Investment Rating - The report assigns a favorable investment rating to the Chinese internet sector, highlighting its attractiveness compared to U.S. tech stocks due to lower valuations and promising earnings growth [1][2]. Core Insights - The Chinese internet stocks have risen due to improved sentiment, catch-up effects, and relatively low valuations, with a projected PE ratio of 17 times for 2025, significantly lower than the 31 times for U.S. tech stocks [1][2]. - The consumption market in China is experiencing significant emotional consumption growth, with online retail growth at 6.3%, surpassing offline growth of 3.7% [1][4]. - AI technology is being widely applied across various sectors, including e-commerce recommendations, game design, and education, with companies like Alibaba leveraging AI to enhance cloud services and user engagement [5][18]. Summary by Sections 1. Overall Performance of the Internet Industry - The Chinese internet sector has seen a stock price increase of approximately 37% from the beginning of 2025, despite a 19% decline in profit expectations due to pressures from e-commerce and retail investments [2]. 2. Changes in the Consumption Market - Emotional consumption has become a highlight, particularly in gaming, music, and tourism, with a notable increase in online retail driven by algorithm optimization and a growing number of online shoppers [3][4]. 3. AI Development in China - China is advancing in AI through self-developed chips and local GPU efficiency, with Alibaba Cloud experiencing a growth increase from 18% to 26% in recent quarters [5]. 4. Development of Instant Retail - Instant retail has emerged as a significant trend, with companies like JD and Alibaba increasing their investments in food delivery, although growth rates have slowed due to seasonal factors and regulatory influences [6]. 5. Competition in the Food Delivery Sector - The food delivery market is highly competitive, with low-price strategies affecting user experience and merchant profits, while machine retail is accelerating the shift from offline to online [7]. 6. Regulatory Changes in Platform Economy - The government has implemented new policies to encourage healthy competition and protect small businesses, resulting in a more manageable regulatory environment for internet companies [8]. 7. Policy Environment for the Gaming Industry - The gaming industry has seen a positive shift in policy, with a significant increase in the issuance of new game licenses and recognition of efforts to protect minors [9]. 8. Future Focus of the Gaming Industry - The gaming sector should focus on evergreen games and the launch of new titles, with major companies expected to continue leveraging their IPs for sustained performance [10]. 9. Recent Changes in Long Video Industry Regulations - New measures from the broadcasting authority aim to enhance content supply in the long video sector, which could increase user subscriptions [11]. 10. Impact of New Advertising Regulations - The new advertising tax policy may increase marketing costs for certain industries, posing a potential downside risk for the advertising sector [12]. 11. Current Status and Future of the Education Sector - The education market remains robust despite economic challenges, with a significant demand-supply gap expected to drive long-term growth [13]. 12. Opportunities for Chinese Internet Companies Overseas - Chinese online games have a competitive edge due to lower development costs and a large talent pool, enabling them to expand internationally [14][15]. 13. Recent Developments in Cross-Border E-commerce - Cross-border e-commerce GMV has stabilized and shows signs of recovery, driven by innovative business models and improved logistics efficiency [16]. 14. Impact of ChatGPT on E-commerce - The introduction of ChatGPT's e-commerce features may have limited impact on China's e-commerce landscape, as major platforms already dominate traffic [17]. 15. Growth Potential and Competition in the Domestic Gaming Industry - The domestic gaming industry is expected to grow at around 5% in the coming years, with AI playing a crucial role in game development and player interaction [18][19].

计算机周报 20251116 叙事的逆转：中美大模型差距是否在拉大？ 2025 年 11 月 16 日 ➢ AI Agent：1）办公：金山办公、合合信息、福昕软件、三六零；2）编程： 卓易信息、普元信息、金现代等；3）终端 AI：中科创达、萤石网络等；4）ERP/ CRM：金蝶国际、用友网络、能科科技、赛意信息、鼎捷数智、汉得信息、中软 国际、光云科技等；5）OA：泛微网络、致远互联等；6）司法：金桥信息、华宇 软件等；7）金融/财税：同花顺、新大陆、新致软件、税友股份、京北方等；8） 教育：科大讯飞、佳发教育等；9）医疗：讯飞医疗、创业惠康、卫宁健康等； 10）客服：梦网科技、彩讯股份等；11）AIGC：万兴科技、美图、快手等。 ⚫ 市场回顾 本周（11.10-11.14）沪深 300 指数下跌 1.08%，中小板指数下跌 1.71%，创业 板指数下跌 3.01%，计算机（中信）板块下跌 3.72%。板块个股涨幅前五名分别 为：海峡创新、恒银科技、安博通、中安科、鸿泉技术；跌幅前五名分别为：淳 中科技、鼎捷数智、格尔软件、凌志软件、金溢科技。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 凌志软件：11 月 10 日消 ...

若不出意外，中国未来超一半人口将流入这几个城市！房价会迎报复性反弹吗？ 你想想看，北京上海就不用说了，光是一个户口就能让多少人拼命往里挤。深圳广州的落户政策相对宽松，势必会吸引更多人才。像南京、苏州这些新一线 城市，或许就是下一个爆发点。 听说很多大厂都在往这些城市转移，腾讯、阿里、华为这些公司的布局，无疑也是风向标。所以年轻人跟着走，这没毛病。 房价会报复性反弹吗？ 这个问题就比较复杂了。一方是人口大量涌入，另一方确是政策调控还在继续。会不会掀起新一轮的房价暴涨？说实话，这个真不好说。 人口大迁移正在上演，这个趋势可以说是越来越明显了。据说最新的数据显示，中国的人口流向已经发生了根本性变化，超一半的人口势必会涌入几个核心 城市。 ! 这个现象其实不难理解。一方是三四线城市的产业萎缩，另一方确是一二线城市的机会爆发。像深圳、杭州这些地方，可以说是工作机会遍地都是。无疑也 是年轻人最向往的地方。 所以，会不会出现史上最大规模的人口迁移？据财新说，这个趋势已经开始了。比如说杭州，去年一年就净流入了几十万人。成都、武汉这些城市也不例 外，依然是人口净流入的大户。 这些城市到底有啥魅力？ 现实也是这样，这些城市的吸引 ...

另一个背景信息则更为长期。阿里的Qwen作为全球开源模型的代表，已经得到全球科技企业和学界广 泛认可。斯坦福教授李飞飞团队基于千问模型作技术创新，用不到50美元训出一个性能堪比OpenAI-o1 的模型s1；爱彼迎 (Airbnb) CEO布莱恩·切斯基直言公司大量依赖千问，且与OpenAI相比，千问 Qwen"更好更便宜"。 转自：北京日报客户端 英国《金融时报》星期五（11月14日）引述一份美国白宫备忘录报道，华盛顿指责中国科技巨头阿里巴 巴为中国军方针对美国境内目标的行动提供技术支持。 报道称，这份国家安全备忘录包含解密的绝密情报，内容涉及这家中国企业如何向中国人民解放军提供 白宫认为威胁美国安全的能力。 但是，这份报道完全没有具体说明涉及哪些能力或行动，也没有说明美国是否正在寻求以任何方式做出 回应。 为此，阿里巴巴发表声明说："有关内容的断言和影射完全不实。我们质疑匿名泄露者的动机，《金融 时报》也承认他们无法核实泄密内容。这显然是一场恶意公关行动，其幕后黑手意图破坏中美近期贸易 谈判的成果。" 中国有关方面驳斥报道内容，并表示中国依法反对并打击一切形式的网络攻击。 此次事件的一个背景信息是，11月 ...

文 | 一刻商业大椿 编辑 | 以安 走过17年，"双 11" 这个中国电商行业的标志性 IP，站在了新旧逻辑交替的十字路口。 尽管行业存量竞争加剧、用户购买意愿低等唱衰论调依旧存在，但也要看到这届双11，竞争逻辑和技术逻辑都在细微而深刻地变化。 最直观的的转变是，平台不再"唯GMV论"，呈现出从 "规模崇拜" 向 "价值回归" 的务实转向。以带头大哥"淘天"为例，规则上做减法，告别了往年复杂的 满减套路与拉长购物周期的流量博弈，采取官方直降等方式，让竞争从"价的内卷"转向"质的角逐"。 另一重关键变革是即时零售的全面入局。今年，电商在即时零售的场域里找到了新增量，淘宝总裁处端曾在发布会上表示，在淘宝闪购点过外卖，但尚未 在电商下单的用户规模已过亿。淘宝依托闪购，从别的平台"抢"回了上亿新用户。 更重要的是，即时零售的增长效应正从近场消费外溢到远场电商，让淘宝加速向"大消费平台"转型。这一万亿规模的新增量市场，带来的不仅是流量，更 吸引了众多品牌布局，天猫数据显示，已有超3.7 万个品牌商家、40 万个门店正式接入淘宝闪购，生态效应持续放大。 技术层面的革新同样不容忽视。近年来，阿里、京东等头部企业加大对大数 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high, with the increment mainly coming from secondary bond funds, possibly due to institutional funds such as insurance funds and wealth management [2][7]. - The concentration of leading institutions has increased. The proportion of the top ten fund companies in the fixed - income + fund scale has risen from 43.0% in Q2 2025 to 46.0% in Q3 2025 [2]. - The equity position of fixed - income + funds has risen to the highest level since Q1 24, with obvious increased allocation to equities. The funds mainly increased their holdings in the manufacturing sector while also considering finance, technology, and basic industries [2]. - Fixed - income + funds' top ten heavy - position stocks are relatively stable overall, and the ten stocks with the most increased holdings are mainly concentrated in the technology field [2]. - In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds. Fixed - income + funds continued to prefer convertible bonds in the banking sector, but the proportion of bank - sector convertible bonds decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [2][3]. - There is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic, and in Q3 2025, the proportion of products with positive income is 83.49%, with an average yield of about 3.16% [3][66]. 3. Summaries According to Relevant Catalogs 3.1 Overall Scale: Secondary Bond Funds Become the Main Force for Expansion - Fixed - income + funds are a hybrid investment strategy that uses fixed - income assets as the core allocation and enhances returns through a small amount of equity - asset allocation. Their scale increased rapidly in Q2 and Q3 25, reaching over 2.5 trillion yuan again in Q3 25 [7]. - In Q3 2025, the scale of public offering fixed - income + funds increased significantly compared to the previous quarter, reaching a record high. The total net asset value of fixed - income + funds was about 2.75 trillion yuan, a significant increase of 0.5 trillion yuan from Q2 25, with a month - on - month increase of 23.2%. The increment mainly came from secondary bond funds, whose scale exceeded that of primary bond funds and became the largest type of fixed - income + funds [2][7]. - The number of fixed - income + funds increased slightly in Q3 2025, also reaching a record high. The proportion of secondary bond funds in the total market's net asset value increased significantly, while the proportions of primary bond funds and partial - debt hybrid funds decreased slightly [10][13]. - The significant increase in the scale of secondary bond funds in Q3 may be mainly due to institutional funds such as insurance funds and wealth management. For example, the proportion of secondary bond funds in bank wealth - management bond - fund investments increased by 6.3 pct month - on - month to 8.9%, and the investment scale increased by 0.06 trillion yuan to 0.09 trillion yuan [2][14]. 3.2 Institutional Scale: Concentration of Leading Institutions Increases 3.2.1 Stock Scale Ranking - In Q3 2025, the proportion of the top ten public - offering fund companies in the fixed - income + fund scale increased month - on - month, and the industry concentration increased. The proportion of the top five fund companies increased from 26.2% in Q2 2025 to 28.9% in Q3 2025, and the proportion of the top ten increased from 43.0% to 46.0% [20]. - As of the end of September 2025, the top ten fund companies in the fixed - income + fund scale were E Fund, Invesco Great Wall Fund, Fullgoal Fund, Huatai - PineBridge Fund, Bosera Fund, China Merchants Fund, GF Fund, China Europe Fund, China Asset Management, and Penghua Fund [20]. 3.2.2 Stock Scale Changes - In Q3 2025, the scale changes of different - scale fund companies in the fixed - income + fund field showed significant differentiation. Large - scale public - offering fund companies had a scale increase far exceeding the industry average, while small - and medium - sized fund companies had little scale change, and some even shrank [26]. - Different types of fund companies also showed significant differentiation in the scale growth of fixed - income + funds in Q3 2025. Private - equity - affiliated fund companies led with an increase of 85.89 billion yuan, followed by securities - affiliated and bank - affiliated fund companies, while insurance - affiliated fund companies had a contraction of 3.6 billion yuan [29]. - In Q3 2025, leading institutions became the main force for growth. The top ten public - offering fund companies in the scale growth of fixed - income + funds were Invesco Great Wall Fund, Fullgoal Fund, Bosera Fund, Huatai - PineBridge Fund, China Europe Fund, E Fund, Yongying Fund, Penghua Fund, GF Fund, and Huashang Fund [30]. 3.3 Asset Allocation Changes: Increase in Equity Position 3.3.1 Changes in the Allocation of Major Asset Classes of Fixed - Income + Funds - According to Q3 2025 data, the asset - allocation structure of fixed - income + funds was adjusted, and the stock position rose to the highest level since Q1 24. The market - wide market - value proportions of stocks, bonds, and cash in fixed - income + funds in Q3 25 were 8.9%, 87.1%, and 1.4% respectively, with corresponding scale increases of 1020.9 billion yuan, 3759.6 billion yuan, and 35.8 billion yuan compared to Q2 25 [35]. - Except for convertible bond funds, the stock - holding proportions of other types of bond funds increased to varying degrees compared to the previous quarter, while the bond - holding proportions decreased to varying degrees [39]. 3.3.2 Changes in Stock - Asset Investment - Fixed - income + funds' equity assets are mainly invested in the manufacturing sector. In Q3 2025, the manufacturing sector accounted for about 63% of the investment scale, followed by the mining, finance, and information transmission, software, and information technology services industries, with a total proportion of about 24% [47]. - In Q3 2025, the manufacturing industry was the most significantly increased industry, with a scale increase of 634 billion yuan and a proportion increase of 6.03 percentage points. The mining and information transmission, software, and information technology services industries also had increased investment, while the power, construction, real estate, and education industries had reduced investment [49]. - In Q3 2025, the top ten heavy - position stocks of fixed - income + funds were relatively stable overall. Zijin Mining, CATL, and Tencent Holdings remained in the top three, and technology stocks such as Alibaba - W, Zhongji Innolight, Luxshare Precision, and SMIC entered the top ten. The overall allocation direction of the top ten heavy - position stocks continued to hold the growth sector [50]. - The ten stocks with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the technology field, and 8 of them also entered the top ten heavy - position stocks of public - offering funds in the same quarter [52]. 3.3.3 Changes in Convertible - Bond Asset Investment - Among fixed - income + funds, convertible bond funds and secondary bond funds are the main holders of convertible bonds. In Q3 2025, convertible bond funds and secondary bond funds became the main forces for increasing convertible bonds, while primary bond funds and partial - debt hybrid funds reduced their holdings [53][55]. - Overall, about 11.19% of fixed - income + funds' assets were allocated to convertible bonds in Q3 2025. Only the convertible - bond position of convertible bond funds increased month - on - month, while the positions of other fixed - income + funds decreased [55]. - Among the top five heavy - position bonds of fixed - income + funds, financial bonds and treasury bonds dominated in Q3 2025, with a total proportion of about 80%, and convertible bonds accounted for 7.5% [56]. - Among the top five heavy - position bonds of fixed - income + funds in Q3 2025, bank - sector convertible bonds still dominated, but the proportion decreased, while the proportions of convertible bonds in the power equipment, non - bank finance, and agriculture, forestry, animal husbandry, and fishery industries increased significantly [61]. - The top ten convertible bonds with the most increased holdings by fixed - income + funds in Q3 2025 were mainly concentrated in the banking, non - bank finance, and power equipment sectors, and 8 of them also entered the top ten in the convertible - bond holding scale of fixed - income + funds in the same quarter [65]. 3.4 Performance - According to Q3 2025 data, there is no significant correlation between the scale of fixed - income + funds and their yield distribution characteristics. The income of small - and medium - scale products is more elastic. In Q3 2025, the proportion of products with positive income was 83.49%, and the average yield was about 3.16% [66]. - The top ten fixed - income + funds with outstanding performance in Q3 2025 included Huaan Zhilian Hybrid (LOF), Southern Changyuan Convertible Bond, etc. These funds achieved excess returns through flexible allocation of equity positions such as technology and convertible - bond assets [67]. - Among the top ten heavy - position stocks of fixed - income + funds with a quarterly yield of over 18% in Q3 2025, the technology - growth sector dominated, and the holdings were relatively decentralized, reflecting the differentiated positioning of different fixed - income + products' investment strategies [68].

证 券 研 究 报 告 结构性景气，AI重塑生态 • 短期关注税负冲击修复+春节催化，长期工艺变迁升级下，行业转向产品设计和品牌化能力比拼，金饰迎来产品及品牌长周期beta，头部 品牌布局全球出海。建议关注：老铺黄金、潮宏基、菜百股份、莱绅通灵、曼卡龙、六福集团、周大生、老凤祥。 • 中国潮玩市场依托成熟产业链加速扩张，全球影响力持续提升，头部优质潮玩品牌正通过IP资源与自研产品力构筑核心护城河，情绪消费 市场潜力仍未充分挖掘。推荐：名创优品、量子之歌。 ◼ 主线3：贸易稳定性提升，供给侧改革做强消费内循环 2026年电商零售投资策略 证券分析师：赵令伊 A0230518100003 研究支持：李秀琳 A0230525070005 2025.11.16 ◼ 主线1：科技消费拓展商业化路径，AI、即时零售挖掘增量 • 平台竞争维度延展，持续投入布局即时零售和AI赛道，即时零售转向理性竞争，AI大模型迭代升级并增强端侧应用部署能力，蓄力中长 期增长，看好平台高质量成长势能。推荐：阿里巴巴、美团、拼多多、京东。 • "AI+"多方位赋能传统消费，政策支持下零售企业转型升级与AI技术企业应用落地需求双向对接，线上线下 ...

据长安街知事报道，英国《金融时报》星期五引述一份美国白宫备忘录报道，华盛顿指责中国科技巨头 阿里巴巴为中国军方针对美国境内目标的行动提供技术支持。 千问占据HuggingFace全球模型榜单前十中的七席 一个则是目前已经在硅谷蔓延的一种情绪。海外社交媒体已有人总结为一个流行词"千问恐 慌"(QwenPanic)。大意：以阿里巴巴千问大模型代表的开源模型，在成本上有优势，在开源上会获得更 大客户，而反观美国，闭源路线可能走窄，以及大力发展AI的负债隐忧浮现。这种情绪，与年初 deepseek引发的情绪是一脉相承的。它的立论基础，是以千问为代表的开源大模型正在吃下越来越大的 市场。 自2023年阿里开源通义千问大模型以来，千问Qwen全球下载量超过6亿次，衍生模型超过17万个，均超 过美国Meta Llama系列，位居全球第一开源模型。阿里千问Qwen在全球AI开源社区收获大量好评，包 括黄仁勋、马斯克、李飞飞、Airbnb CEO等众多AI圈知名人物都为千问点赞，苹果、DeepSeek、亚马 逊等众多知名科技企业都采用了Qwen模型或是基于Qwen做技术探索。 但是，这份报道完全没有具体说明涉及哪些能力或行动， ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - The Alibaba Tongyi App has been officially renamed "Qianwen," fully competing with ChatGPT. This move marks a significant strategic layout following Alibaba's announcement of a 380 billion yuan investment in AI infrastructure. The launch of a consumer-facing product indicates a new phase in the commercialization of its technology, showcasing the determination of domestic tech giants to break through in AI applications [2][20] - In October, "Honor of Kings" topped the global mobile game revenue growth chart, driven by its tenth-anniversary celebration, which boosted in-game purchases by 11% month-on-month. This highlights Tencent's strong capabilities in long-term IP operation and user engagement. The report suggests that leading games will continue to support stable growth for major gaming companies through ongoing content updates and refined operations [3][21] - Current investment opportunities include: 1) Hong Kong internet leaders, emphasizing social value; 2) The gaming industry, benefiting from policy incentives to boost domestic demand; 3) The film and cultural tourism industry, with consumption policies promoting cinema recovery and stimulating demand [21] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle Chapter" with 258.916 million yuan (60.6% market share), "Now You See Me 3" with 73.173 million yuan (17.1%), and "Predator: The Kill Zone" with 29.01 million yuan (6.8%) [22][23] Gaming Industry - The top three iOS games are "Delta Force," "Honor of Kings," and "Valorant: Energy Action." The top three Android games are "Heart Town," "Honkai: Star Rail," and "Staff Sword Legend" [24] TV Series Industry - The top three TV series by broadcast index are "Tang Dynasty Strange Stories: Chang'an," "Water Dragon Chant," and "Four Happiness," with indices of 84.8, 82.9, and 81.7 respectively [25][26] Variety Shows & Animation - The top variety show is "Now Departing Season 3," followed by "Flowers and Youth: Together" and "Wonderful Night Season 2." The top animation is "Little Magic Food Encyclopedia" with a viewership index of 193.2 [27][30]

Investment Rating - The report maintains an "Accumulate" rating for the computer industry [4] Core Insights - The report identifies three categories of AI applications worth mid-term investment: Custom Agent Platforms, High Barrier Vertical Applications, and AI Infrastructure [10][12][26] - OpenAI's recent developments, including the Apps SDK and AgentKit, signify a shift towards creating an AI application ecosystem, allowing developers to build interactive applications within ChatGPT [12][13] - Major companies like Tencent and Alibaba are also developing their own AI ecosystems, with Tencent planning to integrate AI capabilities into WeChat and Alibaba revamping its mobile AI application to compete with ChatGPT [14][17] Summary by Categories Custom Agent Platforms - OpenAI's Apps SDK enables developers to create interactive applications within ChatGPT, enhancing user experience and functionality [12][13] - The introduction of AgentKit allows for easy development of AI agents without extensive coding knowledge, showcasing its efficiency through a live demonstration [13] - Partnerships with various sectors, including education and real estate, highlight the broad applicability of these AI applications [12][14] High Barrier Vertical Applications - The report emphasizes that strong industry know-how, proprietary data, complex workflows, and regulatory compliance create significant barriers to entry for competitors [18][19][20][22] - Companies with deep industry expertise and unique data sources are positioned to leverage large models as tools to enhance their existing advantages rather than being threatened by them [18][19] - Examples include Palantir, which has established a strong foothold in the defense sector through its AI platform [22][23] AI Infrastructure - Infrastructure providers are positioned to gain stable returns by serving all companies involved in the AI arms race, with Snowflake and CrowdStrike highlighted as key players [26][29] - Snowflake's cloud data platform supports scalable AI deployments, while its Cortex suite allows users to run advanced AI models without data migration [28] - CrowdStrike's Falcon platform aims to secure AI operations by protecting against various cyber threats, collaborating with major tech companies to enhance AI security [29][30] Investment Recommendations - The report suggests focusing on companies in the computing sector, particularly those involved in AI infrastructure and agent development, including notable firms like Cambricon, Alibaba, Tencent, and Salesforce [7][34]