Core Insights - The highest short-selling ratios were observed for New World Development-R, Geely Automobile-R, and China Resources Beer-R, all at 100.00% [1] - The top three companies by short-selling amount were Alibaba-SW, Xiaomi Group-W, and Tencent Holdings, with amounts of 2.247 billion, 1.597 billion, and 1.377 billion respectively [1] - The highest deviation values were recorded for Geely Automobile-R, China National Offshore Oil-R, and Meituan-WR, with values of 63.65%, 52.70%, and 40.64% respectively [1] Short-Selling Ratio Rankings - New World Development-R (80016): Short-selling amount of 405,600, with a ratio of 100.00% and a deviation of 25.33% [2] - Geely Automobile-R (80175): Short-selling amount of 872,700, with a ratio of 100.00% and a deviation of 63.65% [2] - China Resources Beer-R (80291): Short-selling amount of 102,900, with a ratio of 100.00% and a deviation of 34.15% [2] - Anta Sports-R (82020): Short-selling amount of 227,100, with a ratio of 88.24% and a deviation of 5.81% [2] - BYD Company-R (81211): Short-selling amount of 1,923,700, with a ratio of 87.66% and a deviation of 28.04% [2] Short-Selling Amount Rankings - Alibaba-SW (09988): Short-selling amount of 2.247 billion, with a ratio of 22.01% and a deviation of 6.56% [2] - Xiaomi Group-W (01810): Short-selling amount of 1.597 billion, with a ratio of 12.18% and a deviation of -5.08% [2] - Tencent Holdings (00700): Short-selling amount of 1.377 billion, with a ratio of 15.85% and a deviation of -0.40% [2] - XPeng Motors-W (09868): Short-selling amount of 949 million, with a ratio of 32.35% and a deviation of 14.52% [2] Short-Selling Deviation Rankings - Geely Automobile-R (80175): Short-selling amount of 872,700, with a ratio of 100.00% and a deviation of 63.65% [2] - China National Offshore Oil-R (80883): Short-selling amount of 828,200, with a ratio of 74.60% and a deviation of 52.70% [2] - Meituan-WR (83690): Short-selling amount of 2,121,200, with a ratio of 86.46% and a deviation of 40.64% [2] - China Resources Beer-R (80291): Short-selling amount of 102,900, with a ratio of 100.00% and a deviation of 34.15% [2]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Group 1 - DBS Bank's latest report indicates that the internal AI application proliferation at Tencent will significantly support the growth momentum of its two core business segments: online gaming and online advertising [1] - The bank has reiterated its "buy" rating for Tencent Holdings and raised the 12-month target price from HKD 786 to HKD 800 [1] - In the advertising sector, Tencent has launched an automated advertising solution called "AIM+", which has shown early data indicating a return on investment (ROI) superior to traditional manual advertising methods due to more precise targeting and creative generation [1] Group 2 - In the gaming sector, DBS believes that AI-driven non-player characters (NPCs), more efficient content creation processes, and precise marketing tools will further deepen user engagement and enhance monetization capabilities [1] - Based on the expected business improvements driven by AI technology, DBS has raised Tencent's adjusted profit forecasts for the fiscal years 2025 to 2027 by 4%, 5%, and 8% respectively [1] - Regarding market concerns about computing power, Tencent's management has stated that despite adjustments to the capital expenditure plan for fiscal year 2025 due to chip supply constraints, the company currently has sufficient chip reserves to meet internal AI application needs, and the long-term revenue growth trajectory driven by AI remains unaffected [1] Group 3 - In terms of valuation, DBS employs a sum-of-the-parts (SOTP) valuation method, assigning a 20x price-to-earnings ratio to Tencent's core business for fiscal year 2026, along with the fair value of its listed investments, resulting in a target price of HKD 800 [2] - This target price corresponds to a 25x price-to-earnings ratio for fiscal year 2026, slightly above its historical average of 20x over the past five years [2]

智通财经APP获悉，周四，美股三大指数集体下跌。恒生指数ADR下跌，按比例计算，收报25425.45点，较香港收市跌410.12或1.59%。 | .HSIADR 恒生指数ADR | | --- | | 25425.45 ↓ -410.12 -1.59% - 收盘价 11/20 16:00 美东 | | 三月日日 中 | | 最高价 25922.90 开盘价 25760.04 成交量 5613.7万 | | 最低价 25425.45 昨收价 25835.57 平均价 25674.17 | | 52周最高 27275.90上 涨 -- 本 智能 | | 52周最低 18856.77 下 跌 -- 振 幅 1.93% | | A | | 800000 恒生指数 25835.57 +4.92 +0.02% | 大型蓝筹股集体下跌，汇丰控股收报105.18港元，较香港收市跌2.25%；腾讯控股收报605.843港元，较香港收市跌2.44%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较 较港股升跌 | | --- | --- | --- | ...

财付通小贷是腾讯旗下专业从事小额贷款业务的机构，成立于2013年10月。根据公开信息，该公司为微 信生态内的消费信贷产品"微信分付"提供信贷服务。该产品覆盖餐饮、购物等日常消费场景，功能定位 与蚂蚁花呗、京东白条等同类产品相近。 从过往增资记录来看，财付通小贷的资本实力持续提升。2020年，其注册资本从3亿元增至10亿元，并 于同年11月进一步增至25亿元；2021年4月，再次大幅提升至50亿元；2022年6月，更是一次性增至100 亿元，实现翻倍增长；2023年1月，进一步微调至105.26亿元。 业内分析人士认为，小贷公司持续增资的背后，是受到监管政策与业务拓展需求的双重推动。2020年11 月，原银保监会与央行联合发布的《网络小额贷款业务管理暂行办法（征求意见稿）》，虽未正式落 地，但已明确提出跨省经营网络小贷机构的注册资本门槛为50亿元，释放出强化机构资本实力的明确信 号。 2025年1月国家金融监督管理总局发布了《小额贷款公司监督管理暂行办法》，虽未设定统一的注册资 本门槛，但明确规定网络小贷公司在联合贷款中的出资比例不得低于30%。这一规定实质上将业务规模 与资本实力直接挂钩，平台业务体量越大，所 ...

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BELÉM, Brazil--(BUSINESS WIRE)--The world's largest pulp supplier, Suzano, today announces the signing of a Memorandum of Understanding (MoU) with the multinational technology business Tencent and the Brazilian non-profit Ecofuturo Institute, to pioneer new digital approaches to drive public engagement in conservation. The collaboration will leverage Suzano's expertise in sustainable forestry, Tencent's cutting-edge digital technology, and Ecofuturo's expertise in environmental education, to pi. ...

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深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 33.45 亿元 | -5.20 亿元 | | 盈富基金(02800) | 27.09 亿元 | +26.95 亿元 | | 阿里巴巴-W(09988) | 26.28 亿元 | +8.81 亿元 | | 腾讯控股(00700) | 18.13 亿元 | +7.55 亿元 | | 中芯国际(00981) | 15.23 亿元 | -3364.83 万元 | | 南方恒生科技(03033) | 9.69 亿元 | +8.88 亿元 | | 小鹏汽车-W(09868) | 6.81 亿元 | +2.30 亿元 | | 华虹半导体(01347) | 6.40 亿元 | -614.67 万元 | | 恒生中国企业(02828) | 6.35 亿元 | +6.00 亿元 | | 赣锋锂业(01772) | 6.12 亿元 | -2587.36 万元 | 2025年11月20日当天，小米集团-W(01810)、盈富基金(02800)、阿里巴巴-W(09988)位居沪港通 ...