证券时报·数据宝统计显示，11月18日有47家香港上市公司进行了股份回购，合计回购3920.24万股，回 购金额8.42亿港元。 腾讯控股回购数量101.30万股，回购金额6.36亿港元，回购最高价为640.500港元，最低价为620.500港 元，年内累计回购金额616.00亿港元；中国飞鹤回购数量1030.00万股，回购金额4465.14万港元，回购 最高价为4.370港元，最低价为4.280港元，年内累计回购金额6.42亿港元；中远海控回购数量300.00万 股，回购金额4104.67万港元，回购最高价为13.890港元，最低价为13.610港元，年内累计回购金额53.36 亿港元。 以金额进行统计，11月18日回购金额最多的是腾讯控股，回购金额为6.36亿港元；其次是中国飞鹤，回 购金额为4465.14万港元；回购金额居前的还有中远海控、中国石油化工股份等。回购数量上看，11月 18日回购股数最多的是中国飞鹤，当日回购量为1030.00万股；其次是中国石油化工股份、中远海发 等，回购数量分别为553.20万股、300.00万股。 值得关注的是，德康农牧本次回购为年内首次进行回购。本次回购6.36亿港元 ...

| 粉笔(02469) | 20.00 万 | 62.20 万 | 626.60 万 | 0.281% | | --- | --- | --- | --- | --- | | 晨讯科技(02000) | 150.00 万 | 58.50 万 | 1454.80 万 | 0.679% | | 永安国际(00289) | 3.60 万 | 47.11 万 | 56.60 万 | 0.196% | | IGG(00799) | 11.60 万 | 44.15 万 | 1871.70 万 | 1.605% | | 方正控股(00418) | 40.20 万 | 35.25 万 | 3788.80 万 | 3.158% | | 太平洋航运(02343) | 11.00 万 | 28.93 万 | 5844.70 万 | 1.138% | | 希玛眼科(03309) | 16.00 万 | 28.67 万 | 16.00 万 | 0.013% | | 畅捷通(01588) | 1.76 万 | 14.97 万 | 18.86 万 | 0.230% | | 家乡互动(03798) | 9.20 万 | 13.62 万 | ...

Core Insights - The article discusses the latest 13F holdings of H&H International Investment, revealing a total market value of approximately $14.68 billion, a 28% increase from the previous quarter, with a high concentration in the top ten holdings [1][2]. Holdings Summary - The largest holding is Apple (AAPL) with a market value of approximately $8.87 billion, accounting for 60.42% of the portfolio, showing a slight decrease of 0.82% [2]. - Berkshire Hathaway (BRK.B) is the second-largest holding at approximately $2.61 billion, with a significant increase of 53.53% [2]. - Other notable holdings include Pinduoduo (PDD) at approximately $1.13 billion, Occidental Petroleum (OXY) at approximately $640 million, and Alibaba (BABA) at approximately $496 million, with Alibaba seeing a notable decrease of 25.86% [2]. - New additions to the portfolio include ASML, while there were reductions in positions for Alibaba and Nvidia, with Nvidia seeing a decrease of 38.04% [2]. Investment Philosophy - The investment philosophy emphasizes understanding the business before investing, stating that "buying stocks is buying companies," which requires a deep understanding of the company's business model and culture [3][4][11]. - The importance of a "not-to-do list" is highlighted, suggesting that avoiding certain investments can be as crucial as making the right ones [12][15]. - The article discusses the significance of company culture and strategic focus, citing examples like Apple and its commitment to product quality and user experience [11][18]. Market Trends and Observations - The discussion includes insights on the semiconductor industry, particularly Nvidia's strong position and the challenges faced by electric vehicle companies due to lack of differentiation [13][18]. - The potential impact of AI on various industries is acknowledged, with a note that while AI will bring significant changes, it will not replace the need for sound investment decisions [18]. Recommendations for Investors - Investors are advised to focus on understanding the companies they invest in and to avoid following trends without comprehension, as this can lead to poor investment outcomes [15][18]. - The article suggests that investing in index funds, such as the S&P 500, can be a safer strategy for those who may not have the time or expertise to analyze individual stocks [15].

Group 1 - UBTECH's humanoid robot Walker S2 production video was questioned for authenticity by Figure's CEO, who claimed that the video contained computer-generated effects. UBTECH responded by releasing a continuous video showing real robots in action, emphasizing the strength of China's manufacturing capabilities [4][5] - UBTECH's CBO stated that skepticism about Chinese manufacturing stems from a lack of understanding and encouraged critics to visit China to witness the industry's growth firsthand. The company has reported a total of 800 million yuan in orders, holding itself accountable to shareholders and the public [5] - New Oriental's founder, Yu Minhong, faced employee backlash after a trip to Antarctica, leading him to announce plans for a youth exploration center focused on natural education [7][8] Group 2 - Fat Donglai announced a compensation of 359,000 yuan for employees who faced disrespect from customers, highlighting the importance of respecting personal dignity in the workplace. Other companies like Meituan and Xibei are also implementing similar support measures for their employees [10][12] - Tencent filed a lawsuit against Competitive World and Taobao for trademark infringement related to the game "JJ Happy Landlord," leading to an apology and the removal of the infringing game from the market [14] - Canopus Robotics has filed for an IPO in Hong Kong, aiming to raise funds for R&D, brand building, and market expansion. The company reported revenues of 197 million yuan in 2022 and projected growth in subsequent years [16] Group 3 - Xiaopeng Motors reported a total revenue of 20.38 billion yuan for Q3 2025, with a year-on-year growth of 101.8%. CEO He Xiaopeng believes the robotics market has greater potential than the automotive sector, with plans for significant growth in robot sales by 2030 [16][17] - ByteDance has established a new department for transactions and advertising in China, consolidating its engineering teams to enhance efficiency in e-commerce and advertising [19][20] - Geely is expected to complete the acquisition of Zeekr by the end of the year, following a plan to integrate resources and enhance competitiveness within the group [21] Group 4 - Alibaba launched the Qianwen app, directly competing with ChatGPT, while Ant Group introduced the Lingguang AI assistant, showcasing advancements in AI technology [21][22] - Xiaomi's 17 series smartphones achieved sales of over 200,000 units within five days of launch, positioning them as a strong competitor against Apple's iPhone [24] - Baidu reported Q3 revenue of 31.17 billion yuan, with its autonomous driving service, "Luobo Kuaipao," experiencing a significant increase in usage [28][29] Group 5 - BYD's sales in the UK surpassed 50,000 vehicles, with a notable increase in sales in October, indicating strong market performance [38] - Jeff Bezos has launched a new AI startup named "Project Prometheus," which has raised $6.2 billion in funding, focusing on AI applications in various industries [33][34] - Tesla's CEO Elon Musk criticized Bezos's new venture, calling it a copycat initiative [34]

Core Insights - The exploration towards Artificial General Intelligence (AGI) highlights embodied intelligence as a key direction, focusing on the interaction and adaptation of intelligent agents within physical environments [1][3] - The development of embodied intelligence is marked by the evolution of its core components, the brain and cerebellum, which are crucial for perception, task understanding, and action execution [1] Industry Analysis - In the past two years, numerous star teams in the field of embodied intelligence have emerged, establishing valuable companies such as Xinghaitu, Galaxy General, and Zhujidongli, driving advancements in embodied intelligence technologies [3] - Major domestic companies like Huawei, JD, Tencent, and Ant Group are actively investing and collaborating to build a robust ecosystem for embodied intelligence, while international players like Tesla and Wayve are focusing on industrial applications and autonomous driving [5] Technological Evolution - The evolution of embodied intelligence technology has progressed through several stages, from low-level perception to high-level task understanding and generalization [6] - The first stage focused on grasp pose detection, while the second stage introduced behavior cloning, allowing robots to learn from expert demonstrations [6][7] - The introduction of Diffusion Policy methods in 2023 marked a significant advancement, enhancing stability and generalization in task execution [6][9] - The current phase emphasizes the integration of Vision-Language-Action (VLA) models, enabling robots to understand human instructions and perform complex tasks [7][9] Future Directions - The industry is exploring the fusion of VLA models with reinforcement learning, world models, and tactile sensing to overcome existing limitations [9][11] - This integration aims to enhance robots' capabilities in long-term tasks, environmental prediction, and multi-modal perception, expanding their operational boundaries [11][12] Educational Initiatives - There is a growing demand for engineering and system capabilities in the field of embodied intelligence, prompting the development of comprehensive educational programs [19] - These programs aim to equip participants with practical skills in strategy training, simulation testing, and the deployment of advanced models [19][20]

| 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.21亿股 | 72.20% | | 绿色动力环保(01330) | 2.80亿股 | 69.27% | | 中远海能(01138) | 8.96亿股 | 69.13% | | 大眾公用(01635) | 3.68亿股 | 68.94% | | 昊天国际建投(01341) | 74.75亿股 | 68.91% | | 中国神华(01088) | 22.93亿股 | 67.86% | | 凯盛新能(01108) | 1.69亿股 | 67.56% | | 天津创业环保股份(01065) | 2.25亿股 | 66.08% | | 南方恆生科技(03033) | 81.98亿股 | 62.45% | | 弘业期货(03678) | 1.55亿股 | 61.88% | | 中州证券(01375) | 7.28亿股 | 60.86% | | 康龙化成(03759) | 1.81亿股 | 59.89% | | 广汽集团(02238) | 16.84亿股 | 59.87% | | 东方证券(03 ...

Core Insights - The article highlights the top short-selling stocks in the market, with AIA Group (81299), Li Ning (82331), and JD Group (89618) having the highest short-selling ratios at 100.00%, 100.00%, and 91.68% respectively [1][2] - Alibaba (09988), Xiaomi (01810), and Tencent (00700) lead in short-selling amounts, with figures of 3.531 billion, 1.787 billion, and 1.421 billion respectively [1][3] - China Mobile (80941), Shanghai Industrial Holdings (00807), and AIA Group (81299) have the highest deviation values, indicating significant differences from their historical short-selling averages [1][3] Short-Selling Ratios - AIA Group (81299) and Li Ning (82331) both have a short-selling ratio of 100.00%, while JD Group (89618) has a ratio of 91.68% [2] - Other notable companies with high short-selling ratios include Kuaishou (81024) at 90.75% and China Mobile (80941) at 90.20% [2] Short-Selling Amounts - Alibaba (09988) has the highest short-selling amount at 3.531 billion, followed by Xiaomi (01810) at 1.787 billion and Tencent (00700) at 1.421 billion [3] - Other companies with significant short-selling amounts include XPeng Motors (09868) at 1.012 billion and BYD (01211) at 1.001 billion [3] Deviation Values - China Mobile (80941) leads with a deviation value of 43.82%, indicating a significant increase in its short-selling ratio compared to its historical average [3] - Other companies with high deviation values include Shanghai Industrial Holdings (00807) at 40.85% and AIA Group (81299) at 36.63% [3]

今年以来发行规模已逼近万亿元，腾讯、阿里巴巴等科技巨头跻身发行人行列……作为中国境外发行、 以人民币计价，并以人民币还本付息的离岸人民币债券，点心债正以"供需两旺"的态势持续发展。专家 表示，政策红利、市场需求与资产质量提升的多重合力，在推动点心债市场扩容的同时，更在支持实体 经济、助推人民币国际化进程中发挥着关键性作用。（中证报） ...

Key Points - On November 14, significant net inflows were observed for Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981), with net inflows of 2.247 billion, 2.160 billion, and 798 million respectively [1][2] - The top three companies with the highest net outflows were China Shenhua (01088), China Life (02628), and Kuaishou-W (01024), with net outflows of -259 million, -248 million, and -213 million respectively [1][2] - In terms of net inflow ratios, ICBC South China (03167), Southern Hong Kong Technology (03442), and Southern Hong Kong Stock Connect (03432) led the market with ratios of 100.00%, 83.79%, and 78.17% respectively [1][2] - The companies with the highest net outflow ratios included Kunlun Energy (00135), Tongrentang (03613), and Modern Dairy (01117), with ratios of -56.35%, -48.89%, and -48.07% respectively [1][2] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 2.247 billion, representing a 14.18% increase, closing at 154.900 with a decrease of 4.38% [2] - Tencent Holdings (00700) saw a net inflow of 2.160 billion, with a 16.74% increase, closing at 641.000 with a decrease of 2.29% [2] - SMIC (00981) recorded a net inflow of 798 million, with an 11.40% increase, closing at 73.500 with a decrease of 2.78% [2] - Other notable inflows included Xiaomi Group-W (01810) with 611 million and a 10.30% increase, and China Construction Bank (00939) with 559 million and a 36.81% increase [2] Top 10 Net Outflows - China Shenhua (01088) experienced a net outflow of -259 million, with a -46.43% decrease, closing at 41.640 with a decrease of 2.21% [2] - China Life (02628) had a net outflow of -248 million, representing an -8.70% decrease, closing at 27.380 with a decrease of 3.25% [2] - Kuaishou-W (01024) saw a net outflow of -213 million, with a -9.27% decrease, closing at 67.100 with a decrease of 2.89% [2] - Other significant outflows included Agricultural Bank (01288) with -188 million and a -27.08% decrease, and Sanofi (01530) with -176 million and a -9.38% decrease [2] Net Inflow Ratios - ICBC South China (03167) achieved a net inflow ratio of 100.00% with a net inflow of 28,900 [3] - Southern Hong Kong Technology (03442) had a net inflow ratio of 83.79% with a net inflow of 20,525,100 [3] - Southern Hong Kong Stock Connect (03432) recorded a net inflow ratio of 78.17% with a net inflow of 203,000 [3] - Other notable ratios included China Everbright Bank (06818) with 75.72% and a net inflow of 1.07 billion [3]

湖北省荆门市博物馆郭店楚简展厅内，游客正通过触摸屏点选竹简查看释文。 赵 平摄（人民图片） 今天，故宫博物院的游客们，无论喜欢哪件展品，都可以在"数字文物库"中寻找文物精细影像，还可以 在"全景故宫"中随时随地沉浸式游览故宫建筑；到甘肃敦煌参观莫高窟，游客们会先在数字展示中心观 看影片后再参观洞窟，还可以戴上VR眼镜，沉浸式走进莫高窟特窟285窟…… 数字文博，已经改变了全国各地博物馆与观众之间的互动关系。不管博物馆是否开门，观众都可以随时 获得沉浸式体验，欣赏高清文物，跟文物"聊天"，虚拟参与到考古挖掘、文物修复等诸多流程中。 在数字世界，博物馆"不打烊"。 让古建与文物"活"起来 今年10月，故宫宣布数字文物库更新，新增5万件院藏文物的高清数字影像，平台文物总数突破15万 件，用户可以随时随地博古赏新、学习研究。 河南省洛阳市隋唐大运河文化博物馆数字展馆里，游客在进行VR体验。 张光辉摄（人民图片） 付晓方摄（人民图片） 游客在河南省安阳市殷墟博物馆参观。该馆在展览手段和展示效果上运用了人工智能、多媒体等数字技 术，给公众带来沉浸式体验。 闫 鑫摄（人民图片） 作为国内很早进行数字化探索的博物馆，故宫在" ...