Group 1 - Since late November, the Hong Kong stock market has weakened due to a slowdown in southbound capital inflows as the year-end approaches, leading to a decline in market risk appetite [3][14] - The three main concerns affecting the market include foreign capital reducing positions before the Christmas holiday, hedge funds shorting due to uncertainties, and worries about new regulations on mainland public funds potentially increasing selling pressure on Hong Kong stocks [3][14] Group 2 - With the new year, a new round of upward momentum in the Hong Kong stock market is expected, driven by seasonal inflows from insurance funds and the long-term allocation logic from the switch to IFRS9 accounting standards for non-listed insurance companies [5][31] - The market sentiment has dropped to a low point, significantly improving the risk-reward ratio, with signs of short covering in major tech stocks [6][18] - The proportion of short positions in leading internet stocks has shown signs of decline, indicating a potential rebound in stock prices as they reach attractive valuation levels [6][19] Group 3 - The expectation of RMB appreciation is expected to enhance the attractiveness of RMB assets, driving foreign capital inflows into Hong Kong stocks [7][42] - Historical data shows that during previous RMB appreciation cycles, the Hong Kong stock market has consistently performed well, particularly in the information technology sector [7][43] - The RMB is projected to appreciate against the USD, potentially returning to the "6" range, which could further incentivize foreign investment in Chinese equities [7][47] Group 4 - Investment recommendations suggest a bullish stance on Hong Kong stocks, particularly led by the Hang Seng Technology Index, with expectations of continued market growth driven by earnings and liquidity [52] - Key investment opportunities include leading internet companies in the AI sector, which are expected to benefit from both domestic and foreign capital inflows [53][54] - High dividend assets are highlighted as strategic investments in a low-interest-rate environment, with a current dividend yield of 6.70% for the Hang Seng High Dividend Yield Index [58][60] - New consumption trends are emerging, focusing on traditional service consumption transformation, Z-generation spending habits, and high-end consumption recovery [61][64]

北京商报讯（记者 郭缤璐）1月5日，北京市民政局与美团签署战略合作协议。未来，双方将探索"平台 +"养老服务线上化新渠道，打造养老服务消费新场景。通过互联互通，美团、大众点评平台将陆续引 入备案的养老服务机构，完善养老服务的线上新基建，解决养老行业供需信息不对称、服务质量难保障 等消费者关心的问题，与合作伙伴共同打造"政企联动、科技赋能、民众受益"的养老服务新格局。据 悉，美团将上线北京地区上百家在民政部门备案的养老服务机构。 本次北京市民政局与美团达成战略合作，从线上化来看，民政部门备案的养老服务机构将在美团完成门 店线上基建，用户通过在美团、大众点评App上写笔记、留评价等多类内容数字资产沉淀，为更多消费 者提供真实服务参考，促进交易和影响力增长，加速机构线上门店流量正循环。同时，为传统养老机构 转型提供样本参考。线下联动来看，双方将联合探索适合养老、助老、老年人文娱消费等银发经济多样 化线下活动，通过社区适老服务活动、银发赛事、社区居家养老模式探索等资源搭建，共同扩大行业影 响力。 据了解，目前，美团养老行业服务已覆盖全国超300座城市，整合多元供给打造全场景服务矩阵，超过3 万家服务机构入驻，精准匹配 ...

中国青年报客户端讯（中青报·中青网记者沈杰群）1月5日，哔哩哔哩（以下简称"B站"）对外宣布启 动"AI创作大赛"，这是B站面向全球创作者发起的首场AI主题创作赛事。 此次B站启动的AI创作大赛，从1月5日开启征稿，比赛分别设置了两个主赛道："开放赛道"与"三体改 编赛道"。"开放赛道"强调原创内容，作品时长不低于3分钟，不限题材、不限风格，如悬疑、动画、情 感等热门类型题材，均可进行创作，最大限度保留创作者的自由。 海报。主 本次大赛设置77个获奖席位，总奖金池超过300万元，其中一等奖奖金高达100万元。本次大赛对AI视 频给出了明确的判断标准：故事性第一，技术服务于叙事。 来源：中国青年报客户端 办方供图 三体改编赛道由B站与三体IP版权方及运营方三体宇宙联合发起，参赛创作者可基于《三体》世界观及 三体赛道规定命题进行改编或创新，以AI创作对《三体》中原著留白的空间进行拓展和复现。 一直以来，《三体》相关的二创内容就是B站社区生态中的核心品类之一，站内关于《三体》小说的解 析、速读、动画二创等层出不穷，如B站UP主"文曰小强"的《三体》小说解析系列视频，在站内累计播 放量超过2117万次。 ...

AI时代，快人一步~ 以下文章来源于硬AI ，作者专注科技产研的 硬AI . 快手科技在生成式AI领域的商业化潜能正加速兑现。凭借旗下AI视频生成模型 可灵（Kling）在海外市场的爆发式传播 ，叠加核心广告业务的技术赋能，该公 司正在重塑其增长逻辑。 受此驱动，快手港股盘中强势拉升，涨幅一度超过13%，收涨11%。 | 今开 | 70.150 | 最高 | 75.250 | 成交量 | 1.35亿股 | | --- | --- | --- | --- | --- | --- | | 昨收 | 66.250 | 最低 | 68.550 | 成交额 | 98.98亿 | | 换手率 | 3.13% | 市盈(TTM) | 16.72 | 总市值 | 3179亿 | 据光大证券， 受益于"Motion Control"玩法在韩国、俄罗斯等海外社交媒体上的广泛传播 ，以及会员促销活动的推动，可灵的日流水在2026年1月3日达到了 2025年12月中旬平均水平的2.5倍。该模型于2025年12月3日推出的2.6版本，突破性地实现了"音画同出"功能，支持单次生成包含自然语言、动作音效及环境 音的10秒视频。 这一升级不 ...

第一，在年初保险"开门红"资金季节性流入的短期驱动，与2026年非上市险企切换IFRS9会计准则带来 的中长期配置逻辑共同作用下，港股仍是保险资金阶段性及中期配置的重要受益方向。第二，不用过分 担忧内地公募基金投资向业绩基准回归带来的影响，核心仍是梧桐树自引金凤凰，港股拥有越来有多的 优质资产，将推动基金增加港股在基准中的比例并吸引更多类型的资金流入港股。 智通财经APP获悉，兴业证券发布研报称，11月下旬以来，港股受到临近年末港股南下资金流入放缓的 影响走弱。港股市场情绪回落至低位，风险收益比显著改善，大型科技股的卖空资金悄然出现平仓迹 象。年末内资流入放缓带来的扰动过去，内地低利率环境下，港股优质资产继续受益于内地财富再配 置。 兴业证券主要观点如下： 一、回顾：11月下旬以来，港股受到临近年末港股南下资金流入放缓的影响走弱。南下资金流入减少的 情况下，港股资金层面短期产生一定的合成谬误或者说"鬼故事"，进一步影响市场风险偏好。前期最流 行的三个担忧是，第一，外资在圣诞长假前的降仓、获利了结；第二，对冲基金利用年底的各种不确定 性和消费、投资、地产等欠佳的数据而做空；第三，市场担忧内地基金新规即投资向业绩 ...

Core Viewpoint - The long-standing legal dispute between Chongqing Beer and Chongqing Jiawei Beer has been resolved through a mediation agreement, marking the end of their court conflicts [1][4]. Summary by Sections Legal Dispute Background - Chongqing Beer and Chongqing Jiawei entered into a 20-year exclusive sales agreement in 2009, which was later supplemented by various agreements to clarify terms regarding sales price differences and other brands [2]. - In recent years, Chongqing Jiawei raised multiple objections regarding the sales cooperation, claiming losses due to Chongqing Beer's avoidance of obligations, leading to litigation [2]. Mediation Agreement Details - The mediation agreement stipulates that Chongqing Beer will pay Chongqing Jiawei a one-time cash settlement of 100 million yuan to resolve all disputes related to the sales agreement by December 31, 2025 [2][4]. - From 2026 to 2028, Chongqing Beer will purchase 142,600 hectoliters of beer annually from Chongqing Jiawei at a price of 4,000 yuan per hectoliter, with annual adjustments for any discrepancies [3]. Financial Implications - The resolution of this dispute is expected to enhance Chongqing Beer's profits for the fiscal year 2025, with an estimated increase in total profit by 37.11 million yuan and net profit attributable to shareholders by 19.08 million yuan [4]. - Chongqing Jiawei will no longer incur transportation or sales costs related to the beer sales from January 1, 2026, and has outlined conditions for volume adjustments based on actual sales performance [5]. Future Cooperation and Termination - The sales agreement will terminate on December 31, 2028, after which there will be no further cooperation between the two companies [4][5].

恒指报收26347.24点，涨0.03%，恒生科技指数报收5741.63点，涨0.09%。快手涨超11%，哔哩哔哩涨超 5%，蔚来汽车跌近6%，小鹏汽车跌超4%。（AI生成） 恒指报收26347.24点，涨0.03%，恒生科技指数报收5741.63点，涨0.09%。快手涨超11%，哔哩哔哩涨超 5%，蔚来汽车跌近6%，小鹏汽车跌超4%。（AI生成） ...

Core Insights - ByteDance is implementing a comprehensive salary increase for interns across various positions, effective January 1, 2026, with significant adjustments in pay rates [2][3]. Salary Adjustments - Technical interns will see their daily salary rise to 500 yuan, a 25% increase from previous levels [3]. - Product-related positions will have their daily pay increased from 200 yuan to 500 yuan, marking a 150% increase [3]. - Other roles, including operations, design, marketing, functional, and sales, will also experience varying degrees of salary increases, with daily pay ranging from over 100 yuan to over 400 yuan [3]. Talent Investment Strategy - In December 2025, ByteDance announced plans to enhance talent investment and improve salary competitiveness and stock option incentives for employees globally [2][3]. - The company aims to ensure that employee compensation and incentive returns are "leading at the top level" across all global markets [2][3]. Performance and Compensation Enhancements - The company will increase bonus (including performance stock options) investments, with the performance evaluation cycle for 2025 set to rise by 35% compared to the previous cycle [4][5]. - There will be a significant increase in salary adjustment investments, which will be 1.5 times higher than the previous cycle [4][5]. - The company plans to raise the minimum (starting salary) and maximum (ceiling) of total compensation packages across all job levels [4][5].

IT之家 1 月 5 日消息，今天早间，据彭博社报道，阿里 巴巴集团正在上线一项面向餐饮商家的 AI 服务，帮助 餐厅以更直观的方式呈现店内环境。此举被视为阿里在 中国餐饮和本地生活赛道中，与美团展开竞争的一项新 举措。 据知情人士透露，高德地图即将支持餐厅通过上传照片 或视频，自动生成 3D 店内展示内容，降低商家在宣传 和营销方面的成本。这项技术基于通义万相视觉模型， 计划初期向部分商家免费开放。 据知情人士透露，高德地图即将支持餐厅通过上传照片或视频，自动生成 3D 店内展示内容，降低商家 在宣传和营销方面的成本。这项技术基于通义万相视觉模型，计划初期向部分商家免费开放。 报道提到，高德地图的这一动作，体现了阿里巴巴试图切入美团长期占据主导地位的领域。美团目前在 外卖、用户评价和餐厅预订等本地服务市场保持领先，阿里则希望依托 AI 能力及更充裕的资金资源， 在外卖等曾经失利的业务上逐步收复阵地。 IT之家从报道中获悉，2025 年，阿里承诺向核心线上业务投入数百亿元人民币的补贴和激励，与美团 及京东展开正面竞争。报道认为，高德地图 AI 餐厅服务的推出，与阿里巴巴首席执行官吴泳铭推动 AI 全面融入业务 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 18.723 billion HKD today [1] - The top net purchases included: - Tracker Fund of Hong Kong: 6.826 billion HKD - Kuaishou-W: 1.556 billion HKD - Xiaomi Group-W: 1.019 billion HKD - SMIC: 360 million HKD - CNOOC: 328 million HKD - Hua Hong Semiconductor: 322 million HKD - Meituan-W: 279 million HKD - Alibaba-W: 272 million HKD - China Life: 245 million HKD - Nanjing Panda Electronics: 105 million HKD [1] Group 2 - Southbound funds net sold Tencent Holdings worth 918 million HKD and China Mobile worth 406 million HKD [2] - Tencent has seen a continuous net sell for 6 days, totaling 4.86189 billion HKD [2] - Hua Hong Semiconductor has experienced a continuous net buy for 5 days, totaling 936.63 million HKD [2] - SMIC has seen a net buy for 3 consecutive days, totaling 1.5115 billion HKD [2] - Xiaomi has also seen a net buy for 3 consecutive days, totaling 1.48281 billion HKD [2] Group 3 - In the Shanghai Stock Connect, Alibaba-W had a net sell of 239 million HKD with a trading volume of 5.57 billion HKD [3] - In the Shenzhen Stock Connect, Kuaishou-W had a significant increase of 11.1% with a net buy of 1.154 billion HKD [3] - Xiaomi Group-W experienced a decrease of 2.3% with a net buy of 602 million HKD [3] - Nanjing Panda Electronics saw a notable increase of 39.8% with a net buy of 105 million HKD [3]