Group 1 - On February 5, 2026, Tencent Holdings (00700), Alibaba-W (09988), and the Tracker Fund of Hong Kong (02800) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 88.30 billion, 42.63 billion, and 28.20 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and the Tracker Fund of Hong Kong (02800) also led the Southbound Stock Connect in the Shenzhen-Hong Kong Stock Connect, with transaction amounts of 66.97 billion, 34.20 billion, and 20.14 billion respectively [1] Group 2 - In the Southbound Stock Connect, the top three active trading companies included Tencent Holdings (00700) with a net buy of 36.59 billion, Alibaba-W (09988) with a net buy of 1.00 billion, and the Tracker Fund of Hong Kong (02800) with a net buy of 25.66 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700) had a net buy of 19.19 billion, Alibaba-W (09988) had a net buy of 14.52 billion, and the Tracker Fund of Hong Kong (02800) had a net buy of 20.10 billion [2]

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: 2026年1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: 東方甄選控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01797 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | 本月底法定/ ...

Core Insights - The Hong Kong stock market saw a net inflow of 24.977 billion HKD from Northbound trading on February 5, with both Shanghai and Shenzhen stock connect contributing approximately 12.481 billion HKD and 12.496 billion HKD respectively [1] Group 1: Stock Performance - Tencent (00700) received the highest net inflow of 62.45 billion HKD, with a total trading volume of 88.30 billion HKD [2] - Alibaba-W (09988) had a net inflow of 21.82 billion HKD, with a total trading volume of 42.63 billion HKD [2] - The Yingfu Fund (02800) saw a net inflow of 26.93 billion HKD, totaling 28.20 billion HKD in trading volume [2] Group 2: Notable Net Outflows - Changfei Optical Fiber (06869) experienced the largest net outflow of 4.57 billion HKD, with total trading volume of 12.43 billion HKD [3] - Huahong Semiconductor (01347) had a net outflow of 3.63 billion HKD [6] - SMIC (00981) faced a net outflow of 3.08 billion HKD [6] Group 3: Market Trends and Analyst Insights - High-frequency trading in tech stocks continues, with Tencent, Alibaba-W, and Meituan-W (03690) receiving significant net inflows of 55.78 billion HKD, 15.52 billion HKD, and 5.4 billion HKD respectively [4] - Goldman Sachs predicts 2026 will be a pivotal year for Chinese internet giants, focusing on trends such as AI super applications and cloud business investments [4] - China Life (02628) received a net inflow of 12.39 billion HKD, with potential government plans to issue special bonds for capital injection into large insurance companies [5]

Core Viewpoint - Oriental Selection (1797.HK) experienced a significant stock price increase of 10.68%, closing at HKD 31.7, marking the highest level since August of the previous year [1] Financial Performance - For the period ending November 25, 2025, the company reported total revenue of RMB 2.3 billion, representing a year-on-year growth of 5.7%, slightly below expectations [1] - Gross profit reached RMB 841.6 million, showing a year-on-year increase of 14.5% [1] - The profit attributable to shareholders was RMB 239 million, indicating a turnaround from losses to profitability [1] Analyst Insights - Daiwa upgraded its outlook on the company post-earnings report, suggesting that operational challenges have been overcome, supported by the growth of proprietary brands, structural reduction in operating costs, and the opening of non-Douyin channels [1] - CICC raised its revenue forecasts for fiscal years 2026 and 2027 by 3.1% and 4.8%, respectively, to RMB 5.19 billion and RMB 5.9 billion, citing enhanced management capabilities and operational efficiency [1] - CICC also increased its adjusted net profit forecasts for 2026 and 2027 by 80.2% and 32.1%, respectively, to RMB 437 million and RMB 410 million, and raised the target price by 25% to HKD 30, maintaining an "outperform" rating [1]

东方甄选(1797.HK)尾盘拉升大涨，最终收涨10.68%，报31.7港元，股价创去年8月底以来新高。 东方甄选近期发布截至25年11月底的中期业绩，期内实现总营收23亿元，同比增长5.7%，略低于预 期；毛利达8.416亿元，同比增长14.5%；公司拥有人应占溢利2.39亿元，同比扭亏为盈。 大和发布研报称，集团公布业绩后，对其看法转向更为积极，认为在营运上已度过难关，随着其自有品 牌发展良好、营运成本结构性降低，及非抖音渠道的开通，为业绩增长提供了重要选择，相信该股票的 风险回报状况已得到改善。 中金近日也发表报告指，由于管理团队实力增强及营运能力提升，该行将2026及2027财年营收预测分别 上调3.1%及4.8%至51.9亿元及59亿元。基于毛利率提升与营运效率改善，该行将东方甄选2026及2027财 年经调整应占净利润预测分别上调80.2%及32.1%至4.37亿元及4.1亿元。由于盈利增长预期更为乐观， 该行将其目标价上调25%至30港元，维持"跑赢行业"评级。 ...

本文源自：金融界AI电报 东方甄选(01797.HK)午后涨超10%。 ...

每经AI快讯，东方甄选(01797.HK)午后涨超5%，截至发稿涨5.1%，报30.1港元，成交额6.56亿港元。 ...

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 6% in the afternoon, with a cumulative rise of nearly 40% following the release of its interim results for the period ending November 25, 2025 [1] Financial Performance - The company reported total revenue of 2.3 billion yuan, representing a year-on-year growth of 5.7% [1] - Profit attributable to owners reached 239 million yuan, marking a turnaround from a loss to profit [1] - Gross profit for the period was 841.6 million yuan, reflecting a year-on-year increase of 14.5% [1] Strategic Initiatives - The company is actively pursuing a multi-live room and multi-anchor strategy, which is expected to enhance its operational performance [1] - There is a continuous development of high-margin self-operated products, contributing to improved gross margins [1] - The company possesses a content advantage in the GEO marketing environment, which is anticipated to support further growth [1] Analyst Sentiment - Shenwan Hongyuan has expressed a positive outlook on the company, indicating that it has overcome operational challenges [1] - Daiwa has upgraded its view on the company post-earnings, highlighting the successful development of its own brand and a structural reduction in operating costs [1] - The opening of non-Douyin channels is seen as a significant opportunity for revenue growth, improving the risk-return profile of the stock [1]

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 6% in the afternoon, with a cumulative rise of nearly 40% following the release of its interim results for the period ending November 25, 2025 [1] Financial Performance - The company reported total revenue of 2.3 billion yuan, representing a year-on-year growth of 5.7% [1] - Profit attributable to owners reached 239 million yuan, marking a turnaround from a loss to profit [1] - Gross profit for the period was 841.6 million yuan, reflecting a year-on-year increase of 14.5% [1] Strategic Initiatives - The company is actively promoting a multi-live room and multi-anchor strategy, which is expected to enhance its operational performance [1] - There is a continuous development of high-margin self-operated products, contributing to improved gross margins [1] - The company possesses content advantages in the GEO marketing environment, which is anticipated to support further growth [1] Analyst Sentiment - Shenwan Hongyuan has a positive outlook on the company, noting that it has overcome operational challenges [1] - Daiwa has upgraded its view on the company post-earnings, highlighting the successful development of its own brand and structural reduction in operating costs [1] - The opening of non-Douyin channels is seen as a significant opportunity for revenue growth, improving the risk-return profile of the stock [1]

Core Insights - The company reported a total revenue of 2.3 billion yuan for the first half of the 2026 fiscal year, representing a year-on-year growth of 5.7%, with an actual growth rate of 17% when excluding the impact of the previous year's revenue [1] - Net profit for the period was 239 million yuan, and gross profit reached 841.6 million yuan, reflecting a year-on-year increase of 14.5% [1] Group 1: Financial Performance - The total GMV (Gross Merchandise Volume) for self-operated products and live e-commerce business reached 4.1 billion yuan during the reporting period [1] - The Douyin platform contributed the majority of the sales, while the company's own app's GMV share increased to 18.5% [1] - Self-operated products accounted for approximately 52.8% of total GMV, driven by product category expansion and upgrades [1] Group 2: Business Strategy - The company emphasizes a customer-centric development strategy, focusing on product quality and optimizing the shopping experience [1] - The self-operated model avoids intense price competition and commission expenses, leading to improved profitability [2] - The company plans to open its first offline experience store in Beijing and has deployed over 40 vending machines in various regions, with some already achieving profitability [2] Group 3: Quality Control and Improvement Measures - The company maintains high standards for product selection and quality control, implementing a bi-weekly/monthly quality inspection report mechanism [2] - Plans to enhance quality inspection and control for both self-operated and partner brand products are in place [2] - The company aims to collect precise customer feedback through app community surveys and user interviews to drive product optimization [2] Group 4: Future Plans - The company will continue to optimize its warehousing network and improve delivery efficiency and customer experience [3] - Focus will remain on enhancing the product range and membership system through supply chain integration and AI technology [3]