人民财讯11月25日电，恒指高开0.9%，恒生科技指数涨1.43%。小米集团涨近3%，百度集团涨近4%， 紫金矿业涨3%。 ...

21世纪经济报道新质生产力研究院综合报道 微软推出FARA-7B小语言模型 美国当地时间11月24日，微软宣布推出FARA-7B，首款专为计算机使用而设计的智能体小型语言模 型。据称，与生成基于文本响应的传统聊天模型不同，像Fara-7B这样的计算机使用智能体（CUA）模 型会利用鼠标和键盘等计算机接口，代表用户完成任务。Fara-7B仅70亿参数，却在同规模级别中实现 了先进的性能，且能与那些依赖于提示多个大型模型、规模更大且资源消耗更多的智能体系统相抗衡。 Fara-7B的小巧体型使其能够直接在设备上运行CUA模型。Fara-7B是一个实验性版本，旨在邀请社区进 行实际探索并提供反馈。 Anthropic发布新模型Claude Opus 4.5 Anthropic正式发布最新的模型Claude Opus 4.5。据称，这是目前全球在编码、智能代理（agent）和计算 机应用方面表现最佳的模型。它在深度研究、处理幻灯片和电子表格等日常任务方面也显著优于其他模 型。Opus 4.5预示着未来工作方式的重大变革。微软也宣布在Microsoft Foundry、GitHub Copilot付费计 划及Micros ...

每经AI快讯，11月25日，小米集团开盘走强，涨超3%，股价重回40港元大关。 ...

Core Viewpoint - Xiaomi Group's stock price increased by over 5% following the announcement of significant share purchases by its founder and CEO Lei Jun, reflecting confidence in the company's growth potential [1] Financial Performance - For Q3 2025, Xiaomi Group reported revenue of approximately 113.12 billion yuan, representing a year-on-year growth of 22.3%, marking the fourth consecutive quarter of revenue exceeding 100 billion yuan [1] - The adjusted net profit reached 11.3 billion yuan, a historical high with a year-on-year increase of 80.9% [1] Shareholder Activity - Lei Jun invested over 100 million HKD to acquire 2.6 million shares at an average price of approximately 38.58 HKD per share, increasing his shareholding to 23.26% [1] - The board of directors views this share purchase as a strong indication of Lei Jun's confidence in the company's future development and growth potential [1] Product Milestones - Xiaomi's automotive division announced the production of its 500,000th vehicle, indicating significant progress in its automotive manufacturing capabilities [1] - The company also launched and fully open-sourced its embodied AI model, MiMo-Embodied, on November 21 [1]

Group 1: ETF Market Growth - The total scale of ETFs in Shanghai and Shenzhen has exceeded 5.7 trillion yuan, with 772 ETFs in Shanghai valued at 40,847.47 billion yuan and 559 ETFs in Shenzhen valued at 16,246.33 billion yuan [1] - Recent regulatory changes by the China Securities Regulatory Commission have optimized the ETF registration and listing review process, potentially enriching product supply and attracting more long-term capital into the market [1] Group 2: Financial Support for Consumption - Various regions have announced financial policies to support consumption, focusing on encouraging consumer-oriented companies to go public and guiding financial institutions to utilize loans for consumption and elderly care [1] - Supporting high-quality consumer companies is expected to enhance corporate credibility, expand quality supply, and optimize consumption structure [1] Group 3: Share Buybacks by Listed Companies - A-share listed companies have shown strong enthusiasm for share buybacks, with 1,859 buyback plans implemented this year, involving 1,365 companies, and 365 companies completing buybacks exceeding 100 million yuan [1] - The total buyback amount has reached approximately 227.5 billion yuan, signaling positive market sentiment and investor confidence [1] Group 4: Copper Industry Challenges - Copper prices have reached historical highs, but rising raw material costs are significantly impacting downstream operations, with 18% of small and medium-sized enterprises in the copper supply chain reducing production [2] - Many copper smelting plants are facing raw material shortages, leading to increased operational pressures and a potential shift towards aluminum in various applications due to cost advantages [2] Group 5: Quantum Computing Development - China's first optical quantum computer manufacturing plant has been established in Shenzhen, covering approximately 5,000 square meters and integrating R&D, manufacturing, and testing [3] - The plant aims to achieve engineering, standardization, and large-scale production of optical quantum computers, marking a significant step in the country's quantum computing capabilities [3] Group 6: Investment in Robotics - Three listed companies, Longqi Technology, Ningbo Yunsheng, and Ningbo Huaxiang, have announced plans to invest in a new venture capital fund focused on the embodied intelligence industry [5] - The fund aims to stimulate the growth of the supply chain ecosystem by investing in early-stage innovative companies within the industry [5] Group 7: Xiaomi Stock Buyback - Xiaomi Group's founder Lei Jun has personally invested over 100 million Hong Kong dollars to increase his stake in the company, raising his ownership to 23.26% [5] - The company has conducted significant stock buybacks, totaling over 2.3 billion Hong Kong dollars this year [5] Group 8: New H Shares Issuance - UBTECH has announced a placement of 31.468 million new H shares at a discount of approximately 11.39% from the previous closing price [6] - LeMo Technology plans to globally issue 5.5556 million H shares, with a maximum price of 40 Hong Kong dollars per share [7] Group 9: Control Change in ST Lvkang - ST Lvkang has undergone a change in controlling shareholder to Zongteng Network, with the actual controller now being Wang Zuan [8] - This change is not expected to have a significant adverse impact on the company's main business and operating performance [8] Group 10: Lithium Hexafluorophosphate Supply - Xinzhou Bang has reported that its self-supply ratio of lithium hexafluorophosphate is currently between 50% and 70%, with plans to maintain this level while optimizing costs [9] - The company aims to balance cost control with external partnerships to ensure supply chain stability [9] Group 11: Stock Issuance by Guangxun Technology - Guangxun Technology's application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange, pending further regulatory approvals [10]

恒生指数高开0.9%，恒生科技指数涨1.43%。科网股多数上涨，百度集团涨近4%，小米集团、阿里巴巴 涨近3%。文远知行涨超6%，公司第三季度总收入1.71亿元，同比增长144.3%。 广发证券表示，港股可能再次迎来布局良机。如果后续美国政府停摆结束、美联储12月降息表态重新转 鸽、美联储停止缩表甚至重启扩表，美元流动性得到缓解，港股可能会出现新一轮上涨。配置上，11月 基本面驱动效应强，仍然采用杠铃策略，以红利为底仓，科技成长博弹性。广发证券称，港股牛市的基 础并未破坏，但演进方式更可能呈现"震荡上行、重心缓升"的特征，而非单边快速上涨，港股的11月基 本面驱动效应强，仍然要重视高景气板块的价值。在配置上，仍然采用杠铃策略，港股稳定价值类资产 (尤其是AH溢价相对较高H股)作为底仓长期配置，港股景气成长类资产的产业逻辑依然坚实，震荡中孕 育机会。一旦上述Trigger出现，资金可能会流入中国最具备全球竞争优势的核心资产，例如恒生科技 (互联网、新能源车)等。 银河证券表示，临近年底，市场风险偏好趋于谨慎，港股或延续震荡走势。建议关注以下板块：(1)供 需格局变化下，下游商品价格上涨的周期股或持续反弹。(2) ...

香港恒生指数开盘报25948.90点。百度涨3.85%，小米、阿里巴巴涨近3%，地平线机器人、哔哩哔哩、 蔚来涨超2%。(来自华尔街见闻APP) 每经AI快讯，11月25日，香港恒生指数开盘涨0.9%，恒生科技指数涨1.43%。百度涨3.85%，小米、阿 里巴巴涨近3%，地平线机器人、哔哩哔哩、蔚来涨超2%。 ...

Core Points - The increase in delivery volume of Xiaomi cars has led to a rapid rise in complaints regarding its sales services [1][12] - A recent court ruling found Xiaomi liable for breaching a car purchase agreement, requiring the company to refund double the deposit to a consumer [4][10] Group 1: Legal Developments - The Haikou City Meilan District People's Court ruled that Xiaomi's purchase agreement contained invalid clauses, and the company must return a total of 10,000 yuan in deposits to the consumer [4][10] - The court identified three main reasons for its ruling: the invalidity of format clauses, violation of good faith principles, and breach of supplementary agreements [10] Group 2: Consumer Complaints - Complaints regarding payment obligations and delivery sequences have surged since November 2025, affecting various models including the SU7 series and the new YU7 SUV [12] - Xiaomi's customer service has not provided clear responses to consumer requests for "paying after vehicle inspection," suggesting that consumers negotiate with local stores instead [12] Group 3: Company Performance - Despite the rising consumer complaints, Xiaomi's automotive business reported strong performance, delivering over 260,000 vehicles in the first three quarters of the year, with a revenue of 28.3 billion yuan [13] - The automotive segment accounted for 25% of the group's total revenue, achieving a gross margin of 25.5% and a quarterly operating profit of 700 million yuan [13]

2、港股通最近5个交易日增持榜（前10名） 智通财经APP获悉，根据2025年11月24日披露数据，中国电信（00728）、绿色动力环保（01330）、大 眾公用（01635）位居港股通持股比例前3位，分别为72.44%、69.47%、69.41%。此外，阿里巴巴－W （09988）、盈富基金（02800）、小米集团－Ｗ（01810）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+63.91亿元、+53.58亿元、+25.33亿元;药明生物（02269）、中国移动（00941）、晶泰 控股（02228）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-6.12亿元、-4.85亿 元、-4.73亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.54亿股 | 72.44% | | 绿色动力环保(01330) | 2.81亿股 | 69.47% | | 大眾公用(01635) | 3.70亿股 | 69.41% | | 昊天国际 ...

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor skepticism towards these companies [1][2]. Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 87.71%, followed by Ping An Insurance-R (82318) at 69.65% and Shougang Resources (00639) at 62.81% [1][2]. - The short-selling amounts for Alibaba-SW (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) are the highest, amounting to 5.06 billion, 1.62 billion, and 1.17 billion respectively [1][2]. Deviation Values - Shougang Resources (00639) leads in deviation value at 48.27%, followed closely by Ping An Insurance-R (82318) at 46.76% and FIH Mobile Limited (02038) at 46.20% [1][2]. - The deviation value indicates the difference between the current short-selling ratio and the average short-selling ratio over the past 30 days, suggesting heightened market volatility for these stocks [3].