花旗发表研报指，东方甄选2026上半财年转亏为盈，录得净利润2.39亿元，主要因产品组合有策略地转 向自家产品，推动毛利率扩张280个基点至36.4%。虽然因业务分拆，导致商品交易总额(GMV)下降 14.6%至41亿元，但剔除与辉同行影响后，核心收入增长17%至23.1亿元，受产品组合扩张及App表现强 劲所支持。同时，透过严格的营运管控，员工人数削减26%及总薪酬下降35%，盈利能力进一步巩固。 该行予东方甄选目标价33港元，评级"买入"。 ...

Group 1: Tesla - Tesla reported a total revenue of $94.83 billion for the previous year, a decrease of 3% compared to the previous year, with a net profit of $3.79 billion, down 46% [1] - In 2025, Tesla's global vehicle deliveries are expected to be approximately 1.636 million, marking a second consecutive year of decline, down 8.6% from 2024 [1] - Tesla's electric vehicle sales were surpassed by Chinese manufacturer BYD for the first time, with Q4 2025 production at approximately 434,000 vehicles and deliveries at about 418,000, a year-on-year decline of about 16% [1] Group 2: Microsoft - Microsoft reported a revenue of $81.3 billion for Q2 of fiscal year 2026, a year-on-year increase of 17%, with a net profit of approximately $38.5 billion, up 60% [2] - The cloud computing segment drove significant growth, with cloud revenue reaching $51.5 billion, a 26% increase year-on-year, and intelligent cloud revenue at $32.9 billion, up 29% [2] - Microsoft's CEO Satya Nadella noted that while AI adoption is still in its early stages, the scale of Microsoft's AI business has already surpassed its core traditional operations [2] Group 3: Meta (formerly Facebook) - Meta reported Q4 revenue of approximately $59.9 billion, a 24% year-on-year increase, with a net profit of about $22.8 billion, up 9% [2] - For 2025, Meta anticipates revenue of approximately $201 billion, a 22% increase year-on-year, while net profit is expected to be around $60.5 billion, down 3% [2] - CEO Mark Zuckerberg expressed optimism about strong business performance in 2025 and plans to advance "personal superintelligence" in 2026 [3] Group 4: Amazon - Amazon announced a new round of organizational restructuring, affecting approximately 16,000 positions, following a previous layoff of about 14,000 employees in October of the previous year [3] - The restructuring is part of Amazon's ongoing efforts to optimize its organizational structure and improve efficiency, focusing on reducing management layers [3]

Group 1 - The event will take place from January 1, 2026, to April 30, 2026, daily from 9 AM to 12 AM [1] - The target participants are Agricultural Bank of China credit card holders, excluding certain card types [1] - During the event, cardholders who bind their Agricultural Bank credit card to the Pinduoduo APP or Agricultural Bank APP via Duoduo Wallet will have the opportunity to receive a 5 yuan discount [1] Group 2 - The discount is valid for 7 days from the time it is received, and can be used for purchases on Pinduoduo APP with a minimum order amount of 5.01 yuan [1] - Each cardholder can participate only once during the event, and the number of available discounts is limited [1]

Core Insights - The theme of this year's New Year goods festival by Kuaishou E-commerce is "Good New Year Goods, Real Savings," focusing on encouraging platform hosts to engage in source tracing live broadcasts to showcase the origin, craftsmanship, and real scenes of New Year goods [1][11] - Source tracing has become a significant component of the New Year goods festival content, enhancing the live broadcast experience and aligning with consumer demands for "reassurance, authenticity, and quality" [1][11] Group 1 - Kuaishou E-commerce will support more hosts to visit industrial belts for source tracing, creating content-rich live broadcasts that tell stories about New Year goods [1][11] - Host @Dandan will start a source tracing live broadcast on January 30, focusing on specialty New Year goods from Inner Mongolia, including beef and dairy products [1] - Host @Xiaoyu will conduct a source tracing live broadcast on January 30 in Lianyungang, showcasing seafood New Year goods like lobster tails and large shrimp, detailing the production and quality standards [4] Group 2 - Host @Durian Uncle will begin a source tracing live broadcast on January 29 at a blueberry plantation, explaining how environmental factors affect the taste and quality of blueberries [7] - Blueberries have become a popular choice for New Year gatherings, and source tracing content enhances the credibility of this selection for consumers [8] - Kuaishou E-commerce aims to integrate quality influencer resources and regional specialty products through its annual marketing IP "Harvest China," promoting source tracing live broadcasts to connect local products with consumers [11]

Group 1 - The Norwegian sovereign wealth fund, valued at approximately $2.2 trillion, reduced its holdings in major U.S. tech stocks, including Nvidia, Apple, Microsoft, and Alphabet, in the second half of 2025 [1][4] - The fund decreased its stake in Nvidia from 1.32% to 1.26% and in Microsoft from 1.35% to 1.26%, while still maintaining these companies among its top five investments [1] - As part of a strategy to simplify its investment portfolio, the fund exited markets in Moldova and Iceland, while adding positions in Jordan and Panama [1][2] Group 2 - The fund holds approximately 1.5% of all publicly listed companies globally and reduced its total number of holdings to 7,201 companies across 60 countries [2] - The largest bond holdings of the fund remain in U.S. Treasuries, Japanese government bonds, and German Bunds, with about 53% of its investments allocated to the U.S. market [2] - A government-appointed advisory group warned that the fund must enhance its preparedness for rising global geopolitical risks, particularly in light of increasing use of tariffs and financial sanctions [2][3] Group 3 - The slight reduction in holdings of major U.S. tech stocks is viewed as a strategy to mitigate concentration risk and political tail risks rather than a significant withdrawal from the U.S. market or a bearish stance on AI investments [3] - The overall exposure to U.S. assets did not significantly decline, with approximately 52.9% of the fund's assets still in the U.S. by the end of 2025, and its U.S. Treasury holdings increased to about $199 billion [3]

Core Viewpoint - The "Guangdong Goods Going Global" initiative aims to enhance local consumption, deepen national market penetration, and expand global reach, showcasing Guangdong's economic vitality and industrial strength through various promotional activities during the Spring Festival [1][2]. Group 1: Local Consumption Initiatives - Guangzhou will distribute 50 million yuan in government dining consumption vouchers to stimulate holiday spending [1][2]. - The "Guangzhou Goods Going Global" action will create a vibrant consumer ecosystem, featuring local culinary experiences and discounts through partnerships with financial institutions and platforms like Meituan and Douyin [2][3]. Group 2: National and Global Market Expansion - The initiative includes a dual approach of online and offline strategies to build a comprehensive distribution network for Guangdong goods across the nation [2]. - Online events like the New Year Goods Festival will promote Guangdong products nationwide, while trade fairs and cross-border e-commerce will facilitate global outreach [2]. Group 3: Cultural and Technological Integration - Guangzhou will introduce immersive tech-driven cultural tourism projects during the Spring Festival, blending technology with traditional cultural experiences [4]. - The "Cyber Lantern Festival" will utilize advanced technologies to enhance the traditional lantern display, promoting Guangdong's cultural heritage [4][5]. Group 4: Special Events and Promotions - The city will host specialized promotional events focusing on clothing, food, and automotive sectors to further enhance the "Guangdong Goods" brand [7]. - The "Guangdong Year Flower" campaign will feature both online and offline activities, including a comprehensive guide for purchasing flowers and local agricultural products [9].

东方甄选(01797)涨超9%，截至发稿，涨9.14%，报24.12港元，成交额1.68亿港元。 消息面上，1月28日，东方甄选发布截至2025年11月30日止6个月业绩，该集团期内取得总营收23.12亿 元人民币，同比增加5.7%；公司拥有人应占溢利2.39亿元，同比扭亏为盈；每股基本盈利0.23元。截至 2025年11月30日，东方甄选已累计推出801款的自营产品。得益于品类扩充和升级迭代，自营产品GMV 在报告期内占总GMV约52.8%，有效带动了整体销售与利润的长期增长。 ...

Investment Rating - The report suggests a long-term investment perspective, focusing on quality companies with strong core competitiveness and long-term value, particularly in the AI integration within the internet entertainment sector [3][5]. Core Insights - The overall market sentiment is cautious due to fluctuating expectations of interest rate cuts by the Federal Reserve and short-term impacts from regulatory policies in mainland China. The Hang Seng Technology Index has been under pressure, with many internet entertainment companies experiencing a downward trend in stock prices [3][5]. - The central economic work conference has set a tone for 2026 emphasizing "stability while seeking progress," which aims to boost economic vitality and consumer confidence, benefiting the internet entertainment sector directly [3][5]. - 2026 is anticipated to be a significant year for AI application and commercialization, with the integration of AI technology being a core factor determining future competitiveness in the internet entertainment sector [3][5]. Summary by Sections Market Performance - The Hang Seng Index and the Hang Seng Technology Index experienced slight declines of -0.36% and -0.42% respectively during the week of January 19-23, 2026. The overall market sentiment is cautious, influenced by external factors and regulatory policies [4][5]. - The software and services sector's PE-TTM is at 28.9x, while the PS-TTM is at 5.3x, indicating high valuation levels compared to historical data [12][14]. Company Recommendations - The report recommends focusing on industry leaders such as: -阅文集团 (772.HK) -腾讯音乐 (TME.N) -浪潮数字企业 (596.HK) -百融云 (6608.HK) -阿里巴巴 (BABA.N) These companies are expected to have strong R&D and application capabilities in the AI wave, making them optimal choices for sharing in long-term industry growth [3][5]. Industry Data - The film industry is showing signs of mild recovery, with a box office of 3.04 billion yuan during the week of January 19-25, 2026. The new film "Return to Silent Hill" performed well, contributing significantly to the box office [25]. - The gaming market in China saw a year-on-year sales growth of 7.83% in October 2025, indicating robust potential and vitality in the gaming sector [28].

Group 1 - Amazon announces a second round of layoffs affecting 16,000 employees, with a total of 30,000 layoffs since October 2022 [2][3] - The layoffs are part of Amazon's efforts to streamline its organizational structure and enhance accountability [2] - Amazon's Q3 2025 revenue was $180.17 billion, a 13.4% year-over-year increase, with a net profit of $21.19 billion, up 38.22% [3] Group 2 - Jack Ma emphasizes the importance of teaching children how to effectively use AI in education, rather than debating its necessity [4] - He believes that curiosity, imagination, and creativity are crucial skills in the AI era, shifting the focus from rote learning to critical thinking [4] Group 3 - Li Auto is restructuring its R&D team, splitting the autonomous driving department and appointing new leadership to enhance competitiveness in AI [7] - The restructuring aims to better align with the company's long-term vision of embodied intelligence as a core capability [7] Group 4 - Atonmo Robot is preparing for an IPO in Hong Kong, with notable shareholders including Guazi's founder and Lenovo [8] - The funds raised will be used for R&D, expanding production capacity, and global brand development [8] Group 5 - Lexus ES has seen a significant price drop, with promotional prices as low as 199,900 yuan, reflecting a 10,000 yuan discount from its original price [9][10] - Despite negative feedback, Lexus ES sales have increased, with 2025 sales projected at 118,600 units, up from 108,000 in 2024 [11] Group 6 - ByteDance has implemented new guidelines prohibiting employees from using company resources for personal profit through social media [12][13] - The company aims to reduce the number of accounts operated by employees for commercial purposes [12] Group 7 - Tesla CEO Elon Musk announces the termination of the Model S and Model X projects, with a new Roadster model expected to launch in April [37][38] - The company plans to focus on producing humanoid robots at its Fremont factory after ceasing production of these models [38] Group 8 - ASML plans to lay off 1,700 employees, primarily in technical and IT departments, despite reporting record sales growth [38][39] - The layoffs are part of a strategy to simplify the organizational structure and improve efficiency [39] Group 9 - Meta has laid off approximately 1,000 employees from its RealityLabs division, focusing on reallocating resources towards AI and wearable devices [41][42] - The company has faced significant losses in its VR projects, prompting a strategic shift [42] Group 10 - UPS plans to cut up to 30,000 jobs in 2026, primarily affecting drivers and warehouse workers, as part of cost-cutting measures [45] - The company aims to enhance profitability by reducing low-margin package delivery services [45]

Group 1: AI and Education - Jack Ma emphasizes that in the AI era, the focus should be on teaching children how to effectively use AI rather than debating its necessity. He believes curiosity, imagination, creativity, judgment, and collaboration are the key skills needed [1] - The Ma Yun Rural Teacher Program aims to enhance the quality of rural education through funding and professional training, providing support to 100 teachers annually [1] Group 2: Market Performance and IPOs - Hunan Mingming Henbang, a leading snack and beverage retailer, saw its stock surge by 88.08% upon listing on the Hong Kong Stock Exchange, closing with a market cap of 862.04 billion HKD [3] - SoftBank is reportedly negotiating to invest an additional 30 billion USD in OpenAI, which is seeking up to 100 billion USD in new funding, potentially valuing the company at 830 billion USD [9] - Tesla plans to cease production of Model S and Model X vehicles to transition towards a fully autonomous future, utilizing its "Optimus" robot factory [7] Group 3: Financial Results - Meta reported Q4 revenue of 59.89 billion USD, a 24% year-over-year increase, with advertising revenue also up by 24% [10] - Li Auto is restructuring its R&D framework, splitting the autonomous driving team into three distinct groups to enhance efficiency [9] - Oriental Selection reported a net profit of 239 million CNY for the first half of the 2026 fiscal year, reversing a loss from the previous year [11][12] Group 4: Corporate Developments - Amazon announced layoffs affecting nearly 16,000 jobs while continuing to invest in strategic areas [16] - The German automotive supplier, OMO, plans to cut up to 4,000 jobs globally due to challenging market conditions [16] - Longting Technology completed a new round of financing totaling 500 million CNY, with investments from various funds [17]