Core Insights - The Chinese internet sector has emerged as the best-performing sector this year, with a cumulative return of 36.5% [1] - In comparison, other indices such as the Seoul Composite Index, Hang Seng Index, Nikkei Index, S&P 500, and India's Nifty 50 have shown lower cumulative returns of 64%, 29%, 26%, 15.8%, and 10.4% respectively [1] - There is a growing risk-averse sentiment in the markets of China, Japan, and the United States, attributed to year-end profit-taking and portfolio rebalancing [1] Industry Analysis - Ongoing debates regarding whether AI valuations are excessively high persist, but geopolitical risks and AI supply chain issues are expected to keep the valuations of Chinese internet companies at a discount compared to global peers [1] - The acceleration of AI adoption is anticipated to intensify competition among Chinese AI participants by 2026, covering areas such as AI cloud infrastructure, chatbots, and various application scenarios [1] Company Preferences - Citigroup's top picks for the first half of 2026 include core AI concept stocks: Tencent and Alibaba [1] - Companies with stable profit growth and anti-cyclical characteristics include Trip.com and NetEase [1] - Companies with high exposure to cross-border business include Jitu Express [1] - Potential stocks in gaming and AI applications include Century Huatong [1]

Core Insights - The Hang Seng Tech Index (HSTECH) has shown a positive trend, with notable increases in key component stocks such as BYD (3.52%), Alibaba (2.39%), Kuaishou (2.27%), Xiaomi (2.23%), and NetEase (1.89%) [1][2] - The launch of AI applications, particularly Alibaba's Quark AI glasses and Keling AI's new product, is expected to drive demand for AI computing power and upgrade the edge hardware industry [1][2] Company Developments - Alibaba has officially released the Quark AI glasses, featuring the latest Qianwen AI assistant, which integrates deeply with Alibaba's application ecosystem [1] - Keling AI has introduced the Keling O1, a multi-modal creation tool that addresses consistency issues in AI video generation, providing a comprehensive solution for various applications [1] Industry Trends - Open-source securities highlight that AI edge applications, such as the Quark AI glasses, may reshape AI interaction modes and accelerate the deployment of AI applications [2] - Dongwu Securities notes that the current AI development is primarily driven by large models, with the US and China being the leading regions in AI infrastructure and hardware investments, indicating rapid growth in the global AI industry [2] Market Composition - As of December 1, 2025, the top ten weighted stocks in the Hang Seng Tech Index account for 69.48% of the index, including Alibaba, Tencent, SMIC, NetEase, Meituan, BYD, Xiaomi, Kuaishou, JD.com, and Trip.com [2]

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 US stock market saw declines across major indices, with the Dow Jones falling by 427.09 points or 0.90% [2] - Southbound funds maintained a net inflow of 121.9 billion HKD in November, indicating continued interest in Hong Kong stocks [3] Sector Performance - The materials sector, particularly non-ferrous metals, led the gains in the Hong Kong market, with notable increases in stock prices for companies like Sunny Optical Technology, which rose by 6.2%, and Zijin Mining, which increased by 5.3% [1][5] - In the US market, technology stocks faced profit-taking pressure, particularly in AI-related stocks, contributing to the overall market decline [2] Investment Opportunities - The report emphasizes the importance of technological self-reliance as a core theme for future performance in the Hong Kong market, suggesting that leading companies in AI, semiconductors, and industrial software may present long-term growth opportunities [3] - Specific recommendations include focusing on sectors with lower valuations and higher dividends, as well as companies benefiting from anticipated Federal Reserve interest rate cuts [3] Company Highlights - XPeng Motors reported a 19% year-on-year increase in vehicle deliveries for November, totaling 36,728 units, and a cumulative delivery of 391,937 units for the year, reflecting a 156% increase [9] - Alibaba, ZTE, and Meituan were among the top net purchases by southbound funds, indicating strong investor interest in these companies [9] Stock Performance - The Hang Seng Index and its sub-indices showed varied performance over the past month, with the Hang Seng Technology Index up by 0.8% [16] - Notable stock performances include Tencent Holdings, which saw a 1.3% increase, and Alibaba, which rose by 2.2% [16]

12月2日，港股三大指数开盘延续上涨。中概互联ETF（513220）开盘上涨0.69%，冲击三连涨！港股 科技50ETF（159750）截至发稿上涨0.47%。成分股中，快手涨超4%，阿里巴巴-W涨超2%，网易-S涨 超1%，腾讯控股、小米集团翻红。 海外方面，美东时间12月1日，美股三大股指均收跌，中概股逆势上涨，阿里巴巴收涨4.42%、百度涨 2.41%、拼多多涨1.89%。 近期，港股科技公司陆续公布了2025年第三季度财报。其中，阿里巴巴对AI+云、消费两大战略领域的 投入持续收获成效，核心业务强劲增长：阿里云季度收入同比加速增长34%，再创新高。 港股科技50ETF（159750）追踪港股科技指数（931574.CSI），前十大成分股包含阿里巴巴、腾讯控 股、美团、小米、比亚迪、京东、网易、百度、吉利汽车、中芯国际，覆盖了新能源汽车、智能驾驶、 人工智能、半导体等多个科技赛道。 据中国基金报，阿里巴巴集团CEO吴泳铭表示，旺盛的AI需求推动云智能集团收入进一步加速，季度 收入同比增长34%，其中AI相关产品收入连续第九个季度实现三位数增长。 中概互联ETF（513220）跟踪全球中国互联网指数（93 ...

Core Viewpoint - The Hong Kong Consumption ETF (159735) experienced a net redemption of 837,900 CNY on December 1, ranking 32nd out of 198 in cross-border ETF net outflows, with a current scale of 775 million CNY, reflecting a 0.11% outflow compared to the previous day's scale [1][2] Group 1: Fund Performance - As of December 1, the latest share count for the Hong Kong Consumption ETF (159735) is 926 million, with a scale of 775 million CNY, showing a 140.06% increase in shares and a 196.61% increase in scale year-to-date [2] - The fund has accumulated a total trading volume of 1.22 billion CNY over the past 20 trading days, with an average daily trading volume of 59.02 million CNY [2] Group 2: Fund Management - The current fund manager for the Hong Kong Consumption ETF (159735) is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -16.29% during the management period [2] Group 3: Top Holdings - The top holdings of the Hong Kong Consumption ETF (159735) include Alibaba-W (19.54%), Tencent Holdings (16.59%), and Pop Mart (7.99%), among others, with their respective market values and share counts detailed [2]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，腾讯科技（深圳）有限公司取得一项名为"一种标定方法、装置、电子设备 及存储介质"的专利，授权公告号CN116205983B，申请日期为2021年12月。 天眼查资料显示，腾讯科技（深圳）有限公司，成立于2000年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本200万美元。通过天眼查大数据分析，腾讯科技（深圳）有限公 司共对外投资了15家企业，参与招投标项目274次，财产线索方面有商标信息5000条，专利信息5000 条，此外企业还拥有行政许可574个。 ...

腾讯控股回购数量102.90万股，回购金额6.36亿港元，回购最高价为623.000港元，最低价为613.000港 元，年内累计回购金额673.22亿港元；小米集团-W回购数量1000.00万股，回购金额4.02亿港元，回购 最高价为40.480港元，最低价为40.040港元，年内累计回购金额34.40亿港元；VITASOY INT'L回购数量 197.40万股，回购金额1301.62万港元，回购最高价为6.630港元，最低价为6.540港元，年内累计回购金 额3.55亿港元。 证券时报·数据宝统计显示，12月1日有46家香港上市公司进行了股份回购，合计回购2979.86万股，回购 金额11.51亿港元。 | 09966 | 康宁杰瑞制 | 23.60 | 245.73 | 10.480 | 10.250 | 2584.22 | | --- | --- | --- | --- | --- | --- | --- | | | 药-B | | | | | | | 06826 | 昊海生物科 技 | 7.49 | 206.15 | 27.700 | 27.380 | 13201.87 | | 09669 | 北森控 ...

| 微泰医疗-B(02235) | 11.17 万 | 72.08 万 | 46.10 万 | 0.277% | | --- | --- | --- | --- | --- | | 富智康集团(02038) | 2.60 万 | 48.69 万 | 628.08 万 | 0.797% | | 威高股份(01066) | 8.00 万 | 44.38 万 | 2064.76 万 | 4.572% | | 粉笔(02469) | 13.40 万 | 43.68 万 | 1000.00 万 | 0.448% | | 家乡互动(03798) | 15.60 万 | 23.91 万 | 103.00 万 | 0.080% | | 希玛眼科(03309) | 13.20 万 | 23.10 万 | 13.20 万 | 0.011% | | 移卡(09923) | 2.52 万 | 19.87 万 | 7.32 万 | 0.016% | | 亚洲联合基建控股(00711) | 33.40 万 | 14.53 万 | 242.00 万 | 0.130% | | 美亨实业(01897) | 20.80 万 | 9.78 万 | ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (72.69%), Power Assets Holdings (69.90%), and GCL-Poly Energy Holdings (69.11%) [1] - Alibaba (W) saw the largest increase in holding amount over the last five trading days, with an increase of 7.925 billion yuan, followed by Pop Mart with 1.242 billion yuan and China Merchants Bank with 969 million yuan [1] - The largest decreases in holding amounts were observed in the Tracker Fund of Hong Kong (-2.649 billion yuan), Tencent Holdings (-1.534 billion yuan), and Hang Seng China Enterprises Index (-822 million yuan) [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding of 10.089 billion shares, representing 72.69% [1] - Power Assets Holdings (01635) has a holding of 373 million shares, representing 69.90% [1] - GCL-Poly Energy Holdings (01330) has a holding of 279 million shares, representing 69.11% [1] Group 2: Recent Increases in Holdings - Alibaba (W) (09988) increased its holding amount by 7.925 billion yuan, with a change of 51.1647 million shares [1] - Pop Mart (09992) increased its holding amount by 1.242 billion yuan, with a change of 5.7703 million shares [1] - China Merchants Bank (03968) increased its holding amount by 969 million yuan, with a change of 18.3774 million shares [1] Group 3: Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased its holding amount by 2.649 billion yuan, with a change of -101.111 million shares [2] - Tencent Holdings (00700) decreased its holding amount by 1.534 billion yuan, with a change of -2.476 million shares [2] - Hang Seng China Enterprises Index (02828) decreased its holding amount by 822 million yuan, with a change of -8.7834 million shares [2]

格隆汇勾股大数据显示，腾讯控股(00700)、小米集团-W(01810)、美的集团(00300)、VITASOY INT'L(00345)、中远海控(01919)、瑞声科技(02018)、国鸿氢能(09663)、中国飞鹤(06186)、美高梅中国 (02282)、德康农牧(02419)、中国石油化工股份(00386)、碧桂园服务(06098)、MONGOL MINING(00975)、津上机床中国(01651)、蒙牛乳业(02319)、科济药业-B(02171)、中集集团(02039)、明 源云(00909)、康宁杰瑞制药-B(09966)、昊海生物科技(06826)、北森控股(09669)、美丽田园医疗健康 (02373)、联易融科技-W(09959)、荃信生物-B(02509)、酷派集团(02369)、多点数智(02586)、信利国际 (00732)、绿城服务(02869)、枫叶教育(01317)、博雅互动(00434)、微泰医疗-B(02235)、富智康集团 (02038)、威高股份(01066)、粉笔(02469)、家乡互动(03798)、希玛医疗(03309)、移卡(09923)、亚洲联合 基建控股 ...