Power shortages in the U.S. and chip shortages in China: CICC details the underlying logic differences in AI investments between the U.S. and China.

As the 'two poles' of the global AI industry landscape, China and the United States exhibit significant differences in funding sources and investment directions due to disparities in infrastructure for computing power, chips, models, and other areas. Tracing these differences can help us understand variations in development paths and provide insights into different investment directions.

CICC Insights07:52

Market Review: Renewed Tariff Risks Between Europe and the US Weigh on Hang Seng Index, Down 1%; Biotech Stocks Under Pressure

U.S. President Trump's threat to impose additional tariffs on NATO's eight Arctic member states over the Greenland issue has reignited transatlantic tariff risks. Meanwhile, China reported a 4.5% GDP growth for Q4 and full-year GDP growth of 5%, in line with expectations, while Hong Kong stocks declined today. Last Friday, the Dow Jones Industrial Average and Nasdaq Composite fell by approximately 0.2% and 0.1%, respectively. U.S. stock markets are closed tonight for Martin Luther King Jr. Day. At the time of writing, the yield on the 2-year U.S. Treasury bond rose to 3.594%, while the yield on the 10-year U.S. Treasury bond climbed to 4.227%. The U.S. Dollar Index dropped to 99.19. The latest Dow futures fell 327 points, or 0.7%, and Nasdaq futures declined 294 points, or 1.2%.

AASTOCKSJan 19 17:08

Morgan Stanley has released a ranking of its 'preferred' Chinese tech stocks (table).

Morgan Stanley published its outlook report for Chinese internet stocks this year, listing the sectors it 'prefers' in order of preference. The level of 'preference' is ranked by stock as follows: Stock │ Investment Rating │ Target Price Tencent (00700.HK) │ Overweight │ HKD 735 Alibaba (BABA.US) │ Overweight │ USD 180 PDD Holdings (PDD.US) │ Overweight │ USD 148 Tencent Music (TME.US) │ Overweight │ USD 25 NetEase (NTES.US) │ Overweight │ USD 168 BOSS Zhipin (BZ.US) │ Overweight │ USD 27 Full Truck Alliance (YMM.US) │ Overweight │ USD 14.

AASTOCKSJan 19 16:14

Goldman Sachs' Latest Ratings and Target Prices for Mainland Gaming and Entertainment Stocks (Table)

Goldman Sachs issued a report updating its latest ratings and target prices for Chinese gaming and entertainment stocks: Stock │ Investment Rating │ Target Price Tencent (00700.HK) │ Buy │ HKD 770 → HKD 752 NetEase (NTES.US) │ Buy │ USD 160 → USD 170 Sanqi Interactive Entertainment (002555.SZ) │ Neutral │ CNY 18.7 Xindong Company (02400.HK) │ Neutral │ HKD 81.4 → HKD 85.4 Perfect World (002624.SZ) │ Neutral │ CNY 13.5 G-bits (603444.SH)

AASTOCKSJan 19 15:22

Goldman Sachs: Tencent, NetEase, and Kuaishou are core stocks in China's gaming and entertainment sector.

Goldman Sachs issued a report stating that China's gaming and entertainment sector experienced a broad-based rally in 2025, with large- and mid-cap stocks rising by 50% to 80% (compared to the Hang Seng China Enterprises Index’s 26%), and continued strong performance into early 2026, with some stocks surging by as much as 30% (versus approximately 3-5% for relevant indices). The firm attributes this rally equally to valuation expansion and earnings-per-share growth. Looking ahead to 2026, Goldman Sachs has framed the key themes and debates surrounding the sector, suggesting that while risk-reward remains attractive, it is increasingly driven by "alpha." The firm prefers companies with new growth potential (such as AI application penetration and accelerated overseas expansion) and those with room for compounded revenue/earnings expansion despite intensifying competition, particularly amid concerns about competition from ByteDance.

AASTOCKSJan 19 15:21

The world's first GW-level computing cluster! Musk announces the launch of Colossus 2 under xAI, less than a year after construction began.

Musk also revealed that the cluster will be further upgraded to 1.5GW in April this year. According to publicly available data, a continuous power load of 1GW already exceeds the peak electricity consumption of San Francisco, equivalent to the energy consumption level of a large power plant or a major industrial manufacturing base.

wallstreetcnJan 18 18:15