Core Insights - The top three stocks with net inflows are Alibaba-W (09988) with 1.522 billion, Pop Mart (09992) with 385 million, and China Merchants Bank (03968) with 330 million [1] - The top three stocks with net outflows are the Tracker Fund of Hong Kong (02800) with -2.261 billion, Tencent Holdings (00700) with -1.182 billion, and Hang Seng China Enterprises (02828) with -833 million [1] - In terms of net inflow ratios, China National Freight (00598) leads with 73.90%, followed by Southern Eastern Select (03441) with 64.44%, and COSCO Shipping Ports (01199) with 60.69% [1] - The stocks with the highest net outflow ratios include Ruian Real Estate (00272) at -64.09%, CNOOC Services (02883) at -62.56%, and Haitian International (01882) at -55.09% [1] Net Inflow Rankings - The top ten stocks by net inflow include: - Alibaba-W (09988): 1.522 billion, 8.82% [2] - Pop Mart (09992): 385 million, 19.66% [2] - China Merchants Bank (03968): 330 million, 32.52% [2] - CSPC Pharmaceutical Group (01093): 241 million, 20.20% [2] - Vanke Enterprises (02202): 196 million, 35.18% [2] - Yangtze Optical Fibre and Cable (06869): 180 million, 11.11% [2] - China Life Insurance (02628): 168 million, 15.04% [2] - UBTECH Robotics (09880): 148 million, 21.68% [2] - Bilibili-W (09626): 135 million, 20.46% [2] - Lion Group (02562): 132 million, 17.89% [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tracker Fund of Hong Kong (02800): -2.261 billion, -16.10% [2] - Tencent Holdings (00700): -1.182 billion, -13.16% [2] - Hang Seng China Enterprises (02828): -833 million, -10.01% [2] - Meituan-W (03690): -365 million, -2.74% [2] - China Mobile (00941): -268 million, -23.21% [2] - SMIC (00981): -255 million, -7.67% [2] - Hua Hong Semiconductor (01347): -227 million, -10.96% [2] - China Hongqiao Group (01378): -196 million, -18.31% [2] - BYD Company (01211): -153 million, -5.55% [2] - HSBC Holdings (00005): -153 million, -14.03% [2] Net Inflow Ratios - The top stocks by net inflow ratio include: - China National Freight (00598): 73.90%, 13.0298 million [3] - Southern Eastern Select (03441): 64.44%, 3.7299 million [3] - COSCO Shipping Ports (01199): 60.69%, 11.5153 million [3] - Qingdao Bank (03866): 54.25%, 11.6628 million [3] - China Power (02380): 51.21%, 15.0679 million [3] - Tanwan (09890): 47.54%, 2.8146 million [3] - Power Development (01277): 47.25%, 9.1556 million [3] - Shougang Resources (00639): 45.84%, 15.6165 million [3] - Dashi Holdings (01405): 44.46%, 5.6236 million [3] - Qingdao Port (06198): 44.08%, 2.5357 million [3] Net Outflow Ratios - The top stocks by net outflow ratio include: - Ruian Real Estate (00272): -64.09%, -1.9067 million [3] - CNOOC Services (02883): -62.56%, -56.8889 million [3] - Haitian International (01882): -55.09%, -10.1836 million [3] - Hong Kong and China Gas (00003): -54.67%, -129 million [3] - Angelalign Technology (06699): -48.57%, -34.5458 million [3] - Anhui Wanshan Expressway (00995): -46.19%, -22.9518 million [3] - 361 Degrees (01361): -42.89%, -3.5273 million [3] - Greentown Management Holdings (09979): -42.86%, -5.2056 million [3] - Weigao Group (01066): -42.55%, -44.5428 million [3] - Fenbi (02469): -41.23%, -14.4094 million [3]

在2025年11.26号AI人才培训发展大会暨「AI应用工程师」发布仪式现场，杭州天生不凡教育科技有限公司正式签约成为阿里巴巴钉钉AI咨询研究院咨询 核心伙伴，双方将依托钉钉生态与AI能力，共同推动企业智能化升级与AI人才培养。 本次大会于2025年11月26日在杭州阿里巴巴全球总部中心举办，由钉钉（中国）信息技术有限公司主办、钉钉AI咨询研究院承办，聚焦"培养智能化人 才，推动高质量就业，促进AI技术普惠"核心目标，旨在应对AI发展带来的组织变革与教育挑战，助力企业智能化转型。 此次天生不凡的核心伙伴加入，将进一步丰富研究院的生态服务能力——依托天生不凡在企业咨询陪跑领域的实战经验，结合研究院的AI技术与钉钉企业 级应用场景，双方将共同为企业提供从AI战略规划到落地执行的全链路服务。 《国务院关于深入实施"人工智能+"行动的意见》明确鼓励全民学习AI新知识、新技术。而据数据显示，2025年我国AI人才缺口已达500万，医疗、制造等 领域"一才难求"，企业急需AI技术与业务融合的复合型应用人才。 钉钉AI咨询研究院相关负责人袁中伟表示："AI技术激发了企业对人才的渴求，培训与 教育行业需协同推进AI人才培养， ...

Core Viewpoint - The Hong Kong stock market is experiencing a rebound in AI-related stocks, driven by a reversal in interest rate expectations, strong performance from Alibaba's AI cloud business, and renewed inflows from southbound funds [3][4][5][6]. Group 1: Market Performance - On November 28, the Hong Kong stock market opened slightly higher but retreated, with the Hang Seng Index closing down 0.34% [1]. - The Hong Kong Internet ETF (513770) showed resilience, rising 0.36% and maintaining a position above the 10-day moving average since hitting a low on November 21 [1]. Group 2: Interest Rate Expectations - A significant shift in expectations regarding the Federal Reserve's interest rate policy has occurred, with the probability of a 25 basis point rate cut in December rising to 86.9%, up from less than 30% a week prior [4]. Group 3: AI Sector Developments - Alibaba's latest financial report revealed a 34% year-on-year increase in AI cloud revenue to 39.8 billion yuan, exceeding market expectations, and a substantial 80% increase in quarterly capital expenditure [5]. - Alibaba's market share in China's AI cloud sector reached 35.8% in the first half of the year, significantly higher than its competitors [5]. Group 4: Fund Inflows - Southbound funds have resumed significant purchases in the internet sector, with Alibaba-W seeing a net inflow of 25.449 billion HKD over 11 consecutive days [6]. - Xiaomi Group-W and Meituan-W also received substantial net purchases, amounting to 13.619 billion HKD and 2.1 billion HKD, respectively [6]. Group 5: Valuation Insights - The Hong Kong Internet ETF (513770) is currently trading at a price-to-earnings (P/E) ratio of 23.51, placing it in the lower valuation range compared to the NASDAQ and ChiNext indices, which have P/E ratios of 36.29 and 38.90, respectively [4][8]. - The Hong Kong stock market is characterized as a valuation "bargain" for AI stocks, with many companies deeply embedded in global supply chains and transitioning from investment phases to value realization [8]. Group 6: ETF Composition - The Hong Kong Internet ETF (513770) tracks major internet leaders, with Alibaba-W, Tencent Holdings, and Xiaomi Group-W being the top three holdings, accounting for 18.23%, 16.77%, and 10.21% of the fund, respectively [9][10].

周度报告——股指期货 市场波动降低，仍需宏观加码 本周全球股市走修复逻辑，主要国家指数均涨超 2%。中国股市 也迎来修复。但行情有三方面超预期，一是修复力度偏弱，上 证指数周度涨幅仅 1.4%，单周未能收涨与 3900 点以上；二是市 场缩量，周五市场成交跌破 18000 亿元，抄底博弈的力量较弱； 三是微盘股涨幅较大，融资余额放量，表明部分投机性资金仍 较为活跃。总体来看，近期地缘因素仍具有较大不确定性，短 期内市场观望情绪较重也属于正常变化，本轮行情是流动性推 动的牛市，在流动性退坡之际，股指或将维持窄幅震荡。建议 关注 12 月即将召开的重磅会议。 ★风险提示： 经济基本面修复不及预期，海外地缘风险加剧。 | [T走ab势le_评R级an：k] 股指：震荡 | 王培丞 高级分析师（股指） | | --- | --- | | 报告日期： 2025 年 11 月 30 日 | [Table_Analyser] 从业资格号： F03093911 [Table_Analyser] | | [★Ta一bl周e_复Su盘mm：aAry股] 修复偏弱 | 投资咨询号： Z0017305 | | 本周（11/24-11 ...

Core Viewpoint - The latest brokerage "golden stocks" for December highlight a focus on sectors such as electronics, power equipment, pharmaceuticals, and food and beverage, with themes like domestic computing power, robotics, and consumer recovery gaining traction [2][9]. Group 1: Market Performance - In November, the A-share market exhibited a volatile pattern, with the Shanghai Composite Index declining by 1.67%, while the ChiNext Index and STAR Market Index fell by 4.23% and 6.24%, respectively [5]. - The top-performing "golden stock" in November was Shanghai Port Bay, recommended by Huatai Securities, which saw a monthly increase of 60.15% [6]. - Other notable performers included BlueFocus Media with a 45.99% increase and Yaxing Integration with a 43.57% rise, both recommended by different brokerages [6]. Group 2: December Golden Stocks - The December golden stock list shows a diverse allocation strategy, with significant attention on electronics, power equipment, pharmaceuticals, and food and beverage sectors [2][9]. - The electronics sector remains the most favored, with companies like Haiguang Information and Huadian Heavy Industries receiving multiple recommendations from different brokerages [11][12]. - In the power equipment sector, companies like Goldwind Technology and Ningde Times are highlighted for their strong order growth and competitive advantages [12]. Group 3: Investment Themes - The focus on robotics is increasing, with companies like Hengli Hydraulic and Kaidi Co. being recommended for their growth potential in the robotics space [16]. - In the pharmaceuticals sector, innovative companies such as Innovent Biologics and Kangfang Biologics are emphasized for their competitive global products [15]. - The consumer sector is also gaining traction, with companies like Midea Group and Alibaba being included in the recommendations due to their attractive dividend yields and growth prospects [14]. Group 4: Market Outlook - Brokerages generally maintain a bullish outlook for the market, expecting it to remain in a bull phase, although short-term fluctuations may occur [3][18]. - Analysts suggest that the market's focus should be on growth sectors, particularly technology and advanced manufacturing, while also considering defensive and consumer stocks in the short term [20][21].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The advancements in AI technology, such as the release of DeepSeekMath-V2 and Google's Gemini 3 Pro, demonstrate that the potential of large models is far from being fully realized. Continuous innovation in algorithms and the scaling law are key drivers in dispelling the notion of an "AI bubble" [18][19]. - Alibaba's recent financial results show strong growth in AI-related products, with a 34% increase in revenue for Alibaba Cloud and a 29% acceleration in external commercialization revenue. The company emphasizes that AI is not a bubble, as the demand for AI solutions is robust and supported by solid return potential [19][20]. Summary by Sections AI Innovations - DeepSeek launched a new mathematical reasoning model, DeepSeekMath-V2, which utilizes a self-verifying training framework and has achieved gold medal levels in competitions [11]. - Google's Gemini 3 Pro highlights the importance of high-quality training data, showcasing the ongoing effectiveness of the scaling law in AI model development [16]. Alibaba's AI Strategy - Alibaba's CEO stated that there is no "AI bubble" in the next three years, supported by strong demand and reasonable return potential. The company is focusing on both AI to B and AI to C strategies [22][23]. - The demand for AI capabilities is increasing across various industries, with Alibaba Cloud's AI-related product revenue growing for nine consecutive quarters [20][21]. Market Dynamics - The global AI server supply chain is experiencing shortages, with a significant expansion cycle required to meet the growing demand. This supply-demand imbalance is expected to persist for the next two to three years [22][23]. - The report suggests monitoring companies involved in computing power, such as Cambrian, Huagong Information, and others, as potential investment opportunities [4][25].

Core Insights - Both Alibaba and Meituan reported significant losses in their recent Q3 financial results, indicating a fierce competitive landscape in the Chinese e-commerce and food delivery markets [2][3] - Alibaba's adjusted EBITA dropped from 443 billion RMB to 105 billion RMB year-on-year, while Meituan's revenue was 955 billion RMB with an operating loss of 141 billion RMB and an adjusted net loss of 160.1 billion RMB, compared to a net profit of 128.29 billion RMB in the same period last year [2][3] - The cash burn for both companies exceeded 300 billion RMB in Q3, with Alibaba's cash reserves allowing for a lower percentage of cash burn compared to Meituan, highlighting an asymmetrical battle [2][3] Financial Performance - Alibaba's Q3 revenue for its China e-commerce group was 114.77 billion RMB, a 16% increase year-on-year, while Meituan's revenue was 955 billion RMB, reflecting the ongoing competition in the market [7] - The adjusted net loss for Meituan in Q3 was 160.1 billion RMB, a stark contrast to the previous year's adjusted net profit of 128.29 billion RMB [2][3] Market Dynamics - The market share for food delivery services has not reverted to previous levels despite the cessation of subsidies, indicating a shift in consumer behavior and market dynamics [3] - The competitive landscape is evolving, with new players like Douyin (TikTok) entering the local commerce space, further intensifying the competition [3] Strategic Developments - Alibaba's strategy has shifted towards a more focused approach, consolidating its resources under the "all in one" strategy, which aims to enhance operational efficiency and user engagement [8] - The company is actively investing in its instant retail segment, with a clear roadmap to expand scale, improve efficiency, and optimize product offerings [15][17] User Behavior Changes - The concept of "good loss" is emerging, where losses are seen as investments in long-term user habits and market positioning, similar to Amazon's strategy during its growth phase [9][10] - Instant retail is expected to create irreversible changes in consumer habits, with Alibaba's efforts in this area driving significant increases in active users and revenue growth [12][14] Competitive Outlook - The ongoing battle between Alibaba and Meituan is characterized by aggressive strategies from both sides, with Alibaba's investments in instant retail putting pressure on Meituan's market share and profitability [17] - The competition is likely to remain intense, with both companies adapting to the evolving market landscape and consumer preferences [17]

Core Insights - The current era is characterized as the age of artificial intelligence, comparable to the time when the steam engine was invented, marking a significant investment opportunity [3][15] - Technological progress is identified as the fundamental driver of wealth growth and societal advancement, despite economic fluctuations and crises [5][16] - The investment strategy of the company has shifted towards focusing on AI-related companies, similar to past successful investments in technology [9][16] AI Era - The AI era is seen as a transformative period, with potential for significant changes in business models and consumer behavior, such as the use of AI agents for everyday tasks [12][22] - Companies like Nvidia and Google are highlighted as key players in the AI space, with substantial investments in research and development [22][23] Investment Strategy - The company has made strategic decisions to invest heavily in AI technologies, reflecting a belief that the same opportunities that existed in previous technological revolutions are present today [9][16] - The importance of long-term investment perspectives is emphasized, suggesting that successful investments require a multi-decade view [10][19] Market Trends - The Nasdaq index has shown significant growth over the past decades, with historical performance indicating that technology-driven markets tend to outperform others [5][18] - Recent trends show increased investment in companies like Google and Alibaba, indicating a shift in market sentiment towards AI and technology stocks [13][14][23] Competitive Landscape - The competitive environment in AI is described as intense, with major companies like Amazon, Google, and Microsoft investing heavily in AI technologies [22] - The potential for monopolistic structures in the AI industry is noted, with a few companies likely to dominate the market and achieve unprecedented valuations [24]

Core Insights - The 2025 Analyst Conference held on November 28 brought together experts, scholars, and leaders from various financial sectors to explore investment strategies through economic cycles [1] Group 1: Investment Opportunities - The founder and chairman of Dongfang Hongyuan, Dan Bin, highlighted the growing interest in investing in Google, noting a parallel trend with investments in Alibaba in the domestic market [3] - Dan Bin identified Alibaba and ByteDance as the only domestic companies that can compete with Google's TPU and Gemini technologies, while Tencent is perceived as lagging behind [3] Group 2: Market Trends - The competition in AI is expected to lead to a more monopolistic business model, similar to trends observed in the internet and mobile internet sectors, with a concentration of market power among a few companies [3] - The potential for significant market capitalization growth is noted, with predictions that companies like Nvidia and Google could each exceed a market value of $10 trillion [3]

Core Insights - The Alibaba Quark S1 glasses are gaining significant attention in the AR and AI glasses market due to their integration of display, AI models, and voice control capabilities, allowing users to perform various tasks such as payments, music playback, and photography with a notable battery life of 7 hours [1][2] - The current market trend indicates that AR and AI glasses are becoming the second terminal product for users, alongside smartphones, suggesting a shift in consumer behavior towards adopting these devices as essential technology [2][11] - The development of a robust developer ecosystem for AR and AI glasses is hindered by the closed nature of the Android XR operating system, which is not fully open-source, making it challenging for developers to create applications [2][11] Product Features - The Quark S1 glasses feature a detachable design with a battery life of 7 hours and a standby time of 25 hours, catering to user convenience [1] - The glasses are currently integrated with Alibaba's ecosystem, including applications like Tongyi Qianwen, Amap, and NetEase Cloud Music, focusing on a closed-loop ecosystem [1] Market Dynamics - The competition in the AR and AI glasses market is intensifying, with various manufacturers vying for market share, indicating a potential for rapid growth in this sector [2][11] - The lack of a unified operating system among different AR and AI glasses manufacturers is leading to fragmentation, making it difficult for developers to create cross-compatible applications [15][17] Developer Ecosystem - The success of the Quark S1 and similar devices hinges on the establishment of a developer ecosystem, which requires a significant user base to attract developers [11] - The current absence of a dedicated App Store for the Quark S1 limits its potential user engagement and application development [1][11] Future Outlook - The introduction of new operating systems like MentraOS, which aims to provide an open-source platform for AR glasses, could potentially reshape the market by allowing more flexibility for developers and manufacturers [15][17] - The evolution of user interaction with AR and AI glasses is expected to lead to the emergence of new social applications, potentially replacing existing platforms like WeChat [12][13]