Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion [1] - The net inflow of funds through the Hong Kong Stock Connect was 484 million, with Shanghai Stock Connect contributing 283 million and Shenzhen Stock Connect 201 million [1] Sector Performance - Energy and real estate sectors performed well, with coal-related assets rising due to supply constraints from Indonesia, leading to Yanzhou Coal Mining increasing over 10% and China Shenhua Energy rising over 5% [1] - Domestic property stocks also saw gains, with Shimao Group up over 14%, Sunac China up over 8%, Vanke up over 6%, and Yuexiu Property up over 6% [1] - Conversely, chip and tech stocks declined, with Shanghai Fudan down over 5%, Hua Hong Semiconductor down nearly 5%, and Tencent Holdings down nearly 4% [1] US Market Performance - The US stock market had mixed results, with the Dow Jones up 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51% respectively [2] - Notable gainers included Amgen, which rose over 8%, and Nike, which increased by over 5% [2] - The tech sector faced challenges, with the Nasdaq China Golden Dragon Index down 1.95% and major chip stocks like AMD dropping over 17% [2] Investment Opportunities - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see medium to long-term development opportunities [3] - It is recommended to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] - The report highlights the continued value of Hong Kong stocks centered around Chinese assets, particularly in technology, consumer sectors, and undervalued state-owned enterprises [3] Company Highlights - ZTE Corporation (0763.HK) is noted for its comprehensive communication manufacturing capabilities, with a projected revenue of 121.299 billion for 2024, despite a slight decline [10] - The company maintains a high gross margin of 37.91% and is expected to see significant growth in its server and storage revenue, particularly in the AI computing sector [10] - Analysts predict ZTE's net profits for 2025 and 2026 to be 7.98 billion and 8.81 billion RMB respectively, indicating a relatively low valuation compared to its earnings potential [10]

Market Overview - The Hang Seng Index is expected to hold at 26,000 points, influenced by the hawkish stance of the newly appointed Federal Reserve Chairman and a rebound in the US dollar index, which has led to market adjustments in commodities [2] - The Chinese GDP growth target for 2026 is anticipated to be set between 4.5% and 5%, lower than the previous target of around 5% for 2025, as local governments have begun to lower their GDP targets ahead of the Two Sessions [2] - Regulatory measures have been implemented to cool the market, including increased financing margin ratios on the Shanghai and Shenzhen stock exchanges, which has led to a collective reduction in leverage across the three markets [2] Sector Focus - Macau gaming stocks are favored in the short term due to January's gambling revenue exceeding expectations, with the upcoming Spring Festival serving as a catalyst for growth [3] Macro Focus - China's January RatingDog services PMI rose to 52.3, indicating an acceleration in service sector expansion, with new export orders showing strong growth [7] - The People's Bank of China emphasizes the need to support domestic demand and technological innovation in its 2026 credit market work [7] - The US ADP reported a lower-than-expected increase of 22,000 private sector jobs in January, indicating potential labor market weaknesses [7] Company News - Walden Materials (9981) is launching an IPO to raise approximately HKD 28 billion, with a share price capped at HKD 20.09 [9] - Baidu Group (9888) plans to repurchase USD 5 billion in shares and will announce its first dividend this year [9] - Meituan (3690) and Tencent (0700) are taking measures to regulate promotional activities on their platforms, reflecting a tightening of marketing practices [9] - BYD (1211) reported a tenfold increase in electric vehicle sales in Germany, significantly outperforming Tesla [9] - Tesla (TSLA.US) saw a 9.3% increase in electric vehicle sales in China but a 57% drop in the UK market [9]

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by Nvidia, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with Nvidia in absolute computing power, the focus is shifting to system efficiency and scene applicability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - Industry experts believe that breakthroughs in single-point technology are insufficient for winning the competition, and the collaboration of ecosystems, particularly the "mutual engagement" between models and chips, is crucial for the true autonomy of domestic AI [1] - Looking ahead to 2026, significant breakthroughs in large models are expected in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal capabilities, advancing towards the long-term goal of AGI [2] - The willingness of enterprise users to pay for AI-assisted programming tools is expected to increase, benefiting domestic AI large models and facilitating better commercialization as the business value of these tools in software development, data analysis, and business process automation becomes recognized [2] Group 3 - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

Core Insights - The cornerstone investment market in Hong Kong has seen a significant increase in activity since the beginning of 2026, with strong interest from long-term capital [1] - In 2025, a record 89 IPO companies in Hong Kong attracted cornerstone investors, with a total investment amount of approximately HKD 1,066 billion [1] - In January 2026, all 13 newly listed stocks in Hong Kong attracted cornerstone investors, with total investments reaching HKD 185.21 billion, marking a substantial year-on-year increase of 1,233% [1] Investment Composition - The investor composition includes insurance funds, foreign institutions, leading private equity firms, and industrial capital, all actively participating in cornerstone investments [2] - Insurance funds have shown a notable increase in participation, engaging in cornerstone subscriptions for 10 IPOs in Hong Kong, totaling HKD 15.58 billion [1][2] - In 2025, insurance funds participated in 12 cornerstone subscriptions, amounting to HKD 26.20 billion [1] Market Dynamics - Recent policies have encouraged long-term capital to enter the market, optimizing the investment environment and extending assessment periods, which supports insurance funds in diversifying their investment channels [1] - The increase in IPO activity and the availability of quality investment targets, combined with the pressure on traditional fixed-income asset returns, have driven insurance funds to explore cornerstone investments [1] Focus on New Economy Leaders - New economy leaders have become a focal point for cornerstone investment, with significant amounts raised by companies such as Zhizhu, Biran Technology, and others in January 2026 [2] - Zhizhu, an AI model company, attracted a total of HKD 29.84 billion from multiple institutions, while Biran Technology garnered HKD 28.99 billion, accounting for 63.96% of its global offering [2] - Other companies like MINIMAX-WP, Zhaoyi Innovation, and Haowei Group also saw substantial participation, with each attracting no less than HKD 20 billion from at least 10 institutions [2]

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by NVIDIA, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with NVIDIA in absolute computing power, the focus is shifting to system efficiency and scene adaptability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - The industry consensus is that breakthroughs in single-point technology are insufficient for winning the competition; ecological collaboration, particularly the "two-way approach" between models and chips, is becoming crucial for the true independence of domestic AI [1] - Looking ahead to 2025, global large model technology capabilities are expected to advance, overcoming productivity scenarios and making significant progress in reasoning, programming, Agentic, and multimodal capabilities, although there are still shortcomings in model generalization stability and hallucination rates [1] - By 2026, further breakthroughs in large models are anticipated in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal, progressing towards the long-term goal of AGI [2] Group 3 - The commercial value of AI-assisted programming tools is gradually being recognized, leading to an increased willingness among enterprise users to pay for software development, data analysis, and business process automation scenarios, which is expected to benefit domestic AI large models [2] - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

然而，回到产业现实中，在英伟达构建的生态高墙下，国产芯片面临的"卡脖子"困境依然存在。部分已 上市GPU公司股价在经历大幅上涨后出现明显回调，一定程度上也反映出市场对其商业化路径和长期成 长逻辑的审视。 既然国产芯片在绝对算力上难以短期追平英伟达，那就从系统效率、场景贴合度上寻求超越。近期芯片 企业和大模型企业的发布中，都在强调"国产适配"，即通过联合优化提升算力利用效率，加速大模型在 各行业场景中的应用落地。 智通财经APP获悉，业内普遍认为，单点技术的突破不足以赢得这场竞争，生态的协同，尤其是模型与 芯片的"双向奔赴"，正成为国产AI能否真正自主的关键。 中金指出，回顾2025年，全球大模型技术能力向前演进，逐步攻克生产力场景，在推理、编程、 Agentic以及多模态等能力方向取得明显进步，但模型通用能力在稳定性、幻觉率等方面仍存在短板。 展望2026年，中金认为大模型在强化学习、模型记忆、上下文工程等方面将取得更多突破，从短context 生成到长思维链任务，从文本交互到原生多模态，并向实现AGI长期目标更进一步。 广发证券此前认为，在AI辅助编程工具给企业带来研发效率提升和业务优化的商业价值逐渐被认识 ...

更多AIGC资讯…… 扫码可订阅产业日报 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 上述知情人士表示，此次3500亿美元的估值与公司正在进行的募资谈判估值一致，且为投前估值， 即该估值未计入本次拟募集的资金。Anthropic方面拒绝对此事置评。因相关事宜未公开，该知情人 士要求匿名并表示，此次要约收购的具体细节尚未敲定。（东方财富网） 2.【 英伟达据悉接近达成协议在OpenAI最新一轮融资中投资200亿美元】 2月4日消息，英伟达 据悉接近 达成协议在OpenAI最新一轮融资中投资200亿美元。（新浪财经） 3.【 OpenAI拟运用AI助力药企研发并从中获利】 2月4日消息，据报道，OpenAI首席执行官山姆·奥特曼 表示，公司可能考虑投资大量运用其人工智能技术研发新药或新疗法的公司或提供补贴，并可能通过收 取专利或使用权费用获得回报。奥特曼称，人工智能开发者可以选择与制药公司合作，共同承担使用其 人工智能模型的费用，并随后从该公司的研究成果中获得"一定比例的分成"。他指出，他们目前尚未有 此类合作。（财联社） 4.【微软提拔销售高管，全力布局人工智能业务 ...

格隆汇2月5日丨海致科技集团(02706.HK)发布公告，公司拟全球发售2803.02万股H股，中国香港发售股 份280.32万股，国际发售股份2522.7万股(以上可予重新分配)；2026年2月5日至2月10日招股，预期定价 日为2月11日；发售价将为每股发售股份25.6-28.0港元，H股的每手买卖单位将为200股，招银国际、中 银国际及申万宏源香港为联席保荐人；预期H股将于2026年2月13日开始于联交所买卖。 公司是中国领先的企业，专注于通过图模融合技术开发Atlas图谱解决方案及产业级智能体并提供产业 级人工智能解决方案。知识图谱是一种图谱结构化数据模型，将资料呈现为相互连结实体、其关系与属 性的网络；而大语言模型则是通过自监督机器学习，在海量文本资料上训练而成的AI模型，用于执行 自然语言处理任务，例如语言生成。Atlas图谱解决方案是公司于往绩记录期间的核心产品之一。Atlas 图谱解决方案基于公司行业领先的图计算与数据分析能力构建，包含DMC数据智能平台、Atlas知识图 谱平台及AtlasGraph图数据库。该等解决方案使企业能够高效整合、处理及管理来自多个来源的数据， 构建及分析知识图谱， ...

Core Viewpoint - The company, Zhihui (02513), announced that the underwriter and overall coordinator has fully exercised the over-allotment option as of February 4, 2026, involving a total of 5.6129 million H-shares, which accounts for approximately 15% of the total shares available for subscription under the global offering before any over-allotment options are exercised [1] Group 1 - The over-allotment shares will be issued and allocated by the company at a price of HKD 116.20 per H-share [1] - The over-allotment shares will be used to facilitate the delivery of relevant H-shares to subscribers who agreed to delay the delivery of their subscribed shares under the global offering [1] - The stabilization period for the global offering will end on February 4, 2026, which is the 30th day after the deadline for submitting applications for the Hong Kong public offering [1]

此外，有关全球发售的稳定价格期于2026年2月4日(即递交香港公开发售申请的截止日期后第30日)结 束。 智通财经APP讯，智谱(02513)发布公告，保荐人兼整体协调人(为其本身及代表国际包销商)已于2026年 2月4日悉数行使招股章程所述的超额配股权，涉及合共561.29万股H股，占全球发售项下可供认购发售 股份总数(于任何超额配股权获行使前)约15%。超额配发股份将由公司按每股H股116.20港元发行及配 发。超额配发股份将用于促成向同意延迟交付其于全球发售项下认购的相关H股的承配人交付相关H 股。 ...