来源：格隆汇APP 格隆汇12月8日丨根据联交所最新权益披露资料显示，2025年12月2日，美图公司(01357.HK)获JPMorgan Chase & Co.以每股均价7.7128港元增持好仓599.72万股，涉资约4625.52万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为232,775,864股，持好仓比例由4.96%上升至5.09%。 | 股份代號: | 01357 | | --- | --- | | 上市法國名稱: | 美图公司 | | 日期(日/月/年): | 08/11/2025 - 08/12/2025 | | 爱情感影 | 文研制度申博里行较人员名 申博民族的 NY人就出成修及的 申发的平均 | | | | | 於其國國際發展的設計為國際國家教學國教學院學院學。因義學院就讀題國 | | --- | --- | --- | --- | --- | --- | --- | | | | FIGH | 成分彩官 | | ( ( ) | 第三章 (日)日/日) 福昌 | | | | | | | | 19 12 11 11 | | CS20251205E00155 | UP ...

本报讯(记者李豪悦) 近日，瑞士银行发布的报告称，美图公司近期发布的AI模型对其用户增长没有影响，审美理解是公司 进行差异化竞争并构建护城河的关键。瑞银对美图维持买入评级，目标价14.1港元/股。 面对包括大厂巨头在内的同行竞争，美图公司认为，用户的审美偏好一直在动态变化，且不同文化背景 人群审美差异很大，这使得单纯依靠流量获取用户变得困难。而随着模型能力的普遍提升，审美洞察和 理解成为关键的差异化因素，这正是美图过去十几年所积累的，已整合到中台，因此能快速推出满足用 户偏好的新功能。 大摩表示，应用仍是AI投资的首选，重申对腾讯控股、阿里巴巴和美图公司的增持评级。 高盛近日发布的报告表示，美图公司已经在旗下多款产品中整合了RoboNeo的Agent能力。该行认为， 应用厂商通过整合大模型能力并专注于特定场景，使To C和To B用户能够利用AI在一个平台上完成工作 流，因此对中国AI应用市场持积极看法。 美图公司认为，一方面，美图采取的"模型容器"策略使其可以接入最新模型技术，并通过后期训练打造 满足用户需求的功能；另一方面，大模型的语言交互模式目前还无法取代生活类和生产力产品的操作流 程，这是用户留存的关 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美图公司 (於開曼群島註冊成立的有限公司，並以「美圖之家」名稱於香港經營業務) 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01357 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | 0.00001 | USD | | 60,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 6,000,000,000 | USD | 0.00001 | USD | | ...

Core Viewpoint - Meitu Inc. (01357.HK) continues to experience a downward trend in its stock price, with concerns about AI models impacting its market position, yet analysts believe the company has significant long-term growth potential [1][3]. Group 1: Stock Performance - As of December 3, Meitu's stock price fell by 4.69% to HKD 7.31 per share, marking a cumulative decline of nearly 17% over four consecutive trading days [1][2]. - The stock reached a high of HKD 7.69 and a low of HKD 7.20 during the trading session, with a trading volume of 51.77 million shares and a total transaction value of HKD 381 million [2]. Group 2: Analyst Insights - Guojin Securities released a report stating that Meitu should not be overshadowed by the narrative of "AI swallowing software," emphasizing the company's broad long-term growth space and potential for a second growth curve through international expansion and productivity tools [1][2]. - The report highlights that in the AI era, software like Meitu, which possesses "functional depth and national recognition," retains significant value that is difficult to disrupt [3].

【智通财经12月3日早间新闻精选】 1、国家发改委等五部门发布关于加强数据要素学科专业建设和数 字人才队伍建设的意见。意见指出，鼓励地方利用算力券、模型券、数据券等方式，在算力、算法、数 据等方面提供便利和优惠。 2、六大行官方APP及手机银行查询发现，目前各银行大额存单期限结构已 明显"短期化"，全面停售5年期大额存单。 3、中国药品价格登记系统正式上线。中国医药、同仁堂等9 家医药企业在现场进行药品价格首批登记。 4、福建发布12条惠台政策措施，包括加大台资企业用地用 海保障；鼓励闽台（南靖）精密机械产业园台资企业项目建设；对台资水产养殖企业实施保费优惠等。 5、2025年11月A股新开户238万户，环比10月231万户增长3%，2025年前11个月已累计新开2484万户， 同比增长7.95%。 6、有报道称，磷酸铁锂行业正在发生一场集体提价行动。龙蟠科技表示，正与客户 沟通涨价事由，公司对磷酸铁锂未来价格走势比较乐观。 7、"豆包AI助手"手机出圈，大摩认为，主要 手机厂商和超级应用更倾向于自研AI助手，因此大摩维持对应用层股票的看好，重申对腾讯、阿里巴 巴和美图的"增持"评级。 8、OECD预估202 ...

Core Points - The mainland consumer electronics index (983105) closed at 4679.66 points, down 0.04%, with a trading volume of 75.462 billion yuan and a turnover rate of 1.56% [1] - Among the index constituents, 20 stocks rose while 29 fell, with AAC Technologies leading the gainers at 3.95% and Meitu leading the decliners at 6.0% [1] Index Constituents Summary - The top ten constituents of the mainland consumer electronics index are as follows: - Luxshare Precision (sz002475) holds a weight of 12.51%, latest price at 60.00 yuan, with a market cap of 436.926 billion yuan and a rise of 2.37% [1] - SMIC (hk00981) has a weight of 12.37%, latest price at 62.39 yuan, with a market cap of 499.131 billion yuan and a decline of 1.15% [1] - Other notable constituents include BOE Technology (sz000725) with a weight of 5.67% and a market cap of 145.166 billion yuan, and Xiaomi (hk01810) with a weight of 5.56% and a market cap of 963.341 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 775 million yuan, while retail funds saw a net outflow of 347 million yuan [3] - Key stocks with significant fund flows include: - Luxshare Precision with a net inflow of 604 million yuan, accounting for 5.53% of the main funds [3] - Other stocks like GoerTek (sz002241) and Shenghong Technology (300476) also experienced notable fund movements [3]

Core Viewpoint - Morgan Stanley expresses skepticism about the practical implementation of the Doubao AI assistant, despite its impressive demonstration of features, and maintains a positive outlook on "super apps" like WeChat, Taobao, and Meituan [2][3][4]. Group 1: Challenges in Implementation - The Doubao AI assistant requires deep system-level integration, necessitating modifications to the operating system, which directly impacts the core interests of smartphone manufacturers (OEMs) [4][6]. - The successful implementation and promotion of the Doubao AI assistant depend on extensive technical collaboration and commercial negotiations with various smartphone OEMs, which poses significant challenges [7][11]. Group 2: Competitive Landscape - Major hardware players, including Apple, Huawei, and Xiaomi, are likely to develop their own AI assistants rather than collaborate with ByteDance, leaving limited options for partnerships with Doubao [10][11]. - The competitive environment in the Chinese market presents high entry barriers for Doubao to establish a broad hardware ecosystem [11][12]. Group 3: Investment Strategy - Given the difficulties in hardware breakthroughs, Morgan Stanley recommends investing in software application giants with substantial traffic and use cases, asserting that the dominance of "super apps" remains unchallenged [13][14]. - The report reiterates "overweight" ratings for Tencent, Alibaba, and Meitu, providing specific rationales for each: - Tencent is viewed as the best AI application proxy in China, with plans to launch its next-generation AI model, Hunyuan 2.0 [14]. - Alibaba is identified as the best AI infrastructure stock, with accelerating cloud revenue growth expected [14]. - Meitu is recognized as a beneficiary of AI multimodal capabilities, particularly in its "last mile" service capabilities that general AI assistants cannot fully replace [14].

Core Viewpoint - Morgan Stanley's report indicates that while the ideal "Doubao" ecosystem from ByteDance appears rich, there are significant execution challenges ahead [1][4] Summary by Sections Product Features - The "Doubao" AI assistant is deeply integrated into smartphone operating systems and showcases capabilities such as interactive functions, multi-modal generation, app proxying, memory functions, and a professional mode for complex tasks [2][6] Market Challenges - The report highlights major obstacles in promoting the "Doubao" assistant, particularly the need for in-depth technical cooperation and commercial negotiations with various smartphone OEMs, which may redefine the smartphone value proposition and weaken OEMs' bargaining power [3][6] - Major smartphone OEMs like Apple, Huawei, and Xiaomi are more likely to develop their own AI assistants rather than collaborate with ByteDance, limiting the options for partnerships in the Chinese market [3][6] Investment Perspective - Despite concerns that the "Doubao" assistant may become a traffic entry point and weaken C-end applications, Morgan Stanley remains optimistic about Chinese applications in AI investment, citing the dominance of super apps like WeChat, Taobao, and Meituan, which prefer to develop their own AI assistants to maintain traffic [7]

Core Viewpoint - Morgan Stanley expresses skepticism about the feasibility of ByteDance's "Doubao" AI assistant smartphone ecosystem, emphasizing that while the concept appears rich, execution challenges are significant [1]. Group 1: Product Features - The "Doubao" AI assistant is deeply integrated into the smartphone operating system, showcasing capabilities such as interactive functions, multi-modal generation, app access, memory features, and a professional mode for complex tasks [2]. Group 2: Market Challenges - Morgan Stanley identifies major obstacles in promoting the "Doubao" assistant, particularly the need for in-depth technical collaboration and commercial negotiations with various smartphone OEMs, which may prefer developing their own AI assistants [3]. - The report highlights that leading smartphone OEMs like Apple, Huawei, and Xiaomi are likely to focus on their proprietary AI solutions rather than partnering with ByteDance, limiting the potential OEM options for collaboration [3]. Group 3: Investment Perspective - Despite concerns that the "Doubao" assistant could become a traffic entry point and weaken consumer-facing applications, Morgan Stanley maintains a positive outlook on Chinese applications, citing the dominance of super apps like WeChat, Taobao, and Meituan, which are likely to develop their own AI assistants to secure traffic [3].

Group 1 - Morgan Stanley's report highlights that while ByteDance's "Doubao" AI assistant ecosystem appears rich, there are significant execution challenges [1] - The report reiterates a bullish stance on application stocks as the preferred investment in AI, maintaining "overweight" ratings for Tencent Holdings, Alibaba, and Meitu [1] - Concerns arise regarding potential loss of traffic entry points for consumer applications due to the introduction of the "Doubao" assistant [1][3] Group 2 - The "Doubao" AI assistant is deeply integrated into smartphone operating systems, showcasing capabilities such as interactive functions, multi-modal generation, and memory features [2] - The assistant can perform tasks like photo editing, accessing installed applications, and executing complex cross-application tasks in professional mode [2] - Morgan Stanley identifies significant barriers to the promotion of the "Doubao" assistant, emphasizing the need for deep technical cooperation and commercial negotiations with various smartphone OEMs [3] Group 3 - Major smartphone OEMs like Apple, Huawei, and Xiaomi are more likely to develop their own AI assistants rather than collaborate with ByteDance [3] - The report suggests that the options for ByteDance to partner with OEMs in China are very limited, making the establishment of the "Doubao" ecosystem challenging [3] - Despite concerns about the "Doubao" assistant potentially becoming a traffic entry point, Morgan Stanley remains optimistic about the opportunities in Chinese application markets due to the dominance of super apps [3]