Group 1 - The Hong Kong stock market opened higher on January 9, with major tech stocks showing strength, including Bilibili-W up over 5%, Alibaba-W up over 4%, and Kuaishou-W up over 3% [1][2] - The Hong Kong Internet ETF (513770) saw a significant increase, rising by 1.5%, and has attracted a net inflow of 566 million yuan over the past four days [2][3] - Alibaba's Taobao Flash Sale has made key progress in the latest quarter, with expectations for market share growth continuing strong, and the Chinese instant retail market projected to exceed 1 trillion yuan by 2026 [3][4] Group 2 - Alibaba's Gaode Map has upgraded its features, introducing new functionalities and leveraging self-developed world model technology, positioning itself as a potential hub in the AI era [4] - The Hang Seng Technology Index is expected to see an EPS growth rate of 34% by 2026, driven by AI technology enhancing core business efficiency [4] - The top ten weighted stocks in the Hong Kong Internet ETF include Alibaba-W, Tencent Holdings, and Xiaomi Group, collectively accounting for over 78% of the ETF [4][7] Group 3 - The Hong Kong market offers a diversified investment option through the Hong Kong Large Cap 30 ETF (520560), which combines high-growth tech stocks with stable dividend-paying companies [7]

Group 1 - The Hong Kong stock market opened higher on January 9, with major tech stocks showing strength, including Bilibili-W up over 5%, Alibaba-W up over 4%, and Kuaishou-W up over 3% [1] - The Hong Kong Internet ETF (513770) saw a significant increase, with a net inflow of 566 million yuan over the past four days, indicating strong investor interest [2] - Alibaba's Taobao Flash Sale has made key progress in the latest quarter, with expectations for market share growth and a forecasted increase in China's instant retail market to exceed 1 trillion yuan by 2026 [3] Group 2 - Alibaba's Gaode Map has upgraded its features, introducing new functionalities and leveraging self-developed world model technology, positioning itself as a potential hub in the AI era [4] - The Hang Seng Technology Index is projected to have an EPS growth rate of 34% by 2026, driven by AI technology enhancing core business efficiency [4] - The top ten weighted stocks in the Hong Kong Internet ETF include Alibaba-W, Tencent Holdings, and Xiaomi Group, collectively accounting for over 78% of the ETF's weight, highlighting the dominance of leading firms in the sector [5]

Group 1 - The Hong Kong stock market opened higher on January 9, with major tech stocks showing strength, including Bilibili-W up over 5%, Alibaba-W up over 4%, Kuaishou-W up over 3%, and Xiaomi Group-W also rising [1][8] - Meituan-W declined over 1%, while Tencent Holdings saw a slight decrease [1][8] - The Hong Kong Internet ETF (513770) opened strong, rising by 1.5%, and has seen a net inflow of 566 million yuan over the past four days [2][10] Group 2 - Alibaba-W announced significant progress in its Taobao Flash Sales, with plans to increase investment to achieve market leadership [3][10] - Forecasts indicate that the instant retail market in China will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [3][10] - AI advancements at Alibaba's Gaode Map include the launch of new features and the development of a "full-real" digital asset pool, positioning it as a potential hub in the AI era [4][11] Group 3 - The Hang Seng Technology Index is expected to see an EPS growth rate of 34% by 2026, driven by AI technology enhancing core business efficiency [4][11] - The top ten weighted stocks in the Hong Kong Internet ETF include Alibaba-W, Tencent Holdings, and Xiaomi Group-W, collectively accounting for over 78% of the ETF [4][11] - The Hong Kong 30 ETF (520560) is highlighted as a long-term investment tool, combining high-growth tech stocks with stable dividend-paying companies [5][12]

Core Viewpoint - Shanghai Jiubai announced that its stock price experienced a cumulative deviation of over 20% in closing price over three consecutive trading days from January 6 to 8, 2026, indicating significant volatility in its stock performance [2] Summary by Relevant Sections - **Stock Performance** The company's static price-to-earnings (P/E) ratio is 132.19, and the rolling P/E ratio is 146.60, both significantly higher than the retail industry averages of 28.54 and 28.30 respectively [2] - **Disclosure and Risk Warning** After conducting a self-examination and confirming with its controlling shareholder and actual controller, the company stated that there are no undisclosed significant matters, while also reminding investors to be cautious of high valuations and trading risks [2]

Market Overview - The Hong Kong stock market continued its downward trend on January 8, with the Hang Seng Index and Hang Seng Tech Index both falling over 1% [1][9] - Major tech stocks such as Meituan, Alibaba, and Tencent experienced declines, while Bilibili saw a rise of over 2% [1][9] - The Hong Kong Internet ETF (513770) closed down 0.93%, indicating a persistent premium and a positive attitude from buyers, with over 500 million yuan net inflow in the last three days [1][9] Alibaba Developments - Alibaba announced significant progress in its Taobao Flash Sales in the latest quarter and plans to increase investments to achieve market leadership [3][11] - Forecasts suggest that the market share of Taobao Flash Sales will continue to grow strongly by Q4 2025, with a faster reduction in losses compared to competitors [3][11] - The Ministry of Commerce predicts that China's instant retail market will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [3][11] AI Advancements - Alibaba's Amap has upgraded its "Street Scanning List" with new features, leveraging self-developed world model technology to introduce a "Flying Street View" function [3][11] - Industry experts believe Amap is building a continuously evolving "true" digital asset pool, positioning itself as a super hub in the AI era [3][11] - The profitability cycle of the AI industry is expected to drive growth for major internet companies like Alibaba and Tencent, with a projected 34% EPS growth for the Hang Seng Tech Index by 2026 [3][11] Capital Inflows - Since the beginning of the year, southbound funds have significantly purchased Hong Kong stocks, with a net inflow of 30.78 billion HKD in the first three trading days of 2026 [4][12] - Major beneficiaries include Xiaomi, which received a net inflow of 3.148 billion HKD, and Alibaba, which saw over 2 billion HKD in net purchases [4][12] - Goldman Sachs forecasts that southbound fund inflows will reach a new high of 200 billion USD in 2026, driven by the current 37% premium of AH shares, highlighting the valuation advantages of Hong Kong stocks [4][12] Market Outlook - According to Guangfa Securities, the rise in Hong Kong assets is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024 [4][12] - The shift from liquidity-driven growth to a combination of profitability and liquidity is anticipated, especially with the decline of food delivery subsidies and the emergence of AI-driven advertising and cloud services as new growth points [4][12] - The Hong Kong Internet ETF and its linked funds track the CSI Hong Kong Internet Index, with major holdings in Alibaba, Tencent, and Xiaomi, accounting for over 78% of the top ten weighted stocks [4][12] Top Holdings in Hong Kong Internet ETF - Tencent Holdings (0700.HK) - 15.42% [5][13] - Alibaba (0988.HK) - 14.50% [5][13] - Xiaomi Group (1810.HK) - 13.11% [5][13] - Meituan (3690.HK) - 12.03% [5][13] - Kuaishou (1024.HK) - 4.24% [5][13]

Core Viewpoint - Diageo has appointed Dave Lewis as the new CEO to navigate the company through current challenges in the global alcohol market, following a significant decline in profits and stock prices [2][4][5]. Group 1: Leadership Transition - Dave Lewis, aged 60, was appointed by Diageo's board in November last year and officially took over on January 1, 2026 [2][4]. - Lewis has a 27-year tenure at Unilever and over six years as CEO of Tesco, known for aggressive cost-cutting measures [2][4]. - His predecessor, Debra Crew, was the first female CEO of Diageo but left after two years, leading to a temporary leadership by CFO Nik Jhangiani [2][4][5]. Group 2: Financial Performance - Diageo's net sales for the fiscal year 2025 remained above $20 billion, but net profit fell sharply by 39.1% [4][8]. - In Q1 of fiscal year 2026, net sales dropped by 2.2%, attributed to weak performance in the U.S. and declines in the Chinese market [4][8]. - The company's stock price has decreased by 30% over the past year and nearly 60% from its peak in 2021, returning to levels seen in 2012 [5][9]. Group 3: Strategic Initiatives - Diageo has initiated a cost-saving plan aiming for $500 million in savings by 2028 to reinvest in future growth [10][11]. - The company has been actively selling assets, including a $23 billion deal to sell a majority stake in its East African brewery to Asahi Group [11][12]. - Lewis is expected to continue the cost-cutting strategy to improve shareholder value and address declining profits [12][13]. Group 4: Market Challenges and Opportunities - The global alcohol market is facing a downturn post-pandemic, with additional challenges from potential tariffs on European alcoholic products in the U.S. [9][10]. - Diageo's performance is still better than some competitors, but market confidence remains low [8][9]. - The company is adjusting its strategy in China, focusing on younger consumers and new channels, while facing significant challenges in its Chinese baijiu business [16][17]. Group 5: Brand Strategy - Diageo owns over 200 brands, including Johnnie Walker and Guinness, and is exploring new product launches tailored for the Chinese market [14][16]. - The company is promoting smaller packaging options to adapt to changing consumer preferences, such as 50ml bottles of its tequila brands [16][17]. - Despite the challenges in the baijiu segment, Diageo remains committed to its long-term strategy in China, emphasizing the importance of its local brands [18][21].

公开资料显示，国药器械自贡有限公司成立于2019-09-04，法定代表人为唐晓玲，注册资本为1000万元，统一社会信用代码为 91510302MA69NHF70N，企业注册地址位于自贡市自流井区丹阳街2号普润电商博览城三期1栋2-2号，所属行业为零售业，为国 药集团四川省医疗器械有限公司的控股子公司。 近日，联勤保障部队后勤部采购管理处发布公告，依规对国药器械自贡有限公司及其相关责任人员作出严肃处理，暂停其参加全 军物资、工程、服务采购活动的资格。 根据暂停处理公告显示，国药器械自贡有限公司参与军队采购活动中，存在"借用资质"等违规行为，违反了军队供应商管理的相 关规定。联勤保障部队后勤部采购管理处依据《军队物资工程服务采购管理规定》等相关法规，决定自2026年1月7日起，暂停国 药器械自贡有限公司参加全军所有单位的物资、工程、服务集中采购活动资格。 ...

Core Viewpoint - The Hong Kong stock market experienced a short-term pullback, particularly affecting leading tech stocks, with the Hong Kong Internet ETF (513770) declining by 2.54% while seeing a net inflow of 272 million yuan during the dip. The fund's size reached a historical high of 13.305 billion yuan [1][3]. Group 1: ETF Performance and Composition - The Hong Kong Internet ETF (513770) and its linked funds passively track the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, and Xiaomi Group, which collectively account for over 78% of the top ten weighted stocks [3][4]. - The top ten weighted stocks in the ETF include Tencent Holdings (15.42%), Alibaba-W (14.50%), and Xiaomi Group (13.11%), indicating a strong concentration in leading tech companies [4]. Group 2: Market Trends and Institutional Insights - Southbound capital showed a net inflow of 9.178 billion yuan, with Tencent Holdings and Xiaomi Group receiving significant increases in investment, amounting to 1.955 billion and 1.633 billion HKD respectively [4]. - Recent reports highlight the surge in revenue for Kuaishou's AI mobile platform, with daily income increasing by 102% compared to December 2025, positioning Kuaishou as a leader in generative AI [5]. - Citigroup and JPMorgan have identified Tencent Holdings and Alibaba-W as core AI concept stocks, with positive outlooks on their AI development and cloud revenue growth [5]. - Industry analysts suggest that leading internet companies in China are poised for a resurgence, driven by the deepening of AI applications and potential upward revisions in profit expectations and valuations [5][7].

Group 1 - The Hong Kong stock market experienced a short-term pullback, with leading tech stocks declining, while the Hong Kong Internet ETF (513770) saw a price drop of 2.54% but recorded a net inflow of 272 million yuan during the dip, reaching a historical high of 13.305 billion yuan in fund size [1][3] - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, and Xiaomi Group-W, where the top ten weighted stocks account for over 78% of the total [3][4] - Notably, southbound funds showed a contrary net inflow of 9.178 billion yuan, with Tencent Holdings and Xiaomi Group-W receiving significant increases in positions of 1.955 billion and 1.633 billion HKD, respectively [4] Group 2 - The AI video featuring dancing pets has gained significant traction in overseas markets, leading to a 102% increase in daily revenue for Kuaishou's AI mobile platform compared to December 2025. JPMorgan highlighted Kuaishou's leading position in generative AI, labeling it as "one of the cheapest AI stocks globally" [5] - Citigroup's report favored Tencent Holdings and Alibaba-W as core AI concept stocks, optimistic about Tencent's AI development prospects in enterprise and user applications, and Alibaba's growth in cloud revenue and efficiency [5] - Industrial Securities indicated that internet leaders are poised to be the frontrunners in China's AI sector, expecting a resonance of buying from both domestic and foreign investors, which could lead to an upward adjustment in long-term profit growth expectations and valuation improvements [5]

Core Insights - The US services sector expanded at its fastest pace in over a year in December, driven by robust demand growth and a rebound in hiring [1] - The ISM services index rose by 1.8 points to 54.4, marking the highest level since October 2024, and exceeded market expectations of 52.2 [1] - The December reading surpassed all forecasts in a survey of economists [1] Industry Performance - In December, 11 industries reported growth, led by retail, finance and insurance, and accommodation and food services; 5 industries contracted, including management and support services [5] - The strong performance of the services sector contrasts sharply with the weakness in manufacturing, which saw the most severe contraction since 2024 [5] Economic Indicators - New orders increased at the fastest rate since September 2024, and the index measuring business activity reached a one-year high [6] - Export orders grew at the fastest pace in over a year, indicating a recovery in demand [6] - Employment in the services sector saw the healthiest growth since February, with expectations of moderate growth in non-farm payrolls and a slight decrease in the unemployment rate [6] Price and Inventory Trends - The ISM services and materials prices index showed the slowest price increase in nine months [6] - Inventory expansion reached its fastest pace since October 2024, although the inventory sentiment index declined for the third consecutive month, indicating fewer firms believe their inventories are excessive [6] - The supplier delivery index fell 2.3 points from a one-year high [6] Sector-Specific Comments - Accommodation and food services reported high price pressures due to government trade and tariff policies, particularly affecting imports from Southeast Asia and South America [7] - The agriculture, forestry, fishing, and hunting sector noted flat overall business performance, with strong demand for value brands but challenges for high-end brands [7] - The finance and insurance sector reported stable business conditions with most contracts being renewed as the new year approaches [7] - The healthcare and social assistance sector experienced a surge in demand for respiratory devices and related supplies due to rising flu cases [7] - The information sector faced the highest annual price increases from major service and data providers in years, pushing costs higher [7] - Public administration expressed ongoing uncertainty and concerns regarding tariffs and their pricing impacts [7] - The transportation and warehousing sector benefited from heightened business activity during the holiday season [7]