Group 1 - The Hong Kong stock market opened lower today, with the Hang Seng Technology Index dropping by 2.21% and the Hang Seng Internet ETF and Hang Seng Technology Index ETF falling by 2% and 1.6% respectively, influenced by unexpected strong U.S. non-farm payroll data and a decline in U.S. stocks [1] - Despite the market downturn, there has been a significant net inflow into the Hang Seng Technology Index ETF, totaling 4.472 billion yuan over 16 trading days from October 30 to November 20, even as the index fell by 10.11% during this period [1] - The Hang Seng Internet ETF also saw a net inflow of 2.518 billion yuan over the same 16 days, with a decline of 10.24% [1] Group 2 - The recent adjustment in the Hong Kong stock market is attributed to factors such as the "AI bubble theory," tightening liquidity in the U.S. market, and profit-taking by institutions after a more than 20% increase in the Hang Seng Technology Index this year [1][2] - The Hang Seng Technology Index has experienced a cumulative decline of over 18% since October 3, indicating a potential buying opportunity [2] - Positive developments include strong Q3 financial results and Q4 guidance from Nvidia, which may help alleviate concerns regarding the "AI bubble," alongside Alibaba's upcoming earnings report on November 25 [2] Group 3 - The Federal Reserve's decision to pause balance sheet reduction on December 1, coupled with rising unemployment rates over the past three months, suggests a cautious approach to monetary policy [3] - The Hang Seng Technology Index ETF has a current scale of 46.49 billion yuan, including major Chinese tech companies such as SMIC, Alibaba, Tencent, Baidu, Xiaomi, and Lenovo [4] - The Hang Seng Internet ETF, with a scale of 34.284 billion yuan, has over 80% weight in leading internet stocks, with an AI content exceeding 90% [4]

11月21日，在腾讯全球数字生态大会无锡峰会上，腾讯集团副总裁、政企业务总裁李强透露，腾讯混元 3D正加速出海进程，近期即将推出国际站，面向全球用户开放。混元3D模型API也已经在腾讯云国际 站上线，开发者和企业用户可快捷接入。 （文章来源：第一财经） ...

消息面上，美国9月非农新增就业11.9万人大超预期。美联储内部分歧加剧，三位高级官员在同一天对 通胀问题表达担忧，令12月降息前景更加不明朗。克利夫兰联储主席贝丝·哈马克周四警告称，目前进 一步降息可能对经济带来广泛风险。库克理事直言"资产价格大幅下跌可能性增加"，巴尔和古尔斯比则 重申对通胀的担忧。 此外，尽管英伟达第三季度营收同比激增62%至570.1亿美元，并给出强劲的第四季度指引，但投资者 对AI估值泡沫的担忧并未完全消散。桥水基金创始人瑞·达利欧在接受媒体采访时表示，尽管AI相关投 资正在推动市场形成泡沫，但投资者并不需要因此立刻退出，但他建议采取防御措施。 隔夜美股暴跌冲击全球市场。科技股早盘重挫，恒生科技指数盘中跌超3%。成份股方面，截至发稿， 华虹半导体(01347)跌4.49%，报74.5港元；中芯国际(00981)跌3.95%，报70.6港元；阿里巴巴-W(09988) 跌3.49%，报149.4港元；腾讯(00700)跌1.98%，报96.55港元。 ...

近期港股限售股解禁受到投资者关注。宁德时代H股昨日解禁，盘中股价大跌8.75%。下周将有三花智 控H股、恒瑞医药H股解禁，12 月还有海天味业解禁，这可能会对股价造成压力。自国庆后高点来，港 股通科技指数回调16%，恒生科技指数回调超18%。 从资金流入表现来看，恒生科技/港股科技/港股通互联网类持续受到资金流入，其中港股科技 ETF(159751)近4天获得连续资金净流入，最高单日获得2079.57万元净流入，合计"吸金"5063.49万元， 日均净流入达1265.87万元。 展望后市，机构指出：与以往不同，今年11-12月主要机构投资者的兑现压力已经前置释放，12月中旬 之前出现系统性抛压的可能性很低，因此即使不考虑经济会议预期，在险资年底集中推仓位的环境下， 指数也是震荡偏上行的中性预期。 港股科技ETF(159751)，场外联接(A：021294；C：021295；I：022884)。 数据显示，截至2025年10月31日，中证港股通科技指数(931573)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、中芯国际(00981)、小米集团-W(01810)、比亚迪股份(01211 ...

AI依然是这个时代最宏大的叙事，没人会否认AI 的超强能力以及它未来可能会带给我们的革命性改变，但与当初移动互联网时代诞生的那些超级应用的 颠覆性惊喜相比，我们必须承认： 当下的AI应用，惊喜不多。 01 旧瓶装新酒 11月13日的财报电话会上，腾讯总裁刘炽平宣布，微信最终会推出一个AI智能体，让用户在微信内部就可以利用AI完成多项任务，能够理解用户的需 求、意图和兴趣。 同一天，阿里被曝已秘密启动"千问"项目，且已抽调上百名工程师秘密办公，将全面对标ChatGPT，加入全球AI应用的顶级竞赛。这被阿里内部视为"AI 时代的未来之战"。 11月17日，"千问app"正式宣布公测。 故事很宏大、场面很热闹，但不难发现：巨头们都是在围绕现有业务做AI的渗透和融合，就像一场在自家后院里进行的"内卷式"升级。 比如被寄予厚望的"千问"，其后续的核心任务之一，也是帮助实现AI与阿里各个业务的整体协同。 在"晚点LatePost"一篇文章中，千问团队在回答"阿里消费端AI的具体战略"的问题时提到：一块是原生应用，即千问；另一块是原本业务的AI化。目前， 千问团队也已经与淘宝、高德、闪购、支付宝等产品的团队进行联合开发。 ...

Core Viewpoint - The overnight decline in US stocks has significantly impacted global markets, particularly affecting technology stocks and leading to a drop in the Hang Seng Tech Index by over 3% [1] Market Impact - Major technology stocks experienced substantial losses, with notable declines including Huahong Semiconductor down 4.49% to HKD 74.5, SMIC down 3.95% to HKD 70.6, Alibaba down 3.49% to HKD 149.4, and Tencent down 1.98% to HKD 96.55 [1] Economic Indicators - The US non-farm payrolls for September showed an increase of 119,000 jobs, significantly exceeding expectations [1] - There is increasing division within the Federal Reserve regarding inflation concerns, with three senior officials expressing worries on the same day, complicating the outlook for potential interest rate cuts in December [1] Federal Reserve Commentary - Cleveland Fed President Loretta Mester warned that further rate cuts could pose widespread risks to the economy [1] - Fed officials, including Cook, expressed concerns about the increased likelihood of significant declines in asset prices, while Bullard and Goolsbee reiterated their inflation worries [1] AI Market Concerns - Despite Nvidia reporting a 62% year-over-year revenue increase to USD 57.01 billion for Q3 and providing strong guidance for Q4, investor concerns regarding an AI valuation bubble persist [1] - Ray Dalio, founder of Bridgewater Associates, acknowledged the potential for a bubble driven by AI investments but suggested that investors do not need to exit immediately, recommending defensive measures instead [1]

②英伟达强劲的Q3财报数据以及Q4指引，或有助于平息"AI泡沫论"。叠加阿里将于11月25日公布财 报。 ①近期"AI泡沫论"+美元市场流动性紧张（美政府停摆+12月降息概率走低），港股科技股承压下跌。 ②恒生科技指数年内涨幅超20%的情况下，机构倾向于锁定利润，转而关注稳定性更高的红利资产。③ 港股年初IPO和配售个股迎来解禁期。 但积极因素同样在积累： ①恒生科技指数10月以来持续回调，自10月3日至今累计回调幅度超18%。 受隔夜超预期的9月非农数据+美股跳水下跌，今日港股全线低开，恒生科技指数跌2.21%，恒生互联网 ETF、恒生科技指数ETF分别跌2%和1.6%。 资金却选择越跌越买，恒生科技指数ETF自10月30日-11月20日的16个交易日连续获资金净申购，合计 净流入额44.72亿元，期内下跌10.11%。恒生互联网ETF同样上演16日净流入，合计净流入25.18亿元， 期内下跌10.24%。 港股近期持续调整的原因： ③美联储12月1日暂停缩表+9月非农数据虽超预期，但美联储更关注的失业率连续三个月上升。 相关产品，及截至发稿涨跌幅： 港股全科技赛道：恒生科技指数ETF(513180)，-1 ...

证券时报·数据宝统计显示，11月20日有48家香港上市公司进行了股份回购，合计回购6076.77万股，回 购金额14.47亿港元。 11月20日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 102.60 | 63598.96 | 628.500 | 616.000 | 6287192.37 | | 01810 | 小米集团-W | 1350.00 | 50776.22 | 38.100 | 37.380 | 204504.47 | | 01024 | 快手-W | 90.00 | 5821.17 | 64.950 | 64.400 | 223030.13 | | 01919 | 中远海控 | 300.00 | 4133.89 | 13.930 | 13.660 | 541914.81 | | 03888 | 金山软件 | 142 ...

Core Insights - The article discusses the rapid growth and significance of Model as a Service (MaaS) in the AI landscape, emphasizing its role in lowering barriers to AI technology adoption and enhancing application efficiency [1][2][8] - By 2024, the Chinese MaaS market is projected to reach 710 million yuan, representing a year-on-year increase of 215.7% from 2023 [1][8] - China leads globally in the number of large models, with 1,509 out of 3,755 models published worldwide as of July 2025 [1][4] MaaS Industry Overview - MaaS encapsulates AI algorithms and capabilities to provide services that simplify AI technology usage, reduce application development costs, and enhance operational efficiency [2][4] - The service model supports various industries, including finance, government, and telecommunications, facilitating the large-scale application of AI [1][10] Market Size and Growth - The Chinese MaaS market is expected to experience explosive growth, reaching 710 million yuan in 2024, a significant increase from the previous year [1][8] - The AI large model application market in China is projected to reach 4.79 billion yuan in 2024, indicating substantial growth from 2023 [6] Competitive Landscape - The top five MaaS providers in China, including Volcano Engine, Alibaba, Baidu, Tencent, and China Mobile, collectively hold over 80% of the market share, with Volcano Engine leading at 37.5% [1][11] - The competitive landscape consists of cloud service providers, AI companies, and telecommunications operators, each leveraging their unique strengths to offer MaaS solutions [11] Development Trends - Future trends in MaaS include the collaboration of large and small models, unification of service capabilities, the emergence of new application ecosystems, and enhanced security measures [12][13]

腾讯控股回购明细 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.11.20 | 102.60 | 628.500 | 616.000 | 63598.96 | | 2025.11.19 | 101.80 | 630.500 | 619.500 | 63550.29 | | 2025.11.18 | 101.30 | 640.500 | 620.500 | 63560.20 | | 2025.10.10 | 83.90 | 669.000 | 648.000 | 55037.22 | | 2025.10.09 | 81.60 | 680.500 | 666.000 | 55058.73 | | 2025.10.08 | 81.70 | 680.000 | 669.500 | 55098.91 | | 2025.10.06 | 81.50 | 682.000 | 670.500 | 55034.27 | | 2025.10.03 | 81.70 ...