MB-BILI@EC2608A

CCOE

STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

TE HEALTHCARE

ASIAPAC FIN INV

WELIFE TECH

DRINDA

TIMELESS

09626

02618

09988

00100

BABA

BILI

KBAB

BABX

On the macro level, China's Two Sessions discuss the government work report and the 14th Five-Year Plan, while the U.S. February non-farm payrolls and the Federal Reserve's Beige Book will reveal the true state of employment. Geopolitically, the U.S. and Israel launch an attack on Iran, with Iran claiming it will initiate the most intense offensive, and new rounds of negotiations are taking place among Russia, Ukraine, and the U.S. On the industrial front, the Electronic Spring Festival kicks off at the 2026 Mobile World Congress, Alibaba Qianwen releases AI glasses, and Apple will hold a new product launch event next week. In terms of earnings reports, MiniMax, JD.com, Bilibili, Broadcom, Credo, and others will announce their performance results intensively

- The week of March 2nd to March 8th features major macroeconomic events like China's National People's Congress sessions and the U.S. non-farm payroll report, which may impact interest rate forecasts.  
- Additionally, geopolitical tensions rise with Iran's military actions against Israel and potential peace talks between Ukraine and Russia.  
- In tech, the Mobile World Congress will showcase innovative AI and communication technologies, with key product launches from companies like Alibaba and Apple.

Wallstreetcn

BILIBILI-W

JD LOGISTICS

BABA-W

MINIMAX-WP

JD.com

JD HEALTH

JD-SW

Alibaba

Bilibili

KraneShares 2x Long BABA Daily ETF

KraneShares 2x Long JD Daily ETF

BABA 2x Long Daily ETF - GraniteShares

Next week's heavy schedule: China's Two Sessions, US Non-Farm Payroll, developments in Iran, MiniMax JD Bilibili financial report

518880

00HSI

06181

09888

BIDU

STECH

On the first trading day of the Year of the Horse for Hong Kong stocks, the Hang Seng Index opened down 0.18%, and the Hang Seng TECH Index opened nearly 0.7% lower. BILIBILI-W fell nearly 4%, while Alibaba and Baidu Group both dropped about 3%. LAOPU GOLD rose nearly 1%, and the company will adjust product prices on February 28. The market has risks, and investment should be cautious

Huaan Yifu Gold ETF

Hang Seng Index

LAOPU GOLD

BIDU-SW

Baidu

Hang Seng TECH Index

Hong Kong stock market's first trading day of the Year of the Horse: Hang Seng Index opened down 0.18%, Hang Seng TECH Index opened nearly 0.7% lower

Bilibili (B Station) released data related to the live broadcast of the Spring Festival Gala in the Year of the Horse, showing that on New Year's Eve (16th), during the live broadcast of the gala, the total number of bullet comments on Bilibili reached 133 million, with an average of 7,700 comments sent per second, indicating that sending bullet comments while watching the Spring Festival Gala on Bilibili has become an important ritual for young people on New Year's Eve

AASTOCKS

The live broadcast of the Bilibili Spring Festival Gala had over 130 million bullet comments, with an average of 7,700 comments sent per second

03088

03032

01698

Tencent Music fell over 6%, Bilibili and Baidu Group fell over 3%, and Alibaba fell nearly 3%. Risk warning and disclaimer: The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

CAM HS TECH

HSTECH ETF

ISHARESHSTECH

CSOP HS TECH

Huaan Hang Seng Technology ETF(QDII)

China Southern Hang Seng ETF

GX HS TECH

Tianhong Hang Seng TECH ETF(QDII)

Tencent Music

TME-SW

Hang Seng TECH ETF I

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

The Hang Seng Index opened down 1.45%, and the Hang Seng TECH Index fell 1.59%

TCOM

The NASDAQ Golden Dragon China Index initially closed down 2.9%. Among popular Chinese concept stocks, Tencent Music initially closed down 10%, Trip.com fell 6%, KE dropped 5.8%, Bilibili, Baidu, CSI Solar, and YUM China fell over 4%, Alibaba dropped 3.4%, Atour rose 1.2%, and Century Internet rose 3.7%

Invesco Golden Dragon China

Trip.com

Global X E-commerce ETF

Guotai MSCI China A ESG General ETF

YUM China

Roundhill China Dragons ETF

NASDAQ Golden Dragon China Index

ALI HEALTH

YUM CHINA

BEKE-W

CSI Solar

Yinhua MSCI China A ETF

Direxion FTSE China Bull 3X

TRIP.COM-S

HERO

GAMR

BNGE

ESPO

An earnings call is set to take place at 7:00 a.m. Eastern Time on March 5, 2026, where financial results and performance will be discussed. The call will provide shareholders and investors with insights into the company's earnings. This event is crucial for stakeholders as it will reveal important figures regarding the company's financial health and future prospects. Mark your calendars for this significant event in the business world.

Unusual Whales

Global X Video Games & Esports ETF

Wedbush ETFMG Video Game Tech ETF

First Trust S-Network Streaming and Gaming ETF

Invesco Leisure & ENT ETF

VanEck Video Gaming and eSport ETF

VanEck Gaming ETF

Comm Servcies Select Sector SPDR

ISHRS S&P Glb Telco

Bilibili Inc. to report Q4 and FY 2025 financials on March 5, 2026, with earnings call at 7:00 a.m. ET.

00700

01024

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.

Market Heartbeat

TENCENT

KUAISHOU-W

MNSO

MEITUAN

HAIDILAO

HPC HOLDINGS

TOUYUN BIOTECH

HANVEY GROUP

ZIJIN MINING

FL2 CSOP HSI

YOFC

FI CSOP HSI

Meituan

FI2 CSOP HSI

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%

On February 12th, the three major indices of the Hong Kong stock market collectively weakened during the session, with the Hang Seng TECH Index falling by 1.58%, leading the market decline. Affected by the escalation of the AI model war, the internet and retail sectors experienced widespread declines, with heavyweight stocks such as Tencent Holdings, Meituan, and Alibaba under pressure. Market sentiment has turned cautious, with funds closely monitoring macro data such as retail sales and imports and exports to verify the strength of the economic recovery

- On February 12, Hong Kong's stock indices experienced a collective downturn after reaching yesterday's highs, with the Hang Seng Index down 0.68% to 27,082.16 points.  
- The technology sector faced significant losses, particularly the Hang Seng Tech Index, which fell 1.58%, pressured by concerns over competition in the AI market.  
- Investors are focusing on macroeconomic data for February, especially retail sales and import-export figures, to gauge local consumption recovery and external demand resilience.

JD-SWR

LEMO SERVICES

TJCD

HUAYUEXPRESSWAY

BOER POWER

Tencent Holdings Limited

Tencent

Hong Kong stock market intraday | Hang Seng TECH Index down 1.58%, Tencent down 2.83%, Meituan down 3.38%

02259

01772

00669

09992

02628

06809

02601

ZIJIN GOLD INTL(02259) rose 9.06%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 56.7%. BILIBILI-W(09626) rose 5.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 31.1%. POP MART(09992) fell 5.49%, with a trading turnover 4.4 Billion HKD, and a year-to-date rose 35.9%. MINIMAX-WP(00100) fell 4.82%, with a trading turnover 681.6 Million HKD, and a year-to-date rose 210.9%.

- The Hang Seng Index increased by 0.31%, with a year-to-date gain of 6.4%, while the Hang Seng Tech Index rose by 0.9%, showing a year-to-date decline of 0.3%.  
- Zijin Mining International (02259) saw a rise of 9.06% with a trading volume of HKD 1.7 billion, resulting in a year-to-date increase of 56.7%.  
- Bilibili-W (09626) grew by 5.16%, with a trading volume of HKD 1.22 billion, reflecting a year-to-date increase of 31.1%, whereas Pop Mart (09992) fell by 5.49%, despite a year-to-date increase of 35.9%.

Top Gainers & Losers

ZIJIN GOLD INTL

GANFENGLITHIUM

TECHTRONIC IND

POP MART

CHINA LIFE

MONTAGE TECH

CPIC

Top 5 HK Stock Gainers/Losers (>100B) (2.11)

01810

00992

02720

On February 11th, the three major indices of the Hong Kong stock market closed higher collectively, with market sentiment warming up. The Hang Seng Tech Index led the gains, closing at 5499.99 points. In terms of sectors, hardware and automotive stocks performed strongly, with Xiaomi Group surging 4.27% on news of new vehicles, and Bilibili rising over 5% due to valuation recovery; the internet and retail sectors showed mixed performance, with Tencent and Alibaba experiencing slight pullbacks. Capital competition was intense, as the market awaited guidance from macro data such as retail sales and CPI

- On February 11, the Hong Kong stock market showed resilience, with major indices closing positively; the Hang Seng Index rose 0.31% to 27,266.38 points.  
- Notable performers included Xiaomi Group, up 4.27% driven by positive sentiment from new SUV announcements, while the Hang Seng Tech Index climbed 0.90%.  
- Investors are closely monitoring upcoming retail sales and CPI data to gauge the recovery of local consumption amidst cautious market sentiment.

XIAOMI-W

LENOVO GROUP

RIDGE OUTDOOR

ELEGANCEOPTICAL

HAO BAI INTL

ONEROBOTICS

MANY IDEA CLOUD

SMIC

Hong Kong stocks closed | All three major indices rose, with the Hang Seng Tech Index up 0.90%, and Xiaomi Group rising over 4%

02562

00981

On February 11th, the three major indices of the Hong Kong stock market rose slightly during the session, with the Hang Seng Technology Index leading the gains at 0.74%, showing a narrow range of fluctuations overall. In terms of sectors, the hardware and storage sectors performed strongly, with Xiaomi Group surging 4.38% driven by expectations of AI and new products; the internet sector showed divergence, with Bilibili rising 5.41% and Tencent Holdings falling 1.09%. In terms of individual stocks, Synagistics and Ridge Outdoor soared over 35% due to positive news. The current market is in a macro data vacuum period, with investor sentiment primarily cautious

- On February 11, Hong Kong's stock indices showed a slight overall rise, with investor sentiment remaining cautious amid a lack of macroeconomic data.  
- The Hang Seng Index increased by 0.25%, while the Hang Seng Tech Index led gains at 0.74%, although major indices stayed below recent highs.  
- Market focus shifted towards upcoming retail sales and trade data, as well as inflation and unemployment metrics, which are crucial for assessing economic resilience.

SYNAGISTICS

KB LAMINATES

JIAXIN INTL RES

Xiaomi Corporation

XL2CSOPHSTECH

CAM HS TECH-U

XI2CSOPHSTECH

Hong Kong stock market intraday | Hang Seng TECH Index up 0.74%, hardware sector strengthens, Xiaomi surges 4.38%, Tencent down 1.09%

On February 11th, the three major indices of the Hong Kong stock market showed a fluctuating stabilization trend during the trading session, with the Hang Seng Technology Index performing strongly, leading with a rise of 1.05%, indicating a rebound in investor interest in technology growth stocks. The Hang Seng Index slightly increased by 0.21% to 27,239.34 points. Sector performance was notably mixed: the hardware and storage sectors saw widespread gains driven by positive news from Xiaomi's business, with Xiaomi Group rising by 4.55%; the internet sector experienced mixed results, with Bilibili rising over 4% while Tencent saw a slight pullback; the semiconductor sector weakened across the board, with SMIC falling nearly 4%. Additionally, popular stocks Zhihu and Lexin Outdoor showed significant gains. The market is currently focused on the strength of macroeconomic recovery, awaiting further economic data guidance

- On February 11, Hong Kong's main indexes stabilized, with the Hang Seng Index at 27,239.34, rising 0.21%.  
- The Hang Seng Technology Index led with a 1.05% increase, reflecting a recovery in tech stocks, while the Enterprise Index also gained 0.21%.  
- Market focus remains on macroeconomic recovery and liquidity changes, with upcoming trade and retail data essential for assessing domestic demand and export resilience.

HUA HONG SEMI

KNOWLEDGE ATLAS

JLMAG

CNBM

VanEck Semiconductor ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Direxion Semicon Bull 3X

GTJA Allianz SSE STAR Chip Design Thematic ETF

iShares Semiconductor ETF

SPDR S&P Semicon

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

Hong Kong stock market intraday | Hang Seng TECH Index rose 1.05%, Xiaomi Group rose 4.55%, SMIC fell 3.91%

美图公司

Deep Research

Appraisal value

In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

MB-BILI@EC2608A(26208.HK)

Next week's heavy schedule: China's Two Sessions, US Non-Farm Payroll, developments in Iran, MiniMax JD Bilibili financial report

Hong Kong stock market's first trading day of the Year of the Horse: Hang Seng Index opened down 0.18%, Hang Seng TECH Index opened nearly 0.7% lower

The live broadcast of the Bilibili Spring Festival Gala had over 130 million bullet comments, with an average of 7,700 comments sent per second

The Hang Seng Index opened down 1.45%, and the Hang Seng TECH Index fell 1.59%