Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a focus on GMV growth rather than short-term profitability for Donghai Group [5][6]. Core Insights - Donghai Group is prioritizing GMV growth to expand its ecosystem, which helps mitigate competition from emerging players like Coupang and narrows the gap with established competitors like MercadoLibre [5][6]. - Despite the competitive landscape, Shopee maintains a strong competitive advantage, with user growth and high-value product categories supporting GMV expansion [7]. - The gaming segment, particularly Garena, faces challenges in 2026 due to high base effects from previous successful collaborations, leading to expectations of flat pre-revenue income [8]. Summary by Sections Company Overview - Donghai Group is an internet company that integrates online gaming, e-commerce retail, and digital financial services, with Shopee being its largest business segment covering ASEAN, Taiwan, and Brazil markets [11]. Revenue Breakdown - E-commerce contributes 68.9% to revenue, digital entertainment accounts for 16.6%, and digital financial services make up 13.5% [12]. Market Performance - As of February 11, 2026, the stock price is $114.52, with a market consensus target price of $190.40, and a market capitalization of $67.8 billion [15].

早上好！ 金银开盘延续下跌，截至发稿，现货白银失守67美元/盎司，日内跌5.26%；纽约期银失守67美元/盎司，日内跌12.98%；现货黄金失守4740美元/盎司，日 内跌0.87%；纽约期金失守4760美元/盎司，日内跌2.73%。 而在昨夜今晨，国际市场又经历了一个"不眠之夜"。 消息面上，芝商所（CME）将其COMEX 5000白银期货的初始保证金从15%上调至18%；将其COMEX 100黄金期货的初始保证金从8%上调至9%。 其次，截至收盘，美股三大指数收盘普跌，道指跌1.2%，纳指跌1.57%，标普跌1.23%。个股方面，微软跌近5%，亚马逊跌超4%，特斯拉跌超2%，礼来 跌超7%。 最后，比特币大跌，一度跌11%，报64944美元，抹掉特朗普胜选以来的全部涨幅，创2024年10月以来最低。杠杆押注解除及整体市场动荡加剧抛售，特 朗普胜选引发的那一波加密货币投机行情所带来的涨幅已全部抹掉。这一轮暴跌已抹掉比特币近一半的价值，而且还扩散至其他代币、相关交易所交易基 金（ETF），以及Strategy Inc.等持有大量比特币的公司。 然而，在一片"哀嚎"之中，中国资产却录得上涨，纳斯达克中国金龙指数 ...

Group 1 - The Hang Seng Hong Kong Stock Connect New Economy Index increased by 1.0%, while the CSI Hong Kong Stock Connect Internet Index rose by 0.8%, the Hang Seng Technology Index by 0.5%, the CSI Hong Kong Stock Connect Consumer Theme Index by 0.3%, and the CSI Hong Kong Stock Connect Healthcare Comprehensive Index by 0.2% [1] - Dongwu Securities indicates that the Hong Kong stock market is in a trend of gradual upward movement, with AI applications expected to accelerate and the semiconductor industry entering a comprehensive price increase phase [1] - Southbound capital flow shows that the information technology sector is one of the main industries for net inflows in the Hong Kong Stock Connect, suggesting a dynamic focus on AI technology in market positioning [1] Group 2 - The E Fund Hong Kong Stock Connect New Economy ETF tracks the Hang Seng Hong Kong Stock Connect New Economy Index, which consists of 50 stocks from the "new economy" sector with the largest market capitalization [2] - The E Fund Hong Kong Stock Connect Technology ETF tracks the Hang Seng Technology Index, comprising 30 stocks highly related to technology, with over 90% of the index made up of information technology and consumer discretionary sectors [2] - The E Fund Hong Kong Stock Connect Healthcare ETF tracks the CSI Hong Kong Stock Connect Healthcare Comprehensive Index, consisting of 50 liquid and large-cap stocks in the healthcare sector, which accounts for over 90% of the index [2] - The E Fund Hong Kong Stock Connect Internet ETF tracks the CSI Hong Kong Stock Connect Internet Index, made up of 30 leading internet companies, primarily in information technology and consumer discretionary sectors [3]

Core Viewpoint - The meeting held by the Kunming Internet Information Office aims to enhance the development of the internet economy in Kunming by addressing the challenges faced by industry professionals and exploring new regulatory and service models [2]. Group 1: Regulatory Framework - The Kunming Market Supervision Administration provided a detailed interpretation of the "Live E-commerce Supervision Management Measures," which will take effect on February 1. This regulation clarifies the responsibilities of four key stakeholders in the live e-commerce sector, ensuring legal protection for industry practitioners [4]. - The Kunming Public Security Bureau reported on the outcomes of a 2025 initiative to combat violations of personal information and internet-related crimes, with 4,060 cases handled and 1,284 suspects arrested, highlighting the importance of network security [5]. Group 2: Industry Support and Development - The Kunming Business Bureau communicated the spirit of a recent video conference regarding new business models and consumption scenarios, aiming to foster quality pilot projects and optimize policy implementation to stimulate market vitality and consumption potential [9]. - The Kunming Internet Information Office showcased comprehensive support for the internet economy, including expert guidance on tax and legal matters, helping businesses navigate recent policy changes and enhance their legal risk management [11]. Group 3: Health and Well-being of Practitioners - The Kunming Internet Information Office organized health seminars featuring medical experts to address common health issues faced by internet industry professionals, emphasizing the importance of health awareness and self-care [12][14]. - The meeting provided practical advice on preventing common diseases related to the high-stress environment of the internet industry, thereby improving the overall health of practitioners [14]. Group 4: Collaboration and Networking - Over six years, the Kunming Internet Information Office has successfully facilitated cross-industry collaboration and partnerships between enterprises, leading to resource sharing and enhanced business synergies [15]. - The office has also promoted cooperation between universities and businesses, addressing the issue of graduate unemployment by connecting companies with talented graduates [15].

Core Viewpoint - The 10th Internet Conference of Chengde, themed "Ten Years of a Key, A New Chapter," successfully took place, focusing on the integration of internet technology with local industries such as culture, tourism, and agriculture to promote high-quality economic development in Chengde [4][25][35]. Group 1: Event Overview - The conference was guided by the Chengde Municipal Internet Information Office and supported by various local organizations, bringing together experts, business representatives, and industry practitioners [9][14]. - It has become an annual benchmark event in Chengde's internet sector, playing a crucial role in consolidating industry strength and promoting industrial upgrades over the past nine years [14]. Group 2: Key Themes and Discussions - The event emphasized the deep integration of internet technology with local特色 industries, particularly in culture and tourism, aligning with the coordinated development strategy of the Beijing-Tianjin-Hebei region [25][37]. - Discussions aimed to consolidate high-quality industry resources and build cooperative bridges for future collaborations [25]. Group 3: Awards and Recognition - The conference featured a ceremony to establish the Beijing-Tianjin-Hebei-Liaoning-Mongolia Self-Media Creators Cooperation Alliance and awarded various honors to outstanding internet creators in agriculture, local life, and artificial intelligence [29]. - These awards are intended to encourage industry practitioners to deepen their creative efforts and innovative applications, injecting vitality into Chengde's digital industry development [29]. Group 4: Future Directions - Chengde plans to leverage the momentum from this conference to further deepen the application of internet technology across various industries, aiming to make the digital economy a strong engine for high-quality development [37].

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index fell over 1% during the trading session. The total trading volume in the Shanghai and Shenzhen markets was 2.8 trillion, a decrease of 53.8 billion compared to the previous trading day, marking the fourth consecutive day with trading volumes exceeding 2.5 trillion. Market hotspots rapidly rotated, with significant performances in commercial aerospace, brain-computer interface concepts, and controllable nuclear fusion. AI application concepts rose, while sectors such as large finance, rare earth permanent magnets, and non-ferrous metals saw notable declines. By the end of the session, the Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index by 0.51%, and the ChiNext Index by 0.82% [1]. Chemical Industry Insights - CITIC Securities indicated that the chemical industry's capital expenditure continues to weaken year-on-year, but the profitability of chemical enterprises is expected to gradually bottom out and recover under the backdrop of ongoing anti-involution efforts. The investment value of the chemical sector is anticipated to continue improving by 2026. Investment strategies suggested include focusing on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools for anti-involution. Additionally, attention should be given to segments where self-discipline is steadily advancing, products that have fallen below or are close to cash cost lines, and chemical products driven by new demand or strong downstream demand with price increase potential [2]. Trade and Material Substitution - According to Open Source Securities, the Ministry of Commerce has initiated anti-dumping investigations against Japan, particularly concerning high-end membrane materials. Announcements made on January 6 and 7 included prohibiting the export of dual-use items to Japanese military users and launching anti-dumping investigations on imported dichlorodihydrosilane from Japan. As the global touch module, LCD/OLED display panel, and MLCC ceramic capacitor industries shift to mainland China and domestic manufacturers expand capacity, there is an urgent need for the domestic optoelectronic industry to break Japan's technological monopoly on high-end raw materials and achieve localization of critical raw material supply [3]. Chatbot Commercialization - CICC reported that the current monetization of overseas chatbots primarily relies on subscriptions, while domestic models are mostly free. In the long term, as the cost of unit reasoning decreases, a "free + transaction-oriented effect advertising" model is expected to emerge, which could lower barriers to entry and increase the ceiling in the ToC Agent field. Internet advertising leaders possess advantages in data and infrastructure dimensions [4].

Core Viewpoint - The article discusses a significant cyberattack on Kuaishou, a major short video platform in China, highlighting the vulnerabilities in its cybersecurity measures and the broader implications for the internet industry, users, and regulators [3][4]. Group 1: Impact on Kuaishou - Kuaishou experienced a large-scale cyberattack that led to the appearance of inappropriate content in numerous live streams, forcing the platform to shut down its live streaming feature and ban certain accounts [3]. - Following the attack, Kuaishou's stock price plummeted, and the company's reputation is expected to take a long time to recover [3]. - The incident revealed Kuaishou's inadequate cybersecurity defenses and slow response, raising concerns about the overall security posture of large internet companies [4]. Group 2: Lessons for Internet Platforms - The attack underscores the need for internet platforms to prioritize cybersecurity, as many companies focus on user growth and market expansion while neglecting essential security measures [4]. - The incident serves as a wake-up call for all internet platforms, emphasizing that any weak link in cybersecurity can lead to catastrophic consequences [4]. - Companies must integrate security considerations into product design and operations, viewing cybersecurity as a fundamental aspect of their business rather than a cost center [4]. Group 3: User Awareness and Rights - The event educates users about the risks associated with digital services, reminding them that their data security relies heavily on the platforms' protective measures [5]. - Users are encouraged to recognize their rights to demand adequate security measures from platforms and seek compensation in case of data breaches [5]. - This incident may lead to a reevaluation of user dependence on platforms and stimulate discussions about data rights and security responsibilities [5]. Group 4: Regulatory Implications - The attack highlights the need for regulators to adapt to evolving cyber threats and enhance legal frameworks to address cybercrime effectively [6]. - Regulatory bodies should establish stricter penalties for cybercriminals and improve oversight of internet platforms to ensure they fulfill their cybersecurity responsibilities [6]. - The incident serves as a reminder that as digital platforms become essential infrastructure, their security is critical to public safety, necessitating collaborative efforts among platforms, users, and regulators to prevent future incidents [6].

Market Overview - A-shares experienced a collective rise with nearly 4,500 stocks closing in the green, and the trading volume reached 1.73 trillion yuan, an increase of 704 billion yuan from the previous day [1] - The Shanghai Composite Index has shown three consecutive days of gains, recovering the 10-day and 20-day moving averages, with a key resistance level at approximately 3,912 points [1] - Analysts noted that the recent U.S. employment and CPI data, along with Japan's interest rate hike, have reduced external uncertainties for A-shares, shifting market focus to internal factors [1] Sector Performance - The "anti-involution" theme continues to perform well, with the Chemical ETF (516020) and the Precious Metals ETF (159876) seeing price increases of 1.75% and 1.64% respectively [1] - The Chemical ETF attracted 228 million yuan in a single day, indicating strong investor confidence in the chemical sector's future performance [1] Hong Kong Market Insights - The Hong Kong market is expected to rebound as the U.S. CPI data boosts market confidence and expectations for a Fed rate cut in January increase [1] - The Hong Kong Internet ETF (513770) has seen a net inflow of 1.33 billion yuan over the past ten days, while the Hong Kong Innovation Drug ETF (520880) has experienced nine consecutive days of net subscriptions, reaching a record high of 4.178 billion shares [1] Chemical Industry Outlook - China’s chemical industry is anticipated to see a bottoming out and gradual recovery, with improvements in supply-demand dynamics expected by 2025 [6] - The current valuation of the chemical sector is at a historical low, with the Chemical ETF (516020) trading at a price-to-book ratio of 2.4, indicating strong long-term investment potential [6][8] AI and Technology Sector Developments - The Hong Kong AI sector is experiencing a rebound, with major companies like Tencent and Meituan making significant advancements in AI technology [11] - The AI application market is expected to thrive, with the launch of new models and applications driving demand, particularly in the light of increasing AI-related hardware needs [15][16] Investment Strategies - Analysts recommend focusing on the "technology + cyclical" dual-driven strategy, highlighting opportunities in sectors such as defense, AI applications, and renewable energy [3] - The Chemical ETF (516020) is suggested as an efficient vehicle for gaining exposure to the chemical sector, given its diversified holdings in leading companies [8][9]

Core Viewpoint - The article discusses the concept of "Old White Rabbits" in the internet industry, referring to long-tenured employees who are perceived as low performers but are difficult to remove due to their established positions and relationships within the organization [5][7][19]. Group 1: Definition and Origin - The term "Old White Rabbit" originated from a talent assessment matrix in a major internet company, categorizing employees based on values and performance, with "rabbits" representing those with good values but poor performance [7]. - As the internet industry matured, many early employees became "Old White Rabbits," characterized by long tenure, low output, and stable relationships, leading to a critical view of this group [8][9]. Group 2: Organizational Dynamics - The presence of "Old White Rabbits" is seen as a natural outcome of organizational structures that become rigid as companies mature, especially during periods of cost-cutting and efficiency drives [8][14]. - The article highlights that the elimination of "Old White Rabbits" is complicated by the need for stability in organizations, as removing them can lead to disruptions and further inefficiencies [24][25]. Group 3: Employee Perspectives - Employees express mixed feelings about "Old White Rabbits," recognizing their low productivity while also feeling the impact of their presence on team dynamics and overall morale [20][21]. - The article illustrates how younger employees often feel frustrated by the inefficiencies caused by "Old White Rabbits," who may resist collaboration and contribute to a toxic work environment [20][21]. Group 4: Cultural Implications - The article suggests that as companies face downturns, the reliance on familiar, albeit less productive, employees increases, making it challenging to replace them with more capable newcomers [24]. - The culture within organizations often shifts to accommodate the "Old White Rabbit" mentality, where survival strategies become focused on navigating internal politics rather than driving performance [27][32].

Core Insights - The article highlights the significant influence of Alibaba and Geely in nurturing talent within the internet and automotive industries, respectively, with many executives in these sectors having connections to these two companies [2][11]. Industry Overview - The internet industry in China is projected to reach a market size of 18.7 trillion yuan in 2024, growing by 9.3% year-on-year, while the automotive industry is expected to reach 15.3 trillion yuan, both outpacing GDP growth [2]. - Together, these industries account for 34 trillion yuan, representing 25.2% of the national GDP, with over 40 million employees combined [2]. Talent Development - Alibaba has produced numerous successful entrepreneurs, with over 100,000 former employees starting their own companies, contributing significantly to the internet sector [6][9]. - Notable alumni include founders of major companies such as Didi, Xiaopeng Motors, and Pinduoduo, showcasing the impact of Alibaba's corporate culture on entrepreneurship [8][9]. Geely's Role in Talent Supply - Geely is recognized as a talent hub for the automotive industry, with many new energy vehicle startups recruiting from its workforce [11][13]. - The company has established a comprehensive talent development system, including partnerships with educational institutions, resulting in a high employment rate for graduates [13][14]. Corporate Culture and Impact - Both Alibaba and Geely emphasize the importance of corporate culture in shaping their employees, with Alibaba's "Six Pulses of Sword" and Geely's integrated training models being key to their success [10][15]. - The article suggests that the entrepreneurial spirit fostered by these companies has led to a significant transformation in their respective industries, positioning them as leaders in talent cultivation [15].