杰富瑞分析师Thomas Chong等人在报告中表示，拟议分拆昆仑芯具有诸多优势，包括更好地反映昆仑 芯价值、拓宽融资渠道等。预计昆仑芯的估值在160亿美元至230亿美元之间，这意味着百度持有的昆仑 芯股权价值在90亿美元至130亿美元之间。 杰富瑞上调其目标价14%至176港元，维持买入评级，称此举将释放百度在人工智能驱动业务方面的价 值；将百度美股目标价由159美元上调至181美元。 百度集团进一步扩大涨幅至8.7%，在恒生科技指数成分股中涨幅领先。 来源：环球市场播报 百度股价在香港扩大涨幅升至2023年9月来新高，此前公告称建议分拆昆仑芯在港交所主板独立上市。 ...

Market Performance - The Hang Seng Index rose by 2.18% to 26,189.79 points, while the Hang Seng Tech Index increased by 3.38% to 5,702.56 points [1] - The China Enterprises Index gained 2.26% to 9,115.17 points, and the Red Chip Index was up by 1.04% to 4,057.23 points [1] Major Technology Stocks - Alibaba-W increased by 3.15%, Tencent Holdings rose by 3.01%, JD Group-SW went up by 2.69%, and Xiaomi Group-W gained 2.44% [3] - NetEase-S surged by 5.87%, Meituan-W rose by 1.55%, Kuaishou-W increased by 3.13%, and Bilibili-W gained 2.64% [3] - Baidu Group-SW saw a significant increase of 7.45%, with its subsidiary Kunlun Chip submitting a listing application to the Hong Kong Stock Exchange [3] Semiconductor Sector - Hua Hong Semiconductor experienced a strong performance, rising by 9.89% [3] - The company announced plans to acquire 97.4988% of Huali Micro's shares for a transaction value of 8.268 billion RMB, with a fundraising target of 7.556 billion RMB [3] Power Equipment Sector - Goldwind Technology saw a substantial increase of over 17% [3] - Blue Arrow Aerospace's IPO application was accepted by the Shanghai Stock Exchange, aiming to become the first commercial rocket company listed on the Sci-Tech Innovation Board [3] Wall Street Technology - Wall Street Technology's first-day listing saw a surge of over 72% [4] - The public offering phase received a staggering 2,347.53 times subscription, with 49.5386 million shares allocated, representing approximately 17.39% of the total shares offered [4] - The international placement phase also saw significant interest, with 23.5308 million shares allocated, equivalent to 82.61% of the total shares offered [4]

港股三大指数高开高走、集体大涨，截至午间收盘，恒指涨2.18%报26189.79点，国指涨2.26%，恒生科 技指数涨3.38%。大型科技股集体上涨，百度涨超7%，快手、腾讯、阿里巴巴涨超3%，京东、小米涨 超2%。电力设备、游戏、半导体板块涨幅居前，部分影视股调整。 ...

Group 1 - The Hong Kong stock market showed strong performance on the first trading day of 2026, with the Hang Seng Tech Index rising over 3.5% and the Hang Seng Index increasing by more than 2% [1] - Sectors such as semiconductors, internet giants, home appliances, and automobiles experienced significant gains, driven by favorable policy support [1] - Baidu's plan to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange significantly boosted Baidu's stock price [1] Group 2 - The semiconductor sector benefited from a price surge in the industry chain, sustained AI demand, and a strengthened logic of domestic substitution [1]

Group 1 - NetEase-S (09999) rose over 6.5% after the announcement of the anniversary version of "Yanyun Sixteen Sounds" launching on December 27, 2025, which topped the iOS game sales chart. Huatai Securities previously indicated that the first-year revenue could reach 20-30 billion [1] - Commercial aerospace concept stocks surged, with Asia Pacific Satellite (01045) up 31.29%, Aerospace Holdings (00031) up 20%, and Goldwind Technology (02208) up 18.27%. Blue Arrow Aerospace's IPO application was accepted, marking it as the first company to be accepted under the new listing standards since the expansion [1] - Li Auto-W (02015) increased over 5.6% after reporting 44,246 vehicle deliveries in December 2025, totaling 109,194 for Q4. By December 31, 2025, cumulative deliveries reached 1,540,215, making it the first new force brand to achieve the 1.5 million delivery milestone [1] Group 2 - Hua Hong Semiconductor (01347) surged over 11% after announcing plans to acquire 97.4988% of Huali Micro's shares and raise funds through a stock issuance to specific investors [2] - Skyworth Group (00751) rose over 10% following the signing of a 10MW distributed photovoltaic power station project in Italy, marking a significant step in its overseas market expansion [2] - Baidu Group-SW (09888) increased over 8.1%, with a cumulative rise of over 15% this week, after announcing the submission of a listing application for Kunlun Chip on the Hong Kong Stock Exchange [2] Group 3 - SaaS concept stocks saw significant gains, with Lion Holding (02562) up 16.48%, Kingdee International (00268) up 7.22%, and Huily Technology (01860) up 4.52%. Meta announced a multi-billion dollar acquisition of the AI product developer Manus [3] - Xirui (02507) rose nearly 10% following the release of the U.S. Department of Transportation's strategic plans aimed at advancing the future of aviation [3] Group 4 - Meitu Company (01357) increased over 5.7% after announcing a $250 million convertible bond issuance to Alibaba, which could result in Alibaba holding 6.82% of Meitu's shares, making it the third-largest shareholder [4] Group 5 - Bitcoin surpassed $88,000, leading to a rise in some cryptocurrency mining stocks, including TeraWulf (WULF.US) up 3.05% and Applied Digital (APLD.US) up 1.83% [5] - Mindonghong (ORIS.US) surged 22.13% after signing a non-binding letter of intent to acquire Hubei Daguan Tea Industry Group, aiming to strengthen upstream supply control [5] - Wanda Biopharmaceuticals (VNDA.US) rose 25.46% after announcing FDA approval for its new drug Nereus, intended for preventing exercise-induced vomiting [5] Group 6 - Storage concept stocks fell, with SanDisk (SNDK.US) down 1.18%, Western Digital (WDC.US) down 2.15%, and Micron Technology (MU.US) down 2.47% [6] - Corcep Medical (CORT.US) plummeted 50.42% after receiving a complete response letter from the FDA regarding its new drug application for Relacorilant [6] - TSMC (TSM.US) rose 1.44% as Nvidia is negotiating new orders for its H200 chip, with TSMC expected to expand capacity by Q2 2026 [6] Group 7 - New energy vehicle stocks declined, with Tesla (TSLA.US) down 1.04%, NIO (NIO.US) down 7.27%, and Li Auto (LI.US) down 1.97% [7] - Pony.ai (PONY.US) fell 0.96% despite announcing that its Robotaxi fleet exceeded 1,159 vehicles, surpassing its 1,000 vehicle target for 2025 [7]

Core Viewpoint - The Hong Kong stock market experienced a strong opening on the first trading day of 2026, with significant gains in various sectors, particularly in technology, home appliances, and automotive, driven by favorable policies and market dynamics [1][2]. Semiconductor Sector - The semiconductor sector saw a collective surge, with notable increases in stock prices: Huahong Semiconductor rose over 10%, SMIC increased by over 5%, and Shanghai Fudan gained over 4% [2]. - Huahong Semiconductor announced plans to acquire a 97.4988% stake in Huahong Micro for a transaction price of 8.268 billion, aiming to enhance its 12-inch wafer foundry capacity [2]. - The semiconductor industry is benefiting from a price surge in the supply chain, sustained AI demand, and a strengthened domestic substitution logic, indicating a structural market trend [3]. Internet, Home Appliances, and Automotive Sectors - Major internet companies like Baidu, NetEase, Tencent, and Alibaba saw significant stock price increases, with Baidu rising over 8% following its announcement to spin off Kunlun Chip for independent listing on the Hong Kong Stock Exchange [4]. - The home appliance sector is expected to benefit from the continuation of the "old-for-new" policy, which includes subsidies for replacing old appliances, thus stabilizing domestic consumption [5]. - The automotive sector is also poised for recovery due to supportive policies, with a focus on high-end, intelligent, and export-oriented vehicles, as well as components related to automotive technology [5].

Core Viewpoint - The Hong Kong stock market opened positively, with significant gains across major indices, indicating a bullish sentiment in the market [1][2]. Market Performance - As of the report, the Hang Seng Index and the Hang Seng China Enterprises Index both surged over 2%, while the Hang Seng Technology Index rose by 3.65% [2]. - The semiconductor index experienced a remarkable increase of 8.3% [4]. - Notable stocks included Hua Hong Semiconductor, which rose over 10%, and SMIC, which increased by 4.63% [7]. Company Announcements - Hua Hong Semiconductor announced plans to acquire a 97.4988% stake in Huahong Micro through a share issuance to four counterparties, along with a fundraising initiative [7]. - Baidu's stock surged nearly 8% following its announcement of a listing application for Kunlun Chip on the Hong Kong Stock Exchange, indicating strong market interest in tech IPOs [7]. Currency and Economic Outlook - The offshore RMB appreciated against the USD, surpassing 6.97, reaching a high of 6.9678, the highest since May 2023 [8]. - Analysts at Galaxy Securities predict that the Federal Reserve's interest rate decisions will become clearer after April 2026, which may positively impact Hong Kong stock valuations and attract foreign investment [8]. Investment Themes - Suggested investment themes include: 1. **Technology Innovation**: With a focus on self-reliance in technology during the 14th Five-Year Plan, the technology sector is expected to be a major investment theme, with significant growth potential in leading companies [9]. 2. **Cyclical Industries**: Sectors such as steel, construction materials, electrical equipment, and paper are anticipated to benefit from supply-side reforms, leading to improved supply-demand dynamics and profitability [9]. 3. **Consumer Sector**: The consumer sector, particularly in service consumption and new consumption models, is expected to see growth due to strategies aimed at expanding domestic demand [9]. Overall Market Outlook - The Hong Kong stock market is expected to experience a phase of both profit and valuation increases, driven by favorable policies and economic recovery [8][9].

新京报贝壳财经讯1月2日，百度股价在香港涨至近三个月盘中新高，此前公司在香港交易所公告称，建 议分拆昆仑芯在港交所主板独立上市。百度集团(9888HK)上涨5.6%，在恒生科技指数中涨幅领先。 ...

Group 1 - The technology stocks are experiencing a significant rally, with the Hang Seng Tech Index rising nearly 4% [1] - Notable stock performances include Baidu Group-SW increasing by 8.75% to HKD 143, Alibaba-W rising by 3.29% to HKD 147.5, Kuaishou-W up by 3.21% to HKD 66, and Tencent increasing by 3.17% to HKD 618 [1] Group 2 - CITIC Securities forecasts a bullish trend for the internet sector in 2025, driven by AI-related value reassessment and improved liquidity, despite external disturbances [1] - For 2026, AI is expected to remain a core catalyst for valuation increases, with a focus on model iteration, application implementation, and performance realization [1] - Companies that have gone public with AI models may further drive the reassessment of internet companies' AI business value [1] Group 3 - Guosen Securities emphasizes the importance of monitoring the overseas business progress of internet giants in 2026, highlighting growth opportunities for domestic cloud and gaming companies amid AI development trends [1] - The upgrade of domestic quality supply chains and the expansion of e-commerce platforms overseas are seen as crucial growth directions to supplement weak domestic demand [1] - The competitive landscape in the food delivery sector may enter a phase of diminishing marginal investment by 2026, significantly impacting cash flow and profits for the three major platforms [1]

Core Viewpoint - The technology sector stocks have risen significantly, with the Hang Seng Technology Index increasing by nearly 4%, driven by strong performances from major companies like Baidu, Alibaba, Kuaishou, and Tencent [1] Group 1: Stock Performance - Baidu Group-SW (09888) increased by 8.75%, reaching HKD 143 - Alibaba-W (09988) rose by 3.29%, reaching HKD 147.5 - Kuaishou-W (01024) saw a rise of 3.21%, reaching HKD 66 - Tencent (00700) increased by 3.17%, reaching HKD 618 [1] Group 2: Industry Outlook - CITIC Securities forecasts a rebound in the internet sector by 2025, driven by AI-related value reassessment and improved liquidity, with AI remaining a core catalyst for valuation increases through 2026 [1] - Key focus areas include model iteration, application implementation, and performance realization, which will strengthen narratives around AI [1] - Companies that have gone public with AI models may further drive the reassessment of internet companies' AI business value [1] Group 3: International Expansion and Market Dynamics - Guosen Securities emphasizes the importance of monitoring the international expansion of internet giants by 2026, highlighting opportunities for domestic cloud and gaming companies amid AI development trends [1] - The upgrade of domestic supply chains and the international expansion of e-commerce platforms are seen as crucial growth avenues to supplement weak domestic demand [1] - The competitive landscape in the food delivery sector may enter a phase of diminishing marginal returns by 2026, impacting cash flow and profits for the three major platforms [1]