本周观点 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最后一页特别声明 1 咖啡茶饮：1）咖啡：高景气维持；行业具备β性红利，各品牌依旧积极开店，整体咖啡行业价格竞争趋缓；阿 拉比卡咖啡期货价格持续下跌，后续有望带来成本改善。2）茶饮：略有承压；短期平台 AI 流量大战，奶茶成为 引流品，数据依旧具备韧性；但有关"糖税"征收相关研究讨论引发市场担忧。 电商：持续承压。受国内消费环境影响，整体国内电商基本面表现平淡。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应驱动盈利杠杆释放。 网易云音乐 2025 年收入略微不及预期，关注 2026 年音乐订阅业务有望量价齐升。 虚拟资产&资产交易平台：地缘冲突风险加剧，币价持续承压。香港 2026-2027 年度财政预算案确认香港年内将 提交法案，建立虚拟资产交易商及托管服务提供者的发牌制度，监管范围将进一步扩展至场外交易等数字资产买 卖业务。 汽车服务：IAM中，多家主机系汽服连锁蛰伏后市场，车后连锁品牌持续加码开店 ...

来源：智通财经 这是香港证监会继去年6月之后再度发放虚拟资产交易平台运营牌照。2020年12月，OSL数字证券有限 公司（OSL Digital Securities Limited）旗下的OSL Exchange获发首张虚拟资产交易平台运营牌照。此 后，HashKey Exchange、HKVAX、HKbitEX、Accumulus、DFX Labs等陆续获发牌照。截至目前，香港 的持牌虚拟资产交易平台数量已达到12家。 胜利证券（08540.HK）也在2月16日发布公告称，鉴于近年虚拟资产相关业务在香港特区政府支持下迅 速发展，董事会认为，胜利数码科技经获取有关监管批核后营运虚拟资产交易平台乃符合本集团策略， 为客户提供更为多元的服务，创造机会使本集团各业务线之间产生协同效应，并会为本集团增值。此 外，继胜利数码科技获发牌照后，本集团目前已成为少数取得证监会引入的全面监管制度下虚拟资产生 态系统关键环节的市场参与者。董事会预期，虚拟资产业务分部将会迎来更多业务机遇，能继续扩张， 并为本集团开创新的收入来源。 又一家机构获得香港虚拟资产交易平台运营牌照。 2月16日，香港证券及期货事务监察委员会（下称香港证 ...

据香港证监会发布的虚拟资产交易平台名单，Victory Fintech Company Limited（胜利数码科技有限公 司）是已获得虚拟资产交易平台许可的运营商之一，并于 2026 年 2 月 13 日取得相关许可。 （来源：吴说） ...

Group 1: Market Overview - The Hang Seng Index rose by 83 points, closing at 27,266 points, marking a three-day increase totaling 706 points or 2.66% [3][4] - The total market turnover was HKD 2,172.18 million, with a net inflow of HKD 48.16 million from northbound trading [3] Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) has issued new guidelines allowing licensed brokers to expand their services to include margin financing for virtual assets, aiming to enhance market liquidity under a controlled risk framework [7] - The SFC has established a high-level framework for virtual asset trading platforms to guide the development of leveraged products for professional investors, emphasizing transparency and robust operational monitoring [7] Group 3: Company News - NetEase (09999) CEO Ding Lei indicated that the explosion of AI technology is expected to accelerate the survival of the fittest in the gaming industry, with the company investing heavily in AI applications across various development stages [12] - Wisdom (02513) has launched its new flagship model GLM-5, achieving state-of-the-art performance in coding and agent capabilities, now available on its z.ai platform [13] - Haitong International (00806) anticipates a significant increase in profit to approximately HKD 660 million for the fiscal year ending December 2025, driven by a rise in assets under management and strong investment performance [14]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is actively engaging with licensed virtual asset trading platforms to discuss future regulatory developments in the digital asset ecosystem [1] Group 1: Regulatory Developments - The SFC held its third digital asset consultation group meeting on February 6, focusing on plans to enhance the digital asset ecosystem [1] - Key discussions included improving liquidity for licensed platforms and expanding the regulatory measures for product and service types [1] Group 2: Industry Collaboration - The SFC aims to balance innovation with robust investor protection through its ASPIRe roadmap, emphasizing continued collaboration with the industry [1]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is actively engaging with licensed virtual asset trading platforms to discuss the future regulatory development of digital assets in Hong Kong, emphasizing the importance of balancing innovation with investor protection [1] Group 1: Regulatory Developments - The SFC held its third digital asset consultation group meeting on February 6, inviting licensed virtual asset trading platforms to discuss regulatory advancements [1] - Discussions included plans to enhance the liquidity of licensed virtual asset trading platforms and regulatory measures to expand the types of products and services offered [1] Group 2: Strategic Goals - Dr. Yip Chi-hang, Executive Director of the SFC's Intermediaries Division and Chairman of the Digital Asset Consultation Group, reiterated the commitment to establishing a robust and sustainable digital asset market in Hong Kong [1] - The SFC aims to ensure that regulatory policies are practical, effective, and appropriate through close collaboration with industry stakeholders [1] Group 3: Future Initiatives - Under the ASPIRe roadmap's pillar of Relationships, the SFC will continue to work with licensed virtual asset trading platforms to build a resilient and globally competitive digital asset ecosystem [1]

Group 1 - The core viewpoint of the article highlights that HashKey Holdings (03887) is expected to experience significant growth driven by institutional investment in digital assets in Hong Kong, with a projected compound annual growth rate of approximately 85% from 2024 to 2027 [1] - The company is anticipated to achieve a revenue growth rate of around 80% by 2026, indicating strong performance in the coming years [1] - As a licensed virtual asset trading platform in Hong Kong, HashKey holds a market share of 75% locally, benefiting from advantages in brand reputation, compliance capabilities, and product coverage [1] Group 2 - The industry is entering a new development phase with the expansion of digital asset services, including the introduction of more cryptocurrencies, potential crypto derivatives, and stablecoin-related services [1] - HashKey is positioned to capitalize on these opportunities as a compliant one-stop digital asset platform, likely achieving a valuation premium over local comparable companies [1]

Group 1 - The core viewpoint of the article highlights that HashKey Holdings is expected to experience significant growth driven by institutional investment in digital assets in Hong Kong, with a projected compound annual growth rate of approximately 85% from 2024 to 2027 [1] - The company is anticipated to achieve a revenue growth rate of around 80% by 2026, indicating strong performance relative to industry averages [1] - As a licensed virtual asset trading platform in Hong Kong, HashKey holds a substantial market share of 75% in the local market, benefiting from its brand reputation, compliance capabilities, and product coverage [1] Group 2 - The article notes that the expansion of digital asset services in Hong Kong, including the introduction of more cryptocurrencies, potential crypto derivatives, and stablecoin-related services, will usher in a new development phase for the industry [1] - HashKey is positioned to capitalize on these opportunities as a compliant one-stop digital asset platform, which is expected to lead to a valuation premium over local comparable companies [1]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The coffee industry remains highly prosperous, with brands actively opening new stores despite the onset of the off-peak season, which may lead to short-term data fluctuations [4] - The tea beverage sector is experiencing slight pressure, with platforms focusing on immediate retail market share and a gradual reduction in subsidies, although the data still shows resilience [4] - The e-commerce sector continues to face challenges due to the domestic consumption environment, with Alibaba integrating its ecosystem with the Qianwen app for AI shopping, while Pinduoduo is testing a new "Billion Supermarket" feature [4][12] - The music streaming platform is highlighted as a quality internet asset driven by domestic demand, suggesting continued interest in music subscription platforms due to their profitability potential [4] - The automotive service market is projected to see a year-over-year decline of 6% by December 2025, with a quarter-over-quarter increase of 9% [4] - The AI and cloud sector is expected to grow, with Qianwen app integrating AI capabilities and significant investments in AI applications anticipated from both domestic and international tech giants [4] Summary by Sections 1.1 Consumer & Internet - The non-essential consumer sector index increased by 5.67%, outperforming the Hang Seng Index by 3.33 percentage points, with notable stock performances from Haidilao (+10.65%) and Luckin Coffee (+2.51%) [9][10] - The e-commerce index rose by 3.73%, with Alibaba's stock increasing by 13.45% and Pinduoduo declining by 11.44% [11][15] 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Nasdaq Internet index fell by 3.59%, while the Hang Seng Media Index rose by 5.99%, with Netflix and Tencent Music experiencing declines [16][38] 1.2.2 Virtual Assets & Trading Platforms - The global cryptocurrency market cap reached $332.23 billion, with Bitcoin and Ethereum prices increasing by 5.5% and 6.9% respectively [22][24] 1.2.3 Automotive Services - The automotive aftermarket is projected to decline by 6% year-over-year by December 2025, with a quarter-over-quarter increase of 9% [34] 1.2.4 O2O - The internet technology index rose by 3.73%, with significant stock movements in companies like Didi and JD Health [35][40] 1.2.5 AI & Cloud - The Nasdaq Internet index fell by 3.59%, with Alibaba and TSMC showing positive stock performance [38][44] 1.3 Media - The media index increased by 2.04%, with the advertising sector performing well while the film and television sector faced declines [45][46]

Core Viewpoint - HashKey Holdings (03887) experienced a significant stock price increase, rising over 18% to reach a new high of 7.8 HKD, with a current trading price of 7.35 HKD and a trading volume of 61.76 million HKD [1] Group 1: Company Overview - HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong [1] - The company’s prospectus indicates that by September 30, 2025, the HashKey platform will support 80 types of digital asset tokens across various categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects [1] Group 2: Market Position - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024 [1] - The company is also the largest digital asset management institution in Asia based on assets under management [1] Group 3: Financial Performance - HashKey's revenue has shown rapid growth, with figures of 129 million HKD in 2022, 208 million HKD in 2023, and a projected 721 million HKD in 2024 [1]