Core Insights - On December 4, 2025, Tencent Holdings (00700), Alibaba-W (09988), and Xiaomi Group-W (01810) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 3.75 billion, 2.939 billion, and 2.678 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 2.379 billion, 2.316 billion, and 1.521 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Tencent Holdings (00700): Trading amount of 3.75 billion, net buy of -1.919 billion - Alibaba-W (09988): Trading amount of 2.939 billion, net buy of -70.44 million - Xiaomi Group-W (01810): Trading amount of 2.678 billion, net buy of -562 million - Other notable companies include Yingfu Fund (02800) with a trading amount of 2.342 billion and a net buy of 2.107 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 2.379 billion, net buy of 69.27 million - Xiaomi Group-W (01810): Trading amount of 2.316 billion, net buy of 794 million - Tencent Holdings (00700): Trading amount of 1.521 billion, net buy of 573 million - Other notable companies include SMIC (00981) with a trading amount of 1.07 billion and a net buy of -79.37 million [2]

孙忠怀认为，以AI为代表的技术浪潮，正在深刻改变影视的创作逻辑。从全球范围来看，目前AI影视 创作正处在一个关键节点。从短期来看，孙忠怀表示，AI最直接的价值在于"降本增效"，使得内容生产 变得更快、更轻、更可控。而AI中长期的潜力在于"提质"。 目前，AI在短内容领域的应用显著超过长内容，在动画内容中的应用速度也远大于真人内容。 （原标题：腾讯孙忠怀：未来12个月是AI长片涌现的关键窗口期） 第七届海南岛国际电影节正在海南三亚举行。在12月4日的主论坛上，腾讯公司副总裁、腾讯在线视频 董事长孙忠怀发表了主题演讲。他分享了自己对AI短期价值和长期潜力的看法，认为未来AI将推动一 次影视创作的"文艺复兴"。 近两年，AI技术的飞速发展及应用，对影视行业的内容创作、制作流程带来了巨大变革，显著提升了 影视内容的制作效率。与此同时，由AI生成的各类内容正在快速涌现。 孙忠怀表示，"过去一年，整个行业经历了一场真正意义上的巨变。生成式AI正在成为新的生产力形 态，几乎每两三个月都能看到一次技术跃迁。而AI视频技术也正在从'玩具'变成'工具'。" 不过，随着AI技术的快速进步,孙忠怀认为,AI的迭代速度正在压缩这种差距 ...

Core Insights - The rise of AI anxiety has permeated universities, leading students from non-top-tier schools to engage in part-time jobs related to AI model training, often referred to as "screwing the bolts" of AI models [1][2][19] - These students, primarily from second-tier cities, are participating in data labeling and optimization tasks, earning between 1,000 to 2,000 yuan per month, while also seeking opportunities to enhance their resumes and gain relevant experience in the AI field [1][14][19] Group 1: Student Engagement in AI Tasks - Students are actively participating in AI data labeling through platforms like "Xpert," where they can earn between 50 to 200 yuan per task, requiring no prior AI experience [3][6] - The competition for these part-time jobs has intensified, with students needing to "抢单" (grab orders) quickly, similar to securing tickets during peak travel seasons [2][4] - The nature of the tasks includes evaluating AI responses for accuracy and relevance, which allows students to feel a sense of contribution to the AI training process [12][14] Group 2: Financial Aspects and Job Market Dynamics - Despite the high expectations set by advertisements, actual earnings from these part-time jobs are often lower than anticipated, with students like Wang Lei reporting monthly incomes of 800 to 1,200 yuan after deductions [6][11] - The job market is shifting, with traditional roles being replaced by AI, leading to a 36% increase in AI-related job postings in the first half of the year, while many traditional positions are being cut [16][17] - Companies are increasingly looking for candidates with AI-related experience, making these part-time roles valuable for students seeking internships and job opportunities [14][15] Group 3: Challenges and Realities of AI Part-time Work - The work environment for these students is often challenging, with strict requirements for task completion and potential exploitation by intermediaries [11][12] - As the demand for AI training grows, the competition among students for these roles is expected to increase, leading to a more saturated market [18][19] - Students express a mix of hope and anxiety regarding their future job prospects, recognizing the need to adapt to the evolving landscape where AI plays a significant role [17][19]

（原标题：AI手机遭"抵抗"，便利和安全起冲突了？） 21世纪经济报道记者孔海丽 北京报道 科技圈大事件，"AI手机"火了，安全性问题也吵翻了。 字节冲锋，腾讯、阿里、网银开团。 简单说，中兴通讯旗下的努比亚手机，里头装了"豆包手机助手"，它能直接替我们操作其他APP，替用 户回微信、代刷淘宝。 AI手机一面世就售罄，二手市场加价疯抢。 并且，有技术人员透露，努比亚手机用自己的系统私钥签名，把豆包手机助手设置成了操作系统的一部 分，单独开设了属于上帝之手级别的操作系统高危权限，让AI体验更丝滑。 不过，这个权限一旦交出，就等于把手机控制权，交给了这个"数字替身"。 12月3日，豆包手机助手回应了"侵犯隐私"问题，称豆包手机助手确实获得了系统级权限，但是，都需 要用户主动授权才能进行操作，支付、身份验证登敏感操作需要人工接管，不会在云端存储用户屏幕内 容并用于大模型训练。并且特意强调，这款AI手机不面向普通消费者。 抖音集团副总裁李亮也在微博强调，只要是用户许可就不存在侵犯隐私的行为。 一款探索性产品，遇到市场这么大的反应，有人说是大厂之间的生态壁垒，是商战。实际上，面对AI 新物种，大厂和公众都是既兴奋，又恐 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 14.8 billion HKD on December 4, 2023, indicating strong investor interest in certain stocks while others faced net selling pressure [1]. Group 1: Stock Performance - The top net bought stocks included 盈富基金 (02800) with a net buy of 26.05 billion HKD, 药明生物 (02269) with a net buy of 3.15 billion HKD, and 小米集团-W (01810) with a net buy of 2.31 billion HKD [4][5]. - The stocks with the highest net selling included 腾讯 (00700) with a net sell of 13.45 billion HKD, 中芯国际 (00981) with a net sell of 4.58 billion HKD, and 三花智控 (02050) with a net sell of 5657.75 million HKD [5][6]. Group 2: Market Insights - 中金公司 suggests that the upcoming US-China meetings may support risk assets, recommending an overweight position in Chinese stocks ahead of the meetings [4]. - 浦银国际 expresses optimism for the CXO sector by 2026, citing potential growth in overseas biopharmaceutical financing due to anticipated interest rate cuts [4]. - The semiconductor industry shows divergence, with 华虹半导体 (01347) receiving a net buy of 5363 million HKD, while 中芯国际 (00981) faced significant net selling [5]. Group 3: Company Developments - 小米集团's president announced significant investments in AI, indicating progress beyond expectations in AI models and applications [5]. - 优必选 (09880) signed a strategic cooperation agreement with 卓世科技, aiming for the deployment of 10,000 robots over the next five years [6]. - 中海油 (00883) reported the production commencement of a new oil field project, expecting peak production of approximately 16,900 barrels of oil equivalent per day by 2026 [5].

人民财讯12月4日电，腾讯控股公告，2025年12月4日耗资6.36亿港元回购104.4万股，回购价格介于每股 605至613港元之间。 ...

Group 1 - Tencent Holdings repurchased 1 million shares at a cost of HKD 635.7 million on December 4 [1]

智通财经APP讯，腾讯控股(00700)公布，2025年12月4日耗资约6.36亿港元回购104.4万股股份。 ...

Group 1: Industry Overview - The computer industry index increased by 18.54% from January 1, 2025, to November 28, 2025, outperforming the CSI 300 index by 3.50 percentage points [3][17] - In the first three quarters of 2025, the computer industry generated revenue of 935.84 billion yuan, a year-on-year increase of 9.14%, while net profit attributable to shareholders was 23.14 billion yuan, up 31.95% year-on-year [3][24] - The third quarter of 2025 saw revenue of 324.49 billion yuan, a 4.75% year-on-year growth, with net profit increasing by 23.30% to 10.26 billion yuan [3][24] Group 2: AI Computing Power - AI computing power demand is driving growth in the global data center market, which is expected to reach 652.01 billion dollars by 2030, growing at a CAGR of 8.53% from 2018 [35] - China's data center market is projected to grow from 68.01 billion yuan in 2018 to 261.33 billion yuan by 2024, with a CAGR of 25.15% [35] - The introduction of supernode technology is expected to break through computing power bottlenecks, enhancing efficiency and scalability in AI applications [62][66] Group 3: AI Models - Global large model iterations are accelerating, with domestic manufacturers focusing on open-source models to narrow the gap with overseas closed-source models [69] - Domestic open-source models are gaining traction, with eight out of the top ten in the global open-source model intelligence index being Chinese [73][76] - The performance gap between domestic open-source models and international top-tier closed-source models is narrowing, with domestic models offering better cost-performance ratios [76] Group 4: AI Applications - AI applications are transitioning towards intelligent agents, with major internet companies accelerating the commercialization of C-end applications [82] - Alibaba's Qwen App, based on open-source models, aims to become a comprehensive AI life portal, achieving over 10 million downloads shortly after launch [83] - The development of AI agents is expected to enhance user engagement and create a complete AI business ecosystem [83] Group 5: Investment Strategy - The report suggests focusing on opportunities in AI applications and self-control developments for 2026, with a positive outlook on the AI computing power sector [84][85] - Continuous growth in capital expenditure from major cloud computing firms supports the high prosperity of the AI computing power industry [84] - The competition in the global large model field is intensifying, which is likely to drive technological innovation and accelerate application deployment [84]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 騰訊控股有限公司 呈交日期： 2025年12月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00700 | | 說明 | | | | | | 多櫃檯證券代號 | 80700 | RMB | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | ...