美东时间12月2日16：00(北京时间12月3日5：00)，道指收涨185.13点，报47474.46点，涨幅为0.39%； 纳指收涨137.75点，报23413.67点，涨幅为0.59%；标普500指数收涨16.74点，报6829.37点，涨幅为 0.25%。 欧洲股市：欧洲三大股指2日涨跌不一。英国伦敦股市《金融时报》100种股票平均价格指数报收于 9701.80点，较前一交易日下跌0.73点，跌幅为0.01%；法国巴黎股市CAC40指数报收于8074.61点，较前 一交易日下跌22.39点，跌幅为0.28%；德国法兰克福股市DAX指数报收于23710.86点，较前一交易日上 涨121.42点，涨幅为0.51%。 国际油价：国际油价2日下跌。截至当天收盘，纽约商品交易所2026年1月交货的轻质原油期货价格下跌 68美分，收于每桶58.64美元，跌幅为1.15%；2月交货的伦敦布伦特原油期货价格下跌72美分，收于每 桶62.45美元，跌幅为1.14%。 美元指数：美元指数2日下跌。衡量美元对六种主要货币的美元指数当天下跌0.06%，在汇市尾市收于 99.357。截至纽约汇市尾市，1欧元兑换1.1622美元， ...

格隆汇12月1日丨热门中概股美股盘前涨跌不一，截至发稿，网易涨超2%，阿里巴巴、爱奇艺、微博涨 超1%；蔚来跌超3%，小鹏汽车跌超2%，理想汽车、富途控股跌超1%。 ...

本文源自：金融界AI电报 热门中概股美股盘前涨跌不一，截至发稿，网易涨超2%，阿里巴巴、爱奇艺、微博涨超1%；蔚来跌超 3%，小鹏汽车跌超2%，理想汽车、富途控股跌超1%。 ...

研究报告 Research Report 30 Nov 2025 微博-SW Weibo (9898 HK) 首次覆盖：社媒平台独特地位不改；有信心实现全年利润目标；坚持每年股东分红 Social-media niche intact, full-year profit target on track, annual dividend pledged: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$77.40 目标价 HK$107.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$18.91bn / US$2.43bn 日交易额 (3 个月均值) US$2.55mn 发行股票数目 156.45mn 自由流通股 (%) 60% 1 年股价最高最低值 HK$101.50-HK$58.13 注：现价 ...

11月26日下午，香港大埔宏福苑发生五级火灾，造成重大人员伤亡和损失，救援工作进展牵动着社会各 界的心。 责任编辑：刘万里 SF014 11月27日，微博公司宣布捐赠1000万港元，用于支援香港受灾人群的紧急救援与后续过渡安置，并助力 灾后恢复工作。 微博公司将持续密切关注救灾进展，协同各方力量支持受灾群众的安置与重建。愿每一位受灾同胞平 安，盼望生活早日回归正轨。 微博公司向此次火灾中的遇难者表示沉重哀悼，向所有受灾家庭和社区致以诚挚慰问，也向每一位英勇 无畏的救援人员致以崇高的敬意。 ...

Core Viewpoint - Weibo-SW reported a decline in net revenue for Q3 2025, but a significant increase in net profit attributed to shareholders, indicating a potential shift in profitability despite revenue challenges [1] Financial Performance - For Q3 2025, Weibo-SW achieved net revenue of approximately $442 million, a year-on-year decrease of 4.77% [1] - The net profit attributable to Weibo shareholders was $221 million, reflecting a year-on-year increase of 69.33% [1] - Basic earnings per share for Q3 2025 stood at $0.93 [1] - For the first three quarters of 2025, net revenue totaled $1.284 billion, a year-on-year decrease of 1.07% [1] - The net profit attributable to Weibo shareholders for the first three quarters was $454 million, showing a year-on-year increase of 55.43% [1] - Basic earnings per share for the first three quarters were $1.90 [1] User Growth and Technology Development - In Q3 2025, Weibo's intelligent search user base reached over 70 million monthly active users (MAU), with search volume increasing by over 50% quarter-on-quarter [1] - Total search volume for Weibo increased by 20% quarter-on-quarter, driven by the growth in daily active users (DAU) and search queries [1] - The company is enhancing the application of AI throughout the advertising process [1] - In November 2023, Weibo launched its first self-developed open-source small parameter model, VibeThinker, in overseas markets, currently in an experimental phase [1] - Weibo plans to integrate its accumulated data assets in vertical fields such as psychology to create a model tailored to social needs [1]

Core Insights - Weibo-SW (09898) shares increased by over 4%, currently trading at 78.55 HKD with a transaction volume of 15.89 million HKD [1] Financial Performance - For Q3 2025, Weibo-SW reported net revenue of approximately 442 million USD, a year-on-year decrease of 4.77% [1] - Net profit attributable to Weibo shareholders was 221 million USD, showing a year-on-year increase of 69.33% [1] - Basic earnings per share stood at 0.93 USD [1] - For the first three quarters of 2025, net revenue totaled 1.284 billion USD, a year-on-year decrease of 1.07% [1] - Net profit attributable to Weibo shareholders for the same period was 454 million USD, reflecting a year-on-year increase of 55.43% [1] - Basic earnings per share for the first three quarters was 1.9 USD [1] User Growth and Technology Development - In Q3 2025, Weibo's intelligent search user base reached over 70 million MAU, with search volume increasing by over 50% quarter-on-quarter [1] - Total search volume for Weibo increased by 20% quarter-on-quarter [1] - The company is enhancing the application of AI throughout the advertising process [1] - In November, Weibo launched its first self-developed open-source small parameter model, VibeThinker, in overseas markets, currently in an experimental phase [1] - Weibo plans to deeply integrate its accumulated data assets in vertical fields such as psychology to create models tailored to social needs [1]

Core Viewpoint - The revenue in Q3 2025 is under pressure due to high base effects and macroeconomic factors, with a significant increase in advertising from Alibaba being the highlight, while maintaining a steady profit margin guidance for the year [1][4] Revenue Performance - In Q3 2025, the company reported a net income of $442 million, a decrease of 5% year-on-year (4% decline at constant exchange rates) [1] - Advertising and marketing revenue was $375 million, down 6% year-on-year, while value-added services (VAS) revenue increased by 2% to $67 million [1][2] User Metrics - As of September 2025, the monthly active users (MAU) reached 578 million, with daily active users (DAU) at 257 million [2] Profitability - The Non-GAAP operating profit for Q3 2025 was $132 million, with a Non-GAAP operating profit margin of 30% [2] - The Non-GAAP net profit attributable to shareholders was $111 million, a decline of 20.5% year-on-year, with a diluted Non-GAAP earnings per share of $0.42 [2] Advertising Dynamics - The FMCG sector faced a significant decline due to the high base from the previous year's Paris Olympics, while advertising revenue from Alibaba surged by 112% to $45.5 million, driven by increased budgets for local life services and strong e-commerce demand [1][2] - The company expects a slight year-on-year decline in total revenue of about 3% in Q4 2025, influenced by the performance of the mobile and gaming sectors [2] AI Impact - AI technology is increasingly applied throughout the advertising process, particularly in smart search and recommendation flows, contributing approximately 10% to eCPM improvements [3] - The company aims to maintain a Non-GAAP operating profit margin of 30% for the year, with a projected net profit margin of around 26-27% [3] Investment Outlook - The overall performance for 2025 is becoming clearer, with a focus on maintaining profits while awaiting recovery, despite the FMCG sector's challenges [4] - Key variables for 2025 include stabilization in major consumer spending, synchronization of mobile upgrade cycles and new gaming releases, and continued AI-driven improvements in eCPM [4]

Core Viewpoint - The controversy surrounding Xiaomi's automotive safety and design priorities has escalated, triggered by founder Lei Jun's past statement emphasizing aesthetics over safety, leading to public backlash and legal scrutiny [1][3][4]. Group 1: Controversy Origin - Lei Jun's 2024 statement "A car's appearance is the most important" was revisited in November 2025, sparking accusations that Xiaomi prioritizes design over safety [3][4]. - The public's concern is rooted in two fatal accidents involving Xiaomi vehicles, which raised questions about the company's commitment to safety [4][6]. Group 2: Response and Public Perception - Lei Jun attempted to clarify his stance by asserting that safety is fundamental, while aesthetics serve as a product highlight, arguing that both aspects are not mutually exclusive [3][4]. - Despite his efforts, public sentiment remained negative, with consumers expressing distrust towards Xiaomi's safety assurances and corporate responsibility [4][6]. Group 3: Legal and Corporate Accountability - Xiaomi has faced multiple crises, including serious accidents and allegations of misleading advertising regarding vehicle components, which have compounded public distrust [6][8]. - The ongoing legal case regarding the "pothole cover" highlights the potential implications of Lei Jun's social media statements on corporate liability and consumer trust [6][9]. Group 4: Industry Context and Expectations - The automotive industry is undergoing a transformation towards electric and intelligent vehicles, with safety and corporate responsibility becoming paramount for consumer trust [10]. - As Xiaomi leverages its founder's influence for market growth, it must balance this with accountability for product safety and quality to maintain consumer confidence [8][10]. Group 5: Conclusion and Future Implications - The situation illustrates the challenges of high-profile marketing in the automotive sector, where public perception and corporate responsibility must align to avoid backlash [11]. - The resolution of these issues will determine Xiaomi's reputation and market position in the increasingly competitive automotive landscape [11].

Core Insights - The article highlights the compliance challenges faced by Weibo's lending service, Weibo Borrow, following the implementation of new regulations that cap annualized financing costs at 24% [1][14] - Complaints against Weibo Borrow have surged, with over 21,000 complaints reported on the Black Cat Complaints platform, indicating significant user dissatisfaction with high interest rates and aggressive collection practices [1][2] Group 1: Compliance and Regulatory Challenges - Weibo Borrow's interest rates have been reported to exceed the legal limit, with some borrowers experiencing effective rates as high as 36% [1][3] - The new regulations, effective from October 1, 2023, require that all financing costs be transparent and not exceed the 24% cap, which has intensified scrutiny on Weibo Borrow's practices [2][9] - The lending service is under pressure to comply with these regulations, as the industry faces a significant transformation due to stricter oversight and increased operational costs [2][14] Group 2: User Complaints and Hidden Fees - Users have reported hidden fees, such as membership and guarantee consultation fees, which contribute to the high overall financing costs [6][8] - Complaints also include aggressive collection tactics, with reports of harassment and unauthorized access to personal contacts, raising concerns about user privacy and data security [1][10] Group 3: Business Model and Operational Risks - Weibo Borrow's business model is at risk due to the intertwining of payment and credit services, which may lead to regulatory violations and operational inefficiencies [13] - The reliance on a large user base of 590 million monthly active users for driving lending services may not be sustainable if compliance issues are not addressed [1][14] - The overall financial health of Weibo is under scrutiny, as advertising revenue has declined by 2% year-over-year, while value-added services, including Weibo Borrow, are expected to play a crucial role in future growth [1][14]