| 證券代號 (如上市) | 02400 | 說明 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 USD | | 0.0001 | USD | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | 0 | | 本月底結存 | | | 1,000,000,000 USD | | 0.0001 | USD | 100,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 心动有限公司 | | | | | | 呈交日期: | 2026年1月6日 | | | | | | I. 法定/註冊股本變動 | | | ...

Investment Rating - The report maintains a positive investment rating for leading internet companies in the AI sector, such as Tencent Holdings, Kuaishou, Bilibili, and Meitu [1][8]. Core Insights - The report highlights the accelerated iteration of various AI applications and edge-side developments, emphasizing the strong performance of companies with leading positions in the AI field [1]. - It notes significant upcoming IPOs, including Zhihua Technology and MiniMax, which are expected to enhance the AI application ecosystem [8]. - The report provides a detailed overview of the market performance, indicating a mixed performance across different indices, with the Hang Seng Internet Technology Index rising by 4.96% [14][20]. Industry Overview - The industry comprises 160 listed companies with a total market capitalization of approximately 1,944.9 billion [4]. - The report indicates a total circulating market value of about 1,790.1 billion [4]. - The absolute performance over the last month shows a decline of 2.0%, while the 6-month and 12-month performances are up by 11.3% and 16.4%, respectively [6]. Company Performance - Tencent Holdings saw a weekly increase of 3.32%, while Bilibili-W and Kuaishou-W increased by 4.28% and 2.55%, respectively [20]. - The report emphasizes Tencent's strong revenue growth in various segments, including gaming, social networking, and marketing services, with a notable increase in adjusted net profit [22][23]. - Kuaishou's user engagement metrics improved, with DAU and MAU reaching 4.16 billion and 7.3 billion, respectively, indicating a 2.1% and 2.4% year-on-year growth [23]. - Bilibili's advertising revenue grew by 23% year-on-year, driven by improved ad supply and effectiveness [24].

Group 1 - The Hong Kong stock market continues its "opening red" trend, with technology stocks showing active performance, particularly the Hong Kong Stock Connect Technology ETF (513860), which rose by 4.5% yesterday and continued to rebound by 1.08% today, with a trading volume exceeding 20 million HKD [1] - The ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and fast revenue growth technology leading companies as sample stocks. The top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, SMIC, Xiaomi Group-W, and BYD Company [1] - Significant net inflow of southbound funds was recorded at approximately 18.723 billion HKD on January 5, marking the highest single-day inflow in nearly two and a half months. Over a longer period, net buying of southbound funds returned to positive, totaling 16.2 billion HKD in the week from December 15 to December 19, 2025 [1] Group 2 - Guolian Minsheng Securities commented on the Hong Kong stock market, suggesting that the continuous recovery of southbound funds is highly probable due to the strong expectations for institutional layout at the beginning of the year. The combination of domestic and foreign capital is expected to resonate under the return of profit-making effects [2] - Dongwu Securities released a report indicating that the Hong Kong stock market is "standing out" globally at the beginning of the year, and from a medium to long-term allocation perspective, the current position is attractive. The firm anticipates that southbound funds will continue to increase their allocation to Hong Kong stocks [2] - The future return of foreign capital will depend on whether there are changes in the fundamental narrative. The Hong Kong stock market is entering a period of oscillation and upward movement, and it is essential to maintain dividends as a base while seizing the technology growth opportunities in the first half of the year [2]

Market Performance - The Hang Seng Index opened up 0.59% at 26,502.4 points, with the Hang Seng Tech Index rising 0.79% to 5,787.01 points, the National Enterprises Index up 0.48% to 9,192.41 points, and the Red Chip Index increasing 0.64% to 4,112.83 points [1] - Major tech stocks showed mixed performance: Alibaba-W down 1.24%, Tencent Holdings up 0.4%, JD Group-SW up 1.14%, Xiaomi Group-W down 0.31%, NetEase-S up 1.62%, Meituan-W up 0.76%, Kuaishou-W up 1.7%, Bilibili-W up 1.05%, and Baidu up nearly 2% [1] Commodity and Sector Updates - Copper prices reached a historic high, touching $13,000 per ton, leading to a rise in copper-related stocks, with Jiangxi Copper Co. increasing by 3.6% [1] - Cosmetic stocks and live-streaming concept stocks experienced declines [1] Company Highlights - Chifeng Jilong Gold Mining (06693) announced a profit forecast, expecting annual net profit attributable to shareholders to be approximately 3 billion to 3.2 billion yuan, an increase of about 70% to 81% year-on-year, driven by a 49% rise in gold product sales prices in 2025 and improved profitability of domestic and foreign mining enterprises [4] - Seres (09927) reported total vehicle sales of 63,700 units for December 2025, a year-on-year increase of 53.54% [5] - Sunac China (01918) had a high court reject a winding-up petition [6] - Sunny Optical Technology (02382) proposed to spin off its automotive optical business for independent listing on the Hong Kong Stock Exchange [6] - Xindong Company (02400) plans to repurchase up to 400 million HKD of its shares, with the buyback period extending until June 4, 2026 [7] Industry Insights - The China Securities Regulatory Commission held a meeting to enhance the collaborative efforts in combating financial fraud, focusing on administrative, criminal, and civil actions against financial misconduct [2] - ByteDance's "Doubao" AI glasses are set to enter the shipping phase, with a non-screen version expected to launch in Q1 2024 and a display version anticipated in Q4 2024 [2] - Goldman Sachs released a macro report titled "China 2026 Outlook: Exploring New Momentum," recommending an overweight position in Chinese stocks, predicting annual growth of 15% to 20% for the Chinese stock market in 2026 and 2027 [2] Technological Developments - At CES 2026, NVIDIA CEO Jensen Huang announced a "ChatGPT moment" in the robotics field and introduced a series of open-source "physical AI" models, showcasing a pair of BDX robots and demonstrating how "GR00T" learns to become a robot [3]

每经AI快讯，心动公司(02400.HK)高开4%，截至发稿，涨4%，报68.85港元，成交额280.91万港元。 ...

消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 心动公司(02400)高开4%，截至发稿，涨4%，报68.85港元，成交额280.91万港元。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 心动公司（02400）早盘高开逾4%，截至发稿，股价上涨4.23%，现报69港元，成交额2284.37万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 心动公司（02400）早盘高开逾4%，截至发稿，股价上涨4.23%，现报69港元，成交额2284.37万港元。 消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股 ...

消息面上，心动公司公布，于1月5日与独立经纪商订立一份股份回购协议，经纪商获委聘运作自动股份 回购计划，已协定参数，由经纪商在联交所回购最多4亿港元股份。该集团指，自动股份回购计划的期 限将直至2026年6月4日，于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪商有权指 定较早到期日。在任何情况下，预期自动股份回购计划于刊发截至2025年12月31日年度业绩直至最终到 期日整段受限制期间内有效。 智通财经APP获悉，心动公司(02400)高开4%，截至发稿，涨4%，报68.85港元，成交额280.91万港元。 ...

Macro Overview - The National Development and Reform Commission has announced the early batch of "two heavy" projects and central budget investment plans for 2026, totaling approximately 295 billion yuan, with 220 billion yuan allocated for infrastructure projects [9][10] - The government is focusing on enhancing domestic demand, increasing investment in new productive forces, and promoting employment and income growth [10][11] Industry Insights Media - The gaming sector is identified as a significant application area for brain-computer interfaces (BCIs), with potential for growth as technology matures [30] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a trend towards integrating gaming with advanced technologies [30][32] Defense and Aerospace - The military industry index has seen a 9.24% increase, outperforming the broader market, with current PE-TTM at 78.44 times, indicating a relatively high valuation [34] - Recent geopolitical events, including U.S. military actions in Venezuela, are expected to impact the defense sector positively [34][35] Automotive - The automotive supply chain is well-positioned for the development of humanoid robots, leveraging existing technologies and manufacturing capabilities [39] - Companies like Tesla are leading in humanoid robot development, with significant advancements expected in 2026 [40][41] - The valuation of automotive companies is shifting towards a technology-driven model, reflecting their growing focus on AI and robotics [41][42] Chemical Industry - The company is projected to achieve a net profit of 96 to 110 million yuan in 2025, representing a year-on-year growth of 50.6% to 72.56% [53] - The domestic potassium carbonate market is expected to see improved profitability due to a favorable supply-demand balance [54] - The company is also investing in the production of PEEK, a high-performance polymer, which could enhance its growth potential [57] Retail and Consumer Services - The retail sector is experiencing significant growth, with companies like Hema and Sam's Club expanding rapidly [50][51] - The tourism sector showed strong performance during the New Year holiday, with a notable increase in domestic travel and spending [47][48]

除根据股份回购协议的条款另行修订或终止外，自动股份回购计划的期限将由自动股份回购计划开始起 直至2026年6月4日(最终到期日)。于最终到期日前，倘回购股份所动用的金额达致价值4亿港元，经纪 商有权指定较早的到期日，以正式完结自动股份回购计划。在任何情况下，预期自动股份回购计划于上 市规则第10.06(2)(e)条规定有关刊发本公司截至2025年12月31日止财政年度的年度业绩直至最终到期日 整段受限制期间内有效。 心动公司(02400)发布公告，公司于2026年1月5日与独立经纪商订立一份协议，据此，经纪商获委聘按 以下概述条款运作自动股份回购计划。根据股份回购协议，公司已协定参数，由经纪商在联交所回购最 多4亿港元的公司股份。经纪商将根据股份回购协议所协定的参数执行所有股份回购，并将以独立于公 司及其关连人士且不受彼等影响的方式行事。 ...