资讯日报：美联储"褐皮书"显示美国消费支出进一步下滑 股票市场概览 港股市场表现 美股市场表现 2025 年 11 月 27 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日涨跌 | 周涨跌 | 年初至今 消费 | | --- | --- | --- | --- | --- | | | | (%) | (%) | (%) | | 恒生指数 | 25.928 | 1 0.13 | 2.81 | 29.25 | | 恒生科技 | 5.618 | 1 0.11 | 4.13 | 25.74 | | 恒生国企 | 9.162 | 0.04 | 2.72 | 25.69 | | 上证指数 | 3.864 | (0.15) | 0.76 | 15.29 | | 目经225 | 49.559 | 9 1.85 | 1.92 | 24.23 | | 新加坡海峡 | 4.502 | 199 0.36 | 0.73 | 0.00 | | 标普500 | 6.813 | 3 0.69 | 3.17 | 15.83 | | 纳斯达克 | 23,215 | 3 0.82 | 4.23 | 20.22 | | 道琼斯 ...

2025年是淘天极为高调的一年，AI电商，淘宝闪购等新业态持续推出，令市场和行业应接不暇，每每与商家沟通，对方都异常关注淘天上述改革的成绩 以重新进行运营布局。 我们近期也一直在思考：淘天2025年迎来"中兴"时代了吗？本文核心观点： 其三，淘天近期改革契合大环境的需求，平台对重回商家心中C位，客户管理收入持续改善。 商家经营策略"低价去库存"转向"提振需求" 在一般认知中，拼多多也好，带货直播也罢，其"低价电商"模式可谓是正中当前大环境的下怀，毕竟内需疲弱之时，低价即正义可谓是深入人心。 最近也有不少朋友问我，淘宝外卖真的熄火了吗？从最近发布的9月季度财报和电话会上高管的表态来看，这当然是不可能的，不但不可能，而且淘宝闪 购还在保持补贴力度的基础上，实现了减亏，节奏越来越清晰了。 财报显示，今年7、8、9三个月，在给闪购的补贴与让利之后，淘天还有105亿EBITA（息税前利润）。到11月，淘宝闪购的UE亏损相比七八月份又降低 了一半，也就是说后续的财务表现将优于这一季度。 相反，在外卖市场上赔了补贴又折份额，并且期待阿里"休战"的，应该另有其人。 平台型电商以"营销"和"佣金"收入为主要商业模式，在拼多多财 ...

新浪科技讯 11月27日晚间消息，香港大埔宏福苑五级火灾牵动人心，灾情严峻，已造成重大人员伤 亡，救援工作备受社会各界关注。 拼多多启动捐赠1000万港元，款项将用于受灾居民的紧急救援、过渡安置及灾后社区恢复等工作。 拼多多已成立救援响应专项小组，将持续关注灾情动态，全力配合救灾相关工作。愿同胞平安，愿早渡 难关。 责任编辑：刘万里 SF014 ...

Core Insights - Duan Yongping is recognized for his exceptional achievements in both industry and investment, having founded well-known brands like "Little Tyrant" and "BBK" while also making significant investments in companies like Apple and Tencent, earning him the title of "China's Buffett" [1][5] - H&H International Investment, the only management account publicly tracking Duan's investments through the U.S. 13F filings, has reached an AUM of $21.9 billion as of January 29, 2025 [1][8] Group 1: Entrepreneurial Journey - Duan Yongping was born in 1961 in a scholarly family and graduated from Zhejiang University, later working in various roles before venturing into business in Guangdong [2] - In 1989, he transformed a loss-making electronics factory into "Little Tyrant," achieving an annual output value of 1 billion yuan within four years [2][4] - In 1995, he founded BBK Electronics, which successfully launched products that met the modernization needs of Chinese families in the 1990s [4] Group 2: Investment Philosophy - Duan's investment philosophy is heavily influenced by the idea of "buying companies" rather than just stocks, emphasizing the importance of understanding a company's future cash flows [5][7] - He made a significant investment in NetEase during the dot-com bubble, purchasing shares at $0.6 and later selling them for over $70, yielding a return of over 100 times [5][10] Group 3: H&H Investment Strategy - H&H focuses on long-term stock investments and options strategies, relying on fundamental analysis to identify undervalued companies [8] - As of the third quarter of 2025, H&H's portfolio is valued at approximately $14.7 billion, with a concentration in 11 companies, including Apple, Berkshire Hathaway, and NVIDIA [8][11] Group 4: Recent Portfolio Adjustments - In the third quarter, Duan increased his stake in Berkshire Hathaway by over 53% while reducing his holdings in Alibaba and NVIDIA by more than 25% [11][12] - Apple remains the largest holding in H&H's portfolio, accounting for 60.42% of the total value, with a market value of approximately $8.87 billion [11][12] Group 5: Philanthropic Endeavors - Duan Yongping has made significant contributions to education, including a $40 million donation to Zhejiang University, which was the largest single donation to a mainland university at the time [13] - His philanthropic approach emphasizes long-term impact and efficiency, with a focus on sustainable charitable practices [16][18]

编辑 | 夏木 美股齐涨 周三美股延续强势，科技股重拾涨势且美联储12月降息概率上升，推动投资者风险偏好，主要股指连续四个交易日收高。 截至收盘，道琼斯工业平均指数上涨314.67点，涨幅0.67%，收于47427.12点，纳斯达克综合指数上涨0.82%，收于23214.69点，标 普500指数攀升0.69%，收于6812.61点。美股市场将于周四（感恩节）休市，周五恢复交易并于美国东部时间下午1点提前收盘。 【热门股表现】 明星科技股涨多跌少，特斯拉、微软涨1.7%，英伟达涨1.3%，苹果涨0.2%，亚马逊跌0.2%，Meta跌0.45，谷歌跌1.0%。 戴尔大涨5.8%，受人工智能数据中心服务器需求强劲支撑，季度业绩展望超预期。 甲骨文大涨4.0%，德意志银行认为，即使完全排除OpenAI相关收入，在2030财年，甲骨文的每股收益（EPS）也仅将从21美元降至 约17美元，自由现金流将从410亿美元降至310亿美元。基于当前约200美元的股价，市场几乎没有为其OpenAI业务给予任何估值。 纳斯达克中国金龙指数微跌0.03%，盘中一度跳水近1%。拼多多涨1.6%，京东涨1.0%，阿里巴巴涨0.4%，百度跌 ...

[Table_StockNameRptType] 拼多多（PDD） 公司点评 25Q3 业绩：利润超预期，国际业务回暖 | 投资评级：增持（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-27 | | [收盘价（ Table_BaseData] 美元） 115.80 | | 近 12 个月最高/最低（美元） 157.6/88.4 | | 总股本（百万股） 5,679 | | 流通股本（百万股） 5,679 | | 流通股比例（%） 100 | | 总市值（亿美元） 1,644 | | 流通市值（亿美元） 1,644 | [公司价格与 Table_Chart]纳斯达克指数走势比较 [Table_Author] 分析师：金荣 -20% 30% 80% 24/08 24/11 25/02 25/05 25/08 纳斯达克 拼多多 -20% 30% 24/11 25/02 25/05 25/08 25/11 纳斯达克 拼多多 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_Author] 分析师：赵亮 2）分部业务方面：在线营销业务 ...

*美国10年期美债收益率跌破4%； *假日季开启，美国航空板块大涨超3%。 *三大股指收涨，标普收复6800点； 周三美股延续强势，科技股重拾涨势且美联储12月降息概率上升，推动投资者风险偏好，主要股指连续 四个交易日收高。 截至收盘，道琼斯工业平均指数上涨314.67点，涨幅0.67%，收于47427.12点，纳斯达克综合指数上涨 0.82%，收于23214.69点，标普500指数攀升0.69%，收于6812.61点。美股市场将于周四（感恩节）休 市，周五恢复交易并于美国东部时间下午1点提前收盘。 【热门股表现】 明星科技股涨多跌少，特斯拉、微软涨1.7%，英伟达涨1.3%，苹果涨0.2%，亚马逊跌0.2%，Meta跌 0.45，谷歌跌1.0%。 戴尔大涨5.8%，受人工智能数据中心服务器需求强劲支撑，季度业绩展望超预期。 甲骨文大涨4.0%，德意志银行认为，即使完全排除OpenAI相关收入，在2030财年，甲骨文的每股收益 （EPS）也仅将从21美元降至约17美元，自由现金流将从410亿美元降至310亿美元。基于当前约200美 元的股价，市场几乎没有为其OpenAI业务给予任何估值。 纳斯达克中国金龙指数 ...

11月26日，美股盘中拉升，纳指一度涨超1%。 市场持续关注可能影响美联储下次利率决策的催化因素。 周三公布的经济数据方面，美国上周首次失业救济人数降至21.6万低于预期。美联储周三公布的经济景 气状况褐皮书报告显示，近几周美国经济活动变化不大，但整体消费者支出进一步下滑，高端消费者例 外。 褐皮书调查报告显示，就业略有下降，价格温和上涨。 分析称，美联储官员要到12月议息会议之后才能获得10月和11月的大部分劳动力市场和通胀数据。 截至收盘，美股三大指数集体上涨，道琼斯指数涨0.67%，标普500指数涨0.69%，纳斯达克综合指数涨 0.82%。 科技股普涨，甲骨文涨超4%，AMD涨超3%，英伟达、特斯拉、奈飞、微软涨超1%。博通涨超3%，创 历史新高。 纳斯达克中国金龙指数收跌0.03%。热门中概股走势分化，哔哩哔哩、小鹏汽车跌超2%，百度跌1.3%， 拼多多涨1.58%，京东、阿里巴巴小幅上涨。 欧洲主要股指集体收涨，欧洲斯托克50指数涨近1.5%，英国富时100指数涨超0.8%，法国CAC40指数涨 0.88%，德国DAX30指数涨约1%，富时意大利MIB指数涨1.01%。 周三国际金价走高，现货黄金 ...

Market Performance - US stock market opened high and closed higher, with all three major indices rising for four consecutive days [1] - Dow Jones increased by 0.67% to 47,427.12 points, S&P 500 rose by 0.69% to 6,812.61 points, and Nasdaq Composite climbed by 0.82% to 23,214.69 points [1] - Market volatility eased, with the S&P 500 volatility index (VIX) dropping approximately 35% over four days, marking the largest decline since mid-April [1] Technology Sector - Mixed performance among large tech stocks: Nvidia up 1.37%, Apple up 0.21%, Google C down 1.04%, Microsoft up 1.78%, Amazon down 0.22%, Broadcom up 3.26%, Meta down 0.41%, and Tesla up 1.71% [1] - Philadelphia Semiconductor Index rose by 2.76%, with all 30 component stocks closing higher [1] - Notable gains in semiconductor stocks: Teradyne up 6.98%, Marvell Technology up 5.14%, AMD up 3.93%, ASML up 3.76%, and Micron Technology up 2.55% [1] Chinese Stocks - Nasdaq Golden Dragon China Index slightly declined by 0.03% [2] - Most popular Chinese stocks saw gains: Vipshop up 2.54%, Pinduoduo up 1.58%, JD.com up 0.96%, Li Auto up 0.6%, New Oriental up 0.39%, and Alibaba up 0.38% [2] - Declines were noted in some Chinese stocks: Hesai down 7.37%, Tencent Music down 2.33%, Xpeng down 2.22%, Baidu down 1.31%, and NIO down 0.73% [3]

Industry News - The China Insurance Industry Association issued a risk warning regarding the "Anwo Stock Insurance" business, stating that it is not an approved insurance product and that stock investment losses are not insurable. The platform's activities may involve illegal financial operations [6]. - Beijing's Internet Information Office and the Beijing Financial Regulatory Bureau launched a three-month campaign to address six types of online financial misconduct, focusing on misleading public information and illegal financial services [7]. - The Ministry of Industry and Information Technology and five other departments released a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [7]. - The Ministry of Natural Resources announced breakthroughs in the efficient extraction of low-grade rare metals from coal, aluminum, copper, lead, and zinc ores, with significant improvements in recovery rates for various metals [7]. - The first hydrogen refueling station in China utilizing underground hydrogen storage technology has been operational for over 1500 days, supplying over 400 tons of hydrogen, marking a significant advancement in high-pressure underground hydrogen storage technology [8]. Company News - Dongwei Technology announced a significant increase in PCB plating equipment orders, driven by rapid growth in the PCB and memory sectors, with expected record-high order amounts this year [11]. - North University Pharmaceutical stated that related flu medications have not yet been produced or sold, and this will not impact the company's performance for a considerable time [12]. - *ST Dongtong disclosed that its annual reports from 2019 to 2022 contained false records and has received a notice of termination of listing [13]. - Debang Technology's largest shareholder, the National Big Fund, reduced its stake by 2% between September 11 and October 16, completing its reduction plan [13]. - Muxi Co., Ltd. plans to issue 40.1 million shares, with the initial strategic placement of 8.02 million shares, and the subscription date set for December 5, 2025 [15].