CITENCT@EC2606E

CT IND GROUP

KEEN OCEAN

EPI (HOLDINGS)

MOBI DEV

MS CONCEPT

NANFANG COMM

CCOE

HK ENT INTL

IDT INT'L

PUTIAN COMM

01617

00005

09618

09988

09896

00700

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 Funds have not completely withdrawn, as the telecommunications equipment sector was in demand, with NANFANG COMM and MOBI DEV seeing significant price increases.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.

Market Heartbeat

HSBC HOLDINGS

JD-SW

BABA-W

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

ICBC

KPM HOLDING

KraneShares 2x Long BABA Daily ETF

Alibaba

Hang Seng Index

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%

KBAB

512380

TCTZF

MCHI

513040

513770

09899

UBS report indicates that global commodity prices are expected to rise by 9% in 2025, putting Chinese companies in a dilemma of either raising prices or facing declining profit margins. If re-inflation is successfully achieved, the MSCI China Index has a 20% upside potential. UBS adjusts its portfolio, downgrading the software sector to "underweight," adjusting consumer staples and real estate to "neutral," reducing positions in the internet sector, and removing NetEase. Tencent and Alibaba remain favored

AASTOCKS

Yinhua MSCI China A ETF

Tencent Holdings Limited

iShares MSCI China

E Fund CSI HK Connect Internet ETF

Hwabao CSI HK Equities Internet ETF

NETEASE MUSIC

NTES-S

UBS: If China successfully moves towards "re-inflation," the stock market could potentially rise by 20%, and reduce holdings in the internet sector

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.

YOFC

DONGFANG ELEC

ILUVATAR COREX

FIT HON TENG

ALI HEALTH

CSOP HS TECH

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%

00322

03690

02318

01038

02388

601318

PNGAY

The Hang Seng Index closed at 26,656 points, down 109 points or 0.4%; the Hang Seng Tech Index reported 5,171 points, down 89 points or 1.7%. Ping An fell over 3%, while heavyweight stocks such as Alibaba, MEITUAN, Hong Kong Stock Exchange, and Tencent all experienced declines. CKI Holdings, Power Assets, BOC HONG KONG, HSBC, and TINGYI reached new highs

TINGYI

MEITUAN

PING AN

CKI HOLDINGS

BOC HONG KONG

Ping An

Ping An Insurance

The "Half-Day Express" reported that the Hang Seng Index closed at 26,656 points, down 109 points; the Hang Seng Tech Index closed at 5,171 points, down 89 points. Ping An fell over 3%, while CK Hutchison, Power Assets, BOC Hong Kong, HSBC, and TINGYI reached new highs

TCEHY

Tencent Cloud collaborates with Thailand's Charoen Pokphand Group's Amaze to launch a Southeast Asian e-commerce live streaming model in December 2025. This model will utilize Tencent Cloud's live e-commerce solutions to provide a smoother shopping experience and introduce mature domestic live streaming features, such as real-time voting and host competitions. At the same time, Tencent Cloud will also use AI technology to enhance audio and visual quality and user interaction

Tencent

Tencent Cloud collaborates with Charoen Pokphand Group to create a Southeast Asian e-commerce live streaming model

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

MICROWARE

Dacheng Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

HSTECH ETF

Harvest Hang Seng SCHK Technology ETF

Hang Seng TECH ETF I

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

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

群核科技

Tencent-invested AI large model company StepFun plans to go public in Hong Kong, aiming to raise USD 500 million. The company completed a B+ round financing of over 5 billion RMB in January this year, with investors including Tencent. At the same time, four other mainland companies also plan to list in Hong Kong, collectively raising up to USD 700 million, among which cloud-native space design software provider Manycore Tech plans to raise USD 200 million to USD 300 million. Companies like Meige Intelligent and Chuangxiang Sanwei are also preparing for an IPO

- Several AI companies are considering listings in Hong Kong, with StepFun aiming to raise $500 million following its recent B+ funding round of over 5 billion RMB.  
- Manycore Tech, a provider of spatial design software, plans to raise $200 to $300 million, focusing on Asian and U.S. markets, while interest grows around other firms like Meige Smart and Chuangxiang 3D.  
- Upcoming IPOs are expected to total up to $700 million, indicating a strong interest in the AI sector within the region.

Stheadline

Tencent invests in "AI Six Little Tigers" to leap to the stars, rumored to plan for a Hong Kong listing

00HSI

01299

07300

07200

07500

On the settlement day of Hong Kong stock index futures, the Hang Seng Index opened higher, rising 254 points to 27,019 points. HSBC's stock price opened 2.9% higher after its earnings report, at HKD 146.8. Cheung Kong Infrastructure led a consortium to sell UKPN, with its stock price opening 1.4% higher. In the technology sector, Baidu opened 0.8% higher, and Tencent opened 1.2% higher. AI stock Zhipu opened 3.6% higher. BYD and other automotive stocks opened 0.4% to 0.9% higher

FI CSOP HSI

FL2 CSOP HSI

FI2 CSOP HSI

"Hong Kong Stocks" Hang Seng Index futures settlement day opened high at 254 points, HSBC continued to rise nearly 3%, AIA increased

The Tencent Yuanbao App has attracted attention for generating abusive content when creating New Year's greeting images using AI on New Year's Eve. Users encountered unwarranted insults from the AI during multiple generation commands. The official response expressed apologies, stating that it was an abnormal output during the model's handling of multi-turn conversations, and corrections and optimizations have been made. This is not the first occurrence of a similar situation, as users had previously reported receiving insulting replies

- On February 25, a Tencent app called Yuanbao faced scrutiny after its AI generated offensive content unexpectedly.  
- A Xi'an resident reported experiencing inappropriate insults after issuing commands to create New Year greeting images, despite not using any prohibited language.  
- Yuanbao acknowledged the incident, attributing it to an anomaly in processing multi-turn conversations, and has since taken steps to correct the issue and enhance user experience.

Wallstreetcn

Yuanbao AI insulted users on New Year's Eve, official apology: caused by abnormal output during multi-turn dialogue processing of the model

BABA

BABX

According to the Hong Kong Stock Connect data, the TRACKER FUND experienced a net outflow of HKD 4.41 billion, becoming the largest net outflow stock. Tencent, Alibaba, and Xiaomi Corporation saw net inflows of HKD 818 million, HKD 606 million, and HKD 538 million, respectively. The highest net inflow stocks for the Hong Kong Stock Connect (Shanghai) and (Shenzhen) were Tencent and Alibaba, while the stock with the net outflow was the TRACKER FUND. The total net outflow for the day was HKD 0, with a total transaction amount of HKD 92.513 billion, accounting for 39.07% of the total market transaction amount

Xiaomi Corporation

XIAOMI-W

TRACKER FUND

BABA 2x Long Daily ETF - GraniteShares

Net outflow of HKD 4.41 billion from the Stock Connect Tracker Fund

MPNGY

The Hong Kong stock market showed mixed performance, with the Hang Seng Index closing at 26,765 points, up 175 points or 0.7%. The total market turnover was HKD 236.7 billion, with net outflow of northbound capital amounting to HKD 4.057 billion. The National Index rose by 26 points, while the Technology Index fell by 10 points. Meituan rose by 1.6%, Tencent rose by 0.5%, Zhihu plummeted by 10.7%, and MINIMAX dropped by 14.4%. The non-ferrous metal sector strengthened, with Liqian Resources rising by 9.4%. Tungsten prices continued to rise, with Jiaxin International Resources increasing by 11.3%. Cement and steel stocks surged, with Chongqing Iron and Steel soaring by 8.7%

- Hong Kong stocks experienced mixed performance, with the Hang Seng Index opening up 155 points and reaching a high of 26,870 before closing at 26,765, a gain of 0.7%.  
- Notable movements included a 6% rise in Haidilao and fluctuations among tech stocks like Meituan and Tencent.  
- The market anticipates the government's new fiscal budget, focusing on external risks and the performance of major tech companies, with index forecasts ranging between 26,200 and 27,300 points.

Meituan

The Hang Seng Index rose by 175 points, HSBC increased by 5% after earnings, leading the gains. Zhizhi MINIMAX surged over 10%. Experts expect continued volatility｜Hong Kong stocks closing

03033

The Tencent Yuanbao team apologized for the appearance of profanity in the New Year's greeting posters generated during the Spring Festival, stating that the issue stemmed from abnormal output of the model when processing context. The team has urgently corrected and optimized the model experience, and appreciates the supervision and suggestions from all sectors of society

Tencent Yuanbao apologizes for the "profanity" in the New Year poster: caused by abnormal model output, urgent corrections and optimizations have been made

Unity

Conference Minutes

Below is Dolphin Research's Trans of the Q4 2025 earnings call for $Unity Software(U.US). For our earnings review, see '30% Overnight Plunge: Who Crushed Unity?'. I. Key financials recap. Q4 2025 results. Revenue $503mn (+2% YoY); Adj. EPS $0.24 (vs. Street $0.21). Adj. EBITDA $125mn (margin 25%); FCF $119mn...

Unity Software

Opendoor Tech

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

Opendoor Tech Series Z - CW26

TENCENT-R

Tencent HK SDR 10to1

Unity (Trans): Vector up 70% YoY in Jan.

30-40% upside potential. Mainly driven by AI, gaming, advertising growth. A great giant ETF company🤣. Too expensive to buy and hold for retail investor.

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

Fattycat

BABA Diamond Holder

BABA Return Rate

我想问真观点

What is Tencent's upside potential?

KC1028

This Lunar New Year, China’s tech giants kicked off a new round of AI wars.Alibaba launched a ¥3B “Spring Festival Treat” campaign, driving 10 million free milk tea orders in 9 hours across its platforms. Tencent invested ¥1B into WeChat’s “Yuanbao” AI red packets to deepen engagement.ByteDance took another path — its Dream platform released Seedance 2.0, a video AI model that boosts usable output for short clips to over 90%, far above the ~20% industry average.Beyond subsidies, this battle is about who can truly integrate AI into daily life. The holiday rush helps shape habits, gather data, and train models — all aiming to become the go-to “AI ask” gateway.The winner won’t just get traffic, but could define the super-app of the AI era.So — who’s your pick? Alibaba’s commerce, Tencent’s social grip, or ByteDance’s tech edge?$Alibaba(BABA.US)$BABA-W(09988.HK)$BABA-WR(89988.HK)$Tencent(TCEHY.US)$TENCENT(00700.HK)

Yuanbao

The Battle for the AI Gateway: Who Wins?This Lunar New Year, China's tech giants unleashed a new wave of AI application wars. Alibaba's &#34;Spring Festival Treat&#34; campaign, backed by ¥3B, offered deals across e-commerce and local services, logging 10 million free milk tea orders in 9 hours. Tencent doubled down on its WeChat ecosystem, investing ¥1B into its &#34;Yuanbao&#34; AI red packet feature to boost engagement.ByteDance played a different card. Its Dream platform launched Seedance 2.0, a new video AI model. A key breakthrough: it boosted the usable output rate for 15-second clips to over 90%, far above the ~20% industry average, slashing generation costs.Beyond subsidies, this battle tests real AI integration and ecosystem strength. The holiday season is a prime testing ground to shape user habits, collect data, and train models—all fighting to become users' first-choice &#34;AI ask&#34; portal.The stakes? It's not just about traffic. It's about defining the super-app gateway for the AI era, which will ripple across the entire investment landscape.So, who's your pick for the ultimate AI gateway? Alibaba with its commerce power, Tencent with its social lock-in, or ByteDance with its tech edge?

Today’s Key News Recap

Feb 6 | Dolphin Research focus: 🐬 Stock 1, $BABA-W(09988.HK) Alibaba's Qwen app launched a 'Spring Festival RMB 3bn free-order' campaign today. The first wave centers on AI one-line prompts to order milk tea for free.Notably, WeChat further blocked today the promo passwords for red-envelope campaigns run by both Alibaba Qwen and Tencent Yuanbao. As a result, those keywords can no longer be copied or recognized in private or group chats.The move aims to protect WeChat's platform ecosystem and curb over-marketing that disrupts user experience. It also helps defend its social-traffic moat...

BABA-WR

Amazon

Roblox

LI AUTO-W

Li Auto

DingDong

XPENG-W

XPeng

NIO-SW

NIO Inc. USD OV

NIO Inc

Alibaba HK SDR 5to1

MEITUAN-WR

Meituan HK SDR 5to1

Alibaba Qwen's Lunar New Year free-order promo was blocked by WeChat; Nio surged after its first-ever quarterly profit | Daily News Recap

---

Below is Dolphin Research's Trans on $Roblox(RBLX.US) Q4 2025 earnings call. Title: 'Software Slump? RBLX: Closed-Loop Ecosystem; Genie Won't Disrupt It'.I. Key earnings recap. 1) Q4 2025 results: revenue of $1.4bn (+43% YoY); bookings of $2.2bn (+63% YoY); DAUs +69% YoY.Engagement reached 35bn hours (+88% YoY). Monthly paying users: nearly 37 mn...

Genius Sports

RBLX (Trans): GenAI won't solve 3D online multiplayer issues

C38U

Current rate of return reached top 10% of users
Calculated based on  your Longbridge (Singapore) A/C

Rate Of Return

Good Morning..Year of the Horse riding into 2026, watching Tencent HK0700 closely. Drop almost 4% yesterday, hoping to make an entry @ 500 or lower.

Feb 4 | Dolphin Research Focus: 🐬 Macro/Industry — Anthropic launched a productivity tool for in-house counsel, integrated into the Claude suite. It automates contract review, NDA triage, legal-brief drafting, and templated responses, and can be tailored to a company's risk appetite. The company emphasized it is assistive only and should be used after review by a licensed attorney.On the headline, legal software and data-service stocks plunged. Sentiment quickly spread to broader software names, triggering a market selloff...

NVIDIA

Uber Tech

EASTROC BEVERAGE

EASTROC

New AI tools trigger software selloff; WeChat cracks down on Yuanbao violating links | Daily News Recap

The key issue isn’t whether taxes go up overnight, but how services gradually move from “growth” to “mature” tax brackets.

Hot topic

Thanks for information sharing 👍

China internet ADRs sold off again on fresh tax-rumor jitters. With headlines of varying credibility, Dolphin Research takes a top-down look.We start with the Gov.'s four ledgers. They are: 1) the general public budget, i.e., core fiscal revenue; 2) the government fund budget, an earmarked book funded mainly by land-sale proceeds; 3) the state capital operations budget, effectively the shareholder ledger funded by SOE profit and dividend remittances. In essence, this reflects the Gov.'s resource-allocation power...

Krne Csi China Internet

China ADRs:  Rationale behind Tax Hike Scare?

CITENCT@EC2606E(25367.HK)

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%

UBS: If China successfully moves towards "re-inflation," the stock market could potentially rise by 20%, and reduce holdings in the internet sector

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

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 "Half-Day Express" reported that the Hang Seng Index closed at 26,656 points, down 109 points; the Hang Seng Tech Index closed at 5,171 points, down 89 points. Ping An fell over 3%, while CK Hutchison, Power Assets, BOC Hong Kong, HSBC, and TINGYI reached new highs