CIMTUAN@EP2607A.P (20793) News

Goldman Sachs previews Chinese internet giants' second-quarter earnings: Focus on cloud growth and AI-related capital expenditures; sector outlook remains constructive

Following their second-quarter earnings, shares of major U.S. cloud service providers reacted positively. After recent adjustments in Chinese internet stocks, the sector’s outlook is constructive, with sub-sector preferences ranked as follows: cloud and data centers (GDS Holdings, 21Vianet, Alibaba, Kingsoft Cloud), gaming and entertainment, e-commerce and mobility, and artificial intelligence models.

Zhitong FinanceAug 10 17:09

Industrial Securities: Who Is Buying Hong Kong Stocks?

Among the four categories of capital flows, southbound capital has been the primary driver increasing positions in Hong Kong-listed equities since July, while foreign capital began returning significantly from mid-July.

Zhitong FinanceAug 10 21:07

AI's 'Windows moment': Hong Kong-listed internet stocks may present a strategic allocation window

Western Securities believes that AI is currently at a critical juncture, transitioning from a 'command-line interface (CLI)' to a 'graphical user interface (GUI).' Due to persistently high hardware costs and insufficient workflow integration, total factor productivity has not yet seen widespread improvement, but China is poised to achieve a breakthrough by leveraging its engineering talent dividend.

wallstreetcnAug 10 16:44

Meituan Stock Advances 1.8% in Hong Kong

Dow JonesAug 10 16:32

Express News | National Development and Reform Commission, National Energy Administration: Deepen Implementation of the "Artificial Intelligence Plus" Initiative and Strengthen Data Aggregation for Artificial Intelligence in the Coal Sector

BreakingsAug 10 16:10

《Major Brokerage》Goldman Sachs: Outlook on Chinese Internet Giants’ Q2 Earnings—Focus on Cloud Growth and AI-Related Capital Expenditure; Raises Meituan (03690.HK) Target Price

Goldman Sachs released a report on China’s internet sector, outlining its outlook for major internet companies ahead of their upcoming second-quarter earnings announcements. Key themes expected to feature prominently include cloud growth as a bright spot, upward revisions to full-year capital expenditure guidance, an inflection point in profitability for transaction platforms, and increased market focus on sum-of-the-parts valuation methodologies. The firm raised its target price for Meituan (03690.HK) from HK$116 to HK$123, maintaining a 'Buy' rating. Goldman Sachs expects Tencent (00700.HK) to report earnings on August 12, forecasting second-quarter revenue growth of 9% year-over-year and adjusted EBITDA rising 9% year-over-year to RMB 75.2 billion. Key areas of focus include artificial intelligence-related capital

AASTOCKSAug 10 12:20

Wang Puzhong: Meituan (03690.HK) is collaborating with industry partners to build a '15-minute healthcare service circle' and has also begun making investment布局 in the field of embodied intelligence.

Wang Puzhong, CEO of Meituan-W’s (03690.HK) Core Local Commerce segment, recently stated that the company will anchor itself in its role as a connector of medical resources and work with industry partners to jointly build a “15-minute healthcare service circle.” Historically, the development of this “15-minute healthcare service circle” has primarily focused on infrastructure; however, physical infrastructure always has its limits. In the healthcare sector, Meituan has consistently played the role of a connector—leveraging its digital capabilities and AI technologies to enable more efficient delivery of medical resources to those in need, ensuring services are visible, rapidly accessible, and effectively utilized. He revealed that Meituan has built an extensive localized supply and fulfillment network, integrating "

AASTOCKSAug 10 10:42

Unitree (688836.SH) opens for subscription today: investments by Shoucheng, Meituan, and others are set to yield substantial gains, driving up sentiment among core investors.

Gelonghui, August 10 | On August 10, Unitree Technology (688836.SH) officially opened its subscription, with an issue price of RMB 150.80 per share. The offering’s price-to-earnings (P/E) ratio stands at 219.23 times, significantly higher than the industry average P/E ratio of 38.56 times—a clear premium assigned by the market to the so-called 'first humanoid robotics stock.' According to the prospectus, Meituan-affiliated entities collectively hold 9.6488% of Unitree Technology’s shares, making them the largest external institutional shareholder. Shoucheng Holdings (0697.HK) invested in Unitree Technology through its affiliated fund, holding approximately 3.8262% of shares prior to the offering, corresponding to a market value of approximately RMB 2.3 billion, the largest known stake among disclosed shareholders.

Gelonghui FinanceAug 10 08:21

Wall Street on 'China Concepts': From 'Powerless' to 'Opportunistically Bullish'

As computing power costs rise and intense price competition intensifies, the economic viability of standalone model-layer offerings is diminishing. The market is gradually converging on a consensus: the technical barrier to catching up in large models is not particularly high, and the ultimate commercial winners will emerge in multi-model ecosystems, AI agent applications, and on-device AI.

wallstreetcnAug 10 07:36

Chart Preview | Earnings Season Begins for Chinese Tech Stocks! Tencent and JD.com Report First, Facing Dual Challenges of AI and Profitability

In August, with earnings releases from major tech and internet giants such as Tencent, JD.com, Alibaba, and Meituan, market focus on China’s internet leaders has shifted from whether they would continue facing headwinds to whether they could further validate a recovery in profitability. Institutions expect further divergence in performance among large internet platforms, with AI revenue growth, profit margins, and capital expenditures emerging as key focal points.

Futu NewsAug 7 18:10

The Cyberspace Administration of China stated that large-scale personal information handlers shall adopt security measures such as encryption and must not excessively collect data.

The Cyberspace Administration of China (CAC) released the 'Provisions on Personal Information Protection by Large-Scale Personal Information Handlers (Draft for Public Comments),' which states that large-scale personal information handlers shall adopt measures such as encryption, de-identification, access control, and anonymization to safeguard the security of the personal information they process. They may utilize the national public service for online identity authentication and are encouraged to apply data tagging technologies and obtain personal information protection certifications to enhance their level of personal information protection. Furthermore, when processing personal information, large-scale personal information handlers shall adhere to the principles of lawfulness, fairness, necessity, and good faith; comply with laws and administrative regulations; and respect social morality and ethics. Large-scale personal information handlers collecting

AASTOCKSAug 7 17:12

ZHITONG HK Stock Connect Holding Analysis | August 7

Stock Connect Holdings Analysis | August 6, 2026

Zhitong FinanceAug 7 08:30

Fuel surcharges drop again; Meituan (03690): Airfare search volume rises by over 40%, with Beijing, Guangzhou, and Chengdu ranking as the top three cities in travel demand

According to Meituan (03690.HK), on the day fuel surcharges were reduced, airfare searches increased by 42% year-on-year.

Zhitong FinanceAug 6 18:40

GTJA Stock Connect Active Trading | August 5

Stock Connect Active Trading | August 5, 2026

Zhitong FinanceAug 5 19:00

Goldman Sachs significantly raised its revenue expectations for China's large AI models, noting that cost-effectiveness is merely the starting point—capability is the true competitive advantage.

China's large AI models are transitioning from a 'cost-performance narrative' to a 'revenue realization narrative.' Goldman Sachs has revised its 2026 Annual Recurring Revenue (ARR) forecast upward to $13 billion, driven by structural surges in token consumption from agent and coding use cases. Chinese models have consistently ranked among the top five on OpenRouter by usage volume for 14 consecutive weeks. Combined with a 4x to 8x cost advantage and significant capability improvements, Chinese models have evolved from being 'cheap but acceptable' to 'good enough and indispensable.'

wallstreetcnAug 5 10:07

Zhitoong HK Connect Holdings Analysis | August 5

Stock Connect Holdings Analysis | August 4, 2026

Zhitong FinanceAug 5 08:30

Zhixin HK Connect Active Trading | August 4

Stock Connect Active Trading | August 4, 2026

Zhitong FinanceAug 4 19:00

Alibaba saw a net inflow of HK$1.549 billion via Stock Connect.

Southbound capital recorded net inflows into Alibaba (09988.HK), Hua Hong Hongli (01347.HK), and SMIC (00981.HK) of HK$1.549 billion, HK$1.183 billion, and HK$1.062 billion, respectively. Net outflows were observed from Meituan (03690.HK) and Tencent (00700.HK), amounting to HK$1.227 billion and HK$723 million, respectively. Under the Shanghai-Hong Kong Stock Connect, the most actively traded stock by net inflow was Alibaba (09988.HK) with HK$1.136 billion, while the largest net outflow was from Meituan (03690.HK) at HK$1.0

AASTOCKSAug 4 18:25

Express News | Southbound funds recorded a net purchase of nearly HK$2.6 billion today, with Alibaba leading in net purchases.

BreakingsAug 4 17:41

Express News | Southbound funds recorded a net purchase of RMB 2.57 billion today. Via Stock Connect (Shanghai), Alibaba-W and Huahong Hongli saw net purchases of HK$1.136 billion and HK$338 million, respectively; Meituan-W led in net selling, with HK$1.065 billion. Via

BreakingsAug 4 17:32