Core Viewpoint - The growth of the media and internet industry in China is driven by performance and AI empowerment, with a focus on increasing AI investments and the long-term benefits of core internet assets in the Hong Kong stock market [1] Group 1: Film Industry - The performance of imported films has been strong, with a significant year-on-year increase in box office revenue [2] - In December 2025, the national box office reached 3.713 billion yuan, a year-on-year increase of 57.93% and a month-on-month increase of 4.50% [2] - The film "Zootopia 2" achieved a monthly box office of 2.098 billion yuan, accounting for 56.5% of the total box office for the month [2] - A total of 83 films were released in December, representing a year-on-year increase of 43.10% and a month-on-month increase of 56.60% [2] - An estimated 29 new films are expected to be released in January 2026 [2] Group 2: Gaming Industry - The domestic gaming market achieved a record sales revenue of 350.789 billion yuan in 2025, with a year-on-year growth of 7.68% [3] - The user base reached 683 million, marking a year-on-year increase of 1.35% [3] - The mobile gaming market generated 257.076 billion yuan in revenue, with a year-on-year increase of 7.92% [3] - The client-based gaming market saw a significant revenue increase of 14.97%, totaling 78.16 billion yuan [3] - A total of 1,676 domestic game licenses were issued in 2025, a nearly 30% increase compared to the previous year [3] Group 3: Marketing Industry - The overall advertising market expenditure increased by 5.4% year-on-year from January to November 2025, with November showing a 16.6% year-on-year increase [4] - Specific industries such as telecommunications, personal care, entertainment, and IT services saw significant advertising expenditure growth, with increases of 86.1%, 62.0%, 22.9%, and 17.8% respectively [4] - Conversely, industries like pharmaceuticals, alcoholic beverages, and cosmetics experienced declines in advertising expenditure, with decreases of -14.6%, -10.3%, and -6.3% respectively [4] Group 4: AI Industry - Meta completed the acquisition of Manus, marking its third-largest acquisition since its inception [5] - Domestic AI company DeepSeek released two new models, achieving performance levels comparable to GPT-5 [5] - Two companies, Zhiyu Huazhang and MiniMax, are expected to go public in early 2026 after passing the Hong Kong Stock Exchange's listing hearing [5] Group 5: Investment Recommendations - Focus on Hong Kong internet companies with stable growth and improving profitability, particularly in the internet video platform sector and leading domestic AI video tool companies [6] - Emphasize AI applications and related industry chains, as well as content production sectors [6] - Consider traditional publishing companies that are exploring new business opportunities as the Lunar New Year approaches [6]

每经AI快讯，当地时间1月6日，xAI宣布完成E轮融资，融资额超过了此前设定的150亿美元目标，最终 达到200亿美元。参与本轮融资的投资者包括Valor Equity Partners、Stepstone Group、富达管理及研究公 司、卡塔尔投资局等。战略投资者英伟达和思科投资也参与了本轮融资，他们将继续支持xAI扩展计算 基础设施，并构建全球最大的GPU集群。（界面） ...

Wall Street analysts remain constructive on Amazon (NASDAQ: AMZN), with Bank of America Securities maintaining a bullish stance on the stock following recent developments in the company’s artificial intelligence (AI) strategy. In this case, Justin Post of BofA reiterated a ‘Buy’ rating on Amazon shares and kept the firm’s price target unchanged at $303. Indeed, this target represents an increase of 27% from the press time price of $238AMZN one-week stock price chart. Source: FinboldThe analyst’s view is und ...

Group 1 - The article highlights significant announcements in the stock market, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - A company involved in commercial aerospace has established formal contract orders for rocket structural components, with major clients including Blue Arrow Aerospace, and has received small batch sample orders from clients like Zhiyuan Robotics [1] - Another company is focused on brain-computer interfaces, humanoid robots, multimodal AI, autonomous driving, AI chips, and cloud computing, and is optimizing its brain model while developing its own brain-computer interface system, having partnered with Leju Robotics to deliver a small number of robots equipped with the large model [1] - A company has signed a second fully automated OCS (Optical Switch) packaging production line order, indicating its involvement in commercial aerospace, chips, and CPO, with partnerships including Nvidia and Huawei HiSilicon [1]

Core Viewpoint - The article discusses the evolution of "acqui-hire" from a mutually beneficial acquisition strategy to a tool for larger companies to eliminate competition, highlighting the shift in dynamics within the tech industry, particularly in the AI sector [4][10]. Group 1: Acqui-hire Evolution - Acqui-hire has transformed from a win-win situation to a method for large companies to eliminate competitors more efficiently and discreetly than traditional acquisitions [10][48]. - The case of Groq, a company valued at $6.9 billion, illustrates this shift, where Nvidia acquired key personnel for $20 billion, leaving behind an empty shell [6][9]. - Historical examples, such as Facebook's acquisition of Instagram for $1 billion, show that earlier acqui-hires allowed teams to continue operating independently, benefiting all parties involved [13][16][22]. Group 2: Recent Trends in Acqui-hire - In 2024, several high-profile transactions occurred where major companies like Microsoft and Google hired talent from startups without formal acquisitions, indicating a trend towards "technology licensing + talent recruitment" [34][36]. - The financial outcomes of these recent transactions reveal a stark contrast to earlier acqui-hires, with only a small percentage of employees benefiting from the deals, while founders and investors reaped significant rewards [35][38]. - The legal landscape has shifted, allowing larger companies to recruit talent directly from competitors without the need for formal acquisition processes, further incentivizing this trend [36][44]. Group 3: Comparison of Markets - The article contrasts the U.S. and Chinese markets, noting that in China, large companies often prefer to directly recruit talent rather than acquire startups, leading to lower acquisition prices [41][43]. - Chinese AI startups face a different set of challenges, with a focus on product viability and commercial success, as opposed to the U.S. model where acqui-hire was a common exit strategy [46][48]. - The decline in the number of AI startups in China by 50% in 2024 compared to 2023 reflects a market that is rapidly differentiating between commercially viable companies and those that are not [46].

Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sectors, including Weike Technology (301196.SZ), Nengke Technology (603859.SH), Hehe Information (688615.SH), and Maixinlin (688685.SH) [9]. Core Insights - The report highlights the introduction of the Video-Thinker model by Xiaohongshu, which breaks the dependency on external tools for video reasoning, achieving state-of-the-art (SOTA) performance with a 7B parameter version [3][22]. - DeepSeek's new architecture, mHC, shows significant performance improvements with only a 6.7% increase in training time, marking a breakthrough in model efficiency [31][32]. - Kimi, a Chinese AI startup, completed a $500 million Series C funding round, with a post-money valuation of $4.3 billion, focusing on the development of its K3 model and talent incentives for 2026 [4][44]. Summary by Sections 1. Computing Dynamics - The report notes stable pricing in computing power leasing, with specific rates for various configurations [21]. - Xiaohongshu's Video-Thinker model integrates key capabilities such as temporal grounding and visual description, achieving new benchmarks in video reasoning [22][23]. - The model's training paradigm includes a two-stage process that enhances its reasoning capabilities while reducing reliance on external tools [26][27]. 2. AI Application Dynamics - Character.AI experienced an 8.32% increase in weekly traffic, indicating growing interest in AI applications [30]. - DeepSeek's mHC architecture addresses traditional bottlenecks in model efficiency, providing a robust framework for enhancing model capabilities [31][32]. 3. AI Financing Trends - Kimi's recent funding round will support the development of its K3 model and expansion of its talent pool, following significant technological advancements in 2025 [4][44]. - Meta's acquisition of Manus for $4-5 billion underscores the strategic importance of AI applications and the integration of advanced AI capabilities into its ecosystem [5][6]. 4. Market Performance - The report provides comparative performance metrics for various AI models, showcasing the advancements made by Video-Thinker over existing solutions [28][29]. - The overall market sentiment remains positive, with a focus on the long-term growth potential of AI applications and computing technologies [7].

Core Viewpoint - SenseTime's stock price surged to HK$2.40, reflecting a 7.14% increase, driven by short-term catalysts in the "robotics, AI" sector and long-term improvements in its fundamentals, supported by institutional ratings and increased trading volume [1][2] Stock Performance - The stock reached a high of HK$2.40 with a trading volume of 705 million shares and a total turnover of HK$16.62 billion [2] - The stock opened at HK$2.26 and had a trading range between HK$2.24 and HK$2.40, with a market capitalization of HK$955.44 billion [2] Institutional Support - Galaxy Securities initiated coverage on SenseTime with a target price of HK$3.18, indicating a potential upside of 47% from the closing price of HK$2.16 on December 10, 2025 [2] Product Launches - SenseTime's recent "Product Launch Week" introduced several innovative AI products, including the Seko2.0 multi-episode generation agent and various AI applications for office and e-commerce [3][5] - The Seko2.0 can create and organize content simultaneously, while the AI assistant Xiaohuanxiong 3.0 and the marketing agent "Like Shadow" enhance operational efficiency [3][5] Growth Projections - Galaxy Securities forecasts a compound annual growth rate (CAGR) of 30% for SenseTime from 2024 to 2027, with revenue expected to rise from RMB 3.8 billion to RMB 8.3 billion, and profitability anticipated by 2027 [4] - The company's strategy focuses on independent market operations in various innovative sectors, optimizing resource allocation and financial structure [4] Technological Advancements - SenseTime's new products address industry challenges and enhance operational efficiency, with the Seko2.0 achieving significant upgrades and the AI office assistant demonstrating high accuracy in enterprise scenarios [5] - The open-source multi-modal NEO architecture requires only 3.9 million training data to achieve top performance, showcasing the company's technological capabilities [5] Valuation Insights - The launch of new products is seen as a key driver for valuation recovery, with Galaxy Securities noting that the current enterprise value/sales ratio of 13 times for the 2026 fiscal year does not fully reflect the growth potential of generative AI [6] - The combination of continuous technological breakthroughs, clear strategic focus, and positive capital ratings creates a resonant effect that positions SenseTime for sustained growth [6]

Bloomberg Chinese stocks climbed to multi-year highs, fueled by sustained optimism over the country’s AI advances and emerging signs of an economic recovery. The benchmark CSI 300 Index advanced 1.6% to close at its highest level in four years, while the Shanghai Composite Index rose 1.5% to its strongest since July 2015. Materials and technology shares were among the day’s best performers. Buoyed by upbeat manufacturing activity, President Xi Jinping’s positive assessment of the economy and a continue ...

Core Insights - The article emphasizes the importance of aligning technological advancements with market needs, questioning whether the "super products" being developed are truly what the market requires and users are willing to adopt continuously [1][2] Group 1: Event Overview - The ACDC 2026 conference will focus on the transition from technology potential to commercial success, featuring a dialogue on "super computing creating super products" led by Refly.AI's CMO, Li Jinwei [1] - Li Jinwei will discuss how to define core product value, validate user needs, and build sustainable business models in the context of AI applications [1][2] Group 2: Market Relevance - The dialogue aims to bridge the gap between internal development and external market recognition, providing insights on converting technological strength into market acceptance and growth [2] - This discussion is crucial for technology decision-makers and entrepreneurs, as it addresses the challenges of moving from demonstration to widespread adoption of products [2]

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 经历了过去半年市场的上涨，去年年底时段A股在3900点附近高位震荡，出现了明显的主题轮动和阶段 性畏高情绪，尽管股市短期滞涨，但来自国内外的不确定性因素自去年四季度以来都有所下降，我们认 为A股市场在2026年或依然大有可为。 放眼历史和全球股市，目前A股的估值尚处在历史中枢下方，国际比较下A股的"估值洼地"优势较为突 出。虽然2025年A股表现较好，但整体上看股市走得非常理性，更多体现了对过去几年过度悲观预期的 修复，这种修复只在局部景气上行的成长和周期行业当中，而非全部行业，因此我们不认为股市目前存 在系统性高估风险。 随着后续我们看到更多行业基本面见底，或有更多行业和个股出现估值修复，因此，站在2026年初的时 点，我们倾向认为A股市场的慢牛或还处在上半场。在地产逐步出清的大背景下，A股将是未来居民最 重要的可配置资产，在这个过程中我们会逐步见证股市波动率下降（吸引更多老百姓长期配置）和宏观 基本面见底（推动A股的戴维斯双击逐步兑现）。不仅仅是实际GDP，名义GDP以及上市公司利润增速 在2026年都大概率会经历前低后高的过程，这也意味 ...