Summary of Conference Call on AI Infrastructure and Related Industries Industry Overview AI Data Center (AIDC) - China's AIDC market experienced a significant surge in the second half of 2025, driven by rapid AI adoption and advancements in domestic chip technology [1][7] - ByteDance's token usage increased dramatically from 4 trillion in February to 30 trillion in September 2025 [1][7] - AIDC investments are primarily led by cloud vendors, telecom operators, and third-party firms, with construction costs ranging from RMB 17,000 to 23,000 per kW [1][8][9] - Major players like ByteDance, Tencent, and Huawei are actively pursuing new data center projects, including a notable 800MW park for ByteDance [1][10] Liquid Cooling - Liquid cooling technology in China has low adoption rates, remaining below 10% in 2025, compared to over 3,000 units deployed overseas [2][14] - The market for liquid cooling is projected to grow at a 64% CAGR from 2025 to 2030, with penetration expected to rise from 10% in 2025 to 45% by 2030 [2] - Cold plate systems dominate the liquid cooling market with a 90% share, while immersion cooling faces high costs and lacks standardization [2][15] - Domestic competition is intense, leading to significant price gaps; CDU pricing ranges from US$10 to 230 per kW [2][16] Optical Fiber - China accounts for approximately 50% of global fiber demand, with projections of 260 million fiber-km domestically and 568 million globally by 2025 [3][19] - The optical cable market is expected to grow at a 5% CAGR, with a shift towards high-end products like G654E fiber and hollow-core fiber [3][20] - Profitability in the optical fiber market is concentrated upstream, with preforms contributing 70% of profits, fiber 20%, and cables only 10% [3][22] - Intense domestic competition has led to price reductions, making it challenging for smaller players to survive [3][21] Key Insights AIDC Developments - The AIDC market is rebounding due to broader AI applications across various sectors, including manufacturing and healthcare [7] - Domestic chips are being commercially deployed, although they still lag behind NVIDIA's technology [7] - The construction of training clusters in western China is part of the "Eastern Data, Western Computing" strategy [8] Liquid Cooling Market Dynamics - The domestic AI market is in an early stage of rapid growth, with server memory prices tripling [13] - Liquid cooling systems are becoming critical components of the data center value chain, with export opportunities emerging [11][18] - Future growth in liquid cooling will depend on cost reductions and advancements in microchannel technology [2][18] Optical Fiber Market Trends - The demand for fiber optic communication is projected to reach nearly 170 million fiber-kilometers in 2025 [19] - Export opportunities are concentrated in Southeast Asia, while Europe and North America present challenges due to trade barriers [20] - Emerging technologies like hollow-core fiber and multi-core fiber are expected to enhance competitiveness in the market [21] Conclusion - The AIDC, liquid cooling, and optical fiber industries are poised for significant growth driven by technological advancements and increasing demand for AI applications. However, challenges such as intense competition and reliance on imported components may impact profitability and market dynamics in the near future.

Summary of Key Points Core Viewpoint - A total of 40 companies conducted share buybacks on November 26, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.022 million shares for a total of 636 million yuan, representing 0.848% of its total share capital for the year [1][2] - Xiaomi Group-W (01810) repurchased 7.5 million shares for 301 million yuan, accounting for 0.230% of its total share capital [2] - China Petroleum & Chemical Corporation (00386) repurchased 11 million shares for 48.64 million yuan, which is 0.160% of its total share capital [2] - China Merchants Industry Holdings (01919) repurchased 3 million shares for 39.93 million yuan, representing 1.812% of its total share capital [2] - Kuaishou-W (01024) repurchased 400,000 shares for 27.49 million yuan, accounting for 0.128% of its total share capital [2] Group 2: Other Notable Buybacks - Vitasoy International (00345) repurchased 3.962 million shares for 26.62 million yuan, which is 0.951% of its total share capital [2] - China Feihe (06186) repurchased 2.3 million shares for 9.49 million yuan, representing 2.019% of its total share capital [2] - Guosheng Tang (02273) repurchased 227,300 shares for 6.79 million yuan, accounting for 3.983% of its total share capital [2] - Weigao Group (01066) repurchased 160,000 shares for 901,200 yuan, which is 4.440% of its total share capital [3] - Kangchen Pharmaceutical (01681) repurchased 131,000 shares for 1.96 million yuan, representing 13.300% of its total share capital [3]

格隆汇勾股大数据显示，腾讯控股(00700)、小米集团-W(01810)、美的集团(00300)、顺丰控股(06936)、 中国石油化工股份(00386)、中远海控(01919)、快手-W(01024)、VITASOY INT'L(00345)、德康农牧 (02419)、速腾聚创(02498)、金山软件(03888)、中国飞鹤(06186)、固生堂(02273)、富智康集团(02038)、 碧桂园服务(06098)、昊海生物科技(06826)、网龙(00777)、MONGOL MINING(00975)、布鲁可 (00325)、津上机床中国(01651)、北森控股(09669)、蒙牛乳业(02319)、明源云(00909)、名创优品 (09896)、康臣药业(01681)、多点数智(02586)、联易融科技-W(09959)、绿城服务(02869)、威高股份 (01066)、博雅互动(00434)、粉笔(02469)、朝聚眼科(02219)、希玛医疗(03309)、微泰医疗-B(02235)、叮 当健康(09886)、家乡互动(03798)、畅捷通(01588)、汇通达网络(09878)、首佳科技(新)(00 ...

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.63%), Power Assets Holdings (70.19%), and GCL-Poly Energy Holdings (69.17%) [1] - The companies with the largest increase in shareholding amounts over the last five trading days are Universal Gold Group (+12.088 billion), Alibaba Group Holding Limited (+6.346 billion), and Tencent Holdings (+3.004 billion) [1][2] - The companies with the largest decrease in shareholding amounts over the last five trading days are SMIC (-1.278 billion), Ganfeng Lithium (-0.558 billion), and Innovent Biologics (-0.518 billion) [2] Hong Kong Stock Connect Shareholding Ratios - China Telecom (00728): 10.081 billion shares, 72.63% [1] - Power Assets Holdings (01635): 0.375 billion shares, 70.19% [1] - GCL-Poly Energy Holdings (01330): 0.280 billion shares, 69.17% [1] - Other notable companies include: - Hengtian International Investment (01341): 74.74 billion shares, 68.90% [1] - China Shenhua Energy (01088): 2.276 billion shares, 67.38% [1] Recent Increases in Shareholding - Universal Gold Group (03939): +12.088 billion, +37.96584 million shares [2] - Alibaba Group Holding Limited (09988): +6.346 billion, +4.09920 million shares [2] - Tencent Holdings (00700): +3.004 billion, +0.48492 million shares [2] - Other companies with significant increases include: - Yinhua Fund (02800): +2.182 billion, +8.36760 million shares [2] - Kuaishou Technology (01024): +1.750 billion, +2.54847 million shares [2] Recent Decreases in Shareholding - SMIC (00981): -1.278 billion, -1.85636 million shares [2] - Ganfeng Lithium (01772): -0.558 billion, -1.13178 million shares [2] - Innovent Biologics (01801): -0.518 billion, -0.54621 million shares [2] - Other companies with notable decreases include: - WuXi Biologics (02269): -0.513 billion, -1.60715 million shares [2] - New China Life Insurance (01336): -0.435 billion, -0.92361 million shares [2]

Short Selling Ratios - Geely Automobile-R (80175), Kuaishou-WR (81024), and JD Health-R (86618) have the highest short selling ratios at 100.00% each [1][2] - China Ping An-R (82318) has a short selling ratio of 89.61%, while SenseTime-WR (80020) and China Resources Beer-R (80291) follow with 89.27% and 75.13% respectively [2] Short Selling Amounts - Alibaba-SW (09988) leads in short selling amount with 3.768 billion, followed by Meituan-W (03690) at 2.272 billion and Xiaomi Group-W (01810) at 1.584 billion [3] - Tencent Holdings (00700) and AIA Group (01299) also feature in the top five with short selling amounts of 1.242 billion and 0.582 billion respectively [3] Short Selling Deviation Values - China Ping An-R (82318) has the highest deviation value at 64.42%, indicating significant divergence from its historical short selling average [4] - Geely Automobile-R (80175) and Kuaishou-WR (81024) follow with deviation values of 56.33% and 40.21% respectively [4] - Baidu Group-SWR (89888) also shows a notable deviation value of 36.29% [4]

| 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 途虎-W(09690) | 65.44% | 1313.77 万 | 17.130（+1.90%） | | 越秀交通基建(01052) | 57.38% | 215.33 万 | 4.420（+1.84%） | 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 40.60 亿 | 13.22% | 154.500（+4.67%） | | 腾讯控股(00700) | 11.68 亿 | 8.38% | 624.500（+2.38%） | | 快手-W(01024) | 8.17 亿 | 17.96% | 68.550（+7.11%） | | 南方恒生科技(03033) | 6.34 亿 | 6.56% | 5.425（+2.94%） | | 小米集团-W(01810) | 4.84 亿 | 5.33% | 38.660（+1.52%） | | 招商银行(03968) | ...

Group 1 - Tencent has secured global publishing rights for SHIFT UP's new game "Project Spirits," further deepening their strategic partnership after the success of "NIKKE" [1] - "Project Spirits" is a cross-platform game developed using UE5, themed around "Eastern Fantasy," and is expected to launch globally in 2027 [1] - This collaboration strengthens Tencent's leading position in the global gaming distribution sector and reserves important IP for future revenue growth [1] Group 2 - Century Huatong's chairman Wang Ji addressed investors for the first time after the company successfully removed its delisting risk, indicating a shift in value focus towards the application layer as industry infrastructure improves [2] - The core profit structure of the company is primarily driven by "DianDian Interactive," which accounts for about two-thirds of profits, while other business segments contribute the remaining third [2] - Wang Ji's comments on the impact of the Apple-WeChat revenue sharing agreement suggest limited effects on domestic revenue, while potentially enhancing user retention and payment efficiency [2] Group 3 - Sony's "Death Stranding 2: Director's Cut" PC version has received ESRB certification, rated M for mature audiences, indicating its upcoming cross-platform release [3] - The game, which launched on PS5 on June 26, is expected to expand its user base and generate additional revenue streams for Sony [3] - This move reinforces the "console first, then PC" business model in the gaming industry, benefiting developers with strong IPs and boosting market confidence in the longevity of AAA titles [3]

Group 1 - The Ministry of Commerce of China and the European Commission discussed semiconductor supply chain issues, emphasizing the need for constructive communication between ASML Netherlands and ASML China to stabilize the global semiconductor supply chain [2] - Vanke faced a significant decline in both stock and bond markets, with some bonds dropping over 35% and the stock price nearing historical lows, prompting a meeting regarding bond extension [2] - The Chinese government instructed domestic airlines to reduce flights to Japan before March 2026, reflecting ongoing diplomatic tensions [3] Group 2 - Six departments in China released a plan to enhance the adaptability of consumer goods supply and demand, aiming for a significant optimization of the supply structure by 2027 [3] - The National Development and Reform Commission announced a new management method for credit repair, effective from April 2026, categorizing dishonest information into three levels [3] - The A-share market saw fluctuations, with the Shanghai Composite Index closing down 0.15%, while the Shenzhen Component Index and the ChiNext Index recorded gains [4] Group 3 - Li Auto reported a 36.2% year-on-year decline in Q3 revenue, with an adjusted net loss of 360 million yuan, and projected a further decline in Q4 revenue [5] - The insurance sector welcomed new funds into long-term investment trials, with a new private equity fund entering operation [4] - The Chinese Nonferrous Metals Industry Association opposed the zero or negative processing fees in the copper smelting industry, calling for better management of copper smelting capacity [8] Group 4 - The medical device market in China is expected to reach 1.22 trillion yuan by 2025, with a significant increase in the number of production enterprises [9] - The financial support plan in Guangdong aims to facilitate industry chain integration and improve the quality of listed companies [8] - The Hong Kong stock market saw a net sell-off of 39.52 billion HKD by southbound funds, with notable movements in major tech stocks [4]

| 序号 名称 | | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% ADR; | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | (0) 00700 | 619.500 | -5.500 | -0.88% | TCEHY | 614.101 | -5.399 | -0.87% | 7 | | 2 | 阿里巴巴-W | 099888 | 154.800 | -3.000 | -1.90% | BABA | 153.233 | -1.567 | -1.01% | 15 | | 3 | 建设银行 | 00939 | 8.210 | -0.010 | -0.12% | CICHY | 8.218 | +0.008 | 0.10% | 2 | | 4 | 汇丰控股 | 00005 | 107.600 | +0.800 | 0.75% | HSBC | 109.799 | +2.199 | 2.04% | 7 | | 5 | 小米集团- ...

值得注意的是，港股公司积极回购多是因为公司股价持续下跌。比如小米集团自9月底以来股价跌幅超 过30%，因此小米集团已多次回购公司股份。11月24日，小米集团公告公司创始人、董事长兼CEO雷军 个人斥资超1亿港元增持小米集团260万股，平均价为每股约38.58港元，雷军持股比例增加至23.26%。 分析人士指出，本轮回购潮的集中爆发并非偶然，而是企业价值判断与市场状况共同作用的结果。从企 业层面看，股价持续调整使大量港股公司陷入"价值低估"状态，回购成为传递信心的直接方式。 近期，港股市场出现一定回调，港股公司也在积极回购。 11月26日，腾讯控股发布公告，公司当日斥资6.36亿港元回购102.2万股股份，每股回购价格为618.5— 629港元。而Wind数据显示，今年以来腾讯控股已回购654亿港元股份。 证券时报记者统计发现，在11月26日当天，小米集团回购金额超3亿港元，中远海控回购金额近4000万 港元，快手回购超2700万港元，维他奶国际回购超2600万港元。同时，还有速腾聚创、金山软件、德康 农牧等多家港股公司发起了千万级港元的回购。 （文章来源：证券时报） ...