AI概念股走低，截至发稿，阿里巴巴-W(09988)跌3.58%，报159.1港元；盛业(06069)跌3.51%，报10.71 港元；金山软件(03888)跌2.57%，报31.84港元；腾讯(00700)跌2.33%，报629港元。 消息面上，近期，市场对人工智能相关企业估值偏高的担忧升级。据悉，OpenAI首席财务官Sarah Friar 一场活动中表示，公司正在寻求构建由银行、私募基金以及联邦政府"兜底"或"担保"组成的生态体系， 以帮助公司为其巨额芯片投资提供融资支持。有分析认为，这番言论迅速将"AI泡沫"话题推至市场焦 点，甚至被解读为"美国政府要为AI巨头收拾烂摊子"，引发市场对AI行业估值合理性的担忧。 华泰证券指出，AI革命无疑将极大推动生产力和改变生产关系，这也是过去三年市场最核心的主线。 但近日有关AI泡沫的讨论开始增多，叠加海外科技股较高的估值，以及美国政府停摆等，不排除短期 波动增大风险。国信证券表示，随着美股巨头陆续发布三季报，AI对互联网巨头广告业务场景、云计 算场景和企业效率方面的作用依然明显，各公司依然保持积极的投资力度，但市场开始逐渐增加关注巨 额CAPEX背后的ROI表现 ...

每经AI快讯， AI概念股走低，截至发稿，阿里巴巴-W(09988.HK)跌3.58%，报159.1港元；盛业 (06069.HK)跌3.51%，报10.71港元；金山软件(03888.HK)跌2.57%，报31.84港元；腾讯(00700.HK)跌 2.33%，报629港元。 （文章来源：每日经济新闻） ...

华泰证券指出，AI革命无疑将极大推动生产力和改变生产关系，这也是过去三年市场最核心的主线。 但近日有关AI泡沫的讨论开始增多，叠加海外科技股较高的估值，以及美国政府停摆等，不排除短期 波动增大风险。国信证券表示，随着美股巨头陆续发布三季报，AI对互联网巨头广告业务场景、云计 算场景和企业效率方面的作用依然明显，各公司依然保持积极的投资力度，但市场开始逐渐增加关注巨 额CAPEX背后的ROI表现。国内大厂的资本开支压力远小于海外，且AI对其相关业务的带动同样明 显，同时利润端预计腾讯、腾讯音乐、快手等公司经营效率提升明显。 消息面上，近期，市场对人工智能相关企业估值偏高的担忧升级。据悉，OpenAI首席财务官Sarah Friar 一场活动中表示，公司正在寻求构建由银行、私募基金以及联邦政府"兜底"或"担保"组成的生态体系， 以帮助公司为其巨额芯片投资提供融资支持。有分析认为，这番言论迅速将"AI泡沫"话题推至市场焦 点，甚至被解读为"美国政府要为AI巨头收拾烂摊子"，引发市场对AI行业估值合理性的担忧。 智通财经APP获悉， AI概念股走低，截至发稿，阿里巴巴-W(09988)跌3.58%，报159.1港元； ...

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 | 2025年10月31日 | | --- | | 截至月份: | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 金山軟件有限公司 呈交日期: 2025年11月6日 | 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) | 03888 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,400,425,790 | | 0 | | 1,400,425,790 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,400,425,790 | | 0 | | 1,400,425,790 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | ...

摩根士丹利发布研报称，考虑到金山软件(03888)第三季度业绩，将2025至27年收入预测分别上调 1.5%、2.1%及2.7%;同期常态化每股盈利预测分别上调0.4%、下调4.9%及下调3.2%，主要因收入预测上 调，但部分被经营开支增加所抵消;维持目标价38港元及"与大市同步"评级。 ...

Group 1 - The Hang Seng Index fell by 0.28%, down 73 points, closing at 25,878 points, while the Hang Seng Tech Index decreased by 0.80%. The early trading volume in Hong Kong stocks was HKD 138.2 billion [1] - AI concept stocks experienced a decline, with concerns over high valuations. Institutions suggest that the long-term outlook for Hong Kong tech stocks remains attractive [1] - Hui Liang Technology (01860) dropped over 6%, and Kingsoft (03888) fell by 2.81% [1] Group 2 - Longpan Technology (603906) saw an increase of over 9% as lithium battery midstream prices continue to rise, with institutions expecting further price momentum [2] - Yimai Sunshine (02522) rose by 3.27% following several directors' share purchases, and the "AI + healthcare" sector is expected to benefit from new policies [3] - China Duty Free Group (601888) (01880) increased by over 4%, marking its first interim dividend, with recent policies likely to boost the duty-free industry [3] Group 3 - Yihua Tong (02402) surged by 7.7%, with significant cash flow improvement in the first three quarters, and fuel cell vehicle production is expected to accelerate [4] - Tianli International Holdings (01773) rose by 4.9%, with its AI learning companion already implemented in over 100 schools nationwide [5] - Mixue Group (02097) increased by 2.89%, planning to collaborate with Anjun Express for cold chain operations in Brazil [6] Group 4 - Huishang Bank (03698) rose by 4%, reporting a net profit of CNY 14.149 billion in the first three quarters, with institutions indicating potential for future growth [7] - Sanhua Intelligent Control (002050) (02050) fell by 1.94%, as Goldman Sachs pointed out overly optimistic robot expectations, while the market is focused on Tesla's trillion-dollar compensation plan [7] - Home Control (01747) dropped by 13%, facing scrutiny from the Hong Kong Securities and Futures Commission due to high stock ownership concentration [7] - Long Fiber Optic (601869) (06869) declined by 2.81%, with Q3 net profit down nearly 11%, and UBS stated that the impact of hollow-core fiber on profitability is limited in the short term [7]

Market Overview - The Hang Seng Index fell by 0.28%, down 73 points, closing at 25,878 points, while the Hang Seng Tech Index decreased by 0.80%. The early trading volume in Hong Kong stocks was HKD 138.2 billion [1]. AI Sector - AI concept stocks experienced a decline, with concerns over high valuations intensifying. Institutions suggest that the long-term outlook for Hong Kong tech stocks remains attractive. HuiLiang Technology (01860) dropped over 6%, and Kingsoft (03888) fell by 2.81% [1]. Lithium Battery and Healthcare - Longpan Technology (02465) saw a midday increase of over 9% due to ongoing price hikes in the lithium battery midstream, with institutions predicting further price momentum. Yimai Sunshine (02522) rose by 3.27% following several directors' share purchases, indicating a positive outlook for the "AI + healthcare" sector amid new policies [1]. Duty-Free Industry - China Duty Free Group (01880) rose over 4% against the market trend, marking its first interim dividend. Recent policy developments are expected to boost growth in the duty-free industry [1]. Fuel Cell Vehicles - Yihua Tong (02402) increased by 7.7%, with significant cash flow improvement in the first three quarters, and the potential for accelerated release of fuel cell vehicles [1]. Other Companies - Tianli International Holdings (01773) rose by 4.9% as its AI companion has been implemented in over 100 schools nationwide [2]. - Mixue Group (02097) increased by 2.89% due to a planned cold chain cooperation with Anjun Express in Brazil [3]. - Huishang Bank (03698) rose by 4%, reporting a net profit of CNY 14.149 billion for the first three quarters, with expectations for future inclusion in the stock connect [3]. - Sanhua Intelligent Control (02050) fell by 1.94% as Goldman Sachs indicated overly optimistic robot expectations, with market attention on Tesla's trillion-dollar compensation plan [4]. - HOME CONTROL (01747) dropped by 13% after being named by the Hong Kong Securities and Futures Commission for high shareholding concentration [5]. - Changfei Optical Fiber and Cable (06869) fell by 2.81%, with Q3 net profit declining nearly 11%. UBS stated that the impact of hollow-core fiber on profitability is limited in the short term [6].

Core Viewpoint - The Hang Seng Technology Index fell over 2.8%, while the Hang Seng Index dropped more than 1.7%, indicating a significant downturn in the technology sector and broader market [1] Company Performance - Bilibili experienced a decline of over 5% in its stock price [1] - Tencent Music, Xiaopeng Motors, and Kingsoft also saw declines exceeding 4% [1]

每经AI快讯，AI概念股悉数走低，截至发稿，金山软件(03888.HK)跌4.37%，报31.94港元；华虹半导体 (01347.HK)跌4.09%，报72.7港元；阿里巴巴-W(09988.HK)跌2.58%，报155.1港元。 ...

Core Viewpoint - AI concept stocks are experiencing a decline due to increasing concerns over high valuations, influenced by a sell-off in U.S. tech stocks [1] Group 1: Market Performance - As of the report, Kingsoft (03888) fell by 4.37% to HKD 31.94, Hua Hong Semiconductor (01347) dropped by 4.09% to HKD 72.7, and Alibaba-W (09988) decreased by 2.58% to HKD 155.1 [1] - The market is reacting to a significant short position taken by investor Michael Burry against Nvidia and Palantir, with the nominal value of put options exceeding USD 1 billion, representing 80% of his portfolio [1] Group 2: Analyst Insights - Dongwu Securities highlighted ongoing concerns in overseas markets regarding a potential AI bubble in U.S. stocks, alongside mixed earnings reports from major tech companies [1] - Google’s cloud computing and search business exceeded expectations, supporting the notion that AI tools are enhancing advertising revenue for tech giants [1] - In contrast, Meta's revenue beat expectations but raised concerns about future profits due to accelerated capital expenditures, leading to a cautious outlook among investors regarding tech stocks in Hong Kong [1] - Despite the influence of U.S. tech leaders on Hong Kong's AI tech trading pace, Dongwu Securities believes that current valuations in the Hong Kong tech sector are attractive, predicting a marginal recovery in EPS for the first quarter of next year [1]