伴随着美联储降息预期的升温，前期压制港股表现的流动性因素有望得到缓解；并且在龙头财报业绩和 Al发展细节的支撑下，Al泡沫论的担忧有望消减，往后看科技成长或仍是市场的发展主线之一。恒生科 技ETF（513130）是市场上较受投资者认可的港股科技板块配置工具之一，根据最新的基金2025年中期 报告，截至报告期末其持有人户数超22万户。另外恒生科技ETF（513130）还具有规模较大、流动性较 优、支持场内T+0等多重优势，同时产品年管理费为0.2%，有望助力投资者低成本布局港股科技类资 产。场外投资者可关注其场外联接基金（A类015310、C类015311）。（费率数据来源：产品法律文 件，截至2025/11/25） 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 消息面上，2025年11月25日，某互联网龙头企业发布2026财年第二财季（2025年第三季度）财报，财报 显示，集团收入约2478亿元，剔除已出售业务影响，收入同比增长15%，超越市场预期。其 中"AI+云"业务保持强劲增长，当季云智能集团收入398.2亿元，同比增长34%，AI相关产品收入连续9 个季度实现三位数同比增长 ...

Core Viewpoint - The Hong Kong stock market's technology sector continues to rebound, with the Hong Kong Technology ETF (513020) rising nearly 1.5% and a net inflow of over 220 million yuan in the past five days [1] Group 1: Alibaba's Financial Performance - Alibaba reported its Q2 fiscal year 2026 earnings, showing a 34% year-on-year growth in cloud revenue [1] - AI-related product revenue has achieved triple-digit year-on-year growth for nine consecutive quarters [1] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] Group 2: AI Product Development - Alibaba's self-developed AI assistant, Qianwen APP, has surpassed 10 million downloads within a week of its public testing starting on November 17 [1] - The growth rate of Qianwen APP's downloads exceeds that of several well-known AI applications, including ChatGPT, Sora, and DeepSeek, indicating strong market response [1] Group 3: Hong Kong Technology ETF - The Hong Kong Technology ETF (513020) tracks the CSI Hong Kong Stock Connect Technology Index, which includes leading technology stocks in internet, chips, new energy, and innovative pharmaceuticals [1] - The ETF comprises popular stocks such as Alibaba, Xiaomi, Tencent, Meituan, Lenovo, BYD, and SMIC, making it a quality target for investors looking to capitalize on the rebound in the Hong Kong market [1]

智通财经APP讯，网龙(00777)发布公告，该公司于2025年11月25日斥资36.3万港元回购3.1万股股份，每 股回购价格为11.7-11.73港元。 该信息由智通财经网提供 ...

格隆汇11月25日丨网龙(00777.HK)发布公告，2025年11月25日耗资36.3万港元回购3.1万股，回购价格每 股11.7-11.73港元。 相关事件 网龙(00777.HK)11月25日耗资36.3万港元回购3.1万股 网龙(00777.HK)11月21日耗资219.01万港元回购20 万股 ...

公司名稱： 網龍網絡控股有限公司 呈交日期： 2025年11月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00777 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 ...

Core Viewpoints - The company's main business has reached a bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The core IP "Magic Domain" has shown stable improvement in revenue, and the company expects this trend to continue into 2026 [2][3] - A new version of "Magic Domain" has completed development and is awaiting approval for launch, which is anticipated to bring additional revenue [3] - Overall, the company expects good profit growth in its game business by 2026, driven by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The company is focusing on reducing losses in the Mynd.AI business, with a good growth rate in SaaS business expected [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, promoting automation in teaching [4] - The company anticipates achieving EBITDA breakeven in Q4 2025 and profitability in 2026 for the Mynd.AI business [4] Group 3: Investment Business - The company has strategically invested in Hangzhou ShuaiKu Network, becoming its largest shareholder with a 46% stake, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid has been made, with significant sales growth reported in the AR glasses segment [5] - The company has entered into an exclusive partnership with Zhongke Wenge to promote AI services outside mainland China, enhancing its international presence [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application service business in 2026 is projected to be HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]

中信证券发布研报称，网龙(00777.HK)主业底部已过，前瞻布局的投资业务迎来收获期，公司当下股价 具备较高安全边际;此外，公司注重股东回报，此前宣布6亿港元股东回报计划，当下股息率(TTM)接近 9%，具备较高吸引力，重申"买入"评级，上调公司2026年目标价至21港元。 机构评级详情见下表： | 指标 | 网龙 | 互联网传媒 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | -0.86% | -9.35% | 31 60 | | 港股流通市值 | 57.68 乙 | 1206.0亿 | 14 60 | | 营业收入 | 51.27 乙 | 187.83 乙 | 12 60 | | 净利率 | -1.3% | -17.09% | 35 60 | | 毛利率 | 69.51% | 43.76% | 14 60 | | 负债率 | 45.36% | 53.63% | 38 60 | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 股票代码 股票简称 | | 投行名称 | 发布日期 ...

Core Viewpoints - The company's main business has passed its bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The company's game business is showing signs of stabilization and improvement, particularly with its core IP "Magic Domain" [2][3] - After strategic adjustments in Q4 2024, the revenue from "Magic Domain" is expected to continue its upward trend into 2026, with a new version of the game ready for launch pending approval [3] - The overall expectation is for the game business profits to see good growth by 2026, supported by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The Mynd.AI business is focused on reducing losses and advancing AI+education initiatives, with a new product launch expected to drive revenue growth [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, potentially leading to better educational outcomes [4] - The company anticipates reaching EBITDA breakeven for Mynd.AI by Q4 2025 and achieving profitability by 2026 [4] Group 3: Investment Business - The company has strategically invested in emerging sectors, including a 46% stake in Hangzhou Shuai Ku Network, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid, a leading AR technology company, is expected to enhance revenue streams, with Rokid's sales showing significant growth [5] - The partnership with Zhongke Wenge aims to promote AI services internationally, further expanding the company's market reach [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application services business in 2026 is projected at HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]

Core Viewpoint - The Hong Kong stock market is experiencing a rebound in technology stocks, particularly in the internet sector, with significant inflows into the Hong Kong Internet ETF (513770) indicating strong investor interest [1][3]. Group 1: Market Performance - As of November 24, the Hong Kong stock market opened higher, with major tech stocks like Kuaishou-W rising over 2%, and Tencent, Xiaomi, and Alibaba each increasing by more than 1% [1]. - The Hong Kong Internet ETF (513770) has seen a net inflow of 71.14 million CNY over the past week, with a total inflow exceeding 1 billion CNY in the last 20 days [1][3]. Group 2: Valuation Metrics - The price-to-earnings (P/E) ratio of the index tracked by the Hong Kong Internet ETF is currently at 21.93, which is at a historical low, positioned at the 8.3% percentile over the past decade [2][3]. - The ETF's latest scale exceeds 10.9 billion CNY, with an average daily trading volume of over 600 million CNY this year, indicating good liquidity [4]. Group 3: Key Holdings - The top three holdings in the Hong Kong Internet ETF are Alibaba-W (18.89% weight), Tencent Holdings (17.01% weight), and Xiaomi Group-W (10.05% weight), collectively representing over 73% of the ETF's portfolio [3][4]. - The ETF is designed to passively track the CSI Hong Kong Stock Connect Internet Index, which focuses on leading internet companies [3].

格隆汇11月21日丨网龙(00777.HK)发布公告，2025年11月21日耗资219.01万港元回购20万股，回购价格 每股10.9-11.07港元。 网龙(00777.HK)11月21日耗资219.01万港元回购20万股 网龙(00777.HK)11月20日耗资111.31万港元回购 10万股 相关事件 ...