Core Insights - Kuaishou reported Q3 2025 revenue of 35.554 billion yuan, a year-on-year increase of 14.21% and a quarter-on-quarter increase of 1.45% [1] - Adjusted EBITDA for Q3 2025 reached 7.653 billion yuan, up 37.2% year-on-year, while adjusted net profit was 4.986 billion yuan, reflecting a 26.3% year-on-year growth [1] Revenue Growth - The online marketing revenue for Kuaishou in Q3 2025 was 20.102 billion yuan, marking a 14.0% year-on-year increase, with growth accelerating from 12.8% in Q2 2025 [1] - The DAU and MAU reached 416 million and 731 million respectively, both hitting record highs for three consecutive quarters, with daily usage time averaging 134.1 minutes [1] AI Empowerment - The OneRec model has enhanced the platform's ecosystem, leading to accelerated growth in online marketing revenue [1] - AI technology has significantly improved advertising content creation and distribution, with AIGC marketing materials driving over 3 billion yuan in online marketing service consumption in Q3 2025 [1] E-commerce Performance - Kuaishou's e-commerce GMV reached 385 billion yuan in Q3 2025, a year-on-year increase of 15.2% [2] - The OneSearch model has improved product matching and user experience, increasing search order volume by nearly 5.0% [2] Future Outlook - The company aims to continue enhancing its e-commerce business through AIGC content production and improving merchant efficiency [2] - Kuaishou's Keling AI generated over 300 million yuan in revenue in Q3 2025, with the new Keling AI 2.5 Turbo model achieving significant improvements in content generation [3] Financial Projections - Revenue projections for Kuaishou are estimated at 142.062 billion yuan, 154.990 billion yuan, and 167.064 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 20.498 billion yuan, 22.915 billion yuan, and 25.308 billion yuan [3]

11月27日，快手宣布通过北京快手公益基金会捐赠500万港元，支援香港大埔火灾的紧急救援和灾后恢 复工作。快手表示，向在事故中不幸遇难的同胞致以深切哀悼，向奋战在一线的消防、医护人员以及参 与救灾的各界力量致以崇高敬意。快手将持续关注灾情进展，并与相关机构保持协作，支持后续各项救 援与恢复工作。愿受灾居民早日渡过难关，恢复正常生活。(智通财经记者 范佳来） ...

在陕北，唢呐的曲子是这方水土中不可或缺的一种关乎生命的韵律。代代相传的子洲唢呐在时光中走过，以陕北群山为坐标的音乐标记，同信天游、秧 歌、剪纸、民俗等具有陕北文化内涵的所有事物交织于一体，成为整个陕北民间文化最嘹亮、高亢的文化符号。高鹏的唢呐启蒙，正是扎根于这样深厚的文 化土壤中。 回忆起学艺时光，高鹏说："最基础的就是拔长音，每天早上起来，一个音一个音地练。"辛苦吗？他笑了笑："那时候就像玩一样，挺好玩的。"十六七 岁时，他在一场农村婚礼上完成了首次登台。"紧张是肯定的，"他坦言，"但舞台多了就习惯了。"这把唢呐，从父亲手中传到他手里，传递的不仅是技艺， 更是一份责任。 陕北的传统里，唢呐有着严格的规矩。"红事要选喜庆的曲子，白事吹哀怨的曲牌，连曲名都很讲究。"高鹏细数着这些祖辈传下的规矩。然而，时代在 变，唢呐也需要新的声音。 《黄土谣》和《沸腾的大理河》的出现带来了转机。这两首由作曲家张伦创作，高鹏父亲首吹的新式唢呐曲，打破了传统曲牌的固定模式。这两首曲子 在保留陕北唢呐传统框架的基础上，借鉴现代协奏曲和交响乐的创作手法，改变了陕北传统唢呐全程粗犷豪放的风格，运用细腻多变的气息指法，使旋律在 强弱对比中 ...

Core Viewpoint - The Hong Kong technology sector is experiencing a strong rally, driven by multiple favorable factors including increased expectations for Federal Reserve interest rate cuts and improved market liquidity, alongside significant revenue growth in Alibaba's cloud business and a resurgence in AI focus [1]. Group 1: Market Performance - As of November 27, 2025, the CSI Hong Kong Stock Connect Technology Index (931573) has seen a strong increase, with notable gains in constituent stocks such as Huahong Semiconductor (up 5.36%), Kangfang Biotech (up 4.89%), and Li Auto (up 3.87%) [1]. - The Hong Kong Technology ETF (159751) has risen by 0.73%, marking its fourth consecutive increase, with the latest price reported at 1.1 HKD [1]. Group 2: Influencing Factors - The recent rally in the Hong Kong technology sector is attributed to the anticipated easing of monetary policy by the Federal Reserve, which is expected to enhance liquidity in the market [1]. - The combination of the Federal Reserve's halt on balance sheet reduction and the relaxation of SLR regulations is expected to limit liquidity pressure in the medium term [1]. Group 3: Index Composition - The CSI Hong Kong Stock Connect Technology Index comprises 50 large-cap technology companies with high R&D investment and revenue growth, reflecting the overall performance of leading technology stocks within the Hong Kong Stock Connect [1]. - As of October 31, 2025, the top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, and SMIC, collectively accounting for 66.81% of the index [2].

吉利汽车-R(80175)、快手-WR(81024)、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%。阿里巴巴-SW(09988)、美团-W(03690)、小米集团-W(01810)的沽空金额 位居前三，分别为37.68 亿元、22.72 亿元、15.84 亿元。中国平安-R(82318)、吉利汽车-R(80175)、快 手-WR(81024)的偏离值位居前三，分别为64.42%、56.33%、40.21%。 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；偏离值为当前股票的沽空比率与该股过去30天平均沽空比率的差值。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 吉利汽车-R(80175) | 18.37 万元 | 100.00% | 56.33% | | 快手-WR(81024) | 44.57 万元 | 100.00% | 40.21% | | 京东健康-R(86618) | 4.78 万元 | 100 ...

| 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 途虎-W(09690) | 65.44% | 1313.77 万 | 17.130（+1.90%） | | 越秀交通基建(01052) | 57.38% | 215.33 万 | 4.420（+1.84%） | 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 40.60 亿 | 13.22% | 154.500（+4.67%） | | 腾讯控股(00700) | 11.68 亿 | 8.38% | 624.500（+2.38%） | | 快手-W(01024) | 8.17 亿 | 17.96% | 68.550（+7.11%） | | 南方恒生科技(03033) | 6.34 亿 | 6.56% | 5.425（+2.94%） | | 小米集团-W(01810) | 4.84 亿 | 5.33% | 38.660（+1.52%） | | 招商银行(03968) | ...

| 序号 名称 | | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% ADR; | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | (0) 00700 | 619.500 | -5.500 | -0.88% | TCEHY | 614.101 | -5.399 | -0.87% | 7 | | 2 | 阿里巴巴-W | 099888 | 154.800 | -3.000 | -1.90% | BABA | 153.233 | -1.567 | -1.01% | 15 | | 3 | 建设银行 | 00939 | 8.210 | -0.010 | -0.12% | CICHY | 8.218 | +0.008 | 0.10% | 2 | | 4 | 汇丰控股 | 00005 | 107.600 | +0.800 | 0.75% | HSBC | 109.799 | +2.199 | 2.04% | 7 | | 5 | 小米集团- ...

Core Points - Kuaishou-W announced a share buyback on November 26, purchasing 400,000 shares at a price range of HKD 68.650 to HKD 68.800, totaling HKD 27.49 million [2] - The stock closed at HKD 68.650 on the same day, reflecting a decline of 2.83%, with a total trading volume of HKD 2.16 billion [2] - Year-to-date, Kuaishou-W has conducted 29 buybacks, acquiring a total of 4.43 million shares for a cumulative amount of HKD 2.31 billion [2] Buyback Details - The latest buyback on November 26 involved 400,000 shares at a maximum price of HKD 68.800 and a minimum price of HKD 68.650, with a total expenditure of HKD 27.49 million [2] - Previous buybacks include: - November 21: 750,000 shares at a maximum price of HKD 64.250, totaling HKD 47.77 million [2] - November 20: 900,000 shares at a maximum price of HKD 64.950, totaling HKD 58.21 million [2] - October 14: 1.31 million shares at a maximum price of HKD 75.100, totaling HKD 98.41 million [2] - September 22: 1 million shares at a maximum price of HKD 74.300, totaling HKD 73.80 million [2]

| 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（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 816209.99 | 75126.03 | -1.90 | | 09988 | 阿里巴巴-W | 港股通(深) | 515351.00 | 77690.59 | -1.90 | | 03690 | 美团-W | 港股通(沪) | 363404.71 | -40280.53 | 5.65 | | 00700 | 腾讯控股 | 港股通(深) | 234132.00 | -116539.30 | -0.88 | | 01810 | 小米集团-W | 港股通(沪) | 225512.61 | 52494.07 | -0.59 | | 01810 | 小米集团-W | 港股通(深) | 222235.00 | -64895.07 | -0.59 | | 03690 | 美团-W | 港股通(深) | 218595.00 | 3617.35 | 5.65 | | 00981 | 中芯国际 ...

大消费跳空高开后维持在高位盘整，截至目前上涨1.88%。小米集团大涨5.33%，百度集团上涨3.94%， 快手上涨3.5%，阿里巴巴、中芯国际、比亚迪股份等多股涨幅均在2%附近。 开盘后直线拉升，随后震荡上行，截至目前恒生指数上涨1.15%。恒生科技涨幅居前，医疗、互联网、 大消费等紧随其后，银行相对弱势。 银行开盘后直线跳水，随后超跌反弹，截至目前小涨0.42%。其中中信银行上涨2.34%，青岛银行、重 庆农村商业银行、农业银行、招商银行等近10只个股涨幅均在1%上方；郑州银行、光大银行等股逆势 小跌。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ 恒生医疗高开高走后一路拉升，截至目前上涨1.95%。其中康方生物上涨4.98%，石药集团上涨4.37%， 中国生物上涨3.79%，信达生物上涨3.53%，京东健康、药明生物、翰森制药等股均小幅收涨。 ...