来源：金吾财讯 金吾财讯 | 百度(09888)延续升势，截至发稿，涨4.11%，报116.4港元，成交额3.62亿港元。 消息面上，摩根大通最新报告表示，百度的投资叙事正在发生根本性转变：公司正从传统搜索广告公司 转型为AI基础设施供应商，预计昆仑芯片销售及GPU计算需求将推动营收增速显著提升，云业务收入 将在2026年增长61%。摩根大通预计，百度昆仑芯片收入将从2025年的约人民币13亿元飙升至2026年的 83亿元，增幅达到6倍。 此外，美银证券发表研究报告指，上季百度核心广告收入下跌18%，好过市场预期的下跌22%，或标志 著百度核心总收入及经调整经营利润已见底，预计第四季起可呈现逐步改善，重申百度"买入"评级，美 股目标价由100美元上调至151美元，H股目标价亦从98港元升至148港元。 野村发表研究报告，将百度美股评级上调至"买入"，目标价从135美元上调至140美元，看好其晶片设计 子公司昆仑芯增长潜力显著，可视为国内顶尖晶片设计商，认为自海外采购先进晶片受阻的情况下，昆 仑芯及阿里旗下平头哥等企业可受惠于AI需求强劲增长。 ...

Market Overview - The expectation for a Federal Reserve interest rate cut in December has significantly increased, leading to a rise in Hong Kong stocks, with the Hang Seng Index briefly surpassing 26,000 points. The index closed up 0.69% at 25,894.55 points, with a total turnover of HKD 231.49 billion [1] - The Hang Seng Tech Index rose by 1.2%, indicating a positive sentiment in the technology sector [1] Blue Chip Performance - Xiaomi Group-W (01810) saw a notable increase of 4.35%, closing at HKD 40.34, contributing 47.94 points to the Hang Seng Index. Founder Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his stake to 23.26% [2] - Other blue-chip stocks like Baidu Group-SW (09888) and Alibaba Health (00241) also performed well, with increases of 4.56% and 4.36% respectively [2] Sector Highlights - Major technology stocks experienced gains, with Baidu and Xiaomi both rising over 4%. AI applications and computing power sectors were particularly active, with Bilibili rising over 5% [3] - Lithium stocks saw a surge, with Tianqi Lithium (002466) increasing by 4.81% and Ganfeng Lithium (01772) rising by 3.46%. The chairman of Tianqi Lithium indicated that global lithium demand is expected to reach 2 million tons by 2026, achieving a balance between supply and demand [4] - Gold stocks generally rose, with Chifeng Jilong Gold Mining (06693) up 4.86% and Zijin Mining (02899) up 1.78%. The probability of a 25 basis point rate cut by the Federal Reserve in December is currently at 81% [5] Flight Cancellations Impact - There has been a significant increase in flight cancellations from China to Japan, with a 56% rise compared to the previous month. This has led to a decrease in ticket bookings by approximately 29% [6] Notable Stock Movements - Longpan Technology (02465) surged by 22.89% after announcing a sales agreement worth over HKD 45 billion for lithium iron phosphate materials [7] - Hesai Technology (02525) rose by 13.43% following the launch of a new high-performance smart control chip [7] - Changfei Optical Fiber (06869) increased by 12.74%, driven by advancements in AI computing power [9] - Shandong Xinhua Pharmaceutical (00719) saw a rise of 7.24% due to increased demand for flu medications during the flu season [10]

Group 1 - The report maintains an overweight rating on the computer industry, emphasizing the rapid development of AI driven by advancements in models, computing power, and applications [2][3] - The domestic open-source models are narrowing the performance gap with international closed-source models, presenting both technical and cost advantages that may reshape the global AI competitive landscape [5][30] - The demand for AI computing power is expected to remain high, supported by significant capital expenditures from leading companies like OpenAI, Alibaba, and Tencent [5][35][42] Group 2 - The report highlights the importance of domestic AI computing power and trusted innovation investment opportunities, driven by external pressures and strong policy support [5][30] - Domestic technology giants are actively developing supernode technology to overcome limitations in single-chip processing, aiming to establish a self-controlled and open computing foundation [5][31] - The software sector is witnessing a shift from reliance on foreign products to domestic alternatives, with significant progress in databases and operating systems [5][31][34] Group 3 - The investment strategy for 2026 focuses on two main lines: AI and self-control, with an emphasis on companies that can leverage AI technology for performance growth [5][39] - The AI market is projected to grow significantly, with enterprise-level AI agents expected to create direct business value and enhance operational efficiency [5][48][50] - The report suggests that SaaS companies are well-positioned to benefit from the rise of enterprise-level AI agents due to their existing data resources and customer bases [5][55]

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

Market Overview - The expectation for a Federal Reserve rate cut in December has sharply increased, leading to a rise in Hong Kong stocks, with the Hang Seng Index briefly surpassing 26,000 points [1] - The Hang Seng Index closed up 0.69% at 25,894.55 points, with a total turnover of HKD 231.149 billion [1] Blue Chip Performance - Xiaomi Group-W (01810) saw a notable increase of 4.35%, closing at HKD 40.34, contributing 47.94 points to the Hang Seng Index [2] - Founder Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his stake to 23.26%, indicating confidence in the company's growth potential [2] - Other blue chips like Baidu Group-SW (09888) and Alibaba Health (00241) also performed well, with increases of 4.56% and 4.36% respectively [2] Sector Highlights - Major technology stocks generally rose, with AI application and computing power sectors showing significant activity, including a 5% increase in Bilibili [3] - Lithium stocks surged in the afternoon, with Tianqi Lithium rising 4.81% and Ganfeng Lithium up 3.46%, driven by increasing demand for lithium materials [4] - Gold stocks mostly rose, with notable increases in Chifeng Jilong Gold and Zijin Mining, amid expectations of a rate cut by the Federal Reserve [5] Airline Sector - Airline stocks continued to decline, with China Eastern Airlines dropping 5.9% and China Southern Airlines down 1.94%, attributed to a significant increase in flight cancellations to Japan [6] Notable Stock Movements - Longpan Technology (02465) surged 22.89% after signing a supplementary agreement with Chuangneng New Energy for sales exceeding HKD 45 billion [7] - Hesai Technology (02525) rose 13.43% following the launch of a new high-performance smart control chip [7] - The stock of Shandong Xinhua Pharmaceutical (00719) increased by 7.24% due to a spike in demand for flu medications during the flu season [10]

漫剧市场开出第一张罚单，高质量专业创作方将迎来更大机会 11月初，国家广电总局下发工作提示，即日起至2026年3月开展专项治理，将各类动画形式微短剧纳入 分类分层审核体系。11月20日，中国网络视听节目服务协会通报灵矩动漫漫剧《高考落榜，忽悠同学上 冥牌大学》因过度宣扬封建迷信，存在严重价值导向偏差，被全网下架。 智通财经APP获悉，中泰证券发布研报称，一众平台纷纷发力漫剧。11月初，国家广电总局下发工作提 示，即日起至2026年3月开展专项治理，将各类动画形式微短剧纳入分类分层审核体系。该行认为， Gemini 3为漫剧创作增添强力助手，大模型不断迭代让创作者以极低成本实现传统制作方式难以完成的 视觉效果。建议持续关注：漫画、网文等IP源头公司以及AI技术和平台优势公司。 中泰证券主要观点如下： 抖音单日播放破4亿，一众平台纷纷发力 11月16日，"漫剧有数"统计显示，抖音端原生单日新增播放已破4亿大关。11月18日，爱奇艺发布Q3财 报称正拓展漫剧业务，开发自制漫剧;11月19日，爱奇艺正式发布公告称平台已经上线漫剧专属频道。 11月21日，报道称腾讯正在测试"火星动漫""火星动漫社"两款漫剧微信小程序， ...

Market Overview - A-shares experienced a strong upward movement on November 25, with major indices showing significant gains, particularly the ChiNext Index which rose over 3% at one point [1][2] - By midday, the Shanghai Composite Index increased by 1.13%, the Shenzhen Component Index rose by 2.04%, and the ChiNext Index was up by 2.60% [2] Sector Performance - The communication sector led the gains, with the index surging over 5% during the session. Notable stocks included Dekoli and Guangku Technology, both hitting the 20% limit-up, along with several others achieving over 10% gains [4][6] - The electronics sector also saw a significant rise, with the index increasing by more than 3%. Key performers included Changguang Huaxin, which hit the 20% limit-up, and several other stocks like Tengjing Technology and Haoli Technology, which rose over 14% [7][8] New Listings - A new stock, Hai'an Group, debuted on the market and saw its price surge by over 100% at one point during the session. The company specializes in the research, production, and sales of giant all-steel radial tires for construction machinery [10][12] Hong Kong Market - The Hang Seng Index also showed positive movement, briefly surpassing the 26,000-point mark. Stocks such as Xiaomi Group-W and Alibaba Health saw gains exceeding 5% [13][14] - Xianheng Construction, which recently issued a positive profit forecast, experienced a significant price increase, with its stock rising over 80% during the session [14][17]

Core Viewpoint - The Hang Seng Index opened up by 0.9%, while the Hang Seng Tech Index increased by 1.43%, indicating a positive market sentiment towards technology stocks [1] Company Performance - Baidu Group saw a nearly 4% increase in its stock price, reflecting strong investor confidence [1] - Xiaomi Group and Alibaba both experienced stock price increases of nearly 3%, suggesting a favorable outlook for these companies as well [1]

Core Viewpoint - The Hang Seng Index rose by 0.62% to 25,875.36 points, while the Hang Seng Tech Index increased by 1.16% to 5,609.71 points, indicating positive market sentiment in the technology and hardware sectors [1] Group 1: Sector Performance - Hardware equipment, non-ferrous metals, pharmaceuticals, and semiconductors showed significant gains, leading the market [1] - Conversely, the telecommunications and food and beverage sectors experienced declines [1] Group 2: Company Highlights - Bilibili saw an increase of over 5% in its stock price [1] - Xiaomi Group's stock rose by more than 4% [1] - Baidu Group's shares increased by over 3% [1] - Hesai Technology experienced a substantial rise of nearly 14% [1] - WeRide's stock grew by 2% [1]

Group 1 - Hong Kong's Hang Seng Index rose by 0.61%, gaining 156 points to close at 25,873 points, while the Hang Seng Tech Index increased by 1.15%. The morning trading volume reached HKD 133 billion [1] - Alibaba (09988) saw a rise of 2.39% ahead of its quarterly earnings report, with its Qianwen app surpassing 10 million downloads in a week [1] - Baidu (09888) increased by 3.22%, with Morgan Stanley predicting significant revenue growth driven by Kunlun chip sales and GPU computing demand [1] - Longpan Technology (02465) surged over 18% after signing a supplementary agreement with Chuangneng New Energy, raising total sales to over RMB 45 billion [1] - Amazon announced a USD 50 billion investment in the U.S. to enhance computing power, focusing on government-level AI and HPC demands [1] - Huizhu Technology (01729) rose over 17%, positioning itself in the MPO optical communication and AI server sectors, serving as a key supplier for Google [1] Group 2 - Hesai Technology (02525) increased by over 13% after launching its self-developed RISC-V LiDAR main control chip, Fermi C500 [2] - Pony.ai (02026) rose over 10% following a strategic partnership with Sunshine Travel, with the first batch of autonomous vehicles set to launch this year [3] - Changfei Optical Fiber and Cable (06869) surged over 13%, with its A-shares hitting the daily limit as AI computing power experiences a surge in demand [4] - Fubo Group (03738) rose over 9% due to a spike in demand for AI-generated content recognition and rights management, launching an AI music detection service [5] - Junshi Biosciences (01877) increased by 4.6% after its JS001sc lung cancer Phase III trial met its primary endpoint, with plans to submit a listing application soon [6] - Tsunam Machine Tool China (01651) rose over 5%, with AI liquid cooling joint orders expected to drive future performance growth [7] - Deshang Real Estate (00199) resumed trading and soared over 46% after issuing shares at a discount to raise funds for transitioning into the Web 3.0 ecosystem [7]