JP#TENCTRP2812H

CHINA OIL & GAS

PETRO-KING

DZUG

CHK OIL

MANY IDEA CLOUD

HAO TIAN INTL

JY GAS

COSCO SHIP DEV

GLOBAL UIN

BG BLUE SKY

00700

TCEHY

TCTZF

80700

GOOG

GOOGL

SHO-H

SHO-I

GGLS

GGLL

HTCD

Below is Dolphin Research's FY25 Q4 earnings call Trans for $Sea(SE.US). For the earnings analysis, please see 'SEA: Spending Aggressively for the Future — Is Southeast Asia's 'Mini Tencent' Heading into Another Black Hole?'.Section 1 covers a recap of key financials. Section 2 provides detailed call notes.2.1 Management highlights: 1) Strategy and outlook. Success in 2025 came from choosing the right strategy and executing well. In 2026 we will stay the course; execution remains key, and we will invest more in operational excellence to pursue strong growth and healthy profits...

SE (Trans): Shopee profit flat in 2026?

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Often dubbed Southeast Asia's Tencent, $Sea(SE.US) reported Q4 results premarket on Mar 3. It was a familiar split: core e-commerce and fintech posted strong, above-consensus growth, while profits across segments missed as investment ramped. With the market prioritizing profitability over growth, the stock sold off sharply again.Specifically: 1) E-commerce accelerated, with logistics spending starting to pay off. Contrary to market expectations of a slowdown on higher comps, order volumes actually picked up this quarter...

SE: Burning cash for growth — is SE Asia's 'mini Tencent' heading into another money pit?

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According to the Hong Kong Stock Connect data, Tencent had a net inflow of HKD 2.559 billion, becoming the main stock for southbound capital inflows. Xiaomi Group and Sinopec Oilfield Service had net inflows of HKD 781 million and HKD 699 million, respectively. Alibaba, on the other hand, had a net outflow of HKD 1.209 billion, becoming the stock with the highest outflow. Overall, the net outflow of southbound capital was HKD 0, with a total transaction amount of HKD 179.031 billion, accounting for 48.32% of the market transaction volume

AASTOCKS

Tencent Holdings Limited

Tencent

TENCENT

Net inflow of HKD 2.559 billion for Tencent through Stock Connect

02800

The Hang Seng Index closed at 25,768 points today, down 291 points or 1.1%. Northbound capital inflow decreased by 62%, with a trading volume of HKD 179.031 billion. The ongoing US-Iran war raises concerns about global shipping and supply chain risks. US stocks showed mixed performance, with the Dow Jones down 0.2% and the Nasdaq up 0.4%. The South Korean stock market plummeted by 7.2%, and the Nikkei index fell by 3.2%. The TRACKER FUND, CSOP HS TECH, and Tencent's stock prices all declined

Hang Seng Index

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

FI CSOP HSI

FI2CAMNDQ100

China Southern Hang Seng ETF

FL2 CSOP HSI

CSOP HS TECH

FI2 CSOP HSI

TRACKER FUND

Pro Ultrshrt Yen

The Hang Seng Index falls below 26,000, northbound capital inflow decreases by 62%, metal and mobile phone stocks are sold off

00316

601857

159742

00883

BABA

09988

The Hang Seng Index closed at 25,768 points, down 291 points or 1.1%. The Hang Seng Tech Index reported 4,876 points, down 112 points or 2.3%. The total market turnover was HKD 370.545 billion. Xiaomi Group fell over 4%, while major stocks such as Meituan, Alibaba, and Tencent also experienced declines. Individual stocks like PetroChina and CNOOC reached new highs with active trading

OOIL

PETROCHINA

Hang Seng TECH ETF I

CNOOC

SINOPEC CORP

Sinopec Corp.

Alibaba

Dacheng Hang Seng Technology ETF(QDII)

BABA-W

According to the "All-Day Express," the Hang Seng Index fell by 291 points; the Hang Seng Tech Index dropped by 112 points. Xiaomi Group fell by over 4%. PetroChina, CNOOC, OOIL, United Energy Group, and COSCO Shipping Holdings reached new highs with active trading

03690

XIACY

MPNGY

BABX

KBAB

According to the report from Soochow Securities Co., Ltd., last week, the net inflow of southbound funds in the Hong Kong stock market was HKD 6.7 billion, mainly flowing into information technology, discretionary consumer goods, and real estate construction industries, while outflows were seen in telecommunications and utilities. The stocks with the highest net purchases included Meituan, Xiaomi, and Tencent. The net inflow into ETFs accelerated, reaching a total scale of HKD 444.26 billion. The top ten net purchased stocks were Meituan, Alibaba, BYD, etc., while the stocks with net outflows included Zijin Mining, China Life, and Minmetals Resources, among others

MEITUAN

Xiaomi Corporation

Meituan

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Dongxing Securities Co., Ltd. lists the top ten net purchases and net sales of Hong Kong stocks by southbound funds last week (table)

82800

82828

02828

The short selling amount in the Hong Kong stock market reached HKD 31.55 billion in half a day, accounting for 21.5% of the turnover of shortable stocks. The main shorted stocks include TRACKER FUND, Southern Hang Seng Technology, HSCEI ETF, TENCENT, and CNOOC, with short selling ratios of 47.5%, 29.7%, 41.4%, 13.9%, and 13%, respectively

TRACKER FUND-R

HSCEI ETF-R

HSCEI ETF

The short selling in the Hong Kong stock market for half a day was HKD 31.55 billion, accounting for 21.5% of the turnover of shortable stocks

02883

01033

00568

00632

00467

On March 3rd, the Hong Kong stock market closed at noon with all three major indices retreating. The Hang Seng Index fell by 0.29%, and the Hang Seng Tech Index dropped by 1.02%. Affected by the surge in oil prices due to geopolitical conflicts, the energy equipment and services sector performed strongly, with SHANDONG MOLONG soaring by 58.82% and SINOPEC SSC rising by 32.09%. Technology stocks showed a mixed performance, with Tencent Holdings supported by positive AI news, increasing by 0.68%, while XPeng fell by 3.02%. The overall market exhibited a trend of reduced trading volume and consolidation, with investors focusing on upcoming economic data and changes in the geopolitical situation

- On March 3, Hong Kong's major stock indices experienced a collective decline following a previous day of gains.  
- The Hang Seng Index dropped 0.29%, while the Hang Seng Technology Index fell 1.02%, attributed to profit-taking after recent highs.  
- The energy sector led gains due to rising oil prices from geopolitical tensions, notably with Shandong Molong surging 58.82%, indicating strong interest in low-priced oil service stocks.

LB Select

CHINA OILFIELD

SINOPEC SSC

SHANDONG MOLONG

UNITEDENERGY GP

BIDU-SW

KUAISHOU-W

RUICHANG INTL

AGTECH HOLDINGS

Hong Kong Stock Midday Review | Hang Seng Index down 0.29%, volume contraction and consolidation, oil service sector surges against the trend, SHANDONG MOLONG skyrockets 58.82%

The three major indices of the Hong Kong stock market are showing a narrow range of fluctuations at high levels, with the Hang Seng Index slightly up by 0.14% and the Hang Seng Tech Index slightly down by 0.04%. Due to the escalation of the geopolitical situation in the Middle East, the oil and gas equipment and services sector has surged explosively, becoming the market focus. Among them, Shandong Molong soared by 57.54% due to capital speculation, while Sinopec Oilfield Service followed with a significant increase of 20.9%. In addition, the policy expectations from the Two Sessions are favorable for the internet sector, with Tencent Holdings experiencing a moderate rebound. The market is overall in a consolidation phase, with funds waiting for further directional choices

- The Hong Kong stock market shows a consolidation phase with cautious performance near recent highs, as the Hang Seng Index fluctuates around 26,096.11 points.  
- The energy sector surges due to rising geopolitical tensions, with companies like Shandong Molong rising 57.54%, driven by speculations regarding oil security and equipment demand.  
- Investors remain focused on the macroeconomic liquidity environment and implications of U.S. Federal Reserve policies on local interest rates and retail sales recovery.

Market Heartbeat

ZONQING LTD

Hong Kong Stock Market | The Hang Seng Index rose slightly by 0.14%, the oil and gas equipment sector surged, Shandong Molong soared by 57.54%

DTCR

CLOU

Tencent Cloud has launched a new availability zone in Frankfurt, expanding its European infrastructure to three zones. This move aims to enhance performance and resilience for customers, driven by increasing demand for AI and low-latency hybrid cloud services. The new zone will support various cloud services, including the HY 3D AI creation engine, and is designed to comply with local regulations. Tencent Cloud is seeing strong adoption of its AI solutions across Europe, with notable customers including 3D AI Studio and fintech platform iyzico.

prnewswire

Global X Data Center & Dgtl Infrs ETF

Global X Cloud Computing ETF

05:42 ETTencent Cloud Launches New Availability Zone and Services in Europe to Power AI Growth

09618

On March 2nd, Hong Kong stocks closed with all three major indices retreating, with the Hang Seng Tech Index plummeting 2.89% and falling below the 5000-point mark. Market sentiment cooled, with technology and consumer heavyweight stocks experiencing widespread declines; Alibaba fell 4.55%, and Xiaomi Group dropped 5.04%. On the other hand, influenced by geopolitical tensions and soaring oil prices, the oil and gas exploration sector rose against the trend, with CNOOC increasing by 5.61% and CHK OIL soaring by 154.24%. Southbound funds continued to flow in, and the market is focused on subsequent macro data to verify the strength of economic recovery

- On March 2nd, Hong Kong's stock indices experienced a significant decline, with the Hang Seng Index down 2.14% to 26,059.85 points.  
- The energy sector saw a surge, driven by geopolitical tensions, with China National Petroleum jumping 154.24%.  
- In contrast, major retailers and tech stocks faced downward pressure, reflecting increased selling amidst a cautious market sentiment.

MNSO

JD-SW

YANCHANG PETRO

XIMEI RESOURCES

China Universal CSI Oil & Gas Resources ETF

Hong Kong Stock Market Closing | Hang Seng Index falls below 5000 points, CHK OIL surges 154.24%, oil and gas stocks explode against the trend

On March 2nd, all three major indices of the Hong Kong stock market retreated, with the Hang Seng Index falling 2.01% during the session and the Hang Seng Tech Index dropping 2.63%, approaching the 5000-point mark. Market risk aversion intensified, putting pressure on the technology and retail sectors, with Alibaba down 3.99% and JD.com down 2.97%. Driven by geopolitical tensions leading to rising oil prices, the oil and gas sector surged against the trend, with China National Offshore Oil Corporation rising 4.5% and CHK OIL soaring over 137%. Funds became cautious, focusing on the upcoming macroeconomic data

- On March 2, Hong Kong stocks faced significant pressure, with the Hang Seng Index falling 2.01% to 26,096.5 points amid rising risk aversion.  
- The Hang Seng Technology Index dropped 2.63%, and the Market overall entered a consolidation phase after prior gains, while sectors like retail and internet content also experienced declines.  
- Conversely, the oil and gas exploration sector surged due to geopolitical tensions increasing oil prices, with China National Offshore Oil Corporation rising 4.50%.

ZHIHUI MINING

ZHONGYU ENERGY

Bosera CSI Oil & Gas Resources Index ETF

Yinhua CSI Oil & Gas Resources ETF

Guotai CSI Oil & Gas Industry ETF

Hong Kong stock market intraday | The Hang Seng Index fell 2.01%, technology and retail stocks were under pressure, while the oil and gas sector surged against the trend, with CHK OIL soaring over 137%

The short selling amount in the Hong Kong stock market reached HKD 37.89 billion in the first half of the day, accounting for 23.7% of the total shortable stock turnover of HKD 159.66 billion. The previous day was 22.7%. The top five stocks by short selling amount include Southern Hang Seng Technology with a short selling ratio of 75.6% and a short selling amount of HKD 7.8 billion; TRACKER FUND with a short selling ratio of 47.9% and a short selling amount of HKD 4.17 billion; Xiaomi Corporation - W with a short selling ratio of 31.5% and a short selling amount of HKD 1.94 billion; Alibaba - W with a short selling ratio of 14.7% and a short selling amount of HKD 1.38 billion; and Tencent Holdings Limited with a short selling ratio of 13.2% and a short selling amount of HKD 1.27 billion

The short selling in the Hong Kong stock market for half a day was HKD 37.89 billion, accounting for 23.7% of the turnover of shortable stocks

On March 2nd, Hong Kong stocks collectively adjusted in the afternoon, with the Hang Seng Index falling 1.59% to 26,205.98 points, and the Hang Seng Tech Index dropping 2.12%. Market sentiment weakened, with the retail, internet, and hardware sectors generally under pressure. Despite news of a new car, Xiaomi still fell 4.58%. Risk aversion sentiment increased, flowing into the energy sector, with China National Offshore Oil Corporation rising 3.79% and Shandong Molong soaring 66.28%. The macro market is waiting for retail and export data to verify the strength of domestic demand recovery

- On March 2, Hong Kong's major indices experienced a decline, with the Hang Seng Index falling 1.59% to 26,205.98 points.  
- Retail and technology sectors faced significant losses, driven by low market sentiment and withdrawal of funds.  
- Despite the downturn, certain stocks, such as Shandong Molong and Zhonggang Petroleum, saw substantial gains, indicating a shift towards safer investment options in the energy sector.

XIAOMI-W

LONGCHEER

LENOVO GROUP

JIAXIN INTL RES

YOFC

Shandong Molong

ChinaAMC CSI Petrochemical Industry ETF

Hong Kong Stock Midday Review | The Hang Seng Index fell 1.59% and entered a correction, while energy stocks surged against the trend, with Shandong Molong rising 66.28%

601898

601088

The Hang Seng Index closed at 26,209 points, down 420 points or 1.6%. The Hang Seng Tech Index reported 5,030 points, down 107 points or 2.1%. Xiaomi Group fell over 4%, while major stocks such as Meituan, Alibaba, Ping An, and Tencent also experienced declines. Xinyi Glass, CNOOC, OOIL, and China Shenhua reached new highs

China Coal Energy

CSEC/China Shenhua

CHINA COAL

XINYI GLASS

CHINA SHENHUA

The Half-Day Express reports that the Hang Seng Index fell by 420 points; the Hang Seng Tech Index dropped by 107 points. Xiaomi Group fell by over 4%. Xinyi Glass, CNOOC, OOIL, China Shenhua, and China Coal Energy reached new highs

Conference Minutes

TENCENT-R

Alphabet - C

Alphabet

Meta Platforms

US Global Sea to Sky Cargo ETF

Sunstone Hotel Investors

SUNSTONE HOTEL INVESTORS INC 6.125% CUM RED SER H USD 25

SUNSTONE HOTEL INVESTORS INC 5.70% SERIES I CUMULATIVE RED PFD SHS

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Tencent HK SDR 10to1

Financial Analysis

$XTALPI(02228.HK) $TENCENT(00700.HK) Is it the Chinese people paying for the military expenses again? Sad...

XTALPI

Unity

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

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 Return Rate

BABA Diamond Holder

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

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JP#TENCTRP2812H(54580.HK)

SE (Trans): Shopee profit flat in 2026? ---

SE: Burning cash for growth — is SE Asia's 'mini Tencent' heading into another money pit? ---

Net inflow of HKD 2.559 billion for Tencent through Stock Connect

The Hang Seng Index falls below 26,000, northbound capital inflow decreases by 62%, metal and mobile phone stocks are sold off

According to the "All-Day Express," the Hang Seng Index fell by 291 points; the Hang Seng Tech Index dropped by 112 points. Xiaomi Group fell by over 4%. PetroChina, CNOOC, OOIL, United Energy Group, and COSCO Shipping Holdings reached new highs with active trading