01 华泰张继强：新开局下的叙事与主线【把握2026投资机会】 15:00-16:00 核心看点： AI投资热潮会否迎来关键验证？全球"财政扩张+货币配合"将如何搅动市场？国内新旧 动能转换能否进入"右侧开花结果"？明年我们能否等来企业盈利的实质性改善？ 嘉宾： 张继强丨华泰证券研究所所长，总量研究负责人，固收首席分析师 扫码预约 02 中金陈健恒：中美新老经济分化加剧，债牛趋势更为确定 16:00-17:00 核心看点 ： 聚焦三大核心驱动力：出口放量，核电资本开支加速与技术升级，以及AI数据中心用电 结构变革。 嘉宾： 廖启华丨瑞银大中华区能源转型及新能源行业研究主管 严亦舒丨瑞银证券中国公共事业及新能源行业分析师 利林海丨瑞银证券中国公共事业及新能源行业分析师 徐宾丨瑞银证券中国研究部总监 核心看点： 中美新老经济分化加剧，股牛和债牛并不对立。全球财政政策持续宽松后，面临制约的 情况下，货币政策有望接力放松，且全球货币政策空间依然较为充足。中国今年在贸易顺差和财政 赤字创新高的情况下，经济和股市有支撑，明年这两个因素的同比拉动减弱，债券利率将重新加快 回落速度。在全球贸易和地缘和各国政策摩擦性增加的情况 ...

11月18日消息，截止13:05，拼多多概念板块大涨，宣亚国际、值得买涨停，壹网壹创、易点天下、万 兴科技等个股涨幅居前。 责任编辑：小浪快报 ...

Market Overview - On Monday, U.S. stock indices initially rose but then experienced a significant drop, with the Nasdaq Composite falling nearly 1.5% at one point, and the VIX index increasing by 13% during the day [1] - By the end of the trading session, the Dow Jones Industrial Average fell by 1.18% to 46,590.24 points, the S&P 500 dropped by 0.92% to 6,672.41 points, and the Nasdaq Composite decreased by 0.84% to 22,708.07 points [3] - The S&P 500 index has declined over 2% in November so far, following six consecutive months of gains, and is down more than 3% from its historical peak, while the Nasdaq has fallen over 5% from its record high [3] Technology Sector Performance - Major tech stocks mostly declined, with Apple down 1.82%, Microsoft down 0.53%, Amazon down 0.78%, and Meta down 1.22%. However, Tesla rose by 1.13% and Broadcom increased by 0.06% [4] - Nvidia's stock fell by 1.83% ahead of its earnings report scheduled for Wednesday, with notable sell-offs reported from prominent investors, including Peter Thiel's fund, which sold approximately 537,000 shares [6] - Google was one of the few bright spots in the market, initially rising by 6% to reach a new all-time high, but closed with a gain of just over 3% after Berkshire Hathaway's investment in the stock was revealed [6] Semiconductor and Storage Sector - The storage chip sector saw gains, with SanDisk's stock rising over 4% after announcing a significant price increase of up to 50% for NAND flash contracts, highlighting supply constraints driven by AI data center demand and wafer supply issues [8] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 1.21%, with notable declines in several Chinese stocks, including Xpeng down 10.32% and Li Auto down 4.75% [8][9] Federal Reserve and Economic Outlook - Federal Reserve Governor Waller reiterated the need for another rate cut in December, citing a weak labor market and the impact of monetary policy on low- and middle-income consumers [12] - The upcoming non-farm payroll report is expected to be crucial for the Fed's decision-making, with current probabilities indicating a 44.4% chance of a 25 basis point cut in December [14] - Market analysts predict a potential 16% increase in the S&P 500 over the next year, supported by strong corporate earnings and a new bull market cycle [15]

Group 1 - The majority of popular Chinese stocks closed lower on Monday, with the Nasdaq Golden Dragon China Index falling by 1.21% [1] - Alibaba saw an increase of over 2%, while Pinduoduo, NetEase, Ctrip, and Baidu experienced declines of over 1% [1] - Xpeng dropped by over 10%, Li Auto fell by over 4%, Manbang decreased by over 11%, and New Oriental declined by over 1% [1]

Key Takeaways PDD to report Q3 earnings on Nov. 18 with revenue growth expected but profit decline anticipated.Merchant support investments and competitive pressures likely weighed on PDD profitability in Q3.Temu faced regulatory headwinds from tariff uncertainties and de minimis exemption modifications.PDD Holdings (PDD) is scheduled to release third-quarter 2025 results on Nov. 18.The Zacks Consensus Estimate for PDD’s third-quarter revenues is pegged at $15.21 billion, indicating growth of 7.44% on a yea ...

Core Viewpoint - H&H International Investment, managed by Duan Yongping, reported a total market value of approximately $14.7 billion as of the end of Q3 2025, with significant changes in its portfolio, including increased holdings in Berkshire Hathaway and ASML, while reducing positions in Apple, Alibaba, and Google [1][3][4]. Portfolio Overview - H&H International Investment holds a total of 11 companies, with Apple being the largest position at 60.42% of the portfolio, valued at approximately $8.87 billion. Berkshire Hathaway follows with a 17.78% share, valued at about $2.61 billion [3][4]. - The detailed holdings include: - Apple (AAPL): 34,829,107 shares, $8.87 billion, 60.42% of portfolio - Berkshire Hathaway (BRK.B): 5,191,300 shares, $2.61 billion, 17.78% of portfolio - Pinduoduo (PDD): 8,574,194 shares, $1.13 billion, 7.72% of portfolio - Occidental Petroleum (OXY): 13,556,100 shares, $640.53 million, 4.36% of portfolio - Alibaba (BABA): 2,777,330 shares, $496.39 million, 3.38% of portfolio - Google (GOOG): 1,810,500 shares, $440.95 million, 3.00% of portfolio [3][4]. Changes in Holdings - In Q3, Duan Yongping reduced his holdings in major stocks such as Apple, Alibaba, Nvidia, and Google, while increasing his stake in Berkshire Hathaway by 1.81 million shares. The reduction in Apple shares was notable, with a total of 2.89 million shares sold over the year [4][6]. - Duan Yongping's investment strategy reflects a cautious approach towards Apple, indicating uncertainty about its future growth potential despite its historical performance [4][6]. Focus on AI Sector - H&H International Investment has increased its exposure to AI companies, having added positions in Nvidia, TSMC, and Microsoft earlier in the year. Duan Yongping expressed a positive outlook on AI, emphasizing the importance of not missing out on potential opportunities in this sector [6][8]. - The investment in ASML, a leader in lithography machines, marks a strategic move to capitalize on the growing demand for AI-related technologies [6]. Institutional Perspectives - There is a divergence in institutional views on technology stocks, with some large firms reducing their positions in Nvidia while others, like BlackRock and Invesco, are increasing their stakes. This reflects a broader trend of varying confidence levels in the tech sector as the year ends [8]. - Analysts suggest that the AI sector will continue to be a core focus, with expectations of significant growth and investment in AI applications across various industries [8].

It’s a big week for earnings this week with Nvidia and some key retail names taking center stage. This week we have Nvidia (NVDA), Home Depot (HD), Walmart (WMT), Target (TGT), Lowes (LOW), Palo Alto Networks (PANW), Medtronic (MDT) and Pdd Holdings (PDD) all reporting. Before a company reports earnings, implied volatility is usually high because the market is unsure about the outcome of the report. Speculators and hedgers create huge demand for the company’s options which increases the implied volatility ...

Group 1 - HHLR Advisors, a fund management platform under Hillhouse Capital, disclosed its US stock holdings as of the end of Q3, with a total portfolio value of approximately $4.09 billion, an increase of nearly 32% from the previous quarter [1][3] - The portfolio consists of 33 stocks, with a significant focus on Chinese tech stocks, including Pinduoduo (PDD), Alibaba (BABA), and Baidu (BIDU), which collectively account for over 90% of the total market value [1][2] - The latest 13F filing indicates that HHLR Advisors increased its positions in four stocks, reduced holdings in four stocks, initiated five new purchases, and completely sold out of eight stocks, with notable increases in Pinduoduo and Alibaba [2][3] Group 2 - The top holdings in the portfolio include Pinduoduo with a market value of $1.135 billion and Alibaba with $587 million, making them the two largest positions [2] - The turnover rate for the portfolio is reported at 31.71%, with the top 10 holdings representing 93.46% of the total portfolio [3] - The average holding period for the top 20 stocks is approximately 6.6 quarters, while the top 10 stocks have been held for about 9 quarters [3]

近日，高瓴资本旗下专注于二级市场投资的基金管理平台HHLR Advisors公布了截至2025年三季度末的 美股持仓数据。数据显示，三季度末HHLR Advisors总共持有33只股票，持仓总市值为41亿美元，比二 季度增加了9.9亿美元，增幅为32%。 数据显示，截至三季度末，HHLR Advisors的前十大重仓股分别是，拼多多、阿里巴巴、富途、微牛、 百济神州、百度、传奇生物、网易、ArriVent BioPharma、贝壳，持仓中中概股市值占比仍超过90%。 值得注意的是，HHLR Advisors在三季度大手笔加仓了阿里巴巴与拼多多。具体来看，HHLR Advisors 加仓阿里巴巴214万股，增持幅度高达186%，期末持股市值达到5.88亿美元，一举跃升为高瓴的第二大 重仓股；同时，对其第一大重仓股拼多多也进行了大幅增持，增持162万股，增持幅度为23.16%，期末 持股市值达到11.36亿美元。 此外，三季度末，百度也首次出现在HHLR Advisors前十大重仓股名单中，大举买入164万股，期末持 股市值达到2.16亿美元，晋升为第六大重仓股。不仅如此，HHLR Advisors还新进了满帮集 ...

Market Overview - The U.S. stock market experienced fluctuations with the Dow Jones increasing by 0.34% and the Nasdaq decreasing by 0.45% last week [1] - European indices saw gains, with the UK FTSE 100 up by 0.16%, Germany's DAX 30 up by 1.30%, and France's CAC 40 up by 2.77% [1] Economic Data and Federal Reserve - The end of the U.S. government shutdown is expected to lead to the resumption of economic data releases, with the September employment report anticipated to be the first data published [2] - Investors are cautious regarding the reliability of key economic data, particularly employment figures, which may affect perceptions of the Federal Reserve's interest rate decisions [2][5] - The market is currently pricing in equal probabilities for a rate cut and maintaining the current rate in December [2] Earnings Reports - The earnings season is nearing its end, with significant attention on Nvidia and major retailers like Walmart and Target, which will provide insights into U.S. consumer demand [3] - Several Chinese companies, including Baidu, NetEase, and Pinduoduo, are set to release their Q3 operational results [3] Commodity Prices - International oil prices rose, with WTI crude oil increasing by 0.57% to $60.09 per barrel and Brent crude oil rising by 1.19% to $64.39 per barrel, driven by supply disruptions from Russia [4] - The International Energy Agency noted a significant increase in the amount of sanctioned crude oil being stored or transported, contributing to rising oil prices [4] - Gold prices saw a rise of 2.21%, closing at $4087.60 per ounce, as the market weighs the potential for further easing by the Federal Reserve [4] European Economic Outlook - The upcoming week will see a focus on the Eurozone's PMI data, with the EU's autumn economic outlook report scheduled for release [6] - Key economic indicators from Germany and France, including the Producer Price Index and consumer confidence, will also be published [6] New Stock Issuances - Two new stocks are set to be issued this week, with details on their pricing and subscription limits provided [22][23]