广汽集团（601238）(02238)再涨超10%，截至发稿，涨8.84%，报4.31港元，成交额2.66亿港元。 摩根士丹利发表报告指，广汽集团过去一周累计上涨24%，主要来自以下三项近期利好，包括管理层最 新表态将於2026年量产搭载全固态电池的车型；大幅增加对与华为合作品牌Qijing的资讯披露；宣布与 京东开展营销合作。虽然上述三项举措仍需时间放量，对盈利的实质贡献短期内有限，但考虑到最新业 务进展以及广汽今年以来仍保有5.7%的市场份额，该行认为目前估值依然被低估。 该行指出，虽然广汽旗下埃安仍处亏损，但广汽丰田在2025年向新能源转型的策略已显现成效，并有望 向内部其他合资品牌扩散。因此一旦未来公布新的经营规划，或出现南向资金明显流入等催化剂，在基 本面持续改善的支撑下，股价有望出现较大反应。 ...

Market Overview - The Hang Seng Index and the Hang Seng China Enterprises Index rose by 2.5% and 2.4% respectively last week, influenced by improved investor sentiment due to expectations of a U.S. interest rate cut[1] - On Friday, the main board trading volume shrank nearly 30% to HKD 146.2 billion, marking the lowest for the month[1] - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 0.3% and 0.4% respectively on Friday[1] Company Performance - Baidu Group reported a 7% year-on-year decline in revenue for Q3, resulting in a net loss of RMB 11.23 billion, although its stock rose by 1.0% on Friday[1] - Meituan's Q3 revenue increased by 2.0% year-on-year, but due to a more than 50% rise in distribution costs, it recorded a net loss of RMB 18.63 billion, leading to a 1.4% drop in its stock price on Friday[1] - Luk Fook Holdings reported a 25.6% year-on-year increase in revenue to HKD 6.84 billion and a 42.5% rise in net profit to HKD 620 million, aligning with its profit forecast[1] Sector Insights - The automotive sector saw GAC Group's stock surge by 16.6% on Friday, reaching a one-year high, following the delivery of its electric vehicle Aion UT super and the launch of a solid-state battery production line[4] - The renewable energy and utility sectors experienced a general rise, with notable increases in stocks like Dongfang Electric (up 9.3%) and Harbin Electric (up 6.3%) due to a 15.6% year-on-year increase in national electricity market trading volume in October[4] - The healthcare sector's Hang Seng Medical Care Index rose by 3.9% last week, although it fell by 0.9% on Friday[5] Economic Indicators - The China Manufacturing Purchasing Managers' Index (PMI) for November 2025 was reported at 49.2%, indicating a slight improvement but remaining below the growth threshold for eight consecutive months[3] - Large enterprises' PMI decreased by 0.6 percentage points to 49.3%, while small and medium enterprises saw increases of 0.2 and 2.0 percentage points, reaching 48.9% and 49.1% respectively[3]

Core Viewpoint - Morgan Stanley reports that GAC Group has risen 24% over the past week, attributing this surge to three recent positive developments, including plans to produce vehicles with solid-state batteries by 2026, increased disclosures regarding the partnership with Huawei's Qijing brand, and a marketing collaboration with JD.com [1] Group 1 - GAC Group's management has announced plans to mass-produce vehicles equipped with solid-state batteries by 2026 [1] - The company has significantly increased information disclosure related to its collaboration with Huawei's Qijing brand [1] - GAC Group has announced a marketing partnership with JD.com [1] Group 2 - Morgan Stanley maintains an "overweight" rating on GAC's H-shares with a target price of HKD 3.9 [1] - Although the recent initiatives may take time to yield substantial profits, GAC still holds a 5.7% market share this year, indicating that its current valuation remains undervalued [1] - Despite Aion's ongoing losses, GAC Toyota's strategy to transition to new energy by 2025 is showing results, which may extend to other joint ventures [1] Group 3 - Future announcements regarding new operational plans or significant inflows of southbound capital could act as catalysts for stock price reactions, supported by ongoing improvements in fundamentals [1]

Core Viewpoint - Morgan Stanley reports that GAC Group (2238.HK) has risen 24% over the past week, driven by three recent positive developments [1] Group 1: Recent Developments - Management's latest statement indicates plans to mass-produce vehicles equipped with solid-state batteries by 2026 [1] - Significant increase in information disclosure regarding the partnership brand Qijing with Huawei [1] - Announcement of a marketing collaboration with JD.com [1] Group 2: Investment Rating and Price Target - Morgan Stanley maintains an "overweight" rating on GAC's H-shares with a target price of HKD 3.9 [1] Group 3: Market Position and Future Outlook - Despite the recent initiatives requiring time to scale, the short-term contribution to profitability is limited [1] - GAC retains a 5.7% market share this year, indicating that the current valuation remains undervalued [1] - Although Aion, a subsidiary, is still operating at a loss, GAC Toyota's strategy for transitioning to new energy by 2025 is showing results [1] - Potential catalysts for stock price increases include new operational plans and significant inflows from southbound funds, supported by ongoing improvements in fundamentals [1]

阿里巴巴：消息面上，11月27日，阿里巴巴正式发布了其重磅AI智能硬件新品——夸克AI眼镜S1。从 功能上来看，夸克AI眼镜S1是"全家桶"式的功能配齐。核心的AI能力方面，夸克AI眼镜S1支持语音或 拍照AI问答，自研的MasterAgent大模型中控系统可以自主分解复杂指令，实现多意图、多轮对话。 据统计，南下资金已连续12日净买入阿里，共计265.4442亿港元；连续7日净卖出中芯国际，共计21.929 亿港元。 11月28日，南下资金买入港股27.27亿港元。 广汽集团：集团董事长冯兴亚在第二十三届广州国际汽车展览会上宣布，广汽集团于广州番禺建设的全 固态电池中试产线近期已正式建成并投产。作为国内首条具备60Ah以上车规级量产条件的产线，其在 能量密度、安全性能等方面实现关键突破，并计划于2026年装车测试，为下一代动力电池产业化奠定基 础。 其中：净买入阿里巴巴-W 10.94亿、泡泡玛特5.49亿、小米集团-W 4.7亿、美团-W 4.7亿、腾讯控股2.62 亿、优必选1.07亿；净卖出中芯国际3亿、紫金矿业2.81亿、华虹半导体1.23亿。 泡泡玛特：摩根士丹利研报指，泡泡玛特(09992.HK ...

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

智通财经APP获悉，广汽集团(02238)再涨超8%，本周累涨逾20%。截至发稿，涨7.61%，报3.82港元， 成交额2.26亿港元。 消息面上，11月25日，2025广州国际车展期间，半个月前刚刚上市京东商城的"国民好车"埃安UT super 完成首批车主交付，这款由京东、广汽集团、宁德时代三方联合开发的纯电动车型正式进入规模化交付 阶段。 此外，广汽集团董事长冯兴亚在第二十三届广州国际汽车展览会上宣布，广汽集团于广州番禺建设的全 固态电池中试产线近期已正式建成并投产。作为国内首条具备 60Ah 以上车规级量产条件的产线，其在 能量密度、安全性能等方面实现关键突破，并计划于2026年装车测试，为下一代动力电池产业化奠定基 础。 ...

消息面上，11月25日，2025广州国际车展期间，半个月前刚刚上市京东商城的"国民好车"埃安UT super 完成首批车主交付，这款由京东、广汽集团、宁德时代（300750）三方联合开发的纯电动车型正式进入 规模化交付阶段。 此外，广汽集团董事长冯兴亚在第二十三届广州国际汽车展览会上宣布，广汽集团于广州番禺建设的全 固态电池中试产线近期已正式建成并投产。作为国内首条具备60Ah以上车规级量产条件的产线，其在 能量密度、安全性能等方面实现关键突破，并计划于2026年装车测试，为下一代动力电池产业化奠定基 础。 广汽集团（601238）(02238)再涨超8%，本周累涨逾20%。截至发稿，涨7.61%，报3.82港元，成交额 2.26亿港元。 ...

Market Overview - On November 27, the A-share market experienced a pullback after an initial rise, with the ChiNext Index and Shenzhen Component Index turning negative after gaining over 2% earlier in the day. The Shanghai Composite Index closed up 0.29%, while the Shenzhen Component Index fell by 0.25% and the ChiNext Index dropped by 0.44% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 74 billion yuan compared to the previous trading day, with over 2,700 stocks rising across the market [1] Lithium Battery Sector - The lithium battery sector saw significant gains, with Haike New Source hitting the daily limit up of 20%, and Huasheng Lithium Battery rising over 10%. According to China Merchants Securities, the industrialization process of solid-state batteries is accelerating, with expectations for vehicle deployment starting in 2026 and large-scale production by around 2030. Investors are advised to focus on leading battery companies and material suppliers that have established pilot production lines [3][4] Consumer Electronics Sector - The consumer electronics sector showed strength, with Saiwei Electronics surging by 15%, and several stocks including Furi Electronics and Wentai Technology hitting the daily limit up. The consumer electronics manufacturing index rose by 3.27% [5] - The Ministry of Industry and Information Technology highlighted three trillion-level and ten hundred-billion-level consumption hotspots, including elderly products, smart connected vehicles, and consumer electronics, as key areas for future development [5] Shaanxi Province Market Activity - Stocks in Shaanxi province exhibited strong performance, with Zhongtian Rocket hitting the daily limit up. Other stocks such as Xi'an Catering and Aike Saibo also saw significant increases [6][7] - The Shaanxi provincial government announced sixteen measures to deepen capital market reforms to support high-quality development, focusing on restructuring poorly performing state-owned listed companies and eliminating outdated capacity [8] New IPO - Nant Technology, a new IPO, saw its stock price increase by over 240% during trading. The company specializes in the research, development, production, and sales of precision mechanical components and is recognized as a "little giant" enterprise in Guangdong province [10][11]

Group 1 - The global data center GPU shipments saw a significant quarter-on-quarter increase of 145% in Q3, while PC GPU shipments experienced a modest growth of 2.5% quarter-on-quarter and 4% year-on-year [2] - LG Chem announced the development of core technology for commercializing all-solid-state batteries, which improves battery capacity by approximately 15% and high-rate discharge capacity by about 50% compared to existing electrolyte batteries [2] - A new low-altitude super factory for ZG-ONE aircraft was launched in Shenzhen, marking the entry of the first generation of smart electric vertical take-off and landing aircraft into the market, alongside the establishment of an innovation center for low-altitude economy [2] - Samsung has received a patent for an "augmented reality wearable device," which includes an innovative hinge design aimed at enhancing the overall comfort of future AR glasses [2]