股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金山云控股有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03896 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 40,000,000,000 | USD | | 0.001 | USD | | 40,000,000 | 本月底法定 ...

港股信息技术ETF（159131）被动跟踪港股通信息C(港元)指数，该指数前十大权重股分别为中芯国 际、小米集团-W、联想集团、商汤-W、华虹半导体、金蝶国际、舜宇光学科技、优必选、美图公司、 比亚迪电子。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的注册，并不表明其对上述基金 ...

相比恒生科技指数，国证港股通科技指数减配消费零售，超配医药生物、硬件设备，科技成色更足。 2017年以来，国证港股通科技指数年化收益超12%，长期跑赢恒生科技指数、中证港股通科技指数等同 类港股科技指数。 消息面上，美国11月"小非农"创两年半来最大降幅，美联储降息预期进一步升温。参照历史数据，在美 联储降息周期内，港股科技成长资产反弹空间普遍大于A股。招商香港报告中指出，港股边际利好正在 积聚，已迎来上行转折点，AI等科技领域的发展前景受到关注。 港股通科技ETF（159101.SZ）跟踪港股通科技指数，成分股均为港股通标的，相比恒生系列ETF，港股 通类ETF不占QDII额度，流动性更优，更容易获得资金积极抢筹。 12月4日，A股港股市场开盘一度惯性下探，但临近午盘强势翻红，港股弹性更大，截至发稿，恒生科 技指数涨0.80%，港股通科技指数涨幅更为领先，盘中涨超1.3%。 港股通科技指数成分股方面，优必选、地平线机器人、康方生物、华虹盘中涨超4%，金山云、小米集 团、信达生物、哔哩哔哩涨超2%，中兴通讯、美团等也止跌反弹。 ...

来源：新浪基金 12月4日，截至10时54分，港股信息技术ETF（159131）盘中表现活跃，场内价格现涨2.1%，成交额为 3431.61万元。 成份股方面，金山云、英诺赛科和优必选表现最为突出，涨幅分别达到3.75%、3.48%和3.2%。另一方 面，天岳先进、高伟电子和富智康集团表现较弱，跌幅分别为3.48%、2.84%和2.14%。 消息面上，港股IPO募资额达2600亿港元，时隔四年重回2000亿规模，中资投行在承销中占据主导地 位，反映市场活跃度提升；此外，优地机器人境外发行上市备案获证监会通过，拟发行不超过7360万股 并在港交所上市，标志着其上市进程进入关键阶段。 光大证券指出，港股整体盈利能力较强，互联网、新消费、创新药等资产相对稀缺，尽管连续多月上 涨，估值仍偏低，长期配置性价比高。在AI产业趋势及美联储12月可能降息的背景下，港股或继续震 荡上行。 港股信息技术ETF（159131）被动跟踪港股通信息C（港元）指数，该指数前十大权重股分别为中芯国 际、小米集团-W、联想集团、商汤-W、华虹半导体、金蝶国际、舜宇光学科技、优必选、美图公司、 比亚迪电子。 数据来源于沪深交易所、公开资料等。 ...

Group 1 - The Hong Kong stock market's hard technology sector experienced a notable rise, with the Hong Kong Information Technology ETF (159131) increasing by over 1.8% in early trading on December 4 [1] - Key stocks such as UBTECH, Kingsoft Cloud, and InnoCare showed strong performance, each rising over 3%, while companies like Hua Hong Semiconductor, Xiaomi Group, and others increased by more than 2% [1] - Semiconductor giant SMIC's stock price turned from decline to an increase, reaching nearly 1.5% during trading [1] Group 2 - SMIC announced the completion of equipment installation and debugging for its 12-inch wafer fab expansion project at the end of November, with production expected to commence in Q1 2026 [1] - Xiaomi Group-W launched a new generation of bionic robots on November 30, featuring self-developed AI models and achieving commercial mass production [1] - According to Everbright Securities, the overall profitability of the Hong Kong stock market is strong, with relatively scarce assets in internet, new consumption, and innovative pharmaceuticals, indicating a high cost-performance ratio for long-term allocation despite recent price increases [1] Group 3 - The first Hong Kong ETF focusing on the "Hong Kong chip" industry, the Information Technology ETF (159131), is composed of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors [2] - The ETF includes 42 hard technology companies in Hong Kong, with SMIC holding a weight of 20.27%, Xiaomi Group-W at 9.11%, and Hua Hong Semiconductor at 5.64% [2] - The ETF excludes major internet companies like Alibaba, Tencent, and Meituan, allowing for a sharper focus on capturing the AI hard technology market trends in Hong Kong [2]

Group 1 - The Hong Kong stock market's semiconductor industry chain showed resilience, with the "A-share chip" index slightly up by 0.30% and the "Hong Kong chip" index up by 1.18% as of the morning of December 4 [1] - The first Hong Kong ETF focused on the semiconductor industry chain, the Hong Kong Information Technology ETF (159131), saw a price increase of 1.87% with a trading volume exceeding 24 million yuan [1] - The semiconductor, consumer electronics, and computer software sectors were collectively active, with notable gains from companies such as InnoCare (up over 4%), UBTECH, and Kingsoft (up over 3%) [3] Group 2 - According to SEMI, global semiconductor equipment sales are projected to grow by 11% year-on-year to reach $33.66 billion in Q3 2025, driven by strong investments in advanced technology, particularly in AI computing [3] - The demand for domestic AI chips is expected to surge due to continuous computational power needs and the exit of NVIDIA from the Chinese market, leading to a significant increase in market share for domestic AI chip manufacturers [3] - Bernstein's report indicates that domestic AI chip sales are expected to rise from $6 billion last year to $16 billion, with market share increasing from 29% to 42%, representing a growth rate of 112%, nearly three times that of foreign chips [3] Group 3 - CITIC Securities states that the memory sector is in the early stages of a super cycle, with high visibility of shortages expected in the next six months, and contract prices likely to increase or maintain their rise until the end of Q1 2026 [4] - The report emphasizes that companies closely aligned with memory manufacturers will benefit more during this upcycle, with recommendations for niche memory firms and companies involved in enterprise-level storage and SSD/memory chip design [4] - The Hong Kong Information Technology ETF (159131) is structured with a 70% hardware and 30% software composition, focusing on 42 Hong Kong hard tech companies, with significant weights in companies like SMIC (20.27%) and Xiaomi (9.11%) [4]

Group 1 - The probability of the Federal Reserve lowering interest rates in December has surged to 87.4%, up from less than 50% a month ago, causing a significant reaction in the financial markets [1] - Despite the positive outlook of a potential rate cut, U.S. stock markets experienced a collective decline, with the Dow Jones down 0.90%, S&P 500 down 0.63%, and Nasdaq unable to gain [1] - There is a notable shift in investment trends, with funds moving away from popular tech stocks towards less conventional sectors such as "refining," "big data," and "Double Eleven concept stocks" [1] Group 2 - Bank of America unexpectedly revised its December policy expectation from "no change" to a "25 basis point cut," influenced by weak labor data and hints from policymakers [2] - The anticipated leadership change at the Federal Reserve, with potential replacement of Jerome Powell by White House economic advisor Kevin Hassett, is a key factor in the rate cut prediction [2] - Market expectations for another rate cut in January 2026 have also risen to 67.6%, although there are internal disagreements within the Federal Reserve regarding the timing and necessity of rate cuts [4] Group 3 - The U.S. stock market's decline is characterized by a technical correction after a six-day rally, but deeper issues are revealed in sector performance, with significant drops in gene editing and cryptocurrency ETFs, while niche sectors saw gains [4] - Major tech stocks showed mixed performance, with Nvidia and Apple slightly up, while Google, Meta, and Microsoft fell over 1%, indicating a reliance on Nvidia's performance to gauge market health [7] - Chinese stocks displayed a mixed trend, with Alibaba rising 4.42% due to effective business restructuring, while electric vehicle stocks faced declines due to subsidy reductions and increased competition [7] Group 4 - Global markets reacted swiftly to the Federal Reserve's policy changes, with Japan's Nikkei 225 index dropping 1.89% and major European markets also experiencing declines [9] - The volatility in the silver market led to a historical price surge, driven by supply constraints and rate cut expectations, highlighting the impact of monetary policy on safe-haven assets [10] - The Federal Reserve's cautious approach to rate cuts, despite a backdrop of inflationary pressures, has created a paradox where easing policies lead to increased market anxiety [10]

Market Overview - On December 2, U.S. stock indices experienced slight gains, with the Dow Jones up 0.39%, S&P 500 up 0.25%, and Nasdaq up 0.59% [1] - The Dow closed at 47,474.46, the Nasdaq at 23,413.67, and the S&P 500 at 6,829.37 [2] Technology Sector - The technology sector saw broad gains, with the Wande American Technology Index rising 0.61%. Notable performers included Apple, which rose over 1%, and Facebook, which increased nearly 1% [2] - Semiconductor stocks also performed well, with the Philadelphia Semiconductor Index up 1.83%. Intel surged over 8%, NXP Semiconductors rose more than 7%, and Microchip Technology increased over 6% [2] Boeing Company - Boeing's stock rose over 10%, marking its largest single-day gain since April. The company stated that achieving a long-term cash flow target of $10 billion is feasible and expects a decision from the U.S. Department of Justice to be delayed until 2026 [2][3] Cryptocurrency Market - Bitcoin rebounded by nearly 6%, reaching approximately $91,000, while Ethereum increased over 7%. This surge contributed to a broader recovery in cryptocurrency stocks [5][6] - However, American Bitcoin, a company associated with former President Trump, saw its stock plummet over 50%, leading to multiple trading halts due to volatility, ultimately closing down 38% [3] Chinese Stocks - Chinese stocks listed in the U.S. faced a downturn, with the Nasdaq Golden Dragon China Index falling 0.65%. Notable declines included XPeng down 7.92%, and other companies like NIO, Bilibili, and Alibaba also experiencing losses ranging from 1.91% to 6.15% [4] Commodity Market - In the commodities sector, international precious metals futures showed mixed results. COMEX gold futures fell 0.84% to $4,238.70 per ounce, while COMEX silver futures rose slightly by 0.01% to $59.15 per ounce [4] - Oil prices also declined, with U.S. crude oil futures down 1.23% to $58.59 per barrel, and Brent crude down 1.28% to $62.36 per barrel, influenced by an unexpected increase in U.S. API crude oil inventories by 2.48 million barrels [5]

（二）行业掘金 每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数集体收跌，道指跌0.89%，纳指跌0.38%，标普500指数跌0.53%，热门科技股多数下 跌，博通跌超4%，谷歌、微软跌超1%，英伟达、苹果涨超1%；加密货币、太阳能板块跌幅居前， Sunrun跌超8%，Bit Digital跌超5%，Coinbase跌超4%。中概股多数上涨，纳斯达克中国金龙指数涨 0.87%，网易涨约5%，阿里巴巴涨超4%，微博涨逾3%，蔚来跌超5%，金山云跌超4%，贝壳跌逾3%。 2、加密货币价格再度大幅走低，比特币盘中一度下跌8%至83824美元，自10月初以来累计跌幅近 30%。国际金价走高，截至发稿时，现货黄金涨0.38%，报4239.15美元/盎司；COMEX黄金期货涨 0.41%，报4272.5美元/盎司。国际油价走高，美油主力合约涨1.57%，报59.47美元/桶；布伦特原油主力 合约涨1.39%，报63.26美元/桶。欧洲三大股指收盘全线下跌，德国DAX指数跌1.04%报23589.44点，法 国CAC40指数跌0.32%报8097点，英国富时100指数跌0.18%报9702.53点。 ...

Market Overview - US stock market experienced a pullback after a five-day rally, with all three major indices closing lower. The Dow Jones fell by 0.9%, losing over 420 points, while the Nasdaq and S&P 500 dropped by 0.38% and 0.53% respectively [1] - Major tech stocks mostly declined, with Broadcom down over 4%, Google and Microsoft each falling over 1%. However, Nvidia and Apple saw gains of 1.65% and 1.52%, respectively, with Apple reaching a historic high of $283.42 during the session [1] Cryptocurrency and Commodities - The cryptocurrency sector faced significant declines, with Bitcoin dropping over 5% to $86,415.3, and Ethereum falling over 7% to $2,797.79. The total cryptocurrency market cap has evaporated by over $1 trillion since reaching a peak of approximately $4.3 trillion [3] - In the commodities market, oil prices rose, with West Texas Intermediate (WTI) crude oil up 1.64% to $59.51 per barrel, and Brent crude oil increasing by 1.49% to $63.31 per barrel. This rise is attributed to geopolitical risks and supply concerns following attacks on key Black Sea ports [3] Chinese Assets and Retail Sector - Chinese assets showed strength, with most Chinese concept stocks rising. The Nasdaq China Golden Dragon Index increased by 0.87%, and the Wind Chinese Technology Leaders Index rose by 1.61% [2] - Walmart's stock rose nearly 1%, reaching a historic high, coinciding with the "Cyber Monday" shopping event, which is expected to generate $14.2 billion in online sales according to Adobe Analytics [2] Individual Stock Movements - Notable individual stock movements included Synopsys, which rose over 4% following Nvidia's $2 billion investment in the company as part of a collaboration in engineering and design [1] - In the Chinese market, stocks like Atour and NetEase saw increases of over 5%, while NIO and iQIYI experienced declines of over 5% and 4%, respectively [2]