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 ...

智通财经APP获悉，11月19日,小米集团-W（01810）、阿里巴巴-W（09988）、南方恒生科技 （03033）南向资金净流入金额位列市场前三，分别净流入23.76 亿、20.93 亿、4.91 亿 盈富基金（02800）、恒生中国企业（02828）、晶泰控股（02228）南向资金净流出金额位列市场前 三，分别净流出-14.86 亿、-5.15 亿、-3.15 亿 在净流入比方面，中国通号（03969）、深圳高速公路股份（00548）、小菜园（00999）以69.49%、 62.75%、57.38%位列市场前三。 | 新奥能源(02688) | 55.86% | 1.58 亿 | 68.900（-0.86%） | | --- | --- | --- | --- | | 石四药集团(02005) | 53.01% | 978.09 万 | 2.980（-0.33%） | | 四川成渝高速公路 (00107) | 52.74% | 185.03 万 | 5.350（0.00%） | | 中国中车(01766) | 52.72% | 4896.25 万 | 6.310（+1.45%） | | 北京汽车(019 ...

Earnings Reports - Alibaba is set to report earnings with expectations of EPS at $0.81 and revenue of $34.19 billion, amidst a backdrop of skepticism regarding Chinese securities [4] - Analysts are divided on Alibaba, with JR Research upgrading it to Buy due to AI initiatives and cloud revival, while KM Capital maintains a Strong Sell rating citing stretched valuations and weak earnings-surprise record [4][5] Market Overview - The S&P 500 experienced a four-day losing streak, ending the week down 2%, while the Nasdaq fell by 2.7%, with potential recovery aided by Fed-cut hopes [3] - A light trading volume is anticipated due to the upcoming Thanksgiving holiday, which may impact market activity [3] Consumer Confidence - The Conference Board's October consumer confidence reading has dropped to its lowest level since Liberation Day, with expectations for a fourth consecutive monthly decline [7] - Wells Fargo highlights that the perception of job availability among Americans is at a near low since 2017, indicating economic strain on middle- and lower-income households [7] Notable Figures and Events - Michael Burry is expected to make a significant announcement, potentially addressing concerns about AI investments or accounting practices of hyperscalers [6] - Elon Musk aims to dominate the AI chip market, planning to introduce a new chip design to volume production every 12 months [9] Dividend Information - Upcoming ex-dividend dates include Hyatt on Monday, Johnson & Johnson on Tuesday, T-Mobile US on Wednesday, and eBay on Black Friday, with respective payout dates in December [10] Hedge Fund Insights - Goldman Sachs reports that the hedge fund VIP list, consisting of 50 frequently held stocks, continues to be dominated by megacap tech companies, outperforming the S&P 500 in 59% of quarters since 2001 [10] - The top holdings include Amazon, Microsoft, Meta, Nvidia, and Alphabet, indicating strong institutional interest in these companies [10]

Core Insights - Google has emerged as the top performer among the "Magnificent 7" tech giants in 2023, reversing its previous status as the cheapest in valuation within the group, largely due to its successful AI integration and product launches [1][3] - Alibaba has also seen a significant turnaround with an 82% increase in stock price, attributed to its strong focus on AI and substantial investments, marking a recovery from four years of decline [1][2] Google’s Recovery - Google's stock price surged after the successful launch of Gemini 3, which outperformed expectations and positioned the company as a leader in AI applications [1][4] - Sergey Brin's return to Google played a crucial role in revitalizing the company, as he addressed internal inefficiencies and restructured teams to enhance AI development [4][6] - The company’s ability to attract and retain top talent in AI was bolstered by Brin's direct involvement and strategic decisions [4][6] Alibaba’s Turnaround - Alibaba's market value plummeted from approximately $860 billion in 2020 to around $1.8 trillion in 2024, but it has since regained momentum through aggressive AI investments [2][5] - The company announced a significant investment plan of 380 billion yuan in AI infrastructure, demonstrating its commitment to becoming a leader in the AI sector [2][5] - Jack Ma's re-emergence in the company has led to strategic changes and increased investor confidence, with stock prices rising following his public appearances [5][6] Strategic Insights - Both Google and Alibaba's recoveries highlight the importance of founder involvement in driving strategic clarity and execution speed, which are critical in the fast-evolving tech landscape [6][7] - The willingness to make bold investments and structural changes is essential for large tech companies to adapt to disruptive innovations like AI [6][7] - The current market dynamics suggest that companies must embrace a "re-entrepreneurship" mindset to navigate the challenges posed by technological advancements [7]

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 ...

After an excellent CQ3, it does seem like the fervor in Chinese equities is looking to shed some of the glitter that saw the stock of Alibaba Group Holding ( BABA ) (JR Research is an opportunistic investor. He was recognized by TipRanks as a Top Analyst. He was also recognized by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. He identifies attractive risk/reward opportunities supported by robust price action to potentially generate alpha w ...

Core Insights - The enthusiasm in Chinese equities, particularly for Alibaba Group Holding (BABA), appears to be diminishing after a strong third quarter [1] Group 1: Analyst Profile - JR Research is recognized as a Top Analyst by TipRanks and Seeking Alpha, focusing on technology, software, and internet sectors [1] - The analyst identifies attractive risk/reward opportunities that aim to generate alpha significantly above the S&P 500 [1] - The investment strategy combines price action analysis with fundamental investing, avoiding overhyped stocks while targeting undervalued ones with recovery potential [1] Group 2: Investment Strategy - The investing group Ultimate Growth Investing specializes in identifying high-potential opportunities across various sectors [1] - The focus is on growth stocks with strong fundamentals, buying momentum, and turnaround plays at attractive valuations, with a 18 to 24 month outlook [1]

Core Viewpoint - Alibaba's recent AI initiatives, particularly the launch of the Lingguang app and the Qianwen app, signify a strategic move to dominate the AI entry point in daily life, focusing on practical applications rather than mere information retrieval [2][19]. Group 1: Lingguang's Unique Features - Lingguang is positioned as a "full-modal general AI assistant," capable of generating interactive tools and applications beyond traditional Q&A formats, including maps, animations, and 3D models [4][5]. - The app's three main functionalities include Lingguang Dialogue, Lingguang Flash Applications (which can create small applications in 30 seconds), and Lingguang Open Eye (which provides instant information from photos) [5][12]. - The interactive map feature allows users to receive categorized location suggestions with detailed information, transforming the user experience from simple answers to actionable tools [7][18]. Group 2: Flash Applications and Ecosystem Potential - The Flash Application feature enables users to create personalized applications quickly, addressing specific needs such as calorie tracking for takeout meals, showcasing the app's adaptability and user-centric design [9][11]. - Lingguang's ability to modify application structures in real-time using natural language enhances user engagement and reflects its ambition to create a vast ecosystem of personalized tools [11][20]. - The potential for Lingguang to address long-tail user needs through low-cost, on-demand application generation could lead to significant ecosystem growth, filling gaps that traditional products overlook [18][20]. Group 3: Strategic Implications for Alibaba - Alibaba aims to reclaim the "entry rights" in the mobile era, shifting the focus from app-based entry points to integrating AI into everyday life scenarios [19][20]. - The combination of Qianwen and Lingguang is designed to meet both large-scale and niche user demands, creating a comprehensive solution for various daily tasks and challenges [18][20]. - The overarching goal is to redefine user interaction with AI, moving from simple question-answering to delivering actionable, interactive solutions that enhance daily life [21].