1205 ｜Dolphin Research Key Focus:

🐬 Individual Stocks

1.$BIDU-SW(09888.HK)

According to reports, Kunlun Chip (Baidu's AI chip subsidiary) has initiated preparations for a Hong Kong listing, planning to submit its application in the first quarter of 2026 and complete the IPO by early 2027. Its latest valuation is approximately 21 billion RMB, with Baidu as the largest shareholder.

It has released products such as Kunlun Chip M100 and M300, with tens of thousands of cards deployed, serving as the core foundation of Baidu's AI computing power and providing computing services to external enterprises. The news pushed Baidu's stock price to rise over 8% at one point.

The listing will supplement Kunlun Chip's R&D funds, accelerate technology iteration and market expansion, and alleviate the high investment pressure of AI chips, providing a short-term boost to Baidu's stock price and AI computing power financing confidence.

2.$BABA-W(09988.HK)

Ele.me announced on Weibo today: Starting today, after updating to the latest version, the "Ele.me" app will be completely revamped as "Taobao Flash Sale," with rights and fulfillment services unchanged. This renaming is the final step in Alibaba's instant retail strategy integration. Previously, Ele.me had been integrated into Alibaba's China e-commerce business group, and Taobao's "Hourly Delivery" has been upgraded to "Taobao Flash Sale" with a primary entry on the homepage. After the integration, it will connect Taobao's 1 billion traffic with Ele.me's fulfillment capabilities, combined with Cainiao's supply chain, covering all categories of instant retail.

3.$CHINA LIT(00772.HK)

China Literature announced plans to repurchase up to HKD 1.2 billion worth of shares within 12 months, with a maximum of 102 million shares (10% of issued shares) to be repurchased for cancellation or employee incentives. This repurchase is based on the authorization of the shareholders' annual general meeting. After the announcement, the market reacted positively, and the stock price rebounded, demonstrating the company's confidence in its own value and abundant cash flow.

🐬 Leading Sectors

Shanghai and Shenzhen: Multi-line insurance, life and health insurance, property and casualty insurance;

Hong Kong Stocks: Copper, multi-line insurance, diversified metals and mining;

U.S. Stocks: Heavy electrical equipment, coal and consumable fuels, electronic equipment and services.

🐬 Focus for Next Monday

1. China's trade balance, China's trade balance in USD.

Risk Disclosure and Statement of this Article: Dolphin Research Disclaimer and General Disclosure