【导读】段永平大幅增持伯克希尔，减持苹果、拼多多、谷歌等 中国基金报记者 含章 根据13F文件，从整体持仓情况看，H&H International Investment共持有11家公司，包括 苹果、伯克希尔·哈撒韦、拼多多、西方石油、微软、迪士尼、台积电、英伟达等。 | Stock | History | Sector | Shares Held or Principal | Market Value | % of Portfolio | Previous % of Portfolio | Rank | Change in Shares | % Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Amt | | > | | | | | | AAPL | History | INFORMATION TECHNOLOGY | 34,829,107 | 8,868,535,515 | 60.42% | 62.47% | 1 | -289,500 | -0.82% | | BRK.B | History | F ...

Investment Rating - The report maintains a "Hold" rating for Pinduoduo (PDD US) with a target price of $122.90 [5][22]. Core Insights - Pinduoduo's total revenue for Q3 2025 reached 108.3 billion RMB, a year-on-year increase of 9.0%, aligning with Visible Alpha's consensus estimate of 107.7 billion RMB. The non-GAAP net profit was 31.4 billion RMB, corresponding to a non-GAAP net profit margin of 29.0%, which is an improvement of 1.4 percentage points year-on-year, exceeding the consensus estimate of 22.4% [1][5]. - The report highlights that Pinduoduo's domestic e-commerce business may enter a new cycle of stabilization and recovery in take rate, following the completion of merchant support initiatives like the "100 Billion Subsidy" [1][2]. - The management indicated that the competitive landscape in the domestic e-commerce sector is intensifying, necessitating further investments in the platform's ecosystem, which may lead to fluctuations in financial performance and profitability [2][3]. Summary by Sections Financial Performance - Pinduoduo's online marketplace service revenue grew by 8.1% year-on-year to 53.3 billion RMB in Q3 2025, which was below the consensus estimate of 13.4%, indicating a potential continued decline in take rate due to increased competition and investments in the merchant ecosystem [2][4]. - The transaction service revenue increased by 9.9% year-on-year, reflecting a relatively stable performance [2][4]. Profitability Forecast - The report adjusts the non-GAAP net profit forecasts for 2025, 2026, and 2027 upwards by 4.7%, 2.6%, and 3.4% to 113.7 billion RMB, 137.4 billion RMB, and 163.3 billion RMB, respectively [4][18]. - The target price is based on a sum-of-the-parts (SOTP) valuation, with the domestic e-commerce main site valued at $83.2 per ADS, reflecting a 7.0x PE for 2026E [22][23]. Market Dynamics - The report emphasizes the need to monitor changes in the competitive landscape among domestic e-commerce platforms and the evolution of the merchant operating ecosystem [1][2]. - Pinduoduo's overseas business, particularly Temu, is expected to face challenges due to regulatory changes and increased competition, but there is potential for recovery as external risks stabilize [3][4].

PDD main app focused on high-quality development and intensified merchant support. On the earnings call, management emphasized continued large-scale investments to strengthen the platform ecosystem, including RMB100bn in fee reductions and extensive merchant-support initiatives. Management also highlighted that revenue and profit may show fluctuations in upcoming quarters, reflecting the company's willingness to reinvest aggressively to fortify long-term competitiveness. In-line with market expectations. PD ...

花旗发表研究报告指，拼多多第三季非通用会计准则(non-GAAP)下经营利润及净利润表现稳固，分别 较该行及市场预期高出3%、10%以及21%、25%。管理层重申透过百亿减免及千亿扶持计划构建长期可 持续健康生态系统的承诺。花旗将其目标价从167美元上调至170美元，维持"买入"评级，认为现价水平 估值不高。 ...

来源：观点地产网 观点网讯：11月19日，高盛发布报告称，拼多多（PDD.US）第三季度业绩好坏参半，季度经营利润 2025年首次实现同比增长，但线上广告收入增长首次跌至个位数，显著低于预期。 该行对拼多多目标价由157美元降至147美元，维持"买入"评级，继续预期明年及后年低基数效应提供价 值重估空间。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 高盛认为，拼多多股价的负面反应可能源自线上广告收入低于预期。尽管如此，管理层评论仍持保守态 度，重申未来将加快再投资，可能导致季度业绩波动。从积极角度看，公司投资及权益收入高于预期， 显示Temu部门单位经济及利润率有所改善。 高盛下调对拼多多2025年至2026年收入预测2%至3%，2025年经调整净利润预测上调4%，但随后两年分 别下调8%及9%，主要基于公司对本土平台生态圈的增量投资，以及Temu面临的竞争加剧和监管环境变 化。高盛预计，拼多多第四季度及2026年经调整净利润将分别同比下降15%和同比增长14%，2027年净 利润则同比增长30%。 ...

大和上调拼多多2025至2027年每股盈利预测6%至30%，以反映低于预期的销售与营销费用；重申"买 入"评级，目标价从145美元上调至160美元。 大和发表研报指，拼多多第三季调整后净收入超出市场预期的30%。展望未来，虽然拼多多将持续投资 其生态系统，但大和认为拼多多旗下跨境电商平台Temu亏损减少及国内业务更严格的成本控制，将支 持其净利润率按年稳定，并为2026年利润率改善留下空间。 ...

Market Performance - Hang Seng Index (恒指) fell by 454 points or 1.7%, closing at 25,930 points[1] - Shanghai Composite Index (滬指) decreased by 32 points or 0.8%, ending at 3,939 points[1] - S&P 500 dropped by 55 points or 0.8%, closing at 6,617 points, marking the longest losing streak since August[2] Trading Volume and Currency - Total market turnover in Hong Kong was HKD 242.11 billion[1] - People's Bank of China conducted a reverse repurchase operation of CNY 407.5 billion at a rate of 1.4%[1] - The RMB/USD midpoint was adjusted down by 40 pips to 7.0856[1] Company Performance - Xiaomi (01810.HK) reported a non-IFRS net profit increase of 80.9% year-on-year to CNY 11.311 billion, with revenue rising 22.3% to CNY 113.121 billion[2] - Pinduoduo (PDD.US) saw a stock price drop of 7.3% after reporting Q3 revenue of CNY 108.28 billion, below market expectations[3] - Baidu (09888.HK) reported a net loss of CNY 11.232 billion for Q3, compared to a net profit of CNY 7.632 billion in the same period last year[3] Regulatory and Economic Factors - Concerns over high valuations in AI-related stocks contributed to the decline in technology stocks[2] - Electricity rates in Hong Kong are set to decrease by an average of 3.7 cents per kWh starting January 2026[2]

今天给大家分享一下2025年"双十一"洞察报告。QuestMobile数据显示，2025年10月移动购物行业活跃渗透率达87.5%，较去年提升了 0.6%；同期，"双十一"的内容互动量也呈现爆发式增长，是618峰值的1.12倍！ 受此影响，自10月中旬多个平台开启了长周期"双十一"大促之后，全国邮政快递揽收量、投递量同比分别增长了8%和6.6%；"双十一"当 天，典型电商平台支付页调起占比较9月、10月日均也出现了小幅提升，同时淘宝、天猫、京东、拼多多同比去年当日也分别增长了 2.7%、1.8%、4.0%、1.5%。 在双十一大促期间，综合购物类的平台用户规模增长，如淘宝、拼多多、京东在双十一当天日活跃用户规模分别达到5.08亿、4.14亿、 2.27亿，同比分别增长了4.2%、2.5%和9.8%。 从增长用户来源上看，整个"双十一"期间，男性、中老年、下沉市场用户成为新增量：淘宝41岁以上用户增长了9.2%，拼多多和京东31 岁到50岁之间用户分别增长了3.8%、2.2%。 相比之下，内容电商平台用户活跃波动相对平缓，"双十一"期间，抖音（主版）、快手（主版）、小红书新增用户来源主要为男性、中 青年和中线城 ...

Core Insights - The report highlights the increasing penetration of mobile shopping, reaching 87.5% in October 2025, a 0.6 percentage point increase from the previous year [15] - The "Double Eleven" shopping festival continues to be a significant marketing event, with a shift from "traffic-driven" to "value-driven" strategies in e-commerce [19][12] Industry Insights - The logistics sector saw a year-on-year increase of 8% in collection volume and 6.6% in delivery volume during the "Double Eleven" period [4] - Major e-commerce platforms like Taobao, Tmall, JD, and Pinduoduo experienced user growth on "Double Eleven," with active users reaching 508 million, 414 million, and 227 million respectively, marking increases of 4.2%, 2.5%, and 9.8% [32] - The user base is expanding, particularly among male, middle-aged, and lower-tier market consumers, with notable growth in users aged 41 and above on Taobao [4][6] Platform Strategies - E-commerce platforms are simplifying promotional rules to enhance user experience and are increasingly utilizing AI technologies to improve transaction efficiency [37][39] - Marketing strategies are shifting towards integrated approaches, focusing on user retention and engagement through various channels, including short videos and search engines [44][48] - The competition among platforms is intensifying, with overlapping user bases exceeding 50 million, a 19.9% increase year-on-year [6] Brand Marketing - Brands are adjusting their marketing strategies to focus on conversion, with significant differences in marketing rhythms across industries [65] - The beauty and personal care sector relies heavily on hard advertising, while the food and beverage sector emphasizes broad exposure strategies [72][79] - The home appliance industry is increasingly investing in hard advertising to drive direct conversions, with top brands like Midea and Haier leading in advertising exposure [87]

小米汽车本周将完成全年交付目标 11月18日，小米集团发布2025年Q3财报，小米集团合伙人、集团总裁卢伟冰在业绩电话会上透露，小 米汽车预计将于本周完成全年35万台的年度交付目标。财报数据显示，Q3小米汽车新车交付超10万 台，前三季度累计交付已突破26万台。 iPhone17系列在华销量猛增37% 市场调查机构 CounterPoint Research 发布博文，报道称 2025 年 10 月中国智能手机市场强势反弹，销量 同比增长 8%。苹果公司成为最大赢家，凭借 iPhone 17 系列的强劲表现，销量同比猛增 37%。 马斯克点赞谷歌Gemini3 谷歌最新一代推理模型Gemini 3.0 Pro正式发布，并同步在Google AI Studio推出预览版，开放API接口。 该模型即将陆续登陆谷歌旗下各类产品。 值得玩味的是，OpenAI联合创始人兼CEO萨姆·阿尔特曼与xAI创始人埃隆·马斯克先后向谷歌发来"贺 电"。阿尔特曼在推特上评价"Gemini 3看起来很不错"，谷歌CEO桑达尔·皮查伊仅以一个表情包轻松回 应。 董明珠再回应玫瑰空调 11月18日，格力电器董事长董明珠在广州南沙举行的第 ...