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CHK OIL

PETRO-KING

D&G TECH

SHANDONG MOLONG

EASY SMART GP

JX ENERGY

MAJESTIC DRAGON

MIE HOLDINGS

YUANHENG GAS

JIAXIN INTL RES

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On March 2nd, the Hong Kong stock market was affected by profit-taking, with the three major indices experiencing significant declines during the session. The Hang Seng Tech Index fell by 2.86%, leading the decline. The internet, hardware, and retail sectors generally weakened, with Xiaomi Group down 4.93% and Baidu down 4.04%. Despite the market adjustment, individual stocks like D&G TECH surged against the trend due to speculative factors. Market sentiment is cautious, and investors are closely monitoring the Hong Kong manufacturing PMI and liquidity changes

- On March 2, the Hong Kong stock market experienced significant declines across major indices, with the Hang Seng Index falling 2.57% to 25,945.88 points due to profit-taking pressures.  
- Key sectors such as retail and internet content suffered, with notable declines in Alibaba and Tencent shares, while macroeconomic factors like PMI and CPI data are closely monitored by investors for insights on local economic recovery.  
- Speculative trading was highlighted by sharp increases in stocks like Deji Technology and Sinopec, suggesting volatility amid broader liquidity concerns and geopolitical factors.

Market Heartbeat

DALIPAL HLDG

BABA-W

MNSO

JD-SW

BIDU-SW

KUAISHOU-W

TENCENT

LONGCHEER

XIAOMI-W

LENOVO GROUP

Xiaomi Corporation

Baidu

Hong Kong stocks intraday | Three major indices fell, technology stocks led the decline, Xiaomi Group dropped 4.93%, Baidu fell 4.04%

BIDU

Jefferies analyst Thomas Chong has reaffirmed a Buy rating for Baidu (BIDU) with a price target of $181.00, while the stock closed at $124.44. Chong, a 5-star analyst, has an average return of 12.4% and a 53.44% success rate. The consensus on Baidu is a Strong Buy with an average price target of $183.33, indicating a potential upside of 47.32%. Additionally, TipRanks upgraded the stock to a Buy with a $138.00 price target.

- Thomas Chong from Jefferies has maintained a Buy rating on Baidu with a price target of $181.00, while the shares closed at $124.44.  
- The analyst consensus on Baidu is a Strong Buy with an average price target of $183.33, indicating a significant upside.  
- Additionally, TipRanks upgraded the stock to a Buy with a new price target of $138.00.

Tip Ranks

Jefferies Sticks to Its Buy Rating for Baidu (BIDU)

J.P. Morgan analyst Alex Yao has reaffirmed a Buy rating for Baidu (BIDU) with a price target of $200.00, while the stock closed at $124.44. Yao, a 4-star analyst, has an average return of 5.8% and a 46.91% success rate. Additionally, Baidu received a Buy rating from TipRanks, but a Hold rating was reiterated by TipRanks – OpenAI on the same day.

- Alex Yao from J.P. Morgan maintained a Buy rating on Baidu with a price target of $200.00, while shares closed at $124.44.  
- TipRanks reports Yao as a 4-star analyst with a 5.8% average return and a 46.91% success rate.  
- Additionally, PerPlexity also rated Baidu a Buy, but TipRanks – OpenAI reiterated a Hold rating on the same day.

J.P. Morgan Sticks to Its Buy Rating for Baidu (BIDU)

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The Hang Seng TECH Index fell 10% in February, marking the largest monthly decline since January 2024, with a cumulative drop of 23% since its peak in October last year. The main reasons include weak corporate earnings and insufficient buying from mainland investors, leading to a decline in market confidence. Investors are shifting their funds towards chip manufacturers and newly listed AI companies. Mainland investors sold stocks in Hong Kong, totaling HKD 11.4 billion, marking the largest capital outflow since the end of August. Baidu was one of the biggest decliners this month, down 19%

AASTOCKS

ChinaAMC Hang Seng Technology ETF(QDII)

Guotai CES Semiconductor Chip Industry ETF

iShares Semiconductor ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

Invesco Semiconductors ETF

Hang Seng TECH Index

Hang Seng TECH ETF I

CAM HS TECH

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

XI2CSOPHSTECH

Guotai CSI Computer Theme ETF

XL2CSOPHSTECH

Tianhong CSI Computer Theme ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

VanEck Semiconductor ETF

CSOP HS TECH

China Southern CSI Semiconductor Industry Custom ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

ISHARESHSTECH

Direxion Semicon Bull 3X

The Hang Seng TECH Index fell by 10% in February, down 23% from its high in October last year

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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.

YOFC

STARCOIN GROUP

CCOE

SANERGY GROUP

MAINLAND HOLD

ONEFORCE HLDGS

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%

Daiwa Capital Markets released a research report stating that Baidu's performance in the fourth quarter of last year exceeded expectations, with revenue of 32.7 billion RMB, a year-on-year decrease of 4%, and a gross margin of 44.2%. The non-GAAP net profit was 3.9 billion RMB, a year-on-year decrease of 42%, both higher than market expectations. Daiwa Capital Markets maintains a "Buy" rating on Baidu, with a slight decrease in the target price to HKD 175 and USD 194, expecting a price-to-earnings ratio of 22.6 times in 2026

Daiwa Capital Markets: Baidu's last quarter performance exceeded expectations, maintaining a "Buy" rating

CLOU

Bank of China International released a report stating that Baidu's profit in the fourth quarter exceeded market expectations, with adjusted net profit up 13%. Although total revenue decreased by 4% year-on-year, it grew by 5% quarter-on-quarter. Revenue from core A-enabled business accounted for 43%. The bank is optimistic about Baidu's prospects in the AI field, maintaining a "Buy" rating on its U.S. stock with a target price of $172

Proshares Big Data Refiners ETF

Global X Cloud Computing ETF

SPDR S&P Software

ISHRS S&P Glb It

iShares Expanded Tech Software Sector ETF

In "Major Banks," Bank of China: Baidu's fourth-quarter profit exceeds expectations, target price $172, recommends buying

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

Bilibili

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

DBS analyst Andy Yu CFA has maintained a Buy rating on Baidu (BIDU) with a price target of $211.00. The analyst consensus on Baidu is a Strong Buy, with an average price target of $180.63. Yu focuses on the Technology sector and has an average return of 0.7% with a 37.63% success rate on his stock recommendations.

- DBS analyst Andy Yu CFA has reiterated a Buy rating on Baidu, setting a price target of $211.00.  
- His coverage focuses on the Technology sector and includes stocks like GDS Holdings Ltd. and Adobe, with an average return of 0.7% and a 37.63% success rate.  
- The current analyst consensus for Baidu is a Strong Buy, with an average price target of $180.63.

DBS Reaffirms Their Buy Rating on Baidu (BIDU)

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.

Pagerduty

AtaiBeckley

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

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.

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%

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

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%

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

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

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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?

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$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

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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

WERIDE-W

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 Return Rate

BABA Diamond Holder

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-WR

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

UB#BAIDURP2812D(65178.HK)

Hong Kong stocks intraday | Three major indices fell, technology stocks led the decline, Xiaomi Group dropped 4.93%, Baidu fell 4.04%

Jefferies Sticks to Its Buy Rating for Baidu (BIDU)

J.P. Morgan Sticks to Its Buy Rating for Baidu (BIDU)

The Hang Seng TECH Index fell by 10% in February, down 23% from its high in October last year

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