Core Insights - Nvidia is reshaping the gaming rendering process and interaction experience through continuous AI technology iterations without launching new graphics cards [1] - The focus of Nvidia's updates at CES this year was on software, particularly the release of DLSS 4.5 and advancements in NPC technology [1] Group 1: DLSS 4.5 Technology - The key highlight of the release is the update to DLSS (Deep Learning Super Sampling) technology, introducing "Dynamic Multi Frame Generation" and a new 6x multi-frame generation mode [2] - DLSS 4.5 utilizes a second-generation Transformer model to generate up to five additional frames for every traditional frame rendered, significantly increasing the pixel output compared to traditional rasterization or ray tracing [2] - DLSS 4.5 is expected to launch in spring 2024 and will be compatible with all RTX series graphics cards, with optimal performance on the latest RTX 40 and 50 series [4] - When combined with the GeForce RTX 50 series, DLSS 4.5 can achieve over 240 frames per second in 4K gaming with full path tracing enabled [4] - Over 250 games and applications currently support DLSS 4 technology, including new titles like "007: The Beginning" and "Resident Evil: The Resurrection" [4] Group 2: NPC Technology Advancements - Nvidia is enhancing game interaction logic through generative AI, expanding the ACE (Avatar Cloud Engine) technology suite to create autonomous NPCs with perception, planning, and action capabilities [5] - In collaboration with KRAFTON, Nvidia demonstrated an AI teammate in "PUBG" that can remember past player interactions and provide contextually relevant dialogue, with plans for limited testing in mid-2024 [5] - The AI advisor in the strategy game "Total War: Pharaoh" showcases enhanced logical capabilities, offering real-time tactical guidance based on the game's current situation [5] - Nvidia's architecture for NPC memory does not solely rely on cloud models but uses a local vector database to store player behavior and dialogue history, significantly reducing cloud inference costs and addressing privacy concerns [6] Group 3: Cloud Gaming and AI Acceleration - Nvidia's cloud gaming service GeForce NOW announced performance equivalent to RTX 5080 graphics cards and added native support for Linux systems and Amazon Fire TV Stick [8] - For content creators, Nvidia introduced AI acceleration solutions based on RTX GPUs, achieving up to a 3x performance improvement in video and image generation while reducing memory usage by 60% [8] - Nvidia also enhanced the inference speed of small language models like Llama.cpp by 35% and specifically optimized the domestic open-source model DeepSeek-R1 for high inference throughput on RTX graphics cards [8]

Group 1 - The Hang Seng Tech Index rose over 4% in the afternoon session on January 2, indicating strong market performance in the technology sector [1] - The Hang Seng Index increased by 2.65%, reflecting overall positive sentiment in the Hong Kong stock market [1] - Key sectors that performed well included electric equipment, domestic retail, gaming software, semiconductors, and military industry stocks [1] Group 2 - Hua Hong Semiconductor saw a rise of over 10%, highlighting strong investor interest in semiconductor companies [1] - Baidu Group increased by nearly 9%, indicating positive market reception for the company [1] - NetEase experienced a rise of over 6%, further showcasing the strength of the gaming and technology sectors [1]

Group 1 - Spring Medical announced a dividend of HKD 0.2304 per share, with an ex-dividend date of November 24, 2025, and a payment date of January 19, 2026. It is classified under the medical devices and supplies sector and is not part of the CSI Central Enterprises Dividend Index or the Hang Seng High Dividend Yield Index [1] - NetEase-S declared a dividend of USD 0.114 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 16, 2025. It falls under the gaming software sector and is excluded from both the CSI Central Enterprises Dividend Index and the Hang Seng High Dividend Yield Index [1] - Kingsoft Technology Industrial announced a dividend of HKD 0.018 per share, with an ex-dividend date of December 24, 2025, and a payment date of January 8, 2026. It is categorized under consumer electronics and is not included in the CSI Central Enterprises Dividend Index or the Hang Seng High Dividend Yield Index [1] - Sa Sa International declared a dividend of HKD 0.0115 per share, with an ex-dividend date of December 3, 2025, and a payment date of December 19, 2025. It is classified in the skincare and cosmetics sector and is not part of the CSI Central Enterprises Dividend Index or the Hang Seng High Dividend Yield Index [1] Group 2 - The CSI Central Enterprises Dividend Index (931233.CSI) selects 50 listed companies with stable dividend levels and high dividend yields from the Hong Kong Stock Connect. As of November 20, the index has a one-year dividend yield of 5.63%, surpassing the 10-year government bond yield of 3.81%. The largest investment vehicle tracking this index is the Hong Kong Central Enterprises Dividend ETF (513910) [3] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) includes high dividend stocks listed in Hong Kong from mainland companies. As of November 20, this index has a one-year dividend yield of 5.30%, which is higher than the 10-year government bond yield of 3.48%. The only ETF tracking this index is the Hang Seng Dividend ETF (159726) [3]

Group 1 - Spring Medical announced a dividend of HKD 0.2304 per share, with an ex-dividend date of November 24, 2025, and a payment date of January 19, 2026. It is classified under the medical devices and supplies sector and is not part of the Central Enterprises Dividend Index or the High Dividend Yield Index for Mainland Chinese Enterprises [1] - NetEase-S declared a dividend of USD 0.114 per share, with an ex-dividend date of December 4, 2025, and a payment date of December 16, 2025. It falls under the gaming software sector and is also excluded from the aforementioned indices [1] - Kingsoft Technology Industrial announced a dividend of HKD 0.018 per share, with an ex-dividend date of December 24, 2025, and a payment date of January 8, 2026. It is categorized under consumer electronics and is not included in the Central Enterprises Dividend Index or the High Dividend Yield Index [1] - Sa Sa International declared a dividend of HKD 0.0115 per share, with an ex-dividend date of December 3, 2025, and a payment date of December 19, 2025. It is classified in the skincare and cosmetics sector and is excluded from both indices [1] Group 2 - The Central Enterprises Dividend Index (931233.CSI) selects 50 listed companies with stable dividend levels and high dividend yields from the Hong Kong Stock Connect. As of November 20, the index has a one-year dividend yield of 5.63%, surpassing the 10-year government bond yield of 3.81%. The largest investment vehicle tracking this index is the Hong Kong Central Enterprises Dividend ETF (513910) [3] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) includes high dividend stocks listed in Hong Kong from Mainland companies. As of November 20, this index has a one-year dividend yield of 5.30%, which is higher than the 10-year government bond yield of 3.48%. The only ETF tracking this index is the Hang Seng Dividend ETF (159726) [3]

Group 1 - The Hong Kong gaming software sector experienced an upward trend on October 20, with shares of Dreamland Technology rising nearly 6% [1] - Other companies in the sector, including NetEase, Xindong Company, and IGG, also saw their stock prices increase [1]