作为核心开发平台，ADP近期升级迭代：增强型 RAG 检索能力已支持主流数据库接入，工作流与 Agent 引擎提供更完整的协同配置方式，能够处理复杂任务；平台还完善了从设置、调试、评测、发布 到运营的应用全生命周期能力；同时持续拓展模型与插件生态，目前插件广场已经支持140 余种插件， 并沉淀了 70 余个应用模板与 90 余个提示词模板，极大降低了企业落地门槛。 产品力的提升，带动了丰富的行业落地场景，在企业知识问答、客服、专家知识助手等场景，腾讯云的 智能体方案已实现从0到1的打磨并在多行业复制；在媒体领域，通过多模态大模型、语音识别及 RAG 的结合，已能对视频内容做理解、摘录与检索，提升生产与治理效率，这套方案目前已经在多家权威媒 体落地，腾讯云ADP在省级媒体机构中的覆盖率，已经超过一半。 此外，腾讯云也大力推动优图 Agent、GraphRAG、YouTu-Embedding 以及ADP-Chat-Client 等开源工具 的开源；推出系统化的 ADP 课程，传递平台能力与最佳实践。面向国际市场，ADP 平台已正式在腾讯 云国际站发布，同时还发布了独立的产品落地网站，全球用户可以通过adp.ten ...

Investment Rating - The report maintains a "Positive" outlook for the media industry [5] Core Insights - The official release of Nano banana2 marks a significant breakthrough by introducing a reasoning-based visual generation approach, transitioning from diffusion-based generation to reasoning-driven visual intelligence generation, which is closer to a reasoning engine with image generation capabilities [2] - The report highlights the importance of hardware-research-model-application integration in technology companies, recommending Alibaba-W (09988, Buy) and Google (ALPHABET)-A (GOOGL.O, Not Rated) as key investment targets [3] - The consistency of image generation is beneficial for maintaining video consistency, with AI video applications expected to accelerate penetration, suggesting a focus on Kuaishou-W (01024, Buy) and Meitu (01357, Buy) [3] - The report emphasizes the significance of companies with model capabilities and related industry chains, as well as those benefiting from foundational model iterations and improved downstream application experiences, recommending Tencent Holdings (00700, Buy) and others [3] Summary by Sections - **Technological Advancements**: Nano2's advancements include enhanced world understanding capabilities, improved text rendering, and increased image clarity up to 2K and 4K levels, which are crucial for professional outputs [8] - **Investment Recommendations**: The report suggests focusing on technology giants with a full-stack AI approach and highlights specific companies for investment based on their capabilities and market positioning [3] - **Market Trends**: The report notes that the integration of Gemini 3 Pro and NanoBanana 2 is expected to drive further growth in Google AI applications, indicating a positive trend in multi-modal investment opportunities [8]

北京时间11月21日，港股早盘大跌，截至10点16分，港股通科技指数下跌2.92%；成分股方面，百度、 蔚来跌超5%，阿里、小鹏、快手跌超3%。 资金方面，南向资金继续大幅买进港股，年初以来已超1.2万亿港币。此前，三季度A股与美股科技大幅 上涨，估值普遍较贵，港股科技相对有较大的估值优势，预计后续南向资金将持续流入，有望持续催化 港股行情。 想要低位布局港股科技的投资者，可上支付宝搜索：天弘国证港股通科技ETF联接（C类：024886；A 类：024885）；该指数汇聚阿里、腾讯、小米等互联网大厂，不占QDII额度，有望为各位投资者捕捉 港股AI发展机遇。 【行情解读：港股早盘为何大跌？】 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。 宏观层面，多项利好因素未发生显著变化。美联储降息预期虽有反复，但长期仍处于降息通道中，全球 流动性有望持续保持宽松，利好科技股表现，而港股科技相对A股科技更受益于美联储降息。 其次国内 货币政策和财政政策协同发力仍有空间，当前经济方面，整体呈现弱复苏，政策端有望延续积极基调， 利好港股基本面回暖。 产业方面，科技赛道受益于AI大模型快速发展和芯片自主可控浪 ...

腾讯元宝今日官宣推出"一句话生视频"功能。用户只需用一句话或一张图，即可让元宝生成视频。据介 绍，该项功能基于腾讯混元最新开源的HunyuanVideo 1.5模型。 （文章来源：第一财经） ...

新浪科技讯 11月21日下午消息，今天，元宝官宣推出了"一句话生视频"能力，为用户带来了"人人都是 视频创作者"的全新体验。用户现在无需任何视频剪辑基础，通过元宝就能将脑海中的一句话构思，或 手机里的一张静态照片，快速转化为一段生动的视频，该能力底层技术基于腾讯混元最新开源的 HunyuanVideo 1.5 模型。 用户只需将元宝更新至最新版本，在元宝对话框内通过两种方式体验该功能：一是"文字生视频"，在对 话框输入文字描述（Prompt），如"一只猫在赛博朋克城市中漫步"，便能将文字构想转化为视频；二 是"图生视频"，上传一张手机里的照片，配合简单的指令，即可让静态画面"动"起来，无论是让风景照 呈现云卷云舒，还是为宠物照片增添趣味动态，都变得轻而易举。 据悉，该功能背后是混元开源HunyuanVideo 1.5，支持中英文的文生视频与图生视频，能实现图像与视 频在色调、细节上的高度一致性，并精准遵循运镜、流畅运动等多样化指令。模型以仅8.3B的轻量尺 寸，实现开源最强的效果，可在14G显存的消费级显卡上流畅运行。（罗宁） 责任编辑：王翔 ...

上调目标价至790 港元，买入评级：公司Q3 核心业务利润率改善延续，AI 赋能在广告与游戏等高毛利 板块已形成规模化回报。基于2026 年盈利预测与估值模型，目标价790 港元，较上一收盘价有26.7%上 行空间，维持"买入"评级。 机构：第一上海 研究员：李京霖/吕彦辛 2025Q3 业绩稳健增长，AI 提效与生态扩张共同驱动：得益于视频号、小程序、搜一搜等核心生态场景 的持续扩张，以及游戏、广告与金融科技三大业务条线的同步改善，2025Q3 公司录得收入1930 亿元人 民币，同比增长15%，环比增长5%；毛利1088 亿元，同比增长22%，毛利率受益于高质量广告库存与 游戏内容结构优化，较去年同期进一步提升。Non-IFRS 归母净利润706 亿元，同比增长18%，环比增长 12%，利润增速显著快于收入增速，反映出经营效率与结构优化带来的盈利质量提升。本季度AI 在精 准定向、搜索相关性、内容生成与游戏生产链路的提效作用逐步增强，研发投入持续保持高位，资本开 支节奏更趋稳健，算力投入进入"效率优先期"，在国产GPU 性能进一步靠齐后再推进大规模扩容。 Q3 长青游戏矩阵稳健扩张，新品表现与核心IP 驱 ...

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） ...

Core Viewpoint - The overnight decline in US stocks has significantly impacted global markets, particularly affecting technology stocks, with the Hang Seng Tech Index dropping over 3% during trading. Group 1: Market Impact - The Hang Seng Tech Index fell more than 3% amid the broader market decline [1] - Notable declines in individual stocks include 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] Group 2: Economic Indicators - The US added 119,000 non-farm jobs in September, 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] Group 3: Company Performance - Nvidia reported a 62% year-over-year increase in Q3 revenue to USD 57.01 billion and provided a strong guidance for Q4 [1] - Despite Nvidia's strong performance, investor concerns regarding an AI valuation bubble persist, with Ray Dalio suggesting that while the market may be forming a bubble, investors do not need to exit immediately but should adopt defensive measures [1]

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 ...