Core Viewpoint - The current market situation is seen as a short-term outcome rather than a starting or ending point, with a long-term bullish trend expected for the Chinese market driven by the country's comprehensive strength and economic transformation [2][96]. Group 1: Market Trends and Dynamics - The AI wave is just beginning, with similarities to the 1990s internet boom, but the current context is shaped by the US-China rivalry [2][51]. - The transition from old to new economic drivers is not fully reflected in economic data yet, but capital markets are showing a trend where new drivers are outperforming old ones [2][53]. - A new consumption wave centered on service consumption has started, indicating a stable total market with active new consumption [2][56]. Group 2: Investment Strategies and Recommendations - Investors should exercise patience and avoid chasing overheated segments, focusing instead on long-term fundamentals [4][110]. - The current market fluctuations are seen as a necessary phase that can lead to new opportunities, especially after the market digests existing divergences [14][16]. - The focus should be on identifying companies that can stand out in their respective industries rather than fixating on index levels [110]. Group 3: Sector-Specific Insights - The AI industry is expected to see significant growth, with hardware and applications being key areas of investment, particularly in intelligent terminals and AI-related services [43][49]. - Traditional sectors are also expected to experience a recovery, driven by improved competition and potential mergers and acquisitions [70][76]. - The "反内卷" (anti-involution) trend is likely to catalyze improvements in traditional industries, with sectors like chemicals and new energy showing promise [71][75]. Group 4: Geopolitical and Economic Context - The US-China relationship is anticipated to enter a relatively stable phase leading up to the US midterm elections, which may positively impact capital markets [82][84]. - Geopolitical tensions, while a source of short-term volatility, are not expected to derail the long-term bullish trend of the Chinese market [24][96]. - The market is likely to see a shift in foreign investment dynamics, with external capital returning as confidence in Chinese assets improves [87][88].

新浪科技讯 11月5日下午消息，美团旅行最新数据显示，春节期间出行的机票预订量同比增长235%，市场热度凸显。 从搜索量看，元旦与春节假期的机票搜索量也呈现"双线增长"态势：其中元旦机票搜索量同比增长167%，春节机票搜索量同比增长156%。假期安排出炉 后，不少游客也通过美团进行了火车票预约，反映出消费者提前规划长假的强烈意愿。 责任编辑：宋雅芳 从出行目的地看，春节期间国内旅游搜索热度前十的城市为：上海、哈尔滨、昆明、北京、成都、三亚、深圳、海口、广州、长春。热门航线包括：宁波到 昆明、上海到成都、上海到哈尔滨、广州到北京、上海到长春、深圳到西安。从上海出发前往哈尔滨、长春等东北城市的航线搜索热度显著攀升，显示上海 已成为赴东北过年的一大核心客源地，"北上过年"正形成新一轮出行潮流。春节假期带动"避寒游"升温，昆明、成都、三亚等成为南下出行热门目的地。 ...

10月27日，美团正式宣布骑手养老保险补贴覆盖全国，在行业内引起广泛讨论。 据悉，目前美团已初步建成覆盖全部骑手的多层次福利保障网络。此外，美团在人社部指导下，从2022年7月开始参与"新 就业形态职业伤害保障"试点，今年扩展到17省市，外卖骑手有了"工伤险"。截至今年9月底，美团已缴费超过20亿，累计 覆盖骑手1300万人。 对此，网经社电子商务研究中心数字生活分析师陈礼腾予以点评。 外卖骑手等灵活就业者往往与平台之间形成的是"不完全劳动关系"，既非传统意义上的雇佣关系，也非完全独立的个体经 营者。这种模糊的法律地位使得他们难以纳入传统社保体系。 此外，骑手职业具备流动性、过渡性特点。其流动性表现在，多平台、多工种、分时段的接单变化，以及不同城市之间的 流动。而过渡性则体现在骑手从业的短期和过渡特点，超过2年的骑手占比不高，连续送单的骑手比例不高。以上构成了这 个群体的显著特点，给保障保险适配带来挑战。 随着今年二月京东进军外卖市场，并宣布为全职外卖骑手缴纳五险一金，加速了外卖骑手社保权益落地的进程。而美团此 次推出的骑手社保方案，是一次创新实践。通过将骑手纳入"不完全劳动关系"的保障体系，美团找到了一条适 ...

外卖大战，饿了么要被打没了？ 近日，有用户发现饿了么App更新后（版本号12.0.1），名称悄然变为"淘宝闪购"。App的图标也随之发 生变化：新版图标主体为橙色的淘宝闪购，只在底部保留了一抹蓝色和很小的饿了么字样。 中国新闻周刊就此消息及新版本后续推送规划等询问饿了么方面，对方表示更名事宜暂未确定。 不过在业内看来，这场更名测试并非偶然。随着外卖大战降温、即时零售战事继续，饿了么从前台退居 幕后，或许只是时间问题。 彼时，正值美团喊出"30分钟万物到家"口号，正式发布即时零售品牌"美团闪购"。艾媒咨询CEO兼首席 分析师张毅曾对中国新闻周刊表示，美团闪购模糊了本地生活和电商的边界，可能对淘宝主站的服饰、 美妆、日化等业务造成冲击，淘宝闪购是阿里的反制之举。 这也是淘宝与饿了么间首次真正意义上的协同。据晚点报道，2018年被收购后，饿了么长期与淘宝天猫 分属不同业务单元，淘宝做即时配送的淘鲜达要自己找骑手，饿了么也从没有获得过淘宝首屏的流量曝 光。淘宝闪购的出现，让二者的资源得以打通。 淘宝闪购从诞生起，便伴随着外卖补贴。初期是上线大额红包、免单卡、限量版请客卡等活动；7月， 其官宣500亿元补贴计划，掀起了 ...

| 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 盈富基金(02800) | +56.53亿元 | +21710.20万股 | | 恆生中国企业(02828) | +19.83亿元 | +2118.55万股 | | 美团-W(03690) | +17.13亿元 | +1714.52万股 | | 中国海洋石油(00883) | +11.43亿元 | +5604.70万股 | | 工商银行(01398) | +10.35亿元 | +16580.80万股 | | 招商银行(03968) | +9.34亿元 | +1835.65万股 | | 小米集团－Ｗ(01810) | +8.79亿元 | +2024.68万股 | | 中国移动(00941) | +8.28亿元 | +955.16万股 | | 建设银行(00939) | +7.10亿元 | +8817.55万股 | | 安踏体育(02020) | +5.86亿元 | +736.73万股 | 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 ...

前十大沽空金额排行 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 腾讯控股(00700) | 18.99 亿元 | 20.07% | 4.24% | | 阿里巴巴-SW(09988) | 17.57 亿元 | 12.24% | -3.07% | | 小米集团-W(01810) | 13.97 亿元 | 23.38% | 7.44% | | 百度集团-SW(09888) | 11.41 亿元 | 36.31% | -1.84% | | 泡泡玛特(09992) | 8.88 亿元 | 22.70% | 0.38% | | 比亚迪股份(01211) | 8.83 亿元 | 27.38% | 8.17% | | 友邦保险(01299) | 8.04 亿元 | 27.34% | 7.29% | | 美团-W(03690) | 7.85 亿元 | 17.66% | -1.76% | | 建设银行(00939) | 7.30 亿元 | 25.33% | -0.73% | | 中国平安(02318) | 6.86 亿元 | 27.54% | 5.42% | ...

Market Overview - The US stock market indices collectively declined on Tuesday, with the Hang Seng Index ADR falling to 25,866.46 points, down by 85.94 points or 0.33% compared to the Hong Kong close [1]. Company Performance - Major blue-chip stocks mostly experienced declines, with HSBC Holdings closing at HKD 108.602, up by 0.56% compared to the Hong Kong close, while Tencent Holdings closed at HKD 623.88, down by 0.81% [3]. - Tencent Holdings saw a decrease of HKD 5.12 or 0.81% in its ADR price, closing at HKD 623.88 [4]. - Alibaba Group's ADR fell by HKD 4.20 or 2.57%, closing at HKD 159.00 [4]. - Xiaomi Group's ADR dropped by HKD 1.30 or 2.91%, closing at HKD 43.42 [4]. - AIA Group's ADR decreased by HKD 0.30 or 0.38%, closing at HKD 79.62 [4]. - NetEase's ADR fell by HKD 3.40 or 1.54%, closing at HKD 216.80 [4]. - Ctrip Group's ADR declined by HKD 4.50 or 0.81%, closing at HKD 548.50 [4]. - BYD's ADR decreased by HKD 2.00 or 2.02%, closing at HKD 97.10 [4]. - The Hong Kong Stock Exchange's ADR fell by HKD 3.20 or 0.75%, closing at HKD 425.60 [4].

每经AI快讯，11月5日，热门中概股多数下跌，纳斯达克中国金龙指数跌2.05%。文远知行初步收跌 13.7%，小马智行跌11.2%，小米ADR跌4.7%，小鹏、蔚来、台积电、美团ADR、理想跌超3%。 ...

● 本报记者 吴玉华 南向资金持续大幅加仓港股市场，是港股市场今年以来最大的增量资金来源。Wind数据显示，截至11 月4日，今年以来南向资金累计净流入超1.27万亿港元，创年度净流入额历史新高。截至11月3日，今年 以来港股上市公司合计回购金额超1460亿港元。 在南向资金大幅流入和港股上市公司积极回购的带动下，港股市场今年以来表现亮眼，截至11月4日收 盘，恒生指数累计涨逾29%，恒生科技指数累计涨逾30%。 近期，港股市场出现一定震荡。机构人士认为，当前港股市场仍然主要是依靠流动性驱动，短期港股或 延续震荡走势，中长期仍有较大上行空间。 南向资金净流入金额创纪录 今年以来，南向资金大幅流入港股市场。Wind数据显示，截至11月4日，南向资金今年以来累计净流入 12753.21亿港元，为2024年同期的2倍多，创历史新高。其中，8月15日单日净流入358.76亿港元，创单 日净流入纪录。在今年以来南向资金交易的198个交易日中，出现净流入的交易日有166个，占比超八 成。从月度流入金额来看，南向资金均保持月度净流入，其中1月、2月、3月、4月、7月、8月、9月净 流入金额均超1100亿港元。 从持仓情况来 ...

Core Insights - The Hang Seng Index fell by 0.79% on November 4, with southbound trading totaling HKD 1000.97 billion, including HKD 549.64 billion in buying and HKD 451.32 billion in selling, resulting in a net inflow of HKD 98.32 billion [1] Trading Activity - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 74.27 billion, followed by SMIC and Xiaomi Group-W with HKD 42.55 billion and HKD 36.09 billion respectively [1] - In terms of net buying, China National Offshore Oil Corporation (CNOOC) led with a net inflow of HKD 10.46 billion, while Xiaomi Group-W and China Mobile had net inflows of HKD 10.02 billion and HKD 7.53 billion respectively [1] - The stocks with the highest net selling were Alibaba-W, with a net outflow of HKD 8.68 billion, followed by Sunny Optical Technology and SMIC with net outflows of HKD 3.25 billion and HKD 2.34 billion respectively [1] Continuous Net Buying/Selling - Among the stocks, CNOOC and Xiaomi Group-W were notable for continuous net buying, with Xiaomi Group-W having a total net inflow of HKD 29.15 billion over five days, and CNOOC with HKD 26.49 billion over four days [2] - Conversely, SMIC, Alibaba-W, and Tencent Holdings experienced continuous net selling, with total net outflows of HKD 23.26 billion, HKD 21.89 billion, and HKD 21.63 billion respectively [2]