医药商业板块指数日K线图 郭晨凯 制图 ◎记者 徐蔚 11月26日，A股三大指数涨跌不一。截至收盘，上证指数跌0.15%，深证成指涨1.02%，创业板指涨 2.14%。沪深北三市全天成交17972亿元，较前一个交易日缩量290亿元。 盘面上，CPO板块持续走强，长光华芯以20%幅度涨停封板，中际旭创涨超13%。医药板块走强，粤万 年青、华人健康以20%幅度涨停封板。消费概念尾盘活跃，欢乐家涨超15%。 算力硬件再度活跃 中信证券研报认为，阿里巴巴本季度资本开支为315亿元，过去四个季度在AI+云基础设施的资本开支 约1200亿元。阿里巴巴持续在AI基础设施上加大投入，这标志着国产算力的自主可控进程正在稳步推 进，国产算力有望迎来行业拐点，建议关注国产算力投资机遇，聚焦卡位精准、长期竞争力凸显的龙 头。 流感季催化医药股 医药赛道昨日表现强势，流感、创新药等概念领涨，粤万年青、华人健康等以20%幅度涨停，海王生物 3分钟直线拉升涨停。 消息面上，流感季的到来给医药股带来强催化。在近期召开的国家疾控局新闻发布会上，中国疾控中心 病毒病所研究员王大燕介绍称，当前全国流感总体处于中流行水平，流感活动处于上升阶段，南方 ...

2025年11月26日，市场全天震荡走势，三大指数涨跌不一。截至收盘，沪指跌0.15%，深成指涨 1.02%，创业板指涨2.14%。 题材方面，医药商业、商业百货、化学制药等板块涨幅居前，船舶制造、航天航空、游戏等板块跌幅居 前。主力资金上，消费电子、半导体、通信设备等行业概念流入居前。 ETF方面，或受相关消息刺激，人工智能、芯片、消费电子等相关ETF表现亮眼！ 【头部企业继续加大AI投入，机构：展望2026年国产算力方兴未艾】 消息面上，阿里巴巴在2026财年第二季度财报电话会上明确将积极加码AI能力建设，不排除在已承诺 的三年超3800亿元云和AI硬件基建投资外追加投入。电话会上集团CEO首次披露了AI算力供给瓶颈与 投资优先级，释放出"短期投入换长期壁垒"的明确信号。 中信证券表示，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，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。 相关ETF：创业板人工智能ETF大成(159242)、创业板人工智能ETF南方(159382)、创业板人工智能ETF 华夏(1 ...

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.15%, Shenzhen Component Index up 1.02%, and ChiNext Index up 2.14% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 1.7833 trillion yuan [1] ETF Performance - Communication-related ETFs led the gains, with the top performers including Communication ETF up 5.61%, Communication Equipment ETF up 5.54%, and AI-related ETFs showing increases of over 5% [2] - The Aerospace ETF experienced the largest decline, down 2.62%, followed by other aerospace-related ETFs [4][5] Alibaba Financial Results - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, with AI-related product revenue growing for nine consecutive quarters [3] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [3] - The investment in AI infrastructure is seen as a step towards the self-sufficiency of domestic computing power, indicating potential investment opportunities in this sector [3] ETF Market Activity - The Short-term Bond ETF had the highest trading volume at 23.5 billion yuan, followed by other ETFs such as Silver Hua Daily ETF and Convertible Bond ETF [6] - The Korean Semiconductor ETF had the highest turnover rate at 118% [6] Upcoming ETF Launches - Three new ETFs are set to launch, including A50 ETF, which tracks the CSI A50 Index, focusing on leading companies across various sectors [7] - Other ETFs launching include the China Hong Kong Stock Connect Dividend Low Volatility ETF, the Photovoltaic ETF, and the Hang Seng Biotechnology ETF, each targeting specific investment strategies and sectors [8]

Core Insights - AI computing hardware continues to show a rebound, with strong performance in optical modules, CPO, and PCB concepts [1] - Alibaba's Q2 FY2026 earnings report highlights a 34% year-on-year increase in cloud revenue and triple-digit growth in AI-related product revenue for nine consecutive quarters [1] - CITIC Securities indicates that Alibaba's ongoing investment in AI infrastructure signifies a steady advancement in domestic computing capabilities, suggesting an industry turning point for domestic computing [1] Group 1: Market Performance - The AI computing hardware sector is experiencing a strong rebound, with companies like Zhongji Xuchuang, Hudian Co., Xinyisheng, and Guangku Technology showing significant gains [1] - The lowest fee rate AI ETF, Huaxia (159381), and the 5G communication ETF (515050) both surged over 4%, with trading volumes reaching 348 million yuan and 299 million yuan respectively [1] - The cloud computing 50 ETF (516630), focusing on AI hardware and software, increased by 2.70% [1] Group 2: Company Developments - Alibaba's capital expenditure for the quarter was 31.5 billion yuan, with a total of approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] - The sustained investment in AI infrastructure by Alibaba is viewed as a critical step in the development of domestic computing capabilities [1] Group 3: Industry Outlook - CITIC Jiantou emphasizes the need for a long-term perspective on the ongoing AI industrial revolution, comparing its impact to that of the industrial revolution [1] - The firm expresses optimism regarding the demand for computing power and applications driven by AI [1]

Core Insights - UBS reports that from early 2025 to now, the China Internet ETF (KWEB) has risen by 37%, with a 5% increase in the current quarter, but earnings expectations have been downgraded by 19%, primarily due to e-commerce investments in instant retail [1] Group 1: Market Sentiment and Valuation - Favorable market sentiment has driven valuation multiples higher, with major internet companies' valuation multiples expanding by approximately 58% to around 17 times the 2025E adjusted P/E ratio, while the U.S. "Tech Seven" has a valuation of about 31 times [2] - Small and mid-cap vertical companies continue to outperform as investors avoid competition pressures among e-commerce giants, with emotional consumption scenarios like online gaming and music showing strong performance [2] - Low-allocated stocks have seen significant rebounds when performance meets expectations [2] Group 2: Structural Highlights in the Macro Environment - The online entertainment sector has exceeded expectations due to adequate content supply and capturing consumer spending, particularly in online gaming and music [3] - China's retail sales have grown by 3.7% year-on-year, with online sales of physical goods performing even better at a 6.3% increase, driven by extended shopping festivals and optimized platform algorithms [3] - Advertising technology and AI-related companies have positive outlooks, while traditional media platforms are underperforming [3] Group 3: Trends in the Internet Industry - Chinese internet giants are increasing capital expenditures and investing in AI, with a focus on GPU efficiency and flexibility in adjusting investment targets based on demand [4] - Domestic AI chip performance is improving due to ongoing self-research investments and local GPU manufacturers' development, with advancements in system-level technologies like "super node" technology [4] - Major cloud companies are maintaining full-year capital expenditure guidance, emphasizing chip utilization and deployment efficiency amid supply chain uncertainties [5] Group 4: Instant Retail Investments - Platforms are increasing investments in instant retail to drive low-frequency e-commerce business through high-frequency delivery transactions, with signs of short-term competition stabilizing [6] - Market share appears to be stabilizing, and the industry is expected to bottom out post "Double Eleven" shopping festival, with competition returning to normal by the end of Q4 [7] - Long-term challenges remain, including intensified competition and the need to accelerate online penetration of delivery services among merchants and consumers [7]

Group 1 - The three major indices opened lower but rebounded, with the ChiNext 50 Index (399673.SZ) rising by 3.22% at midday, driven by significant gains in constituent stocks such as Zhongji Xuchuang, which increased nearly 14%, Changying Precision rising over 11%, and Xinyi Sheng up more than 10% [1] - The ChiNext 50 ETF (159682) also saw a rise of 3.15%, with a trading volume of 266 million yuan, and as of November 25, the latest circulating share count was 3.623 billion shares, with a total market size of 4.954 billion yuan [1] - A notable development is the listing of the Invesco Great Wall ChiNext 50 ETF's depositary receipts on the Thailand Stock Exchange, allowing Thai investors to trade these receipts without cross-border remittance, marking the first product linked to the ChiNext 50 Index in Thailand [1] Group 2 - CITIC Securities reported that since 2025, both Chinese and U.S. tech stocks have performed impressively, with the computing power sector leading market gains, and there are emerging opportunities in models and applications [2] - Looking ahead to 2026, domestic computing power is expected to thrive, with performance elasticity and investment certainty, potentially replicating the long bull market seen in U.S. stocks since 2023 [2] - The AI sector is anticipated to see rapid advancements, particularly in areas such as AI-enabled internet tech giants, AI advertising, AI agents, AI video generation, and commercialized autonomous driving [2]

Core Insights - The strategic cooperation signing ceremony for the Greater Bay Area Ecological Innovation Center took place, involving Guangdian Wuzhou, Muxi Integrated Circuit (Shanghai) Co., Ltd., and Shanghai Huayan Enterprise Development (Group) Co., Ltd. [1] - The center aims to promote the large-scale application of domestic computing power technology and support the development of the intelligent computing ecosystem and digital economy in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Group 1 - The Greater Bay Area Ecological Innovation Center will focus on five core areas: "computing power ecosystem aggregation, technological innovation breakthroughs, industry scenario implementation, talent cultivation, and community co-construction and sharing" [2] - The center is designed to become a key platform for intelligent computing technology empowerment across various industries, serving as a "laboratory" and "testing ground" for industry applications [2] - Upon completion, the center will promote the deep integration of domestic computing power in critical sectors such as healthcare, transportation, finance, and education [2] Group 2 - The collaboration aims to integrate the advantages of the industrial chain to build a safe, controllable, and open collaborative computing ecosystem in the Greater Bay Area [2] - Guangdian Wuzhou focuses on customized domestic server business, Muxi Integrated Circuit specializes in high-performance GPU chip development, and Huayan Group operates in multiple sectors including computing and health technology [2] - The initiative aligns with the Guangdong Province's plan to establish a national digital economy innovation development pilot zone, targeting an AI core industry scale of over 440 billion yuan by 2027 [1][2]

Group 1 - Alibaba reported a revenue of 247.8 billion yuan for Q2 of FY2026, with a year-on-year growth of 15% after excluding the impact of divested businesses [1] - The cloud intelligence group generated a revenue of 39.82 billion yuan, reflecting a year-on-year increase of 34% [1] - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, surpassing the combined share of the second to fourth competitors [1] Group 2 - The CEO of Alibaba emphasized ongoing investments in AI and cloud businesses, indicating that the previously announced capital expenditure of 380 billion yuan over three years is likely underestimated [1] - CITIC Securities highlighted Alibaba's commitment to AI infrastructure investment, suggesting a steady progress towards self-controlled domestic computing power, which may signal an industry turning point [1] Group 3 - E Fund's new product, the E Fund CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence ETF, will start issuance on November 28, allowing investors to easily participate in the AI sector [2] - The ETF tracks the CSI Sci-Tech Innovation and Entrepreneurship Artificial Intelligence Index, which selects 50 companies involved in AI resources, technology support, and applications from the Sci-Tech and Growth Enterprise markets [2] - The fund aims to provide a cost-effective and transparent investment solution for investors to capitalize on leading companies in the AI industry [2] Group 4 - The ETF's component stocks are heavily weighted towards AI computing infrastructure, with approximately 34% in communication equipment companies providing key optical communication modules and about 33% in semiconductor companies focused on domestic AI computing power [2][3] - This focus on "hard technology" positions the ETF to benefit directly from the upward cycle of global and domestic AI capital expenditures and technological upgrades [3]

Group 1 - The core viewpoint of the articles highlights the significant growth and investment in AI-related sectors, particularly focusing on Alibaba's cloud services and its impact on the market [1][2] - Alibaba's cloud revenue grew by 34% year-on-year, with AI-related product revenue achieving triple-digit growth for nine consecutive quarters [1] - The company has invested approximately 315 billion yuan in capital expenditures this quarter, totaling around 1.2 trillion yuan over the past four quarters in AI and cloud infrastructure [1] Group 2 - Citic Securities notes that Alibaba Cloud holds the largest market share in China's AI cloud market, with AI technology being a key driver for cloud computing growth [2] - Alibaba's Tongyi Qwen model library includes over 140,000 derivative models and has been downloaded more than 400 million times globally [2] - The company has added eight new data centers since 2025, expanding its global reach to 29 public cloud regions and over 3,200 edge nodes [2] Group 3 - The strategic shift in Singapore's National AI Strategy, moving from Meta's model to Alibaba's Tongyi Qwen, signifies a critical expansion of Chinese open-source AI models on the global stage [1] - Domestic cloud providers are entering a new strategic investment cycle driven by strong AI demand, indicating a potential resurgence in domestic computing power growth [2] - The ongoing investments in AI infrastructure by Alibaba are seen as a step towards achieving self-sufficiency in domestic computing power, suggesting an upcoming industry turning point [2]

Core Viewpoint - Alibaba's Q2 FY2026 financial report shows significant growth in cloud revenue and AI-related products, indicating a strong commitment to AI infrastructure and potential industry shifts towards domestic computing power [1] Financial Performance - Cloud revenue increased by 34% year-on-year [1] - Revenue from AI-related products has achieved triple-digit year-on-year growth for nine consecutive quarters [1] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] Industry Implications - CITIC Securities highlights Alibaba's ongoing investment in AI infrastructure as a sign of the steady progress in the self-controlled domestic computing power sector [1] - The domestic computing power industry is expected to reach an inflection point, presenting investment opportunities [1] - Focus is recommended on leading companies with precise positioning and long-term competitive advantages in the domestic computing power market [1]