红星资本局11月22日消息，今日，深圳东方港湾投资管理股份有限公司（以下简称"东方港湾"）董事长但斌发微博晒出 东方港湾海外基金在相关榜单的排名情况，这条微博引起了其他基金博主的质疑。 今日凌晨，但斌发微博称，截至2025年10月，Morgan Hedge统计的全球9970家对冲基金榜单显示，东方港湾海外基金三 年期收益回报率排名暂列第三；一年期收益回报率排名暂列第五。 | (日) 日 1 ) | | | | --- | --- | --- | | 25-11-22 00:30 发布于 浙江 来自 iPhone 15 Pro Max | | | | #穿越己忆的河流# 截止2025年10月, Morgan Hedge 统计的全球9970家对冲 | | | | 其余榜单,一年期东方播视剧小集全暂列第三:一年期暂列第五。 | | | | 印 收起 旋转 图 查看大图 | | | | Hedge Fund Top Performers 3 Years - Category | | | | Hedge Funds Fund of Funds CTA other | | | | Hedge Funds - 36 Mon ...

11月20日，小米汽车"挖孔机盖"案的再次开庭，引起了舆论广泛关注。 此次庭审未当庭宣判，据红星新闻报道，小米民事答辩状显示，本次案件的核心争议点为小米汽车创始 人雷军微博宣传是否构成误导，以及选装件功能与宣传是否一致。小米法务辩称雷军曾多次表示"不建 议购买"，且已删改相关表述，不存在虚假宣传的主观故意。 （文/观察者网 张家栋 编辑/高莘） 《都市新闻》原微博报道截图 此外，据《都市新闻》报道，10天前，小米法务团队在该案件首次开庭时突然拿出84页、14组新证据， 构成"证据突袭"，法院最终决定延期审理。 《都市新闻》在11月17的报道中表示，新证据中新增了多项关键说法，包括"雷军不懂结构，发的微博 不算数""4.2万的配件不算买车关键因素""机盖的导流散热不是刚需"等。目前，该报道及相关稿件已不 可见。 对于这一网传小米法务团队给出的新证据，观察者网向北京国樽律师事务所合伙人周睿律师征询了看 法。 周睿表示，针对网传小米汽车的新证据，若其属实，小米汽车可能将因小失大。"我个人认为，以个别 诉讼胜诉为目的做出的此类抗辩，总体看弊大于利，因小失大"。 周睿从三个方面分析了"雷军不懂结构，发的微博不算数"这一 ...

11月18日，微博公布了2025年第三季度业绩。第三季度，微博净收入为4.42亿美元，约合人民币31.56亿 元，非公认会计准则经营利润为1.32亿美元，约合人民币9.37亿元。 用户方面，截至第三季度末，微博的月活跃用户达到5.78亿，日活跃用户达到2.57亿。值得注意的是， 第三季度微博智搜月活跃用户突破7000万，日活跃用户和检索量环比提升超过50%。 微博方面表示，2025年，公司整体策略仍以提升用户价值为核心，保持微博在热点和文娱内容生态的领 先优势，稳定社交产品竞争力，并在此基础上结合大模型能力重点投入推荐、搜索体系的建设，提升用 户规模和活跃。 微博智搜成突破增长瓶颈关键 微博智搜于2024年首次推出，作为微博基于大模型技术开发的一款AI搜索产品，其作用在于整合平台 内容生态，提升用户信息获取的效率。并且，这一功能在2025年2月份接入DeepSeekR1模型后实现了显 著升级，2025年4月份与微博搜索框正式合体，实现"一键开启智搜"的全场景覆盖。 从三季报来看，微博智搜的威力已开始显现。首先是促进了用户规模与黏性的提升。截至2025年第三季 度末，微博智搜月活跃用户、日活跃用户与平台总检索量 ...

2025年10月13日，一辆汽车在成都天府大道发生致死交通事故，救援时车门无法打开，引发舆论关注。 随着事件发酵，小米汽车口碑遭遇反转，甚至波及创始人雷军。 据智通财经报道，同日，小米公关部总经理王化也即将换岗。 王化于2021年5月升任小米集团公关部总经理。他曾经多次在社交媒体帮助小米进行辟谣和回应等，并 成为小米公关的"知名IP"。有人解读认为，王化此番岗位变化，或许将在一定程度上改变小米对外的宣 传策略。 11月16日，小米创始人雷军连发三条微博谈论汽车安全。 他在其中一条微博表示：在去年4月的一次采访中，自己在谈产品定义时说，"一辆车，好看是第一位 的"，这和"安全是基础、安全是前提"矛盾吗？还质疑："还是在这次采访，我谈设计时候说轮毂最难设 计，这有啥问题？" 雷军还援引了自己在2024年1月3日发布的微博，表达对汽车安全性的重视："小米汽车，安全高于一 切。被动安全、主动安全、电池安全、隐私安全，四重保障，全面守护。"还有在2023年12月发的微 博："电池是电动车最核心，也是最贵的部件，小米采用了最严苛的安全标准。" 在回复网友的评论中，雷军表示："网上有不少人断章取义、歪曲抹黑。"相关表态，疑 ...

一边是上市一年即盈利的亮眼战绩，一边是法务辩护引发的舆论风暴。 2025年下半年，小米在智能汽车赛道上迎来了高光与争议并存的复杂时刻——第三季度财报交出营收破千亿、汽车业务盈利的成绩单，却因碳纤维机盖虚假 宣传诉讼陷入信任危机，法务团队为胜诉抛出的"雷军不懂结构"言论，更让这场品牌信任保卫战雪上加霜。 这场争议的导火索始于2025年5月。小米SU7 Ultra推出售价4.2万元的"碳纤维双风道机盖"选装配置，宣传中强调其采用赛车级碳纤维材质，通过双风道空气 动力学设计实现轮毂散热、提升下压力等功能，整体减重1.3kg的同时拥有1.73平方米的超大尺寸。雷军本人也在社交媒体多次背书，称该机盖"不仅改了外 观件，内部结构也改了，双风道直接导向轮毂支持散热"。 然而首批车主提车后发现，这款高价选装件的实际表现与宣传严重不符。汽车博主拆解测试显示，机盖的双风道仅为外观装饰，内部风道短小且未连接散热 系统或下压力结构，所谓的散热、提压功能并未实现，装饰价值远大于实用价值。 更令车主不满的是，选装该配置后还需取消前备箱，却未获得承诺的性能提升。 要知道，小米汽车能快速打开市场，雷军的个人IP起到了关键作用——上市初期，雷 ...

花旗发表研报指，微博第三季营收符合预期，利润胜预期，总收入按年减少5%至4.42亿美元，其中广 告与营销收入按年减少6%至3.75亿美元，主要得益于阿里带来的广告收入，按年增长112%，但部分被 剔除阿里后的广告收入较去年同期下降13%所抵销。 花旗将微博2025至27年各年收入预测分别降1.7%、5.6%及7.1%，非公认会计准则(Non-GAAP)每股摊薄 盈测则分别降8.9%、10%及11%，以反映第三季业绩及管理层对今年第四季度、2026年展望的质化评 论。花旗予微博美股目标价由14美元降至12美元，鉴于估值不高以及AI搜索产品具有潜在的成长空 间，及改善变现能力的潜在上行空间，维持"买入"评级。 ...

Core Insights - The company's Q3 2025 performance met expectations with a revenue decline of 5% to $442 million, and a Non-GAAP net profit of $111 million, aligning with forecasts [1][2] Performance Review - Q3 2025 revenue was impacted by a high base from the previous year, particularly in the food and beverage sector, while Alibaba's marketing demand remained strong [1] - Advertising revenue decreased by 6%, primarily due to high marketing expenditures during the previous year's Olympic events [1] - E-commerce and automotive sectors showed better growth during the quarter [1] - Excluding Alibaba's advertising revenue, there was a 13% decline, with Alibaba's ad revenue increasing by 112% to $45.5 million, attributed to increased local life business ad budgets and strong marketing demand in e-commerce [1] Development Trends - The company plans to capitalize on the recovery of content marketing budgets and promote growth in performance advertising, which saw an increase in its revenue share during Q3 2025 [1] - Looking ahead to 2026, the company anticipates a rebound in consumer product advertising due to events like the Winter Olympics and the World Cup, along with new product launches from some gaming companies in Q1 2026 [1] Investment and AI Applications - The company reported a fair value increase from its fund investments in publicly listed companies, recognizing a net gain of $118 million in Q3 2025, with expected losses to be reported in Q4 2025 [2] - The CEO highlighted the completion of product modifications to enhance user content consumption and efficiency, with a focus on AI applications [2] - Q3 2025 saw a significant increase in user engagement with Weibo's AI search, with MAU exceeding 70 million and search volume growing over 50% [2] - The company is also enhancing AI applications across the advertising process and plans to release a self-developed open-source model, VibeThinker, in November [2] Profit Forecast and Valuation - The company maintains its Non-GAAP net profit forecast, with current prices reflecting a P/E ratio of 6.0/5.9x for Hong Kong stocks and 5.7/5.6x for U.S. stocks for 2025/2026 [2] - The company retains an outperform rating with a target price of HKD 100.8 / USD 13, indicating potential upside of 26% for Hong Kong stocks and 31% for U.S. stocks based on 2025/2026 Non-GAAP P/E ratios [2]

Group 1: Market Overview - Recent market fluctuations have seen private equity securities fund registrations rebound, with over 300 funds registered last week, marking a recovery trend after three months [2] - The current market sentiment remains cautious, with a notable reduction in net inflows from foreign capital, indicating a wait-and-see approach among investors [2] Group 2: Technology Sector - Alibaba's launch of the "Qianwen" project is seen as a significant move in the AI consumer application space, positioning it to compete directly with ChatGPT [3] - The new Qianwen app integrates with various life scenarios and is based on the latest Qwen3-Max model, indicating a strategic push into AI applications [3] Group 3: Semiconductor Industry - Vietnam is emerging as a potential semiconductor hub, with significant investments from companies like Samsung and Foxconn, driven by favorable government policies [5] - The semiconductor packaging and testing sector is currently a hot investment area, with several companies already establishing operations in Vietnam [5] Group 4: Transportation Sector - The airline industry is experiencing a recovery, with significant increases in passenger traffic and load factors, particularly benefiting from the holiday season [6] - The overall industry outlook is improving, with expectations for ticket prices to rise as demand continues to strengthen [6] Group 5: Oil and Chemical Industry - The oil market is expected to see a loosening supply situation due to OPEC+ production increases, but long-term price support is anticipated [8] - The chemical industry is showing signs of recovery, with capital expenditure growth and improved domestic demand expected to drive a new cycle of growth [8] Group 6: Key Companies - Weibo's Q3 performance showed a revenue decline of 4.8% to $442 million, but the company is expected to benefit from upcoming major sporting events in 2026 [9] - BOSS Zhipin reported a revenue increase of 13.2% year-on-year, driven by recovering recruitment demand in the tech sector [10] - Zero Run Auto's Q3 revenue surged by 97.3% year-on-year, indicating strong growth potential as the company expands internationally [12] - China Hongqiao plans to raise up to HKD 11.68 billion through a share placement, which is expected to optimize its capital structure and support future growth [13] - Futu Holdings reported a significant increase in revenue and net profit, driven by strong performance in overseas markets and the application of AI tools [13]

Group 1 - Weibo's Q3 2025 financial report shows a significant increase in advertising and marketing revenue from Alibaba, reaching $45.5 million, a 112% increase compared to $21.5 million in the same period last year [1] - Alibaba's increased spending on Weibo is primarily attributed to its marketing expenses for food delivery services, particularly following the launch of Taobao Flash Sale and a substantial subsidy plan of up to 50 billion yuan [1] - Without Alibaba's contribution, Weibo's advertising and marketing revenue would have declined by 13% year-on-year, marking the lowest Q3 advertising revenue in five years at 330 million yuan [1] Group 2 - Over the past five years, Weibo's Q3 advertising revenue has generally declined, except for 2024 due to increased advertising revenue from the Paris Olympics, with advertising accounting for approximately 85% of total revenue [2] - In response to declining revenue, Weibo has introduced AI search product Weibo Zhisu to enhance user engagement and is planning commercial testing in Q4 [2] - The company is also applying AI technology in the advertising placement process to improve advertising monetization efficiency [2]

Core Viewpoint - UBS's research report indicates that Weibo's Q3 performance met the revised forecasts, with a year-on-year revenue decline of 5% and an adjusted net profit drop of 20% [1] Financial Performance - Revenue decreased by 5% year-on-year [1] - Adjusted net profit fell by 20% [1] - Gross margin narrowed by 412 basis points to 76%, which was below expectations [1] - Operating expenses were lower than anticipated, leading to operating profit meeting expectations [1] Future Outlook - Due to the decline in gross margin and a more cautious outlook for Q4 revenue, UBS has reduced the adjusted net profit forecast for the year by 2% [1] - The company's fundamentals are largely reflected in the stock price, with an expected dividend yield of 8% next year, which may provide downside protection for the stock price [1] Price Target Adjustments - UBS has lowered the target price for Weibo's US stock from $14.5 to $14.2 while maintaining a "Buy" rating [1] - The target price for Weibo's H-shares has been adjusted down to HKD 110.4 [1]