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January 5, 2026 10:56 PM GMT Hong Kong Property | Asia Pacific HK Landlords: Stock Picking for 2026: Office over Retail We prefer office over retail in the HK IP space. Office vacancy remains high but is improving with Central benefiting first. Mall rentals will continue to struggle due to competition from online sales and Shenzhen. We prefer stocks with a high and sustainable dividend yield plus self-help stories. What's Changed - (1) Industry outlook: We roll forward our valuation to 2026E and update our ...

"AI泡沫论"的争论贯穿2025年Q4，恒生科技指数经历了较长周期的震荡调整行情，指数估值重回历史 低位。但随着互联网大厂AI模型和产品的迭代优化，市场信心回暖。 恒生科技指数ETF（513180）聚焦中国AI核心资产，软硬科技兼备，持仓阿里、腾讯、小米、美团、中 芯国际、比亚迪等科技龙头，该ETF在跟踪恒生科技指数的ETF中规模排名第一，流动性良好。 整体来看，AI仍是港股科技行情的主要驱动因素。1月2日，有着"国产GPU第一股"之称的壁仞科技火爆 上市，再度点燃市场对科技板块的热情。 恒生科技指数连续上涨，年内涨幅一度突破6%。1月6日早盘，恒生科技指数表现强势，盘中涨超2%， 商汤、京东健康等领涨，地平线机器人、华虹、哔哩哔哩跟涨。 ...

Market Overview - U.S. equities are showing a mixed but generally positive tone as Wall Street begins 2026, with a focus on technology and artificial intelligence [1] - Major indexes like the S&P 500 and Nasdaq Composite initially showed strong gains but experienced some fluctuations throughout the session [1][2] Current Market Indexes and Trends - The S&P 500 Index opened up 0.48% and rose 0.7% in morning trading, but by midday, it had wavered, showing a slight decline at one point [2] - The Nasdaq Composite Index opened with a 1.03% gain and surged 1.3% in the morning, but also saw a slight retreat around midday [3] - The Dow Jones Industrial Average started positively, opening up 0.09% and rising 42 points, but later reports indicated a decline of 0.26% [4] Economic Indicators - The U.S. December S&P manufacturing PMI remained unchanged at 51.8, slightly down from 52.20 in November, with new orders falling for the first time in twelve months [6] - Exports have declined for the seventh consecutive month, indicating ongoing impacts from tariffs and trade tensions [6] Federal Reserve Monitoring - Market participants are closely watching the Federal Reserve's monetary policy stance, with a 15% probability of a 25 basis point rate cut anticipated at the next FOMC meeting [7] Major Stock News and Developments - Nvidia (NVDA) shares rose approximately $2.65, up 1.3% due to strong interest in AI-related stocks and a new licensing agreement with Groq [9] - Micron Technology (MU) is performing well, driven by supply-demand issues that could create a $100 billion high-bandwidth market by 2028 [10] - Tesla (TSLA) shares fell 0.6% after reporting declining sales for the second consecutive year [10][11] - Alphabet (GOOGL) initially rose 2% but later dropped 0.2%, while Microsoft (MSFT) fell 2.1%, impacting overall market momentum [12] - Broadcom (AVGO) shares increased by 1.9%, reflecting strong investor confidence [13] - Vertiv Holdings (VRT) climbed 8% after an upgrade from Barclays, citing substantial upside potential [13] - Baidu (BIDU) shares jumped 9.4% after announcing plans to spin off its AI chip unit, while Alibaba (BABA) rose 4.3% [14] - Nike, Inc. (NKE) was a top gainer, up 4.12%, following insider investments [15] - Fair Isaac Corporation (FICO) and Moderna, Inc. (MRNA) were among the biggest losers, down 3.16% and 3.03% respectively [15] Leadership Changes - Warren Buffett stepped down from his position at Berkshire Hathaway, a significant development that will be closely monitored by investors [16]

Asian markets began the new year Friday with gains, while US futures and oil prices also advanced.Hong Kong's Hang Seng jumped 2.2 per cent to 26,189.79 on a strong rally in tech shares.E-commerce giant Alibaba climbed 3.2 per cent and search engine and technology company Baidu jumped 7.5 per cent after it said it plans to spin off its artificial intelligence computer chip unit Kunlunxin, which would list shares in Hong Kong early 2027. The plan is subject to regulatory approvals.Markets were still closed i ...

Core Insights - The launch of OpenAI's ChatGPT in November 2022 marked a significant moment for AI, leading to a transformative impact on markets and the global economy by 2025 [1][17] - Investment in AI is estimated to have contributed to half of U.S. GDP growth in the first half of 2025, highlighting its economic significance [2][17] - The stock market has reflected the enthusiasm for AI, with major tech companies significantly increasing their market valuations and capital spending [17] Investment and Valuation - Nvidia became the first company to reach a $5 trillion market valuation, although it is currently valued at $4.5 trillion [5][17] - Major tech firms, including Microsoft and Meta, are projected to spend around $500 billion on data center leases over the coming years, with Oracle committing $248 billion [9][17] - OpenAI's valuation has skyrocketed, with recent funding rounds valuing the company at $500 billion and potential future valuations reaching $830 billion [13][17] Technology and Infrastructure - The demand for data centers is driving a construction boom, leading to increased electricity consumption, which is expected to more than double by 2030 [7][17] - Google’s parent company, Alphabet, has acquired clean energy developer Intersect Power for $4.75 billion to support its data center operations [8][17] - Analysts believe that the high costs of AI infrastructure and the rapid obsolescence of technology may prevent overspending and mitigate the risk of a bubble [10][11][17] Competitive Landscape - OpenAI faces increasing competition from other AI models, including Google's Gemini 3 and Anthropic's Claude chatbot, which are gaining traction in the market [14][17] - The rise of open-source AI models from companies like DeepSeek and Alibaba is attracting new startups to the AI space [14][17] - The integration of AI into business operations is expected to accelerate, with predictions that AI will start replacing certain jobs by 2026 [15][18]

The reopening of the Chinese market is also a significant growth catalyst, considering that Nvidia once earned nearly 20% to 25% of its data center revenue from this market. Recently, the U.S. government approved the export of Nvidia's H200 chips to China, provided that 25% of the revenue is paid to the U.S. Treasury. According to a Reuters report, the company has informed Chinese clients that it is evaluating options to expand H200 chip production to meet the surging demand. While the Chinese government ha ...

Core Insights - Chinese AI chip companies are gaining significant investor interest as they aim to develop a self-sufficient semiconductor ecosystem to compete with Nvidia amid U.S. export restrictions [2][3][5] Group 1: Market Performance - MetaX Integrated Circuits saw a 700% increase in its stock price during its Shanghai market debut, while Moore Threads surged over 400% on its first trading day just two weeks prior [1][2] - MetaX raised nearly $600 million in its initial public offering, which will be used to accelerate research and development for new AI training and inference GPU chips [17] Group 2: Competitive Landscape - Major Chinese tech companies like Huawei, Alibaba, and Baidu are investing heavily in AI chip development, although none have yet produced chips that match Nvidia's most advanced offerings [5][6] - Huawei is developing the Ascend series of chips, with the next-generation model, the 950, set to launch in 2026, and is focusing on building high-performance clusters to compete with Nvidia [6][7] - Baidu is a majority shareholder in chip designer Kunlunxin and has a five-year roadmap for its AI chips, aiming to position itself as a full-stack provider [9][10][11] - Alibaba has been developing AI chips since the late 2010s and is focusing on inference rather than training, with reports of improved performance contributing to revenue growth in its cloud division [13][14] Group 3: Emerging Players - Cambricon reported a revenue increase of over 4,000% year-on-year to 2.88 billion Chinese yuan ($402.7 million) in the first half of 2025, positioning itself as a strong contender in China's AI accelerator market [15][16] - Biren Technology, founded in 2019, is also designing high-performance GPUs and has received approval for an IPO [19]

Vi e w p o i n t | 09 Dec 2025 03:00:00 ET │ 15 pages Artificial Intelligence Decoding the 4Q AI correction: Risks, Financing, and Adoption in focus CITI'S TAKE Our conversations with enterprise CIOs, CTOs, and technologists suggest AI adoption is further accelerating as use cases go from pilot to production before year-end. The anticipated release of OpenAI's ChatGPT 5.2 – expected to ship today (The Verge, 12/6/2025) and reportedly shows a significant boost in performance – could reverse AI peers' recent ...

A unit of Chinese e-commerce giant https://t.co/IYA4U13sNP has agreed to purchase a 50% stake in Hong Kong’s CCB Tower for $450 million https://t.co/Ca6kFKuVI0 ...