Hong Kong Stock MovementMEITU rose 12.86%. Based on recent news,<ol><li>On January 12, MEITU announced the issuance of USD 250 million convertible bonds to Alibaba, which will hold 6.82% of MEITU's shares, becoming its third-largest shareholder. This news is considered positive, with expectations that the cooperation between MEITU and Alibaba will further deepen, especially in the field of e-commerce design, generating strong synergies.</li><li>On January 9, MEITU's afternoon gains expanded to 6.20%, closing at HKD 7.88. Bank of America Securities released a report predicting that China's software and IT services industry will see a 12% year-on-year revenue growth by 2026, and designated MEITU as a preferred stock with a &#34;Buy&#34; rating.</li><li>On January 9, MEITU's net active buying amount reached a four-month high, with significant capital inflow. The current price valuation has turned lower, and the risk-reward ratio has improved. After breaking through the 50-day moving average, the short-term target price is HKD 11.5. Driven by AI, the growth visibility in the software industry is relatively high.</li></ol>Top Stocks by Trading Volume in the IndustryTencent Holdings rose 2.21%. Based on recent key news:<ol><li>On January 12, Tencent Holdings saw multiple large transactions, with prices between HKD 615.5 and HKD 620.5, involving HKD 274 million. These large transactions indicate strong market interest in Tencent's stock, driving the price up.</li><li>On January 9, Tencent Holdings repurchased 1.039 million shares at a cost of approximately HKD 640 million. The repurchase action has boosted market confidence in the company's stock, further supporting the price increase.</li><li>On January 12, Tencent Holdings continued to have large transactions in the afternoon, with prices between HKD 622 and HKD 623.5, involving HKD 111 million. These transactions indicate investors' continued optimism about Tencent, contributing to the price rise. The Hong Kong stock market has been active recently, with significant capital inflow.</li></ol>Kuaishou-W rose 7.70%. Based on recent news,<ol><li>On January 12, Kuaishou-W had four large transactions at a price of HKD 78.00, with a volume of 1.2 million shares, involving HKD 93.6 million. The large transaction amount exceeded HKD 20 million, showing strong market interest in the stock, driving the price up.</li><li>On January 12, Kuaishou-W rose nearly 5% again, with a cumulative increase of over 20% this month. In terms of news, Kuaishou AI has sparked a creative boom on overseas social platforms with its &#34;motion control&#34; feature, becoming a new hit for domestic AI going abroad. JP Morgan and Morgan Stanley both expressed optimism about Kuaishou's leading position in the generative AI field, expecting its user recognition and revenue in overseas markets to further increase, boosting the stock price.</li><li>On January 9, Kuaishou responded to the National Radio and Television Administration's requirements regarding the special governance of &#34;AI-modified&#34; videos, launching special governance to maintain a good content dissemination order. This move shows the company's emphasis on compliant operations, enhancing market confidence. The Hang Seng Index has performed well, with an overall favorable market conditionBaidu-SW rose by 5.39%. Based on recent key news:</li><li>On January 1, Baidu announced the spin-off of its AI chip subsidiary Kunlun Chip and submitted a listing application. This move is seen by the market as an important step in Baidu's strategic transformation, driving the stock price up. The valuation models from CICC and Goldman Sachs indicate that the implied value of Kunlun Chip exceeds USD 50 billion, significantly enhancing the value of Baidu's equity and stimulating the stock price increase. Source: Zhitong Finance</li><li>On January 6, Baidu's autonomous driving platform, Apollo Go, received a fully autonomous driving testing permit in Dubai. This news boosted market confidence in Baidu's autonomous driving business, with expectations that the fleet size will expand to over 1,000 vehicles, further driving the stock price up. Source: CICC</li><li>On January 9, the Hong Kong stock market lacked direction, with the Hang Seng Index fluctuating less than 200 points. Tech stocks developed individually, with Baidu's stock price fluctuating, but overall market sentiment did not have a significant impact on Baidu's stock price. Source: Jinshi Data</li></ol>Stocks ranked among the top in industry market capitalizationBilibili-W rose by 6.62%. Based on recent key news:<ol><li>On January 12, a report from Jefferies indicated that Bilibili's Q4 2025 earnings expectations were in line with forecasts, maintaining a buy rating with a target price of HKD 267. This news boosted market confidence, driving the stock price up.</li><li>On January 12, Qichacha showed that Bilibili's affiliated company Shanghai Huandian Information Technology Co., Ltd. became a shareholder of Shanghai Jiangqu Network Technology Co., Ltd., with an increase in registered capital. This business change may be seen as a positive signal for the company's business expansion, further supporting the stock price increase.</li><li>On January 12, market analysis pointed out that Bilibili performed strongly in short-term speculation, being regarded as a security with high speculative value, attracting investor attention and boosting the stock price. The entertainment industry is favored for its defensive nature</li></ol>

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MEITU rose 12.86%; Tencent Holdings rose 2.21%, with a transaction volume of HKD 14.7 billion; Kuaishou-W rose 7.70%, with a transaction volume of HKD 6.187 billion; Baidu-SW rose 5.39%, with a transaction volume of HKD 2.17 billion; Bilibili-W rose 6.62%, with a market value of HKD 98.8 billion

Hong Kong Stock Movement: Alibaba's Investment, MEITU Rises 12.86%, E-commerce Synergy Attracts Market Enthusiasm