We hosted a fireside chat with CSO. In addition to core businesses, discussions focused on capex, potential risks and opportunities with AI applications, and Hunyuan foundation model capabilities after recent talent and architecture upgrade. Reiterate OW Top Pick. Capex: AI applications: Hunyuan 2.0: November 19, 2025 10:00 PM GMT Tencent Holdings Ltd. | Asia Pacific Asia Pacific Summit 2025 Feedback | M | | | | --- | --- | --- | | | | Update | | November 19, 2025 10:00 PM GMT | | | | Tencent Holdings Ltd. ...

智通财经APP获悉，根据2025年11月19日披露数据，中国电信（00728）、大眾公用（01635）、绿色动 力环保（01330）位居港股通持股比例前3位，分别为72.30%、69.38%、69.31%。此外，阿里巴巴－W （09988）、小米集团－Ｗ（01810）、腾讯控股（00700）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+56.17亿元、+15.10亿元、+13.17亿元;盈富基金（02800）、恆生中国企业（02828）、 中国神华（01088）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-20.12亿元、-15.76亿 元、-6.46亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.34亿股 | 72.30% | | 大眾公用(01635) | 3.70亿股 | 69.38% | | 绿色动力环保(01330) | 2.80亿股 | 69.31% | | 昊天国际建投(01341) | 74.62亿 ...

智通财经APP获悉，友邦保险-R(81299)、李宁-R(82331)、京东健康-R(86618)上一交易日沽空比率位于 前三位，分别为100.00%、100.00%、100.00%。小米集团-W(01810)、阿里巴巴-SW(09988)、腾讯控股 (00700)的沽空金额位居前三，分别为25.24 亿元、23.05 亿元、11.40 亿元。中原银行(01216)、东亚银行 (00023)、汽车之家-S(02518)的偏离值位居前三，分别为62.66%、38.85%、38.65%。 前十大沽空比率排行 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 小米集团-W(01810) | 25.24 亿元 | 13.44% | -3.79% | | 阿里巴巴-SW(09988) | 23.05 亿元 | 20.70% | 5.56% | | 腾讯控股(00700) | 11.40 亿元 | 13.08% | -3.41% | | 泡泡玛特(09992) | 10.16 亿元 | 39.26% | 15.39% | | 联想集团(00992) | 6 ...

Core Viewpoint - Since 2025, the Hong Kong stock market, led by technology and innovative pharmaceuticals, has experienced a bull market, with the Hang Seng Index rising over 30% and the Hang Seng Tech Index exceeding 50%. However, since October, the Hang Seng Tech Index has seen a significant pullback of over 15% in less than two months, with a recent streak of four consecutive declines. Analysts believe that this short-term adjustment does not alter the long-term investment logic for leading tech stocks in Hong Kong, especially with the gradual implementation of AI technologies by companies like Tencent and Alibaba, which is expected to drive a second growth phase for internet enterprises. The long-term investment value of the Hang Seng Tech Index remains promising due to valuation advantages, funding support, and AI-driven industrial upgrades [1][3][4]. Group 1: Market Performance - Before October, Hong Kong tech stocks were performing well, with 9 out of 30 constituents of the Hang Seng Tech Index rising over 100%, and the top performer, Hua Hong Semiconductor, increasing nearly 270%. Other notable stocks like Tencent, Baidu, and Xiaomi also saw gains exceeding 50%, while only Meituan and Haier Smart Home experienced declines, with Meituan dropping over 30% [1][2]. - After October, the situation changed dramatically, with only 4 stocks rising, while 7 stocks fell over 20%, including Li Auto and Sunny Optical Technology, which both dropped over 27%. Tencent and Meituan also saw declines of around 5% [2]. Group 2: Fund Flows and Market Sentiment - There has been a noticeable outflow of southbound funds from certain Hang Seng Tech constituents, with Alibaba experiencing the highest net sell-off of 2.5 billion HKD, followed by Li Auto and Sunny Optical Technology with net sell-offs of 1.2 billion HKD and several hundred million HKD, respectively [2]. - The recent downturn in the Hang Seng Tech Index is attributed to three main factors: excessive prior gains leading to profit-taking, the U.S. imposing tariffs and tightening software export controls, and a mini-crash in U.S. AI stocks resulting in a significant drop in global tech risk appetite [2][3]. Group 3: Long-term Investment Logic - Despite short-term volatility, the long-term investment logic for the Hang Seng Tech Index remains intact, as it comprises internet giants and companies in semiconductors and electric vehicles that are considered scarce assets for both domestic and global investors [3][4]. - Analysts suggest that the current valuation of the Hang Seng Index and Hang Seng Tech Index is still significantly lower than their peaks in 2021, indicating potential for recovery and growth in the coming years [3]. Group 4: AI and Market Revaluation - The market is increasingly focused on the tangible effects of AI implementation, moving from a narrative-driven approach to one that emphasizes financial performance. Companies like Tencent and Alibaba are seeing revenue growth attributed to AI applications, with Tencent reporting a 15% year-on-year revenue increase and Alibaba planning substantial investments in AI and cloud infrastructure [5][6]. - The structural revaluation driven by AI and robotics is expected to benefit comprehensive platforms like Tencent, Alibaba, and Baidu, while smaller companies lacking their own ecosystems may face marginalization during the global de-bubble process [6].

11月19日消息，由电魂网络自主研发、腾讯代理发行的国风开放世界修仙手游《修仙时代》正式宣布， 将于11月27日11:00开启限号不计费删档测试，测试平台为安卓。目前，官方已通过社群招募问卷形式 开放资格申请，招募截止时间为11月23日23:59。这一消息不仅点燃了玩家群体的热情，更在资本市场 引发了对电魂网络业绩修复的进一步期待。 点评：《修仙时代》测试启动，标志着电魂网络正式加入2025年Q4新游混战。同期竞品中，《黑色四 叶草魔法帝之道》（11月6日公测）凭借动漫与虚幻四引擎打造箱庭世界，《荒原曙光》（11月13日公 测）以冷兵器生存沙盒玩法吸引硬核用户，而《修仙时代》则通过"开放世界+高难度挑战"差异化定 位，试图在修仙赛道中突围。 ｜2025年11月20日星期四丨 NO.1《修仙时代》11月27日开启安卓测试 哔哩哔哩游戏发行的《魔法工艺》手游开启限量删档测试招募，截止时间为11月20日19点。游戏构建了 一个被古神入侵的架空奇幻世界，玩家将扮演意外闯入并拔得传说法杖的勇者，通过组合独特法术、讨 伐怪物，最终击败古神、拯救世界。 点评：此次《魔法工艺》手游的测试招募，标志着哔哩哔哩游戏在独立游戏发行 ...

大型蓝筹股涨跌不一，汇丰控股收报107.713港元，较香港收市跌0.08%；腾讯控股收报619.651港元，较香港收市跌0.46%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | O 00700 | 622.500 | -1.000 | -0.16% | TCEHY | 619.651 | -2.849 | | 2 | 阿里巴巴-W | 09988 | 156.400 | +1.800 | 1.16% | BABA | 154.708 | -1.692 | | 3 | 建设银行 | 00939 | 8.130 | -0.020 | -0.25% | CICHY | 8.121 | -0.009 | | 4 | 汇丰控股 | 00005 | 107.800 | -1.800 | -1.64% | HSBC | 107.713 | -0.087 | | 5 | 小米集团-W | 0181 ...

有消息说巴菲特是在尝试了Gemini-3之后，才下定决心买入谷歌，但不管消息真假，巴菲特已经肯定了AI这个投资赛道。 同样在国内，阿里秘密启动千问App的研发推广，腾讯在13号的三季报业绩会上，机构投资人也在不断询问腾讯的AI战略调整。 可见AI的重要性又一次被提高，它已经是我们经营和投资避不开的重点。 01 这两天，巴菲特的伯克希尔公司公布了三季度的持仓报告，让很多人吃惊的地方在于，巴菲特这个非常保守，极少买入科技股的价值投资者，竟然大手笔第 一次买入了43亿美元谷歌的股票。 就在巴菲特买入谷歌的消息发布后没多久，谷歌就发布了新一代AI大模型Gemini-3，同步更新了app。 作为有着30多年投资经验的专业投资者，我3次飞赴奥马哈参加巴菲特股东会，也在腾讯股东会上向小马哥当面请教腾讯的AI战略。 今天结合我的实战经验和调研，从巨头布局中，思考AI的下一步发展方向。 02 在腾讯三季度的业绩会上，有机构投资者提问，腾讯在AI资本开支下降了32%，腾讯的AI战略是不是发生了什么重大调整？ 腾讯总裁刘炽平回应得很明确，三季度资本开支从191亿降至130亿，核心是外部供应链限制，也就是GPU的限制，而不是AI战略 ...

Core Viewpoint - The current valuation of the Hang Seng Index and the Hang Seng Tech Index remains significantly lower than their peaks in 2021, indicating potential investment opportunities in the Hong Kong tech sector [1][6]. Valuation Analysis - As of late September, the price-to-earnings ratios for the Hang Seng Index and the Hang Seng Tech Index were approximately 11.8 times and 23.7 times, respectively, compared to their peak values of 17.6 times and 70 times in 2021 [1][6]. - The Hang Seng Tech Index is still about 40% lower than its historical high [6]. Market Performance - Since October, the Hang Seng Tech Index has experienced a significant downturn, with a maximum drawdown exceeding 15% in less than two months, and a recent streak of four consecutive trading days of decline [3][4]. - Prior to October, nine out of thirty tech stocks in the Hang Seng Tech Index had gains exceeding 100%, with the top performer, Hua Hong Semiconductor, rising nearly 270% [4]. Investment Sentiment - Despite the recent short-term adjustments, analysts believe the long-term investment logic for leading tech stocks in Hong Kong remains intact, driven by AI applications and the potential for a second growth phase for internet companies [3][6]. - The market is increasingly focused on the tangible effects of AI implementation on driving growth for internet enterprises [3][8]. Capital Flow Trends - There has been a noticeable outflow of southbound capital from certain Hang Seng Tech constituents, with Alibaba experiencing a net sell-off of 2.5 billion Hong Kong dollars in the past month [4][5]. - The shift in investment style towards high-yield defensive assets as the year-end approaches has led to a preference for traditional economic stocks over high-volatility tech stocks [5]. AI and Market Dynamics - The narrative around AI has shifted from speculative storytelling to a focus on financial performance, with companies like Tencent and Alibaba demonstrating significant revenue growth attributed to AI integration [8][9]. - The global market has seen a correction in AI stock valuations, with a focus on companies that can demonstrate verifiable profits rather than just AI capabilities [9]. Future Outlook - The tech sector in Hong Kong is viewed as a crucial area for investment in China's new economy, particularly under the dual drivers of AI and globalization [2][7]. - The ongoing support for technological innovation from policy initiatives is expected to translate into actual performance over the next two to three years, enhancing the sustainability of tech stock growth [9].

在AI与全球化双轮驱动的背景下，当下港股科技仍是布局中国新经济的重要阵地。 2025年以来，科技、创新药领衔港股市场上演了一场牛市，恒生指数涨幅一度超过30%，恒生科技指数 的涨幅更是一度超过50%。但自10月以来，恒生科技指数却是"画风突变"，在不到2个月的时间中，最 大回撤已超过15%，而在最近4个交易日更是出现"4连跌"。 不过，在众多分析人士看来，当前恒生科技的短期调整并未改变港股科技龙头的长期投资逻辑；而在腾 讯"混元"大模型、阿里千问等技术应用逐渐落地的背景下，市场开始更多关注AI（人工智能）落地对推 动互联网企业实现二次增长的具体成效。长期来看，在估值优势、资金支撑与AI助推产业升级的多重 驱动下，恒生科技指数的长期投资价值依然值得期待。 港股科技龙头 "画风突变" 今年10月前和10月后的港股科技龙头股，完全是"冰火两重天"的分化处境，也是走势分化的关键分水 岭。 从估值看，当前恒生指数和恒生科技指数的定价仍明显低于2021年高点。到9月下旬，恒指和恒生科技 指数的市盈率约为11.8倍和23.7倍，而2021年峰值分别在17.6倍和70倍左右。 对此，黄立冲还认为，从估值看，当前恒生指数和恒生 ...

Core Viewpoint - DBS Bank maintains a "Buy" rating on Tencent Holdings (00700.HK) and raises the 12-month target price from HKD 786 to HKD 800, citing the strong support from AI applications for Tencent's core business segments: online gaming and online advertising [1] Group 1: Advertising Business - Tencent has launched an automated advertising solution named "AIM+", which shows early data indicating a higher return on investment (ROI) compared to traditional manual advertising methods due to more precise targeting and creative generation [1] - The bank expects that AI-driven improvements in advertising will enhance Tencent's revenue generation capabilities [1] Group 2: Gaming Business - In the gaming sector, AI-driven non-player characters (NPCs), more efficient content creation processes, and precise marketing tools are anticipated to deepen user engagement and improve monetization [1] - Based on the expected business improvements from AI technology, DBS has raised Tencent's adjusted profit forecasts for the fiscal years 2025 to 2027 by 4%, 5%, and 8% respectively [1] Group 3: Capital Expenditure and Supply Chain - Tencent's management has indicated that despite adjustments to the capital expenditure plan for fiscal year 2025 due to chip supply constraints, the company has sufficient chip reserves to meet internal AI application needs, ensuring that long-term revenue growth driven by AI remains unaffected [1] Group 4: Valuation - DBS employs a sum-of-the-parts (SOTP) valuation method, assigning a 20x price-to-earnings ratio to Tencent's core business for fiscal year 2026, resulting in the target price of HKD 800, which corresponds to a 25x price-to-earnings ratio for fiscal year 2026, slightly above the past five-year average of 20x [2]