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新推出的AI应用“千问”公测首日受到流量满载，部分服务出现拥堵和中断，阿里巴巴周一走势平稳
ZHONGTAI INTERNATIONAL SECURITIES·2025-11-18 01:51

Market Overview - On November 17, the Hang Seng Index fell by 188 points (0.7%) to close at 26,384 points, with a maximum drop of 320 points during the day[1] - The Hang Seng Technology Index decreased by 55 points (0.96%), closing at 5,756 points, with total market turnover of HKD 217.6 billion[1] - Net inflow from the Hong Kong Stock Connect dropped to HKD 8.45 billion[1] Sector Performance - Lithium carbonate futures rose over 4%, boosting Hong Kong lithium mining stocks, with Ganfeng Lithium (1772 HK) and Tianqi Lithium (9696 HK) increasing by 5%-9%[1] - Commodity stocks declined, with Zijin Mining (2899 HK) down 2.7%, Shandong Gold (1787 HK) down 3.1%, and Zhaojin Mining (1818 HK) down 2.8%[1] U.S. Market Insights - The probability of a Federal Reserve rate cut in December fell to 42.9%, down from approximately 50% the previous week[2] - The Dow Jones Industrial Average dropped by 557 points (1.2%) to 46,590 points, while the Nasdaq and S&P 500 indices fell by 192 points (0.8%) and 61 points, respectively[2] - Gold prices decreased by up to 1.8%, reaching USD 4,007 per ounce, and Bitcoin fell below USD 92,000[2] Macroeconomic Data - Fixed asset investment in China (excluding rural households) declined by 1.7% year-on-year in the first ten months of 2025, while automotive investment surged by 17.5%[3] - In the same period, 27.33 million vehicles were produced, marking an 11% year-on-year increase, with new energy vehicles accounting for 12.67 million units produced, up 28%[3] Automotive Industry Highlights - Geely Automobile (175 HK) reported a 27% year-on-year revenue increase in Q3, with net profit reaching HKD 3.82 billion, up 26.5% year-on-year[4] - The company achieved a 43% increase in sales volume, completing 82.6% of its annual target of 3 million units[4] Pharmaceutical Sector Update - The Hang Seng Healthcare Index fell by 1.8%, despite stable operational performance in the pharmaceutical sector[5] - Tianyan Pharmaceutical (ADAG US) entered a licensing agreement with Third Arc Bio, receiving an upfront payment of USD 5 million and potential milestone payments of up to USD 840 million[5] New Energy and Utilities - The new energy and utilities sectors in Hong Kong experienced declines, with stocks like Xinyi Solar (968 HK) and GCL-Poly Energy (3800 HK) dropping by 1.6%-3.1%[6]