Hong Kong Stock Market Update: MEITU surged over 11%, Bitcoin hit a historical high of $69,000. The company had previously made high-profile investments.

MEITU surged over 11%, rising to 11.52% by the time of publication, reaching HKD 3 with a trading volume of HKD 115 million. On the news front, on March 5th Eastern Time, Bitcoin hit a historical high of $69,000, briefly touching $69,080. MEITU had previously attracted market attention for its high-profile acquisition of Bitcoin and Ethereum. It is reported that as of June 2023, the company holds 940.497 Bitcoins and 31,000 Ethereums, with the combined holding cost accounting for about 10% of total assets. In addition, Guojin Securities believes that with the emergence of Sora, the video creation field is ushering in an "iPhone moment". Looking at the development of AI applications in this round, creative fields such as text creation, image creation, and video creativity, known for their high fault tolerance and high investment intensity, were widely believed to be one of the industries that would be deeply empowered by AI at the beginning of the AI wave. The bank believes that Wenshengtu and Wensheng Video are the current focus of AI application landing, with rapid iteration of related technology products overseas. It recommends paying attention to investment opportunities in leading creative software companies like MEITU.