11月21日，在腾讯全球数字生态大会无锡峰会上，腾讯集团副总裁、政企业务总裁李强透露，腾讯混元 3D正加速出海进程，近期即将推出国际站，面向全球用户开放。混元3D模型API也已经在腾讯云国际 站上线，开发者和企业用户可快捷接入。 （文章来源：第一财经） ...

Core Viewpoint - The overnight decline in US stocks has significantly impacted global markets, particularly affecting technology stocks, with the Hang Seng Tech Index dropping over 3% during trading. Group 1: Market Impact - The Hang Seng Tech Index fell more than 3% amid the broader market decline [1] - Notable declines in individual stocks include Huahong Semiconductor down 4.49% to HKD 74.5, SMIC down 3.95% to HKD 70.6, Alibaba down 3.49% to HKD 149.4, and Tencent down 1.98% to HKD 96.55 [1] Group 2: Economic Indicators - The US added 119,000 non-farm jobs in September, significantly exceeding expectations [1] - There is increasing division within the Federal Reserve regarding inflation concerns, with three senior officials expressing worries on the same day, complicating the outlook for potential interest rate cuts in December [1] Group 3: Company Performance - Nvidia reported a 62% year-over-year increase in Q3 revenue to USD 57.01 billion and provided a strong guidance for Q4 [1] - Despite Nvidia's strong performance, investor concerns regarding an AI valuation bubble persist, with Ray Dalio suggesting that while the market may be forming a bubble, investors do not need to exit immediately but should adopt defensive measures [1]

近期港股限售股解禁受到投资者关注。宁德时代H股昨日解禁，盘中股价大跌8.75%。下周将有三花智 控H股、恒瑞医药H股解禁，12 月还有海天味业解禁，这可能会对股价造成压力。自国庆后高点来，港 股通科技指数回调16%，恒生科技指数回调超18%。 从资金流入表现来看，恒生科技/港股科技/港股通互联网类持续受到资金流入，其中港股科技 ETF(159751)近4天获得连续资金净流入，最高单日获得2079.57万元净流入，合计"吸金"5063.49万元， 日均净流入达1265.87万元。 展望后市，机构指出：与以往不同，今年11-12月主要机构投资者的兑现压力已经前置释放，12月中旬 之前出现系统性抛压的可能性很低，因此即使不考虑经济会议预期，在险资年底集中推仓位的环境下， 指数也是震荡偏上行的中性预期。 港股科技ETF(159751)，场外联接(A：021294；C：021295；I：022884)。 数据显示，截至2025年10月31日，中证港股通科技指数(931573)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、中芯国际(00981)、小米集团-W(01810)、比亚迪股份(01211 ...

Core Insights - AI remains a significant narrative of the era, but current applications are not delivering the revolutionary surprises seen during the mobile internet era [1] Group 1: AI Developments by Major Companies - Tencent's President announced plans for an AI agent within WeChat to assist users with various tasks, indicating a focus on integrating AI into existing services [2] - Alibaba has initiated the "Qianwen" project, mobilizing over a hundred engineers to compete with ChatGPT, marking it as a critical battle in the AI era [2][5] - Both Tencent and Alibaba are embedding AI into their core business operations, with Tencent's AI assistant "Yuanbao" integrated across multiple applications [6][4] Group 2: AI Strategy and Integration - Alibaba's "Qianwen" aims to enhance collaboration across its business lines, integrating AI into platforms like Taobao and Alipay to improve user experience and operational efficiency [5] - Tencent's AI strategy focuses on enhancing its core applications, such as music and video services, through AI capabilities [6] - Other companies like JD and Baidu are also focusing on AI integration within their existing frameworks, with JD enhancing supply chain capabilities and Baidu embedding AI into its search functionalities [7] Group 3: Comparison with Mobile Internet Innovations - The article contrasts the current AI developments with past innovations during the mobile internet era, highlighting that major companies are primarily enhancing existing services rather than creating disruptive innovations [9][12] - Successful innovations in the mobile internet era, such as WeChat and Pinduoduo, were characterized by new business models and user engagement strategies, unlike the current AI applications which are seen as incremental improvements [10][14] - The potential for groundbreaking AI applications remains uncertain, as major companies focus on integrating AI into their existing business models rather than redefining them [15]

Core Viewpoint - The overnight decline in US stocks has significantly impacted global markets, particularly affecting technology stocks and leading to a drop in the Hang Seng Tech Index by over 3% [1] Market Impact - Major technology stocks experienced substantial losses, with notable declines including Huahong Semiconductor down 4.49% to HKD 74.5, SMIC down 3.95% to HKD 70.6, Alibaba down 3.49% to HKD 149.4, and Tencent down 1.98% to HKD 96.55 [1] Economic Indicators - The US non-farm payrolls for September showed an increase of 119,000 jobs, significantly exceeding expectations [1] - There is increasing division within the Federal Reserve regarding inflation concerns, with three senior officials expressing worries on the same day, complicating the outlook for potential interest rate cuts in December [1] Federal Reserve Commentary - Cleveland Fed President Loretta Mester warned that further rate cuts could pose widespread risks to the economy [1] - Fed officials, including Cook, expressed concerns about the increased likelihood of significant declines in asset prices, while Bullard and Goolsbee reiterated their inflation worries [1] AI Market Concerns - Despite Nvidia reporting a 62% year-over-year revenue increase to USD 57.01 billion for Q3 and providing strong guidance for Q4, investor concerns regarding an AI valuation bubble persist [1] - Ray Dalio, founder of Bridgewater Associates, acknowledged the potential for a bubble driven by AI investments but suggested that investors do not need to exit immediately, recommending defensive measures instead [1]

②英伟达强劲的Q3财报数据以及Q4指引，或有助于平息"AI泡沫论"。叠加阿里将于11月25日公布财 报。 ①近期"AI泡沫论"+美元市场流动性紧张（美政府停摆+12月降息概率走低），港股科技股承压下跌。 ②恒生科技指数年内涨幅超20%的情况下，机构倾向于锁定利润，转而关注稳定性更高的红利资产。③ 港股年初IPO和配售个股迎来解禁期。 但积极因素同样在积累： ①恒生科技指数10月以来持续回调，自10月3日至今累计回调幅度超18%。 受隔夜超预期的9月非农数据+美股跳水下跌，今日港股全线低开，恒生科技指数跌2.21%，恒生互联网 ETF、恒生科技指数ETF分别跌2%和1.6%。 资金却选择越跌越买，恒生科技指数ETF自10月30日-11月20日的16个交易日连续获资金净申购，合计 净流入额44.72亿元，期内下跌10.11%。恒生互联网ETF同样上演16日净流入，合计净流入25.18亿元， 期内下跌10.24%。 港股近期持续调整的原因： ③美联储12月1日暂停缩表+9月非农数据虽超预期，但美联储更关注的失业率连续三个月上升。 相关产品，及截至发稿涨跌幅： 港股全科技赛道：恒生科技指数ETF(513180)，-1 ...

证券时报·数据宝统计显示，11月20日有48家香港上市公司进行了股份回购，合计回购6076.77万股，回 购金额14.47亿港元。 11月20日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 102.60 | 63598.96 | 628.500 | 616.000 | 6287192.37 | | 01810 | 小米集团-W | 1350.00 | 50776.22 | 38.100 | 37.380 | 204504.47 | | 01024 | 快手-W | 90.00 | 5821.17 | 64.950 | 64.400 | 223030.13 | | 01919 | 中远海控 | 300.00 | 4133.89 | 13.930 | 13.660 | 541914.81 | | 03888 | 金山软件 | 142 ...

Core Insights - The article discusses the rapid growth and significance of Model as a Service (MaaS) in the AI landscape, emphasizing its role in lowering barriers to AI technology adoption and enhancing application efficiency [1][2][8] - By 2024, the Chinese MaaS market is projected to reach 710 million yuan, representing a year-on-year increase of 215.7% from 2023 [1][8] - China leads globally in the number of large models, with 1,509 out of 3,755 models published worldwide as of July 2025 [1][4] MaaS Industry Overview - MaaS encapsulates AI algorithms and capabilities to provide services that simplify AI technology usage, reduce application development costs, and enhance operational efficiency [2][4] - The service model supports various industries, including finance, government, and telecommunications, facilitating the large-scale application of AI [1][10] Market Size and Growth - The Chinese MaaS market is expected to experience explosive growth, reaching 710 million yuan in 2024, a significant increase from the previous year [1][8] - The AI large model application market in China is projected to reach 4.79 billion yuan in 2024, indicating substantial growth from 2023 [6] Competitive Landscape - The top five MaaS providers in China, including Volcano Engine, Alibaba, Baidu, Tencent, and China Mobile, collectively hold over 80% of the market share, with Volcano Engine leading at 37.5% [1][11] - The competitive landscape consists of cloud service providers, AI companies, and telecommunications operators, each leveraging their unique strengths to offer MaaS solutions [11] Development Trends - Future trends in MaaS include the collaboration of large and small models, unification of service capabilities, the emergence of new application ecosystems, and enhanced security measures [12][13]

腾讯控股回购明细 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.11.20 | 102.60 | 628.500 | 616.000 | 63598.96 | | 2025.11.19 | 101.80 | 630.500 | 619.500 | 63550.29 | | 2025.11.18 | 101.30 | 640.500 | 620.500 | 63560.20 | | 2025.10.10 | 83.90 | 669.000 | 648.000 | 55037.22 | | 2025.10.09 | 81.60 | 680.500 | 666.000 | 55058.73 | | 2025.10.08 | 81.70 | 680.000 | 669.500 | 55098.91 | | 2025.10.06 | 81.50 | 682.000 | 670.500 | 55034.27 | | 2025.10.03 | 81.70 ...

人民财讯11月21日电，企查查APP显示，近日，上海阿纳海姆荣耀数字科技有限公司发生工商变更，原 股东均退出，新增广西腾讯创业投资有限公司为全资股东。企查查信息显示，该公司成立于2025年8 月，法定代表人为王立群，经营范围包含：数字创意产品展览展示服务；软件开发；组织文化艺术交流 活动；计算机软硬件及辅助设备零售等。 ...