来源：视频滚动新闻 近日，港股AI走势震荡，重仓互联网龙头的港股互联网ETF（513770）日线4连阴却引资金抢筹，昨日 获增仓3.52亿元，近6日净流入5.84亿元。分析认为板块接近"利空出尽"，下行空间有限，当前或进入布 局区。11月以来，腾讯、小米等龙头掀起回购潮，腾讯累计回购1863.8万股、耗资逾114亿港元，小米 累计回购7760万股、耗资逾31亿港元。国信证券建议增加配置。港股互联网ETF（513770）规模超百 亿，流动性佳，也可关注香港大盘30ETF（520560）。提醒投资者理性投资，注意风险。(AI生成) ...

Core Insights - The collaboration between拓竹 and Tencent has led to the launch of a new 3D model generator named "印你," aimed at simplifying the 3D modeling process for ordinary users through AI technology [1][2] - The underlying technology from Tencent's mixed Yuan 3D 3.0 model has improved modeling precision by three times compared to its predecessor, achieving a geometric resolution of 1536 and supporting ultra-high-definition modeling with up to 36 billion voxels [1] Group 1 - The new 3D-DiT hierarchical carving technology addresses common issues in AI-generated models, such as facial abstraction and detail blurriness, allowing for precise reconstruction of facial contours and clear presentation of sharp details like joints and mechanical edges [1] - The "印你" tool on the MakerWorld platform significantly simplifies the traditional figurine production process, enabling users to convert a 2D image into a 3D model by simply uploading a portrait [1] - The process includes generating a 2D stereoscopic image, automatic background removal, and stylization, ultimately producing a 3D model file that accurately reflects the face, clothing, and posture, ready for direct printing [1] Group 2 - The拓竹 MakerLab platform has launched 20 modeling tools, including "印你," serving over 2 million users globally [2] - This partnership signifies the acceleration of top-tier generative AI technology from laboratory settings to consumer applications, indicating a reduction in design cycles and a substantial release of personalized creative capabilities for 3D printing enthusiasts [2]

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Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The Hang Seng Technology Index fell by 0.83%, with a market turnover of HKD 182.48 billion [1] - In the US market, the Dow Jones increased by 1.34% to a record high of 48,704.01 points, while the S&P 500 rose by 0.21% [2] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in the Hong Kong market, suggesting that these areas remain appealing for capital allocation [3] - Key sectors to focus on include artificial intelligence, semiconductors, industrial software, and state-owned enterprises with low valuations and high dividends [3] - The report highlights the potential for long-term growth in technology sectors, particularly in companies leading in semiconductors and robotics [3] Company Performance - Meituan-W and Xiaomi Group-W saw increases of 1.50% and 0.96% respectively, while Hua Hong Semiconductor and Horizon Robotics experienced declines of 4.80% and 3.34% [1] - Oracle's stock dropped nearly 11% following concerns over high valuations in the tech sector, despite the overall market benefiting from the Federal Reserve's interest rate cuts [2] - The report suggests monitoring companies in the copper mining and smelting sectors, such as China Nonferrous Mining (1258.HK) and Luoyang Molybdenum (3993.HK), due to rising copper prices driven by demand from AI data centers and electric vehicles [9]

Core Viewpoint - Multiple companies conducted share buybacks on December 11, 2025, with Tencent Holdings leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.054 million shares for a total of 636 million [2]. - Xiaomi Group (01810) repurchased 2.3 million shares for a total of 97.2035 million [2]. - COSCO Shipping Holdings (01919) repurchased 3 million shares for a total of 41.3004 million [2]. - Geely Automobile (00175) repurchased 1.824 million shares for a total of 31.849 million [2]. - Kuaishou Technology (01024) repurchased 448,000 shares for a total of 29.9407 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 89.367 million shares, representing 0.973% of its total share capital [2]. - Xiaomi Group has a cumulative buyback of 105 million shares, representing 0.400% of its total share capital [2]. - COSCO Shipping Holdings has a cumulative buyback of 81.543 million shares, representing 2.832% of its total share capital [2]. - Geely Automobile has a cumulative buyback of 6.529 million shares, representing 0.065% of its total share capital [2]. - Kuaishou Technology has a cumulative buyback of 7.7106 million shares, representing 0.180% of its total share capital [2]. Group 3: Notable Buybacks - Other notable companies that conducted buybacks include: - China Petroleum & Chemical Corporation (00386) with 2.546 million shares repurchased for 10.9615 million [2]. - Vitasoy International Holdings (00345) with 304,000 shares repurchased for 198.12 million [3]. - Coolpad Group (02369) with 3.42 million shares repurchased for 4.479 million [2]. - Weigao Group (01066) with 607,600 shares repurchased for 3.1692 million [2].

Summary of Key Points Core Viewpoint - On December 11, 57 Hong Kong-listed companies conducted share buybacks, totaling 43.85 million shares and an aggregate amount of HKD 1.007 billion [1][2]. Group 1: Major Companies Involved in Buybacks - Tencent Holdings repurchased 1.054 million shares for HKD 636.36 million, with a year-to-date total buyback amount of HKD 72.408 billion [1][2]. - Xiaomi Group-W bought back 2.3 million shares for HKD 97.2035 million, with a year-to-date total of HKD 4.642 billion [1][2]. - China COSCO Shipping Holdings repurchased 3 million shares for HKD 41.3004 million, with a year-to-date total of HKD 6.278 billion [1][2]. Group 2: Buyback Amounts and Quantities - The highest buyback amount on December 11 was from Tencent Holdings at HKD 636.36 million, followed by Xiaomi Group-W at HKD 97.2035 million [1][2]. - The largest number of shares repurchased on December 11 was by Jinxin Fertility, with 3.846 million shares, followed by Coolpad Group and Tsingtao Textile with 3.42 million and 3.255 million shares, respectively [1][2]. Group 3: Additional Notable Companies - Geely Automobile repurchased 1.824 million shares for HKD 31.849 million, with a year-to-date total of HKD 1.148 billion [2]. - Kuaishou Technology bought back 448,000 shares for HKD 29.9407 million, with a year-to-date total of HKD 245.511 million [2]. - Country Garden Services repurchased 3 million shares for HKD 18.7084 million, with a year-to-date total of HKD 268.332 million [2].

>>>> ETF早知道 >>>>> ETF早知道 ETFEFRS <<<< >>>> 2025 目早知道 Dec ETF FR通 <<<< 市场温度计 中长期信号 · 投资看温度 >>>>> ETFEFEX --- 75% --- 75% 75% -- + 25% + 25% -- + 25% ETF 早知道 -0.7% -1.27% -1.41% ← <<<< 上证指数 深证成指 创业板指 注:温度计水银条由对应指数的近十年市盈率分位数表示,总值为100%。数据来源:iFind,截至 2025.12.11,上证指数、深证成指、创业板指的近十年市盈率分位数分别为92.18%、80.82%、 42.02% e 0 2 ETFEFA 6 板块热力图 ETFEFR发 短期轮动走向·观九宫热力值 <<<< +0.17% -0.24% -0.25% 银行 电力设备 国际 | 008776 银行上 U.82 -1.69% 0.12% | | | | --- | --- | --- | | 562080 300现金流ETF 0.00% | 0.60 | 12.56% | | 520560 香港大盘30ETF -0.11% ...

Group 1: OpenAI and GPT-5.2 Release - OpenAI officially released the GPT-5.2 series model, targeting paid ChatGPT users and API developers, with three versions: Instant, Thinking, and Pro [3][4][5] - The Instant version focuses on low latency and high responsiveness for tasks like information retrieval and document translation, while the Thinking version is designed for programming and complex project planning [3] - The Pro version emphasizes extreme accuracy and reliability for high-difficulty tasks in fields like research and finance, marking a significant enhancement in programming capabilities and factual accuracy [3][4] Group 2: Competition with Google - OpenAI CEO Sam Altman acknowledged the competitive pressure from Google’s Gemini 3, which has narrowed the performance gap between the two companies [4] - OpenAI is temporarily slowing down its AGI goals to focus on improving the quality of ChatGPT in response to this competition [4] - Altman expects OpenAI to exit its "red alert" status by January, indicating a stabilization in its competitive position [4] Group 3: Xiaomi's Smart Home Factory - Xiaomi announced the completion and production launch of its first major home appliance factory in Wuhan, capable of producing an air conditioner every 6.5 seconds [8][9] - The factory utilizes AI visual inspection for quality control, achieving 100% detection of key components and maintaining manufacturing tolerances of ±0.05 mm [9] - This facility represents a significant step in Xiaomi's strategy to create a closed-loop capability in the home appliance sector, integrating design, research, production, sales, and service [9] Group 4: Market Trends and AI Integration - ChatGPT topped the 2025 U.S. iPhone free app downloads, indicating a significant increase in the penetration of generative AI in daily life [16][18] - OPPO established a new smart product R&D department to unify its AI assistant services under the "Super Xiaobu" brand, reflecting a trend of deeper integration of AI across product lines [20][21] - Adobe integrated its applications into ChatGPT, allowing users to perform tasks like image editing and PDF processing through natural language commands, enhancing cross-platform creative productivity [57][59] Group 5: Industry Insights and Future Developments - Bill Gates commented on the AI industry, suggesting that not all high-valuation companies will succeed, and some investments may lead to "dead ends" [44][46] - MIT introduced a new chip manufacturing method that significantly improves energy efficiency, addressing the growing power consumption issues associated with AI and deep learning applications [41][42] - Spotify is testing a new feature that allows users to generate personalized playlists through natural language prompts, showcasing the increasing integration of AI in consumer applications [24]

Group 1 - On December 11, a total of 57 Hong Kong stocks conducted share buybacks, with 11 stocks having buyback amounts exceeding 10 million HKD [1] - Tencent Holdings, Xiaomi Group-W, and China COSCO Shipping Holdings had the largest buyback amounts, with Tencent repurchasing 636 million HKD, Xiaomi 97.2035 million HKD, and COSCO 41.3004 million HKD [1] - Year-to-date, 257 Hong Kong stocks have conducted buybacks, with 68 stocks having cumulative buyback amounts exceeding 100 million HKD [1] Group 2 - The largest cumulative buyback amounts year-to-date were by Tencent Holdings at 72.408 billion HKD, HSBC Holdings at 30.257 billion HKD, and AIA Group at 17.693 billion HKD [1]

Group 1 - OpenAI has launched the new model GPT-5.2, which is now available for paid users and API access, following the competitive pressure from Google's Gemini 3 [2] - The release of GPT-5.2 comes less than a month after GPT-5.1, indicating a rapid development cycle in response to market competition [2] - The core focus of GPT-5.2 is to enhance workplace efficiency, with capabilities including creating spreadsheets, writing presentations, coding, analyzing images, and reading long texts [2] Group 2 - Bilibili has denied rumors that all video content will require a paid membership starting March 1, 2026, and stated that they will pursue legal action against those spreading false information [3] - ZTE Corporation has issued a statement opposing all forms of corruption and is in communication with the U.S. Department of Justice regarding related matters, asserting that its operations remain normal [3] Group 3 - JD Industrial has officially listed on the Hong Kong Stock Exchange with a public offering price set at HKD 14.1 per share, aiming to raise approximately HKD 28.27 billion [4][5] - Xiaomi has announced the launch of its first self-produced central air conditioning unit, designed for larger homes and high-end users, with a total of five configurations available [5] Group 4 - Apple's first smart glasses, Apple Glasses, are expected to be released in 2026, with a likely announcement at the WWDC, and will rely on the iPhone for certain functionalities [6] - The HarmonyOS version of WeChat Moments now supports sending and viewing live photos, with over 27 million installations reported [6] Group 5 - Leap Motor's CEO and a shareholder have purchased a total of 215,060 shares at an average price of HKD 50.51, amounting to over HKD 100 million, reflecting management's confidence in the company's future [6] Group 6 - QQ has introduced an AI summary feature for group chats, allowing users to quickly grasp key points from dense conversations [7] - Elon Musk has praised Tencent's ability to identify and invest in promising gaming studios, highlighting their success in the Western gaming market [7] Group 7 - The China Association of Automobile Manufacturers reported that in November, automobile production and sales continued to show strong growth, with monthly production exceeding 3.5 million vehicles, a historical high [9] - For the first 11 months of the year, both production and sales of automobiles surpassed 31 million units, with year-on-year growth exceeding 10% [9] Group 8 - The scale of the vehicle trade-in program is expected to exceed 180 billion yuan in 2025, driven by strong subsidies and tax incentives for new energy vehicles [10] - The expected growth in the automotive market is supported by nearly 400 billion yuan in tax exemptions and subsidies, indicating a significant increase in sales [10]