HS#TENCTRC2608U

NE ELECTRIC

AUTOSTREETS

JINGCHENG MAC

SANBASE CORP

SH GROUP HLDG

XI2CSOPSMSN

WINSHINE SCI

BOER POWER

IMPERIUM TEC GP

BABX

KBAB

06181

BABA

TCTZF

00700

09988

TCEHY

The Hang Seng Index Company will announce the results of the fourth quarter review in mid-February, adding CATL, CMOC, and LAOPU GOLD, while removing Zhongsheng. The number of constituent stocks will increase from 88 to 90. The changes will be implemented after the market closes this Friday and will take effect from March 9. CICC predicts changes in weight and the inflow and outflow of passive funds, including inflows for Tencent, Alibaba, and outflows for HSBC HOLDINGS

AASTOCKS

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

LAOPU GOLD

CATL

Alibaba

Tencent Holdings Limited

CMOC

TENCENT

HSBC HOLDINGS

BABA-W

Tencent

In "Major Banks," CICC lists the adjustments and weight changes of the Hang Seng Index constituent stocks along with predictions for passive fund changes (table)

01024

09888

As of noon, the three major indices of the Hong Kong stock market weakened, with the Hang Seng Index down 2.78% at 25,051.33 points, the Hang Seng Tech Index down 1.96% at 4,780.91 points, and the National Enterprises Index down 2.40% at 8,401.99 points. There is a clear divergence among sectors: the internet content and information sector declined due to the weakness of Chinese concept stocks, with Tencent down 1.57%, Kuaishou down 2.32%, and Baidu down 2.73%; the semiconductor manufacturers sector showed divergence, with Zhaoyi Innovation up 4.91%, while SMIC down 2.00% and Hua Hong Semiconductor down 1.82%; the telecommunications services defensive sector fell slightly. The market is focused on the impact of the Federal Reserve's interest rate cut expectations on HIBOR and the Hong Kong dollar, as well as the potential effects of recent PMI, retail and export performance, southbound capital, earnings season, real estate policies, and transaction factors on risk appetite and sector rotation

- As of noon, Hong Kong's three major indices declined, with the Hang Seng Index falling 2.78% to 25,051.33 points, and the Hang Seng Technology Index dropping 1.96% to 4,780.91 points.  
- The market is influenced by factors such as expectations of a U.S. Federal Reserve interest rate cut and the performance of recent PMI, retail, and export data.  
- Notably, leading tech stocks like Tencent and Alibaba showed significant declines, while some semiconductor stocks, like Zhaoyi Innovation, demonstrated strength amidst overall market volatility.

Market Heartbeat

KUAISHOU-W

BIDU-SW

GIGADEVICE

SMIC

HUA HONG SEMI

CHINA MOBILE

CHINA TELECOM

CHINA UNICOM

CNOOC

XIAOMI-W

Hong Kong Stock Market Midday Review | Hang Seng Index down 2.78%, Hang Seng Tech down 1.96%, Zhaoyi Innovation up 4.91%

002027

09898

BIDU

The report from Citigroup points out that AI applications have become the main driving force behind the growth of advertising spending in China, with total advertising expenditure expected to reach hundreds of billions of yuan this year, an annual increase of 60% to 70%. ByteDance and Tencent lead the growth in advertising revenue due to their inventory scale and cost-effectiveness, while Baidu and Kuaishou also benefit but face challenges. Weibo and Focus Media focus on brand advertising, with Focus Media occupying a unique position in the advertising field through collaboration with Alibaba

Focus Media

Weibo

WB-SW

Baidu

"Big Banks" Citigroup: The AI App Competition Heats Up, Driving Growth in Advertising Spending

601318

00241

The Hang Seng Index closed at 25,051 points, down 717 points or 2.8%. The Hang Seng TECH Index reported 4,781 points, down 95 points or 2.0%. The China Enterprises Index fell 206 points or 2.4%, closing at 8,401 points. Ping An dropped 4.6%, and Alibaba fell 4.2%. Other heavyweight stocks such as HKEX and Tencent also experienced varying degrees of decline

Ping An

ALI HEALTH

PING AN

Hang Seng Index

HKEX

Hang Seng China Enterprises Index

Hang Seng TECH Index

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

HSTECH ETF

CSOP HS TECH

HSCEI ETF

The Half-Day Express reports that the Hang Seng Index fell by 717 points; the Hang Seng TECH Index dropped by 95 points, Ping An fell by over 4%, and Alibaba fell by over 4%

09618

09896

The three major indices of the Hong Kong stock market weakened during the session, with the Hang Seng Index falling approximately 2.10% to 25,226.96 points, the Hang Seng TECH Index dropping about 1.34%, and the Hang Seng China Enterprises Index declining around 1.73%. In terms of sectors, retailers, internet content and information, as well as oil and gas exploration and production generally declined. Among the leading stocks, Alibaba -W fell 3.49%, JD.com -SW dropped 3.14%; Tencent Holdings decreased 0.88%, Kuaishou -W fell 2.16%, and Baidu -SW declined 1.79%; in the oil and gas sector, China National Offshore Oil Corporation fell 2.46%, United Energy Group dropped 5.68%, and CNOOC (China National Offshore Oil Corporation) fell 35.96%

- On March 4, the Hong Kong stock market experienced a decline, with the Hang Seng Index falling approximately 2.10% to 25,226.96 points, indicating a pause in upward momentum.  
- Major sectors like retail have shown downward trends due to performance pressures, while the macroeconomic focus remains on variables such as U.S. Federal Reserve rate cut expectations and local economic indicators.  
- Notable stocks include Alibaba, which dropped 3.49%, and Tencent, which fell 1.57%, amidst cautious investor sentiment and uncertainties in their operational management.

JD-SW

MNSO

UNITEDENERGY GP

CHK OIL

YOFC

TRACKER FUND

Hong Kong stock market intraday | The Hang Seng Index fell by about 2.10%, technology and oil & gas sectors weakened, Alibaba -W dropped by 3.49%

03690

The Hang Seng Index opened down 298 points at 25,469 points, the National Index opened down 91 points at 8,516 points, and the Hang Seng Tech Index opened down 60 points at 4,816 points. Commodity stocks generally declined, with SD GOLD, ZHAOJIN MINING, and ZIJIN MINING opening down 3.2% to 3.6%. Minmetals Resources' annual net profit soared over 2.1 times, with its stock price opening down 4%. Shipping stocks, PACIFIC BASIN, saw a 56% drop in annual net profit, with its stock price opening down 2%. Technology stocks Tencent, KUAISHOU-W, and MEITUAN opened down 0.9% to 1.3%. Financial stocks HSBC opened down 2.1%

ZIJIN MINING

PACIFIC BASIN

ZHAOJIN MINING

MEITUAN

SD GOLD

SD-GOLD

"Hong Kong Stocks" Hang Seng Index opened down 298 points, commodity stocks declined, and Techtronic Industries fell nearly 5% after earnings

ESPO

HERO

BNGE

159869

GAMR

516010

The Trump administration is considering whether to allow Tencent to retain its stakes in major gaming companies amid national security concerns. Internal meetings have been held to evaluate the implications of Tencent's investments in U.S. and Finnish gaming firms. A scheduled cabinet meeting to discuss the matter was postponed. Tencent, a Hong Kong-listed company, has significant stakes in Epic Games and Riot Games, and previously acquired Supercell for $8.6 billion.

- The White House is considering whether to let Tencent maintain its stakes in significant gaming companies before President Trump’s meeting with President Xi in April.  
- Officials are evaluating if Tencent’s investments in U.S. and Finnish gaming firms present national security risks, although a cabinet meeting to discuss the matter was postponed.  
- Tencent owns stakes in companies like Epic Games and Riot Games, and previously acquired a majority share in Supercell for approximately $8.6 billion.

Reuters

VanEck Video Gaming and eSport ETF

Global X Video Games & Esports ETF

First Trust S-Network Streaming and Gaming ETF

ChinaAMC CSI Animation Game ETF

Wedbush ETFMG Video Game Tech ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Invesco Leisure & ENT ETF

Roundhill Video Games ETF

VanEck Gaming ETF

Guotai CSI Animation Game ETF

Electronic Arts

Trump administration debates allowing Tencent to keep its gaming stakes, FT reports

March 3 (Reuters) -* TRUMP ADMINISTRATION CONSIDERS ALLOWING TENCENT TO KEEP ITS GAMING INVESTMENTS - FT Source text:

Trump Administration Considers Allowing Tencent To Keep Its Gaming Investments - FT

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

Net inflow of HKD 2.559 billion for Tencent through Stock Connect

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

FI CSOP HSI

FI2CAMNDQ100

China Southern Hang Seng ETF

FL2 CSOP HSI

FI2 CSOP HSI

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

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601857

159742

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

SINOPEC CORP

Sinopec Corp.

Dacheng Hang Seng Technology ETF(QDII)

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

XIACY

MPNGY

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

Xiaomi Corporation

Meituan

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

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

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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HS#TENCTRC2608U(63210.HK)

In "Major Banks," CICC lists the adjustments and weight changes of the Hang Seng Index constituent stocks along with predictions for passive fund changes (table)

Hong Kong Stock Market Midday Review | Hang Seng Index down 2.78%, Hang Seng Tech down 1.96%, Zhaoyi Innovation up 4.91%

"Big Banks" Citigroup: The AI App Competition Heats Up, Driving Growth in Advertising Spending

The Half-Day Express reports that the Hang Seng Index fell by 717 points; the Hang Seng TECH Index dropped by 95 points, Ping An fell by over 4%, and Alibaba fell by over 4%

Hong Kong stock market intraday | The Hang Seng Index fell by about 2.10%, technology and oil & gas sectors weakened, Alibaba -W dropped by 3.49%