MS#BAIDURP2612C

CCOE

ONEFORCE HLDGS

STARCOIN GROUP

ROYAL DELUXE

WELIFE TECH

DRINDA

ASIAPAC FIN INV

WAI HUNG GROUP

MS CONCEPT

JOHNSON ELEC H

00700

513180

03088

BIDU

09888

09618

Hong Kong tech stocks performed poorly in February 2024, with the Hang Seng Technology Index falling by about 10%, marking the largest monthly decline in two years. Mainland capital significantly reduced holdings, and renowned investor Michael Burry pointed out that Tencent's stock price has seen no growth over the past five years, reflecting structural issues in Hong Kong stocks. Market enthusiasm for Chinese internet giants has waned, with investors shifting towards chip and AI startups. Baidu's stock price dropped over 19% due to weak performance. The market is focusing on the earnings of JD and Bilibili to seek clues about the industry's outlook

- The Hong Kong tech sector has underperformed in the Year of the Horse, with the Hang Seng Tech Index falling nearly 10% this month, marking its largest monthly decline since January 2024.  
- Significant sell-offs from mainland investors and a lack of support have led the index to bear market territory, with a nearly 23% drop from last October's highs.  
- Investor sentiment is shifting towards chip manufacturers and AI startups, and expected earnings reports from JD.com and Bilibili may provide insights into the sector's future.

Stheadline

TENCENT

ChinaAMC Hang Seng Technology ETF(QDII)

CAM HS TECH

Baidu

BIDU-SW

ISHARESHSTECH

Bilibili

Tencent Holdings Limited

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

CSOP HS TECH

JD-SW

Hong Kong tech stocks fell 10% in February, marking the worst performance in two years. "Big short" Burry laments: Tencent has zero returns over the past five years

ATAI

Cathie Wood's ARK Invest made significant portfolio adjustments on February 26, purchasing 97,597 shares of Baidu (BIDU) for $12.21 million after a 5.7% dip, despite the company's revenue decline. Wood also bought 482,407 shares of AtaiBeckley (ATAI) and sold 25,175 shares of BWX Technologies and 307,843 shares of PagerDuty (PD). Baidu's stock has a Strong Buy consensus with a 44.3% upside potential, while PD stock rose 5% before the sale.

- Cathie Wood's ARK Invest ETFs made significant portfolio changes on February 26, acquiring 97,597 shares of Baidu for $12.21 million after a dip in share price despite strong Q4 earnings.  
- Wood also bought 482,407 shares of AtaiBeckley for roughly $1.79 million while selling shares in several companies, including 25,175 shares of BWX Technologies for $5.22 million.  
- Baidu has a Strong Buy consensus rating on TipRanks, with an average price target of $180.63 indicating a potential 44.3% upside.

Tip Ranks

Pagerduty

AtaiBeckley

Cathie Wood Leverages Baidu's Post-Earnings Dip, Sells PagerDuty

06869

06166

09988

09896

00399

08286

As of the time of publication, the three major indices of the Hong Kong stock market are collectively strengthening during the trading session, with the Hang Seng Index approaching its recent high. The internet sector is performing well, with Tencent Holdings leading the way due to strategic adjustments and positive data from the Spring Festival, while Alibaba is rising on expectations for its cloud business. The telecommunications equipment sector is showing divergence, with YOFC reaching a historical high due to demand for AI computing power and inclusion in the MSCI Index. Market sentiment is relatively positive, with funds focusing on macroeconomic recovery and corporate performance

- The Hong Kong stock market shows an overall upward trend with the Hang Seng Index rising by 0.99%, reflecting positive investor sentiment after profit-taking.  
- Major stocks like Tencent and Alibaba experienced gains, driven by strategic adjustments and strong trading performance, particularly in the tech and retail sectors.  
- Macroeconomic factors are under scrutiny, with investors watching retail sales and GDP growth to gauge economic resilience amid evolving Fed monetary policy expectations.

Market Heartbeat

YOFC

BABA-W

MNSO

Alibaba

Tencent

Hong Kong stock market intraday | The Hang Seng Index rose 0.99%, approaching the recent high, Tencent Holdings rose 2.44%, YOFC surged 9.10%

01024

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.

KUAISHOU-W

MAINLAND HOLD

XUNCE

XIMEI RESOURCES

Hwabao CSI HK Equities Internet ETF

E Fund CSI HK Connect Internet ETF

BABA 2x Long Daily ETF - GraniteShares

FI2 CSOP HSI

FI CSOP HSI

Hang Seng Composite Index

Harvest Hang Seng SCHK Technology ETF

KraneShares 2x Long BABA Daily ETF

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%

Baidu's stock price fell 4.3% yesterday, and opened down 1.1% this morning after announcing its earnings, before rebounding to 125 yuan, up 1.3%. Citi pointed out that AI cloud infrastructure has become a new growth driver, with AI revenue accounting for 43% of the general business. It is expected that revenue will meet expectations in 2025, with profits exceeding expectations. BGB's total revenue and adjusted EBIT decreased by 6% and 39%, respectively. It is predicted that the second quarter will return to positive growth, maintaining an "outperform" rating, with an ADR target price of $176. The company's net profit and total revenue were both below forecasts, with core AI new business revenue accounting for 43%

AASTOCKS

The article "After Earnings" summarizes the latest target prices and views from brokerages following Baidu's earnings announcement

UBS is optimistic about Baidu's AI business and maintains a "Buy" rating. The report indicates that Baidu's fourth-quarter performance exceeded expectations, with AI-related revenue reaching 11.3 billion RMB, a year-on-year increase of 48%. It is expected that by the fiscal year 2026, the AI business will continue to grow strongly, with an increasing revenue share. Despite stock price fluctuations due to market weakness and regulatory uncertainties, UBS believes the current stock price offers an attractive risk-reward ratio, with a target price of USD 180 for US stocks and HKD 175 for H shares. At the same time, UBS has lowered its core revenue forecast for the first quarter of 2026 by 2.5%

UBS is optimistic about Baidu's AI business maintaining strong growth and maintains a "Buy" rating

Citigroup released a report stating that Baidu's performance in the fourth quarter of 2025 roughly met expectations, with total revenue of 32.74 billion RMB, a year-on-year decrease of 4% and a quarter-on-quarter increase of 5%. The non-GAAP net profit was 3.9 billion RMB, a year-on-year decrease of 42%, which was better than Citigroup and market forecasts. Citigroup set a target price of $186 for Baidu's U.S. stock, with a rating of "Buy."

"Big Banks" Citigroup: Baidu's fourth-quarter performance is roughly in line with expectations

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

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%

Morgan Stanley released a report stating that Baidu's revenue for the last quarter fell 4% year-on-year, with core revenue down 6%, both in line with expectations. The core non-GAAP operating profit was RMB 2.8 billion, a year-on-year decrease of 39%, but an increase of 28% quarter-on-quarter. Baidu's operating cash flow turned positive, with capital expenditures for the fourth quarter at RMB 1.95 billion and total capital expenditures for fiscal year 2025 at RMB 12 billion. Morgan Stanley maintains a target price of USD 150 for Baidu's U.S. stock, with a rating of "in line with the market."

Morgan Stanley: Baidu's revenue last quarter met expectations, rating "In line with the market"

Bank of America Securities released a report stating that Baidu's total revenue for the last quarter was RMB 26.1 billion, in line with expectations; adjusted operating profit was RMB 2.8 billion, higher than the forecast of RMB 2.5 billion. Operating cash flow turned positive in the second half of the year, with revenue expected to grow by 7% and operating profit by 12% this year. Although the competition for AI traffic poses risks, it has also accelerated the demand for AI infrastructure. Advertising revenue forecasts have been lowered by 5%, while total revenue forecasts remain unchanged. Bank of America maintains a target price of USD 180 for Baidu's U.S. stock and HKD 176 for its Hong Kong stock, reiterating a "Buy" rating

"Major Banks" Bank of America Securities: Baidu's overall business revenue last quarter met expectations, and adjusted operating profit exceeded forecasts

CLOU

Citigroup raised its target price for Baidu to $188, maintaining a "Buy" rating. Despite Baidu's revenue and earnings for Q4 2025 exceeding expectations, its stock price fell over 6% in the U.S. market. The market is concerned about the lack of a declared initial dividend, although management reiterated that dividends will be distributed by the end of the year. Revenue from AI cloud infrastructure is growing steadily, but there is insufficient disclosure regarding traditional search business. It is expected that revenue from Kunlun chips will reach 13.2 billion yuan in 2026, and revenue from AI-native marketing business will increase by 51% to 14.8 billion yuan

iShares Expanded Tech Software Sector ETF

Global X Cloud Computing ETF

SPDR S&P Software

ISHRS S&P Glb It

Citigroup raised the target price for Baidu to $188 and maintained a "Buy" rating

DTCR

Baidu announced its fourth quarter and full-year business results for the year ending last year, with full-year AI cloud revenue reaching 30 billion RMB, of which fourth quarter AI high-performance computing facility subscription revenue grew by 143% year-on-year. Baidu ranks first in smart cloud large model-related projects in 2025, and its no-code development platform "MiaoDa" has assisted in generating over 1 million AI applications. The number of digital human live broadcasts has increased by nearly 200% year-on-year, and the HuiBoXing technology has served companies such as JD.com and TikTok

Global X Data Center & Dgtl Infrs ETF

In the last quarter, Baidu's AI cloud revenue reached 30 billion RMB, with subscription revenue from high-performance computing facilities increasing by over 1.4 times

HSCEI

00HSI

Hong Kong stocks opened higher this morning, with the Hang Seng Index rising 66 points to 26,447 points. The National Index and the Hang Seng Tech Index opened up 3 points and 7 points, respectively. In the tech sector, Baidu's net profit for the fourth quarter fell by 42%, with ADR shares dropping by 5.7%. Meituan delayed the launch of its plan, with its stock opening up 0.7%. Tencent opened down 0.3%, while Alibaba opened flat. In the automotive sector, BYD opened down 0.1%, and XPeng opened up 1.9%. In the financial sector, HSBC opened up 1.2%

Hang Seng China Enterprises Index

MEITUAN

HSBC HOLDINGS

"Hong Kong Stocks" The Hang Seng Index opened 66 points higher, HSBC and AIA rose, Baidu softened after earnings

DRAG

The NASDAQ Golden Dragon China Index preliminarily closed down 1.8%. Among popular Chinese concept stocks, Baidu fell 5.6%, BYD fell 4.2%, Meituan fell 3.2%, Li Auto fell 3%, Alibaba fell 2.8%, and Xiaomi, XPeng, WERIDE, and Nio all fell over 2%. Pony.ai rose 4.7%. In terms of ETFs, KWEB preliminarily closed down 2.4%, and CQQQ fell 1.9%

Wallstreetcn

Roundhill China Dragons ETF

iShares MSCI China

WERIDE-W

Invesco Golden Dragon China

NASDAQ Golden Dragon China Index

LI AUTO-W

BYD COMPANY

Conference Minutes

Below is Dolphin Research's compiled transcript of $Baidu(BIDU.US) FY25 Q4 earnings call. For our analysis, see 'BIDU: Buybacks set a floor, but the comeback still hinges on the narrative.'I. Key financials recap. Core AI business metrics (Q4 2025) include:Baidu General Business revenue: RMB 26.1bn. Core AI-powered Business revenue: over RMB 11.0bn...

BIDU-SWR

BIDU ADR US

Grocery Outlet

Baidu HK SDR 10to1

Uber Tech

BIDU (Trans): Focus on shareholder returns, stronger mgmt. execution

---

Financial Analysis

$Baidu(BIDU.US) released Q4 results after the HK close on Feb 26, 2026, and the print was lackluster. That said, with a prolonged pullback already priced in, buybacks and dividends providing a floor, and year-ahead narratives such as Kunlun Chip's IPO and potential Stock Connect inclusion, the market is unlikely to impose a sustained penalty.This quarter the company adopted a new reporting structure, splitting into AI and legacy businesses. The AI segment includes AI infrastructure, AI applications, and AI-native marketing, while most institutions are still modeling estimates under the prior framework...

iQIYI

ByteDance

BIDU: Ad Engine Falters; Is Kunlunxin the Lifeline?

---

$Baidu(BIDU.US) (-2.7% pre-mkt): 4Q results generally met/beat expectations although MAUs light (only 2 ests). As usual, no forward guidance included in release. Conf call 7:30am ET. 4Q RESULTS- Revs 32.74B yuan, -4.1% y/y, vs 32.66B yuan est. - Rev from iQIYI (Netflix of China) 6.79B yuan vs 6.76B est.- Adj profit per ADR 10.62 yuan vs. 9.40 yuan est.- Adj Ebitda 4.73B yuan, -32% y/y, vs 4.67B yuan est.- Monthly active users 679M, estimate 703M est (2 ests).COMMENTARY AND CONTEXT- Portfolio of AI Applications continues to scale - Accelerating International Expansion Into New Markets- Confident in ability to create lasting value in AI- Kunlunxin spin-off separate listing is progressing - Apollo Go, Baidu's autonomous ride-hailing service, reported weekly rides of over 300K during the quarter (Waymo 400K per week, TSLA &lt;100 per week). Total rides increased by 200% year over year. As of Feb 2026, cumulative rides provided to the public by Apollo Go exceeded 20 million. Entered the South Korean Market and expanded to several European markets.- Revenue from Baidu Core AI-powered Business exceeded 11B yuan in Q4, accounting for 34% of Baidu revs

BIDU 4Q25 First Take: the company adopted a new reporting framework this quarter, splitting results into AI biz. and other legacy biz.; AI includes AI infra, AI apps, and AI-native marketing. As the Street is still setting estimates under the old framework, Dolphin Research restores the prior disclosure for comparison, focusing on BIDU only and excluding iQIYI. Overall, the Q4 print was underwhelming. It was not a strong quarter. However, given the prolonged correction, buybacks providing support, and narratives such as Kunlun Chip’s IPO and potential Stock Connect inclusion later this year, we do not expect sustained penalties. On the top line, results were broadly in line with BBG consensus; overall ads slightly missed, and legacy ads were still down 26%, with the timing and pace of recovery uncertain. Cloud and other slightly beat, with cloud infra relatively strong. On opex, GAAP OP came in below expectations due to approx. RMB 700 mn in severance and some bad-debt provisions. Ex these items, lower D&amp;A and headcount optimization improved efficiency, driving Adj. OP to a modest beat. Looking at BIDU’s AI biz. in isolation, performance across the three pillars was mixed. Details follow: 1) Cloud Infra (cloud + compute): given last year’s high base (projects clustered in a short window), QoQ is more relevant. Q4 grew 35% QoQ, a decent trend. 2) AI Apps (incl. Baidu Wenku, Baidu Cloud Drive, and digital employees): flat QoQ. The cloud drive likely remained a drag. 3) AI-native marketing (agents and digital humans): edged lower QoQ; given industry trends, competition likely weighed. Watch the call for color on seasonality and other objective factors. $Baidu(BIDU.US) $BIDU-SW(09888.HK)

Today’s Key News Recap

0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

Salesforce

NVIDIA

Warner Bros. Discovery

Netflix

Boeing

Duolingo

Coreweave

Dell Tech

Paramount Global

BABA-WR

Alibaba HK SDR 5to1

Vipshops

Luckin Coffee

Block

BOEING CO 6% DEP SHS RE 1/20TH PFD MAN CNV SR A

Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

---

In today’s pre-mkt summary for Subscribers: Stocks declined amid uncertainty over new 15% global tariffs following the Supreme Court's invalidation of President Trump’s emergency levies, with added pressures from Trump’s Middle East military buildup against Iran and a severe blizzard impacting the NYC area. Gold and silver advanced and #btc stabilized after dipping below $65K. This is a pivotal week featuring Trump’s State of the Union Tuesday and $NVIDIA(NVDA.US) earnings Wednesday. We maintain our view that equities will go to new highs as cooling inflation and decelerating employment growth boost prospects for faster Fed easing, with money markets pricing two cuts by year-end, with the first likely by July. 2026 S&amp;P 500 EPS growth is projected to grow +12% YoY to $310, which implies a forward P/E of 22.3x. This implies a 4.5% earnings yield, a +40bp premium to 10yr yields, aligning with non-recessionary historical norms. On $Tesla(TSLA.US), the narrative of its unique path to generalized unsupervised autonomy has eroded as $Alphabet - C(GOOG.US), $Baidu(BIDU.US), $WeRide(WRD.US), $Pony AI(PONY.US), and $Amazon(AMZN.US) scale to 750K paid unsupervised autonomous rides weekly without safety monitors, while $NVIDIA(NVDA.US)’s decision to open its AI chips/software stack to other OEMs starting 1H 2026 effectively democratizes unsupervised autonomy.

WeRide

Tesla

In today’s pre-mkt summary for Subscribers: Stocks rose as sentiment improved after yesterday’s volatile session, with traders awaiting today’s release of minutes from the Jan 27-28 Fed meeting for clues in the Fed’s forward rate path. 10yr Treasury yields rose and precious metals recovered. We continue to expect equities to reach new highs as cooling inflation and slowing employment growth raise the odds of earlier Fed rate cuts, with money markets pricing in two cuts by year-end. We see stocks as neither under- or over-valued: 2026 S&amp;P 500 EPS growth of +12% implies a forward P/E of 22.1x (4.5% earnings yield) and a ~50bp premium to 10-year Treasuries, consistent with historical non-recessionary norms. We remain cautious on $Tesla(TSLA.US) as the bull case for TSLA being the only one to solve for general unsupervised autonomy continues to weaken with $Alphabet - C(GOOG.US), $Baidu(BIDU.US), $WeRide(WRD.US), $Pony AI(PONY.US), and $Amazon(AMZN.US) completing 750K paid unsupervised rides per week, and $NVIDIA(NVDA.US) about to offer its full autonomy stack to OEMs starting 1H 2026, which we believe will democratize unsupervised autonomy.

That's right. Good companies won't be affected much. Most of their business is in China. Happy Chinese New Year.

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

XIAOMI

Fattycat

BABA Diamond Holder

BABA Return Rate

上週末，趁着國內臨近春節，美國又耍了個&#34;小手段&#34;，其國防部一度宣佈將包括阿里、百度、比亞迪在內的多家公司納入 Chinese Military Companies、即 CMC 清單。導致阿里等受影響的公司股價盤前一度跳水，但隨後美國防部又 “玩鬧式” 地迅速將此公告撤回了，相關公司最後也收回了大多數跌幅。實際上，美國的這種 “小手段” 已用過多次，海豚君在此前的《中概退市：這次 “狼真會來”？別怕，不是末日！》中有過比較詳細的討論，多少有些見怪不怪了。首先，被納入 CMC 清單的直接影響只是 -- 被禁止與美國國防部及其相關方進行合作往來，但不會直接影響美國資金投資於 CMC 清單內的企業，和直接影響民間的生意往來。只有被納入 “升級版” 的 NS-CMIC 清單內的企業才會被直接禁止美國資金對其進行投資，進而對相關公司股價產生實際性影響。但該 “NS-CMIC” 名單自 21 年 12 月後就再無更新。此前，小米和騰訊也曾短暫被納入國 CMC 清單，但隨後經過上述或溝通都被移出了清單，短暫的恐慌性下跌反而給了不錯的入場機會。結合這個小動作的時間節點，和發佈後又立刻撤回的操作，海豚君當前傾向於這更多隻是美國趁着國內喜慶過年時故意 “噁心”、並試探一下中方政府的態度，為特朗普可能在 4 月的訪華談判上一些籌碼。綜上，海豚君目前覺得大概率不會有什麼實質性的影響，但也不能排除之後美國不會又再有拉扯，把撤回的公告再發布出來，保持關注吧。$Alibaba(BABA.US) $Baidu(BIDU.US)

Xiaomi HK SDR 2to1

XIAOMI-W

XIAOMI-WR

Xiaomi Corporation

Featured

☕️ Grab your coffee, investors. This week is stacked with events that could define the market's direction for the quarter. From central bank whispers to tech earnings fireworks and a record-breaking IPO, here’s your essential rundown:

Apple

Meta Platforms

Microsoft

GraniteShares 2x Long MSFT Daily ETF

Direxion Daily TSLA Bull 2X Shares

Sandisk

Western Digital

Western Digital - WI

Sandisk - WI

Apple Group

Jiangsu Azure Corporation

🔥 Market Weekly Preview: Fed, Tech Giants & A Sizzling IPO | Jan 26 - Jan 30, 2026

TENCENT-R

Tencent HK SDR 10to1

MS#BAIDURP2612C(55130.HK)

Hong Kong tech stocks fell 10% in February, marking the worst performance in two years. "Big short" Burry laments: Tencent has zero returns over the past five years

Cathie Wood Leverages Baidu's Post-Earnings Dip, Sells PagerDuty

Hong Kong stock market intraday | The Hang Seng Index rose 0.99%, approaching the recent high, Tencent Holdings rose 2.44%, YOFC surged 9.10%

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

The article "After Earnings" summarizes the latest target prices and views from brokerages following Baidu's earnings announcement