Group 1 - President Xi Jinping had a phone call with US President Trump on November 24 [1] - Lei Jun, founder and CEO of Xiaomi Group, invested over 100 million HKD to increase his stake in the company to 23.26% [2] - Xiaomi Group's stock rose by 1.52% to 38.66 HKD after the announcement [2] Group 2 - The People's Bank of China will conduct a 10 billion CNY MLF operation to maintain liquidity in the banking system [3] - Analysts expect a new round of reserve requirement ratio cuts may be implemented around year-end [2] Group 3 - The domestic GPU company Moer Thread launched its IPO with a price of 114.28 CNY per share, attracting significant institutional interest [3] - The offline subscription for Moer Thread's shares saw a subscription multiple of nearly 1600 times, indicating high demand [3] Group 4 - A-shares showed weak rebounds with significant declines in core assets due to three main variables affecting the market [4][5] - Goldman Sachs downgraded Ganfeng Lithium's H-shares to "sell" and lowered lithium price expectations for 2026 by 14% [6] Group 5 - Alibaba's AI assistant Qianwen achieved over 10 million downloads in one week, becoming the fastest-growing AI application [7] - Another AI assistant, Ant Lingguang, reached over 200,000 downloads in six days, surpassing ChatGPT's performance [7] Group 6 - The Chinese Foreign Ministry stated that conditions are not suitable for holding a trilateral meeting with Japan and South Korea [8] - Industrial Fulian's stock faced a significant drop, attributed to market rumors, but the company confirmed its operational plans remain on track [9] Group 7 - Goldman Sachs predicts the Federal Reserve will implement a third consecutive rate cut in December, with two additional cuts expected in 2026 [10] - The market currently anticipates a 69.5% probability of a 25 basis point rate cut in December [10] Group 8 - New 3D printing materials developed by the University of Virginia show potential for applications in solid-state batteries and medical technologies [12] - The global 3D printing market is projected to reach 115 billion USD by 2030, with a compound annual growth rate of approximately 30% [12] Group 9 - Dragon Power Technology signed a significant contract worth over 45 billion CNY [18] - Antai Technology secured a key order worth nearly 70 million CNY related to controllable nuclear fusion [18]

1、7天破千万下载，阿里千问刷新了AI应用增长纪录。阿里旗下的AI助手千问App公测一周，下载量已 突破1000万次，超过ChatGPT、DeepSeek等知名AI应用，或成为史上增长最快的AI应用。 2、谷歌一周连续发布双模型，印证平台型企业全栈协同能力。谷歌Gemini 3 Pro模型发布，在评测指标 上均取得领先；此外，谷歌发布的最新图像生成模型NanoBananaPro，功能与体验再次实现飞跃。 中信证券表示，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以来的长牛行 情。模型和应用侧亦有望迎来局部爆发机遇，看好AI全面赋能下AI Agent、自动驾驶等落地速度较快的 AI应用赛道。 今日（11月24日）A股三大指数集体收涨，AI应用端尤其表现活跃，重点布局国产AI产业链的科创人工 智能ETF（589520）午后发力走高，场内涨幅盘中上探2.19%，收涨1.28%，全天成交额2948万元，环比 小幅放量。 成份股方面，AI+办公概念股强势领涨，福昕软件领涨超8%，合合信息涨逾7%，金山办公涨超5%。此 外，海天瑞声涨超7%，凌云光涨逾6%。权重股方面，寒武纪涨逾1%。 图：科创人工 ...

港股今天出现大涨，A股收盘时恒生指数涨幅逼近2%，而恒生科技指数涨幅达到了2.5%，至于港股为什么反弹的如此猛烈，我觉得有两个重要因素驱动： 一个是上周五美联储相关人士松口，12月份降息的概率又回升到了超过50%，这让美股出现反弹，所以今天直接传导到了港股，毕竟美联储的流动性变化， 最敏感的就属港股了； 应该说以上两个因素促成了今天市场的反弹走势，但是从下午15点的最终收盘情况看，一方面是遇到了周线的移动均线支撑，另一方面是券商的拉升带动， 在这么好的氛围下，沪指仅仅上涨1.88点创业板指数涨幅仅为0.31%，可以说效果是相当的不好。 这足以说明资金对目前位置仍然心存疑虑，并没有出现明显的抄底盘效应，此前我就说过，经历了上周五的指数重挫，各大指数的形态基本变得有些难看 了，也都处于了空头排列，在这种情形下，即便是场外有意做多的资金，估计也不敢轻举妄动了，除非如前期那样，重要的力量再度出手，或许市场还能逆 转，不过从今天的交易情况看，丝毫没有发现这样的迹象。 接下来A股怎么走？ 但是总体上来说，目前周线上的60日线支撑到底是否有效，我觉得还不能单凭今天一天的反弹就定性，还是要多观察几天，从我自身的角度而言，恒生 ...

近期国产AI主题再迎催化。2025年11月17日，某互联网龙头公司正式宣布大模型"千问"项目，全力进军 AI to C市场。当天，千问APP公测版上线，基于全球性能第一的开源模型Qwen3，凭借免费，以及与各 类生活场景生态的结合，与ChatGPT展开全面竞争，有望进一步强化国产AI大模型的全球竞争力。在此 催化下，资金积极关注相关产品布局，Wind数据显示，恒生科技ETF（513130）昨日逆势获4.81亿份净 申购，展现出市场对国产大模型未来发展的信心。 此外，扰动近期港股走势的海外因素有望逐步消减。消息面上美国政府已于当地时间2025年11月12日重 新开门，此前因停摆而推迟发布的关键经济数据将陆续披露，外部不确定性对市场的影响趋于收敛。与 此同时，多家港股科技公司近期发布的三季报业绩表现亮眼，反映出基本面改善的积极趋势。（截至 25/11/17） 作为布局港股科技板块ETF中的人气品种，恒生科技ETF（513130）在板块震荡期间持续获得资金关 注。从资金流向看，恒生科技ETF（513130）在11月以来的11个交易日中有10个交易日获资金净流入， 累计"吸金"25.89亿元，是同期A股市场所有跟踪恒 ...

11月17日，A股开盘三大指数集体低开。科创50ETF（588000）早盘冲高回落，最高涨幅达1%。盘面 上，存储价格上涨，持仓股佰维存储大涨超12%，芯原股份涨超5%；资金上，科创50ETF（588000）近 期持续受到资金青睐，近五日资金净流入超24.99亿。截至发文，科创50ETF（588000）成交额超11.87 亿元。 消息面上，11月17日，阿里巴巴正式宣布"千问"项目，全力进军AItoC市场。此前，阿里巴巴宣布已秘 密启动"千问"项目，基于Qwen最强模型打造一款同名个人AI助手——千问App，全面对标ChatGPT，加 入全球AI应用的顶级竞赛。这意味着阿里把"通义"从一个技术模型推向全民级AI产品的关键一步。而 且"千问"APP将引入AIAgent功能，这款应用将不仅仅是一个聊天机器人，更将具备执行复杂任务的能 力，例如在淘宝等电商平台上的智能购物体验。目前以Deepseek、通义千问、字节豆包、Kimi等国产大 模型能力快速提升，并且成为全球大模型竞赛中的佼佼者。 展望后市，开源证券指出，国产AI算力正在崛起，通过提供高性价比的芯片方案，并结合自有软硬件 生态，降低对海外厂商的依赖，重塑竞 ...

Group 1 - The Hang Seng Index opened down 0.5%, with the Hang Seng Tech Index falling 0.82%, while pharmaceutical stocks rebounded, particularly Innovent Biologics, which surged nearly 10% after a global strategic partnership with Takeda Pharmaceutical [1] - Pop Mart opened nearly 8% higher, reporting a year-on-year revenue increase of 245%-250% for the third quarter [1] - Amid global uncertainty, there is an increased demand for scarce and certain assets, leading to a rise in safety requirements [1] Group 2 - Following previous plans to increase defense spending in Europe, there is support for expanded defense budgets, which may accelerate global capital expenditures and increase demand for capital goods [1] - Since the beginning of the year, global funds over-allocated to the dollar have started to diversify or return, reflected in an 8.8% decline in the dollar index against major currencies [1] - From September, developed markets have underperformed emerging markets, with MSCI developed markets rising 0.6% and MSCI emerging markets rising 2.2% during the October holiday [1] Group 3 - Hong Kong's stock market has become a core platform for international capital to diversify dollar asset allocations, with its correlation to the US market rapidly decreasing since 2018, reaching about 12% by the end of September [2] - The Hong Kong stock market has gathered core domestic AI assets across the entire industry chain, becoming a pioneer in the revaluation of Chinese assets [2] - Although there has been a short-term adjustment in the Hong Kong stock market, the upward trend remains intact, and the market is expected to benefit significantly from the onset of a Federal Reserve rate cut cycle [2] Group 4 - Relevant ETFs include the Hong Kong Stock Connect Technology ETF (159101), Hang Seng Internet ETF (513330), Hong Kong Consumption ETF (513230), and Hang Seng Pharmaceutical ETF (159892) [3]

Core Viewpoint - The digital economy theme index and related ETFs are showing positive performance, driven by advancements in domestic AI and computing power chips, indicating a strong growth trajectory for the sector [1][2]. Group 1: Market Performance - As of October 21, 2025, the CSI Digital Economy Theme Index (931582) increased by 0.94%, with notable gains from companies such as Jingsheng Electronics (4.67%) and Zhaoyi Innovation (4.62%) [1]. - The Digital Economy ETF (560800) rose by 0.70%, with a trading volume of 2.4424 million yuan and a turnover rate of 0.36% [1]. - The average daily trading volume for the Digital Economy ETF over the past month was 28.5447 million yuan, with the latest share count reaching 684 million [1]. Group 2: Industry Insights - CITIC Securities highlights that domestic large models are rapidly iterating, and domestic computing power chips are achieving seamless adaptation, fostering a closed-loop ecosystem that supports the continuous development of domestic AI [1]. - Zheshang Securities projects that by 2025, domestic computing power will rise, driven by high capital expenditures from major companies and a growing consensus on computing power localization [2]. - The CSI Digital Economy Theme Index includes companies involved in digital economy infrastructure and high digitalization applications, reflecting the overall performance of listed companies in this sector [2]. Group 3: Key Constituents - As of September 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 54.31% of the index, including companies like Dongfang Wealth (10.51%) and SMIC (6.34%) [2][4].

Group 1 - The Hong Kong stock market experienced a significant decline, particularly in the technology sector, which fell nearly 4%, with the Hang Seng Index breaking the support level of 25,700 [1] - The decline is attributed to the risk exposure of U.S. regional banks, but its direct impact on Hong Kong stocks is limited. The resulting decrease in U.S. Treasury yields and potential Federal Reserve rate cuts may be beneficial [1] - The market correction is seen as a result of excessive prior gains, with tariffs also contributing to a suppression of risk appetite [1] Group 2 - In the trading session, only two Hong Kong stock ETFs experienced redemptions, with one related to negative news about two automotive companies. The remaining ETFs saw net inflows, with 13 products collectively gaining over 1.256 billion shares [2] - The Hong Kong technology ETF received significant attention, with a net subscription of 84.85 million shares, indicating strong investor interest despite the market downturn [3] Group 3 - Long-term investors are advised to view the current market adjustment as a buying opportunity, particularly in leading technology and innovative pharmaceutical stocks, which have seen substantial corrections [3] - The copper-to-oil ratio is highlighted as a potential indicator of market trends, with a higher ratio suggesting stronger economic growth and lower inflation, serving as a predictive tool for market movements [3]

Core Viewpoint - The domestic AI industry chain is gaining traction, with significant investments flowing into the Sci-Tech Innovation Artificial Intelligence ETF (589520), indicating strong market confidence in the sector's future growth [2][4]. Group 1: Market Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589520) experienced a volatile trading session, peaking at a 0.82% increase before closing down 1.31%, with a total trading volume of 36.55 million yuan [1]. - Over the past five days, the ETF has attracted a total of 74.25 million yuan in investments, reflecting a positive outlook from investors [2]. Group 2: Key Stocks and Developments - Notable performers among the ETF's constituent stocks include Hehe Information, which rose over 4%, and Cambrian, which increased by more than 2%. Conversely, stocks like Zhongke Xingtai and Hengxuan Technology saw declines exceeding 4% [1]. - Cambrian and SenseTime have entered a strategic partnership to enhance the integration of software and hardware in the AI sector, marking a shift towards collaborative development in China's AI industry [5]. - Chipmaker Chipone announced plans to acquire 100% of ZD Semiconductor for a maximum price of 950 million yuan, which is expected to boost its market share in the AI ASIC sector to 18% [6]. Group 3: Industry Outlook - Analysts suggest that the current market phase for technology stocks is characterized by explosive growth, with significant potential remaining unpriced. The focus is on sectors highlighted in the "14th Five-Year Plan," particularly those related to embodied intelligence and lighthouse factories [4]. - The importance of self-reliance in technology has been emphasized amid complex international dynamics, accelerating the domestic AI industry's development and ensuring its safety and control [7]. - The domestic AI chip era is emerging, with a complete industry chain established from advanced processes to model upgrades by major companies like ByteDance, Alibaba, and Tencent [7]. Group 4: ETF Highlights - The Sci-Tech Innovation Artificial Intelligence ETF (589520) is positioned to benefit from policy support and the rapid development of AI technologies, with a focus on companies that dominate their respective segments [8]. - The ETF offers a low-entry investment option with a 20% price fluctuation limit, enhancing efficiency during market surges. The top ten holdings account for over 70% of the ETF's weight, with semiconductors representing more than half of the portfolio [8][9].

Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Viewpoints - The report emphasizes optimism towards two main directions: domestic AI and domestic substitution. It highlights the decreasing cost of using domestic large models as a sustainable trend, which is expected to enhance the practicality, comprehensiveness, and cost-effectiveness of models, thereby promoting the landing of vertical scenarios and increasing demand for cloud and hardware [6][44]. - The report suggests focusing on sectors such as AI infrastructure, AI agent-related manufacturers, the Chinese reasoning computing power industry chain, CSP manufacturers, and IDC companies collaborating with leading firms. It also points out the potential benefits for domestic chip and operating system industries due to the domestic substitution trend accelerated by U.S. export controls on "critical software" [6][57]. Summary by Sections Market Performance - Last week, the computer sector experienced significant fluctuations, with an overall decline of 2.28%, ranking 30th among major industries. The total trading volume accounted for 7.78% of the market [2][4][13]. Key Recommendations - The report strongly recommends focusing on domestic AI and domestic substitution, particularly in light of the U.S. export controls that may accelerate the domestic software localization process. Key areas of interest include the domestic chip industry, operating systems, and the Huawei supply chain [6][57]. Recent Developments - The report notes the awarding of the Nobel Prize in Physics to three quantum physicists for their contributions to quantum mechanics, which is expected to positively impact the quantum computing industry [18][21]. - The launch of Figure AI's new product, Figure 03, is highlighted, showcasing advancements in humanoid robotics and its potential for mass production [27][31].