本文源自：金融界AI电报 港股科网股回暖，美团(03690.HK)涨超3%，阿里巴巴(09988.HK)涨1.5%，百度(09888.HK)、小米集团 (01810.HK)涨超1%。 ...

Core Insights - Pan Xin, former partner at Flash AI and head of visual large model AI platform at ByteDance, has joined Meituan to lead multimodal AI innovation [1][2] - Meituan's AI strategy is aggressive, focusing on the development of its AI model LongCat and various applications [2][3] - The company is actively recruiting AI talent, particularly in model training, to enhance its AI capabilities [3][5] Group 1: Leadership and Strategy - Pan Xin has a strong background in AI, having worked at Google DeepMind, Baidu, Tencent, and ByteDance, where he focused on multimodal AI [1] - Meituan's founder Wang Xing emphasized an offensive strategy in AI technology, aiming to leverage AI for competitive advantage in the food delivery market [2][3] Group 2: AI Development and Applications - Since 2025, Meituan has made significant progress in building foundational AI models across various modalities, including language, visual, audio, and video [4][7] - The company has launched several AI tools for restaurant merchants, such as "Kangaroo Advisor" and "Smart Manager," which are offered for free to all industry merchants [5][8] Group 3: Recruitment and Talent Acquisition - Meituan's recruitment efforts for AI talent have not diminished, focusing on high-caliber candidates from leading tech firms [3][8] - The company is shifting its AI application focus from independent consumer-facing applications to integrating AI into its core business operations [8]

经济观察网12月9日，香港交易所宣布推出香港交易所科技100指数(港交所科技100)，港交所科技100是 首只港股指数。港交所科技100是一个宽基股票指数，追踪100家在香港交易所上市的市值最大的科技公 司的表现。港交所官网显示，腾讯控股、阿里巴巴、小米集团、美团、京东集团等互联网与科技龙头， 美图公司、易鑫集团等新兴科技企业入选指数。 ...

Core Viewpoint - The article analyzes the performance of Meituan (03690) and its derivatives, highlighting the current market volatility and the potential for profit through structured products like warrants [1][7]. Market Performance Summary - As of 11:15 AM, the Hang Seng Tech Index was at 5527 points, down 0.48%, with Meituan's stock price showing resilience by rising over 1.23% to 98.5 HKD [1]. - Key support levels for Meituan are identified at 94.2 HKD and 90.9 HKD, while resistance levels are at 101.3 HKD and 104.6 HKD, indicating a slight upward probability of 56% [3]. Investor Sentiment Analysis - Investor opinions are divided into three main perspectives: 1. Cautious observation, expecting the stock to hover around 100 HKD, with a preference for entry at around 90 HKD [4]. 2. Bearish outlook, anticipating further declines to the 92-94 HKD range, where a significant number of bull certificates exist, potentially triggering stop-losses [4]. 3. Optimistic yet conservative, with a strategy of small positions to capture potential rebounds, believing that the current price reflects negative sentiment [4]. Derivative Products Overview - On December 5, despite a 1.72% drop in Meituan's stock, related warrants showed significant gains, with some products rising by 7-8%, demonstrating the leverage effect of derivatives [7]. - For bullish investors, options with strike prices around 108.98 HKD are available, offering high leverage (approximately 9.5 times) and low premiums [7]. - For bearish investors, put options around 91 HKD provide high leverage (approximately 6.8 times), while bear certificates around 103 HKD offer even higher leverage (approximately 13.3 times) [15].

Group 1: Core Insights - The overseas business segments of major Chinese internet companies have become "profit dark horses," with Alibaba's international digital commerce turning profitable, Meituan's Keeta achieving monthly profitability in Hong Kong, and Tencent's overseas gaming revenue surging by 43% year-on-year [1] - As domestic internet traffic growth reaches diminishing returns, going overseas has become a necessary strategy for companies, evolving from "go overseas or go home" to "no core capabilities, no overseas expansion" [1] Group 2: Cross-Border E-commerce - Alibaba's international retail business reported revenue of 28.068 billion yuan, a 10% year-on-year increase, driven by growth from AliExpress and other international operations [2] - The international wholesale business generated 6.731 billion yuan, an 11% increase year-on-year, attributed to growth in value-added services related to cross-border business [2] - Temu's gross merchandise volume (GMV) growth is primarily due to rapid penetration in the European (30-40% share, 60-70% year-on-year growth) and Latin American markets (over 15% share), while growth in North America is slowing [2][3] Group 3: Local Lifestyle Services - Meituan's Keeta achieved its first monthly profitability in Hong Kong, marking a significant milestone in its overseas expansion [4] - Keeta is expanding in the Middle East and Brazil, utilizing AI algorithms and big data to optimize delivery routes and improve efficiency [4][5] - The competitive landscape in Brazil is intense, with Didi and Uber also expanding their food delivery services, indicating a battle for market share [6] Group 4: Entertainment Sector - Tencent's international gaming revenue reached 20.8 billion yuan, a 43% year-on-year increase, driven by successful titles like "Clash Royale" and "PUBG MOBILE" [7] - NetEase's overseas strategy is undergoing significant adjustments, with the closure of several overseas studios despite some successful game launches [8] Group 5: Mobile Phones - Xiaomi's smartphone revenue declined by 3.1% year-on-year to 46 billion yuan, attributed to a decrease in average selling price (ASP) [9] - Xiaomi's overseas internet service revenue reached a record high of 3.3 billion yuan, growing by 19.1% year-on-year, with a notable increase in the share of high-margin overseas market revenue [10] - The competition in the African market between Xiaomi and Transsion is intensifying, leading to price wars [10] Group 6: Conclusion - The third-quarter financial reports indicate a shift in Chinese internet companies' overseas strategies, moving from reliance on policy advantages and low prices to focusing on supply chain capabilities, AI technology, localization, and compliance management [12] - The transformation represents an upgrade from being participants in the global value chain to integrators, with challenges such as geopolitical compliance risks and cultural differences remaining significant [13]

Core Insights - Snapmaker, a global consumer-grade 3D printing brand, has completed a multi-hundred million RMB Series B financing round, led by Hillhouse Capital and Meituan, with participation from several other investors [1] - The funds will be used for core technology research and development, high-end talent recruitment, and content ecosystem construction to accelerate the popularization of consumer-grade 3D printing technology [1] Group 1: Product Innovation and Market Performance - Since its establishment in 2016, Snapmaker has focused on consumer-grade 3D printing, breaking global crowdfunding records with its products [3] - The Snapmaker 2.0 raised over 54 million RMB in 2019, setting a record in the technology category and achieving the highest market share globally [3] - The flagship U1 3D printer raised over 150 million RMB (approximately 20 million USD) in crowdfunding in 2025, becoming the highest crowdfunding project in 3D printing history, supported by over 20,000 users [3] Group 2: User-Centric Approach and Technological Advancements - Snapmaker's breakthroughs stem from precise insights into user needs and deep integration of technology, addressing pain points such as low efficiency and material waste in multi-color printing [4] - The U1 printer features the innovative SnapSwap™ independent four-head system, allowing for rapid material switching and significantly enhancing printing efficiency and stability, achieving five times the speed and material savings [4] Group 3: Future Growth and Strategic Focus - The recent financing is seen as a critical milestone for Snapmaker, transitioning from product leadership to ecosystem completeness [6] - The company aims to accelerate core technology development, expand global talent recruitment, and build an open ecosystem to lower the barriers for 3D printing, making it a universal creative tool [6] - Snapmaker is actively recruiting for key positions in mechanical electronics, software control, and marketing to drive innovation [6]

Financing Information - Snapmaker has completed a Series B financing round, raising several hundred million RMB, led by Hillhouse Capital and Meituan, with participation from Shunwei Capital, Meituan Longzhu, and Nanshan Zhanxin Investment [1] - The funds will primarily be used for core technology research and development, high-end talent recruitment, and content ecosystem construction [1] - The company has cumulatively received over 100 million RMB in capital injections [1] Company Overview - Snapmaker, founded in 2016 and headquartered in Shenzhen, aims to enable everyone to create freely in the physical world and is a pioneer in consumer-grade multifunctional 3D printers [1] - The product line includes a three-in-one multifunction printer, independent dual-head printer, and efficient multi-color printer [1] - The company has established a nearly 10,000 square meter factory and production line, investing in dozens of large CNC machines and grinders to ensure high-quality products [1] Product Highlights - The flagship product, U1 3D printer, addresses user pain points in multi-color printing, such as low efficiency and material waste, by introducing the SnapSwap™ independent four-head system for rapid material switching [2] - The U1 printer offers five times the speed and material savings, enhancing user experience with smooth and colorful creations [2] - All crowdfunding orders for the U1 have been shipped, with plans for a global launch in Q1 2026, and the company anticipates several-fold revenue growth next year [3] Market Potential - The global consumer-grade 3D printing market is projected to grow from $1.5 billion in 2020 to $4.1 billion by 2024, with a compound annual growth rate (CAGR) of approximately 28% [4] - From 2020 to 2023, the annual shipment of global consumer-grade printers has remained around 3 million units, expected to exceed 4 million units in 2024, with a CAGR of about 10.2% [4] - By 2029, the shipment is anticipated to reach 13.4 million units, with a CAGR of approximately 26.6% from 2024 to 2029 [4] Company Performance - Snapmaker has set multiple industry records through various crowdfunding activities, demonstrating strong market appeal and product innovation capabilities [5] Founder's Background - The founder, Chen Xuedong, has over 20 years of experience as a maker and has a background in engineering and robotics, having previously worked at a leading aerospace engine research institute [8] Industry Insights - Chen Xuedong believes that healthy and high-level competition will benefit the development of the 3D printing industry, similar to top global sports leagues [9] - The company emphasizes the importance of talent in driving innovation and aims to attract more individuals to the 3D printing sector to accelerate industry transformation [9]

Group 1 - Snapmaker, a global consumer-grade 3D printing brand, announced the completion of a Series B financing round amounting to several hundred million yuan [1] - The financing round was led by Hillhouse Venture Capital and Meituan, with participation from Shunwei Capital, Meituan Longzhu, and Nanshan Zhanxin Investment, along with continued support from existing shareholders [1] - The funds raised will be used for core technology research and development, recruitment of high-end talent, and content ecosystem construction to accelerate the popularization of consumer-grade 3D printing technology [1]

Group 1 - The top short-selling stocks include Sun Hung Kai Properties-R (80016), China Resources Beer-R (80291), and AIA Group-R (81299), all with a short-selling ratio of 100.00% [1][2] - The highest short-selling amounts are from Xiaomi Group-W (01810) at 2.161 billion, Alibaba-SW (09988) at 793 million, and Tencent Holdings (00700) at 733 million [1][2] - The highest deviation values are from China Resources Beer-R (80291) at 39.83%, followed by Jianfa Property (02156) at 37.09%, and AIA Group-R (81299) at 35.65% [1][2] Group 2 - The top ten short-selling ratio rankings show that all stocks listed have significant short-selling activity, with Anta Sports-R (82020) also at 100.00% [2] - The top ten short-selling amounts highlight Xiaomi Group-W leading significantly, with a short-selling ratio of 28.48% [2] - The top ten deviation values indicate that China Resources Beer-R (80291) has the highest deviation, suggesting a notable difference from its historical short-selling average [2]

12月5日,小米集团-W（01810）、美团-W（03690）、零跑汽车（09863）南向资金净流入金额位列市场 前三，分别净流入30.13 亿、6.06 亿、4.34 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | -17.78 亿 | -14.61% | 155.000（+0.39%） | | 腾讯控股(00700) | -14.47 亿 | -16.25% | 610.000（-0.33%） | | ASMPT(00522) | -4.69 亿 | -33.79% | 78.600（+0.70%） | | 中国移动(00941) | -3.42 亿 | -32.61% | 87.150（+0.17%） | | 中远海能(01138) | -2.43 亿 | -54.86% | 9.370（-2.90%） | | 汇丰控股(00005) | -2.27 亿 | -9.57% | 111.000（-0.45%） | | 快手-W(01024) | -2.21 亿 | -11.10% | 69.200（ ...