MBKUASO@EC2705A

2026 National Subsidies Go Online, Pinduoduo, Douyin, and Kuaishou Accelerate Entry

Titan Media Reviews Kuaishou's Commercialization Restructuring: Wang Jianwei Leads Unified System

Kuaishou's Kling AI 3.0 Model Tops Global Charts, Garnering Market Attention

New regulations on online content affecting minors take effect in China.

Kuaishou Technology to Release Q4 and Full Year 2025 Financial Results on March 25

People's Daily exposes 'virtual buyer shows' and fake reviews on platforms like Kuaishou.

Kuaishou E-commerce '3.8 Renewal Season' Promotion Expected to Enter Peak Phase.

Kuaishou shares close down 2.8% amid Southbound capital net outflows.

Securities Times: Kuaishou and other internet giants accelerate AI glasses layout

Kwai's Spring Festival Activities Concluded with Record High DAU

Kuaishou's DAU Hits Record High During Spring Festival, 'Shake Red Packet' Users Grow Over 60%

Kuaishou leads decline in February Hong Kong stocks, dropping over 21% for the month.

Southbound capital inflow accelerates to over HKD 10 billion in the afternoon, targeting Hong Kong Stock Connect Tech ETFs.

Kuaishou drops over 4% as HALO trading strategy triggers tech stock sell-off.

HK Stock Midday: Kuaishou Shares Dip 1% Amidst Profit-Taking Pressure

Upcoming 'Two Sessions' in China to Signal Policy Direction for Platform Economy and AI

Kuaishou Technology opens at HK$63.60 amid broader tech sector weakness.

China to release February official Manufacturing PMI.

Kuaishou Technology Plans to Host 2026 Investment Day in Hong Kong in March

Dow Jones Reports on AI Reshaping Content Industry and Growth in Micro-Drama Sector

CCOE

STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

TE HEALTHCARE

ASIAPAC FIN INV

WELIFE TECH

DRINDA

TIMELESS

601869

00700

01024

09888

09988

09618

09896

On February 27th, all three major indices of the Hong Kong stock market closed higher, with the Hang Seng Index rising 0.95% to 26,630.54 points, indicating a moderate recovery in market sentiment. Sector performance was mixed; boosted by demand for AI computing power, Longbridge surged 10.06%, while Cambridge Technology fell 8.28%. Large tech stocks showed varied performance, with Tencent Holdings up 1.17%, Kuaishou down 1.18%, and Alibaba slightly down 0.07%. The current market is in a data vacuum period, with funds maintaining high-level fluctuations and consolidating, awaiting further guidance from macro policies

- On February 27, the Hong Kong stock market closed higher, with all three major indices rebounding after a short-term adjustment, signaling a moderate recovery in market sentiment.  
- The Hang Seng Index rose by 0.95% to 26,630.54 points, indicating strong resistance despite not reaching prior highs, while the Hang Seng Technology Index and the Hong Kong Enterprise Index also increased slightly.  
- Focus shifts to post-holiday liquidity and corporate earnings expectations amidst a lack of key macroeconomic data, with investors eyeing U.S. Federal Reserve policies and mainland growth strategies.

Market Heartbeat

YOFC

TENCENT

KUAISHOU-W

BIDU-SW

BABA-W

JD-SW

MNSO

SANERGY GROUP

MAINLAND HOLD

Tencent Holdings Limited

Hong Kong stock market closing | Hang Seng Index rose 0.95%, stabilizing at 26,600 points, YOFC surged 10.06%, Tencent rose 1.17%

On February 27th, the three major indices of the Hong Kong stock market collectively warmed up in the morning session, with the Hang Seng Tech Index rising 1.03% to lead the market, and the Hang Seng Index increasing 0.75% to maintain a strong oscillating pattern. The internet and retail sectors performed actively, with Tencent Holdings leading the trading volume with a rise of 2.83%, Alibaba following with an increase of 1.05%, and Yangtze Optical Fibre rising sharply by 3.85, while stocks like Kuaishou and Cambridge Technology experienced adjustments. On the macro level, the market is in a data vacuum period, with investors waiting for guidance from Hong Kong's retail sales and CPI data, and overall bullish sentiment has somewhat recovered

- On February 27, Hong Kong's three major indices rebounded, with the Hang Seng Tech Index leading the market.  
- The Hang Seng Index rose by 0.75% to 26,578.43 points, and investor sentiment was generally positive, particularly in the technology and retail sectors.  
- Notable individual stock performances included a 125.81% surge in Great Wall Digital's shares following the lifting of its liquidation application, attracting speculative trading.

XUNCE

XIMEI RESOURCES

Hwabao CSI HK Equities Internet ETF

E Fund CSI HK Connect Internet ETF

Alibaba

BABA 2x Long Daily ETF - GraniteShares

FI2 CSOP HSI

Tencent

FI CSOP HSI

Hang Seng Composite Index

Harvest Hang Seng SCHK Technology ETF

KraneShares 2x Long BABA Daily ETF

CSOP HS TECH

Hang Seng Index

FL2 CSOP HSI

Hong Kong Stock Midday Review | Hang Seng Tech Index up 1.03%, Tencent Holdings up 2.83% leading the way, YOFC up 3.85%

On February 27th, during the Hong Kong stock market, the market showed a mild recovery trend, with the three major indices maintaining narrow fluctuations. The Hang Seng Index stabilized above 26,400 points, while the Technology Index consolidated around 5,100 points. In terms of sectors, the internet content and information sector experienced mixed fluctuations, with TENCENT's stock price rising due to favorable AI news, while KUAISHOU faced a pullback due to profit-taking pressure; the communication equipment sector declined overall, with CIG experiencing a significant drop. Market sentiment remained cautious, with investors closely monitoring macroeconomic data guidance

- Hong Kong stocks showed mild recovery on February 27, maintaining narrow fluctuations due to lack of significant positive stimuli.  
- The Hang Seng Index rose by 0.42% to 26,491.34 points, indicating stable support above 26,400 points, while the Hang Seng Tech Index saw a modest increase of 0.36%.  
- Market focus remains on economic recovery indicators like retail sales and export data, contributing to cautious sentiment among investors.

MANY IDEA CLOUD

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

HSTECH ETF

Hong Kong stock market intraday | The Hang Seng Index rose 0.36%, technology stocks fluctuated and diverged, Tencent Holdings increased by 1.17%, Kuaishou fell by 1.02%

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00005

Hong Kong stocks experienced a collective pullback today, with the three major indices retreating after reaching highs. The Hang Seng Index closed down 1.44%, and the Hang Seng Tech Index plummeted 2.87%. On the market, tech stocks and retail stocks showed weakness, with significant declines in heavyweight stocks like Alibaba and Kuaishou; bank stocks exhibited mixed performance, with HSBC Holdings rising 1.61% against the trend, supporting the market. Funds have not completely withdrawn, as the telecommunications equipment sector was in demand, with NANFANG COMM and MOBI DEV seeing significant price increases. On the macro front, the market is closely monitoring economic data from early 2026 to assess the sustainability of the recovery

- Hong Kong stocks experienced a collective pullback today, with the Hang Seng Index dropping 1.44% to close at 26,381.02 points after recent highs.  
- The Hang Seng Tech Index fell 2.87%, indicating significant profit-taking, while retail and internet sectors also showed declines amid a subdued market mood.  
- Investors are focusing on macroeconomic signals for early 2026, watching GDP growth and inflation rates to assess economic recovery and stock valuation trends.

NANFANG COMM

HSBC HOLDINGS

ICBC

MOBI DEV

PUTIAN COMM

KPM HOLDING

ISHARESHSI

Hong Kong Stock Market Closing | The Hang Seng Index fell by 1.44%, the Tech Index plummeted by 2.87%, Alibaba's decline exceeded 3%, and NANFANG COMM surged over 42%

On February 26th, the Hong Kong stock market sentiment turned cautious, with all three major indices retreating. The Hang Seng Index fell by 0.95%, and the Hang Seng TECH Index plummeted by 2.19%. Blue-chip stocks generally weakened, with Alibaba and Tencent Holdings dropping by 2.9% and 1.82%, respectively. The funding situation showed a clear divergence, with the demand for AI computing infrastructure driving the communication equipment sector to rise against the trend, as YOFC surged over 4%. The current market is in the pullback confirmation phase after a breakout, with macro-level attention focused on liquidity verification and signals of domestic demand recovery

- On February 26, Hong Kong stocks declined across all major indices, reversing previous gains due to profit-taking and cautious investor sentiment.  
- The Hang Seng Index fell 0.95% to 26,511.22 points, with significant losses in technology stocks, while communication equipment firms saw gains driven by AI infrastructure demand.  
- Market liquidity and domestic consumption recovery remain key focuses for investors, monitoring M3 money supply and retail sales for insights into economic resilience.

DONGFANG ELEC

ILUVATAR COREX

FIT HON TENG

ALI HEALTH

Fullgoal CSI Communication Equipment Thematic ETF

Hang Seng TECH Index

Hong Kong Stock Market Update | The Hang Seng Index fell 0.95%, Alibaba dropped 2.9%, while the communication equipment sector surged against the trend

As of noon on February 26, Hong Kong stocks showed weakness across the three major indices, with the Hang Seng Index down 0.39% and the Hang Seng Tech Index falling 1.65%, leading the decline. In terms of sectors, retail and technology stocks generally retreated, with Alibaba down 2.09% and Kuaishou down 2.41%; the telecommunications equipment sector performed strongly against the trend, with Yangtze Optical Fibre and Cable rising 4.65% and Cambridge Technology up 5.02%. The market experienced a technical adjustment after reaching a peak, focusing on the endogenous momentum of economic recovery, with investment sentiment becoming cautious

- The Hong Kong stock market saw a collective decline in the main indices after reaching a peak, with the Hang Seng Index closing at 26,661.2 points, down 0.39%.  
- The technology sector led the decline, with the Hang Seng Tech Index falling 1.65%, attributed to significant technical corrections from recent highs.  
- While retail stocks fell, communication equipment stocks increased, driven by optimism around digital infrastructure policies.

FULUM GP HLDG

ZIJING INTL FIN

SINOPHARM TECH

Hong Kong Stock Market Mid-Review | Hang Seng Tech Index fell 1.65%, communication equipment stocks rose against the trend, Changfei Fiber increased by 4.65%, Alibaba dropped by 2.09%

The three major Hong Kong stock indices collectively adjusted during the session, with the Hang Seng TECH Index leading the market decline, down 1.57%. In terms of sectors, retailers, internet, and building materials sectors generally weakened, with heavyweight stocks under significant pressure. In terms of individual stocks, Alibaba fell 2.43%, Kuaishou dropped 2.56%, and CONCH CEMENT plummeted 7.19%. Market sentiment is becoming cautious, closely monitoring expectations for Federal Reserve policy and data on the recovery of the mainland economy

- The Hong Kong stock market experienced a collective decline, with the Hang Seng Index dropping 0.58% to 26,609.88 points as profit-taking pressure hindered further gains.  
- Notable declines were seen in the Hang Seng Tech Index and the Hang Seng China Enterprise Index, reflecting a cautious market sentiment amid concerns over economic recovery and the performance of various sectors.  
- Key stocks related to retail and construction suffered significant losses, while select small-cap stocks experienced sharp increases, indicating volatility and market speculation.

CONCH CEMENT

CNBM

WESTCHINACEMENT

KEEN OCEAN

MICROWARE

Dacheng Hang Seng Technology ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

Hang Seng TECH ETF I

Hong Kong stock market intraday | Hang Seng Tech Index down 1.57%, Alibaba down 2.43%, CONCH CEMENT down 7.19%

03690

09987

02513

01888

On February 24th, Hong Kong stocks closed with all three major indices significantly retreating, with the Hang Seng Index down 1.82% and the Hang Seng Technology Index down 2.13%. Dragged down by the adjustment in U.S. stocks and macroeconomic concerns, the technology and catering sectors saw widespread declines, with Meituan down 4.24% and Tencent Holdings down 3.35%. Despite the weak market, KNOWLEDGE ATLAS surged against the trend, driven by positive news from AI model breakthroughs, rising 12.14%, while YUM CHINA increased by 2.55% due to strong earnings reports. Market sentiment has turned cautious, facing short-term profit-taking pressure

- On February 24, Hong Kong stocks faced a significant retreat, with major indices, including the Hang Seng Index, falling by 1.82% after reaching a high phase.  
- The declines were attributed to profit-taking pressures and cautious market sentiment, particularly affecting the tech and retail sectors.  
- Investors are closely monitoring macroeconomic indicators, including retail sales and import-export data, to assess the sustainability of local consumption and external demand recovery.

MEITUAN

HAIDILAO

YUM CHINA

KNOWLEDGE ATLAS

KB LAMINATES

ADD NEW ENERGY

GIGADEVICE

Hong Kong Stock Market Closing | The Hang Seng Index fell 1.82%, technology and restaurant stocks were under pressure, while KNOWLEDGE ATLAS surged 12.14%

On February 24, 2026, Beijing time, the Hong Kong stock market collectively weakened in the afternoon, with all three major indices adjusting high and falling more than 2%. The Hang Seng Tech Index led the decline, dragged down by a pullback in AI themes. Technology stocks generally fell, with major stocks such as Tencent Holdings, Alibaba, and Meituan showing weak performance. Funds shifted towards defensive stocks and individual stock speculation, with Aito rising sharply against the trend due to positive acquisition news. On the macro level, the market is closely monitoring liquidity and the recovery of local consumption data, with investment sentiment leaning towards caution

- The Hong Kong stock market experienced a significant downturn, with major indices falling over 2% led by the Hang Seng Index which dropped 2.01%.  
- Key sectors such as internet and retail reflected negative sentiment, influenced by a retreat in AI stocks, highlighting a broader market adjustment.  
- Notable individual stock movements included significant increases for certain companies while others like Tencent and Alibaba faced declines amid increased market caution.

DAISHOMICROLINE

Hong Kong stocks intraday | Hang Seng Index fell 2.3%, Meituan dropped 4.59%, Aide New Energy surged 30.28%

On February 24th, the Hong Kong stock market's midday review showed a collective pullback in the morning session, with the three major indices experiencing a unilateral adjustment. The Hang Seng Index fell by 1.93%, and the Hang Seng TECH Index dropped by 2.36%, leading the market decline. Risk aversion sentiment increased, causing technology heavyweight stocks to weaken across the board, with Meituan -W down 4.76%, leading the blue-chip decline, and Tencent Holdings down 3.44%. The internet, retail, and catering sectors were generally under pressure, but YUM CHINA rose 1.98 against the trend. In terms of individual stocks, KNOWLEDGE ATLAS surged by 20.89%, and KB LAMINATES rose by 11.09, driven by positive earnings expectations. Market focus has shifted to macroeconomic data and liquidity in the capital market

- On February 24, Hong Kong's stock market showed a notable downturn with the Hang Seng Index closing at 26,560.57, down 1.93%. 
- Sector performance was broadly negative, particularly in technology and retail, with major companies like Tencent and Alibaba seeing significant declines amid rising risk aversion and concerns over macroeconomic conditions. 
- Investors are closely monitoring economic indicators such as retail sales and unemployment to gauge the recovery potential of the Hong Kong economy.

Shandong Molong

KINGBOARD HLDG

Meituan

Hong Kong Stock Midday Review | Hang Seng Index fell 1.93%, KNOWLEDGE ATLAS surged 20.89%, Meituan dropped 4.76%

01357

On February 24th, during the Hong Kong stock market, the three major indices collectively weakened, with the Hang Seng Tech Index leading the decline, down 2.26%. The internet and retail sectors were under pressure, and market risk aversion increased, with Tencent Holdings falling 3.16% and Alibaba dropping 2.50%. The communication equipment sector showed mixed performance, with YOFC rising against the trend by 3.84%. In terms of individual stocks, KNOWLEDGE ATLAS surged 13.57% due to the release of its flagship model, while Jiantao's laminated board rose 11.19% on positive earnings expectations. Investors are closely watching Hong Kong's retail and unemployment rate data

- On February 24, Hong Kong stocks experienced a decline as profit-taking pressures emerged after reaching recent highs, with the Hang Seng Index down 1.65% at 26,634.12 points.  
- Notable declines were observed in the tech sector, led by Tencent, Kuaishou, and Meitu, while the retail sector also suffered due to external market influences.  
- Investors are closely monitoring economic indicators such as retail sales and unemployment rates to gauge local consumer recovery, impacting market momentum and liquidity expectations.

MEITU

BYD ELECTRONIC

SHANDONG MOLONG

Hong Kong stock market intraday | The Hang Seng Index fell 1.65%, the Tech Index fell 2.26% leading the decline, KNOWLEDGE ATLAS surged 13.57%, YOFC strengthened against the trend

02899

STECH

In terms of sectors, leading technology stocks, semiconductors, non-ferrous metals, and new energy vehicle stocks performed well, with Zijin Mining, Meituan, and SMIC rising over 5%; large model concept stocks retreated, with KNOWLEDGE ATLAS falling nearly 23% and MINIMAX dropping over 13%

- On February 23, the Hang Seng Index and the Hang Seng Tech Index experienced strong fluctuations, with the Hang Seng Index rising 2.53% and the Hang Seng Tech Index increasing 3.34%.  
- Notable performers included Zijin Mining, Meituan, and SMIC, each rising over 5%, while stocks like Zhicheng dropped nearly 23% following prior gains.  
- In the gold sector, China Gold International saw a rise of over 6%, and the significant increase in gold prices has reached over 5,100 USD.

Wallstreetcn

ZIJIN MINING

SMIC

Zijin Mining

iShares Semiconductor ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

VanEck Semiconductor ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

GF Fund CSI Semiconductor Material Equipment Theme ETF

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

ICBCCS CNI HK Connect Technology ETF

ChinaAMC Guozheng Semiconductor Chip ETF

SPDR S&P Semicon

Hang Seng TECH surged over 3%, Meituan rose over 5%, while the "dual giants of large models" KNOWLEDGE ATLAS and MINIMAX showed significant pullbacks

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

Yinhua MSCI China A ETF

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

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-W

XIAOMI-WR

Xiaomi Corporation

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...

CHINA LIT

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...

Moutai

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

1223 | Dolphin Research Focus: 🐬 Macro/Industry. Dec 22–23, the National Housing and Urban-Rural Development Work Conference in Beijing set stabilizing the property market as the core task through 2026.Planned actions include city-specific policies to cap new additions, clear inventory, and optimize the supply mix, and converting existing commercial housing into affordable units. A 'whitelist' program will support developer financing, and a completed-home sales regime will be promoted to curb delivery risk. At the same time, Housing Provident Fund reforms will be deepened and a housing quality upgrade initiative rolled out...

BABA plans a big order to secure AMD MI308; Kuaishou hit by fraud rings, campaign backfires | Daily News Recap

MBKUASO@EC2705A(25968.HK)

Hong Kong stock market closing | Hang Seng Index rose 0.95%, stabilizing at 26,600 points, YOFC surged 10.06%, Tencent rose 1.17%

Hong Kong Stock Midday Review | Hang Seng Tech Index up 1.03%, Tencent Holdings up 2.83% leading the way, YOFC up 3.85%

Hong Kong stock market intraday | The Hang Seng Index rose 0.36%, technology stocks fluctuated and diverged, Tencent Holdings increased by 1.17%, Kuaishou fell by 1.02%

Hong Kong Stock Market Closing | The Hang Seng Index fell by 1.44%, the Tech Index plummeted by 2.87%, Alibaba's decline exceeded 3%, and NANFANG COMM surged over 42%

Hong Kong Stock Market Update | The Hang Seng Index fell 0.95%, Alibaba dropped 2.9%, while the communication equipment sector surged against the trend