Core Viewpoint - The collaboration between Jia Zhangke and the AI video generation model Seedance 2.0 resulted in a unique short film, showcasing the integration of AI in filmmaking without concerns of technology replacing traditional cinema [1] Group 1: AI in Filmmaking - The short film "Jia Ke Zhang Dance" features two versions of Jia Zhangke, both generated by Seedance 2.0, highlighting the advancements in AI technology [1] - The film reflects a journey from black and white to color, and from silent to sound, illustrating the historical evolution of cinema alongside technological advancements [1] - Jia Zhangke expresses that the rapid development of AI, from producing low-quality outputs to generating high-quality videos from simple prompts, is remarkable [1] Group 2: Perspective on Technology - Jia Zhangke does not fear that AI will replace filmmaking, emphasizing that cinema has always coexisted with new technologies [1] - The invention of the camera was once met with skepticism, yet it has become a staple in everyday life, indicating that the focus should be on how technology is utilized [1]

Core Viewpoint - The 2026 Spring Festival Gala will feature a unique stage design centered around the theme of "Galloping Steeds," incorporating advanced technology to create an immersive visual experience for the audience [1][3][5]. Group 1: Stage Design and Technology - The stage will include an artistic installation of galloping horses, designed to immerse viewers in a joyful and auspicious atmosphere for the Year of the Horse [1]. - The visual director, Jiang Yuhao, highlighted that the stage features a CNC matrix installation made up of over 300 modules and 5,584 individual flipping units, creating a dynamic representation of eight galloping horses [1]. - The stage design will evoke a sense of "thousands of horses galloping in the same direction," aligning with the gala's theme and utilizing a CNC matrix that can change materials among gold, silver, and red [3]. Group 2: Cultural Elements and Visual Effects - The artistic installation draws inspiration from traditional Chinese culture, symbolizing resilience and progress through the horse zodiac element [5]. - The gala will leverage technologies such as AI, AR, and XR to create a three-dimensional immersive visual effect, allowing the audience to feel as if they are part of the scenery [5].

Core Viewpoint - The consensus in the capital markets has shifted to the understanding that while AI continues to evolve rapidly, the methods of betting on AI are becoming systematically ineffective [1][3]. Group 1: Market Dynamics - The S&P 500 index experienced its worst weekly performance since November, stabilizing only after mild inflation data was released [2]. - The recent market volatility is not driven by macroeconomic data changes but by a deeper fear that AI is transitioning from a growth engine to a risk amplifier for assets [2]. Group 2: Impact on Valuation - The emergence of AI is not a signal of its failure but a necessary evolution of investment logic [3]. - AI's impact is causing a decline in the marginal value of labor, affecting industries heavily reliant on high-skilled white-collar workers, leading to a revaluation of profit margins in sectors like software and financial services [7]. - The recent sell-off has primarily affected light-asset industries, where profit margins have been recalibrated due to AI's influence [7]. Group 3: Shifts in Investment Preferences - As AI disrupts high-paying white-collar jobs, sectors like energy, essential consumer goods, and U.S. Treasuries are emerging as new safe havens for capital [8]. - This shift is not merely a style rotation but a re-evaluation of "irreplaceability," with energy becoming more akin to a public good due to increased demand from data centers [8]. - Essential consumer goods are gaining strength as they remain stable in demand despite AI advancements, providing defensive value in uncertain times [8]. Group 4: Future Investment Landscape - The investment landscape in 2026 will not be about abandoning AI but rather about identifying asset forms that are least likely to encounter issues during AI's expansion [10]. - The focus will shift from companies that merely tell the best AI stories to those whose demand remains intact or grows passively, even with widespread AI adoption [10]. - Industries that are capital-intensive, resource-constrained, or have physical or regulatory barriers are re-entering the core asset category, while those relying on human premiums and complex processes face stricter scrutiny [10]. Group 5: Conclusion on AI's Role - The key takeaway for investors is not whether AI will continue to develop, but how it is differentiating the risk attributes of assets [12]. - AI is still a crucial long-term variable, but it no longer guarantees high valuations or returns, as it can create both winners and losers [12].

Group 1 - The Hong Kong stock market experienced a V-shaped rebound on the last trading day before the Spring Festival, with the Hang Seng Index rising by 0.5% and the Hang Seng Tech Index increasing by 0.1%, despite a mid-session drop of nearly 2% [2] - The semiconductor sector showed strong performance, with Lattice Semiconductor rising over 14% and GigaDevice Semiconductor (603986) increasing by over 9%. Tech stocks generally performed well, with Tencent Music up nearly 5%, Baidu and Midea Group (000333) rising over 1%, and Tencent increasing by 0.2% [3] Group 2 - Institutional reports indicate that the Hong Kong stock market has short-term rebound potential, driven by increased foreign investment in Chinese assets and a rush to buy Hong Kong tech IPOs. Notably, the materials technology company Woer Heat Material (002130) is set to officially list on February 13, attracting cornerstone investors like Jump Trading [4] - Earlier, Lattice Semiconductor's Hong Kong IPO also drew interest from several long-term funds, including UBS Asset Management, JPMorgan Asset Management, and abrdn [4] - Industrial analysis from Industrial Securities suggests embracing the spring market with a strategy focused on "tech bottoming, cyclical recovery, and beta in dividends." Current market sentiment indicators show that short-selling transactions account for about 19.2% of the market, indicating a relative low in market sentiment and potential for a short-term rebound [4]

Market Overview - The Hong Kong stock market experienced a V-shaped rebound on the last trading day before the Spring Festival, with the Hang Seng Index rising by 0.5% and the Hang Seng Tech Index increasing by 0.1% despite a drop of nearly 2% during the session [1][3]. Gold and Silver Market - Gold and silver stocks saw a collective rise, with Luoyang Molybdenum up over 6% and Zijin Mining and Ganfeng Lithium both rising over 4%. However, spot gold and silver prices fell sharply, with spot silver dropping over 3% and spot gold falling below $5,000 to touch $4,980 per ounce [3][6]. AI and Semiconductor Sector - AI concept stocks surged, with MINIMAX-WP soaring by 24.6% and Zhizhu rising by 4.74%, both reaching new highs since their listings. Douyin concept stock Duoxiangyun saw a peak increase of 40%. The "first AI stock to eliminate illusions," Chenghai Technology Group, experienced a dramatic rise of 32% within the first five minutes of trading, closing up 29.6% with a market value of HKD 48.1 billion. On February 13, Chenghai Technology Group's stock price increased by over 200% on its first trading day, marking it as the best-performing new stock of the year [3][4]. Institutional Insights - Institutions indicate that the Hong Kong stock market has the potential for short-term rebound momentum. Foreign capital is increasingly allocating to Chinese assets, particularly in the tech sector, with notable IPOs such as Wolong Nuclear Materials scheduled for February 13. The IPO of Lanke Technology attracted significant long-term investments from major firms like UBS Asset Management and JPMorgan Asset Management. According to Industrial Securities, the current market sentiment is at a relatively low point, with short-selling transactions accounting for approximately 19.2%, indicating potential for a short-term rebound [4][5].

Core Viewpoint - The article discusses the evolution of sponsorship in the Chinese New Year Gala, highlighting how it reflects the changing landscape of the Chinese economy and advertising strategies over the years [1][2][3]. Group 1: Historical Sponsorship Trends - The first sponsor of the Spring Festival Gala was Jinan Kangbasi Clock Factory in 1984, which traded 3,000 clocks for a 10-second ad, leading to its rise as a major clock manufacturer [1]. - In the 1990s, brands like Kongfu Banquet Wine and Qinchuan Wine spent heavily on advertising, with Kongfu Banquet Wine's investment of 30.79 million yuan resulting in a revenue spike to 918 million yuan the following year [1]. - From 2003 to 2019, Midea Group dominated the zero-point advertising space, with ad costs increasing from millions to tens of millions [1]. Group 2: Shift to Internet Giants - The 2015 Spring Festival Gala marked a turning point with Tencent's 53.03 million yuan investment for exclusive rights, leading to a surge in WeChat payment registrations [2]. - Following this, various internet companies like Alibaba, Baidu, and Douyin engaged in fierce competition for sponsorship, focusing on user engagement and data acquisition rather than just brand exposure [2]. Group 3: Emergence of Hard Technology - In 2026, the Spring Festival Gala featured new players in the form of AI and robotics, with ByteDance's Volcano Engine as the exclusive AI cloud partner and several robotics companies participating [3]. - This shift signifies a transition from a focus on consumer needs and traffic to a new era emphasizing technological advancement and national competitiveness, aligning with the government's "new quality productivity" strategy [3][4].

Group 1: Metals Sector - Jefferies analysts raised price targets for gold and copper miners, indicating a bullish outlook on precious and base metals [2][9] - Newmont's target increased to $158 from $136 and Barrick Gold's target raised to $66 from $60 [2] - Mid-tier players like Alamos Gold and Endeavour Mining also saw target increases to $61 and C$112 respectively [2] Group 2: Travel Sector - Jefferies cut its price target for Expedia from $285 to $240, reflecting concerns over potential headwinds in the digital booking space [3][9] - The firm remains optimistic about the aviation recovery in North America, raising Air Canada's target to C$22 from C$18 [3] Group 3: Economic Data and Currency - Japan's Q4 2025 GDP growth was below analyst forecasts, leading to a dovish outlook for the Bank of Japan and pushing the EUR/JPY exchange rate above 181.50 [4][9] - Industrial Production remained flat at -0.1% month-over-month in December, but Capacity Utilization rebounded by 1.3% [5] Group 4: Corporate Developments - ByteDance is enhancing safeguards against unauthorized use of IP and likenesses in response to concerns over its Seedance 2.0 project [6][9] - Jefferies raised its target for Moderna to $37 from $30, indicating a stabilizing outlook for the biotech company [7] - TD Cowen analysts upgraded Magna International's price forecast from $58 to $75, signaling confidence in the automotive supplier's growth trajectory for 2026 [7]

Market Performance - The Hong Kong stock market experienced a half-day trading session on February 16, with the Hang Seng Index closing up 0.52% at 26,705.94 points, the Hang Seng Tech Index up 0.13% at 5,367.52 points, and the National Enterprises Index up 0.42% at 9,070.32 points [1][2] - For the year of the Snake, the Hang Seng Index has increased by over 32%, the Hang Seng Tech Index by over 13%, and the National Enterprises Index by over 23% [1] Sector Performance - The precious metals, semiconductor, and oil & petrochemical sectors showed strength, while defense, consumer discretionary, and hardware equipment sectors underperformed [2] - Notable movements among major tech stocks included Alibaba down 0.26%, Tencent up 0.47%, JD.com down 2.26%, Xiaomi down 0.16%, NetEase up 2.32%, Meituan up 0.43%, Kuaishou up 0.15%, and Bilibili up 0.67% [2] AI Sector Developments - AI application stocks saw significant gains, with Hong Kong's AI leaders, Zhizhu and MiniMax-WP, reaching new highs, with Zhizhu up 4.74% and MiniMax-WP up 24.26% [4] - Zhizhu launched its flagship model GLM-5, which has gained popularity overseas, and announced a price increase for its AI programming subscription plan [5] Semiconductor Sector Insights - The semiconductor sector showed strength, with stocks like Zhaoyi Innovation and Lanke Technology rising over 17%, closing at increases of 9.78% and 14.05% respectively [7] - A price increase trend in storage chips is emerging, with Kioxia expected to raise average selling prices by approximately 50% starting Q1 2026, which is anticipated to significantly improve profitability in the NAND industry [9][10] Precious Metals Market - The precious metals sector is experiencing a surge, with companies like Luoyang Molybdenum rising over 5% and others like Zijin Mining and Ganfeng Lithium also seeing gains of over 4% [6] - Analysts from ANZ have raised their Q2 gold price forecast from $5,400 to $5,800 per ounce, citing ongoing structural drivers despite recent price corrections [6]

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Core Viewpoint - Tencent has introduced new features for the Spring Festival, allowing users to create and share "New Year Friend Circles" and utilize AI to generate New Year songs, enhancing user engagement and interaction on the platform [1][10][11]. Group 1: New Features Introduction - Users can create a "New Year Friend Circle" by using the "Yuanbao" app, which allows them to post and trigger interactions, including the potential to receive red envelopes [1][5]. - The new feature includes a limited-time display of content and comments as emojis, adding a fun element to the interactions [5]. - Users can also create personalized New Year songs using AI, which can be shared with friends, further promoting engagement [10][11]. Group 2: Enhanced Red Envelope Features - This year, users can customize red envelope covers by adding "attachments," allowing for personalized greetings and images [12][14]. - The red envelope covers can be showcased on public accounts, encouraging more users to participate and share [16]. - Users can switch their nickname to "golden" in the comments section of public accounts during the Spring Festival, enhancing the festive experience [17].