Summary of Key Points Core Viewpoint - On December 2, 49 Hong Kong-listed companies conducted share buybacks, totaling 24.43 million shares and an aggregate amount of HKD 879 million [1][2]. Group 1: Share Buyback Details - Tencent Holdings repurchased 1.028 million shares for HKD 636 million, with a highest price of HKD 625.50 and a lowest price of HKD 615.50, bringing its total buyback amount for the year to HKD 67.96 billion [1][2]. - Xiaomi Group-W repurchased 2.5 million shares for HKD 10.15 million, with a highest price of HKD 40.72 and a lowest price of HKD 40.50, totaling HKD 3.54 billion for the year [1][2]. - China COSCO Shipping repurchased 3 million shares for HKD 41.05 million, with a highest price of HKD 13.81 and a lowest price of HKD 13.62, totaling HKD 5.99 billion for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on December 2 was from Tencent Holdings at HKD 636 million, followed by Xiaomi Group-W at HKD 10.15 million [1][2]. - In terms of share quantity, China Feihe led with 4 million shares repurchased, followed by China COSCO Shipping and Xiaomi Group-W with 3 million and 2.5 million shares, respectively [1][2].

（文章来源：每日经济新闻） ST凯文（002425.SZ）12月2日在投资者互动平台表示，《遮天世界》这款产品腾讯游戏在定期举行玩 家测试，上线时间要根据测试结果进行排期，具体上线运营时间以发行商（腾讯游戏）公布为准。 每经AI快讯，有投资者在投资者互动平台提问：贵公司的《遮天世界》手游是今年的重点游戏，也上 了腾讯的Spark，但是今年都快结束了，为何迟迟没有上线，而且之前9月底的测试也没有实际开展，请 问是什么情况？ ...

Market Overview - The Hong Kong stock market opened lower on December 3, with the Hang Seng Index down 0.44% at 25,980.89 points, the Hang Seng Tech Index down 0.51% at 5,595.53 points, the National Enterprises Index down 0.55% at 9,132.53 points, and the Red Chip Index down 0.24% at 4,267.46 points [1] - Major tech stocks mostly declined, with Alibaba down 0.76%, Tencent Holdings down 0.16%, JD.com down 0.34%, NetEase down 1.52%, Kuaishou down 1.38%, and Bilibili down 1.08% [1] - Automotive stocks continued to diverge, with NIO and Xpeng Motors declining, while gambling stocks, food and beverage stocks, and the three major oil companies also saw declines [1] - Nuclear power stocks, building materials and cement stocks, and new consumption concept stocks mostly rose, with new stock Jinyan Gaoling New Materials opening over 27% higher [1] Corporate News - Hezhima Intelligent (02533.HK) plans to invest approximately 400-550 million yuan to acquire a majority stake in Zhuhai Yizhi Electronic Technology Co., expecting the acquisition to be completed in Q1 2026 [2] - China Qinfa (00866.HK) signed a coal supply agreement with Zhejiang Energy Asia Pacific to provide 150,000 tons of Indonesian fuel coal [2] - Fuhong Hanlin (02696.HK) received acceptance for the listing registration application of its biosimilar HLX14, with global sales of similar products expected to reach approximately $7.463 billion in 2024 [2] - Deki Pharmaceuticals-B (06996.HK) received IND approval for its IB/II phase study of ATG-022 in combination with KEYTRUDA® (pembrolizumab) ± chemotherapy in China [2] - Gakosi-B (01167.HK) received a down payment of 125 million yuan from Haicong Capital as part of its capital increase and share transfer agreement, which will support the development of its innovative oncology therapy pipeline [2] Stock Buybacks - Tencent Holdings (00700.HK) repurchased approximately 1.036 billion HKD worth of shares, buying back 1.028 million shares at prices between 615.5 and 625.5 HKD [6] - Xiaomi Group-W (01810.HK) repurchased shares worth 102 million HKD, buying back 2.5 million shares at prices between 40.5 and 40.72 HKD [7] - China Feihe (06186.HK) repurchased shares worth 16.74 million HKD, buying back 4 million shares at prices between 4.17 and 4.20 HKD [8] - COSCO Shipping Holdings (01919.HK) repurchased shares worth 41.053 million HKD, buying back 3 million shares at prices between 13.62 and 13.81 HKD [9] - Jiuyuan Gene (02566.HK) plans to repurchase shares up to 100 million HKD [10] Institutional Insights - Guoyuan International noted uncertainty in the direction of the Federal Reserve's decisions in December, influenced by recent economic data and Japan's hawkish stance, suggesting potential external disturbances for the Hong Kong market [11] - Zhongtai Securities highlighted a new cycle for coal, recommending investment opportunities in the coal sector for 2026, focusing on three main lines: high dividend and low valuation stocks, companies with capacity growth and significant profit elasticity, and coking coal benefiting from price recovery and profit improvement [11]

另一位nubia M153体验用户向记者表示，今天早上发现工程机上的微信已自动退出，重新进行信息输入后可以正常登录。截至发稿，字节跳动与腾 讯微信方面均未发表回应。 12月1日，字节跳动豆包团队发布豆包手机助手技术预览版，并披露目前开发者和科技爱好者可以在豆包与中兴合作的工程样机nubia M153 上体验 该产品。 12月2日，根据中兴商城显示，首款"豆包助手"手机已显示"售罄"，闲鱼上该款手机二手售价4200元到4999元之间，比官方售价高出700元到1500元 上下。 除了无法直接登录微信，在豆包手机助手操作任务过程中，如果有涉及微信功能的环节，目前也已无法正常使用。该用户提供的页面显示，如果向 豆包发布给微信好友发送信息的任务，豆包会提示"任务失败"，并表示"豆包操作手机属于实验室功能，现不支持微信的操作。" "豆包助手"已无法执行微信相关任务。 12月3日，一位刚拿到豆包与中兴合作的nubia M153工程机的用户，向第一财经记者表示，测试过程中出现无法登录微信的情况，微信页面显示"你 的微信登录环境存在异常。为了账号安全，请更换设备重新登录。"该用户更换微信账号重新尝试登录后成功，但在传导聊天记录 ...

Core Viewpoint - Multiple companies conducted share buybacks on December 2, 2025, with Tencent Holdings leading in both volume and monetary value [1] Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.028 million shares for a total of 636 million [2] - Xiaomi Group-W (01810) repurchased 2.5 million shares for a total of 102 million [2] - COSCO Shipping Holdings (01919) repurchased 3 million shares for a total of 41.053 million [2] - China Feihe (06186) repurchased 4 million shares for a total of 16.74 million [2] - Gushengtang (02273) repurchased 378,400 shares for a total of 10.9452 million [2] Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 82.018 million shares, representing 0.893% of its total share capital [2] - Xiaomi Group-W has a cumulative buyback of 78.2954 million shares, representing 0.300% of its total share capital [2] - COSCO Shipping Holdings has a cumulative buyback of 60.543 million shares, representing 2.102% of its total share capital [2] - China Feihe has a cumulative buyback of 195 million shares, representing 2.149% of its total share capital [2] - Gushengtang has a cumulative buyback of 10.4139 million shares, representing 4.395% of its total share capital [2] Group 3: Other Notable Buybacks - Other companies such as Kingsoft (03888), Fuhua Group (02038), and Weigao Group (01066) also participated in the buyback activities, with varying amounts and percentages of total shares repurchased [2][3] - The buyback activities reflect a trend among companies to return capital to shareholders amid market conditions [1]

股票名称 回购数 回购额 年累计回购数量(股) 年累计回购数量/总股本 腾讯控股(00700) 102.80万 6.36亿 8201.80万 0.893% 小米集团-W(01810) 250.00万 1.02亿 7829.54万 0.300% 美的集团(00300) 123.09万 9999.57万 null null 顺丰控股(06936) 131.58万 4999.38万 null null 中远海控(01919) 300.00万 4105.30万 6054.30万 2.102% 中国飞鹤(06186) 400.00万 1674.00万 1.95亿 2.149% 固生堂(02273) 37.84万 1094.52万 1041.39万 4.395% 金山软件(03888) 35.12万 999.74万 565.98万 0.400% 富智康集团(02038) 40.00万 770.62 万 668.08万 0.848% 国鸿氢能(09663) 128.60万 663.58万 554.40万 1.072% 中国石油化工股份(00386) 120.00万 541.76万 2.13亿 0.180% 津上机床中国(0 ...

【智通财经12月3日早间新闻精选】 1、国家发改委等五部门发布关于加强数据要素学科专业建设和数 字人才队伍建设的意见。意见指出，鼓励地方利用算力券、模型券、数据券等方式，在算力、算法、数 据等方面提供便利和优惠。 2、六大行官方APP及手机银行查询发现，目前各银行大额存单期限结构已 明显"短期化"，全面停售5年期大额存单。 3、中国药品价格登记系统正式上线。中国医药、同仁堂等9 家医药企业在现场进行药品价格首批登记。 4、福建发布12条惠台政策措施，包括加大台资企业用地用 海保障；鼓励闽台（南靖）精密机械产业园台资企业项目建设；对台资水产养殖企业实施保费优惠等。 5、2025年11月A股新开户238万户，环比10月231万户增长3%，2025年前11个月已累计新开2484万户， 同比增长7.95%。 6、有报道称，磷酸铁锂行业正在发生一场集体提价行动。龙蟠科技表示，正与客户 沟通涨价事由，公司对磷酸铁锂未来价格走势比较乐观。 7、"豆包AI助手"手机出圈，大摩认为，主要 手机厂商和超级应用更倾向于自研AI助手，因此大摩维持对应用层股票的看好，重申对腾讯、阿里巴 巴和美图的"增持"评级。 8、OECD预估202 ...

Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant market sentiment towards these stocks [1][2]. Short-Selling Ratios - JD Health-R (86618) and JD Group-SWR (89618) have the highest short-selling ratios at 100.00% [2]. - SenseTime-WR (80020) follows with a short-selling ratio of 80.34% [2]. - Lenovo Group-R (80992) has a short-selling ratio of 72.73% [2]. Short-Selling Amounts - Meituan-W (03690) leads in short-selling amount with 1.814 billion [2]. - Tencent Holdings (00700) and Alibaba-SW (09988) follow with short-selling amounts of 1.003 billion and 901 million, respectively [2]. - Three Life Pharmaceutical (01530) has a short-selling amount of 776 million [2]. Deviation Values - Three Life Pharmaceutical (01530) has the highest deviation value at 41.74%, indicating a significant difference from its average short-selling ratio [2]. - OSL Group (00863) and JD Group-SWR (89618) have deviation values of 36.46% and 33.86%, respectively [2]. - JD Health-R (86618) also shows a notable deviation value of 27.93% [2].

Market Overview - The Hang Seng Index (HSI) closed at 26,076.46, down by 18.59 points or 0.07% on March 10 [1] - The index reached a high of 26,088.08 and a low of 25,955.53 during the trading session, with a trading volume of 33.66 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 112.111, up by 1% compared to the previous close [2] - Tencent Holdings closed at HKD 616.297, down by 0.11% compared to the previous close [2] Individual Stock Movements - Tencent Holdings: Latest price HKD 617.000, down by HKD 2.500 or 0.40% [3] - Alibaba Group: Latest price HKD 157.000, up by HKD 2.100 or 1.36% [3] - China Construction Bank: Latest price HKD 8.160, up by HKD 0.010 or 0.12% [3] - HSBC Holdings: Latest price HKD 111.000, up by HKD 0.500 or 0.45% [3] - Xiaomi Group: Latest price HKD 40.700, up by HKD 0.400 or 0.99% [3] - AIA Group: Latest price HKD 80.800, up by HKD 0.300 or 0.37% [3] - NetEase: Latest price HKD 224.400, up by HKD 2.000 or 0.90% [3] - BYD Company: Latest price HKD 100.100, up by HKD 2.150 or 2.19% [3] - Ctrip Group: Latest price HKD 543.000, down by HKD 1.000 or 0.18% [3] - JD Group: Latest price HKD 116.000, down by HKD 1.100 or 0.94% [3]

Market Overview - As of November 28, 2025, the Hong Kong Stock Exchange has 2,664 listed companies with a total market capitalization of approximately HKD 48 trillion [1] - The Hang Seng Index and the Hang Seng Tech Index have increased by 29% and 25% respectively this year, indicating significant market rotation [2][3] - The overall valuation of Hong Kong stocks is currently within a reasonable range, with a focus on scarce assets such as internet leaders and innovative pharmaceuticals [1][8] Market Structure - The market is characterized by a high concentration of value in large-cap companies, with 65% of companies having a market cap of HKD 0-20 billion, but only accounting for 1.80% of the total market capitalization [2] - Institutional investors dominate trading, contributing 85% of the transaction volume, with international investors making up 60% of the market [1][2] Valuation Insights - The AH premium index is currently at 121, which is historically low, indicating that Hong Kong stocks are not significantly overvalued nor is there substantial room for valuation recovery [3] - The valuation of the Hang Seng Index is at a historically high level compared to the CSI 300, while the Hang Seng Tech Index remains relatively low in absolute valuation terms [3] Asset Highlights - Key scarce assets in the Hong Kong market include internet leaders, innovative pharmaceuticals, new consumption, and dividend stocks, while high-end manufacturing is relatively weak [4][7] - Internet leaders like Tencent and Alibaba are seen as core highlights, with significant capital expenditures and a strong user ecosystem [4][5] - The innovative pharmaceutical sector is viewed as a "first-tier market" with a higher "innovation content" compared to A-shares, benefiting from favorable listing rules for biotech companies [5][6] Investment Dynamics - The investor structure is increasingly international, with a notable inflow of southbound funds, which have reached a cumulative net inflow of HKD 13,820 billion this year, a 90% increase year-on-year [7][8] - Despite the presence of quality assets, the market has passed the high-return investment phase, and the uncertainty of incremental capital inflows suggests a mixed outlook for future market performance [8]