Core Insights - The sudden drop in temperature across many provinces has led to an early migration of "snowbirds," with a significant increase in flight bookings to warmer destinations like Hainan and Yunnan, showing a year-on-year growth of approximately 100% from October 18 to November 10 [1][4] - There is a noticeable trend of "snowbirds" seeking new and less conventional destinations, with increased interest in places like Jianshui and Yuanjiang in Yunnan, and Bama and Chongzuo in Guangxi [1] - The demographic of migrating "snowbirds" is evolving, with younger individuals, particularly those aged 55 and above, joining the ranks of traditional retirees [4][5] Travel Trends - The Northeast provinces remain the primary source of travelers heading south, with flights from Harbin, Shenyang, and Changchun to Sanya and Haikou being the most searched and booked [4] - Young "snowbirds" are characterized by their focus on cost-effective travel options, with a 25% higher preference for early and late flights compared to older travelers, and they are willing to spend more on accommodations [5] Accommodation Preferences - There is a growing demand for quality long-term rentals and hotels, with travelers spending longer periods in southern destinations, often ranging from weeks to months [6] - Older travelers prefer high-quality accommodations, with a 30% higher average spending compared to younger travelers, while younger travelers are increasingly opting for unique and stylish homestays [6] Impact on Tourism - The migration of "snowbirds" contributes significantly to increased visitor numbers at various tourist attractions, such as the Yanuoda Rainforest Cultural Tourism Area in Hainan, which has tailored experiences for both younger and older travelers [7]

【进一步摆脱微软依赖 OpenAI与AWS官宣380亿美元战略合作】11月4日，亚马逊云科技（AWS）与 OpenAI联合宣布达成价值380亿美元的七年战略合作协议，旨在为OpenAI的核心大模型训练和在线推理 提供大规模云端算力与基础设施支持。 行业分析指出，380亿美元相当于AWS未来七年营收的5％～7%，显示其押注AI基础设施的决心。而 OpenAI借助此次合作，将为2026年"AI研究实习生"、2028年"全自动AI研究员"等目标提供算力保障。 这场合作，将加剧云服务商之间围绕AI算力与生态的竞争格局，将全球AI军备竞赛推向新高度。中经 记者 谭伦 李正豪 北京报道 值得关注的是，此举被业内视为OpenAI摆脱微软依赖的关键布局。此前其算力几乎全由微软Azure提 供，而2025年微软优先合作地位到期后，OpenAI已陆续牵手谷歌、甲骨文，此次与AWS的巨额交易更 形成"多云制衡"态势。对AWS而言，这一订单有望扭转其AI算力增速落后于Azure的局面。受消息刺 激，亚马逊股价明显拉升，创下近两年内最佳两日涨幅。 根据协议，OpenAI已立即启用AWS提供的数十万颗英伟达最新GB200/GB300系列 ...

Core Viewpoint - The real estate stocks in China are generally declining, with significant drops observed in major companies such as China Overseas Grand Oceans Group and R&F Properties, indicating ongoing market weakness and challenges in sales performance [1] Sales Performance - According to CRIC, the top 100 real estate companies achieved a sales turnover of 253 billion yuan in October 2025, reflecting a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [1] - Cumulatively, the top 100 real estate companies reported a total sales turnover of 25,766.6 billion yuan, which represents a year-on-year decline of 16%, with the rate of decline widening by 4.2 percentage points compared to the first nine months of the year [1] Market Outlook - Huatai Securities suggests that the current market sales remain weak, impacted by high base effects from policy stimuli in the same period last year, indicating that the market is still in a phase of bottoming out and stabilization [1] - Looking ahead, Huatai Securities expresses a more optimistic view on the recovery pace in core cities, particularly those represented by first-tier cities [1]

摩根大通发布研报称，渣打集团(02888)为该行在大中华区银行股首选，基于渣打第三季业绩强劲及与 渣打财务总监Diego De Giorgi的投资者会议后，上调对渣打今年至2027年每股盈测介乎3%至6%，受更 强劲收入及拨备减少推动。该行维持对渣打"增持"评级，对渣打目标价由原先168港元升至190港元，并 预测渣打2028年每股盈利增长13%及经调整有形资本回报率14%。 报告亦指，据该行最新预测，渣打明年股息及回购合计总回报率为7.5%，属覆盖大中华区银行之中最 高。且渣打非净利息收入预测有上调空间，受财富及市场业务推动，使明年有形股本回报率预测达 14%。该行亦预计渣打透过分支Anchorpoint取得在港发行稳定币牌照，对市场情绪有利。 ...

Core Viewpoint - Cat's Eye Entertainment (01896) saw a stock increase of over 5%, currently trading at 7.08 HKD with a transaction volume of 78.73 million HKD, driven by the announcement of the film "Demon Slayer: Infinity Castle Chapter 1" set to release in mainland China on November 14 [1] Group 1: Film Performance - The film "Demon Slayer: Infinity Castle Chapter 1" has generated significant anticipation, achieving the status of the highest-grossing film in Japanese history globally and ranking among the top five in the global box office for 2025 [1] - The film has recorded over 142,000 new "want to watch" entries on the Cat's Eye platform in a single day, setting a new record for animated films on the platform [1] Group 2: Market Analysis - Longjiang Securities noted that while the company has achieved revenue growth, the overall market remains sluggish, necessitating attention to the performance of films in the second half of the year [1] - The company is expected to recover overall profits if key projects like "Wang Wang Mountain Little Monster" and "The King's Avatar: For the Glory" perform well, along with a series of new films scheduled for release in the latter half of the year [1] - CICC recommends continued monitoring of the box office performance of upcoming films, particularly the key imported films slated for year-end release [1]

大摩认为，百胜中国有七成机率维持稳定的同店销售增长和每年扩张1600至1800间店，并增加特许经营 和小型店铺的比例，以支持中个位数的销售年均增长率，并或会节省成本和改善必胜客以支持经营溢利 年均增长高个位数。该行续预期，公司每年的自由现金流约为10亿美元，股东回报收益约为6%。大摩 予其美股"增持"评级，目标价57美元。 摩根士丹利发表研究报告指，百胜中国将于本月17日举办投资者日，预期届时公司管理层将提出其中期 业务计划，料将涉及未来两至三年的增长指标，包括销售额、经营利润、每股盈测及店铺数目等，并可 能提及业务计划及资本分配计划。 ...

Group 1 - The overall performance of the Chinese property stocks is declining, with notable drops in share prices [2] - Specifically, Yongye Group (03377.HK) has decreased by 5.08%, trading at 0.112 HKD [2] - R&F Properties (02777.HK) has fallen by 3.57%, with a current price of 0.54 HKD [2] - China Overseas Macro Group (00081.HK) has seen a decline of 3.11%, now priced at 2.18 HKD [2]

报告亦指，据该行最新预测，渣打明年股息及回购合计总回报率为7.5%，属覆盖大中华区银行之中最 高。且渣打非净利息收入预测有上调空间，受财富及市场业务推动，使明年有形股本回报率预测达 14%。该行亦预计渣打透过分支Anchorpoint取得在港发行稳定币牌照，对市场情绪有利。 智通财经APP获悉，摩根大通发布研报称，渣打集团(02888)为该行在大中华区银行股首选，基于渣打第 三季业绩强劲及与渣打财务总监Diego De Giorgi的投资者会议后，上调对渣打今年至2027年每股盈测介 乎3%至6%，受更强劲收入及拨备减少推动。该行维持对渣打"增持"评级，对渣打目标价由原先168港 元升至190港元，并预测渣打2028年每股盈利增长13%及经调整有形资本回报率14%。 ...

大减持之后现大跌 11月4日下午盘中，港股续跌近13%，港股中资券商股板块普跌，A股券商板块亦受到了拖累，大部分个股杀跌，板块指数也已出现技术破位走势。 从香港市场来看，10月21日，港交所公布2025年前三季度港股股权融资概况，香港市场共迎来66只新股，合计融资235亿美元，融资规模位居全球首位。其 中，前三季度新股数量及融资额分别同比上升45%和192%。 从内地市场来看，根据Wind的统计，42家上市券商前三季度营业收入合计4195.60亿元，同比增长17.02%;归母净利润实现1690.49亿元，同比增长62.38%。 其中，经纪及两融业务方面，受多项利好政策推动，市场成交实现高增，两融维持高位;投行业务方面，市场再融资规模实现高增，IPO整体有所恢复;自营 投资方面，市场主要指数实现增长，带动收入增长。最后，资管业务方面，券商资管规模稳步增加，收入也实现稳步增加。 从估值水位来看，截至10月31日，万得证券Ⅱ(申万)板块PB(LF)估值约为1.43倍，位于过去一/三/五年的71.54%/80.32%/53.90%分位。 分析人士认为，从今日港股市场整体的结构来看，区块链概念股整体杀跌可能是国泰君安国 ...

值得关注的是，此举被业内视为OpenAI摆脱微软依赖的关键布局。此前其算力几乎全由微软Azure提 供，而2025年微软优先合作地位到期后，OpenAI已陆续牵手谷歌、甲骨文，此次与AWS的巨额交易更 形成"多云制衡"态势。对AWS而言，这一订单有望扭转其AI算力增速落后于Azure的局面。受消息刺 激，亚马逊股价明显拉升，创下近两年内最佳两日涨幅。 行业分析指出，380亿美元相当于AWS未来七年营收的5％～7%，显示其押注AI基础设施的决心。而 OpenAI借助此次合作，将为2026年"AI研究实习生"、2028年"全自动AI研究员"等目标提供算力保障。 这场合作，将加剧云服务商之间围绕AI算力与生态的竞争格局，将全球AI军备竞赛推向新高度。 （文章来源：中国经营报） 11月4日，亚马逊云科技（AWS）与OpenAI联合宣布达成价值380亿美元的七年战略合作协议，旨在为 OpenAI的核心大模型训练和在线推理提供大规模云端算力与基础设施支持。 根据协议，OpenAI已立即启用AWS提供的数十万颗英伟达最新GB200/GB300系列GPU，并具备扩展至 千万级CPU的能力。为匹配需求，AWS专门打造全新架构A ...