Market Overview - The Hong Kong stock market started the new year positively, with the Hang Seng Index and the Hang Seng China Enterprises Index closing at 26,338 points and 9,169 points, down 2.8% and 2.9% respectively [1] - Total trading volume in Hong Kong reached HKD 140.9 billion, an increase of 18.4% compared to HKD 119 billion on December 31 [1] - The technology, materials, and consumer discretionary sectors saw increases of 3.9%, 3.5%, and 3.3% respectively, while consumer staples and utilities rose only 0.9% and 0.5% [1] - Baidu Group (9888 HK) and New Oriental (9901 HK) led the blue-chip stocks with gains of 9.4% and 7.2%, while Cheung Kong Infrastructure (1038 HK) and Tingyi (322 HK) experienced declines of 0.9% and 0.7% [1] IPO Market - The performance of new stocks was strong, which is expected to positively influence investor sentiment in the IPO market [1] - Wall Street's recent IPO of domestic GPU company Birran Technology (6082 HK) saw its stock price rise by 75.6% after an initial surge of approximately 1.2 times [1] Automotive Industry - On the first trading day of the new year, the Hong Kong automotive sector followed the market trend upward [3] - Geely Automobile (175 HK) announced a cumulative sales target of 3.024 million units for 2025, representing a year-on-year increase of 39%, exceeding its annual target [3] - The sales of new energy vehicles (NEVs) for Geely are expected to increase by 90% year-on-year, with a target of 3.45 million units for 2026, including 2.22 million NEVs, a year-on-year increase of 32% [3] - BYD (1211 HK) reported total sales of 4.602 million units last year, up 7.7%, with its stock price rising 3.6% [3] - Li Auto (2015 HK) saw its stock price increase by 4.9% [3] Renewable Energy Sector - The renewable energy and utilities sectors generally rose last Friday, with Goldwind Technology (2208 HK) surging by 21.0% [3] - The company’s stake in Blue Arrow Aerospace received approval for its IPO application on the A-share Sci-Tech Innovation Board, drawing comparisons to SpaceX [3] - Meanwhile, Weisheng Holdings (3393 HK) rose by 4.7%, as its subsidiary received investment from Boyu Capital, which is expected to enhance its smart grid and data center energy solutions business [3]

消息面上，可灵年底"连环升级" ，统一多模态O1+2.6音画同出+数字人2.0。华福证券发布研报称，可灵 AI功能迭代带来商业化空间进一步提升。以可灵2.6模型为例，同样生成5秒的视频，快手1.6模型"标准 模式"收费20个灵感值，高品质模式收费35个灵感值；而可灵2.6模型，仅支持高品质模型，收费50个灵 感值。价格提升，进一步打开商业化空间。 国联民生证券则表示，快手主业稳健增长符合预期，可灵发布新版本Q4流水环比有望提升，短期黑天 鹅事件或有波动，当前位置估值性价比高，建议关注黑天鹅事件落地后的投资机会。 智通财经APP获悉，快手-W(01024)早盘涨超12%，截至发稿，涨10.19%，报73港元，成交额30.3亿港 元。 ...

消息面上，可灵年底"连环升级"，统一多模态O1+2.6音画同出+数字人2.0。华福证券发布研报称，可灵 AI功能迭代带来商业化空间进一步提升。以可灵2.6模型为例，同样生成5秒的视频，快手1.6模型"标准 模式"收费20个灵感值，高品质模式收费35个灵感值；而可灵2.6模型，仅支持高品质模型，收费50个灵 感值。价格提升，进一步打开商业化空间。 快手-W(01024)早盘涨超12%，截至发稿，涨10.19%，报73港元，成交额30.3亿港元。 国联民生（601456）证券则表示，快手主业稳健增长符合预期，可灵发布新版本Q4流水环比有望提 升，短期黑天鹅事件或有波动，当前位置估值性价比高，建议关注黑天鹅事件落地后的投资机会。 ...

Group 1: Bond Market Strategy - The macroeconomic environment for 2026 is expected to maintain a GDP growth target of around 5%, focusing on internal demand recovery while external demand may slow down [14] - Fiscal policy is projected to remain proactive with a deficit rate around 4%, corresponding to a deficit scale of 5.95 trillion yuan, indicating an increase in government bond financing and special local government bonds [14] - The monetary policy is anticipated to remain moderately loose, with a potential interest rate cut of 10-20 basis points in 2026, while structural monetary policy tools are expected to remain stable [14] Group 2: Financial Stability Framework - The 2025 report shifts its focus from "risk resolution" to "function expansion and proactive stability," indicating a change in the approach to financial stability [14] - The report emphasizes the need to integrate financial stability into the macro-control system, linking it with monetary policy and capital market stability [14] Group 3: Manufacturing PMI - The December 2025 manufacturing PMI rose above 50, indicating a return to the expansion zone after several months below the threshold [14][15] - This improvement reflects a phase of macroeconomic recovery, suggesting limited downward pressure on interest rates, with yields expected to enter a volatile phase [15] Group 4: Carbon Fiber Materials - Carbon fiber composite materials are positioned to benefit from the low-altitude economy and commercial aerospace sectors, with significant demand expected from eVTOL and drone applications [14] - The price of aerospace-grade carbon fiber composites can reach 30,000 yuan/kg, while the demand for these materials is projected to increase significantly due to the growth in China's aerospace sector [14] - Domestic production of low-end carbon fiber products has increased, achieving an 80% replacement rate, while high-end products remain reliant on imports, indicating a market opportunity for domestic manufacturers [14] Group 5: AIGC and Content Ecosystem - The AIGC (Artificial Intelligence Generated Content) sector is identified as a high-potential area for monetization, particularly through the production of animated dramas [14] - The market for short dramas has surpassed 50 billion yuan, with the animated drama market expected to exceed 20 billion yuan, driven by platforms like Douyin and Tencent [14] - The stability and fluidity of AI-generated video content have improved significantly, leading to the release of successful AI-generated short dramas [14]

流动性方面，刘晨明团队指出，"2026年多数国家货币和财政双宽松，流动性宽松或迟早出现。一旦流 动性出现反转，来自全球资本活水的重新注入与境内流动性渠道的拓宽，港股有望开启新一轮上涨。尤 其要注意是否会出现流动性反转+春季躁动共振，形成向上贝塔的机会。" 广发证券刘晨明团队看好港股市场补涨，"港股正从传统的顺经济周期，逐步转向AI应用、新能源等代 表硬科技的主赛道。恒指新经济相关的权重从17%提升至接近50%"。 刘晨明团队表示，前期压制港股的主要是流动性/情绪因素（日本息交易平仓、美联储鹰派降息表述、 基石投资者解禁等），市场情绪可能已经调整到位，恒科在120~250日均线随时有反弹可能性。 恒生指数高开，恒生科技指数涨0.33%，国证港股通科技指数涨0.36%，快手-W涨近6%，阿里巴巴、中 芯国际、哔哩哔哩-W、百度集团-SW、小米集团-W涨幅靠前。 华夏基金建议关注国证港股通科技指数，选股范围为港股通标的，不受QD额度限制，因而相对恒生科 技更具备流动性优势，同时在高端制造、生物科技及互联网行业分布相对均衡，"软硬兼备"。国证港股 通科技指数PE估值目前为26.45倍，位于过去10年的41%分位左右的 ...

Market Overview - The A-share market opened higher with the Shanghai Composite Index up by 0.46% to 3986.97, the Shenzhen Component Index up by 0.80% to 13633.63, the ChiNext Index up by 0.84% to 3229.93, and the STAR Market Index up by 0.93% to 1651.94 [1][2] - The Hong Kong stock market also opened positively, with the Hang Seng Index rising by 0.09% to 26361.44 and the Hang Seng Tech Index increasing by 0.33% to 5755.28 [4][5] Sector Performance - In the A-share market, commercial aerospace stocks continued to perform well, military industry stocks showed strong gains, brain-computer interface concept stocks were active, and oil and gas stocks led in gains [2] - Conversely, sectors such as Hainan Free Trade Zone, Yushubot, and stablecoin themes experienced pullbacks [2] Company News - Meike Home (美克家居) resumed trading and hit the daily limit up, announcing plans to acquire 100% equity of Wande Optoelectronics [2]

中信证券认为，2026年投资全景图指出，港股方面，受益于内部的"十五五"催化以及外部主要经济体 的"财政+货币"双宽松，港股2026年有望迎来第二轮估值修复以及业绩进一步复苏的行情。 国联民生证券认为，2026年尤其是上半年，国内经济弱复苏、美联储宽松未完、产业催化延续的情形对 港股仍有利。资金层面，2026年南向资金仍有6300亿港元—10500亿港元的增量空间，其中被动指数基 金和险资的空间相对更大；外资方面，随着经济修复继续和企业盈利预期改善，外资2026年或继续波段 式结构性回流。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 恒生指数高开0.09%，恒生科技指数涨0.33%。盘面上，科网股活跃，快手涨超5%，阿里巴巴涨超1%； 有色金属板块强势，中国铝业涨超1%；百度集团涨近1%，公司计划分拆昆仑芯业务并于港交所IPO。 关于港股后市 光大证券认为，港股整体盈利能力相对较强，同时互联网、新消费、创新药等资产相对稀缺。此外，尽 管港股已经连续多月上涨，但是整体估值仍然偏低，长期配置性价比仍较高。在国内政策持续发力，以 及美元走弱的背景下，港股市场未来或许将继续震荡上行。 ...

Core Viewpoint - The Hong Kong stock market experienced a significant rise last Friday, marking a positive start to 2026, with major indices showing mixed performance but overall upward trends in technology and commodity sectors [1] Group 1: Market Performance - The Hang Seng Index opened slightly higher by 0.09%, while the Hang Seng China Enterprises Index opened down by 0.03%, and the Hang Seng Tech Index increased by 0.33% [1] - Major technology stocks saw continued gains, with Kuaishou rising approximately 6% and Alibaba increasing by 1.4% [1] Group 2: Sector Performance - Gold stocks experienced a collective rise amid geopolitical tensions, while the copper and other non-ferrous metal sectors were active [1] - Shipping stocks, robotics concept stocks, and autonomous driving concept stocks all saw increases [1] - Conversely, oil stocks, wind power stocks, and Chinese brokerage stocks mostly declined, with Goldwind Technology dropping by 4.5% and CNOOC falling by 3.65% [1]

Economic Data and Events - China will release December CPI and foreign exchange reserve data in the week of January 5 to January 11, 2026 [1] - The People's Bank of China will have a total of 13,236 billion yuan in reverse repos maturing [1] - The 16th China Internet Industry Annual Conference will be held in Beijing from January 7 to 8, 2026 [1] - The Eurozone will release December CPI and PMI data, while the US will publish the December non-farm payroll report [1] Stock Market Developments - Over 1,600 billion yuan in market value of restricted stocks will be unlocked this week, with 36 stocks involved, totaling over 4.3 billion shares [5][6] - Notable stocks include Baili Tianheng with a market value of 963.19 billion yuan, Guolian Minsheng at 180.08 billion yuan, and Jianshe Industrial at 168.95 billion yuan [6] New Stock Offerings - Two new stocks will be available for subscription: Zhixin Co., Ltd. on January 6 with a subscription limit of 180,000 shares at 21.88 yuan per share, and Kema Materials on the same day with a limit of 9,414,000 shares at 11.66 yuan per share [22][23] Policy and Regulatory Updates - The State Council has issued a comprehensive action plan for solid waste management, aiming for significant improvements by 2030, including a target of 4.5 billion tons of annual comprehensive utilization of solid waste [9] - The plan emphasizes a full-chain management approach across various sectors, including industrial and urban waste [9] Industry Insights - The low-altitude economy in Shanghai is projected to reach a core industry scale of around 80 billion yuan by 2028, with a complete industrial chain for new low-altitude aircraft [11][12] - The commercial aerospace sector is expected to see significant growth, with multiple new rocket launches planned and advancements in reusable rocket technology [13][19] Pharmaceutical Sector Developments - In 2025, China approved 76 innovative drugs, surpassing the previous year's total and achieving a record high, with over 1,300 billion USD in licensing transactions [14][15] - The focus for 2026 will be on next-generation ADCs, dual/multi-antibodies, small nucleic acids, and CAR-T therapies [15][16]

Group 1: Core Business and Revenue Contribution - The company's main business includes significant contributions from online advertising value-added services, with digital marketing advertising revenue accounting for 79.23% and gaming revenue for 20.6% in the first half of 2025 [1] - The digital marketing advertising business enhances ad conversion efficiency through big data analysis, implementing a "one-to-one" advertising push model [1] - The company maintains a daily business cooperation with Douyin in internet advertising promotion, with Douyin Live serving as the official content cooperation platform for ChinaJoy [1] Group 2: Gaming Business and Technological Advancements - The company's gaming revenue primarily comes from mobile and PC game item consumption, with a focus on the asymmetric competitive card mobile game "Three Kingdoms: Hundred Generals Card" in 2026 [2] - The development of 5G technology supports cloud gaming, lowering user barriers and enhancing gaming experiences through a cloud gaming platform [2] - The company promotes the light asset transformation of internet cafes and esports hotels through a "rent instead of buy" model, integrating cloud gaming technology for seamless multi-terminal access [2] Group 3: Integration of Esports and AI - The launch of "Shunwang Esports Cloud Computer CITY Edition" extends cloud services from the esports sector to broader urban and digital consumption scenarios [3] - The company combines AI technology with products like "Network Maintenance Master" and "Internet Cafe Manager" to provide intelligent maintenance, security protection, and user profiling services [3] - The company has developed a computing power service platform that meets various intelligent computing needs, including cloud esports and AI model training [3] Group 4: Profit Forecast - Revenue projections for the company are estimated at 2.133 billion, 2.467 billion, and 2.707 billion yuan for 2025-2027, with net profits of 365 million, 459 million, and 575 million yuan respectively [4] - Earnings per share (EPS) are forecasted to be 0.53, 0.67, and 0.84 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 37.9, 30.2, and 24.1 times [4] - The digital marketing advertising business remains promising under AI empowerment, with attention on new gaming products in 2026 and the integration of esports and AI to build a smart ecosystem [4]