MSKUASO@EC2606A

Southbound funds saw a net inflow of HK$27.8 billion this week but reduced their holdings in Kuaishou.

Goldman Sachs reiterates 'Buy' on Kuaishou with HK$87 target price, says its AI model Kling is undervalued

Kuaishou-W becomes the second-largest short-selling target in the Hong Kong media and entertainment sector on February 13

Analysts predict Kuaishou's Q4 revenue to grow by 8.2% to 14.7% year-on-year, with AI technology as a key driver

UBS is optimistic about Kuaishou's AI commercialization and may raise its valuation

Hang Seng Index closes down 233 points, Kuaishou is the worst-performing blue-chip stock month-to-date

Kuaishou Partners with China Media Group for '2026 Spring Festival Gala'

An accountant embezzled ten million in public funds to tip live streamers on platforms including Kuaishou

Cyberspace administration to strictly regulate the dissemination of false and untrue information that lacks AI labeling

Industry analysis indicates Kuaishou is focusing on a specialization strategy in the multimodal AI field

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

GUANZE MEDICAL

PCPD

STARCOIN GROUP

HUILI RES

TIMES UNI GP

MANY IDEA CLOUD

WALNUT CAP

SILKWAVE INC

HUA LIEN INT'L

WAI CHUN GROUP

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512380

China's tech giants, including Alibaba, ByteDance, and Kuaishou, have launched new AI models this week, showcasing advancements in robotics and video generation. Alibaba's RynnBrain helps robots understand their environment, while ByteDance's Seedance 2.0 generates realistic videos from text prompts. Kuaishou's Kling 3.0 offers improved video consistency and audio generation. Despite the technological progress, Seedance faced issues with a voice generation feature due to consent concerns. These developments highlight China's competitive stance in the AI sector, as noted by industry experts.

- At the World Artificial Intelligence Conference, Chinese tech giants Alibaba, ByteDance, and Kuaishou unveiled new AI models demonstrating advancements in robotics and video generation.  
- Alibaba's RynnBrain enhances robot object recognition, while ByteDance's Seedance 2.0 can generate realistic video from text prompts, despite facing concerns over voice generation.  
- Kuaishou's Kling 3.0 improves video consistency and adds multilingual audio, contributing to the company's significant stock rise.

CNBC

KUAISHOU-W

BABA-W

Yinhua MSCI China A ETF

It's been a big — but rocky — week for AI models from China. Here's what's happened

BABA

516010

ESPO

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The launch of Seedance 2.0 has sparked heated discussions, with Musk and American directors praising it. Users have shown strong interest in its global usage and registering Chinese accounts. This version has significant improvements in understanding visual language and multimodal input, supporting mixed inputs of images, videos, audio, and text, enhancing visual consistency and stability. Users have shared various creative videos showcasing the powerful features of Seedance 2.0

- The release of Seedance 2.0 has created a significant buzz, garnering attention from influential figures and users alike.  
- The updated model supports multimodal inputs and improves stability and consistency in video generation, making it suitable for various creative tasks.  
- While it performs well in understanding shots and producing engaging content, some minor bugs and limitations in text integration and sound accuracy remain.

Wallstreetcn

Alibaba

Guotai CSI Animation Game ETF

VanEck Video Gaming and eSport ETF

First Trust S-Network Streaming and Gaming ETF

ChinaAMC CSI Animation Game ETF

VanEck Gaming ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

KraneShares 2x Long BABA Daily ETF

DAMAI ENT

ProShares Online Retail

PWRD

Amplify Online Retail ETF

Global X Video Games & Esports ETF

Global X E-commerce ETF

Penghua CSI Media ETF

HUACE FILM & TV

ChinaAMC CSI Cultural Entertainment Media ETF

Invesco Leisure & ENT ETF

Wedbush ETFMG Video Game Tech ETF

Yinhua CSI Movies Theme ETF

BABA 2x Long Daily ETF - GraniteShares

Seedance 2.0 Deep Evaluation: Stable in Complex Scenarios, Even ASMR?

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On February 13th, the Hong Kong stock market collectively adjusted, with the Hang Seng Index falling 1.72%, breaking below short-term highs. The internet and retail sectors experienced widespread declines, influenced by the macro environment and intensified competition, with heavyweight stocks like Meituan and Alibaba weakening. The restaurant sector showed mixed performance, with Haidilao rising against the trend due to recovery expectations. In terms of individual stocks, Yingda Real Estate surged over 39% on expectations of profits from asset sales. The market has entered a short-term consolidation period, with funds focusing on liquidity changes and policy directions

- On February 13, Hong Kong stocks declined collectively after reaching a short-term high, with the Hang Seng Index falling 1.72% to 26,567.12 points. 
- The retail sector suffered due to intense price competition and weak consumer sentiment, impacting major players like Alibaba and JD.com. 
- Amid mixed macroeconomic signals, investors are advised to consider defensive opportunities in high-dividend and policy-benefited sectors.

Market Heartbeat

TENCENT

BIDU-SW

JD-SW

MNSO

MEITUAN

HAIDILAO

YUM CHINA

AFFLUENT FDN

Hong Kong Stock Market Closing | Hang Seng Index fell 1.72%, Meituan dropped 3.18% leading the blue chips, Yingda Real Estate surged 39% on positive news

On February 13th, the Hong Kong stock market showed weak sentiment, with all three major indices declining collectively. The Hang Seng Index fell 1.86% during the session and failed to hold its high position, while the Hang Seng TECH Index dropped 1.31%. Under the dual pressure of cooling expectations for a Federal Reserve interest rate cut and intensified industry competition, technology and consumer heavyweight stocks experienced widespread declines. Meituan fell over 3% due to market concerns about a new round of price wars, with Baidu, Alibaba, and others following suit in their corrections. Market risk aversion increased, with funds waiting for the core data at the end of the month to validate the recovery's strength. In terms of individual stocks, the new stock HAIZHI TECH GP surged over 224%, becoming the biggest highlight of the session

- As of February 13, 2026, Hong Kong's stock indices faced downward pressure, with the Hang Seng Index dropping 1.86% to 26,529.94 points amid weakening buying momentum.  
- The technology and retail sectors experienced declines due to concerns over competition and market dynamics, with companies like Tencent and Alibaba seeing significant decreases in share prices.  
- Investors remain cautious, awaiting crucial data later in the month to gauge economic recovery signals and their impact on major sectors.

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Hong Kong stock market intraday | The Hang Seng Index fell 1.86% under pressure, technology stocks broadly declined, Meituan dropped 3.48%, and the new stock HAIZHI TECH GP surged 224%

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On February 13th, the three major indices of Hong Kong stocks collectively weakened in the morning session, with the Hang Seng Index falling by 1.79% and the Hang Seng TECH Index dropping by 1.65%. Affected by regulatory interviews and profit-taking pressure, technology stocks fell across the board, with MEITUAN down 4.54%, Baidu down 3.78%, and JD.com down 3.04%. Although Tencent continued to attract attention from southbound funds, its stock price still adjusted down by 1.68%. Individual stocks showed divergence, with AI concept stock Zhipu surging over 28% against the trend, and catering leader Haidilao rising by 2.22%. Market risk aversion sentiment is rising, entering a phase of digestion and consolidation in the short term

- On February 13, Hong Kong's three major indices fell after a recent high, indicating profit-taking pressure amid heightened risk aversion.  
- The Hang Seng Index closed at 26,548.41 points, dropping 1.79%, with the technology and retail sectors, including Tencent and Alibaba, showing significant declines due to regulatory concerns.  
- Market focus is shifting to external liquidity and mainland economic recovery, as the upcoming macro data release is anticipated to influence market direction.

XIAOMI-W

KNOWLEDGE ATLAS

Tencent Holdings Limited

Dacheng Hang Seng Technology ETF(QDII)

Tencent

CAM HS TECH

CSOP HS TECH

HSTECH ETF

FL2 CSOP HSI

Baidu

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

FI2 CSOP HSI

ChinaAMC Hang Seng Technology ETF(QDII)

Hong Kong Stock Midday Review | The Hang Seng Index fell 1.79%, tech stocks collectively declined, while AI concept stock Zhipu surged over 28% against the trend

Goldman Sachs reiterated its "Buy" rating on KUAISHOU-W, with a target price of 87 yuan. The report analyzed investors' core controversies regarding KUAISHOU-W, including the potential of generative AI, industry competition, and tax-related issues. Goldman Sachs pointed out that after a recent adjustment, KUAISHOU-W's stock price fell below the forecasted price-to-earnings ratio of 12 times for 2026, believing that the market has underestimated the valuation of KUAISHOU-W's artificial intelligence business, making the risk-reward more favorable

AASTOCKS

Goldman Sachs reiterated its "Buy" rating on KUAISHOU-W, indicating that the market underestimates the valuation of its core business

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Goldman Sachs believes that the AI video generation field is not a "winner-takes-all" scenario, and both KUAISHOU-W and ByteDance's Dream will benefit from market expansion. It is expected that the global AI video generation market will grow from USD 3 billion in 2025 to USD 29 billion in 2030, a tenfold increase. AI technology will reshape the value chain of the entertainment industry, shifting towards upstream IP design and distribution platforms, which will gain higher added value

- Goldman Sachs highlights that the AI video generation market is not a zero-sum game, with multiple players like Kuaishou and ByteDance's Dream benefiting from market expansion.  
- Following the launch of Dream 2.0 on February 12, the competition between platforms is intensifying, with Kuaishou's 3.0 model having advanced capabilities and maintaining competitiveness in certain aspects despite a late release.  
- The global AI video generation market is projected to grow tenfold by 2030, reaching about $29 billion, leading to increased opportunities for leading models amid a diversified market landscape.

"KUAISHOU-W vs ByteDance" Who is stronger? Goldman Sachs: There is no "winner takes all," but AI will significantly change the value distribution in the entertainment industry

The three major indices of the Hong Kong stock market were all under pressure today, with the Hang Seng Index falling 1.52%, the Hang Seng Tech Index dropping 1.24%, as the market faced profit-taking after reaching a peak. The technology, internet, and retail sectors generally weakened, with heavyweight stocks Tencent Holdings down 1.77%, Alibaba down 2.21%, and Meituan down 3.30%. The restaurant sector showed mixed performance, with Haidilao rising 1.56% against the trend. In terms of individual stocks, Aisinyuan Intelligence surged 13.68% on its first day of listing, while Starry Chain Group experienced significant volatility due to name change expectations. Investors are closely monitoring upcoming CPI and GDP data to assess the economic recovery process

- The Hong Kong stock market showed declines today, with major indexes experiencing profit-taking after yesterday's highs.  
- The Hang Seng Index fell by 1.52% to 26,622.96 points, while tech and retail sectors suffered due to cautious consumer recovery expectations.  
- Market participants are focused on forthcoming economic data, including CPI and GDP, to assess recovery resilience, as trading activity indicates strategic movements towards certain sectors.

AXERA

LONGCHEER

Hong Kong stock market intraday | The Hang Seng Index fell 1.52%, technology weighted stocks broadly declined, Meituan fell 3.30%, and Aisino surged 13.68%

On February 12th, the three major indices of the Hong Kong stock market collectively adjusted, with the Hang Seng Index falling 0.86% to 27,032.54 points, and the Hang Seng TECH Index dropping 1.65%. In terms of sectors, internet and restaurant stocks generally declined, with Meituan falling 4.5%, and Tencent and Baidu both moving lower; SenseTime surged 6.77% against the trend due to capital inflow, and Zijin Mining rose 3.45%. Investors are closely monitoring liquidity indicators such as M3 and foreign exchange reserves, and market sentiment is becoming cautious

- On February 12, Hong Kong stocks closed lower after recent highs, with the Hang Seng Index down 0.86% at 27,032.54 points.  
- Major sectors like internet content and restaurants faced significant declines, illustrating investor caution amid recovery challenges in consumption.  
- The market is focused on macro liquidity and economic recovery indicators, particularly retail sales and unemployment rates, to gauge future economic prospects.

ILUVATAR COREX

HUAYUEXPRESSWAY

BOER POWER

FI2CAMNDQ100

FI CSOP HSI

Hong Kong Stock Market Closing | Hang Seng Index fell 0.86%, losing high ground, Meituan plummeted 4.5% leading the decline in technology and dining sectors, SenseTime surged 6.77% against the trend

TCTZF

CITIC Securities International's research report points out that the model iteration of mainland internet companies has accelerated, enhancing the valuation recovery of the Hong Kong stock technology sector. It highlights companies such as Alibaba, Tencent, and Kuaishou, believing that the investment logic of the AI mainline has significantly strengthened, and future heavyweight models like DeepSeek-V4 and Alibaba Qwen 3.5 will become catalysts. Preferred stocks include Alibaba and Tencent

Hwabao CSI HK Equities Internet ETF

iShares MSCI China

Krne Csi China Internet

E Fund CSI HK Connect Internet ETF

Emerging Markets Internet ETF

ChinaAMC Hang Seng Internet Technology Industry ETF(QDII)

Harvest Hang Seng SCHK Technology ETF

CITIC Securities International: Domestic model iteration accelerates valuation recovery of Hong Kong stock technology sector, with Alibaba and Tencent as top picks

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.

MINIMAX-WP

UNISOUND

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%

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.

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

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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

TOUYUN BIOTECH

HANVEY GROUP

YOFC

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

TJCD

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

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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.

LENOVO GROUP

RIDGE OUTDOOR

ELEGANCEOPTICAL

HAO BAI INTL

ONEROBOTICS

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%

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

Xiaomi Corporation

Tesla

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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)

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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...

CHINA LIT

XPENG-W

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

MSKUASO@EC2606A(20137.HK)

It's been a big — but rocky — week for AI models from China. Here's what's happened

Seedance 2.0 Deep Evaluation: Stable in Complex Scenarios, Even ASMR?

Hong Kong Stock Market Closing | Hang Seng Index fell 1.72%, Meituan dropped 3.18% leading the blue chips, Yingda Real Estate surged 39% on positive news

Hong Kong stock market intraday | The Hang Seng Index fell 1.86% under pressure, technology stocks broadly declined, Meituan dropped 3.48%, and the new stock HAIZHI TECH GP surged 224%

Hong Kong Stock Midday Review | The Hang Seng Index fell 1.79%, tech stocks collectively declined, while AI concept stock Zhipu surged over 28% against the trend