Core Viewpoint - The Chinese emerging technology industry is in its early lifecycle stage, with high valuations, while companies with significant innovation advantages are expected to see market value growth. The manufacturing and consumption industries are more mature, and companies with solid global competitiveness are likely to see valuation increases [1]. Emerging Technology - The Chinese emerging technology sector, including semiconductors, innovative pharmaceuticals, and communication equipment, is still in its growth phase, with revenue and profitability lagging behind international leaders. However, the capital market has assigned high valuations, reflecting optimistic expectations for technological independence and industry catch-up. Companies with technological barriers and significant domestic substitution potential are expected to benefit more [2]. - Internet platform companies are projected to benefit from the rapid iteration of large models and AI applications, leading to valuation recovery and growth resonance [2]. Advanced Manufacturing - The domestic advanced manufacturing industry has developed relatively maturely, establishing solid global competitiveness due to a complete industrial system and significant efficiency cost advantages. In the new energy sector, lithium battery companies lead globally in scale and profitability, with head companies generally having lower valuations than overseas leaders, indicating a strong cost-performance advantage [2]. - Wind power profitability is weaker than that of overseas counterparts, but valuations are also low. High-end equipment and new materials industries have profitability comparable to overseas leaders, with valuations at reasonable levels, but there is substantial room for global expansion [2]. Consumer Sector - In the consumer sector, leading Chinese companies in product consumption, such as high-end liquor and beverages, have demonstrated strong profitability, but their growth heavily relies on the domestic market, resulting in lower global competitiveness compared to international leaders. The service consumption sector is still in its early development stage, with lower scale and profitability compared to overseas leaders [3]. - The consumer sector overall has a high cost-performance ratio, with potential growth opportunities in service consumption driven by structural transformation and in unique product consumption brands with global potential [3]. Investment Recommendations - Recommendations include leading companies in electric new energy, transportation equipment, communication equipment, electronics, and service consumption industries. Companies with significant innovation advantages and strong overseas expansion momentum are expected to accelerate their catch-up with international leaders or maintain their leading positions. The following sectors are highlighted for investment: 1. Advanced manufacturing leaders benefiting from strong profitability and global competitive advantages [3] 2. Emerging technology leaders benefiting from rapid improvements in Chinese innovation capabilities [3] 3. Service consumption and mass goods industries poised for growth due to structural transformation [3].

证券时报•数据宝统计显示，1月7日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 479.17亿港元，占当日港股通成交金额的35.65%，净买入金额46.21亿港元。 证券代码 证券简称 成交金额 1月7日上榜港股通成交活跃榜个股中，恒生中国企业为近一个月首次上榜。 上榜的成交活跃股中，阿里巴巴-W成交额为150.57亿港元，成交金额居首；其次是中芯国际、腾讯控 股，成交金额分别为64.82亿港元、62.66亿港元。 以上榜次数统计，1月7日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一个 月均上榜19次，最受港股通资金关注。 恒生中国企业为近一个月首次上榜，当日港股通成交额为9.15亿港元，成交净买入9.12亿港元，该股当 日收盘下跌1.01%。（数据宝） 1月7日港股通成交活跃股榜单 （亿港元） 净买入金额 （亿港元） 近一个月上榜次数 最新收盘价 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （港元） 日涨跌幅（%） 00700 腾讯控股 62.66 19.55 19 624.500 -1.26 00981 中芯国际 64.82 -10.70 19 74.70 ...

1月7日恒生指数下跌0.94%，报收26458.95点，全天南向资金通过港股通渠道合计净买入91.78亿港元。 证券时报·数据宝统计，1月7日港股通全天合计成交金额为1343.93亿港元，成交净买入91.78亿港元。 具 体来看，沪市港股通成交金额804.89亿港元，成交净买入34.90亿港元；深市港股通成交金额539.05亿港 元，成交净买入56.88亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为83.52亿港元，成交金额居 首；其次是中芯国际、腾讯控股，成交金额分别为44.91亿港元、34.34亿港元。以净买卖金额统计，盈 富基金净买入额为14.65亿港元，净买入金额居首，该股收盘股价下跌0.82%。净卖出金额最多的是中国 移动，净卖出11.26亿港元，收盘股价下跌0.97%。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额67.05亿港元；其次是腾讯控 股、中芯国际，成交金额分别为28.31亿港元、19.91亿港元。以净买卖金额统计，有7只股为净买入，净 买入金额最多的是腾讯控股，净买入10.69亿港元，该股收盘下跌1.26%。净卖出金额最多的是阿里巴 ...

今年以来该股累计进行4次回购，合计回购407.30万股，累计回购金额25.43亿港元。（数据宝） 腾讯控股回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.07 | 102.30 | 628.000 | 615.500 | 63591.01 | | 2026.01.06 | 100.30 | 638.000 | 626.500 | 63561.01 | | 2026.01.05 | 101.80 | 627.500 | 617.000 | 63555.47 | | 2026.01.02 | 102.90 | 624.000 | 600.500 | 63581.26 | （文章来源：证券时报网） 证券时报·数据宝统计，腾讯控股在港交所公告显示，1月7日以每股615.500港元至628.000港元的价格回 购102.30万股，回购金额达6.36亿港元。该股当日收盘价624.500港元，下跌1.26%，全天成交额132.77 亿港元。 自2025年11月18日以来公 ...

Core Insights - The capital market is shifting its focus from model performance to the commercialization and scalability of AI capabilities, particularly in the context of generative text, image, and video technologies [1][4] - Kuaishou has rapidly transformed its strategy towards AI, with its product Keling making significant strides in the global market over the past 18 months [1][7] Group 1: Kuaishou's AI Strategy - Kuaishou's AI application, Keling, has become the highest-grossing graphics and design app on iPhones in South Korea and Russia, and ranks in the top ten in several other markets including the US, UK, Japan, Australia, and Turkey [3][7] - The company expects Keling's commercial revenue to reach $140 million by 2025, with its stock price having surged 88% over the past year, making it a notable player in the AI sector [3][7][11] - Keling has accumulated 60 million users, and its brand recognition is increasing outside of China, contributing to accelerating sales growth [7][11] Group 2: Competitive Landscape and Future Outlook - Kuaishou's approach to AI differs from competitors like OpenAI and Alibaba, as it avoids the costly race to build general-purpose foundational models, instead operating Keling like an internal startup with a distinct profit and loss structure [13][14] - The company aims to establish a content platform focused on AI-native videos, predicting a paradigm shift in how consumers engage with AI-generated content within the next one to three years [8][13] - Keling's latest model, O1, has received positive feedback for its ability to handle text, image, and video prompts, showcasing the company's technological maturity and creative freedom for users [12][15]

Core Insights - The conference emphasized the importance of the internet as a foundational and strategic industry for modernization, urging the need to adapt to changing circumstances and seize opportunities in artificial intelligence development [2] Group 1: Recommendations for Development - Accelerate the construction of a modern infrastructure system, focusing on the evolution of network infrastructure, including the deployment of 5G, gigabit optical networks, and IPv6, while maintaining a leading edge in the research and development of 5G-A and 6G technologies [2] - Promote deep integration of technology and industry innovation, encouraging original and disruptive technological advancements in the internet sector, particularly in artificial intelligence and quantum information [2][3] - Implement the "Artificial Intelligence +" initiative to deepen the integration of artificial intelligence with the industrial internet, fostering a wider range of intelligent service applications [3] Group 2: Smart Internet Development - The concept of the "smart body internet" was introduced, which consists of autonomous intelligent agents that can discover, communicate, and collaborate without direct human intervention [5] - By 2025, the diversity of domestic intelligent agent products is expected to increase, enhancing capabilities across various fields such as industrial manufacturing, finance, and healthcare [5] Group 3: Internet Ecosystem Governance - Continuous optimization of the internet ecosystem governance system is essential, focusing on the integration of the real economy and digital economy, and establishing a modern regulatory framework that aligns with digital development [3]

Group 1 - Citigroup maintains a constructive outlook on A-shares and Hong Kong stocks, favoring a strategy of overweighting equities and underweighting bonds for 2026, with a target for the Hang Seng Index at 28,800 points [1] - The Chinese internet sector shows resilience, with major players experiencing significant revenue growth in cloud services, expected to maintain a growth rate of 20-30% over the next year, driven by AI applications [1] - The gaming industry in China is highlighted as a growth area, leveraging AI technology to enhance game development efficiency and player experience, as evidenced by positive reception of domestic games in overseas markets [1] Group 2 - The online gaming sector grew approximately 7% year-on-year, with a moderate increase in per capita spending, indicating its relative immunity to external economic fluctuations [2] - Citigroup also sees potential in the insurance and healthcare sectors, driven by policy support and increased equity investment by insurance funds, as well as the expansion of Chinese pharmaceutical companies in innovative drug development and licensing [2] - Despite high valuations in the US market, Citigroup believes that sustained earnings growth is crucial, with expectations of a 16% earnings growth for the S&P 500 in 2026, supported by AI as a genuine driver of corporate profitability [2] Group 3 - The Federal Reserve's potential interest rate cuts are expected to provide liquidity support for the US stock market, with predictions of three rate cuts totaling 0.75% this year, which could benefit large growth stocks [3] - Gold is anticipated to play a significant role in investment portfolios in early 2026, with a suggested allocation of about 4%, due to geopolitical risks and expectations of US rate cuts, although potential price corrections may occur if the US economy accelerates [3] - A balanced yet slightly aggressive investment strategy is recommended for 2026, favoring large growth stocks in the US and European markets (excluding the UK), while also considering recovery potential in Chinese internet and consumer sectors [3]

Market Overview - A-shares trading volume exceeded 2.89 trillion, setting a new daily record since last year's fourth quarter [5] - There is a noticeable divergence between A-shares and Hong Kong stocks, with the latter showing weakness [6] - The internal structure of A-shares is also significantly diverging, with the Sci-Tech Innovation Board leading gains while blue-chip indices like the Shanghai 50 and CSI 300 are declining [6][7] Key Market Trends - CITIC Securities has seen a large volume of sell orders, indicating a persistent slow bull market trend [9] - Historical data shows that after significant sell orders, CITIC's stock price tends to decline for over a month, but the current week has seen a breakthrough of previous resistance levels [13] - The market's response to sell orders has varied, with the first instance leading to continued market growth, while the second led to a consolidation phase [15] Sector Performance - Semiconductor equipment and memory chips are leading the market, reflecting a global trend [19] - The price surge in memory chips is a significant driving force, with expectations for production expansion following approvals for exports of chip manufacturing equipment to China [23] - Precious metals, particularly gold, have seen prices exceed $4,500, although there was a notable drop after reaching this level [25][26] Hong Kong Market Insights - The Hong Kong market is experiencing mixed performance, with major tech stocks like Tencent and Alibaba facing declines [32] - The biotech sector in Hong Kong has shown resilience, rebounding over 10% in three trading days [34] - Xiaomi's stock has fallen below the price at which its CEO made a significant purchase, indicating potential investor concerns [35] Bond Market Activity - The bond market has shown fluctuations, with 30-year government bonds initially declining before recovering [38] - A recent announcement regarding a reverse repurchase agreement of 1.1 trillion indicates no new additions to the market, contributing to negative sentiment [41] Investment Strategy - The investment strategy emphasizes a balanced approach, focusing on diversified asset allocation and long-term growth [42] - Investors are advised to lower expectations and adopt a steady approach moving forward [43]

最近思考了一个问题，和你们分享下。我认识不少炒股赚钱的人，其中有些到了A9甚至A10，但是生活 都很低调，除了在小圈子里以外也没啥太大影响力。 但如果一个人靠实业赚到这些钱，在公司里至少是几百人的老板，会有不少人跪舔，出去大小也算一号 人物，通常来说也会拥有不少社会关系，办点事也都方便。 也就是说，在拥有同样资产的情况下，股民的实际影响力远小于做实业的。从利润结构角度看，就很容 易解释这件事。 今天A村行情还行，但港村扑街，阿里、腾讯等带头跌。据说是因为阿里Q4的业绩指引下修，抖音的业绩 可能也在降速；不过阿里云据说还比较乐观，Q4环比还提速了。去年9月之前，恒科指数大概是最靓的仔，年 内涨了50%左右，但自从外卖血战之后最多回调了20%多。 实话实说，本来已经很艰难的日子，你还要去卷，你不跌谁跌呢？但是，也必须看到更关键的一面，就是恒科 本质上是和AI、机器人这些最匹配的指数，A村炒作的那些都是些边角料，恒科才是真正的星辰大海。 归纳起来就是，一个人的影响力，不仅看他赚到了多少，也要看他花出去多少，而且可能后者更重要。 就像在大部分家庭里，男性赚钱都比女性多，但家里花钱的往往都是女性，所以整个市场都在讨好女 ...

在这样的背景下，近日， 彭博社（ Bloomberg）对快手高级副总裁、可灵AI事业部负责人兼社区科学线负责人盖坤进行了深度专访。 报道指出，很少有 大型企业能像快手这样，如此迅速地实现向人工智能领域的战略转型。过去18个月里，快手的AI战略路径愈发清晰，并以可灵这一产品迅速切入全球市 场。 根据 Sensor Tower 的数据，截至 1 月 2 日，快手的 可灵 AI 应用是韩国和俄罗斯 iPhone 上收入最高的图形与设计类应用，并在美国、英国、日本、 澳大利亚和土耳其等市场位列前十。彭博预计， 2025年可灵AI的商业收入将达到1.4亿美元。随着可灵商业化和海外化扩展的进程逐步加快，市场对快手 AI布局的预期也在升温，其股价在过去一年累计上涨88%，成为中国AI相关公司中备受关注的标的之一。 在大模型 "参数竞赛"逐渐降温之后，资本市场开始更关心一个问题：哪些AI能力，已经真正走向产品化，并且能跑通商业闭环？ 随着生成式文本、图像和 视频技术逐步成熟，市场的关注点正在从模型性能，转向这些能力是否具备规模化应用和稳定变现的可能性。 过去一年，全球 AI竞争的焦点正在悄然发生变化。 在采访中，盖坤多次强调 ...