Group 1 - The Hang Seng Index opened up by 0.66% on December 11 [1][2] - The Hang Seng Tech Index increased by 0.55% [1][2] - Companies such as Midea Group, Alibaba, NetEase, and Bilibili saw their stock prices rise by over 1% [1][2]

Group 1: Economic Outlook - The U.S. economy is expected to maintain moderate growth in the coming year, supported by factors such as Federal Reserve interest rate cuts and AI investments [1] - The Hong Kong stock market is anticipated to shift from valuation-driven to profit growth-driven, with a projected earnings growth rate of 6% to 10% for the Hang Seng Index [1] Group 2: Market Dynamics - The valuation expansion in the Hong Kong market may weaken, but liquidity will remain supportive, leading to a new supply creating new demand [1] - The dual liquidity easing in both China and the U.S. is expected to increase foreign and southbound capital supply, translating into new demand for Hong Kong stocks [1] Group 3: Sector Analysis - The U.S. tech sector is expected to become more rational, with AI continuing to be a key driver, while the regulatory environment will favor mergers and acquisitions [2] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in M&A activity from large multinational companies [2] - The automotive sector is projected to see flat or slightly declining sales, presenting opportunities to gradually accumulate stocks of companies with high earnings growth certainty [2] Group 4: Recommended Stocks - Top stock picks for the first quarter of next year include Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), and others [3]

上海近铁城市广场南区的外立面对比 在杭州阿里巴巴西溪园区的饿了么办公楼里，最近内部广为流传的调侃是："早 C 晚 A 。早上还属于 C 区，晚上就属于 A 区了。"A 区和 C 区就隔了一条马路，淘宝在那头，饿了么在这头。 饿了么诞生于 2008 年的上海交通大学宿舍，外卖战场上的对手从校园一路变成大公司，直到遇到在 百团大战里胜出的美团，饿了么早期成员李立勋对我们说，在被阿里投资且不断加注的那一刻起，"饿 了么的结局就确定了。" 饿了么的故事，是创业草莽对抗巨头、资本狂飙改变行业的缩影。它的改名，标志着一个纯粹外卖平 台时代的结束，它的 "遗产" —— 庞大的商家网络、骑手配送体系，将作为淘宝闪购的基石继续存 在。 10 多年来，我们一直在采访饿了么的员工，无论是过去的还是现在的，在人的讲述里，记住的往往不 是冰冷的数字，而是一个个鲜活的回忆碎片。 饿了么终于失去姓名，关于它的 17 年往事碎片。 文 丨 管艺雯 在上海市区真北路和金沙江路的交叉口，近铁城市广场南区，饿了么总部办公楼，2025 年 12 月 5 日，近 10 块蓝色的巨型电子屏幕被替换成橙色。2025 年中以来全中国铺天盖地刷遍的橙色广告， ...

在底层技术影响力外溢的同时，阿里在C端市场的应用落地也呈现出爆发态势。据统计，自11月17日启 动公测以来，通义千问App在短短23天内，全端月活跃用户数已突破3000万。这一数据不仅刷新了同类 产品的增长纪录，也表明国产大模型正在加速完成从技术积累到用户规模化普及的跨越。 市场分析指出，Meta作为曾经的开源领军者，此番借力Qwen模型，一方面侧面印证了中国开源大模型 在技术底层已具备比肩甚至反哺硅谷巨头的实力，成为行业重要的参考坐标；另一方面，这也引发了业 界对于Meta可能放弃纯开源路线、转而寻求闭源盈利模式的广泛猜测。 凤凰网科技讯12月11日，据彭博社最新披露，美国科技巨头Meta在研发代号为"牛油果"的全新AI模型 时，采用了阿里巴巴开源的Qwen模型进行蒸馏优化。这一技术路径的选择，正值马克.扎克伯格在硅谷 重金组建顶尖团队、试图扭转此前大模型研发颓势的关键时期。 ...

【环球网科技综合报道】12月11日消息，据彭博社报道，美国科技巨头Meta在训练其代号为"牛油果"的新模型时，使用了阿里巴巴Qwen模型进行蒸馏优 化。此前，扎克伯格在硅谷高薪组建了一支顶尖的AI团队，意图从大模型滑铁卢中重整旗鼓。 彭博社认为，利用中国技术训练新模型标志着扎克伯格态度空前的转变。今年1月，他在乔·罗根的播客中表达了对中国模型可能受到审查影响的担忧。此 后，扎克伯格多次呼吁美国政府支持本国科技公司，争取在全球人工智能竞赛中占据主导地位，并表示其开源战略是实现这一目标的重要部分。然而， Llama 及其他美国的一些大模型已落后于人。"中国在开源领域遥遥领先。"英伟达首席执行官黄仁勋本月早些时候表示。 目前，Meta 的一位发言人拒绝对此进行置评。 这一动向也侧面证实了阿里千问作为"全球开源模型"的硬核实力。市场分析认为，阿里Qwen不仅已成为开发者和企业市场的首选，甚至成为Meta等硅谷巨 头追赶行业领先水平时的重要参考坐标。 伴随着底层模型实力获得国际公认，阿里在C端应用的战略布局也迎来了爆发式增长。据最新消息，自11月17日开启公测以来，千问App在短短23天内，全 端月活跃用户数已突破30 ...

编者的话：连日来，全球 AI 眼镜赛道热潮涌动，国内外企业纷纷加快布局。海外市场，美国科技巨头 谷歌8日表示，计划于2026年推出其首款AI驱动的智能眼镜，此举旨在加速抢占日益火热的AI可穿戴设 备市场，与Meta等公司展开竞争。值得关注的是，这并非谷歌首次布局该赛道，而是在数年前尝试失 利后的再度回归，而当下的行业形势变化已然天翻地覆。国内市场上，11月底，搭载阿里最新千问AI 助手的夸克AI眼镜正式发布；12月3日，理想汽车也发布首款AI眼镜Livis。全球众多企业，特别是巨 头"抢滩"、新品频出的背后，折射出怎样的行业发展情况？这场AI可穿戴设备的竞速赛，又将多久才能 迎来"人人佩戴AI眼镜"的突破性时刻？ 看重市场潜力，谷歌"重返"AI眼镜赛道 "谷歌即将推出新款AI眼镜"的消息迅速引发市场关注，这其实是它在智能眼镜领域的"二次创业"。早在 2012年，谷歌推出其首款智能眼镜，然而这一产品并不成功。今年5月，谷歌宣布将再次重返智能眼镜 市场。联合创始人谢尔盖·布林表示，公司已从过去智能眼镜失败的经验中吸取教训，包括当时AI技术 不够成熟、缺乏供应链经验，导致产品定价过高。布林着重强调了当下的不同："如 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Internet and Other Services, specifically focusing on the AI sector in China - **Key Development**: Approval of Nvidia's H200 chip for sale to approved customers in China, enhancing AI capabilities in the region [1][2] Core Insights and Arguments - **Geopolitical Context**: Reduced geopolitical tensions are beneficial for China's AI enablers and adopters, lowering the risk of losing access to high-performing GPUs [1][3] - **Performance Comparison**: The H200 chip offers approximately 6x faster performance and 50% more memory compared to its predecessor, the H20, but at over 2x the average selling price (ASP) [2] - **Regulatory Outlook**: No significant pushback from Chinese regulators is expected regarding the purchase of H200 chips by Chinese cloud service providers (CSPs) [3] - **Impact on Local Chips**: While local chips can address inference computing, they cannot yet replace the H200 for model training, indicating a continued reliance on high-performing GPUs for scaling China's large language models (LLMs) [3][4] - **Local Chip Self-Sufficiency**: Forecasts suggest that China's local GPU self-sufficiency ratio will increase from 39% to 50% by 2027, driven by advancements in local semiconductor manufacturing [4] Stock Implications - **Positive Outlook for CSPs**: Companies like Tencent and Alibaba are expected to benefit significantly, especially as Tencent had previously reduced capital expenditure guidance due to GPU supply chain constraints [9] - **Data Center Providers**: Companies such as GDS and VNET are anticipated to receive substantial new orders in the domestic market following a period of muted demand [9] Additional Considerations - **Market Dynamics**: The report highlights the ongoing focus of Chinese LLMs, led by DeepSeek, on increasing intelligence density and optimizing computing power [4] - **Investment Risks**: Potential risks include intensified competition, regulatory scrutiny, and the impact of macroeconomic factors on consumer spending and enterprise digitalization [16][19] Conclusion - The approval of the H200 chip is a significant development for China's AI industry, with positive implications for major players like Tencent and Alibaba, as well as data center providers. The ongoing advancements in local chip manufacturing suggest a gradual shift towards greater self-sufficiency in the semiconductor space, although challenges remain in terms of competition and regulatory environments [1][3][9]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **e-commerce industry** in China, highlighting recent regulatory changes and their implications for e-commerce companies. Core Insights and Arguments 1. **Regulatory Changes and Impact**: - In 2025, several policies will be introduced, including the **National Tax Document No. 37** and the **State Development and Reform Commission's** opinions on building a unified market, aimed at breaking local protectionism and promoting fair competition in the e-commerce sector [1][2] - The revised **Anti-Unfair Competition Law** effective from October 15, 2025, will further regulate the e-commerce industry, ensuring that online businesses comply with tax regulations similar to traditional businesses [6][4] 2. **Increased Tax Compliance**: - The **State Council's Order No. 8,081** mandates e-commerce platforms to report tax-related information monthly, enhancing transparency and making tax evasion more difficult [1][6] - The **Golden Tax System IV** has improved data transparency, aiding tax authorities in effective supervision and enforcement [6][21] 3. **Data Monitoring and Compliance**: - Tax authorities are investing in data services for better oversight, with a reported expenditure of **965,000 yuan** for regular monitoring of listed companies [8] - E-commerce platforms like **Taobao** have **90 million merchants**, indicating a significant number of small and medium-sized sellers who will face stricter regulations under the new policies [5][7] 4. **Key Tax Policy Considerations for E-commerce**: - E-commerce companies must adhere to the same tax policies as traditional businesses, including VAT exemptions for small businesses with sales below **300,000 yuan** quarterly [10][11] - Companies should avoid practices that could be seen as tax evasion, such as improper fundraising and refund policies [10] 5. **Future Regulatory Environment**: - Stricter regulations are anticipated from the third to fourth quarter of 2026, prompting companies to prepare by organizing their data and seeking professional assistance [3][35] Additional Important Insights - **Market Dynamics**: The new regulations are expected to create a more level playing field between online and offline businesses, fostering a healthier market environment [4] - **Operational Strategies**: E-commerce companies are advised to regularly verify sales and profit data, maintain complete transaction records, and actively utilize available tax incentives [3][14] - **Challenges Ahead**: The industry faces challenges such as increased data transparency and higher advertising costs compared to traditional methods, necessitating strategic adjustments [27][34] Conclusion The e-commerce industry is undergoing significant regulatory changes that will enhance compliance and transparency. Companies must adapt to these changes to ensure sustainable operations and avoid potential penalties.

港股高开高走，恒生指数涨超1%，恒生科技指数涨0.6%，科网股回暖，阿里巴巴、腾讯控股涨超1%。 本文源自：金融界AI电报 ...

华夏基金认为，港股科技此前因非理性恐慌超跌，现利空已缓解，展望未来，AI发展路径务实，商业 化清晰，且估值处于历史低位，或先于A股和恒指恢复到震荡上行的格局。当前宜左侧布局，静待产业 或流动性催化。 光大证券表示，经历2025年反弹后，从估值来看，目前恒指市盈率高于过去5年均值，并向上偏离约一 个标准差，反映总体估值有所修复，但于处合理区间;而科技指数刚回升至5年均值，反映估值仍有追落 后的空间。港股明年有机会再次见到30,000点以上的水平。近20年，港股股息收益率与内地10年债息之 差，与恒指的走势是呈现出高度负相关性。随着近年港股上市企业逐步提升派息水平，恒指30,000点所 对应的股息收益率仍然较目前内地债息环境具吸引力。 本文转载自"腾讯自选股"，智通财经编辑：冯秋怡。 恒生指数高开0.66%，恒生科技指数涨0.55%。盘面上，科网股强势，阿里巴巴、哔哩哔哩涨超1%；黄 金、铜等有色金属股继续活跃，紫金矿业涨2%。 关于港股后市 东吴证券认为，港股短期还处在左侧阶段，反弹还需等待。中期配置来看，当前位置有吸引力。AI科 技龙头估值处在合理区间，一旦有新催化，资金启动，恒生科技会有明显反弹。但该机构也 ...