②英伟达强劲的Q3财报数据以及Q4指引，或有助于平息"AI泡沫论"。叠加阿里将于11月25日公布财 报。 ①近期"AI泡沫论"+美元市场流动性紧张（美政府停摆+12月降息概率走低），港股科技股承压下跌。 ②恒生科技指数年内涨幅超20%的情况下，机构倾向于锁定利润，转而关注稳定性更高的红利资产。③ 港股年初IPO和配售个股迎来解禁期。 但积极因素同样在积累： ①恒生科技指数10月以来持续回调，自10月3日至今累计回调幅度超18%。 受隔夜超预期的9月非农数据+美股跳水下跌，今日港股全线低开，恒生科技指数跌2.21%，恒生互联网 ETF、恒生科技指数ETF分别跌2%和1.6%。 资金却选择越跌越买，恒生科技指数ETF自10月30日-11月20日的16个交易日连续获资金净申购，合计 净流入额44.72亿元，期内下跌10.11%。恒生互联网ETF同样上演16日净流入，合计净流入25.18亿元， 期内下跌10.24%。 港股近期持续调整的原因： ③美联储12月1日暂停缩表+9月非农数据虽超预期，但美联储更关注的失业率连续三个月上升。 相关产品，及截至发稿涨跌幅： 港股全科技赛道：恒生科技指数ETF(513180)，-1 ...

15只今年新发科创债ETF规模均超百亿元 今年以来，债券ETF规模节节攀升。数据显示，截至11月19日，债券ETF（交易型开放式指数基金）规 模已达到7148.17亿元，创下历史新高。 在业内人士看来，债券ETF的持续扩容，不仅为投资者提供了 更丰富的多元化配置选择，拓宽了大类资产配置的路径，也将显著提升债券市场流动性，进一步推动 ETF向高质量、多层次方向发展。随着其在资产配置中的地位稳步提升，债券ETF的战略价值正愈发凸 显。(证券日报) 短融ETF规模突破700亿元 今年以来债券ETF凭借流动性强、费率低、交易高效、结构透明等优势，规模不断创新高，成为资产配 置中的重要工具。数据显示，截至2025年11月20日，债券ETF中规模最大的一只——短融ETF规模已突 破700亿大关，达700.01亿元，该产品基金管理人为海富通基金。截至最新，全部债券ETF规模达7150.6 亿元。（人民财讯） 不良个贷转让加速 11月以来挂牌超260亿元 近日，国家金融监督管理总局披露的数据显示，商业银行不良贷款余额、不良贷款率环比小幅"双升"。 与此同时，年内不良个贷转让加速，今年11月以来，挂牌相关资产包合计超过260亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5][31] Core Insights - The company's total revenue for Q3 2025 increased by 8% year-on-year to 28.4 billion RMB, slightly below consensus expectations by 3% [1][7] - Deferred revenue exceeded expectations by 3%, with a quarter-on-quarter increase of 2.5 billion RMB, primarily driven by "Fantasy Westward Journey" [1][2] - Adjusted net profit attributable to shareholders grew by 27% year-on-year to 9.5 billion RMB, surpassing consensus expectations by 1% [1][5] - The report anticipates significant improvement in revenue for Q4, driven by the launch of "Fantasy Westward Journey" and other new game releases [1][2] Revenue and Profitability - Q3 gaming and value-added services revenue rose by 12% year-on-year to 23.3 billion RMB, with gaming revenue increasing by 13% [2][12] - The gross margin for gaming and value-added services improved by 0.5 percentage points to 69.3% [2][12] - The report projects game revenue growth of 13% and 8% for 2025 and 2026, respectively [1][5] Game Performance and Updates - "Fantasy Westward Journey" launched a new play mode that significantly increased player engagement, with peak concurrent players reaching 3.58 million [1][13] - The international version of "Yanyun" performed well, reaching 2 million players on its first day on Steam, and is expected to generate 1-1.5 billion RMB in its first year [3][5] - "Egg Party" saw a notable increase in revenue, with iOS revenue growing by 122% year-on-year in October [2][22] Future Outlook - The company has adjusted its revenue forecasts downward for 2025-2027, primarily due to slowing growth in mobile game revenue [5][31] - The adjusted net profit forecasts for 2025, 2026, and 2027 are set at 39.3 billion RMB, 41.8 billion RMB, and 46.1 billion RMB, respectively [5][31] - The target price for the company is set at 170.12 USD, corresponding to an 18.3x PE ratio for 2026 [5][36]

稳健，这是网易游戏2025年的关键词。 11月20日，网易发布了2025年第三季度业绩报告。财报显示，Q3公司净收入284亿元，同比增加8.2%，归属于公司股东的净利润为86亿元。 营业成本102亿元，上一季度和去年同期分别为98亿元和97亿元。对此，网易在财报中提到，这源自人员成本，收入分成以及代理游戏版权成本环比、同 比增加。 聚焦到游戏业务方面，本季度公司游戏及相关增值服务净收入233亿元，同比增加11.8%。 网易首席执行官兼董事丁磊表示："这个季度，我们的业绩依旧稳健，中国市场健康增长，国际市场吸引力持续提高。多年来，我们持续打磨创新能力， 并凭借交付卓越的游戏体验， 在一部部力作中印证了自身实力。这也为我们将中国别具特色、制作精良的游戏带给全球玩家奠定了基础。" 对于中国以及海外游戏市场趋势，丁磊在电话会中表示，网易有丰富的海外经营经验，这些成功经验源自公司强大的开发力量。在日本有《荒野行动》 《第五人格》，去年12月上线了《漫威争锋》，日前也上线了《燕云十六声》海外版，这些产品取得了成功反响。 "我们是唯一一个把中国题材带到海外并取得成功的大型游戏公司（指燕云十六声）。"丁磊强调道，"这个月我们 ...

在传统在线音乐平台的增长逻辑里，"付费"、"版权"一直是最稳健、最可预测的商业引擎。但今年三季报的信号正在松动这一共识：腾讯音乐增速趋稳、 多项核心指标到达平台期；网易云音乐则陷入营收增长停滞。 这些变化或许并不只是单个平台的阶段性波动，而是音乐行业整体踏入了"下一个问题周期"。同时期内，字节系的汽水音乐和番茄畅听音乐版则以更激进 的增长速度不断蚕食用户时长，让今年行业内首次出现一条清晰的"交叉曲线"——主流付费平台增长放缓，免费入口以更快的速度向上突破。 竞争版图因此出现新的裂缝，并在被重新书写。 主流平台的增长触顶： 三季报释放的行业级信号 从营收数据看，腾讯音乐在第三季度依旧维持着行业头部的稳健表现。 财报显示，腾讯音乐三季度总营收达84.6亿元，同比增长20.6%，创去年同期以来的新高；调整后净利润24.1亿元，其中在线音乐服务收入以27.2%的增速 冲至69.7亿元。 但在强势数字背后，更关键的指标正在释放拐点信号。 用户付费表现依然稳固。在线音乐付费用户同比增长5.6%至1.257亿，ARPPU从10.8元升至11.9元，同比增长10.2%。内容与平台的"一体两翼"策略仍在发 挥作用，国际唱片合作 ...

Group 1 - The founder of Bawang Tea Ji, Zhang Junjie, is getting married to Gao Haichun, daughter of the founder of Trina Solar, with a combined market value of approximately 613 billion yuan for their respective companies [5][6] - DJI has officially entered the consumer-grade 3D printing market by investing in Smart Pie Technology, indicating a strategic move towards innovative technology [11] - Ant Group's CTO He Zhengyu stated that the Lingguang App and Alibaba's Qianwen App are not competitors but rather allies in the pursuit of AGI [8][9] Group 2 - Xiaomi's 500,000th car has rolled off the production line, achieving this milestone in just 602 days, marking a record for global new energy vehicle companies [15] - Star Motion Era has completed nearly 1 billion yuan in A+ round financing, led by Geely Capital, indicating strong investor confidence in the robotics sector [17][18] - Huawei and GAC have had multiple disputes during their collaboration on the Qijiang project, highlighting the challenges in automotive partnerships [20][21] Group 3 - NetEase reported a Q3 revenue of 28.4 billion yuan, with gaming revenue reaching 23.3 billion yuan, reflecting a year-on-year growth of 11.8% [23] - The new Xiangjie S9 MPV from Huawei's Hongmeng Zhixing will be launched, featuring a price range of 309,800 to 369,800 yuan, with a focus on high-end configurations [24][25] - Meizu Technology has clarified that it will not relocate its headquarters despite a building being listed for sale, emphasizing its commitment to its current location [27][28] Group 4 - Nvidia has warned that its potential $100 billion investment in OpenAI is not guaranteed, reflecting the uncertainties in large-scale tech investments [37][38] - Qualcomm has filed a complaint leading to a raid on Arm's Seoul office by South Korea's antitrust agency, indicating ongoing tensions in the semiconductor industry [38][39] - Google has introduced AI content detection features in its Gemini application, aiming to enhance transparency in AI-generated content [39][40]

Group 1: Company Developments - Xinda Biologics announced that its dual receptor agonist, Masitide, achieved primary and all key secondary endpoints in Phase III clinical trials for obesity in China, showing a significant weight reduction of 20.08% compared to placebo in subjects with a BMI ≥30 [1] - Xinda Biologics plans to submit a marketing application for Masitide 9mg for adult weight management to the National Medical Products Administration [1] - RoboSense has secured a three-year exclusive partnership with FAW Toyota for a new electric vehicle model, marking the first Chinese tech company to enter Toyota's lidar supply chain [6] Group 2: Market Trends - The U.S. stock market experienced significant declines, with the Dow Jones down 386.51 points (0.84%), S&P 500 down 103.4 points (1.56%), and Nasdaq down 486.18 points (2.15%) [2] - The U.S. non-farm payrolls added 119,000 jobs in September, exceeding expectations of 50,000, indicating a shift in economic data and Federal Reserve stance [2] - The domestic smartphone market in China saw a shipment of 27.93 million units in September 2025, a year-on-year increase of 10.1%, with 5G phones accounting for 86.3% of total shipments [4] Group 3: Financial Performance - Luxshare Precision Holdings expects a mid-term profit increase of approximately 40% to 50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [13] - Yidu International Holdings reported a net profit of approximately HKD 1.218 billion for the six months ending September 30, 2025, reflecting an increase of about 1155% year-on-year [14] - NetEase reported a third-quarter net profit of approximately RMB 8.616 billion (USD 1.2 billion), a year-on-year increase of 31.77% [15][16]

Group 1 - The game "Jiumu Zhi Ye" has surpassed 500,000 pre-registrations, indicating strong player interest and effective promotional efforts [1] - The game is set to officially launch on December 18, generating significant attention within the gaming community [1] Group 2 - The official announcement of a collaboration between "Delta Action" and "Counter-Strike: Future" is expected to enhance player engagement and add collectible value [2] - "Counter-Strike: Future" is anticipated to reveal a major event soon, which could positively impact the parent company's stock performance if the game launches successfully in 2026 [2] Group 3 - NetEase reported a Q3 net income of 284 billion yuan, with 233 billion yuan coming from gaming and related services [3] - The classic game "Dream of the Westward Journey" has reached a new peak in concurrent users, while new titles have shown strong initial performance in various markets [3] - Continuous investment in content updates and innovation is necessary for long-term success, especially in a competitive international market [3]

智通财经APP获悉，周四，美股三大指数集体下跌。恒生指数ADR下跌，按比例计算，收报25425.45点，较香港收市跌410.12或1.59%。 | .HSIADR 恒生指数ADR | | --- | | 25425.45 ↓ -410.12 -1.59% - 收盘价 11/20 16:00 美东 | | 三月日日 中 | | 最高价 25922.90 开盘价 25760.04 成交量 5613.7万 | | 最低价 25425.45 昨收价 25835.57 平均价 25674.17 | | 52周最高 27275.90上 涨 -- 本 智能 | | 52周最低 18856.77 下 跌 -- 振 幅 1.93% | | A | | 800000 恒生指数 25835.57 +4.92 +0.02% | 大型蓝筹股集体下跌，汇丰控股收报105.18港元，较香港收市跌2.25%；腾讯控股收报605.843港元，较香港收市跌2.44%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较 较港股升跌 | | --- | --- | --- | ...

Core Insights - Nvidia's strong earnings report failed to sustain market confidence, leading to a collective decline in major U.S. stock indices [1] Market Performance - The Dow Jones index fell by 0.84% - The S&P 500 index decreased by 1.56% - The Nasdaq Composite index dropped by 2.15% [1] Technology Sector - Major tech stocks experienced significant declines: - AMD fell over 7% - Oracle decreased by over 6% - Netflix and Nvidia both dropped over 3% - Tesla and Amazon fell over 2% - Microsoft declined by over 1% - Broadcom fell by 2.14% - Qualcomm decreased by 3.90% - Adobe dropped by 1.79% - Salesforce fell by 1.10% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index declined by 3.26% - Notable declines among popular Chinese stocks: - Canadian Solar fell by 18.3% - Daqo New Energy dropped by 9.2% - NIO decreased by 6% - JinkoSolar fell by 5.7% - Other companies like Pony.ai, Xpeng, Xiaomi, Pinduoduo, and Baidu dropped over 4% - However, some stocks saw gains: - NetEase rose by 0.6% - Beike increased by 1.3% - GDS Holdings gained 1.8% - Yatsen Holding rose by 3.3% [1]