小红书

Today’s Key News Recap

02015

VIPS

01024

NVDA

BYTED

03690

SOXS

SOXL

SOXX

CP00062

09618

81024

MPNGY

83690

HMTD

89618

HJDD

1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

LI AUTO-W

Vipshops

KUAISHOU-W

NVIDIA

ByteDance

Salesforce

MEITUAN

Micron Tech

Hudbay Minerals

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

JD-SW

Li Auto

KUAISHOU-WR

Meituan

MEITUAN-WR

Meituan HK SDR 5to1

JD-SWR

JD HK SDR 10to1

JD.com

Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

Duolingo

Deep Research

Appraisal value

DUOL

At the beginning of the year, not only Xiaohongshu but also Duolingo gained popularity due to the &#34;TikTok refugee trend.&#34; On January 14th, $Duolingo(DUOL.US) disclosed on its official blog that the number of Mandarin learning users surged by 216% year-on-year. As a language learning platform, the competitive barrier for content is not particularly high, especially since Duolingo's courses are applicable to generalized scenario needs. Therefore, the core user base mainly consists of workers and tourists with foreign language communication needs, as well as students driven purely by interest. However, even relying solely on this group of non-essential users...

Duolingo: Learning Skin, Gaming Heart? The "Code Printing Machine" is the Soul

300322

$KUAISHOU-W(01024.HK) Q4 2024 Financial Report Quick Interpretation: Q4 performance is not good, with slight misses in core advertising and e-commerce commission revenues. Gross margin remains flat, and although expenses continue to be controlled, the operating profit of the core business is still below expectations.1. User growth slows, gradually reaching a peak: In the fourth quarter, MAU and DAU continued to expand at a low single-digit growth rate, with daily average time spent remaining flat. According to QM data, user metrics are weaker than Douyin, WeChat Video Accounts, and Xiaohongshu, indicating significant competitive diversion.2. Advertising continues to slow: In the fourth quarter, advertising growth was 13%, with a rapid slowdown compared to the previous quarter, influenced by the broader environment, but competition also had a significant impact. Dolphin Research's rough breakdown shows that e-commerce advertising followed GMV changes, with growth slightly slowing to 14% compared to Q3, while external advertising dropped from nearly 25% to around 15%, mainly driven by short dramas and games.3. E-commerce: In the fourth quarter, GMV grew 14% year-on-year, with a net increase of 10 billion compared to Q3, mainly relying on increased user penetration, meaning more shopping users (monthly average shopping users reached 143 million, with penetration rate rising to 19.5%, adding 7 million new shopping users during Double 11). The average transaction value should remain flat. The average commission rate calculated for Q4 was 1.06%, slightly lower than last year's level, with a trend differing from the previous three quarters, mainly due to the company's efforts to attract more new merchant collaborations, leaning towards more policy support (such as high point rebates, etc.).4. Live streaming rebounds beyond expectations: Throughout last year, live streaming was actively adjusting, and in the fourth quarter, with the continued increase in game live streaming buffering the impact, the actual income from rewards showed a slight rebound beyond expectations, and it is expected to return to low-speed positive growth this year.5. Stable expense control: In the fourth quarter, gross margin remained flat, and expenses were slightly controlled compared to market expectations, with overall profit margins slowly improving. The final adjusted net profit was in line with expectations, but there were fluctuations in foreign exchange gains and losses and wealth management, which interfered with the actual profit performance of the core business, which still showed a slight miss.6. Currently, Kuaishou's valuation is not high compared to peers, so the conference call will focus on management's outlook for this year's business, including some business changes brought by AI (cost-saving and efficiency-enhancing). If the outlook is positive, it may temporarily alleviate some funding concerns, and as technology sentiment improves in the future, there will continue to be interest in Kuaishou's relatively low valuation and AI attributes in the short to medium term.

SPEED

DPSK

Revisiting the Revaluation of Chinese Assets!Yesterday, I talked about Alibaba. Today, let's discuss the revaluation of Chinese assets.In terms of countries that can enter the competition in AI, only the United States and China are on the table. In the face of a worse global competitive environment,a. China can produce Deepseek;b. The explosive popularity of Nezha 2 and Black Myth: Wukong is not only a matter of cultural consumption breaking out but also reflects China's action production level and even the overseas expansion of Chinese games, which has demonstrated that China's animation production level is already top-tier. Based on the technical level, it adds the narrative soul of Chinese elements.c. The success of TikTok and the breakout of Xiaohongshu are the results of the combined promotion of technology and cultural consumption.Moving beyond short-term geopolitical games, the long-term competitiveness of society and enterprises constitutes the core underlying valuation.The competitiveness of Chinese private enterprises demonstrated in a harsh environment is completely comparable to that of Europe and Japan, so the core question is, why are Chinese assets continuously undervalued compared to their overseas counterparts?Therefore, in this round of revaluation of Chinese assets, especially Chinese technology assets, we first need to level the country-specific asset discount.Then, we can discuss whether the fundamentals are facing deflation as a cyclical issue.So here, Dolphin Research reiterates that by 2025, there will be a continuous revaluation of Chinese assets.In 2026, it will connect with the fundamental bottoming rebound.So next, if you look at Chinese assets with colored glasses and do not take them off, your excess returns will be at risk!https://longportapp.com/zh-CN/topics/27088036

中概：值得一场严肃的 “认知重估”！ - LongPort

DeepSeek

STEP

09863

0114 Dolphin's focus: 🐬 Macro/Industry 1. Today, Hong Kong and A-shares collectively surged significantly, driven not only by the proactive statements from the China Securities Regulatory Commission and the positive policies such as the adjustment of cross-border financing macro-prudential parameters to stabilize the exchange rate announced yesterday, but more importantly, by the viral spread of online posts claiming that there would be a central bank press conference and news about the stabilization fund in the afternoon, injecting a shot of adrenaline into the market that had been adjusting for the past few days. 2. The central bank released data showing that by the end of December, China's M2 balance was 313.53 trillion yuan, a year-on-year increase of 7.3%. The M1 balance was 67.1 trillion yuan, a year-on-year decrease of 1.4%...

LEAPMOTOR

Hong Kong and A-shares surge, what short essay is spreading wildly? Xiaohongshu concept sparks a storm | Today's important news review

RedBook Announces Suspension of Trial Operation for 'HongHong Card'

XiaoHongShu Acquires ShangHai Dynamic Verse Technology to Integrate AI Search Product 'DotDot'

Gaode and Baidu Launch Consumer Decision-Making Charts to Compete for In-Store Business

Regulatory Authorities Reissue Warnings and Crackdown on Proxy Payouts and False Credit Loan Claims

XiaoHongShu Launches Buyer Showroom and Introduces Support Policies

OPPO and Xiaohongshu Establish Joint Innovation Lab for Imaging

Home Decor Content Becomes Traffic Password on Xiaohongshu

XiaoHongShu's Valuation Soars to $26 Billion

Xiaohongshu Updates E-commerce Function in App

Banks' Operations on Xiaohongshu Platform Diverge

TikTok and Xiaohongshu Strengthen Content Management

APAC Social Commerce Market Expected to Grow 9.1% Annually to Reach $625.93 Billion by 2025

XiaoHongShu Cancels the Big and Small Weekend Work Schedule

Xiaohongshu Enters the Local Lifestyle Market

With 300 million users and strong support from top institutions, where is the biggest opportunity for Xiaohongshu?

Financing on the left and layoffs on the right, will the 11-year-old Xiaohongshu go public?

Strategic Transformation of Xiaohongshu into Lifestyle E-commerce

Xiaohongshu completes a new round of financing

Layoffs and Organizational Restructuring in Xiaohongshu's E-commerce Department

Xiaohongshu strengthens live-streaming e-commerce