Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 4.816 billion on February 11, with notable net purchases in Tencent Holdings (HKD 735 million), Zijin Mining International (HKD 191 million), Meituan-W (HKD 162 million), Pop Mart (HKD 144 million), and CNOOC (HKD 122 million) [1] - Significant net sales were observed in Alibaba-W (HKD 520 million), SMIC (HKD 390 million), China Life (HKD 246 million), Yangtze Optical Fibre and Cable (HKD 159 million), and Xiaomi Group-W (HKD 100 million) [1] Group 2 - Zijin Mining International is influenced by fluctuating gold prices, currently hovering above USD 5,050, with expectations of a slight increase in interest rate cuts following disappointing U.S. retail sales data for December 2025 [3] - Geopolitical tensions remain high, with the U.S. considering deploying an aircraft carrier strike group to the Middle East if negotiations with Iran fail, impacting oil price volatility [3] Group 3 - Meituan announced plans to invest approximately USD 717 million to acquire the Chinese "Dingdong Maicai" business from Dingdong Group, which is expected to create synergies with Meituan's existing operations and strengthen its market position in fresh food delivery [3] - The Hong Kong government is positioning the region as a global innovation center for Web3 and cryptocurrency, with the implementation of a licensing system for stablecoin issuers expected to attract new businesses [4] Group 4 - Xiaomi Group is facing increased cost pressures due to rising prices of DRAM and NAND, with speculation that the standard version of its upcoming smartphone may use the Snapdragon 8 Elite Gen6 or even the previous generation Snapdragon 8 Elite Gen5 [5]

Core Insights - Qualcomm, Apple, and MediaTek are set to be the first companies to launch the industry's first 2nm chipsets [1] - Qualcomm plans to release two versions: Snapdragon 8 Elite Gen6 Pro and Snapdragon 8 Elite Gen6 [1] - The expected price for Snapdragon 8 Elite Gen6 Pro is projected to exceed $300, with a single unit cost potentially reaching $320 [1] Group 1 - The Snapdragon 8 Elite series marks Qualcomm's first departure from ARM's CPU architecture, utilizing its self-developed Oryon cores [2] - Snapdragon 8 Elite Gen5 chips were previously priced at $280 each, indicating a trend of increasing prices for these chipsets [2] - The Snapdragon 8 Elite Gen6 Pro is anticipated to be at the upper limit of what smartphone manufacturers can afford, with the standard version expected to be the main volume driver [2] Group 2 - Qualcomm and MediaTek will use TSMC's 2nm N2P process to ensure sufficient supply and compete with Apple's A20 and A20 Pro chips [2] - The N2P process is a slight upgrade over the N2 process, which will likely result in higher costs from TSMC [2]