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In the "Market Review", the Hang Seng Index experiences a "three-day decline", with smartphone stocks weak, and Xiaomi and Sunny Optical under pressure.
Hong Kong stocks declined moderately today. The USA reported that the number of job vacancies rose to a six-month high in November last year, and the ISM services PMI for December rose to 54.1, exceeding expectations. This led the market to lower its hopes for the Federal Reserve to cut interest rates in the future. The Dow Jones and Nasdaq fell by 0.4% and 1.9% respectively overnight. At the time of writing, the yield on USA 2-year Bonds is at 4.289%, and the yield on USA 10-year Bonds is at 4.679%. The US dollar index rose to 108.84, with Dow futures up 88 points or 0.21%, and Nasdaq futures recently up 0.2%. The onshore Renminbi fell by 42 points, reporting 7.3317 against the US dollar.
Where is the next AI Trade? Morgan Stanley: Discover Alpha from the 'AI Diffusion Rate'.
Analysts believe that the diffusion rate of AI will continue to drive excess returns, with the Software Sector potentially outperforming the Semiconductors Sector due to the widespread adoption of AI agents. As the diffusion rate increases, the Financial Sector may present significant trading opportunities similar to those of AI Electric Power.
Hong Kong market quick look | Hong Kong stocks narrowed in losses in the afternoon, the Hang Seng Index fell nearly 1%; tech and Apple Supplier stocks declined, SUNNY OPTICAL dropped over 7%, Xiaomi fell nearly 4%; Weichai Power surged over 11%.
Network Technology stocks weakened, XIAOMI-W fell 3.95%, NTES-S rose 2.98%; Coal Industrial Concept stocks weakened, YANKUANG ENERGY fell 4.73%, KINETIC DEV fell 3.94%; Many Mobile Game stocks declined, INFINITIES TECH rose 10.00%, BOYAA fell 8.88%;
Morgan Stanley's investment rating and target price for Chinese Network Technology stocks (table)
Morgan Stanley released a report stating that it has updated the investment ratings and Target Prices for Chinese Network Technology stocks: Stock │ Investment Rating │ Target Price Tencent (00700.HK) │ Shareholding │ HKD 570 Trip.com (TCOM.US) │ Shareholding │ USD 81 MEITUAN-W (03690.HK) │ Shareholding │ HKD 200 TONGCHENGTRAVEL (00780.HK) │ Shareholding │ HKD 25 NetEase (NTES.US) │ Shareholding │ USD 108 Full Truck (YMM.US) │ Shareholding │ USD 10 New Oriental (EDU.US) │ Shareholding │ USD 83 PDD Holdings
Taobao has launched a "Gift Giving" feature: the collection time limit is 24 hours, and the Spring Festival "Gift Giving War" is intensifying.
As the Spring Festival approaches, the major platforms have quietly kicked off the "gift-giving battle."
AI startups are driving a recovery in the USA venture capital market, with total financing in 2024 increasing by nearly 30% year-on-year.
According to data released by PitchBook on Tuesday (January 7), AI startups have played an important role in driving the recovery of the USA venture capital market from its low point, with total venture capital reaching 209 billion USD in 2024, an almost 30% year-on-year increase.
Ambarella Launches N1-655 Edge GenAI System-On-Chip (SoC) To Support Large-Language Models
Express News | Jiyue Autos announced that a maintenance and service working group with 50 members has been established, supported by Baidu and Geely.
Is there a vulnerability in Baidu search? The advertisement disappears when the search term includes "Li Yanhong"; the test results are in!
Sina Technology reported on January 7th in the afternoon that recently, a popular self-media account called Lanxi stated that Baidu's internal system may have set conditions preventing Li Yanhong's name from appearing alongside strange advertisements in search results. The accompanying image in the post shows that when searching on Baidu with the keywords 'drainage,' 'drainage-robin,' and 'drainage-Li Yanhong,' only the first keyword resulted in relevant advertisements. However, the account later posted again saying, 'I tested it again, and it seems to be an issue with the - character; what text follows does not matter.' Sina Technology conducted a practical test based on the aforementioned method.
Beijing VRV Software Corporation (300352.SZ): Currently, it has integrated excellent domestic large model AI products, such as Baidu Wenxin Yiyan, Alibaba Tongyi Qianwen, and others.
On January 7, Gelonghui reported that Beijing VRV Software Corporation (300352.SZ) stated on the investor interaction platform that the self-developed Xinyuan Mixin is a secure communication platform that has the capability to connect people to people, people to objects, and objects to objects. Xinyuan Mixin also has the capability to interface with intelligent conversational robots based on AI large models. Through the Mixin AI capability platform, it can enable dialogue and secure communication between robots and people. It has already integrated excellent domestic AI large model products such as Baidu Wenxin Yiyan, Alibaba Tongyi Qianwen, Zhizhi ChatGLM, Kimi, and Iflytek Co.,ltd. Spark large model.
Citi's investment ratings and target prices for Chinese Network Technology stocks (table).
Citigroup published a research report, listing the investment ratings and Target Prices for Chinese Network Technology stocks as follows: Stock | Investment Rating | Target Price (HKD) Alibaba-W (09988.HK) | Buy | 132 HKD MEITUAN-W (03690.HK) | Buy | 203 HKD TENCENT (00700.HK) | Buy | 573 HKD TONGCHENGTRAVEL (00780.HK) | Buy | 21 HKD ------------------------------------------------- Alibaba (BABA.US) | Buy | 1.
The number of monthly active users of Baidu Wenku AI has exceeded 90 million.
According to reports from domestic media, Baidu Group (09888.HK)(BIDU.US) has surpassed 90 million monthly active users for its Baidu Wenku AI function, making it the second largest in the Global, after ChatGPT's 0.31 billion. Baidu founder Robin Li recently published a letter to employees, revealing that the number of paid users for Baidu Wenku has exceeded 40 million.
After the USD dropped over 1%, it rebounded, and Trump denied the report of "tariff reduction."
Reports indicate that a tariff plan studied by Trump’s aides will target all countries but only cover key imported commodities, yet Trump denied on Social Media that the tariff policy would be reduced.
Express News | Trump: Reports regarding the imposition of general tariffs on key imported Commodities are inaccurate.
Express News | Baidu Wenku: AI MAU broke 90 million, with over 40 million paid users.
The "Market Review" reports that the renminbi is weakening, the Hang Seng Index is falling, and Sunac is under selling pressure.
Due to the weakness of Network Technology stocks, Hong Kong stocks fell today. The Dow Jones and Nasdaq in the USA rose by 0.8% and 1.8% respectively last Friday. At the time of writing, the yield on the 2-year Bonds in the USA rose to 4.283%, the yield on the 10-year Bonds rose to 4.626%, and the US Dollar Index fell to 108.67. Dow futures rose by 31 points or 0.07%, and Nasdaq futures were up 0.46%. In December last year, the Caixin China Services PMI rose to 52.2, exceeding expectations, but the New Export Order Index fell below the critical point for the first time since August 2023 (a two-year low). The onshore RMB closed down 203 points to 7.3296 against the USD.
Market Chatter: Pony.ai Awaits Hong Kong's Approval for Robotaxi Services
Ultraman New Year post: OpenAI's weekly activity surpassed 0.3 billion, we have found the path to AGI.
Source: Tencent Technology, Authors: Hao Boyang, Wu Ji. On January 6, news reported that OpenAI CEO Sam Altman published a New Year blog post titled "Reflections" on Sunday night, stating that OpenAI already knows how to build General AI and is gradually approaching it. Prior to this, Altman had posted a meaningful "six-word maxim" on Social Media X: "near the singularity; unclear which side" - the singularity is near; it is unclear which side one is on. This was on January 3.
Merrill Lynch downgraded Baidu (BIDU.US) earnings forecast, reiterating the 'Buy' rating with the expectation of a turnaround this year.
Bank of America Securities released a Research Report indicating that, due to macroeconomic weakness, the transition to artificial intelligence search, seasonality, portfolio changes, and cost deleveraging, Baidu-SW (09888.HK)(BIDU.US) core numbers will further weaken in the fourth quarter of fiscal year 2024 and will bottom out in the first quarter of fiscal year 2025. Based on the above pressures, the firm slightly revised its forecast for Baidu. The firm expects that as the macro economy recovers and the monetization of artificial intelligence yields results, Baidu will gradually report improvements starting from the second quarter of fiscal year 2025. It is believed that artificial intelligence will continue to make a positive contribution to the cloud Business, driving growth in 2025.
Express News | AVIC Securities: The domestic AI industry has entered a new cycle of rapid implementation and commercial monetization.