BP#KUASORC2605C

Media reports 'quiet' e-commerce performance during 2026 Spring Festival, raising growth concerns.

Financial Secretary Paul Chan to deliver the 2026-27 Budget.

Media reports highlight Kuaishou's Kling AI revenue forecast to double, labeled as a potential 'killer app'.

Fed Governor Waller speaks on economic outlook.

Kuaishou records high short-selling volume with ratio nearing 30%.

Kuaishou faces mixed signals: Kling AI quarterly revenue tops 300 million RMB amid recurring heavy fines.

ByteDance and Tencent increase investment in 'Comic Drama' sector, signaling intensified competition.

Kuaishou and RUC Gaoling School jointly release GISA benchmark, strengthening search agent technology layout

Kuaishou shares rebounded over 3% amid broader market rally and Southbound inflows.

Kuaishou shares rally over 3% in afternoon trading following US Supreme Court tariff ruling.

US President Trump scheduled to visit Beijing in late March, potentially easing trade tensions.

HK Tech Stocks Open Higher on Monday Despite Trump's Tariff Hike Announcement

Kuaishou to exclusively broadcast Capcom Cup 12 Street Fighter 6 finals, deepening esports content strategy.

HK Tech Stocks Maintain Gains; Kuaishou Strengthens on Analyst Optimism

East Asia Securities Raises Kuaishou Target Price, Citing Technical Breakout

Kuaishou Shares Open Higher as Ecommerce Sector Rallies on Tariff News

Market focuses on user retention and AI monetization after Spring Festival Gala partnership.

Hong Kong market opens Monday with Southbound Trading still closed, testing liquidity for tech stocks like Kuaishou.

2026 Spring Festival box office exceeds 3.8 billion, significantly benefiting Kuaishou's film promotion business.

Kuaishou advances sports content marketing ahead of 2026 World Cup.

KO YO GROUP

GEOTECH HLDGS

CHINA INFO TECH

REDCO HEALTHY

AGTECH HOLDINGS

CH CITY INFRA

RMH HOLDINGS

MATRIX HOLDINGS

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PUTIAN COMM

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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.

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KNOWLEDGE ATLAS

ZIJIN MINING

MEITUAN

Meituan

SMIC

Hang Seng TECH Index

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

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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

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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.

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

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MANY IDEA CLOUD

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%

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.

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Tencent Holdings Limited

Dacheng Hang Seng Technology ETF(QDII)

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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

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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

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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.

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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%

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

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

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

BP#KUASORC2605C(62431.HK)

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

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%