临近年末，跨年行情预期升温。在市场波动之中，聪明钱的流向往往揭示了确定性更高的方向。根据WIND数据显 示，平安好医生已连续7个交易日获得南下资金净流入，港股通持股占比已攀升至23.07%。 聪明资金的坚定布局，其背后是政策、资本与内功改善的合力驱动。这"三重奏"正推动平安好医生的投资逻辑步入一 个难得的共振时刻。 数据来源： WIND ，格隆汇整理 数据截至 2025 年 12 月 5 日收盘 三力共振，重估正当时 一、政策推力，为险资入市打开想象空间 近日，国家金融监督管理总局发布通知，优化保险公司偿付能力监管标准，调低了保险公司投资沪深300指数成分股 的风险因子。此项调整意味着保险资金进行权益投资的资本占用成本下降，实质上释放了更多的入市空间，旨在鼓励 长期资金加大对资本市场的支持力度。 对于平安好医生而言，这一政策是重要的间接但有力的积极信号。其控股股东中国平安作为国内最大的综合金融集团 之一，将直接受益于此项政策，其投资灵活性、资本实力及整体估值预期均有望得到提升。一个更强大的母公司，无 疑将为平安好医生的长期战略推进和生态业务协同，提供更坚实的后盾与更有利的资本环境。 二、资本外力：顶级机构一致 ...

2025亚马逊全球开店跨境峰会昨日在杭州正式启幕，首日就抛出数十项重磅信息。 从最新卖家增长数据，到深圳全球智能枢纽仓的首次公开，再到2026年四大业务战略全面亮相，亚马逊几乎将未来跨境三年的发展方向一次性交代清楚。 伴随"下一代跨境链"的提出，"一次上架、全球开卖"不再是概念，而是即将在2026年完成的基础架构升级。 01 亚马逊发布"下一代跨境链"： 一次上架，全球开卖 今年峰会上最受关注的内容，是亚马逊正式宣布"Next Generation Global Selling"战略，并明确未来将让卖家实现真正意义上的"一次上架，全球开卖"。核 心在于供应链架构的重建：卖家只需将商品入库至货源地仓库，如2026年即将启用的深圳全球智能枢纽仓（GWD），系统便会自动将商品信息同步至全 球20多个站点，并根据需求预测、履约时效和库存情况，使用算法决定从哪个节点发货。 这种模式将不再要求卖家为不同市场重复建仓，跨境物流链路被统一到一个智能系统内管理，跨境业务的复杂度大幅下降，也意味着全球站点之间的库存 调拨将更灵活、更低成本。 02 2026年四大业务战略正式公布 物流方面，"智慧链动"战略将依托 AI与自动化技术 ...

在软件行业，服务中这样的场景大家肯定不陌生： 客户账号新开通，各种"不会配置""用不明白"的咨询就开始进线；稍微涉及点技术问题，客服就升级给二线、三线；技术团队每天都在回答重复问题，却抽 不出时间处理真正重要的任务。工单越积越多、团队越招越大，但效率却始终上不去。 这一切不是人的问题，而是传统"人力驱动"的售后模式已经无法承载越来越复杂的服务体系。 在这样的背景下，ZENAVA 正在帮助软件企业完成一场真正的转变——从"人力驱动"迈向"AI 驱动"，让常规咨询、流程指引和基础技术排查实现自动化， 让技术与客服团队重新把时间花在高价值任务上。 软件企业的售后服务，难点不在于"回答问题"，而在于同时承载用户上手指导、技术集成咨询、故障排查与交付保障等多重任务。 比如新客户不会配置、使用过程中频繁卡住、技术问题难以描述，就是售后最常见的挑战；除此之外，大量接口参数、系统集成、权限设置等技术咨询以及 初步故障排查，也超出了传统客服的处理能力，稍微涉及技术的问题就需要不断升级。结果就是工单堆积、链路拉长、少量专家承受过大的重复性负担。 这些因素叠加，就形成了典型的"三层客服结构性矛盾"： ①一线客服业务熟但技术不足； ...

Core Insights - Seres (601127) reported a record high sales volume of 55,203 electric vehicles in November, representing a year-on-year growth of 49.84%, with cumulative sales reaching 411,288 units from January to November [1] - The company emphasizes a market-oriented approach of "user-defined cars" and a technology route of "software-defined cars," continuously iterating its product matrix with new models like the AITO M5 Ultra and AITO M7, which have gained market recognition [1] - The AITO series has achieved significant delivery milestones, with total deliveries surpassing 900,000 units, including over 260,000 units of the AITO M9 and over 130,000 units of the AITO M8, showcasing strong market appeal [1] Technological Innovation - Seres focuses on technology-driven development, investing in R&D to enhance product quality and performance, establishing a strong competitive barrier [2] - The launch of the AI-driven Magic Cube Technology Platform 2.0 at the Guangzhou Auto Show represents a significant upgrade in smart electric vehicle technology, enhancing features like smart energy and intelligent chassis [2] Capital Market Developments - On November 5, Seres became the first luxury electric vehicle company to be listed in both A-share and H-share markets, marking a significant milestone [2] - The inclusion of Seres in the CSI A100 index on November 28 signals a boost in market confidence and reflects the company's enhanced brand value and strategic position [2] - Additionally, Seres was added to the Hong Kong Stock Connect eligible securities list on December 1, further highlighting its long-term investment value [2] Future Outlook - Seres aims to maintain a virtuous development cycle by focusing on technological innovation and user needs, leveraging its strong product matrix and dual capital platform to deepen its domestic market presence and expand internationally [3]

Group 1: Semiconductor Storage Business - The semiconductor storage business contributed revenue of 794 million CNY in the first three quarters of 2025, a significant increase of 28.68% year-on-year, accounting for 90.33% of the company's total revenue [3] - The company is focusing on optimizing product structure and implementing refined inventory management to mitigate risks associated with price fluctuations in the storage industry [4] - The company is actively pursuing LPDDR5 certification and trial production to enhance its high-performance storage chip product offerings [9] Group 2: New Energy Business - The company has completed exploration and is in the process of obtaining mining rights for its lithium project in Hunan, with a mineral resource reserve of 20.9533 million tons of associated lithium-bearing feldspar [7] - The lithium mineral (Li2O) quantity is 32,370 tons with an average grade of 0.154%, which is crucial for supplying the company's lithium carbonate project [7] - The company is advancing its lithium battery project and aims to secure mining permits as soon as possible, with progress dependent on government approvals [6] Group 3: Future Planning and Performance - The company aims to enhance its market value and shareholder returns by focusing on dual business lines: "semiconductor storage + smart terminals" and "new energy + automotive" [8] - The company plans to increase overseas promotion of its automotive products and strengthen operational management and talent efficiency [9] - Investors are encouraged to monitor the company's regular reports for updates on performance and growth [8]

01 华泰张继强：新开局下的叙事与主线【把握2026投资机会】 15:00-16:00 核心看点： AI投资热潮会否迎来关键验证？全球"财政扩张+货币配合"将如何搅动市场？国内新旧 动能转换能否进入"右侧开花结果"？明年我们能否等来企业盈利的实质性改善？ 嘉宾： 张继强丨华泰证券研究所所长，总量研究负责人，固收首席分析师 扫码预约 02 中金陈健恒：中美新老经济分化加剧，债牛趋势更为确定 16:00-17:00 核心看点 ： 聚焦三大核心驱动力：出口放量，核电资本开支加速与技术升级，以及AI数据中心用电 结构变革。 嘉宾： 廖启华丨瑞银大中华区能源转型及新能源行业研究主管 严亦舒丨瑞银证券中国公共事业及新能源行业分析师 利林海丨瑞银证券中国公共事业及新能源行业分析师 徐宾丨瑞银证券中国研究部总监 核心看点： 中美新老经济分化加剧，股牛和债牛并不对立。全球财政政策持续宽松后，面临制约的 情况下，货币政策有望接力放松，且全球货币政策空间依然较为充足。中国今年在贸易顺差和财政 赤字创新高的情况下，经济和股市有支撑，明年这两个因素的同比拉动减弱，债券利率将重新加快 回落速度。在全球贸易和地缘和各国政策摩擦性增加的情况 ...

文丨顾小白 编辑丨百进 来源丨正经社（ID：zhengjingshe） （本文约为4200字） 正经社分析师观察发现，脱胎于阿里集团的蚂蚁集团，健康战略是以AI驱动，本质仍是对阿里赖以生存的平台化思维的延续，继承了平台思维中"连 接"与"闭环"的精髓。若能走通这条路，不仅将收获一个新的增长极，更将完成一次从"金融科技平台"向"AI驱动的民生服务基础设施" 的深刻转型。 【正经社"科技前沿"观察之66】 蚂蚁集团正面临新增长极培育难题。与此同时，更需要讲好新的市场"故事"以便于估值的修复和管理。 近日，其宣布升级组织架构，原"数字医疗健康事业部"正式升级为"健康事业群"，将加速推动医疗健康业务成为战略支柱板块。 然而，与阿里系的淘宝、天猫等显著区别的是，这一平台的链路更为复杂、多维，尤其是医疗资源本身就壁垒高筑，整合的难度可想而知。 作为医疗健康领域的外部者，更是面临着专业信任的极大挑战。 就眼下而言，其所宣称的"AI驱动"这一关键引擎，实际上是医疗健康赛道的整体趋势，赛道上几乎所有的参与者，都是以此为目标或手段。因此，能否 以"AI驱动"建立起自身的竞争壁垒，尚待更长时间的观察。 事实上，就在去年同期，百度健 ...

Market Overview - The Hong Kong stock market experienced a strong rally, with all three major indices rising over 2%, effectively erasing the monthly losses [4][3] - The Hang Seng Technology Index increased by 2.74%, while the Hang Seng Index and the Hang Seng China Enterprises Index rose by 2.12% and 2.1%, respectively [4][5] - The total trading volume in the Hong Kong market reached HKD 234.7 billion, indicating a recovery in bullish sentiment [4] Technology Sector - The semiconductor sector showed robust performance, with Huahong Semiconductor rising over 9% and SMIC increasing by 7.32% [7][8] - Major tech companies like Alibaba, JD.com, and Tencent also saw significant gains, with increases of 4.10%, 3.34%, and 2.38%, respectively [7][8] - Analysts predict a new "super cycle" in the semiconductor industry driven by AI demand and domestic substitution [7] Financial Sector - The financial sector was active, with notable gains in Chinese brokerage stocks; Huatai Securities rose over 5% and GF Securities increased by 4.63% [10][12] - The insurance sector also performed well, with New China Life and China Life both rising nearly 5% [11][13] - China Life reported a substantial net profit increase of 92% year-on-year for Q3 2025, reaching CNY 126 billion [11] Gold Sector - Gold stocks surged as international gold prices rebounded above USD 4000 per ounce, with companies like Zijin Mining and Tongguan Gold rising by 8.67% and 7.14%, respectively [14][15] - The inclusion of Zijin Mining in the MSCI China Index is expected to attract passive fund inflows, providing further support to gold stocks [16] New Listings - Suzhou Wangshan Wangshui Biopharmaceutical Co., Ltd. debuted on the Hong Kong Stock Exchange, closing up 145.73% on its first day of trading [20][21] - The company focuses on developing small molecule drugs in key therapeutic areas, with plans to use the proceeds from its global offering for R&D and operational enhancements [21]

Market Overview - The Hong Kong stock market showed a strong upward trend, recovering all losses for the month, with the Hang Seng Index rising by 550 points to close at 26,485 points, while the Hang Seng Tech Index increased by 2.74% [1] - The market sentiment improved significantly, with major indices such as the Hang Seng Index and the Hang Seng China Enterprises Index rising by 2.12% and 2.1%, respectively [1] Sector Performance - The technology sector, a market bellwether, saw collective gains, with significant increases in semiconductor and non-ferrous metal sectors. China Aluminum surged over 11%, and China Hongqiao reached a historical high [2][6] - The semiconductor sector experienced notable growth, with stocks like Hua Hong Semiconductor rising over 9% and SMIC increasing by over 7% [4][6] - The hydrogen energy sector also performed well, with Weichai Power increasing by over 20% following a production licensing agreement with Ceres Power [10][9] - The insurance sector saw gains, with New China Life and China Life both rising nearly 5%, and China Ping An increasing over 3% [12] - Conversely, the publishing sector faced declines, with Huatai Securities dropping over 17% and other media stocks also falling [13] Key Company Highlights - Alibaba's stock rose by 4.1%, closing at 165.00, while JD.com and Midea Group increased by 3.34% and 3.08%, respectively [4] - New China Life reported a revenue of 137.25 billion yuan for the first three quarters of 2025, marking a 28.3% year-on-year increase, with a net profit of 32.86 billion yuan, up 58.9% [11] - In the semiconductor sector, Hua Hong Semiconductor and SMIC led the gains, reflecting strong demand driven by AI applications [5][6] Investment Sentiment - Analysts suggest that the storage chip sector is poised for a "super cycle" due to strong demand from AI servers, which use DRAM and NAND chips at significantly higher rates than standard servers [5] - Despite a generally weak fundamental outlook for the Hong Kong market, there is cautious optimism regarding mid-term trends, with a focus on technology innovation and domestic demand expansion [16]

Major Events - Wangshan Wangshui-B (02630) has set its share price at HKD 33.37, with the Hong Kong public offering receiving a subscription rate of 6,238.42 times [1] - WeRide-W (00800) achieved a subscription rate of 73.44 times for its Hong Kong public offering, raising approximately HKD 2.264 billion from the global offering [1] - Pony.ai-W (02026) had a subscription rate of 15.88 times for its Hong Kong public offering, with a share price set at HKD 139 [1] - Joyson Electronics (00699) saw a subscription rate of 147.67 times for its Hong Kong public offering, with an expected listing date of November 6 [1] - Standard Chartered Group (02888) plans to issue USD 1 billion in fixed-rate reset perpetual subordinated or convertible securities [1] - Crystal Tech Holdings (02228) subsidiary AILUX announced a strategic partnership with Eli Lilly to enhance AI-driven bispecific antibody development [1] - Giant Star Legend (06683) signed a sales contract exceeding HKD 100 million for quadruped robots, accelerating the integration of "IP + Robotics + AI" [1] - HAPO-B (02142) entered into an evaluation and licensing agreement with UMOJA BIOPHARMA [1] Financial Data - Hong Kong Exchanges and Clearing (00388) reported a profit attributable to shareholders of HKD 13.419 billion for the first three quarters, a year-on-year increase of 45%, with both revenue and profit reaching record highs [1] - Fubo Group (03738) experienced a total revenue growth of approximately 27% in the third quarter [1] - Goodbaby International (01086) reported a revenue of approximately HKD 6.42 billion for the first three quarters, reflecting a year-on-year decline of 1.1% [1]