11月24日南向资金成交活跃股 11月24日恒生指数上涨1.97%，南向资金全天合计成交金额为1027.23亿港元，其中，买入成交556.47亿 港元，卖出成交470.76亿港元，合计净买入金额85.71亿港元。具体来看，港股通（深）累计成交金额 437.54亿港元，买入成交251.24亿港元，卖出成交186.30亿港元，合计净买入金额64.94亿港元；港股通 （沪）累计成交金额589.69亿港元，买入成交305.23亿港元，卖出成交284.46亿港元，合计净买入金额 20.78亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额167.75亿港 元，中芯国际、华虹半导体成交额紧随其后，分别成交85.34亿港元、43.38亿港元。以净买卖金额统 计，净买入的个股共有9只，阿里巴巴-W净买入额为40.66亿港元，净买入金额居首，该股收盘股价上 涨4.67%，腾讯控股净买入额为11.67亿港元，快手-W净买入额为8.19亿港元。净卖出金额最多的是中芯 国际，净卖出10.24亿港元，该股收盘股价下跌1.09%，中国海洋石油、华虹半导体遭净卖出3.79亿港 元、3.38亿港元。 ...

11月24日港股通成交活跃股 | 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) | 968542.63 | 88232.23 | 4.67 | | 09988 | 阿里巴巴-W | 港股通(深) | 708931.00 | 318393.58 | 4.67 | | 00981 | 中芯国际 | 港股通(沪) | 439128.29 | -48332.40 | -1.09 | | 00981 | 中芯国际 | 港股通(深) | 414269.00 | -54056.93 | -1.09 | | 01810 | 小米集团-W | 港股通(沪) | 245425.85 | 10697.05 | 1.52 | | 01347 | 华虹半导体 | 港股通(沪) | 234099.40 | 36039.12 | -4.91 | | 00700 | 腾讯控股 | 港股通(沪) | 214511.92 | 11352.25 | 2.38 | | ...

Investment Rating - The investment rating for Kuaishou is "Buy" and is maintained [7] Core Insights - Kuaishou's Q3 2025 revenue reached 35.6 billion CNY, representing a year-on-year growth of 14%. The Non-GAAP net profit was 5 billion CNY, up 26% year-on-year. Domestic business operating profit was 5.4 billion CNY, a significant increase of 54% year-on-year, while overseas business incurred an operating loss of 200 million CNY [2][4] Revenue Breakdown - Kuaishou's Q3 2025 online marketing service revenue was 20.1 billion CNY, growing 14% year-on-year, contributing 56.5% to total revenue. The growth was driven by AI-enabled advertising, with ad load and eCPM both improving, leading to a 4-5% increase in domestic advertising revenue. The company also saw a 3% increase in live streaming revenue, totaling 9.6 billion CNY, contributing 26.9% to total revenue. Other services, including e-commerce, generated 5.9 billion CNY, a 41% increase year-on-year, contributing 16.6% to total revenue [8] User Engagement - Kuaishou's content ecosystem continues to thrive, with average daily active users (DAU) reaching 416 million, a 2.1% year-on-year increase, and average monthly active users (MAU) reaching 731 million, up 2.4% year-on-year [8] Profitability Metrics - Kuaishou achieved a gross margin of 54.7% in Q3 2025, with an adjusted net profit margin of 14.0%, reflecting a year-on-year increase of 0.4 percentage points and 1.3 percentage points, respectively. R&D expenses rose by 17.7% to 3.7 billion CNY, primarily due to increased AI investments and employee benefits [8] AI Business Development - The commercialization of Kuaishou's AI, known as Keling, progressed smoothly, generating over 300 million CNY in revenue in Q3 2025, a 20% increase from the previous quarter. The Keling 2.5 Turbo model topped global rankings in video and image generation shortly after its launch [8]

机构：国海证券 研究员：陈梦竹/尹芮 事件: 11 月19 日，公司公告2025Q3 季报，本季度实现营收355.54 亿元（YoY+14.2%，QoQ+1.4%），毛利率 为54.7%，实现营业利润52.99亿元，净利润44.89 亿元，经调整净利润49.86 亿元。 我们的观点： 4、电商及其他业务：2025Q3 电商及其他业务收入同比增长41.3%至59 亿元。电商GMV 同比增长15.2% 至3,850 亿元，主要受益于多元惠商政策、全域流量扶持、AI 智能工具赋能等举措，持续提升用户体 验。2025Q3 泛货架电商实现GMV 持续超大盘增长，占比突破32%，OneSearch 与OneRec 的应用分别推 动搜索订单量提升近5.0%，并带来Feed 流GMV 高单位数增长。此外，AIGC 内容生产、商家提效和提 升商品匹配效率三大方向实现电商业务的全链路赋能。AIGC 素材生成与优化能力有效提升商家在不同 场域的转化效率，智能直播切片和直播间AI 智能讲解概要的渗透率不断提升，AI商品经营助手助力商 家降本增效，生成优质数据。此外，基于电商知识图谱的可解释推荐应用于预测用户的潜在、长期兴 趣，在提升 ...

Core Viewpoint - The Hong Kong stock market is experiencing a rebound in AI-related stocks, with significant gains in major tech companies, indicating a positive shift in investor sentiment towards the sector [1][3]. Group 1: Market Performance - Hong Kong's AI stocks have shown a strong recovery, with notable increases in share prices for companies like Alibaba, Kuaishou, and Bilibili, reflecting a growing interest in AI applications [1]. - The Hong Kong Internet ETF (513770) saw a price increase of nearly 3% during trading, closing up 2.2%, indicating active buying interest [1]. - The Hong Kong Internet ETF recorded a net inflow of 71.14 million yuan over the past week, suggesting strong investor confidence [1]. Group 2: Valuation and Investment Opportunities - The price-to-earnings (P/E) ratio for the Hong Kong Internet ETF is currently at 21.93, which is at the historical bottom of the past decade, presenting a valuation advantage compared to A-share counterparts [3][4]. - Analysts suggest that the Hong Kong market is entering a favorable investment phase, with opportunities for left-side investors to gradually build positions [3]. - The Hong Kong Internet sector is home to several leading tech giants that are deeply integrated into the global supply chain, particularly in AI, cloud computing, and semiconductor industries, indicating potential for value realization [4]. Group 3: Company Developments - Alibaba's AI assistant, Qianwen, has achieved over 10 million downloads within a week of its public testing, surpassing other AI applications, highlighting its rapid growth [5]. - Kuaishou's AI video model, Keling, has upgraded to Turbo2.5, positioning itself among the top global AI video models, which is expected to enhance its commercialization potential [5]. - Goldman Sachs' chief strategist emphasizes that the rise of Chinese stocks driven by AI is not a bubble, suggesting that tech companies can still enhance their valuations through AI applications [5]. Group 4: ETF and Fund Insights - The Hong Kong Internet ETF has a market size exceeding 10 billion yuan, with an average daily trading volume of over 600 million yuan, indicating good liquidity [6]. - The ETF's top holdings include Alibaba, Tencent, and Xiaomi, which collectively account for over 73% of the fund, showcasing a strong focus on leading AI and tech companies [6].

多方激励，引爆主播与达人参与热情 为激发平台创作者生态的活力，快手电商为带货达人准备了一系列丰厚的权益与激励措施。短视频 场景下，发布带话题 #暖冬美好食光 的短视频，即可获得流量券助推奖励，助力内容破圈。 寒意渐浓，消费者对"暖身又暖心"的饮食需求日益旺盛。快手电商宣布，将于11月24日至12月7日 期间，推出以 "囤够好食光，暖心过冬天" 为主题的大型营销活动——"暖冬美好食光"节。本次活动将 汇聚平台内外的众多主播与达人，共同为老铁们甄选冬日优质好物，点燃冬日消费热情。上快手搜 索"暖冬美好食光"可进入活动页面。 应时而食，活动精准切入冬日消费场景 活动背景紧密契合了季节转换带来的消费趋势变化。11月中旬，凉意渐浓，人们的饮食偏好已从秋 日的"润燥"转向对"温暖适口"的追求。餐桌上热气腾腾的炖煮菜肴开始频频登场，而"冬腊风腌，蓄以 御冬"的传统习俗也如期而至，蕴含着为家人蓄暖过冬的用心。 这一转变在生鲜食品消费上体现得尤为明显：消费者开始积极选购牛羊肉、时令蔬菜、新鲜菌菇等 暖身食材，同时也在为制作腊味、筹备年货做准备，提前安排冬日欢聚与团圆时刻。快手电商"暖冬美 好食光"节正是精准捕捉了这一需求，旨在 ...

智通财经APP获悉，2025年11月24日当天，阿里巴巴-W(09988)、中芯国际(00981)、小米集团-W(01810) 位居沪港通（南向）成交额前3位，成交额分别为96.85 亿元、43.91 亿元、24.54 亿元；阿里巴巴- W(09988)、中芯国际(00981)、腾讯控股(00700) 位居深港通（南向）成交额前3位，成交额分别为70.89 亿元、41.43 亿元、21.19 亿元。 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-W(09988) | 96.85 亿元 | +8.82 亿元 | | 中芯国际(00981) | 43.91 亿元 | -4.83 亿元 | | 小米集团-W(01810) | 24.54 亿元 | +1.07 亿元 | | 华虹半导体(01347) | 23.41 亿元 | +3.60 亿元 | | 腾讯控股(00700) | 21.45 亿元 | +1.14 亿元 | | 中国海洋石油(00883) | 11.72 亿元 | -1.79 亿元 | | 赣锋锂业(01772) | ...

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology [3][6]. Core Insights - Kuaishou's revenue for Q3 2025 reached 35.6 billion yuan, a year-on-year increase of 14.2%. The revenue from online marketing services, live streaming, and other services was 20.1 billion, 9.6 billion, and 5.9 billion yuan, respectively, with growth rates of 14.0%, 2.5%, and 41.3% [1]. - The company's operating profit for the quarter was 5.3 billion yuan, with an operating profit margin of approximately 14.9%. The non-GAAP net profit attributable to shareholders was 5.0 billion yuan, up 26.3% year-on-year, with a non-GAAP net profit margin of about 14.0% [1]. - E-commerce GMV grew robustly, increasing by 15.2% year-on-year to 385 billion yuan, with a healthy development in the average buyer structure and active user repurchase frequency [1][2]. - The AI models, such as OneRec and G4RL, have become new drivers for advertising revenue growth, contributing approximately 4%-5% to domestic online advertising revenue [2]. Financial Summary - The projected revenues for Kuaishou from 2025 to 2027 are 141.5 billion, 155.0 billion, and 167.0 billion yuan, representing year-on-year growth rates of 11%, 10%, and 8% respectively. Adjusted net profits are expected to be 20.5 billion, 24.8 billion, and 27.8 billion yuan, with growth rates of 16%, 21%, and 12% [3][5]. - The adjusted EPS for the same period is projected to be 4.8, 5.8, and 6.5 yuan, with a net asset return rate of 25.6%, 24.2%, and 21.8% respectively [5][12]. - The target price for Kuaishou is set at 94 HKD based on a 15x P/E ratio for 2026 estimates [3].

11月24日，港股主要指数午后涨幅扩大，恒生指数涨超2%，恒生科技指数涨2.7%。其中，快手- W(1024.HK)领涨恒生科技指数，涨超7%，收盘报68.55港元，成交额显著放大至45.5亿港元。 市场分析认为，股价异动背后是资金对快手AI技术商业化成果的认可，此前多家头部机构研报中提及 的"AI量化增收"逻辑正在获得市场验证。 机构共识：三大逻辑支撑股价表现 回顾近期CLSA、Jefferies、中金公司、高盛和花旗等头部机构发布的研报，对快手的投资价值形成了三 大共识，这为此次股价上涨提供了坚实的逻辑基础。 同时，可灵视频生成大模型的商业化进展同样超出预期。财报显示，可灵2025年第三季度收入突破3亿 元人民币，全年指引上调至1.4亿美元。 当然，股价的表现离不开稳健的业务基本面支撑。机构研报普遍认为，快手的传统业务展现出强大的韧 性。线上营销服务在AI赋能下保持良好增长态势，特别是在生活服务、短剧、内容消费等行业渗透力 持续增强。 电商业务保持健康增长，用户复购频次提升，货架电商占比超过32%，生态结构持续优化。从当期财报 来看，快手盈利能力改善趋势明确。三季度Non-IFRS净利润接近50亿元，销售 ...

多位美联储高级官员"放鸽"，12月降息预期再次升温。港股三大指数今日集体走高，恒指盘中涨超 2%，恒科指数一度涨超3%。截止收盘，恒生指数涨1.97%或496.48点，报25716.5点，全日成交额为 3026.42亿港元；恒生国企指数涨1.79%，报9079.42点；恒生科技指数涨2.78%，报5545.56点。 华泰证券认为，近期市场波动率上升，流动性、情绪和风险偏好是主要原因。在市场波动放大的情况下 部分投资者再度担忧转弱的经济数据与股市之间"背离"问题，该行对此并不悲观。国内资产重估主线脉 络未变，资金寻找核心资产的诉求也未变，但估值向盈利的切换和内外资的重新平衡要求配置思路需要 更加去伪存真。港股本轮调整相对 A 股更早、跌幅也更深，当前位置已经开始具备性价比。 蓝筹股表现 阿里巴巴-W(09988)表现亮眼。截至收盘，涨4.67%，报154.5港元，成交额307.21亿港元，贡献恒指 104.44点。阿里巴巴微信公众号今早发消息称，公测一周，千问APP下载量突破1000万。据悉，该应用 超越ChatGPT、Sora、DeepSeek，成为史上增长最快的AI应用。 其他蓝筹股方面，快手-W(0102 ...