Core Viewpoint - The report by Haitao Securities emphasizes the importance of identifying stocks with potential short-term or long-term performance discrepancies or surprises in AI advancements as a core task for 2026 [1] Group 1: Investment Strategy - The main investment strategy is to focus on value investing in the Hang Seng Technology Index, leveraging volatility from the Hong Kong stock market and short-selling mechanisms [1] - The key to successful operations lies in selecting fundamentally strong companies with sustainable development capabilities [1] Group 2: Recommended Stocks for 2026 - Stocks currently at the bottom or adjusting, with a high likelihood of fundamental reversal in 2026: Meituan, Xiaomi Group (planning next vehicle), BYD Electronics [2] - Stocks expected to benefit from EPS gains and potential valuation uplift: Tencent Holdings, Trip.com Group, JD Health, Lenovo Group [2] - Stocks with controllable elasticity: Alibaba, Baidu Group, SMIC, Hua Hong Semiconductor [2] - AI elastic stocks: Kuaishou, Bilibili, Kingdee International, Horizon Robotics, Xpeng Motors, Yueda Group, NetEase, Sunny Optical Technology, UBTECH [2] - Potential small-cap companies: Inspur Digital Enterprise, Xindong Company, Huiliang Technology [2] Group 3: Individual Stock Insights - Kuaishou, Bilibili, Horizon Robotics, Xpeng Motors, Sunny Optical Technology, UBTECH are highlighted as key stocks with positive outlooks [2] - Inspur Digital Enterprise and Huiliang Technology are noted as quality small-cap stocks with promising prospects [2] - Tencent Holdings is identified as a top pick due to its strong research framework [2] - Alibaba is considered a leading asset in AI technology [2] - Lenovo Group is expected to achieve profitability in its server business next year due to accelerated AIPC penetration [2] - Trip.com Group is positioned well for growth driven by domestic stability and overseas acceleration [2] - JD Health is recognized as a leading player in internet healthcare with a clear growth path [2] - Meituan is noted for its resilience and potential turning point in competitive landscape [2] - Kingdee International's growth is constrained by macroeconomic factors, but AI and overseas expansion provide additional elasticity [2] - Xiaomi Group is expected to see improvements as negative factors gradually clear [2] - SMIC is experiencing an increase in advanced manufacturing proportion and continuous technological breakthroughs [2] - Hua Hong Semiconductor is benefiting from growth driven by computing and consumer electronics [2] - Yueda Group focuses on IP as a core asset, with expectations for further expansion and monetization [2] - NetEase is anticipated to enter a new product cycle with upcoming releases [2] - BYD Electronics is expected to see growth from Apple's foldable phone production and has significant potential in the new energy vehicle and data center sectors [2] - Xindong Company is driven by gaming and Taptap, with expectations for the launch of an overseas version [2]

Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].

香港联交所最新资料显示，12月8日，小摩增持金蝶国际（00268）622.9962万股，每股作价13.5099港 元，总金额约为8416.62万港元。增持后最新持股数目约为1.79亿股，最新持股比例为5.04%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，12月8日，小摩增持金蝶国际（00268）622.9962万股，每股作价13.5099港 元，总金额约为8416.62万港元。增持后最新持股数目约为1.79亿股，最新持股比例为5.04%。 责任编辑：卢昱君 ...

| 股份代號: | 00268 | | --- | --- | | 上市法國名稱: | 金蝶國際軟件集團有限公司 | | 日期 (日 / 月 / 年): | 12/11/2025 - 12/12/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | | 京大 | 股份數目 | | （請參閱上述 * 註 有投票權股 期(日 / 月 / 權益 | | | | | | | | | 价自分 示 ICE | | | | | | | | 90 | | CS20251211E00249 | JPMorgan Chase & Co. 6.229.962(L | 1001(L) | | HKD 13.5099 | 179,238,891(L) 5.04(L)08/12/2025 | | | | | 1403(S) | 123,508(S) | | 62,087,991(S) | 1.74(S) | | ...

跨境合规壁垒、多区域协同低效、本地化适配不足…… 在2025全球创见者大会——全球化研讨会的圆桌交流环节，这类关键词被反复提及，精准点出了企业跨洋经营的核心痛点。而金蝶以数智技术为核心搭建 的全球化服务体系，正成为众多企业突破瓶颈的关键支撑。 企业的全球化数智突围 1. 卓力集团：世界电熨斗大王的全球协同革命 卓力集团是全球小家电领域顶级ODM制造商，享有 "世界电熨斗之王" 称号。此前企业长期受困于"多事业部数据孤岛""海外供应链响应滞后""跨境税务 核算复杂"等问题，效率与合规风险并存。 卓力集团总裁办主任王捷分享到，卓力与金蝶合作已超20年，从K3系统升级至AI星空，双方协同打通总部与东南亚生产基地的信息链路，实现订单、库 存数据实时同步，东南亚订单交付效率显著提升；接入跨境税务合规工具后，申报流程简化，合规处理效率改善；多准则记账功能则缩短了海外财务报表 出具周期。值得一提的是，依托金蝶系统，卓力实现CRM、ERP与AEO系统无缝切换，成品出货环节可全链路穿透追溯，仅需半天便完成了AEO认证。 3.FPT：全球科技巨头的资源调度破局 FPT是全球科技领域重量级企业，业务遍及30个国家，员工规模达8万人 ...

香港联交所最新资料显示，12月8日，小摩增持金蝶国际(00268)622.9962万股，每股作价13.5099港元， 总金额约为8416.62万港元。增持后最新持股数目约为1.79亿股，最新持股比例为5.04%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月8日，小摩增持金蝶国际(00268)622.9962万股，每 股作价13.5099港元，总金额约为8416.62万港元。增持后最新持股数目约为1.79亿股，最新持股比例为 5.04%。 ...

Market Overview - The Hang Seng Index opened up by 0.66% at 25,710.61 points, while the Hang Seng Tech Index rose by 0.55% to 5,611.93 points [1][2]. Sector Performance - The Hang Seng Biotechnology Index increased by 0.44% to 15,159.39 points, and the Hang Seng China Enterprises Index gained 0.58% to 9,006.27 points [2]. - The Hang Seng Composite Index saw a rise of 0.71%, reaching 3,940.90 points [2]. Notable Stocks - Stocks such as Pop Mart, Zijin Mining, and HSBC opened with gains exceeding 2% [2]. - Tech stocks showed strength, with companies like NetEase, Alibaba, and Bilibili all rising over 1% [3]. Individual Stock Movements - Kingdee International rose by 2.00% to 14.250, while Midea Group increased by 1.63% to 90.450 [4]. - Alibaba's stock price reached 155.000, reflecting a 1.17% increase, and NetEase rose to 213.200, up by 1.14% [4]. - Other notable movements included Tencent Holdings at 609.000 (+1.00%) and BYD Company at 98.400 (+0.66%) [4].

12月10日早盘，港股延续调整，仅零售、农业、黄金珠宝等少数概念板块飘红。主要指数方面，恒生科 技、国证港股通科技指数震荡调整，权重股阿里巴巴、美团、金蝶国际小幅上涨超1%。南向资金当日 实时净买入-5.65亿元，12月以来买入节奏明显减缓。 根据国泰海通提供的数据，从港股的存量持仓结构来看，截至 2025 年三季度末，偏长线的稳定型外资 持股占比 40.7%，偏短线的灵活型外资持股占比 19.1%，两类外资合计持股占比达 59.8%。总的来看， 尽管南向资金涌入汹涌，目前港股的定价权主要还是在外资手上。如果美联储降息落地，或对外资主导 的港股市场构成流动性边际利好。 数据显示，在美联储降息周期内，港股科技成长资产反弹空间普遍大于A股。港股通科技ETF基金 （159101.SZ）跟踪国证港股通科技指数，成分股全部为港股通标的，相比恒生系列ETF，港股通类ETF 不占QDII额度，流动性更优，更容易获得资金积极抢筹；相比恒生科技，港股通科技减配零售消费、 超配生物科技，单一权重占比也更高，因而一旦反弹启动，或表现出更大的弹性。 每日经济新闻 消息面上，当地时间12月10日晚，美联储将公布12月利率决议，全球静待 ...

机构：国信证券 研究员：熊莉/张伦可/刘子谭 企业管理解决方案完善，积极推进AI 落地。公司是全球领先的企业管理云SaaS 服务商，构建了覆盖企 业全生命周期的数字化解决方案，主要产品包括企业级AI 平台金蝶云苍穹，SaaS 管理云星瀚、星空、 星辰。公司自2011 年开启云转型，2025H1 公司云服务收入占公司收入比重达83.74%。随着订阅模式的 成熟，公司收入持续提升，2020-2024 年间CAGR 达16.84%，近年来销售毛利率、净利率均有所回升。 云原生EBC 重构管理软件，为AI 落地的必要方案。公司与Gartner 共同提出企业数字化管理进入后ERP 时代，开始向云原生EBC 转型。EBC 把原本封闭的功能模块重新拆分成可被AI 调用的能力服务，成为 企业AI 落地必要的接口层。公司为云原生EBC 转型的先驱，客户粘性持续提升。 信创、更新需求推动软件换代，国产替代仍有较大空间。在ERP 换代需求推动下，央国企引领ERP 招 投标数量上行，并逐渐开始ERP 系统的国产化替代。 当前星瀚和苍穹已经实现了与中国电子系、电科系、华为系以及中科院系等国内主流信创生态的全栈适 配，成为国内央企和50 ...