的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 格隆汇10月20日｜港股科技股全线高开，恒生科技指数高开近4%。其中，网易涨超6%，携程集团、百 度集团、京东集团涨超5%，ASMPT、阿里巴巴、京东健康、舜宇、蔚来、快手、海尔智家(600690)、 哔哩哔哩涨超4%，中芯国际、华虹半导体、金蝶国际、商汤、地平线机器人、小鹏汽车、美团、比亚 迪(002594)电子、阿里健康涨超3%，腾讯涨2.6%。 (责任编辑：宋政 HN002) ...

Core Viewpoint - The Hong Kong stock market experienced a significant rebound, with the Hang Seng Index rising by 2.52% and the Hang Seng Tech Index increasing by 3.9%, driven by strong performances in tech and insurance stocks [1] Group 1: Market Performance - The tech sector saw a broad rebound, with NetEase opening up by 6% and Alibaba rising nearly 5% [1] - Insurance stocks performed strongly, with China Life surging by 6% and a projected net profit increase of 50% to 70% year-on-year for the first three quarters [1] - Precious metals generally experienced a pullback [1] Group 2: Analyst Insights - Goldman Sachs highlighted Tencent's unique advantage in "AI technology fully empowering business lines," expressing optimism about the synergy between its WeChat ecosystem and global gaming assets, while raising capital expenditure expectations and target prices [1] - For Alibaba, despite warnings of short-term profit pressure, analysts pointed to the potential profitability turnaround for Taobao and Tmall, as well as growth prospects in international cloud services, suggesting that "a stock price pullback is a buying opportunity" [1] Group 3: Industry Trends - Leading brokerage firms unanimously identified AI as a clear main theme for Hong Kong stocks, noting that "AI empowerment" and policy support will enhance the fundamentals of Hong Kong's tech sector [1] - The influx of foreign and southbound capital is expected to improve the funding environment, with a clear trend towards recovery, and the potential for new highs in the fourth quarter [1] Group 4: Investment Products - The Hong Kong Stock Connect Technology ETF covers the entire tech industry chain [1] - The Hang Seng Internet ETF focuses on leading internet companies [1]

Core Insights - The support vector machine (SVM) market in China is projected to reach approximately 428 million yuan in 2024, reflecting a year-on-year growth of 10.03% as domestic enterprises accelerate their digital transformation [1][8] - Despite its widespread applications, SVM faces challenges such as limitations in efficiency and scalability when handling large datasets, and competition from emerging technologies like deep learning [1][8] - SVM retains unique advantages in processing small sample and high-dimensional data, particularly in fields requiring high model interpretability [1][8] Industry Overview - SVM is a supervised learning algorithm primarily used for classification and regression analysis, focusing on finding an optimal hyperplane in feature space to maximize the margin between different classes [2] - The SVM industry chain includes upstream components like high-performance computing chips and sensors, midstream algorithm development and service providers, and downstream applications in finance, healthcare, industry, education, and retail [3][4] Market Size - The SVM market in China is on an upward trajectory, with a projected market size of approximately 428 million yuan in 2024, marking a 10.03% increase from the previous year [8] - The growth is driven by the increasing demand for SVM in various sectors, despite the challenges posed by larger data scales and the rise of deep learning technologies [8] Key Companies - Major players in the SVM industry include internet giants like Baidu, Alibaba, and Tencent, which leverage their financial resources, advanced technologies, and rich data resources to dominate the market [8] - Companies like Zhuhai Yichuang and Nine Chapters Cloud Technology are also making significant strides in the SVM field, providing machine learning platforms and automated modeling tools [8] Industry Development Trends - Future trends indicate a deep integration of SVM with deep learning technologies, enhancing model performance and generalization capabilities [12] - The development of more efficient optimization algorithms and distributed computing frameworks is expected to address SVM's computational efficiency issues, particularly for large datasets [13] - The emergence of quantum computing presents new opportunities for SVM, with quantum support vector machines (QSVM) showing promise in handling high-dimensional data and complex problems [15]

Core Insights - The fund managed by Zhao Yi, the Quan Guo Xu Yuan three-year holding mixed fund, reported a return of 45.58% for its A share in Q3 2023, significantly outperforming the benchmark return of 13.49% [1] - As of the end of Q3, both A and C share net asset values exceeded 1.1 yuan [1] - The fund's stock allocation decreased from 92.42% to 85.50% in Q3, with adjustments made to the heavy stock portfolio [1] Stock Portfolio Adjustments - The fund increased its holdings in Enjie Co., Kuaishou, Tianci Materials, Alibaba, and SMIC, while reducing its positions in CATL, Tencent, Codali, Luxshare Precision, and Yingliu [1] - Tianci Materials saw its stock price double in Q3, with an increase of over 110%, while Luxshare Precision, SMIC, and Codali all experienced gains of over 70% [1] Investment Focus - The fund's investment strategy is concentrated in high-end manufacturing sectors such as new energy, electronics, and mechanical industries, as well as Hong Kong internet companies [4] - In the AI sector, the focus is on efficiency-driven internet leaders, companies driven by new application scenarios, and computing power and cloud service firms [4] - In the new energy sector, the emphasis is on the lithium battery supply chain, with a belief that the current cycle of price and volume increases will be healthier and more sustainable than previous cycles [4]

Group 1: Macro and Strategy - The September fiscal data shows a marginal recovery in general public budget revenue, with a year-on-year growth of 2.6%, up from 2% in the previous period, driven mainly by VAT and a significant increase in stamp duty revenue [9][10] - Government fund budget revenue turned positive in September, with a year-on-year growth of 5.6%, while expenditure growth slowed to 0.4%, indicating a potential for fiscal policy to support economic recovery [10][11] - The central government announced a new policy of 500 billion yuan in financial tools and 500 billion yuan in local debt limits to stimulate the economy, which is expected to have a positive impact in the fourth quarter [11] Group 2: Industry and Company Insights - The modern investment banking sector is evolving, with a focus on cross-border asset management, particularly in Hong Kong, which has a substantial asset management scale of 35.14 trillion HKD [18][19] - The telecommunications industry is experiencing rapid advancements in satellite internet deployment, with 116 satellites launched to date, enhancing communication capabilities [22][23] - The lithium battery industry is witnessing a significant price increase in lithium hexafluorophosphate, which has risen over 50% since mid-July, driven by tight supply and increasing demand [35]

3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 97.93亿股 | 70.56% | | 中远海能(01138) | 9.06亿股 | 69.91% | | 绿色动力环保(01330) | 2.82亿股 | 69.65% | | 中国神华(01088) | 22.84亿股 | 67.62% | | 凯盛新能(01108) | 1.68亿股 | 67.37% | | 大眾公用(01635) | 3.54亿股 | 66.40% | | 新天绿色能源(00956) | 12.00亿股 | 65.27% | | 天津创业环保股份(01065) | 2.20亿股 | 64.83% | | 长飞光纤光缆(06869) | 2.23亿股 | 63.46% | | 康龙化成(03759) | 1.89亿股 | 62.68% | | 弘业期货(03678) | 1.56亿股 | 62.51% | | 白云山(00874) | 1.34亿股 | 60.99% | | 中州证券(01375) | 7.27亿股 | ...

智通财经APP获悉，新鸿基地产-R(80016)、李宁-R(82331)、京东健康-R(86618)上一交易日沽空比率位 于前三位，分别为100.00%、100.00%、100.00%。美团-W(03690)、阿里巴巴-SW(09988)、小米集团- W(01810)的沽空金额位居前三，分别为20.70 亿元、19.93 亿元、18.58 亿元。京东集团-SWR(89618)、 腾讯控股-R(80700)、比亚迪股份-R(81211)的偏离值位居前三，分别为42.40%、38.32%、33.97%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | | 偏离值 | | --- | --- | --- | --- | --- | | 新鸿基地产-R(80016) | 17.00 万元 | 100.00% | 17.12% | | | 李宁-R(82331) | 3.05 万元 | 100.00% | 21.41% | | | 京东健康-R(86618) | 9.52 万元 | 100.00% | 29.52% | | | 华润啤酒-R(80291) | 34.63 万元 | 93.39% | ...

Summary of OCP Conference Insights and Industry Trends Industry Overview - The conference focused on the optical communication sector, highlighting significant investment opportunities in optical modules and chip companies, driven by increased capital expenditures from major firms like ByteDance, Alibaba, and Tencent [1][3][4]. Key Insights and Arguments - **Data Center Trends**: The construction of ultra-large data centers is becoming mainstream, which is expected to drive non-linear growth in the AI supply chain, including optical modules and liquid cooling solutions [1][5]. - **Decoupling in Data Centers**: A trend towards decoupling CPU, GPU, storage, and switches is anticipated to gain focus post-2027-2028, aiming for more efficient data processing and resource utilization [1][7][8]. - **Importance of Optical Interconnects**: Optical interconnects are increasingly vital in data centers, with Broadcom launching commercial 800G network cards, indicating the maturation of the 1.6T supply chain and promoting growth in network equipment and optical module markets [1][9]. - **Flexible Resource Allocation**: Data center resource allocation is evolving towards more flexible and efficient management, allowing for decentralized management of GPUs and CPUs, which enhances operational efficiency and environmental adaptability [1][10]. Emerging Technologies and Developments - **New Technology Signals**: The OCP conference revealed positive signals regarding advancements in 400G, 800G, and 1.6T modules, with ongoing technological developments boosting market confidence in AI [2][3]. - **Upcoming Google Gemini 3 Model**: The anticipated release of Google's Gemini 3 model, which boasts strong visual processing capabilities and long-context understanding, is expected to drive hardware infrastructure investments and demand growth [3][11][12]. - **Rising Demand for 1.6T Optical Modules**: The demand for 1.6T optical modules is projected to increase significantly in 2026, supported by advancements in NVIDIA's LOBBY architecture and TSMC's capacity enhancements [3][13]. Investment Opportunities - **Core Domestic Companies**: There are strong investment opportunities in domestic core companies such as ZTE and Ruijie Networks, which are expected to benefit from the ongoing trends in the optical communication sector [1][4]. - **Supply Chain Beneficiaries**: Companies like Zhongji Xuchuang and Xinyi Communication are likely to benefit from the rising demand for 1.6T optical modules and the maturation of related technologies [3][13]. Additional Noteworthy Updates - **NPO Industry Developments**: The NPO (Non-Profit Organization) sector continues to see robust orders, particularly for ultra-small MPO connectors, which are essential for high-density access in data centers [14]. - **Overall Market Outlook**: The overall outlook for the industry remains positive, with increasing demand for 1.6T optical modules and no apparent ceiling in sight, despite stock price adjustments due to international conditions [15].

Core Insights - The trend of Chinese tech companies expanding overseas in the financial sector is gaining momentum, with firms like Ant Group, Tencent, Didi, Meituan, and ByteDance leading the charge into international markets, leveraging their mature fintech models and technologies to foster local financial inclusion and reduce gaps with China [1][6][10] Group 1: Didi's International Expansion - Didi has established a significant presence in Mexico, particularly in the consumer credit sector, and has been actively developing electronic payment and credit services in Latin America since 2019 [3][4] - The company is focusing on providing basic payment services and exploring savings and micro-loan tools to enhance user experience in Brazil and Mexico [4][5] - Didi's overseas credit services have gained recognition from local regulatory bodies, allowing it to offer a range of financial services including account opening, savings, payments, credit cards, and loans [5] Group 2: Ant Group's Strategy - Ant Group has launched cross-border financing solutions through its international platform Bettr, focusing on providing financial technology solutions tailored for e-commerce sellers [6][7] - The company employs a strategy of "technology licensing + strategic investment + ecosystem cooperation" to penetrate overseas markets, with operations in over 200 countries and regions [7][10] - Ant Group's approach allows it to navigate foreign investment regulations while integrating into local financial systems, enhancing its competitive position globally [7][10] Group 3: Tencent's Cautious Approach - Tencent's overseas financial strategy is centered around its WeChat ecosystem, focusing on gradual expansion and collaboration with local payment platforms [8][9] - WeChat Pay has been made available to overseas merchants, covering 74 countries and regions, primarily serving Chinese tourists rather than local users [8][9] - Tencent's cloud services have also seen significant growth, providing core system support to digital banks in Southeast Asia, further solidifying its presence in the region [9] Group 4: Market Dynamics and Challenges - The competitive landscape for Chinese tech companies in overseas markets has shifted from "blue ocean" to "red ocean," prompting a strategic pivot to less saturated regions like the Middle East and Latin America [15][16] - Companies face significant challenges including stringent regulatory environments, competition from local giants, and a lack of consumer trust, necessitating a cautious and localized approach to market entry [11][14] - The focus has shifted from simple business expansion to building comprehensive ecosystem capabilities, emphasizing long-term strategies and compliance with local regulations [15][16]

深圳商报·读创客户端记者 吴素红 在近日上海交通大学安泰经济与管理学院主办的"安泰·问政"论坛上，"深圳奇迹"成为焦点。 论坛以"下一轮繁荣：深圳和上海能够告诉大城市什么？"为主题，同期发布《创新无限：深圳奇迹启示 录》。与会专家围绕深圳与上海双城发展模式的差异展开探讨，并深入解读深圳从渔村到"中国工业第 一城"的进阶逻辑。 "创新是唯一出路"，被视为深圳实践的底层逻辑。上海交大安泰经管学院教授陈宪指出，深圳通过构建 完善的市场经济体制，形成以企业为主体的"垂直创新"生态，在制造业基础、新兴产业培育和民营经济 活力等关键领域均走在全国前列。 而在上海交通大学安泰经济与管理学院特聘教授陆铭看来，随着中国经济总量未来超越美国，中国必将 出现自己的"纽约"和"硅谷"。他在题为"上海和深圳，谁离纽约更近？"的演讲中分析，上海具备成为亚 太枢纽的地理优势，而深圳则展现出更具"理工科气质"的创新活力。 （图片由主办方提供） 数据显示，深圳90%以上的研发投入来自企业，90%以上的研发机构设立在企业，90%以上的重大科技 成果出自企业。这种以民营经济为核心的创新生态，让深圳在电子信息、新能源、生物医药等战略性新 兴产业中快 ...