中国银河证券主要观点如下： 高基数影响，市场同比小幅下降2025年9月，国内游戏市场实际销售收入296.79亿元，同比下降2.13%； 自研游戏海外市场收入16.21亿美元，同比下降4.82%。细分市场中，移动游戏收入214.88亿元，同比下 降2.31%；客户端游戏表现突出，收入70.09亿元，同比增长25.49%。腾讯《王者荣耀》《三角洲行动》 《和平精英》《金铲铲之战》包揽中国iOS收入榜前四。共32家中国厂商进入全球发行商收入百强，合 计收入19.5亿美元，占全球TOP100发行商收入的36.1%，前三分别为腾讯、点点互动与网易。 营销 大盘稳中向好，细分品类趋势分化据CTR媒介智讯数据：2025年1-9月广告市场整体花费同比上涨 3.5%，9月单月广告花费同比上涨12.7%，环比上涨0.7%。从行业大类的广告花费变化看，2025年1-9 月，邮电通讯、个人用品、娱乐及休闲、IT产品及办公自助化服务行业增投，刊例花费同比分别上涨 78.9%、42.1%、38.9%和22.2%；而药品、酒精类饮品及化妆品/浴室用品则呈现不同程度的下滑，分别 为-17.4%，-12.7%和-4.8%。其他行业刊例则出现小 ...

夜幕降临，站在香港会议展览中心远眺，维多利亚港的夜景璀璨夺目。这片见证了无数商业传奇的热 土，如今正成为内地企业踏上全球化征程的新起点。 "香港是全球领先的国际金融中心之一，也是腾讯云出海的'桥头堡'。"腾讯云副总裁胡利明表示，"过去 几年，我们与香港金融机构共同探索了众多数字化升级实践。"依托香港这一"超级联系人"，目前，腾 讯云已经为来自亚洲、中东、欧洲、美洲的20多个国家和地区的近400家金融客户提供全场景金融数字 化解决方案，较去年实现双位数增长。 11月3日至7日，"香港金融科技周×StartmeupHK创业节2025"在香港会议展览中心举办，规模创下历届之 最。这场汇聚全球上百家科技企业的盛会，处处可见中资科技企业的身影——蚂蚁数科的AI技术通过 香港落地全球，腾讯云的跨境支付技术通过香港辐射东南亚，来也科技的数字员工借助香港打开中东市 场…… 这些科技巨头的密集布展与积极对接，勾勒出一个清晰趋势：出海已成为中资科技企业的重要选择，而 香港正成为这场全球化征程的"第一站"。 香港成为内地科企出海"首站" 自"科企专线"落地以来，已有67家内地企业在港股IPO。另有近80家A股公司仍在推进赴港上市进 ...

Group 1 - The Hong Kong stock market is experiencing a "buy the dip" trend, particularly favoring the internet sector, with significant net inflows from southbound funds, exemplified by a net purchase of 12.887 billion HKD on a recent day [1] - The Hang Seng Internet ETF (513330) saw a counter-trend inflow of 1.039 billion HKD despite a 3% drop, accumulating nearly 2 billion HKD over the past 14 trading days, indicating strong investor interest [1] - Positive fundamentals are emerging for the sector, highlighted by Alibaba's AI application "Tongyi Qianwen" entering public testing and a shift towards the consumer market, marking an acceleration in domestic large model applications [1] Group 2 - Major players like Tencent and Bilibili reported better-than-expected Q3 earnings, with upcoming financial results from Xiaomi and Kuaishou expected to bring surprises during the earnings verification period [1] - Despite external environmental fluctuations, institutions generally view the current valuation of the Hong Kong internet sector as attractive, with AI technology breakthroughs and strong profitability of leading companies enhancing long-term investment value [1] - The Hang Seng Internet ETF (513330) focuses on the internet platform economy, including major companies like Alibaba, JD.com, Tencent, Meituan, Kuaishou, and Baidu, making it a suitable tool for investors looking to allocate to AI application and "AI + internet" core assets [2]

Real Estate - Jack Ma's wife, Zhang Ying, purchased a London mansion for £19.5 million (approximately 180 million RMB), expanding the Ma family's overseas real estate portfolio [2] Technology and AI - Baidu launched the world's first commercially available "self-evolving" superintelligent agent, Baidu Famo, aimed at finding "globally optimal solutions" in various industries including transportation, energy, finance, logistics, and drug development [3] - Alibaba has reportedly initiated a secret project named "Qianwen" to develop a personal AI assistant app, positioning it as a competitor to ChatGPT [11] - Li Feifei, a prominent AI figure, announced the launch of her company's first commercial world model, Marble, which creates high-fidelity 3D worlds from images, videos, or text prompts [12] - Huawei is set to release a significant AI technology that could enhance GPU utilization rates from the industry average of 30%-40% to 70% [12] - Meituan's first AI IDE product, CatPaw, has entered public testing, featuring intelligent programming capabilities [13] Automotive - Li Auto is holding internal accountability for two quality incidents involving the 2024 MEGA and 2025 L series vehicles, identifying multiple responsible parties [5][6] - Chery Automobile issued an apology following an incident during a vehicle challenge at Tianmen Mountain, where a car slipped and damaged barriers [8] - JD Logistics appointed Wang Zhenhui as CEO, succeeding Hu Wei, effective November 13, 2025 [8] E-commerce - Taobao registered the copyright for "Taobao Convenience Store" and has applied for the trademark, indicating a new retail initiative [9] - Vipshop is reportedly considering a Hong Kong listing as early as next year, aiming to broaden its investor base [15] Investment and Financing - Wujie Power completed a 300 million RMB angel financing round, with participation from several prominent investment firms [16] - Luckin Coffee is preparing for a relisting in the U.S. after recovering from a previous scandal, now surpassing Starbucks in China [15]

Core Insights - On November 18, 47 Hong Kong-listed companies conducted share buybacks, totaling 39.2024 million shares and an aggregate amount of HKD 842 million [1][2]. Group 1: Share Buyback Details - Tencent Holdings repurchased 1.013 million shares for HKD 636 million, with a highest price of HKD 640.500 and a lowest price of HKD 620.500, bringing its total buyback amount for the year to HKD 61.600 billion [1][2]. - China Feihe repurchased 10.3 million shares for HKD 44.6514 million, with a highest price of HKD 4.370 and a lowest price of HKD 4.280, totaling HKD 641.9025 million for the year [1][2]. - COSCO Shipping Holdings repurchased 3 million shares for HKD 41.0467 million, with a highest price of HKD 13.890 and a lowest price of HKD 13.610, accumulating HKD 5.336 billion for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on November 18 was from Tencent Holdings at HKD 636 million, followed by China Feihe at HKD 44.6514 million [1][2]. - In terms of share quantity, China Feihe led with 10.3 million shares repurchased, followed by China Petroleum & Chemical Corporation with 5.532 million shares and COSCO Shipping Holdings with 3 million shares [1][2].

| 粉笔(02469) | 20.00 万 | 62.20 万 | 626.60 万 | 0.281% | | --- | --- | --- | --- | --- | | 晨讯科技(02000) | 150.00 万 | 58.50 万 | 1454.80 万 | 0.679% | | 永安国际(00289) | 3.60 万 | 47.11 万 | 56.60 万 | 0.196% | | IGG(00799) | 11.60 万 | 44.15 万 | 1871.70 万 | 1.605% | | 方正控股(00418) | 40.20 万 | 35.25 万 | 3788.80 万 | 3.158% | | 太平洋航运(02343) | 11.00 万 | 28.93 万 | 5844.70 万 | 1.138% | | 希玛眼科(03309) | 16.00 万 | 28.67 万 | 16.00 万 | 0.013% | | 畅捷通(01588) | 1.76 万 | 14.97 万 | 18.86 万 | 0.230% | | 家乡互动(03798) | 9.20 万 | 13.62 万 | ...

Core Insights - The article discusses the latest 13F holdings of H&H International Investment, revealing a total market value of approximately $14.68 billion, a 28% increase from the previous quarter, with a high concentration in the top ten holdings [1][2]. Holdings Summary - The largest holding is Apple (AAPL) with a market value of approximately $8.87 billion, accounting for 60.42% of the portfolio, showing a slight decrease of 0.82% [2]. - Berkshire Hathaway (BRK.B) is the second-largest holding at approximately $2.61 billion, with a significant increase of 53.53% [2]. - Other notable holdings include Pinduoduo (PDD) at approximately $1.13 billion, Occidental Petroleum (OXY) at approximately $640 million, and Alibaba (BABA) at approximately $496 million, with Alibaba seeing a notable decrease of 25.86% [2]. - New additions to the portfolio include ASML, while there were reductions in positions for Alibaba and Nvidia, with Nvidia seeing a decrease of 38.04% [2]. Investment Philosophy - The investment philosophy emphasizes understanding the business before investing, stating that "buying stocks is buying companies," which requires a deep understanding of the company's business model and culture [3][4][11]. - The importance of a "not-to-do list" is highlighted, suggesting that avoiding certain investments can be as crucial as making the right ones [12][15]. - The article discusses the significance of company culture and strategic focus, citing examples like Apple and its commitment to product quality and user experience [11][18]. Market Trends and Observations - The discussion includes insights on the semiconductor industry, particularly Nvidia's strong position and the challenges faced by electric vehicle companies due to lack of differentiation [13][18]. - The potential impact of AI on various industries is acknowledged, with a note that while AI will bring significant changes, it will not replace the need for sound investment decisions [18]. Recommendations for Investors - Investors are advised to focus on understanding the companies they invest in and to avoid following trends without comprehension, as this can lead to poor investment outcomes [15][18]. - The article suggests that investing in index funds, such as the S&P 500, can be a safer strategy for those who may not have the time or expertise to analyze individual stocks [15].

Group 1 - UBTECH's humanoid robot Walker S2 production video was questioned for authenticity by Figure's CEO, who claimed that the video contained computer-generated effects. UBTECH responded by releasing a continuous video showing real robots in action, emphasizing the strength of China's manufacturing capabilities [4][5] - UBTECH's CBO stated that skepticism about Chinese manufacturing stems from a lack of understanding and encouraged critics to visit China to witness the industry's growth firsthand. The company has reported a total of 800 million yuan in orders, holding itself accountable to shareholders and the public [5] - New Oriental's founder, Yu Minhong, faced employee backlash after a trip to Antarctica, leading him to announce plans for a youth exploration center focused on natural education [7][8] Group 2 - Fat Donglai announced a compensation of 359,000 yuan for employees who faced disrespect from customers, highlighting the importance of respecting personal dignity in the workplace. Other companies like Meituan and Xibei are also implementing similar support measures for their employees [10][12] - Tencent filed a lawsuit against Competitive World and Taobao for trademark infringement related to the game "JJ Happy Landlord," leading to an apology and the removal of the infringing game from the market [14] - Canopus Robotics has filed for an IPO in Hong Kong, aiming to raise funds for R&D, brand building, and market expansion. The company reported revenues of 197 million yuan in 2022 and projected growth in subsequent years [16] Group 3 - Xiaopeng Motors reported a total revenue of 20.38 billion yuan for Q3 2025, with a year-on-year growth of 101.8%. CEO He Xiaopeng believes the robotics market has greater potential than the automotive sector, with plans for significant growth in robot sales by 2030 [16][17] - ByteDance has established a new department for transactions and advertising in China, consolidating its engineering teams to enhance efficiency in e-commerce and advertising [19][20] - Geely is expected to complete the acquisition of Zeekr by the end of the year, following a plan to integrate resources and enhance competitiveness within the group [21] Group 4 - Alibaba launched the Qianwen app, directly competing with ChatGPT, while Ant Group introduced the Lingguang AI assistant, showcasing advancements in AI technology [21][22] - Xiaomi's 17 series smartphones achieved sales of over 200,000 units within five days of launch, positioning them as a strong competitor against Apple's iPhone [24] - Baidu reported Q3 revenue of 31.17 billion yuan, with its autonomous driving service, "Luobo Kuaipao," experiencing a significant increase in usage [28][29] Group 5 - BYD's sales in the UK surpassed 50,000 vehicles, with a notable increase in sales in October, indicating strong market performance [38] - Jeff Bezos has launched a new AI startup named "Project Prometheus," which has raised $6.2 billion in funding, focusing on AI applications in various industries [33][34] - Tesla's CEO Elon Musk criticized Bezos's new venture, calling it a copycat initiative [34]

Core Insights - The exploration towards Artificial General Intelligence (AGI) highlights embodied intelligence as a key direction, focusing on the interaction and adaptation of intelligent agents within physical environments [1][3] - The development of embodied intelligence is marked by the evolution of its core components, the brain and cerebellum, which are crucial for perception, task understanding, and action execution [1] Industry Analysis - In the past two years, numerous star teams in the field of embodied intelligence have emerged, establishing valuable companies such as Xinghaitu, Galaxy General, and Zhujidongli, driving advancements in embodied intelligence technologies [3] - Major domestic companies like Huawei, JD, Tencent, and Ant Group are actively investing and collaborating to build a robust ecosystem for embodied intelligence, while international players like Tesla and Wayve are focusing on industrial applications and autonomous driving [5] Technological Evolution - The evolution of embodied intelligence technology has progressed through several stages, from low-level perception to high-level task understanding and generalization [6] - The first stage focused on grasp pose detection, while the second stage introduced behavior cloning, allowing robots to learn from expert demonstrations [6][7] - The introduction of Diffusion Policy methods in 2023 marked a significant advancement, enhancing stability and generalization in task execution [6][9] - The current phase emphasizes the integration of Vision-Language-Action (VLA) models, enabling robots to understand human instructions and perform complex tasks [7][9] Future Directions - The industry is exploring the fusion of VLA models with reinforcement learning, world models, and tactile sensing to overcome existing limitations [9][11] - This integration aims to enhance robots' capabilities in long-term tasks, environmental prediction, and multi-modal perception, expanding their operational boundaries [11][12] Educational Initiatives - There is a growing demand for engineering and system capabilities in the field of embodied intelligence, prompting the development of comprehensive educational programs [19] - These programs aim to equip participants with practical skills in strategy training, simulation testing, and the deployment of advanced models [19][20]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (72.20%), Gree Power Environmental (69.27%), and COSCO Shipping Energy (69.13%) [1][2] - Xiaomi Group, Tencent Holdings, and Industrial and Commercial Bank of China saw the largest increases in holding amounts over the last five trading days, with increases of +27.92 billion, +13.92 billion, and +12.90 billion respectively [1][2] - The largest decreases in holding amounts were observed in the Yingfu Fund (-62.67 billion), Hang Seng China Enterprises (-21.20 billion), and Hua Hong Semiconductor (-9.12 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 100.21 billion shares, representing 72.20% [2] - Gree Power Environmental (01330) has a holding of 2.80 billion shares, representing 69.27% [2] - COSCO Shipping Energy (01138) has a holding of 8.96 billion shares, representing 69.13% [2] Group 2: Recent Increases in Holdings - Xiaomi Group (01810) increased its holding by +27.92 billion, with a change of +68.45 million shares [2] - Tencent Holdings (00700) increased its holding by +13.92 billion, with a change of +2.23 million shares [2] - Industrial and Commercial Bank of China (01398) increased its holding by +12.90 billion, with a change of +200.68 million shares [2] Group 3: Recent Decreases in Holdings - Yingfu Fund (02800) decreased its holding by -62.67 billion, with a change of -240.49 million shares [3] - Hang Seng China Enterprises (02828) decreased its holding by -21.20 billion, with a change of -22.67 million shares [3] - Hua Hong Semiconductor (01347) decreased its holding by -9.12 billion, with a change of -11.37 million shares [3]