since October 10 [6]. - The market's reaction to Trump's tariff cancellation reflects a trend where investors no longer assume his statements will be executed, indicating a level of unpredictability in his administration's policies [7]. Stock Performance - Major technology stocks mostly rose, with Nvidia up 2.95%, Apple up 0.39%, Microsoft down 2.29%, Google up 1.98%, Amazon up 0.13%, Meta up 1.46%, Tesla up 2.91%, Broadcom down 1.14%, Oracle down 3.36%, Netflix down 2.18%, Micron Technology up 6.61%, AMD up 7.11%, and Intel up 11.72% [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising 2.21%, Alibaba up 3.87%, JD.com up 2.43%, Pinduoduo up 1.40%, NIO up 2.41%, Xpeng up 1.70%, Li Auto up 2.48%, Bilibili up 5.65%, Baidu up 8.17%, while NetEase fell 4.07%, Tencent Music down 0.80%, and Pony.ai up 2.55% [7].

Group 1 - The global market risk appetite has significantly decreased following President Trump's renewed tariff threats towards Europe, leading to a sell-off in major stock indices [2][3] - The Dow Jones Industrial Average fell by 870.74 points, a decline of 1.76%, closing at 48,488.59 points; the S&P 500 dropped by 143.15 points, down 2.06%, at 6,796.86 points; and the Nasdaq Composite decreased by 561.07 points, a 2.39% drop, ending at 22,954.32 points, marking the worst single-day performance since October 10 of the previous year [2] - Major tech stocks experienced declines, with Nvidia down 4.32%, Apple down 3.45%, and Microsoft down 1.16%, among others [2] Group 2 - The CBOE Volatility Index (VIX), often referred to as the "fear index," rose to a two-month high, reflecting increased market anxiety [3] - Trading volume on U.S. stock markets reached approximately 20.6 billion shares, significantly above the 20-day average of 17.01 billion shares, indicating concentrated selling pressure [3] - Analysts suggest that the current geopolitical tensions regarding tariffs are more of an emotional shock rather than a fundamental change that would trigger a deep market correction [3] Group 3 - The global bond market is also experiencing spillover effects, with upward pressure on some European government bonds due to potential increases in defense spending [4] - The yield on the U.S. 10-year Treasury note reached a high of 4.313%, the highest since late August, closing at 4.287% after a rise of 5.6 basis points [5] - Market expectations for interest rate cuts by the Federal Reserve have been adjusted downward, with projections for a reduction of approximately 47 basis points in 2026, down from 53 basis points at the end of the previous year [5] Group 4 - Netflix reported fourth-quarter revenue of $12.1 billion, exceeding market expectations of $11.97 billion, with adjusted earnings per share of $0.56, also slightly above forecasts [6] - The company anticipates full-year revenue for 2026 to reach between $50.7 billion and $51.7 billion, with expectations for advertising revenue to potentially double in the future [6] - Following the announcement, Netflix's stock price fell by 4.9% in after-hours trading, influenced by merger financing and market sentiment [7] Group 5 - Gold prices surged significantly, with spot gold rising approximately 2% to $4,757.33 per ounce, reaching a historical high of $4,756.93 during the session [7] - Silver prices experienced a slight decline of 0.3%, settling at $94.38 per ounce, after hitting a record high of $95.87 [7] - Oil prices showed volatility, with light crude oil futures for February delivery rising by $0.90 to $60.34 per barrel, a 1.51% increase [8]

Core Viewpoint - Goldman Sachs reports that the Chinese gaming and entertainment sector experienced significant stock price increases in 2025, with mid to large-cap stocks rising by 50% to 80% compared to the Hang Seng China Enterprises Index's 26% [1] Group 1: Market Performance - The strong performance continued into early 2026, with some stocks increasing by as much as 30% compared to related indices' growth of approximately 3-5% [1] - The price increase is attributed to a combination of valuation expansion and earnings per share growth [1] Group 2: Future Outlook - For 2026, Goldman Sachs outlines key themes and debates for the sector, indicating that the risk-reward profile remains attractive but is more alpha-driven [1] - The firm prefers companies with new growth potential, such as those benefiting from AI application penetration and accelerated overseas expansion [1] Group 3: Competitive Landscape - Companies that still have compound growth and profit expansion potential amid increasing competition, particularly with ByteDance raising competitive concerns, are favored [1] - Core buy stocks selected by Goldman Sachs include Tencent, NetEase, Kuaishou, Bilibili, and Tencent Music [1] Group 4: Stock Ratings - Goldman Sachs maintains a "Buy" rating on Tencent, adjusting the target price from HKD 770 to HKD 752 [1]

Group 1 - U.S.-based Universal Music Group has entered into a partnership with Chinese music streaming service NetEase Cloud Music [1]

Core Insights - The article emphasizes the significance of AI in investment decisions, particularly in the context of Chinese internet companies and their overseas revenue potential [2][3]. Group 1: Overseas Revenue of Chinese Internet Companies - Chinese internet companies have an average overseas revenue exceeding 10%, with Pinduoduo leading at 35% [3]. - Companies like Tencent and Alibaba have low to high teens percentages of overseas revenue, indicating a growing trend towards international markets [3]. Group 2: Cloud Computing Sector - Alibaba Cloud and Tencent Cloud are rapidly expanding their international presence, with Alibaba planning new business regions in Brazil, France, and the Netherlands, and Tencent deploying services in 22 regions globally [4]. - Morgan Stanley projects that Alibaba Cloud's revenue growth will exceed 40% by FY2027, while Tencent's enterprise service revenue is expected to grow by 25% by FY2026 [5]. Group 3: Autonomous Driving Services - Baidu's autonomous driving service, "Luobo Kuaipao," is a leader in the sector, achieving over 250,000 weekly orders in fully autonomous mode as of Q3 2025, and has expanded to 22 cities including Dubai and Switzerland [7]. - Despite its leadership, Morgan Stanley anticipates that Baidu's revenue from this service will remain low and require continued investment [9]. Group 4: AI Models and Applications - Alibaba's Tongyi Qianwen model has gained significant traction globally, becoming the most downloaded AI model with over 700 million downloads by January 2026 [11]. - Kuaishou's Keling is expected to generate substantial revenue from overseas markets, with projections indicating an 80% year-on-year growth to reach $270 million by 2026, driven by B2B customer expansion [14].

2025年国内游戏行业和用户规模都出现了平稳增长。在市场环境逐渐走向稳定的同时，游戏行业似乎又兴起了一阵创业潮。 明星游戏人创业 去年有一批从业者带着大厂爆款的光环创业，这批创业公司在新品面世之前就赚足眼球。当中还有不少初创公司都悄悄拿到了融资，这也反映出即使是在 当下的投资环境里，优质的CP方依旧相当抢手。 广州风澜游戏在去年1月成立，目前公司已经有近100人，在研一款硬核星际题材的SLG《代号：Space》。截至去年12月，游戏开发了不到一年时间，不 过《代号：Space》已经计划在3月份开启首次测试。据描述，玩家在游戏中可以为舰船配装武器、搭配舰长、与涉外文明作战。 风澜游戏创始人覃宇清曾是字节跳动朝夕光年Gaia工作室成员，此前也曾参与网易《率土之滨》、莉莉丝《万国觉醒》等SLG项目。另外前字节跳动广州 工作室旗下UGC项目《JungoJam》的制作人戴俊毅也在去年加入了风澜游戏。 风澜游戏和《三国：谋定天下》研发商华娱网络也有比较密切的关系。 据覃宇清在公众号中表述，其在2022年曾将所有存款借给了B站接手前、还未测试过的《三国：谋定天下》。去年4月份，风澜游戏也获得了华娱网络的 投资，后者持股10 ...

Core Insights - Morgan Stanley's report on Chinese tech stocks presents an optimistic outlook for AI development by 2026, driven by both supply and demand factors [1] - The overseas expansion of internet companies is highlighted as a crucial strategy to address macroeconomic, competitive, regulatory, and geopolitical risks [1] Company Preferences - The report lists preferred stocks with an "overweight" rating, including Tencent, Alibaba, Pinduoduo, Tencent Music, NetEase, BOSS Zhipin, Manbang, Meituan, Trip.com, Tongcheng Travel, TAL Education, and Beike [1]

邀请好友送额度 扫描⼆维码获取专属的邀请链接 2025年猫粮⾏业发展趋势深度分析报告 2025猫粮行业趋势社媒热度品 牌营销与需求洞察 扫码前往 Social Research 报告发布⽇期: 2026-01-16 | 撰写机构: Social Agent 摘要 2025年，中国猫粮⾏业预计将持续蓬勃发展，宠物⻝品市场整体规模有望达到约 1750亿元 ， 同⽐增⻓约 14.4% ，并在未来五年保持 10%-15% 的年均复合增⻓率 [8]。这⼀增⻓的核⼼动⼒ 源于宠物猫数量的稳定增⻓（2025年宠物猫狗数量达 1.24亿只 [25]）以及"科学养宠"与"宠 物拟⼈化"趋势下消费者单宠投⼊的显著提升 [7,8,9,14]。 在 细分品类 ⽅⾯，市场呈现出鲜明的⾼端化、多元化与功能化趋势。社媒数据显⽰，猫零⻝、 湿粮、冻⼲品类热度最⾼，其中猫零⻝互动量遥遥领先 [20,21]。值得注意的是，尽管声量相对 较低，但冻⼲与处⽅粮品类拥有极⾼的互动效率，反映出消费者对⾼端营养与专业健康解决⽅ 案的强烈关注 [20,21]。功能性需求，如免疫⼒提升、肠胃调理、美⽑护肤等，已成为市场主流 卖点 [6,23,25]。 品牌竞 ...

华泰证券则表示"（港股）情绪指标当前已经脱离恐慌区间，且空头比例明显下行，目前已到右侧收获 期"，同时指出港股"一季度市场反弹的核心因素并未发生根本变化"，包括：金融条件整体偏宽松、外 资和南向共振回流、盈利预期上修、AH比价下港股性价比再度凸显等。 中金公司指出："港股去年10月后偏弱因素有三：一是港股特色结构都不是焦点；二是资金面处于弱势 （美债利率居高不下，南向资金偏弱，港股IPO节奏加快）；三是更多反映基本面走弱。"但上述因素 到2026年，都将迎来转机。中金认为，短期看，"是否会因赛道降温将关注点推向港股、小盘价值甚至 大盘成长"。 在市场对港股反弹尚未形成共识时，部分聪明资金已逢低布局： 近日，不少机构建议关注港股成长板块，在本轮上涨中涨幅相对较少，若有合适的回撤买入机会，是不 错的介入时机。 财通证券看好恒生互联网的胜率，当前利多因素包括"平台经济支持+受益放权给企业，AI方面仍有潜 在催化，叠加两国关系进一步改善+人民币升值被动外资流入"。 1）外资方面，截至上周三，EPFR口径下外资净流入港股28.2亿美元（vs 前一周净流入15.4亿美元）， 其中主动型外资转为净流入1.6亿美元，创202 ...