Group 1 - Major tech companies are investing heavily in India, attracted by its data center resources, talent pool, and digital user base, with Microsoft and Amazon committing over $50 billion in less than 24 hours [1] - Microsoft announced a $17.5 billion investment over four years to expand its infrastructure and integrate AI into national platforms, while Amazon plans to invest an additional $35 billion on top of its previous $40 billion investment [2] - India is ranked among the top four countries globally for AI vitality, alongside the US, China, and the UK, with GitHub reporting that Indian developers account for 24% of global project contributions [1][2] Group 2 - India has significant advantages in data center development, including lower electricity costs and growing renewable energy capacity, making it an attractive market for global cloud service providers [3] - The local demand for data centers is driven by the rise of e-commerce and potential new regulations for social media data storage, positioning India as a key market for AI spending in the Asia-Pacific region [3] - Global companies are expanding their data center capacities beyond traditional hubs like Mumbai and Chennai to cities closer to service bases, such as Bangalore, Hyderabad, and Pune [4]

[Table_Main] 证券研究报告 | 策略点评 2025 年 12 月 12 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 相关研究 放量上涨，微盘调整 [Table_Summary] 投资要点： 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 摘要。2025 年 12 月 12 日周五，A 股市场回暖上涨，成交额 2.12 万亿创近一个 月新高；国债期货市场全线调整；商品指数微涨，焦煤延续弱势。 一、市场行情分析 1）股票市场：市场回暖，放量上涨，微盘连续调整 回暖上涨，微盘连续调整。今日 A 股核心指数集体反弹，成长类指数表现更优。 上证指数低开后震荡回升，收盘报 3889.35 点，涨幅 0.41%；深证成指报 13258.33 点，涨幅 0.84%；创业板指收于 3194.36 点，涨幅 0.97%。科创 50 指数表现突 出，上涨 1.74%，或反映硬科技板块情绪升温。 ...

Core Insights - Gansu Province has conducted a comprehensive survey of wind and solar energy resources, revealing significant increases in both theoretical and technical development capacities for these renewable energy sources [1][3][4] Group 1: Wind Energy Resources - The theoretical capacity for wind energy development in Gansu is now estimated at 1.074 billion kilowatts, an increase of 514 million kilowatts from previous assessments, with a technical capacity of 470 million kilowatts [1][3] - The survey has produced a high-resolution wind energy resource map and a database of development capacities, with a spatial resolution of 1 kilometer and a temporal resolution of 1 hour [3] Group 2: Solar Energy Resources - The theoretical capacity for solar energy development in Gansu is now estimated at 11.257 billion kilowatts, an increase of 1.757 billion kilowatts from previous assessments, with a technical capacity of 1.386 billion kilowatts [1][3] - The survey results will support scientific decision-making and efficient resource allocation in the development of new energy projects [4] Group 3: Strategic Importance - Gansu is recognized as a key modern energy production, storage, and export base in China, playing a crucial role in ensuring energy security for the central and eastern regions of the country [3] - The findings from the resource survey are expected to facilitate the large-scale, high-quality development of wind and solar power, contributing to China's carbon neutrality goals [3][4]

Group 1 - The event "2025 Entrepreneur Boao Forum" took place from December 2 to 5, 2025, in Boao, Hainan, focusing on new opportunities in the "14th Five-Year Plan" [1][4] - Guo Dayong, Vice Chairman and President of China UnionPay, emphasized the profound transformation in financial services due to digitalization, moving from efficiency enhancement to model reconstruction [3] - China UnionPay has signed cross-border payment cooperation memorandums with 11 global institutions, expanding its reach to approximately 50 countries and regions, and establishing over 200 UnionPay standard wallets abroad [3] Group 2 - China UnionPay is investing heavily in technology fields such as artificial intelligence, cloud computing, and big data, leading the construction of a national AI application pilot base [3] - The company aims to open its technological capabilities and experiences to the industry, promoting the intelligent upgrade of payment systems to better serve various sectors [3]

Core Viewpoint - The Hong Kong internet sector is experiencing a rebound, with significant capital inflow as investors show enthusiasm for bottom-fishing, indicating a potential recovery phase for the sector [1] Group 1: Market Activity - The Hong Kong internet ETF (513770) saw a substantial increase in capital, with a net inflow of 352 million HKD on December 11, and a total of 584 million HKD over the past six days [1] - Major companies in the sector, including Tencent and Xiaomi, have initiated significant share buybacks, signaling a mismatch between current stock prices and corporate value [1] Group 2: Company Performance - Tencent has repurchased 18.638 million shares since November, costing over 11.4 billion HKD, while Xiaomi has repurchased 77.6 million shares for over 3.1 billion HKD, leading the buyback amounts in the Hong Kong market [1] - Analysts from Guosen Securities suggest that the valuations of key players like Tencent, Meituan, and Alibaba have significantly adjusted, making it a favorable time to increase positions in the Hong Kong internet sector [1] Group 3: Sector Characteristics - The Hong Kong internet sector includes several platform-based technology giants and leaders in hard technology, which are deeply integrated into the global supply chain in critical areas such as AI, cloud computing, smart hardware, and semiconductors [1] - The Hong Kong internet ETF (513770) tracks the CSI Hong Kong Internet Index, heavily weighted towards leading internet companies, with the top three holdings being Alibaba, Tencent, and Xiaomi, accounting for over 45% of the total weight [2]

近日，江苏省工业和信息化厅公布2025年江苏省第二批专精特新中小企业名单，星图金融旗下星云数字凭借核心技术积 累、产品创新实力成功入选。 技术研发层面，星云数字坚持核心技术自主创新，聚焦人工智能、大数据、云计算、区块链等新一代信息技术研发和应 用，其多项算法和软件系统的技术水平行业领先，在相关领域构建了坚实的技术"护城河"。目前，星云数字共申请专利300 余项、软件著作权25项，拥有CMMI3、ISO9001、ITSS等几十项国内外权威认证。 产品创新层面，星云数字自主研发的"星术"金融质检大模型应用，基于大模型的深度学习能力，实现对复杂语义、模糊语义 的精准理解和智能分析，为银行、保险等多个金融行业提高质检准确率。通过自然语言维护质检规范，大幅减少了人工介 入量，让质检工作效率可提升3倍以上，运营成本可降低60%以上。 从国家高新技术企业，到毕马威领先金融科技50强企业，再到专精特新中小企业，一系列荣誉见证了星云数字的创新实践 与技术沉淀。未来，星云数字将持续加大研发投入，提升核心竞争力，携手生态伙伴为千行百业的数字化、智慧化转型贡 献力量。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 专 ...

Group 1 - The market showed a rebound after a dip in the morning session, with active performance in AI computing power and semiconductor equipment sectors [1] - By midday closing, the CSI Cloud Computing and Big Data Theme Index and the CSI Chip Industry Index both increased by 1.0%, while the CSI Semiconductor Materials and Equipment Theme Index rose by 1.4% [1] Group 2 - The Cloud Computing ETF tracks the CSI Cloud Computing and Big Data Theme Index, which consists of 50 companies involved in cloud computing services, big data services, and related hardware [3] - The CSI Cloud Computing and Big Data Theme Index recorded a 1.0% increase at midday, with a rolling price-to-sales ratio of 4.8 and a valuation of 98.29 since its inception [3] - The Chip ETF tracks the CSI Chip Industry Index, which includes 50 companies engaged in chip design, manufacturing, packaging, testing, semiconductor materials, and production equipment [3] - The CSI Chip Industry Index also saw a 1.0% increase at midday, with a price-to-book ratio of 6.9 and a valuation of 84.39 since its inception [3]

Core Viewpoint - Beijing Yihua Tong Energy Storage Technology Co., Ltd. has been established, focusing on energy storage technology services and related sales and manufacturing [1] Company Summary - The new company is wholly owned by Yihua Tong (688339) [1] - The business scope includes energy storage technology services, hydrogen refueling and storage facility sales, cloud computing equipment technology services, and manufacturing [1]

12月12日，港股AI转暖，科网龙头多数飘红，传闻小米17 Ultra本月发布，小米集团-W领涨逾2%；美 团-W涨逾1%，阿里巴巴-W、快手-W、腾讯控股跟涨。港股AI核心工具——港股互联网ETF （513770）早盘高开，场内价格现涨0.93%，日线成功转红，终结此前4连阴。 1. 估值洼地：10月以来，港股AI震荡回调，截至12月10日，恒生科技指数累计下跌13.68%，远低于 创业板指同期表现。汇聚互联网龙头的港股通互联网指数跌幅更深，同期下跌16.7%，目前市盈 率PE仅25倍，位于近10年27.73%分位点的低位水平，"全球估值洼地"属性进一步凸显。 2. 流动性充沛：港股资金面持续改善，2025年南向资金净买入额已突破1.3万亿港元，为市场注入强 劲流动性。此外，美联储降息趋势延续，全球资金重新配置，也加速了外资回流港股市场。 3. AI主线高频催化：以阿里巴巴为首的互联网龙头AI突破频出，Meta最新宣布采用阿里千问优化最 新AI模型；阿里云发布一站式Agentic AI基础设施平台函数计算AgentRun。此前阿里千问App公 测一周下载量破千万，成史上增长最快AI应用。 港股互联网ETF（ ...

Group 1 - The overall performance of Hong Kong stocks in the AI sector has been volatile, with the Hong Kong Internet ETF (513770) experiencing a four-day decline, approaching the annual line, but showing strong buying interest with a net inflow of 352 million HKD yesterday and a total of 584 million HKD over the past six days [1][10]. - Analysts believe that the Hong Kong Internet sector is nearing a "bad news fully priced in" state, showing signs of bottoming out as previous core risk factors such as US-China trade tensions and the impact of the "takeout war" on profitability have been largely released during the correction [3][10]. - Notably, since November, leading companies in the Hong Kong Internet sector have initiated a new round of share buybacks, with Tencent repurchasing 18.638 million shares for over 11.4 billion HKD and Xiaomi repurchasing 77.6 million shares for over 3.1 billion HKD, indicating a mismatch between current stock prices and corporate value [3][10]. Group 2 - The Hong Kong Internet sector includes several platform-type technology giants and leaders in hard technology, which are deeply embedded in the global supply chain in key areas such as AI models, cloud computing, smart hardware, and semiconductors, transitioning from the investment phase to the value realization phase [5][12]. - The Hong Kong Internet ETF (513770) and its linked funds passively track the CSI Hong Kong Internet Index, heavily investing in leading companies like Alibaba and Tencent, with the top ten holdings accounting for over 73% of the fund, showcasing significant advantages [5][12]. - The Hong Kong Internet ETF has a current scale exceeding 10 billion HKD, with an average daily trading volume of over 600 million HKD this year, supporting T+0 trading and offering good liquidity without QDII quota restrictions [5][12].