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。 ...

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 港股通(沪) | 497638.32 | -8562.44 | -2.89 | | 02800 | 盈富基金 | 港股通(沪) | 477217.64 | 472488.75 | 0.08 | | 09988 | 阿里巴巴-W | 港股通(沪) | 390877.70 | 18626.19 | -1.02 | | 01810 | 小米集团-W | 港股通(深) | 334534.00 | -52012.32 | -2.89 | | 02800 | 盈富基金 | 港股通(深) | 270916.00 | 269508.27 | 0.08 | | 09988 | 阿里巴巴-W | 港股通(深) | 262831.00 | 88081.62 | -1.02 | | 00700 | 腾讯控股 | 港股通(沪) | 223515.49 | -67133.19 | -0.24 | | 00981 | 中芯国 ...

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 | | --- | --- | --- | ...