港股科技ETF天弘(159128)跟踪的国证港股通科技指数聚焦30家最具代表性的科技龙头，涵盖互联网、 电子、通信、生物科技、智能汽车等高成长赛道，兼具高研发投入、高营收增长、高流动性等特征。 从估值层面来看，截至11月21日，港股科技ETF天弘(159128)跟踪的国证港股通科技指数最新市盈率 （PE-TTM）仅23.60倍，处于近5年18.78%的分位，即估值低于近5年81.22%以上的时间，处于历史低 位。 【热点事件】 1、港股科技龙头三季报亮眼！腾讯双位数增长+小米汽车单季盈利 来源：智通财经 截至2025年11月21日收盘，港股科技ETF天弘(159128)换手25.61%，成交1.74亿元，市场交投活跃。跟 踪的国证港股通科技指数(987008)下跌2.74%。成分股方面，小米集团-W(01810)收涨超1%，京东健康 (06618)领跌超8%，华虹半导体(01347)、金斯瑞生物科技(01548)、中芯国际(00981)等个股跟跌。 截至11月21日，港股科技ETF天弘(159128)近1周规模增长3241.02万元，实现显著增长。份额方面，港 股科技ETF天弘(159128)最新份额达7.4 ...

凤凰网财经讯 11月24日，三大指数集体高开，沪指高开0.36%，深成指高开0.53%，创业板指高开 0.90%，谷歌概念、CPO、算力芯片等板块指数涨幅居前。 华泰证券A股策略：配置上围绕中期主线 重视安全边际 华泰证券指出，近期AI叙事起争论、流动性有所收紧、地缘扰动构成了市场波动加大的底色，我们认 为当前市场调整已初步具备空间感，对应9月下旬市场中枢位或有较强支撑，后续伴随着海外流动性预 期改善、国内资金压力减弱、市场情绪进一步消化，行情走势环境或更加健康。配置上，当前市场估值 接近"合理"中枢，若超调则可适度提升仓位，配置上围绕中期主线、重视安全边际，关注低位内需消 费、国产算力、创新药等，继续持有大金融以降低波动性。 天风证券：A股近期调整为攻坚牛蓄力，后续关注交易热度回升 天风证券研报表示，A股近期调整为攻坚牛蓄力，后续关注交易热度回升。与8-10月份主线行情强势领 涨不同，11月至今行情也在轮动：依次经历主线行情、大盘价值、情绪指数/微盘的阶段表现。参照 2024年12月-2025年1月、2025年3月-4月的这两波经验来看，交易热度回落领先于融资余额回落。近期 交易热度从10月的高点12%已经 ...

Core Insights - AI is expected to remain a major market driver in 2024, but investors should be cautious of potential bubble risks [1] - By the end of 2026, global stock markets are projected to rise by approximately 15% due to favorable financial conditions supporting economic growth [1] Risk Factors - Four significant risks are anticipated by 2026: slower-than-expected AI adoption, resurgence of inflation, deepening US-China strategic competition, and the re-emergence of sovereign or private sector debt issues [1] - The expectation of US interest rate cuts is likely to suppress the dollar, while gold is viewed as a continued safe-haven asset [1]

截至2025年11月21日收盘，港股科技ETF天弘(159128)换手25.61%，成交1.74亿元，市场交投活跃。跟踪的 国证港股通科技指数(987008)下跌2.74%。成分股方面，小米集团-W(01810)收涨超1%，京东健康(06618)领 跌超8%，华虹半导体(01347)、金斯瑞生物科技(01548)、中芯国际(00981)等个股跟跌。 截至11月21日，港股科技ETF天弘(159128)近1周规模增长3241.02万元，实现显著增长。份额方面，港股科 技ETF天弘(159128)最新份额达7.40亿份，创成立以来新高。 从资金净流入方面来看，港股科技ETF天弘(159128)近6天获得连续资金净流入，合计"吸金"1.15亿元。 【产品亮点】 港股科技ETF天弘(159128)跟踪的国证港股通科技指数聚焦30家最具代表性的科技龙头，涵盖互联网、电 子、通信、生物科技、智能汽车等高成长赛道，兼具高研发投入、高营收增长、高流动性等特征。 从估值层面来看，截至11月21日，港股科技ETF天弘(159128)跟踪的国证港股通科技指数最新市盈率（PE- TTM）仅23.60倍，处于近5年18.78%的分位， ...

Core Viewpoint - The company, Moer Thread, is regarded as the "first domestic GPU stock" and "China's version of NVIDIA," with a significant IPO on the Sci-Tech Innovation Board, raising 8 billion yuan, the highest for this year [1][2]. Company Overview - Moer Thread's IPO price is set at 114.28 yuan per share, with a single account subscription limit of 11,000 shares, requiring a market value of 110,000 yuan in Shanghai stocks for maximum subscription [1]. - The company was founded in 2020 and focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [1][2]. Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: - 25.10 billion yuan (31.37%) for the development of a new generation of autonomous AI training integrated chips - 25.02 billion yuan (31.28%) for the development of a new generation of autonomous graphics chips - 19.82 billion yuan (24.77%) for the development of a new generation of autonomous AI SoC chips - 10.06 billion yuan (12.58%) for working capital [3]. Market Position and Competition - Moer Thread claims to be a leader in the domestic GPU sector, having achieved significant technological breakthroughs with its self-developed MUSA architecture, which supports AI computing acceleration, graphics rendering, and other advanced functions [3]. - The company has established deep partnerships with operators, cloud service providers, AI companies, and research institutions to stay attuned to market feedback and customer needs [3]. Customer Base - In the first half of this year, the top five customers accounted for 98.29% of the company's main business revenue, with the top three customers purchasing AI computing cluster equipment [4]. - The company acknowledges the risk of intensified competition from international leaders like NVIDIA, which have advantages in product iteration speed and supply chain integration [4]. Investor Sentiment - The initial inquiry attracted high institutional participation, with 286 offline investors and 7,787 allocation objects, indicating strong interest despite differing opinions on the valuation [5][6]. - The calculated market capitalization at the IPO price is 53.715 billion yuan, with a price-to-sales ratio of 122.51 times, leading to mixed views among investors regarding the valuation [6].

Group 1: Market Overview - Global stock markets experienced a downward trend last week, with the Hang Seng Index falling below its six-month support level [1] - The relationship between China and Japan is a significant variable for the market, with potential economic uncertainties arising from diplomatic tensions [1] - Positive developments include a dovish speech from a key Federal Reserve official, raising expectations for a rate cut in December [1] Group 2: AI and Technology Developments - Ant Group's AI assistant "Lingguang" quickly rose to the top of the iOS free tools chart, indicating strong market interest in AI applications [2] - NVIDIA is considering exporting advanced H200 chips to China, which could benefit related computing stocks [1] Group 3: Company Performance - Innovent Biologics reported a total revenue of 5.953 billion yuan for the first half of 2025, a year-on-year increase of over 50%, and achieved a net profit of 1.213 billion yuan [3] - Innovent's core product, Tyvyt (sintilimab), showed steady growth, while its dual-target weight loss drug, Ma Shidu, is a key driver of revenue growth [3][4] Group 4: Industry Insights - The number of breeding sows in China has fallen below 40 million, with a 1% month-on-month decrease in October, indicating ongoing challenges in the livestock sector [5] - The current cycle of pig prices has reached a new low, with some regions seeing prices drop below 10 yuan per kilogram, leading to deepening industry losses [6] - The market anticipates a prolonged period of industry losses, with expectations of 16 months of low profitability in the pig farming sector [6] Group 5: Stock Market Data - The Hang Seng Index is positioned at 25,220 points, with a potential for rebound as the market shows bullish sentiment [7] - The total number of open contracts for the Hang Seng Index futures is 117,319, with a net open interest of 46,187 contracts [7]

Core Viewpoint - The article highlights the innovative capabilities of NotebookLM in conjunction with Nano Banana Pro, particularly its ability to generate high-quality PowerPoint presentations from various input materials, showcasing a significant advancement in AI-driven productivity tools [1][12][41]. Group 1: NotebookLM and Nano Banana Pro Features - NotebookLM allows users to upload various formats of data, including PDFs, Word documents, and images, facilitating seamless knowledge management and transformation into different formats [12][13]. - The integration with Nano Banana Pro enables the automatic generation of visually appealing PPTs, maintaining a consistent style and utilizing original data from the input materials [17][18]. - Users can customize the style of the generated PPTs, choosing from various themes such as clay, comic, and large-character styles, enhancing the visual appeal and engagement of presentations [5][8][22]. Group 2: User Experience and Benefits - The article emphasizes the time-saving aspect of using NotebookLM and Nano Banana Pro, allowing users to focus on content rather than the tedious process of designing presentations [37][41]. - The generated PPTs are noted for their high quality, with minimal errors, making them nearly ready for immediate use after slight modifications [4][15]. - The combination of these tools is described as one of the most useful functionalities encountered in the year, significantly improving the efficiency of creating presentations [28][36]. Group 3: Limitations and Future Improvements - Some limitations are mentioned, such as the inability to edit individual elements within the generated PPTs, which could hinder customization [28][31]. - There are also concerns regarding the quality of Chinese text in the presentations, which may not match the clarity of English text, indicating a need for further development in this area [34]. - The article suggests that future iterations of Nano Banana Pro could address these issues, enhancing the overall user experience and functionality [34].

Core Viewpoint - Moore Threads is planning to raise 800 million yuan through an initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on the development of AI and graphics chips [1][3]. Group 1: Company Overview - Moore Threads specializes in the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins since its establishment in 2020 [2]. - As of June 30, 2025, the company does not have a single shareholder holding more than 30% of its shares, with Zhang Jianzhong being the largest shareholder at 12.73% and controlling 36.36% of the company through various platforms [2]. Group 2: IPO Details - The IPO is set to issue 70 million shares at a price of 114.28 yuan per share, with an expected total fundraising amount of approximately 799.96 million yuan after deducting issuance costs [1][3]. - The funds raised will be allocated to the development of new AI training and inference chips, new graphics chips, new AI SoC chips, and to supplement working capital [3].

在此之前，对A股而言，稳健回报导向的绝对收益资金持续入市在增强市场的内在稳定性，在增量资金 越来越多的以左侧稳健型资金为主的资金生态下，A股/港股未来可能更多地像美股一样出现"急跌慢 涨"，对需要增配权益的投资者而言，当下风险的提前释放给了年末重新增配A股/港股、布局2026年的 契机。 从配置上看，资源/传统制造业定价权的重估、企业出海仍是核心增配方向，而高切低的策略因为预期 过于一致，未来轮动择时的难度反而会明显加大。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果或经济复苏不及预期；海内 外宏观流动性超预期收紧；俄乌、中东地区冲突进一步升级；我国房地产库存消化不及预期。 【大河财立方消息】11月24日，中信证券首席A股策略师裘翔团队的研报指出，全球风险资产的波动表 面是流动性问题，本质是风险资产对于AI单一叙事过于依赖，当产业发展速度（尤其是商业化）跟不 上二级市场的节奏时，适当的估值修正也是一种纾解风险的方式。 北京时间周四（11月20日）晚，美国非农就业数据的公布以及年内美联储降息预期的下修触发了高位资 产估值的修正，市场对于北美AI基础设施可持续性的焦虑也因降息推后的预期而放大 ...

Core Viewpoint - The article highlights the rapid IPO of Moer Thread (688795.SH), regarded as the "first domestic GPU stock" and "China's version of Nvidia," with a significant fundraising scale of 8 billion yuan, marking it as the largest IPO on the Sci-Tech Innovation Board this year [1][8]. Summary by Sections Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing since its establishment in 2020 [1]. IPO Details - The IPO price is set at 114.28 yuan per share, with a maximum subscription limit of 11,000 shares per account, requiring a market value of 110,000 yuan in the Shanghai market for full subscription [1]. - The company achieved a total market value of 53.715 billion yuan based on the IPO price, with a price-to-sales ratio of 122.51 times [7]. Financial Performance - Moer Thread reported a revenue of 14.1 billion yuan over the past eight months, with a cumulative loss of nearly 6 billion yuan over three years [8]. - The top five customers accounted for 98.29% of the company's main business revenue in the first half of the year, with significant contracts for AI computing products [5]. Fundraising Allocation - The company plans to allocate the raised funds as follows: - 2.51 billion yuan (31.37%) for the development of a new generation of autonomous AI training integrated chips - 2.50 billion yuan (31.28%) for the development of a new generation of autonomous graphics chips - 1.98 billion yuan (24.77%) for the development of a new generation of autonomous AI SoC chips - 1.01 billion yuan (12.58%) for working capital [4]. Competitive Landscape - Moer Thread claims a leading position in the domestic GPU sector, leveraging its self-developed MUSA architecture to support various computing tasks [5]. - The company faces intense competition from international giants like Nvidia, which have advantages in product iteration speed and supply chain integration [6]. - The domestic GPU market is experiencing rapid growth due to strong government support for AI and high-performance computing, attracting significant capital and talent [7].