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 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in travel bookings in major cities of the Guangdong-Hong Kong-Macao Greater Bay Area due to the upcoming National Games, with a nearly 400% increase in comprehensive search volume for hotels, flights, train tickets, and attractions related to the event [1] - Major cities such as Guangzhou and Shenzhen experienced over 40% growth in search heat, while Hong Kong and Macau also saw noticeable increases in travel search activity [1] - Flight search heat from cities like Beijing, Chengdu, Hangzhou, Shanghai, Xi'an, and Wuhan to Guangzhou and Shenzhen has shown significant growth, indicating a rise in travel interest during the event period [1] Group 2 - Hotel booking trends show substantial year-on-year increases in cities hosting the events, with Huizhou and Qingyuan exceeding 100% growth, and Shenzhen, Foshan, and Jiangmen showing over 60% growth [1] - The peak travel periods are expected to occur on the weekends of November 8-9 and November 15-16, indicating strong demand for accommodations during these times [1] - The research institute anticipates a considerable rise in winter tourism in major cities of the Greater Bay Area, driven by the National Games and the release of winter travel demand [2]

Core Viewpoint - Xiaomi's founder Lei Jun emphasizes the importance of continuous vehicle testing for Xiaomi Auto, stating that it is essential for ensuring product quality throughout the entire product lifecycle [1]. Group 1 - Xiaomi Auto's testing process spans the entire product lifecycle, with pre-production testing aimed at validating design and post-production testing focused on enhancing user experience [1]. - The company believes that thorough and scientific testing is a prerequisite for guaranteeing product quality [1].

Core Insights - Microsoft plans to significantly expand its data center footprint in the UAE through partnerships with local companies, announcing a total investment exceeding $15 billion [2][5] - The company has partnered with Group42, committing over $7.3 billion, with more than half allocated to capital expenditures for data center infrastructure [2] - The investment will enhance local data center computing capacity to the equivalent of 81,900 H100 chips, nearly quadrupling its current capabilities [2] Investment Details - The new investment in the UAE amounts to $7.9 billion, which will be used to upgrade data center infrastructure [2] - Microsoft has received approval from the U.S. Department of Commerce for the export of new GPUs to the UAE, including the advanced GB300 super chip [3] - The infrastructure investment is expected to incur $2.4 billion in local operating expenses and sales costs [3] Collaboration with Lambda Labs - Microsoft has engaged in a partnership with Lambda Labs to build AI infrastructure worth several billion dollars, involving thousands of GPUs [3][5] - Lambda's cloud platform reportedly contains over 250,000 GPUs, and the company raised $480 million from a consortium including NVIDIA [3] Previous Partnerships - Microsoft previously signed a similar AI infrastructure agreement with CoreWeave, expecting to invest $10 billion on that platform by the end of the century [4][5]

星巴克董事长倪睿安表示，博裕投资的本地经验将加速中小城市及新兴区域拓展；博裕投资合伙人黄宇铮称将融合全球品牌力与本土洞察，深化本土化创 新。星巴克中国CEO刘文娟提及，合作将释放市场潜力，推动行业升级。 11月4日，星巴克咖啡公司宣布与中国另类资产管理公司博裕投资达成战略合作，双方将成立合资企业运营中国市场零售业务，标志着星巴克入华26年来 首次出让业务控股权。根据协议，博裕投资将持有合资企业至多60%股权，星巴克保留40%股权，并持续作为品牌与知识产权授权方。 交易基于约40亿美元（不计现金与债务）的企业价值，星巴克预计中国零售业务总价值超130亿美元，涵盖股权出让收入、剩余40%权益价值及未来10年 以上的授权收益。新合资企业总部仍设于上海，将管理现有8000家门店，双方计划逐步将门店规模拓展至20000家。 此次交易历经多轮竞逐，自2024年下半年传出股权出售消息后，今年5月正式启动流程，吸引高瓴、凯雷、大钲资本等超20家机构参与，最终博裕投资胜 出。资料显示，博裕投资成立于2011年，投资组合超200家企业，近年入股蜜雪冰城等餐饮品牌，具备消费领域深耕经验。 据悉，交易预计2026财年第二季度完成，尚 ...

作为波司登长期合作伙伴，艾德韦宣深度参与了其品牌重塑与高端化战略的推进过程。近年来，艾德韦 宣在中国中高端品牌及运动时尚领域的积极布局已初见成效，此次波司登向更高端、更时尚定位的跃 升，亟需顶尖的市场营销与品牌叙事能力作为支撑，这也为艾德韦宣带来明确且高质量的业务增长点。 日前，波司登(03998)携手新设高级都市系列创意总监Kim Jones发布全新高端系列"AREAL"。在这场备 受瞩目的全球首发中，艾德韦宣集团(09919)助力波司登于上海北外滩圆满呈现了AREAL2025秋冬系列 发布会及晚宴，将东方工艺之美呈现于全球舞台。 根据行业数据，艾德韦宣作为大中华区高端品牌体验营销的领跑者，2024年市场份额已达13.8%，累计 服务超过550家世界级品牌，覆盖梵克雅宝、香奈儿、爱马仕、路易威登、miumiu等高端品牌。 值得关注的是，此前LVMH集团公布的第三季度业绩表现超出市场预期，其中亚太地区(包括中国市场) 有机收入增长2%，释放出高端消费回暖的积极信号。随着中国奢侈品市场逐步复苏，以及本土头部品 牌如波司登持续向高端化、时尚化迈进，艾德韦宣凭借其深厚的奢侈品营销经验与领先的行业地位，有 望直接受益 ...

Group 1 - The core viewpoint of the reports indicates that Geely Automobile's (00175) new energy brand is gaining momentum, with accelerating profitability expected from 2025 to 2027, projecting revenues of 404.78 billion, 489.69 billion, and 572.83 billion yuan, and net profits of 16.21 billion, 22.09 billion, and 25.97 billion yuan respectively, with an EPS of 1.61, 2.19, and 2.58 yuan, maintaining a "recommended" rating [1] - In October, the company achieved total wholesale sales of 307,000 units, representing a year-on-year increase of 35.5% and a month-on-month increase of 12.5%, with export sales of 42,000 units, showing a month-on-month increase of 2.2% [1] - The launch of the new hybrid sedan, Xingyao 6, under the Galaxy brand on October 30, features a price range of 68,800 to 99,800 yuan and is equipped with advanced technologies such as the new generation Raytheon AI hybrid system and intelligent cockpit [1] Group 2 - The company announced a share repurchase plan with a maximum amount of 2.3 billion HKD, which will be executed in the open market through an automated mechanism, reflecting confidence in long-term development and aiming to optimize capital structure and enhance EPS [2] - Geely and Zeekr submitted a CB form to the U.S. Securities and Exchange Commission, with the "big merger" expected to be completed by the end of this year, promoting the "One Geely" strategy to enhance operational efficiency and reduce costs [2]

10月6日，公司公告宣布拟实施一项最高金额达23亿港元的股份回购计划，该计划在获得香港联交所批 准后，将通过自动化机制在公开市场分批回购，回购资金来自吉利汽车现有的资本及现金储备，展现了 吉利汽车对长期发展前景的坚定信心，回购将优化资本结构、提升每股收益并有助合理反映公司估值。 近期，极氪科技与吉利汽车向美国证券交易委员会提交CB表格，吉利和极氪的"大合并"交割工作有望 在今年年底前完成，看好推进"一个吉利"战略，促进经营效益提升、降本增效。 公司10月批发总销量30.7万辆，同比+35.5%，环比+12.5%;出口方面，公司10月出口销量4.2万辆，环比 +2.2%，表现亮眼。10月30日，吉利银河旗下全新电混家轿星耀6上市，上市限时指导价为6.88万元-9.98 万元，星耀6搭载新一代雷神AI电混2.0系统，前排电动座椅提供加热和通风功能，搭载银河Flyme Auto 智能座舱与千里浩瀚H3辅助驾驶系统。该行看好公司销量逐步兑现，同时规模化提振主品牌盈利。 智通财经APP获悉，民生证券发布研报称，吉利汽车(00175)新能源品牌势能向上，盈利加速，预计 2025-2027公司营收4,047.8/4,896 ...

Core Viewpoint - The real estate sector in China is experiencing a decline, with major property stocks falling significantly amid weak market sales and a challenging year-on-year comparison due to previous policy stimuli [1] Group 1: Stock Performance - Major property stocks such as Yuanhang Group (03377) fell by 5.08% to HKD 0.112, R&F Properties (02777) decreased by 3.57% to HKD 0.54, and China Overseas Macro Group (00081) dropped by 3.11% to HKD 2.18 [1] Group 2: Sales Data - According to CRIC, the top 100 property companies achieved a sales turnover of CNY 253 billion 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 property companies recorded a sales turnover of CNY 25,766.6 billion, which represents a year-on-year decline of 16%, with the decline rate widening by 4.2 percentage points compared to the first nine months of the year [1] Group 3: Market Outlook - Huatai Securities indicates that the current market sales remain weak, with year-on-year performance under pressure due to high base effects from policy stimuli last year, suggesting 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]