Ge Long Hui A P P·2026-01-20 12:11Group 1: Market Activity - Southbound funds net bought Hong Kong stocks worth 36.63 billion HKD on January 20, with notable purchases in Tencent Holdings (6.63 billion HKD), Meituan-W (5.73 billion HKD), and Xiaomi Group-W (3.95 billion HKD) [1] - Southbound funds have continuously net bought Tencent for 10 days, totaling 106.2116 billion HKD, and Alibaba for 7 days, totaling 47.5655 billion HKD [3] Group 2: Company Performance - Tencent Holdings is expected to see a 13% year-on-year revenue growth in Q4 2025, with adjusted net profit projected to increase by 16% to 643 billion HKD, driven by growth in gaming, advertising, and fintech revenues [4] - Meituan reported a significant increase in flight bookings for "reverse Spring Festival" travel, with a year-on-year growth of approximately 35% in January, indicating a trend of movement from midwestern cities to first-tier and new first-tier cities [4] Group 3: Stock Buybacks - Xiaomi Group repurchased approximately 5.5 million B shares for about 1.96 billion HKD, with a repurchase price ranging from 35.46 HKD to 35.86 HKD per share [5] - Pop Mart announced a share buyback of 140,000 shares for 2.51 billion HKD, marking its first buyback since early 2024, which is expected to attract more investor attention [5] Group 4: Industry Insights - TSMC raised its capital expenditure guidance for 2026 to 52-56 billion USD, reflecting strong long-term demand driven by AI, while DRAM prices continue to rise, with certain DDR4 models seeing weekly increases of over 12% [5] - The humanoid robot market is projected to see an annual installation of approximately 16,000 units by 2025, driven by advancements in data collection, logistics, manufacturing, and the automotive industry [5]