| 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | 总市值 | | --- | --- | --- | --- | --- | --- | | 01024 | 快手-W | C | 6.56% | 66.79% | 2948.57 Z | | 099999 | 网易-S | | 6.26% | 61.57% | 6882.87 Z | | 09988 | 阿里巴巴-W | | 5.42% | 93.41% | 2.97万亿 | | 02359 | 药明康德 | | 4.14% | 93.30% | 3153.83 乙 | | 09888 | 百度集团-SW | | 4.10% | 35.07% | 3071.94 Z | | 03692 | 翰森制药 | | 4.03% | 134.85% | 2405.11亿 | | 00881 | 中升控股 | | 3.58% | -12.81% | 274.1 亿 | | 00688 | 中国海外发展 | | 3.37% | 19.16% | 1545.42 Z | | 00960 | 龙湖集团 | | 3.54% | 6.20% | 721.77亿 | | ...

11月24日，A股市场早盘高开回落，三大指数集体翻绿，截至午盘，沪指跌0.34%，深成指跌0.59%，创业板 指跌0.77%。沪深两市半日成交额1.03万亿，较上个交易日缩量3817亿。全市场超3200只个股上涨。 内地股票 | 行情 资金净流入 | | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3821.68 12463.79 | | 1375.73 | | -13.21 -0.34% -74.28 -0.59% -1.66 -0.12% | | | | 科创50 | 创业板指 | 万得全A | | 1280.64 | 2897.68 | 6017.14 | | -5.19 -0.40% -22.40 -0.77% -13.42 -0.22% | | | | 沪深300 | 中证500 | 中证A500 | | 4427.55 | 6804.37 | 5300.70 | | -26.06 -0.59% -13.04 -0.19% -25.29 -0.47% | | | | 中证1000 | 深证100 | 中证红利 | | 7071.44 | 5 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance, particularly among major internet companies, with significant gains observed in stocks like NetEase, Alibaba, and Kuaishou, driven by positive sentiment in the technology sector [1] Group 1: Market Performance - As of 10:50 AM, stocks such as NetEase-S, Alibaba-W, and Kuaishou-W have risen over 5%, while Tencent Holdings and Meituan-W have increased by more than 2% [1] - The Hang Seng Technology Index has risen by 2.2%, and the CSI Hong Kong Stock Connect Internet Index has increased by 2.4% [1] - The Hang Seng Technology ETF (513010) saw a net inflow of over 1.5 billion yuan last week, indicating strong investor interest [1] Group 2: Industry Outlook - Huatai Securities highlights that Hong Kong-listed companies in the AI narrative are primarily focused on domestic computing power, models, and applications, with future prospects linked to China's technological development [1] - The "14th Five-Year Plan" supports the theme of technological self-sufficiency, which is expected to be a medium to long-term focus [1] - Despite recent pullbacks in the Hong Kong technology sector, there remains potential for revaluation once liquidity conditions improve [1] Group 3: Valuation Metrics - The rolling price-to-earnings ratios for both the Hang Seng Technology Index and the CSI Hong Kong Stock Connect Internet Index are below 22 times, positioned at the 15% and 8% percentiles since the indices were launched [1] - Investors looking to capitalize on the Hong Kong technology sector can consider products like the Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) for convenient exposure [1]

每经AI快讯，11月24日，港股科网股走强，网易(09999.HK)、快手(01024.HK)涨超5%，阿里巴巴 (09988.HK)涨4.5%，百度(09888.HK)、美团(03690.HK)涨3%，京东(09618.HK)涨2.3%，腾讯控股 (00700.HK)涨近2%。 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Media, Internet, and Education sectors are highlighted for 2026 strategies, with significant emphasis on AI-driven advancements and market dynamics [1][2]. Core Insights and Arguments Advertising Sector - **AI Impact**: AI has significantly improved advertising efficiency, with Tencent's advertising revenue growing by 20% year-over-year in Q2 and continuing to rise in Q3. Kuaishou has made notable progress in user profiling and targeted advertising, while Bilibili achieved over 20% growth through AI enhancements [6][4]. - **Competition**: Third-party programmatic advertising platforms like Huishuangzang Technology and Yidian Tianxia are gaining competitiveness, driving transformation in the advertising industry [1][5]. Gaming Industry - **Regulatory Environment**: The normalization of game license issuance ensures a steady supply of content, supported by a resilient consumer environment. Major companies like Century Huatong and Giant Network are expected to benefit from a concentrated release of new products [7][9]. - **Market Dynamics**: The gaming sector is projected to maintain a high level of activity, driven by product innovation and commercial efficiency. Key players include Tencent, Century Huatong, and Giant Network [14][9]. Instant Retail Market - **Market Growth**: The instant retail market is expected to reach 1.175 trillion yuan by 2026, with a year-on-year growth rate of 28%. Major players like Alibaba, Meituan, and JD.com are heavily investing in this space, although profitability is under pressure due to intense competition [11][8]. - **Consumer Trends**: The county-level market is emerging as a new growth point, supported by the increasing number of rural internet users and their consumption habits [11][10]. Autonomous Driving Sector - **Competitive Landscape**: The autonomous driving sector is entering a price competition phase, with companies like Xpeng and Li Auto differentiating themselves through chip technology and self-driving capabilities. This trend is expected to enhance user experience and drive further development in the electric vehicle industry [12][10]. Short Drama and AI Animation - **Market Expansion**: The short drama market is rapidly growing, with approximately 700 million users in China. The market share of Hongguo exceeds 50%, while companies like China Online and Kunlun Wanwei are performing well in overseas markets, particularly targeting the U.S. [18][1]. - **AI Animation Growth**: The supply of AI animation (dynamic comics) has surged, with a compound monthly growth rate of about 83% in the first half of the year, resulting in over 3,000 works produced and a revenue scale that has increased twelvefold [19][3]. Education Sector - **AI Integration**: AI is increasingly penetrating the education sector, with companies like Dou Shen Education expected to achieve full AI integration by 2026, with AI revenue accounting for 90% of total income. Fenbi Education's AI interview courses are projected to enhance profit margins significantly [20][21]. - **Valuation Appeal**: Dou Shen Education's valuation metrics, such as a PS ratio of around 7 and a PE ratio in the 30s, are considered attractive compared to other sectors, which often see PE ratios of 60-70 [21][20]. Additional Important Insights - **Consumer Resilience**: The macroeconomic environment is supporting consumer resilience, with trends like the "lipstick effect" maintaining consumption levels [9][8]. - **Content Supply Recovery**: The film and television sectors are experiencing a recovery in content supply, with stable growth in box office revenues and favorable policies aiding the industry [17][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the current trends and future outlooks across various sectors.

16只硬科技主题基金同日获批 增量资金来了 11月21日，16只硬科技主题基金同日获批，包括首批7只科创创业人工智能ETF、3只科创板芯片ETF、4只科创板芯片设计主题ETF，以及2只科技主题主动权益类基 金，涉及易方达基金、广发基金、景顺长城基金、摩根资产管理、华宝基金、天弘基金等多家基金管理人。 国内首条大容量全固态电池产线建成 据央视新闻报道，国内已建成首条大容量全固态电池产线，目前正在小批量测试生产。该产线由广汽集团建成，并在行业内率先具备了60安时以上车规级全固态电 池的批量量产条件。据企业研发负责人介绍，目前开发的全固态电池能量密度比现有电池能量密度高了接近一倍。500公里以上续航的车使用之后达到1000公里以 上的续航。计划是2026年可以进行小批量的装车试验。2027年到2030年期间，可以逐步地进行批量生产。 阿里巴巴、美团等将发布财报 重要消息有哪些 MSCI中国指数调整将生效 全球知名指数公司MSCI此前宣布了2025年11月份指数审核结果，此次调整将于11月24日收盘后正式生效。本次调整中，MSCI中国指数新纳入26只中国股票，剔除 20只。 两部门：储蓄国债（电子式）纳入个人养老金产 ...

Group 1 - The week of November 24-30 will see the release of China's October industrial profits and November official manufacturing PMI data [1] - Several Chinese concept stocks will disclose their Q3 earnings, including Alibaba, Meituan, Li Auto, and NIO [1] - Huawei will hold a product launch event for the Mate80 series and a new GPU from the first domestic GPU company, Moer Thread, will be available for subscription [1] Group 2 - On November 24, domestic refined oil will enter a new round of price adjustment [1] - On November 25, Huawei's product launch will feature the Mate80 series and new Kirin chips, alongside the release of the US September PPI year-on-year [1] - On November 26, the US Department of Commerce will release the revised Q3 GDP, personal income, spending, and PCE price index for October [1] Group 3 - A total of 38 stocks will face the unlocking of restricted shares this week, with a total unlocking volume of 1.914 billion shares, valued at 21.305 billion yuan [1] - The top three companies by unlocking market value are China Southern Airlines (5.689 billion yuan), Feiling Technology (1.871 billion yuan), and Huaton Co., Ltd. (1.742 billion yuan) [2] Group 4 - The National Internet Information Office and the Ministry of Public Security have drafted regulations for personal information protection on large online platforms, seeking public opinion [3] - The regulations require platform providers to designate a personal information protection officer and establish a dedicated protection work unit [3] Group 5 - China Tourism Group is leading the establishment of a new central enterprise for cruise operations, following a meeting organized by the State-owned Assets Supervision and Administration Commission [4] - The new cruise operation platform will have the largest fleet in Asia after the professional integration [4] Group 6 - Beijing is revising the model contracts for commodity housing sales for the first time in eight years, aiming to protect buyers' rights [4] - The revised contracts will clarify the importance of pre-registration and streamline the process to prevent issues like "one house sold multiple times" [4] Group 7 - The first large-capacity all-solid-state battery production line in China has been completed and is currently in small-batch testing [5] - The new battery technology reportedly has an energy density nearly double that of existing batteries, with plans for small-batch vehicle testing by 2026 [5] Group 8 - The Ministry of Finance has announced that electronic savings bonds will be included in the personal pension product range [6] - Institutions will adjust the allocation ratio of pension-specific quotas quarterly based on the amount of unsold savings bonds [6] Group 9 - China has officially launched a commercial trial for satellite IoT services, which will enhance the satellite communication market and support emerging industries [7] Group 10 - Wentech Technology has urged Nexperia Netherlands to resolve control issues that threaten the stability of the global semiconductor supply chain [8] - The company emphasizes the need for constructive dialogue to restore its legitimate control and shareholder rights [8] Group 11 - The US and Ukraine are set to hold talks in Switzerland regarding a peace plan to end the conflict, with Ukraine aiming for a dignified resolution [9] - This week, two new stocks will be issued on the A-share market, including Moer Thread and Bai Ao Sai Tu [9]

证券研究报告|投资策略周报 [Table_Date] 2025 年 11 月 23 日 [Table_Title] 抖音电商 1-10 月 GMV 同比增速超 30%，中国澳门特区政府估算 2026 年赌收为 2360 亿澳门元 抖音本地生活服务业务在今年同样大幅增长，1-10 月 同比增速接近 60%，全年 GTV 预计将超 8000 亿元。 据《晚点 LatePost》，美团 2024 年的到店 GTV 为 1 万亿元左右，今年二、三季度受外卖大战等影响，增 速有所放缓。 在抖音电商板块，字节跳动高层在集团今年上半年的 全员会上，提出抖音电商当前阶段的新战略：耐用消 费品（包括家电、消费电子产品）实现市场份额突 破；通过优化流量分配机制，提升结算 GMV。 在本地生活板块，抖音到店业务份额不断增长，生活 服务靠用户主动搜索带来的下单率，约是刷短视频直 接下单的 10 倍；目前用户通过搜索后下单创造的 GMV 在抖音生活服务整体 GMV 中的占比已超过 50%。 ► 中国澳门特区政府发布《2026 年财政年度预算 案》法案，估算 2026 年博彩毛收入为 2360 亿元 11 月 18 日，中国澳门特区政府 ...

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见 稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速 增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等 条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监 督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的 配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数量的企 ...

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...