国泰海通晨报 2025 年 11 月 24 日 2、【宏观研究】：本周全球主要大宗商品与股票市场均有明显下跌。9 月美国非农数据喜忧参半， [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 方奕(分析师) 021-38031658 fangyi2@gtht.com S0880520120005 黄维驰(分析师) 021-38032684 huangweichi@gtht.com S0880520110005 田开轩(分析师) 021-38038673 tiankaixuan@gtht.com S0880524080006 苏徽(分析师) 021-38676434 suhui@gtht.com S0880516080006 策略周报：《关键位置：进入击球区，布出先手棋》2025-11-23 大势研判：市场风险已大幅释放，中国股市进入击球区。近期中国股市快速走弱，并出现单日恐 慌式抛售，市场悲观情绪弥漫。原因在于，临近年末部分投资人保 ...

近期市场情绪转弱主要受海外流动性预期收紧影响，美联储官员近期鸽派表态提振市场情绪，港股在经 历连续调整之后于今日迎来反弹，恒生指数、恒生科技指数、恒生生物科技指数均一度涨超2%。 具体来看，消费、科技、医药板块为今日港股市场反弹主力，广汽集团盘中涨超10%，零跑汽车、快 手、阿里巴巴、恒瑞医药、蔚来等涨幅靠前。 长江证券表示，港股市场短期震荡，等待美联储降息预期再次升温以及AI长期叙事的迷雾褪去。中长 期而言，在"十五五"规划推动新旧动能转换的背景下，经济增长引擎正从传统需求侧刺激转向供给侧革 新。 【相关ETF】 港股创新药产业：恒生医药ETF（159892）； 港股市场AI主线：恒生科技指数ETF（513180）； "悦己经济"新消费：港股消费ETF（513230）。 ...

Group 1 - Hong Kong stocks opened higher, with Alibaba's shares increasing by 5%, driving the Hang Seng Internet Index up over 2% and the Hang Seng Technology Index ETF rising by 1.36% [1] - The launch of Google's Gemini 3 Pro and its image model Nano Banana Pro has become a major tech highlight, increasing market attention on AI applications [1] - Alibaba's AI assistant, Qianwen App, has surpassed 10 million downloads within a week of its public testing, making it the fastest-growing AI application, outpacing ChatGPT, Sora, and DeepSeek [1] - Ant Group's general AI assistant, Lingguang, achieved over 2 million downloads within 6 days of its launch [1] - The Hang Seng Technology Index ETF has seen a net inflow of 5.2 billion yuan over 17 consecutive trading days despite a cumulative decline of 11% from October 30 to November 21 [1] - The Hang Seng Internet ETF also experienced a net inflow of 3.3 billion yuan over the same period, despite a cumulative decline of 12% [1] Group 2 - The Hang Seng Internet ETF has a weight of over 80% in leading internet stocks, with an AI content exceeding 90%, including major companies like Alibaba, Tencent, NetEase, JD.com, and Baidu [2] - The latest scale of the Hang Seng Internet ETF is 33.979 billion yuan, reflecting strong investor interest in AI-driven companies [2]

截至2025年11月24日 10:58，中证港股通互联网指数强势上涨1.98%，成分股阿里巴巴-W上涨4.61%，快 手-W上涨4.45%，美图公司上涨3.47%，阅文集团，趣致集团等个股跟涨。港股互联网ETF(159568)上涨 1.50%，最新价报1.76元。拉长时间看，截至2025年11月21日，港股互联网ETF近半年累计上涨4.72%。 流动性方面，港股互联网ETF盘中换手21.57%，成交8266.28万元，市场交投活跃。拉长时间看，截至 11月21日，港股互联网ETF近1年日均成交2.23亿元。 截至2025年11月24日 10:58，恒生科技指数强势上涨1.79%，成分股网易-S上涨5.96%，阿里巴巴-W上涨 4.61%，快手-W上涨4.45%，蔚来-SW，腾讯音乐-SW等个股跟涨。恒生科技指数ETF(159742)上涨 0.91%，最新价报0.78元。拉长时间看，截至2025年11月21日，恒生科技指数ETF近半年累计上涨 7.41%。 流动性方面，恒生科技指数ETF盘中换手3.49%，成交1.53亿元。拉长时间看，截至11月21日，恒生科 技指数ETF近1年日均成交3.35亿元。 近期，港 ...

当前，资本市场对兼具"科技+消费""AI落地能力"和"数字化融合实体经济"属性的企业关注度持续升 温。在这一背景下，一家深度扎根下沉市场、同时手握AI技术与产业资源的公司价值正被重新审视 ——汇通达网络（09878）。 "产业+资本"双轮驱动，资源整合能力凸显 汇通达的"产业+资本"战略并非空泛口号，而是建立在扎实的产业基础与高效的资本运作之上。公司始 终坚持以产业互联网为核心，通过并购整合加速优质资源集聚。 此次收购认知边界正是公司并购整合优质资源的重要一步。智通财经APP注意到，认知边界是国 内"BI+AI"赛道的头部企业，服务电商及零售客户超1.6万家，年管理GMV超1400亿元，在消费电子、 家电、家居建材、农资、酒水、日化等汇通达核心品类中深度服务众多行业TOP20品牌。交易完成后， 认知边界将成为汇通达的控股子公司，并表运营，其技术能力将与汇通达的产业场景深度融合，有望 在"线上+线下+社群"融合的新零售时代催生更大协同效应。 更值得一提的是，在国家大力推动数实融合、发展新质生产力的当下，具备真实产业场景与AI落地能 力的企业备受青睐。汇通达不仅拥有扎实的产业根基，还通过并购快速补齐AI短板，构建 ...

Core Viewpoint - The capital market is increasingly focused on companies that integrate "technology + consumption," possess "AI implementation capabilities," and demonstrate "digital integration with the real economy," with Huitongda Network being a prime example of such a company [1]. Group 1: Strategic Developments - Huitongda Network announced a significant acquisition of 57% equity in the intelligent technology company Cognitive Boundary for 456 million RMB, marking a substantial step in its "smart supply chain" and "AI+" strategies [1]. - The company has established a strong presence in the underdeveloped market, serving over 250,000 family-run stores across 21 provinces in China, aligning with the national "14th Five-Year Plan" [2]. - Huitongda's business model is well-aligned with national strategies, particularly in rural revitalization and county-level commercial system construction, which may lead to sustained policy benefits [2]. Group 2: AI Integration and Efficiency - Huitongda has effectively integrated AI technology into retail and supply chain operations, developing 24 AI agents that enhance operational efficiency by over 30% and reduce inventory turnover periods by more than 15% [2]. - The partnership with Alibaba Cloud aims to create a closed-loop system of "data-algorithm-decision," enhancing Huitongda's AI capabilities and customer service efficiency [3]. Group 3: Resource Integration and Market Position - The acquisition of Cognitive Boundary, a leading player in the "BI + AI" sector, will enhance Huitongda's resource integration capabilities, allowing for deeper collaboration in the new retail era [4]. - Huitongda's "industry + capital" strategy is built on solid industrial foundations and efficient capital operations, positioning the company to capitalize on market and policy opportunities [5]. Group 4: Financial Performance and Growth Potential - Huitongda's financial indicators have shown steady improvement, with a 65.7% year-on-year increase in operating cash flow, indicating strong self-sustainability and financial health [7]. - The acquisition is expected to further enhance the company's performance, with Cognitive Boundary committing to a minimum net profit of 85 million RMB, 100 million RMB, and 115 million RMB for the years 2026 to 2028 [7]. - The company is well-positioned to benefit from the national strategy of "digital and real economy integration," potentially leading to higher valuation premiums in the capital market [7]. Group 5: Future Outlook - Huitongda is at a critical juncture for strategic implementation and value realization, with a clear "industry + capital" path and solid AI achievements [8]. - The company is expected to play a key role in rural revitalization and the cultivation of new productive forces, with significant long-term growth potential [8].

Core Viewpoint - Nvidia reported a significantly better-than-expected quarterly performance, with Q3 revenue reaching $57 billion, representing a 62% year-over-year increase and a 22% quarter-over-quarter increase, surpassing market expectations and company guidance by 3% and 6% respectively [1] Group 1: Financial Performance - Q3 revenue of Nvidia was $57 billion, a 62% increase year-over-year and a 22% increase quarter-over-quarter, exceeding market expectations and company guidance [1] - Non-GAAP gross margin was 73.6%, slightly below market expectations but marginally above company guidance, with a quarter-over-quarter increase of 1.0 percentage points [1] Group 2: Market Outlook - The report indicates that Nvidia's strong execution and guidance have alleviated market concerns regarding an AI bubble [1] - The company maintains an optimistic outlook for the AI industry, predicting that the AI supply chain will continue to outperform the market until 2026 [1] Group 3: Investment Recommendations - The report reaffirms "buy" ratings for companies such as Zhongji Xuchuang and Shengyi Technology, based on the positive outlook for the AI sector [1]

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong stocks, particularly in the AI sector, with the Hong Kong Internet ETF (513770) experiencing a V-shaped rebound, rising over 1% during trading [1][3] - Major stocks such as Kuaishou-W surged by 5%, Alibaba-W increased by over 4%, and Meituan-W rose nearly 3%, indicating positive market sentiment towards these companies [1] - The Hong Kong Internet ETF (513770) has seen a net inflow of 71.14 million CNY over the past week, reflecting optimistic expectations from investors [3] Group 2 - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which is heavily weighted towards leading internet companies, with Alibaba-W, Tencent Holdings, and Xiaomi Group being the top three holdings, accounting for 18.89%, 17.01%, and 10.05% respectively [3][4] - The ETF's latest scale exceeds 10.9 billion CNY, with an average daily trading volume of over 600 million CNY, indicating strong liquidity and investor interest [4] - The article mentions the rapid growth of Alibaba's AI assistant Qianwen App, which surpassed 10 million downloads within a week, making it the fastest-growing AI application historically [1][2]

Market Performance - The Shanghai Composite Index fell by 3.9% last week, closing at 3834.89 points, with a high of 3992.4 points [1] - The Shenzhen Component Index decreased by 5.13%, ending at 12538.07 points, with a peak of 13251.78 points [1] - The ChiNext Index dropped by 6.15%, closing at 2920.08 points, with a maximum of 3137.07 points [1] - Major global indices also declined, with the Nasdaq Composite down 2.74%, the Dow Jones Industrial Average down 1.91%, and the S&P 500 down 1.95% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 5.09%, and the Nikkei 225 Index decreased by 3.48% [1] ETF Market Performance - The median weekly return for stock ETFs was -4.56% [2] - The highest weekly return among scale index ETFs was -2.17% for the CCB SSE 50 ETF [2] - The highest weekly return among industry index ETFs was -0.8% for the FTSE China 800 Bank ETF [2] - The highest weekly return among strategy index ETFs was -1.32% for the Harvest CSI 300 Dividend Low Volatility ETF [2] - The highest weekly return among theme index ETFs was -0.15% for the Penghua CSI Media ETF [2] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs increased by 32.1%, and average daily turnover rose by 6.8% [6] - The top five stock ETFs with the highest fund inflows included the Huatai-PB CSI 300 ETF with an inflow of 3.876 billion yuan [8] - The top five stock ETFs with the highest fund outflows included the Hua Bao CSI Bank ETF with an outflow of 321 million yuan [8] Financing and Margin Trading - The financing balance for stock ETFs increased from 47.722 billion yuan to 50.553 billion yuan [9] - The highest financing buy amount was for the E Fund ChiNext ETF, totaling 801 million yuan [9] ETF Market Size and Composition - The total size of the ETF market reached 55,994.97 billion yuan, a decrease of 1,305.99 billion yuan from the previous week [13] - Stock ETFs accounted for 64.0% of the total ETF market size, with a total size of 35,817.94 billion yuan [15] - The number of stock ETFs in the market was 1,065 out of a total of 1,355 ETFs [10] New ETF Issuance - No new ETFs were issued last week, but eight new ETFs were established, including the Harvest Hang Seng Technology ETF and the Penghua Hang Seng Biotechnology ETF [16] Institutional Insights - Pacific Securities highlighted the importance of advancements in AI foundational model technology, particularly in e-commerce and advertising sectors [16] - Galaxy Securities noted the potential of AI video and social ecosystems, emphasizing the shift towards ecological construction and scene penetration in various industries [17]