人民财讯12月1日电，企查查APP显示，近日，财付通小贷关联公司深圳市财付通网络金融小额贷款有 限公司发生工商变更，注册资本由约105.3亿元增至150元。企查查信息显示，该公司成立于2013年，法 定代表人为杜西库，由深圳市腾讯网域计算机网络有限公司、深圳市腾讯计算机系统有限公司共同持 股。 ...

全球规模内科技股的调整，与AI的泡沫争议密切相关。当地时刻11月19日，英伟达发布了第三季度成 绩：营收570.1亿美元，超出商场预期的549.2亿美元；净利润319.1亿美元，同比上涨65%。但亮丽的财 报并未彻底消除商场关于AI泡沫的忧虑，11月20日，英伟达收盘跌落3.15%，美股大型科技股集体下 挫，AMD跌超7%，甲骨文跌超6%。 光控资本以为，全球危险财物的波动外表是流动性问题，实质是危险财物关于AI单一叙事过于依靠。 该组织指出，本年9月以来，美国首要科技公司的CDS（信贷违约掉期）价格均显着上涨，9月以来到11 月21日，债款融资最急进的甲骨文的5年期CDS报价已上涨167%，微软、亚马逊和谷歌别离上涨58%、 53%和34%。在AI获得更广泛的商业价值前，AI基建开支仍然依靠于科技大厂的运营现金流和债款融 资。在AI形成生态壁垒和规划酬劳递增的商业模型之前，科技板块对实际经济体现和货币政策都会保 持高度灵敏。 近一段时刻以来，关于"AI泡沫"的争议不绝于耳，并引发了全球规模内本钱商场的动乱。业内遍及以 为，尽管二级商场股价或许存在部分泡沫，但就工业开展而言，AI仍然具有宽广的商场空间。与此一 ...

【环球网科技综合报道】为更好服务内地游客赴澳消费，推动中小商家利用微信生态创新增长，11月28日在澳门经济及科技发展局的支持下，澳门直播协会 联合腾讯正式启动微信小店"礼遇澳门"直播电商好物节，并在澳门最繁华的商业街区——议事厅前地广场附近澳门何老桂巷5号落地首个微信礼物线下体验 店，超20家澳门商家的特色手信汇聚线下体验店，让跨境游客体验"一站式""零负担"买送澳门手信。 除了线下店的创新社交消费体验，"礼遇澳门"直播电商好物节还将联动多位微信生态内容创作者、带货者开展直播带货，并基于视频推广、广告投放等多种 形式，为入驻的澳门商家引入精准流量，让更多澳门特色商家被微信用户看到，让线下特产变成线上好礼。 在澳门直播协会看来，微信小店背靠拥有庞大用户基数的微信平台，具有成本低、自主性强、私域流量优势明显等特点，尤其契合澳门中小企当下发展需 要。目前微信小店已打通10余个微信生态入口，并相继推出送礼物、一起买等新功能，微信小店带货者业务也取得长足发展。2025年9月，平台月动销带货 者数量同比涨超100%，带货者月成交额同比涨超100%，新入驻带货者数量增长35%，首月GMV破万的带货者上涨超过70%。 LTS ...

Group 1 - The article focuses on fundamental analysis of both crypto and equity markets, emphasizing the intersection of culture, technology, and valuation in future-oriented industries [1] - The analysis covers a range of digital assets including XRP, Bitcoin, and Ethereum, as well as gaming publishers like Nintendo, Capcom, and Square Enix, highlighting their roles in reshaping global finance and entertainment [1] - Consumer brands such as Monster Beverage, Sprouts, and Macy's are also analyzed, with a focus on how brand and consumer behavior contribute to long-term value [1] Group 2 - The analytical approach combines discounted cash flow (DCF) and relative valuation methods, contextualized within macroeconomic trends and narratives [1] - The goal is to assist readers in identifying early investment opportunities in companies and assets that are poised to lead the next growth cycle [1]

证券时报·数据宝统计显示，11月28日有47家香港上市公司进行了股份回购，合计回购3852.50万股，回 购金额11.47亿港元。 腾讯控股回购数量103.90万股，回购金额6.36亿港元，回购最高价为616.500港元，最低价为609.000港 元，年内累计回购金额666.86亿港元；小米集团-W回购数量700.00万股，回购金额2.88亿港元，回购最 高价为41.180港元，最低价为40.740港元，年内累计回购金额30.38亿港元；中国石油化工股份回购数量 925.00万股，回购金额4099.14万港元，回购最高价为4.480港元，最低价为4.400港元，年内累计回购金 额15.66亿港元。 11月28日港股公司回购一览 以金额进行统计，11月28日回购金额最多的是腾讯控股，回购金额为6.36亿港元；其次是小米集团-W， 回购金额为2.88亿港元；回购金额居前的还有中国石油化工股份、中远海控等。回购数量上看，11月28 日回购股数最多的是中国石油化工股份，当日回购量为925.00万股；其次是小米集团-W、中远海控 等，回购数量分别为700.00万股、300.00万股。 | 代码 | 简称 | 回购股数 ...

智通财经APP获悉，摩比发展(00947)、方正控股(00418)、富智康集团(02038)、VITASOY INT'L(00345)、天福(06868)、亲亲食品(01583)、昊海生物科技(06826)、国鸿氢能(09663)、中集集团 (02039)、威高股份(01066)、康臣药业(01681)、绿城服务(02869)、明源云(00909)、津上机床中国 (01651)、中远海控(01919)、移卡(09923)、酷派集团(02369)、碧桂园服务(06098)、IGG(00799)、腾讯控 股(00700)、瑞声科技(02018)、世界华文媒体(00685)、首佳科技(00103)、蒙牛乳业(02319)、联易融科 技-W(09959)、和铂医药-B(02142)、小米集团-W(01810)、金山软件(03888)、固生堂(02273)、玄武云 (02392)、叮当健康(09886)、美亨实业(01897)、中国石油化工股份(00386)、中国飞鹤(06186)、希玛眼科 (03309)、粉笔(02469)、微泰医疗-B(02235)、汇通达网络(09878)、易点云(02416)、骏杰集团控股 ( ...

Core Conclusion - The notion of "insufficient consumption in China" is a distorted perception amplified by pricing and statistical methods. Bank of America provides extensive data showing that the true picture of Chinese consumption is not "volume shrinkage," but rather "high volume, low price." Total commodity consumption has reached or even surpassed that of the US, Japan, and South Korea; service consumption has met basic standards but still has gaps in quality. The main contradiction in the current market is the mismatch between "mass supply" and "upgraded demand." Companies focusing on the four key areas of "Efficiency, Experience, Service, Globalization (E2SG)" will thrive through cycles [1]. Group 1: Commodity Consumption - China's total commodity consumption is impressive, with certain categories outperforming developed countries. For example, per capita egg consumption is 128.5 g/day, which is 6% higher than the US and 42% higher than the global average. Sulfur consumption is 1117.9 g/day, which is 3.2 times that of the US. Seafood consumption is 114 g/day, nearly double that of the US. However, dairy consumption is only 86.9 g/day, which is 1/7 of the US level, but this gap is mitigated by plant proteins and eggs. The ownership of cooking appliances is 2.14 times the global average and 1.22 times that of the US. The number of new energy vehicles is 7.7 per thousand people, surpassing the US by 1.66 times and Japan by 8.75 times [3][4]. Group 2: Service Consumption - In terms of service consumption, China has met basic standards but still has quality gaps. The average housing area per person is 49 m², slightly below the US's 65 m² but higher than the UK and France. Medical visits average 6.8 times per year, exceeding the US by 3.4 times. Education duration is 15.5 years, on par with the US and Japan, but extracurricular spending is only $140/year, which is 1/28 of South Korea's. The prices for leisure and entertainment, such as concerts and exhibitions, have increased by 53%, indicating a significant supply-demand gap in high-quality offerings [5][6]. Group 3: Misconceptions of Consumption - The illusion of "insufficient consumption" stems from three main sources: 1. Low prices: Most goods/services are priced at only 20%-60% of US prices (e.g., mobile plans at 15%, taxis at 20%, utilities at 24%). 2. Supply chain advantages: China's role as the "world's factory" and innovations in distribution (like community group buying) continue to drive prices down. 3. Statistical discrepancies: If government transfer payments are included, the actual consumption to GDP ratio aligns with that of South Korea, which is approximately 40% [6]. Group 4: Mismatches and E2SG Investment Framework - There are three core mismatches in the market: 1. Supply vs. Demand: There is an oversupply of mass-market products, but insufficient emotional value and experience. 2. Channels vs. Communication: Fragmented media and ineffective traditional marketing require precise targeting and content-driven e-commerce. 3. Expectations vs. Reality: While income expectations are weak, there is a high demand for quality, necessitating affordable yet high-quality offerings [7]. Group 5: E2SG Investment Tracks - The E2SG investment framework emphasizes four key dimensions for companies to succeed in a "high volume, low price" market: 1. Efficiency: Achieving low costs and quick turnover through supply chain optimization and scale effects. 2. Experience: Creating differentiation through product innovation and capturing emotional consumption needs. 3. Service: Filling the gap in high-quality supply. 4. Globalization: Leveraging China's high volume and low price advantage to expand into international markets [10][11][12]. Group 6: Recommended Companies - Bank of America has identified seven companies with long-term competitive advantages across various sectors, including: - Pop Mart: Strong IP operation capabilities and global expansion, with an expected EPS growth of 30% by 2026. - Midea: Leading in global white goods with supply chain efficiency, focusing on overseas OBM business growth. - Geely: Rich in new energy vehicle reserves, planning to launch over 10 new models by 2026 with a target growth of 50%-80%. - Huazhu Group: Benefiting from leisure travel demand recovery and expanding through a light asset model, with a projected 21% CAGR in profits from 2024-2026. - Trip.com Group: Leading in OTA with expected 45% growth in international business revenue over the next six years. - Tencent Holdings: Dominating digital entertainment with stable mobile game revenue and AI-driven efficiency improvements. - Damai Entertainment: Leading in live entertainment ticketing with a projected 60% CAGR in profits from 2025-2028 [20][21].

制图：史明磊（元宝AI生成） 人工智能行业一路高歌猛进，吸引巨额投资，相关公司估值屡创新高。与此同时，业界对其是否存在泡 沫的担忧挥之不去。11月30日下午，在2025年"读懂中国"国际会议(广州)上，多位嘉宾谈及此话题。有 嘉宾提出，中国提出的"人工智能+"行动思路是破解泡沫担忧的根本办法。 强调人工智能与实体经济融合 人工智能行业是否存在泡沫，是该领域的主要争论之一。第十四届全国政协委员、人口资源环境委员会 委员，工业和信息化部原副部长王江平指出，"泡沫论"的声音认为，当前AI投资呈现"集中度高、风险 特殊、瓶颈凸显"三大特征。具体表现在：发生在AI领域的投资规模过高和集中，95%企业的AI投入未 能产生实际回报等。 第十四届全国政协委员、教科卫体委员会委员，科技部原副部长李萌在主旨报告中也提到了"AI泡沫"。 他以互联网为例分享道，互联网行业初期缺乏"内容产业"，也伴随泡沫担忧，但后期催生和繁荣了移动 支付、电商、物流、外卖、工业互联网、智能网联汽车、智能电网、共享单车等欣欣向荣的新产业新经 济。 "中国的思路是破解泡沫担忧的根本办法。"李萌分享道，正因为吸取了互联网泡沫的教训，我国在鼓励 发展人工智能 ...

智通财经APP获悉，新鸿基地产-R(80016)、商汤-WR(80020)、吉利汽车-R(80175)上一交易日沽空比率 位于前三位，分别为100.00%、100.00%、100.00%。阿里巴巴-SW(09988)、美团-W(03690)、腾讯控股 (00700)的沽空金额位居前三，分别为15.02 亿元、11.31 亿元、5.31 亿元。吉利汽车-R(80175)、中银香 港-R(82388)、广发证券(01776)的偏离值位居前三，分别为54.50%、45.83%、40.23%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 新鸿基地产-R(80016) | 8.98 万元 | 100.00% | 25.33% | | 商汤-WR(80020) | 10.23 万元 | 100.00% | 38.77% | | 吉利汽车-R(80175) | 9.24 万元 | 100.00% | 54.50% | | 李宁-R(82331) | 7.09 万元 | 100.00% | 25.80% | | 京东健康-R(8661 ...

Core Viewpoint - The article emphasizes that artificial intelligence (AI) is transforming the global economy and presents a significant investment opportunity for investors through various fund options, particularly ETFs and public/private funds [1]. ETF Investment - ETFs are highlighted as an efficient tool for investors who prefer to follow industry trends without the hassle of selecting fund managers. The main focus of AI investment in A-shares is on "computing power infrastructure" and "application end" [2]. - Core broad-based ETFs include the AI ETF (515980) and AI ETF (515070), which track the China Securities Artificial Intelligence Index. These ETFs cover leading companies across the AI value chain, including chip manufacturers (e.g., Cambricon, Haiguang Information), large models and algorithms (e.g., iFlytek), and application scenarios (e.g., Hikvision, Kingsoft) [3][4]. - Segment-specific ETFs such as Cloud Computing 50 ETF (516630) and Communication ETF (515880) focus on computing power hardware and high-speed network facilities that support AI data transmission, respectively. The rationale is that hardware providers often see early performance returns in the AI development phase [5][6][7][8]. Public Funds (Active Equity) - Public funds rely on professional stock selection to seek alpha. The A-share market experiences rapid style rotation, and skilled fund managers can rotate investments within the AI value chain based on fundamental research [9][10]. - Focus on veteran managers in the "digital economy" and "TMT" sectors, particularly those with a track record during the mobile internet wave from 2013-2015. These managers tend to select companies with real performance rather than mere narratives [11][12]. - Quantitative public funds, such as those tracking the CSI 500 or CSI 1000 indices, excel in the active mid- and small-cap companies within the AI sector, often outperforming benchmark indices [13]. Private Funds - Private funds are characterized by greater flexibility in position management and the use of derivatives for risk hedging. They can effectively manage volatility in the AI sector by controlling drawdowns during declines and capitalizing on gains during upswings [14][15]. - Notable institutions include Huanfang Quantitative, Jiukun Investment, and Yifan Investment, which leverage deep learning to uncover market patterns and opportunities that active management may overlook [16]. - The article also highlights the importance of investing in global AI leaders through local private funds, as the U.S. maintains a dominant position in high-end computing and foundational models [18]. Recommended Fund Analysis - The Keywise Penguin No. 1 fund is recommended for its strong reputation and global investment scope, covering major tech markets and key AI players like Nvidia, Microsoft, and TSMC. The fund's strategy includes both long and short positions to protect net value during market fluctuations [19][20][21]. Investment Strategy Summary - The article concludes with a tailored investment strategy for different investor types, recommending ETFs for conservative investors, public funds for those seeking alpha, and the Keywise Penguin No. 1 for high-net-worth individuals looking for global exposure to AI assets [22].