BIKUASO@EP2603A

Kuaishou's micro-loan business performs impressively in Guangzhou, entering the top ten

China's State Council emphasizes comprehensive promotion of AI development, benefiting related industries

Kuaishou Smart Cloud Technology's Registered Capital Increased to 1.95 Billion Yuan

Kuaishou's Magnetic Engine Builds a New Business Ecosystem for the 'New Year's Goods Festival' to Empower Merchants

Kuaishou's tech team announces a paradigm shift in R&D, marking the entry into an organizational stage of AI-driven development

Domestic Video Model Evaluation: ByteDance's Jimeng 2.0 vs. Kuaishou's Kling 3.0

Sina Finance publishes a commentary article "It's Kuaishou's turn to chase ByteDance again"

Kuaishou Launches First AI-Generated Lunar New Year Animated Short Film Series 'Horse-picious Play'

Hong Kong tech stocks strengthen, Kuaishou's stock price rises by over 4%

Kuaishou Technology completes USD 2 billion dual-currency bond issuance

Su Hua resigns as Kuaishou Chairman, Cheng Yixiao to hold the position concurrently

Kuaishou Announces Personnel Changes: Su Hua as Chairman, Cheng Yixiao as CEO

Kuaishou's Commercial Ecosystem Upgrades Again: Reconstructing Three Core Business Scenarios

Kuaishou's AI layout shows results: 'Keling' becomes a new growth engine

Analyst Cheung Siu Chung Suggests Buying Kuaishou on Dips is a High-Probability Win

Kuaishou invests in the AI-powered animated drama industry to reshape content consumption

Kuaishou Charity launches 'Bang Bang Academy' plan, will invest tens of millions in funds and 30 billion in traffic

Southbound Trading Records Net Sell of HK$569 Million in Kuaishou

BOC International Upgrades Kuaishou's Rating and Raises Target Price

Beijing Cyberspace Administration fines Kuaishou 119.1 million and orders rectification

BOER POWER

KNOWLEDGE ATLAS

WAI CHUN GROUP

TOUYUN BIOTECH

TJCD

ASIA ENERGY LOG

HING LEE (HK)

TBKS HLDGS

HUAYUEXPRESSWAY

00700

01024

09988

On February 12th, the three major indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng Index falling 0.92% around the 27,000-point mark, and the Hang Seng Technology Index leading the decline with a drop of 1.59%. Affected by concerns over intensified AI competition, internet technology stocks fell broadly, with Tencent Holdings down 2.28%; the catering sector saw a significant pullback, with Meituan dropping 4.73%. Funds focused on AI applications and restructuring concepts, with KNOWLEDGE ATLAS, MiniMax, and others rising against the trend, while BOER POWER surged over 112% due to restructuring expectations. Market sentiment remains cautious, awaiting guidance from macroeconomic data

- On February 12, Hong Kong's three major stock indices declined collectively, indicating cautious market sentiment after hitting peak levels the previous day.  
- The Hang Seng Index fell by 0.92% to 27,014.81, while the Hang Seng Tech Index experienced a 1.59% drop, and the Hang Seng China Enterprises Index decreased by 1.02%.  
- Concerns over intensified competition among AI models affected various sectors, particularly internet content, retail, and restaurant segments, leading to a generally defensive investor mood awaiting further policy guidance.

Market Heartbeat

TENCENT

KUAISHOU-W

BIDU-SW

BABA-W

JD-SW

MNSO

MEITUAN

HAIDILAO

YUM CHINA

MINIMAX-WP

ILUVATAR COREX

UNISOUND

CSOP HS TECH

Tianhong Hang Seng TECH ETF(QDII)

HSTECH ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH Index

Hang Seng Index

Hong Kong stock market intraday | Hang Seng Tech Index fell 1.59%, with the restaurant and internet sectors experiencing widespread declines, Meituan dropped 4.73%, and BOER POWER surged 112%

KBAB

EBIZ

BABA

Huachuang Securities stated that at the beginning of the year, domestic multimodal models were updated intensively, with models like Ke Neng 3.0 and Seedance 2.0 significantly enhancing "controllability," marking a leap in AI video from entertainment to industrial production. By reducing the "card drawing" waste rate, the marginal cost of video production converges towards computing power costs. ByteDance focuses on efficiency infrastructure, Kuaishou delves into professional narratives, and Alibaba strengthens vertical e-commerce, collectively driving a revolution in content supply and the revaluation of IP value

- The report highlights recent updates in multimodal AI tools, notably Kuaishou's Kling 3.0 and Byte's Seedance 2.0, indicating a shift towards tools suitable for workflow integration rather than mere entertainment.  
- It emphasizes improvements in controllability, consistency across shots, and enhanced editing capabilities aimed at lowering the waste rate in video production, thus impacting e-commerce and short series production.  
- The analysis forecasts that as production costs trend towards computational expenses, the focus will shift to the value of intellectual property, enhancing the market potential of leading IPs.

Wallstreetcn

KraneShares 2x Long BABA Daily ETF

Global X E-commerce ETF

Alibaba

Differentiation among major companies in the multi-modal "Deepseek Moment": ByteDance focuses on "efficiency," Kuaishou targets "professionalism," and Alibaba concentrates on "e-commerce"!

On February 12th, the Hong Kong stock market closed at noon, with the three major indices collectively adjusting after yesterday's surge, and the Hang Seng TECH Index fell by 1.68%. Technology heavyweight stocks were all weak, with Meituan leading the decline, dropping 4.16%, while Tencent and Alibaba also weakened simultaneously. The catering and retail sectors were dragged down by market sentiment. Despite the overall market weakness, ZIJIN MINING rose against the trend by 2.25%, and YOFC surged by 11.35%. Market funds have entered a wait-and-see period, awaiting inflation data to verify the sustainability of consumer recovery

- On February 12, Hong Kong stocks experienced a technical correction after a previous surge, with major indices all declining.  
- The Hang Seng Index fell 0.89% to 27,024.06, while technology and retail sectors were notably affected, with Tencent down 2.65% and Meituan down 4.16%.  
- Market sentiment is cautious ahead of upcoming macroeconomic data releases, including CPI and unemployment rates, vital for assessing the sustainability of local consumption recovery.

BILIBILI-W

HPC HOLDINGS

HANVEY GROUP

ZIJIN MINING

FL2 CSOP HSI

YOFC

FI CSOP HSI

Meituan

FI2 CSOP HSI

Hong Kong Stock Market Mid-Review | The Hang Seng Index fell 0.89%, technology weights weakened across the board, Meituan plummeted 4.16%, and YOFC surged 11.35%

On February 12th, the three major indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng TECH Index falling by 1.58%, leading the market decline. Affected by the escalation of the AI model war, the internet and retail sectors experienced widespread declines, with heavyweight stocks such as Tencent Holdings, Meituan, and Alibaba under pressure. Market sentiment has turned cautious, with funds closely monitoring macro data such as retail sales and imports and exports to verify the strength of the economic recovery

- On February 12, Hong Kong's stock indices experienced a collective downturn after reaching yesterday's highs, with the Hang Seng Index down 0.68% to 27,082.16 points.  
- The technology sector faced significant losses, particularly the Hang Seng Tech Index, which fell 1.58%, pressured by concerns over competition in the AI market.  
- Investors are focusing on macroeconomic data for February, especially retail sales and import-export figures, to gauge local consumption recovery and external demand resilience.

JD-SWR

LEMO SERVICES

Tencent Holdings Limited

Tencent

Hong Kong stock market intraday | Hang Seng TECH Index down 1.58%, Tencent down 2.83%, Meituan down 3.38%

On February 11th, the three major indices of the Hong Kong stock market closed higher collectively, with market sentiment warming up. The Hang Seng Tech Index led the gains, closing at 5499.99 points. In terms of sectors, hardware and automotive stocks performed strongly, with Xiaomi Group surging 4.27% on news of new vehicles, and Bilibili rising over 5% due to valuation recovery; the internet and retail sectors showed mixed performance, with Tencent and Alibaba experiencing slight pullbacks. Capital competition was intense, as the market awaited guidance from macro data such as retail sales and CPI

- On February 11, the Hong Kong stock market showed resilience, with major indices closing positively; the Hang Seng Index rose 0.31% to 27,266.38 points.  
- Notable performers included Xiaomi Group, up 4.27% driven by positive sentiment from new SUV announcements, while the Hang Seng Tech Index climbed 0.90%.  
- Investors are closely monitoring upcoming retail sales and CPI data to gauge the recovery of local consumption amidst cautious market sentiment.

XIAOMI-W

LENOVO GROUP

RIDGE OUTDOOR

ELEGANCEOPTICAL

HAO BAI INTL

ONEROBOTICS

MANY IDEA CLOUD

SMIC

Hong Kong stocks closed | All three major indices rose, with the Hang Seng Tech Index up 0.90%, and Xiaomi Group rising over 4%

On February 11th, the three major indices of the Hong Kong stock market rose slightly during the session, with the Hang Seng Technology Index leading the gains at 0.74%, showing a narrow range of fluctuations overall. In terms of sectors, the hardware and storage sectors performed strongly, with Xiaomi Group surging 4.38% driven by expectations of AI and new products; the internet sector showed divergence, with Bilibili rising 5.41% and Tencent Holdings falling 1.09%. In terms of individual stocks, Synagistics and Ridge Outdoor soared over 35% due to positive news. The current market is in a macro data vacuum period, with investor sentiment primarily cautious

- On February 11, Hong Kong's stock indices showed a slight overall rise, with investor sentiment remaining cautious amid a lack of macroeconomic data.  
- The Hang Seng Index increased by 0.25%, while the Hang Seng Tech Index led gains at 0.74%, although major indices stayed below recent highs.  
- Market focus shifted towards upcoming retail sales and trade data, as well as inflation and unemployment metrics, which are crucial for assessing economic resilience.

SYNAGISTICS

KB LAMINATES

JIAXIN INTL RES

CAM HS TECH

ISHARESHSTECH

Xiaomi Corporation

XL2CSOPHSTECH

CAM HS TECH-U

XI2CSOPHSTECH

Hong Kong stock market intraday | Hang Seng TECH Index up 0.74%, hardware sector strengthens, Xiaomi surges 4.38%, Tencent down 1.09%

China's leading position in the AI video field is gradually becoming apparent, especially with ByteDance's Seedance 2.0 marking the industrial delivery of AI video. Through technologies such as multimodal input and automatic camera movement, creators can achieve reusable production processes. As early as last year, KUAISHOU-W's Keli 2.0 had already surpassed competitors in terms of generation stability and character consistency. Chinese companies view video as an engineering problem, driving the development of commercial capabilities in AI video

- China's AI video technology has achieved a leading position, exemplified by the launch of Seedance 2.0, which signifies a shift towards stable and functional production.  
- The advancement stems from earlier success with models like Kuaishou's Keling 2.0, demonstrating superior consistency and reproducibility, essential for commercial viability.  
- This progress reflects a broader engineering approach in Chinese models, focusing on process optimization over mere algorithmic enhancement, contrasting with the high-cost, high-failure Western methodologies.

Why the Chinese Model Leads in AI Video

On February 11th, the three major indices of the Hong Kong stock market showed a fluctuating stabilization trend during the trading session, with the Hang Seng Technology Index performing strongly, leading with a rise of 1.05%, indicating a rebound in investor interest in technology growth stocks. The Hang Seng Index slightly increased by 0.21% to 27,239.34 points. Sector performance was notably mixed: the hardware and storage sectors saw widespread gains driven by positive news from Xiaomi's business, with Xiaomi Group rising by 4.55%; the internet sector experienced mixed results, with Bilibili rising over 4% while Tencent saw a slight pullback; the semiconductor sector weakened across the board, with SMIC falling nearly 4%. Additionally, popular stocks Zhihu and Lexin Outdoor showed significant gains. The market is currently focused on the strength of macroeconomic recovery, awaiting further economic data guidance

- On February 11, Hong Kong's main indexes stabilized, with the Hang Seng Index at 27,239.34, rising 0.21%.  
- The Hang Seng Technology Index led with a 1.05% increase, reflecting a recovery in tech stocks, while the Enterprise Index also gained 0.21%.  
- Market focus remains on macroeconomic recovery and liquidity changes, with upcoming trade and retail data essential for assessing domestic demand and export resilience.

HUA HONG SEMI

DRINDA

JLMAG

CNBM

VanEck Semiconductor ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Direxion Semicon Bull 3X

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC Hang Seng Technology ETF(QDII)

iShares Semiconductor ETF

SPDR S&P Semicon

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Dacheng Hang Seng Technology ETF(QDII)

Guotai CSI Semiconductor Material Equipment Theme ETF

Hang Seng TECH ETF I

Huaan Hang Seng Technology ETF(QDII)

Hong Kong stock market intraday | Hang Seng TECH Index rose 1.05%, Xiaomi Group rose 4.55%, SMIC fell 3.91%

Recently, KUAISHOU and ByteDance released Keling 3.0 and Seedance 2.0, attracting high market attention. The new models have breakthroughs in consistency, stability, and scene segmentation, with the biggest highlight being support for video input. Tests show that Seedance 2.0 has significantly improved performance, but Keling has an advantage in professional content production. The tests covered both animation and live-action styles, with results indicating that Keling performed average in video conversion, while Seedance failed to generate successfully. Overall, Seedance focuses more on storytelling, while Keling concentrates on professional content

- Recently, Kuaishou and ByteDance launched video models Keling 3.0 and Seedance 2.0, which show significant advancements in consistency, stability, and video input capabilities.  
- Although Seedance 2.0 demonstrates clear performance improvements over its predecessor, Keling 3.0 excels in professional content production with better visual quality and detail.  
- The AI video model market is still early, showing rapid growth potential, with significant room for further penetration in areas like live-action content as technology matures.

Domestic Video Model Evaluation: ByteDance's Dream 2.0 vs KUAISHOU-KeLing 3.0

On February 10th, the three major Hong Kong stock indices closed higher collectively, with the Hang Seng Index rising 0.58% to 27,183.15 points, indicating a mild recovery in market sentiment. The retail sector performed strongly, with Alibaba up 1.65% and JD.com up 1.95%; the internet sector showed mixed results, with Tencent down 1.61% due to concerns over capital expenditures, while Kuaishou benefited from AI commercialization, rising 1.59%; the catering sector experienced fluctuations downward, with Meituan down 2.47%. Investors are closely monitoring the upcoming retail sales data and changes in the external macro environment

- On February 10, the Hong Kong stock market saw all three major indices close higher, indicating a moderate recovery in market sentiment.  
- The Hang Seng Index rose 0.58% to 27,183.15, while the Technology Index increased 0.62%, although it remains below February's peak, suggesting limited upside potential.  
- Retail stocks gained on improved profit expectations, driven by cost-cutting strategies, with Alibaba and JD.com both showing positive performances despite overall market challenges from intensified competition in various sectors.

CHINA LIT

VOBILE GROUP

WANKA ONLINE

VanEck Retail ETF

SPDR S&P Retail ETF

KraneShares 2x Long JD Daily ETF

Hwabao CSI HK Equities Internet ETF

BABA 2x Long Daily ETF - GraniteShares

E Fund CSI HK Connect Internet ETF

JD.com

Harvest Hang Seng SCHK Technology ETF

Hong Kong Stock Market Closing | Hang Seng Index up 0.58%, retail sector strengthens, Alibaba up 1.65%, Tencent down 1.61%

The Hong Kong stock market rose in the morning session, with the Hang Seng Index up 146 points, reporting at 27,173 points. Technology stocks showed mixed performance, with Tencent and Meituan declining, while KUAISHOU and JD rose. AI stocks continued to be in demand, with KNOWLEDGE ATLAS's stock price increasing by 21%. Pharmaceutical stocks also attracted market attention, with a total transaction volume of 133.823 billion yuan

AASTOCKS

GF CSI HK Innovative Drugs Industry ETF(QDII)

E Fund CSI 300 Health Care ETF

China Universal 800 Health Care ETF

ChinaAMC SSE Health Care ETF Initiating Fund

"Hong Kong Stocks" Hang Seng Index rises 146 points in half a day, AI and pharmaceutical stocks favored, KNOWLEDGE ATLAS surges 21%

On February 10th, the Hong Kong stock market's three major indices collectively closed higher, with the Hang Seng Technology Index leading the way with a 0.84% increase. On the market, the surge in AI applications and the rebound of Chinese concept stocks drove the retail sector up, with Alibaba rising 1.46% and JD.com increasing 2.32%. The restaurant sector weakened due to the drag from heavyweight stocks, with Meituan falling 3.02% and HAIDILAO dropping 3.0%. In terms of capital, the market is in a macro data vacuum period, focusing on liquidity games. In individual stocks, POP MART performed strongly with a 4.35% increase, while Tencent Holdings had the highest trading volume but slightly fell by 1.07%

- On February 10, Hong Kong stocks showed a collective increase, with the Hang Seng Index closing at 27,172.87 points, up 0.54%.  
- The tech sector led the gains, with the Hang Seng Tech Index rising 0.84%, while the retail sector benefited from optimism surrounding AI applications.  
- Several individual stocks experienced notable movements, such as Global Printing Holdings surging 59.18% and Meituan dropping 3.02%, reflecting varied investor sentiment across sectors.

UNI PRINTSHOP

CHINA WACAN

MODERN CHI MED

BAO PHARMA-B

POP MART

Hang Seng Composite Index

GX HS TECH

Krne Csi China Internet

Hong Kong Stock Midday Review | Hang Seng Tech Index rises 0.84%, AI logic helps Alibaba rise 1.46%, weight drags Meituan down 3.02%

The main indices of the Hong Kong stock market strengthened across the board, with the Hang Seng Index, Hang Seng TECH Index, and the National Enterprises Index all recording gains. The internet content and retail sectors performed positively, with capital flows clearly concentrating on leading companies. POP MART showed significant gains during the session, while Alibaba, Kuaishou, and JD were actively traded. Under structural differentiation, some popular stocks experienced sharp declines, and investors are paying attention to short-term sector rotations and macro changes

- The Hong Kong stock market showed overall strength, with the Hang Seng Index rising 1.07% to 27,316.62 points, but still below recent highs.  
- Key sectors like internet content saw notable gains, with Tencent Holdings up 0.62%, while retail stocks also performed well, including Alibaba, which rose 2.22%.  
- However, several individual stocks faced declines, such as Zhiyun (17.85%) and Jiu Fang Zhi Tou (11.55%), indicating a cautious investor sentiment amidst fluctuating market conditions.

CTG DUTY-FREE

CHOW TAI FOOK

JF SMARTINVEST

JD HEALTH

JD LOGISTICS

ALI HEALTH

Hong Kong stocks intraday | All three major indices strengthened, Hang Seng TECH up 1.46%, POP MART leading in intraday gains

02800

According to the Hong Kong Stock Connect data, the TRACKER FUND had a net outflow of HKD 4.555 billion, and KUAISHOU-W had a net outflow of HKD 569 million. TENCENT, on the other hand, saw a net inflow of HKD 1.8 billion and HKD 904 million in the Shanghai and Shenzhen-Hong Kong Stock Connects, respectively. Overall, the net outflow of southbound funds was HKD 0, with a total transaction amount of HKD 100.432 billion, accounting for 39.36% of the market transaction volume

TRACKER FUND

Net outflow of HKD 4.555 billion from the TRACKER FUND through the Hong Kong Stock Connect

Today’s Key News Recap

0121 | Dolphin Research Focus: 🐬 Macro/Industry — China's MIIT will issue guidelines to build a comprehensive standardization framework for humanoid robots and embodied AI. The framework spans five core modules: foundational/common standards, safety, system integration, key components/tech, and testing. It will prioritize urgently needed specs such as multimodal perception and interfaces for core components.In parallel, supporting measures include industry investment funds and the build-out of open-source tech communities to speed tech transfer and global sharing. These moves target pain points around fragmented tech roadmaps and weak product interoperability.Policy support should accelerate the commercialization of humanoid robots. Beneficiaries include sensors, servo systems, and AI algorithms...

Alphabet - C

Alphabet

Xiaomi HK SDR 2to1

NVIDIA

Meta Platforms

KUAISHOU-WR

XIAOMI-WR

Tesla

PDD hit with RMB 100k fine; TSLA Dojo3 returns | Daily News Recap

Jan 16 | Dolphin Research Focus: 🐬 Stocks. 1、$NVIDIA(NVDA.US) Nvidia was criticized for errors in a technical report on data-center copper usage, and has quietly revised the figures.It cut the estimated copper busbar requirement per GW for traditional racks to 200 tons from 500,000 tons — a drastic change. The correction undercuts the aggressive thesis that AI compute would trigger an explosive surge in copper demand, prompting a reset of supply-demand assumptions across the copper value chain. Near term, it deflates copper-price froth and eases data-center build-cost pressure.2、$KUAISHOU-W(01024.HK) Kuaishou announced a dual-currency senior notes offering. ...

EASTROC

Webull

EASTROC BEVERAGE

WisdomTree Gold

Taiwan Semiconductor

WEBULL CORPORATION C/WTS 10/04/2030(TO PUR COM)

NVDA quietly revises data, slashing its copper consumption forecast; Kuaishou to issue a three-tranche notes offering | Daily News Recap

0112 | Dolphin Research Focus: 🐬 Stock 1, $CHINA LIT(00772.HK) jumped 10%+ today. The move was driven by a deep AIGC tie-up with Shengshu Tech.Its 'Yuewen Comic-Drama Assistant' fully integrated the multimodal LLM 'Vidu'. AI now spans the end-to-end creation workflow to cut costs, boost efficiency, and strengthen visual IP monetization, aligning with the industrialization of AI content.This should accelerate the conversion of online-literature IP into comic-dramas and short-form series, opening new growth avenues. Sentiment was also helped by a rebound in China and AI names on the day...

XPENG-W

XPeng

XPEV's Aeroht files for IPO confidentially; AI theme takes off｜Daily News Recap

0105 | Dolphin Research Focus: 🐬 Macro/Industry — Over the weekend, the U.S. move to detain Venezuela's President Nicolás Maduro roiled global markets. Washington tightened the oil blockade, driving the country's crude exports near zero, stranding over 17 mn bbl at sea, and forcing field shutdowns. Markets swung sharply, with Brent/WTI whipsawing at the open and gold rallying on haven demand, underscoring how U.S. unilateralism can disrupt diplomacy and energy markets...

Kling Frenzy Lifts Kuaishou; Moutai Rallies on a Flurry of Moves | Daily News Recap

BIKUASO@EP2603A(19035.HK)

Hong Kong stock market intraday | Hang Seng Tech Index fell 1.59%, with the restaurant and internet sectors experiencing widespread declines, Meituan dropped 4.73%, and BOER POWER surged 112%

Differentiation among major companies in the multi-modal "Deepseek Moment": ByteDance focuses on "efficiency," Kuaishou targets "professionalism," and Alibaba concentrates on "e-commerce"!

Hong Kong Stock Market Mid-Review | The Hang Seng Index fell 0.89%, technology weights weakened across the board, Meituan plummeted 4.16%, and YOFC surged 11.35%

Hong Kong stock market intraday | Hang Seng TECH Index down 1.58%, Tencent down 2.83%, Meituan down 3.38%

Hong Kong stocks closed | All three major indices rose, with the Hang Seng Tech Index up 0.90%, and Xiaomi Group rising over 4%