★ 宏观动态 ★ 商务部发布关于中欧电动汽车案磋商进展的通报 据中国商务部网站，为落实中欧领导人会晤共识，妥善解决欧盟对华电动汽车案，中欧双方本着相互尊重的态 度，进行了多轮磋商。双方一致认为，有必要向对欧盟出口纯电动汽车的中国出口商，提供关于价格承诺的通 用指导，以便中国出口商可通过更加实用、有针对性且符合世贸组织规则的方式，解决相关关注。为此，欧方 将发布《关于提交价格承诺申请的指导文件》，并在文件中确认，欧方将秉持非歧视原则，根据世贸组织规则 有关规定，对每一项价格承诺申请，适用相同法律标准，并以客观和公正的方式进行评估。这充分体现了中欧 双方的对话精神和磋商成果。中欧双方有能力、有意愿，在世贸组织规则框架下，通过对话磋商妥善化解分 歧，维护中欧及全球汽车产业链供应链稳定。这不仅有利于中欧经贸关系健康发展，也有利于维护以规则为基 础的国际贸易秩序。 摩根大通：AI需求井喷将推动基建与机器人领域并购浪潮 摩根大通指出，人工智能需求的爆发式增长及海量资本涌入AI产业，正推动电力系统、热管理、机器人及工 业软件领域形成并购热点。据该行预测，全球对数据中心、AI基础设施及相关电力供应的投资规模预计将达5 万亿— ...

Core Insights - The AI industry has become a significant driver of global technological innovation and industrial transformation since 2023, with the market expected to grow from $244 billion in 2025 to $827 billion by 2030, reflecting a compound annual growth rate of 24% from 2020 to 2030, surpassing other technology sectors like IoT and public cloud [1][29] Investment Directions - The AI application investment landscape is evolving, presenting multi-layered opportunities from infrastructure to application scenarios [1] - The AI application industry chain consists of upstream (providing computing power and data services), midstream (solution development for various fields), and downstream (applications in sectors like internet, finance, education, healthcare, and industry) [2][16] - The global cloud computing market is projected to reach $692.9 billion in 2024, with a year-on-year growth rate of 20.3%, and is expected to approach $2 trillion by 2030, driven significantly by AI model training [2][16] Technological Development - AI technology has transitioned from being a "tool" to an "intelligent agent," with the AI ecosystem entering a mature phase by mid-2025, focusing on building interoperable architectures [1][16] - The development of large language models has accelerated, with significant increases in token usage, indicating a trend towards stronger performance and multi-task adaptability [4][18] Application Scenarios - The most notable applications of AI are in content creation and marketing, with generative AI driving innovation and efficiency across various sectors, including text, images, video, music, programming, and voice [6][20] - In the first half of 2025, global downloads of generative AI applications reached nearly 1.7 billion, with in-app purchase revenues nearing $1.9 billion, indicating a growing penetration of these applications in daily life [8][22] Cost Reduction and Efficiency - Current AI applications are more focused on cost reduction and efficiency enhancement rather than direct revenue generation, necessitating a shift in investment logic to emphasize how AI can reconstruct traditional business value chains [9][23] - In the education sector, platforms like Duolingo have leveraged AI to expand course offerings, resulting in a 41% year-on-year revenue growth in Q2 2025, highlighting the effectiveness of AI in driving business performance [10][24] Specific Investment Focus - Key areas for investment include content creation and traffic platforms, with companies like Douyin, Kuaishou, and Bilibili heavily investing in AI technology to enhance user engagement and monetization capabilities [11][25] - The marketing industry is evolving with AI transitioning from a tool to a decision-making entity, as evidenced by significant revenue growth for companies like BlueFocus [11][25] - AI applications are also gaining traction in vertical industries such as software development, gaming, and healthcare, with substantial efficiency improvements reported [12][26] Future Outlook - The integration of AI technology into various sectors is supported by national strategies, which will accelerate the commercialization of AI applications [15][29] - Companies that effectively integrate AI technology to optimize business processes and enhance user experiences are likely to stand out in the competitive landscape, creating value for investors [15][29]

Group 1 - Southbound funds net bought Hong Kong stocks worth 7.306 billion HKD on January 12, with notable purchases including Kuaishou-W (2.245 billion HKD), Tencent Holdings (2.012 billion HKD), and Xiaomi Group-W (0.773 billion HKD) [1] - Continuous net buying trends were observed, with Xiaomi receiving a total of 6.327 billion HKD over the last eight days and Tencent accumulating 6.243 billion HKD over the last four days [4] - China Mobile experienced a continuous net sell-off for six days, totaling 4.480 billion HKD, while Meituan faced net selling for three days, amounting to 1.075 billion HKD [4] Group 2 - Tencent Holdings repurchased 1 million shares for 635.7 million HKD on January 12 [5] - Xiaomi Group-W announced significant upgrades to its new generation SU7 model, indicating an increase in overall weight compared to the first generation [5] - Meituan expressed support for a government investigation into the competitive landscape of the food delivery service industry, advocating for rational competition and collaboration among platforms [6]

Core Insights - On January 12, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 8.776 billion, 3.590 billion, and 2.802 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Meituan-W (03690) also led the trading volume, with amounts of 6.830 billion, 3.416 billion, and 2.100 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Alibaba-W (09988): Trading amount of 8.776 billion, net buy of -74.5144 million [2] - Tencent Holdings (00700): Trading amount of 3.590 billion, net buy of 1.184 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.802 billion, net buy of 289 million [2] - Meituan-W (03690): Trading amount of 2.450 billion, net buy of -875 million [2] - SMIC (00981): Trading amount of 2.427 billion, net buy of -21.875 million [2] - Other notable companies include Kuaishou-W (01024) with a trading amount of 1.949 billion and a net buy of 948 million [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Alibaba-W (09988): Trading amount of 6.830 billion, net buy of 278 million [2] - Tencent Holdings (00700): Trading amount of 3.416 billion, net buy of 828 million [2] - Meituan-W (03690): Trading amount of 2.100 billion, net buy of 393 million [2] - Kuaishou-W (01024): Trading amount of 1.990 billion, net buy of 1.298 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.869 billion, net buy of 484 million [2]

Group 1 - Southbound funds recorded a net purchase of 7.306 billion HKD today [1] - Kuaishou-W, Tencent Holdings, and Southern Hang Seng Technology were the top three net purchases, with net buys of 2.245 billion HKD, 2.012 billion HKD, and 858 million HKD respectively [1] - On the sell side, China Mobile, Meituan-W, and Ping An of China experienced net sales of 1.03 billion HKD, 482 million HKD, and 342 million HKD respectively [1]

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, totaling HKD 73.06 billion on January 12, with notable net purchases in specific stocks such as Kuaishou-W, Tencent, and Southern Hang Seng Technology [1][2]. Group 1: Northbound Trading Activity - Northbound trading saw a net purchase of HKD 73.06 billion, with HKD 15.46 billion from the Shanghai Stock Connect and HKD 57.6 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Kuaishou-W (01024), Tencent (00700), and Southern Hang Seng Technology (03033) [1]. - The most sold stocks were China Mobile (00941) and Goldwind Technology (02208) [1]. Group 2: Individual Stock Performance - Kuaishou-W received a net inflow of HKD 22.45 billion, driven by its AI capabilities gaining popularity globally, with a reported 102% increase in daily revenue from December 2025 to January 2026 [4]. - Tencent saw a net inflow of HKD 20.11 billion, with a positive outlook from Zhongtai Securities, highlighting its potential in the AI sector [5]. - Xiaomi Group-W had a net inflow of HKD 7.73 billion, with plans for a significant increase in R&D investment over the next five years [5]. - Alibaba-W experienced a net inflow of HKD 2.03 billion amid ongoing regulatory scrutiny in the food delivery sector [5]. - Horizon Robotics-W received a net inflow of HKD 1.79 billion, with optimistic growth expectations due to advancements in smart driving technology [6]. - JingTai Holdings (02228) had a net inflow of HKD 42.04 million, with a focus on its AI and robotics business model [7].

1月12日，港股市场迎来放量上攻。 截至收盘，恒生指数报收26608.48点，上涨376.69点，涨幅1.44%。港股全天成交3062亿港元。 恒生科技指数报收5863.20点，上涨176.06点，涨幅3.10%。 热点方面，人工智能概念表现强势。其中，智谱（HK02513）一度涨超60%，收盘上涨31.40%； MINIMAX-WP（HK00100）一度涨超38%，收盘上涨15%。此外，迈富时涨超32%，第四范式涨近 17%，金山云涨超15%，美图公司涨约11%，英矽智能涨超15%。 东吴证券指出，近期，中国在可回收火箭领域取得了技术突破与试验进展，我国航天产业距离"低成 本、高复用"越来越近。中国可回收火箭技术突破，不仅是航天产业内部的成本革命与技术升级，更是 国家战略安全、高端制造升级与全球竞争格局重塑的重要支点。短期来看，将利好航天制造、新材料、 卫星应用等产业链相关企业；长期来看，将推动我国从航天大国向航天强国跨越，为我国在新一轮科技 革命与产业变革中抢占先机提供重要支撑。资本、技术和市场三重共振，商业航天正进入高速发展期， 坚定看好产业发展机遇。 新股方面，豪威集团（HK00501）上市涨超16% ...

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 73.06 billion on January 12, 2023, indicating strong investor interest in certain stocks [1]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect saw a net buy of HKD 15.46 billion from Shanghai and HKD 57.6 billion from Shenzhen [1]. - The stocks with the highest net buy included Kuaishou-W (01024), Tencent (00700), and Southern Hang Seng Technology (03033) [1]. - The stocks with the highest net sell included China Mobile (00941) and Goldwind Technology (02208) [1]. Group 2: Individual Stock Performance - Kuaishou-W (01024) received a net buy of HKD 22.45 billion, driven by its AI capabilities gaining popularity globally, with a reported 102% increase in daily revenue from December 2025 to January 2026 [4]. - Tencent (00700) saw a net buy of HKD 20.11 billion, with a positive outlook from Zhongtai Securities, highlighting its potential in the AI sector [5]. - Xiaomi Group-W (01810) had a net buy of HKD 7.73 billion, with plans for a significant increase in R&D investment over the next five years [5]. - Alibaba-W (09988) experienced a net buy of HKD 2.03 billion amid ongoing regulatory scrutiny in the food delivery sector [5]. - Horizon Robotics-W (09660) received a net buy of HKD 1.79 billion, with optimistic growth expectations due to advancements in smart driving technology [6]. - Jingtai Holdings (02228) had a net buy of HKD 42.04 million, with a focus on its AI and robotics platform [7]. - Southern Hang Seng Technology (03033) and SMIC (00981) received net buys of HKD 8.57 billion and HKD 2.334 million, respectively [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国银河证券 近日，中国银河证券发布 AI 泡沫系列研究之传媒互联网行业深度报告。报告指出，当前人工智能浪潮 并非互联网时期的 "非理性泡沫"，而是国家战略规划、企业发展布局与市场情绪推动的多维作用结 果，行业正从 "理性泡沫" 向 "务实增长" 加速转型，为传媒互联网行业带来全新发展机遇与投资方向。 报告核心观点如下： 互联网泡沫与 AI 浪潮：历史复盘与核心差异 报告复盘 1995-2002 年互联网泡沫历程，其经历了技术萌芽期、资本狂热期、盈利质疑期和泡沫破裂期 四个阶段。彼时 IPO 市场异常繁荣，大量未盈利甚至零收入公司获得极高估值，估值体系与基本面严 重脱节，最终导致近 900 家互联网公司倒闭、3800 家被兼并的行业洗牌。 而本轮 AI 浪潮呈现出显著不同的发展逻辑。资金端来看，AI 主题初创公司更依赖充裕的私募融资， 2025 年前三季度全球 19 家 AI 企业融资金额达 650 亿美元，占私募市场融资总额的 75% 以上，无需急 于通过 IPO 变现，避免了市场过热；同时，资金更聚焦于英伟达、微软等经营状况良 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company is expected to achieve adjusted net profits of CNY 204 billion, CNY 225 billion, and CNY 259 billion for the years 2025 to 2027, respectively. The valuation for 2026 is set at 18x PE, leading to a target price of HKD 103.20 per share [3][10]. - The launch of the KOL 2.6 action control feature has significantly increased the company's influence in overseas markets, with notable download spikes in countries like South Korea and India [9]. - The company anticipates a steady revenue growth of 9% in 2026, reaching CNY 154.9 billion, with advertising and other business segments expected to grow by 10% and 21%, respectively [9]. Financial Summary - The company's projected financials for 2023 to 2027 are as follows: - Revenue (CNY million): 113,470 (2023), 126,898 (2024), 142,053 (2025), 154,873 (2026), 167,518 (2027) [4]. - Adjusted Net Profit (CNY million): 6,396 (2023), 15,335 (2024), 18,287 (2025), 21,457 (2026), 24,770 (2027) [4]. - Earnings per Share (CNY): 1.48 (2023), 3.56 (2024), 4.26 (2025), 5.00 (2026), 5.77 (2027) [4]. - Gross Margin (%): 50.6% (2023), 54.6% (2024), 55.1% (2025), 56.3% (2026), 56.8% (2027) [4].