Market Overview - The Hong Kong stock market showed mixed results today, with the Hang Seng Index and the Hang Seng China Enterprises Index declining by 0.34% and 0.38% respectively, while the Hang Seng Tech Index saw a slight increase of 0.02% [1] - Major tech stocks displayed a divergent trend, with Meituan dropping by 1.44%, while Baidu, Alibaba, and JD.com experienced gains [2][3] Stock Performance - The Hang Seng Tech Index closed at 5599.11, up by 1.06 points or 0.02% [3] - Notable stock performances included: - Baidu Group: +1.1 (0.98%) with a market cap of 312.97 billion - Alibaba: +0.9 (0.60%) with a market cap of 2.892 trillion - JD.com: +0.3 (0.26%) with a market cap of 330.63 billion - Tencent: unchanged at 611.50 with a market cap of 5.592 trillion - Meituan: -1.5 (1.44%) with a market cap of 626.43 billion [3] Sector Trends - The market saw a resurgence in military stocks, while sectors such as wind power, gold, non-ferrous metals, gaming, lithium batteries, and construction materials experienced upward movement [3] - Conversely, financial and energy sectors showed weakness, with real estate stocks also underperforming [3] Trading Activity - The total trading volume for the day was 146.204 billion HKD, marking the first time in five months that daily trading volume fell below 200 billion HKD, indicating a tightening of liquidity as the year-end approaches [4] - Short selling amounted to 15.035 billion HKD, representing 10.28% of the total trading volume, with a decrease in short selling ratio to a five-day low [4][5] Market Sentiment - Despite the Hang Seng Index facing resistance at the 26,000 point level, there remains a cautious optimism regarding localized hot sectors, with a notable rotation of market interest [6] - Long-term outlook suggests that recent adjustments in the Hong Kong market may present attractive entry points for investors, as indicated by JPMorgan's upgrade of Chinese stocks to "overweight" [8] A-share Market - The A-share market also saw a rebound, with total trading volume decreasing by approximately 123.997 billion to 1.59 trillion [9] - The expectation of a potential interest rate cut by the Federal Reserve in December is anticipated to improve market sentiment and risk appetite [9]

Core Viewpoint - The article highlights the rapid and generous response of various companies and organizations in Hong Kong to the recent fire disaster in Tai Po, showcasing their social responsibility and commitment to aiding affected individuals and communities [3][14]. Group 1: Donations and Contributions - Total donations from various entities have reached several hundred million Hong Kong dollars, demonstrating a strong collective effort to support disaster relief [5]. - Alibaba Group contributed a total of 60 million HKD, including 30 million from the Ma Yun Public Welfare Foundation, 20 million from Alibaba Group, and 10 million from Ant Group [5]. - The Li Ka Shing Foundation pledged an immediate 30 million HKD, with an additional 50 million HKD planned for future support, totaling 80 million HKD [6]. - The Zijing Cultural Group donated 10 million HKD and provided educational materials worth 2 million HKD for nearly 700 affected students [7]. - Other notable contributions include 30 million HKD from the Ho Ying Tung family, 20 million HKD from Chow Tai Fook Group, and various donations from other companies totaling millions [8][9][10]. Group 2: Direct Services and Support - Companies like Baidu Maps and Gaode Maps provided real-time updates on road conditions, helping to facilitate safe navigation around the disaster area [11]. - SF Express opened 146 locations in Hong Kong for free transportation of relief supplies, effectively enhancing the logistics of aid delivery [11]. - Anta Group supplied 20 million HKD worth of cold-weather gear, addressing immediate needs for warmth among the affected population [12]. Group 3: Social Responsibility and Community Impact - The article emphasizes that while financial contributions are significant, the direct services provided by companies during the disaster are equally crucial, reflecting a strong sense of social responsibility [11][14]. - The collective actions of these companies during the crisis highlight their commitment to community welfare, transcending their usual business operations [14].

【#腾讯副总裁称未来广告将实时生成#】在朋友圈偶尔会碰到这样一种情况：一条广告下有多个好友盖 楼接龙，互相评论，十分热闹。但有时人们也会看到不太符合自己消费喜好的品牌广告，疑惑为什么会 推送给自己。这是人们现在会在手机上看到的广告。 在接受第一财经记者采访时，腾讯公司副总裁蒋杰表示，随着AI技术引入，未来的广告呈现形态将是 用户浏览过程中，根据用户行为等实时生成视频或互动的广告素材。现在技术可以实现图片生成，实时 生成广告创意尚未实现，但交互视频技术进展较快。未来同一个广告可能只推送给一个人、十个人，而 不是一个相同素材推送给所有人，这需要AI推理成本进一步下降才能实现。 无论对广告接受程度如何，业内人士预计，未来人们都将看到不一样的广告形态，未来同一个品牌推送 给每个人的广告可能都不一样。 ...

11月27日，蜜雪冰城宣布紧急启动捐赠2000万港元用于受灾居民的医疗救助、紧急安置及生活救助等救 援工作。11月27日，周大福集团宣布，捐出2000万港元，为受火灾影响的居民提供紧急援助，协助渡过 难关。周大福集团表示，火灾发生后，集团已于昨日迅速动员旗下企业，为受灾居民提供临时住宿、食 物、保暖衣物及日用品等支援。 根据记者梳理，来自各界的捐款还在不断汇集，各项援助工作持续推进中。 香港新界火灾事件发生后，社会各界迅速响应，踊跃捐款捐物，助力人员搜救、伤员救治及灾后重建工 作。 投资机构方面，11月28日中午，高瓴公益基金会秉持扶危济困、回馈社会的宗旨，在本次香港火灾后捐 赠1000万港元，用于受影响居民的紧急救助、医疗帮助、生活物资补给及灾后重建工作。高瓴公益基金 会此前亦积极参与2021年河南特大暴雨等重大灾害的救援与支持工作。 企业方面，腾讯公益慈善基金会（香港）启动首批捐款1000万港元，用于受灾居民的紧急救援、过渡安 置、生活物资补给及情绪疏导等急需工作。当天下午，腾讯宣布再追加2000万港元，全额捐赠给"大埔 宏福苑援助基金"。截至目前，腾讯累计捐款3000万港元以支援香港救灾。腾讯表示，将持 ...

Core Insights - The introduction of AI technology is expected to transform advertising formats, allowing for personalized ads tailored to individual user behaviors and preferences [3][4] - AI has significantly improved ad click-through rates, with some ads experiencing increases from historical averages of 0.1% for banner ads and 1% for information flow ads to around 3% after AI optimization [3][4] - Major internet companies like Tencent and Alphabet are seeing growth in advertising revenue, with Tencent's marketing service revenue reaching 36.2 billion yuan, a 21% year-on-year increase, and Alphabet's ad revenue hitting $74.2 billion, a 9.9% increase [4] Advertising Technology Evolution - The advertising industry is shifting from a traditional filtering approach to a generative model, enhancing efficiency in ad selection and delivery [4][5] - AI-driven advertising is becoming a focal point for investment, with companies actively exploring new ad formats and technologies to adapt to changing user behaviors [5] - The competitive landscape in the advertising market is intensifying, as the overall market size remains stable while AI technology introduces new dynamics [5] Talent and Market Dynamics - The criteria for hiring advertising technology talent are evolving, with a recent Tencent algorithm competition focusing on generative recommendation capabilities for personalized ads [5] - As user engagement shifts from search engines to AI chat tools, the advertising landscape is expected to adapt accordingly, with new platforms like Perplexity already opening ad spaces [5] - The balance between commercialization and user experience is crucial, with expectations for a limited number of clearly marked ads in AI responses, contrasting with the more aggressive ad placements seen in traditional search engines [5]

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 | | --- | --- | --- | | 阿里巴巴-W(09988) | 15.68 亿元 | +2.94 亿元 | | 腾讯控股(00700) | 10.67 亿元 | +4.35 亿元 | | 泡泡玛特(09992) | 8.60 亿元 | +3.41 亿元 | | 中芯国际(00981) | 7.92 亿元 | -1.62 亿元 | | 美团-W(03690) | 6.39 亿元 | +2.30 亿元 | | 小米集团-W(01810) | 5.78 亿元 | +1.05 亿元 | | 广汽集团(02238) | 5.24 亿元 | +1566.96 万元 | | 中国移动(00941) | 4.92 亿元 | -1698.35 万元 | | 华虹半导体(01347) | 4.54 亿元 | -4635.77 万元 | | 优必选(09880) | 3.59 亿元 | +2904.55 万元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴 ...

两岸爱心汇聚！ 内地与香港企业 捐资超13.6亿港 元驰援大埔火灾 _南方+_南方 plus 火灾无情，人间 有爱。香港大埔 火灾发生后，社 会各界迅速响 应，积极捐款捐 物。据公开信息 不完全统计，近 百家内地与香港 企业及机构捐赠 现金及物资总额 已超过13.6亿港 元，展现出血浓 于水、同舟共济 的深情厚谊。 内地方面，温氏 股份捐赠4000万 港元现金及物 资，腾讯、安踏 集团、马云公益 基金会、波司登 集团分别捐赠 3000万港元，特 步、阿里巴巴、 李宁等多家企业 也纷纷伸出援 手。香港本地及 国际企业、机构 同样踊跃支援， 众提供紧急救助 与后续重建支 持。我们坚信， 在社会各界的共 同努力下，受灾 同胞定能早日渡 过难关，重建家 园。 | 内地企业机构 | 捐赠金额(含物资) | | --- | --- | | 温氏股份 | 4000 万港元现金及物资 | | 腾讯 | 3000 万港元 | | 安踏集团 | 3000 万港元现金及装备 | | 马云公益基金会 | 3000 万港元 | | 波司登集团 | 3000 万港元现金及物资 | | 中国宏桥 | 3000万港元 | | 特步集团 | ...

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

中国大模型全球落地进程正在加速。 11月26日，腾讯混元3D创作引擎正式推出国际站，面向国际用户开放，用户可以直接输入文字描述、图 片、草图等，构建高质量的3D作品。同时，混元3D模型API在腾讯云国际站上线，开发者和企业用户可以 通过该接口快捷接入模型能力。 文生3D：只需输入文本描述，比如，"Mechanical dolphin with gears, steampunk（带有齿轮的机械海豚，蒸 汽朋克风）"，便可一键生成符合创作意图的3D模型，模型能准确理解用户描述的风格、形态、材质等细 节，实现更好的遵循度及一致性效果。 腾讯混元3D创作引擎国际站 混元3D模型是腾讯自研的生成式AI大模型，也是腾讯混元系列模型中最能打的模型之一，在国内外开发者 和3D创作人群中积累了不错的口碑。截至目前，混元3D模型社区下载量超300万，是全球最受欢迎的3D开 源模型。 自2024年11月开源首代模型以来，混元3D系列模型已迭代多个版本，生成效果、建模精度不断提升。目前 该系列模型已经发展出两条技术路线：一是侧重于高质量3D资产生产的 Hunyuan3D（物体生成），二是 侧重于大场景和交互式环境构建的Hunyuan ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年11月28日，该公司斥资6.36亿港元回购103.9万股 股份，每股回购价609-616.5港元。 ...