Core Viewpoint - The cryptocurrency market is experiencing significant turmoil, with a collective negative sentiment among investors leading to substantial capital outflows and price declines across various digital assets [3][5][6]. Market Overview - The total market capitalization of over 18,000 cryptocurrencies tracked by CoinGecko has dropped by 25% since the peak on October 6, resulting in a loss of approximately $1.2 trillion [5]. - Bitcoin's price has decreased by about 28%, reaching $91,700, nearly erasing all gains made in the year [5]. - Six of the top 20 cryptocurrencies by market capitalization have fallen over 40%, with three down approximately 60% [6]. Investor Sentiment - Matthew Hougan from Bitwise Asset Management noted that investor sentiment in the cryptocurrency market is extremely negative, with many opting to exit the market to avoid further losses [3]. - A report from CoinShares indicated that digital asset investment products, including Bitcoin ETFs, saw a capital outflow of $2 billion in the past week, marking the largest single-week outflow since February [6]. Market Dynamics - Tim Sun from HashKey Group highlighted that the unprecedented liquidation event on October 10 has had lasting impacts on the market, compounded by the longest government shutdown in U.S. history, tightening liquidity, and a hawkish shift in Federal Reserve interest rate expectations [6][10]. - The correlation between Bitcoin and U.S. equities is becoming more pronounced, with Bitcoin increasingly influenced by mainstream investors' risk appetite [6]. Broader Economic Context - Analysts suggest that the recent downturn in the cryptocurrency market is reflective of broader trends in global equity and commodity markets, with liquidity concerns driving investor behavior [8][10]. - The S&P 500 index has seen a decline of 19% since October 15, indicating a broader risk-off sentiment among retail investors [9].

导语 今年三季度，小米集团总收入同比增长22%至1131亿元，经调整净利润同比增长80.9%至113.1亿元。华 泰证券认为，该公司净利润超过市场一致预期12.6%。 "问题在于现在市场情况并不明确，整体避险情绪在升温。"红蚁资本投资总监李泽铭向第一财经分析， 小米三季度业绩的确高于市场预期，但手机业务板块出现了同比下滑，成本上涨也不容易转嫁给消费 者，再加上市况不佳导致小米19日以及最近股价下跌；跌破40港元之后，要看能否守住今年4月时36港 元的低位。位 关于多家科技股业绩超预期却继续下跌，李泽铭认为，现在困扰港股的因素，包括美联储12月份是否减 息的忧虑，目前委员投票情况来看，赞成减息跟反对减息的票数相当接近；另一方面，市场更加担心 AI投资所造成的泡沫，最近领跌的板块，基本上都是跟AI相关的，美股和港股都是类似情况，这个情 绪进一步蔓延也导致了市场下跌。近日港股成交比较低迷，预计12月美联储议息结果落地后，港股成交 额及波动幅度有望重新放大。 华金证券策略分析师邓利军认为，市场短期风险偏好可能偏中性。国内短期稳增长政策预期仍对风险偏 好有一定支撑；海外方面，受美联储内部分歧加剧影响，12月降息预期有所 ...

全球股市经历1.6万亿美元抛售潮后，华尔街顶级投资机构对后市走向出现明显分歧，高盛CEO警告市场可能进一步下跌，巴克莱前CEO则认为这只是健康 调整而非熊市前兆。 当地时间周三，高盛总裁兼首席运营官John Waldron在新加坡表示，"我觉得市场可能会从目前位置进一步回调"，并指出技术面更倾向于保护性操作和更多 下跌空间。 相比之下，前巴克莱CEO Bob Diamond对市场前景相对乐观。他表示："我们看到风险资产被重新定价。在我看来，这是一次健康的调整，不是正在转向熊 市的征象。" 标普500指数本月已下跌超过3%，有望创下3月以来最差月度表现。投资者密切关注英伟达财报，这被视为检验AI热潮可持续性和市场稳定性的关键指标。 高盛警告技术面偏空 Goldman Sachs总裁Waldron在接受采访时表示，当前市场的技术面更倾向于保护性操作和下行风险。他认为今年市场已有相当涨幅，当前的回调"是健康 的"。 Waldron特别关注AI投资回报率问题："市场现在严重关注这种AI动态：我们是否会从市场预期的资本投资中获得回报，这是否已被计价？这是一个重大争 论。"他预计进一步的市场下跌将是温和的，"我不认为会比 ...

Core Insights - The 30th UN Climate Change Conference (COP30) in Belem, Brazil, focuses on climate financing, emissions reduction, adaptation capacity, and climate resilience, marking a critical moment for global climate action [1] - Despite increasing global net-zero commitments, significant gaps remain in funding, transition speed, and the implementation of technology and policies [1][3] - The conference coincides with the 10th anniversary of the Paris Agreement, highlighting the disparity between corporate commitments to net-zero targets and their actual implementation [3] Group 1: Challenges in Achieving Net-Zero Goals - Many companies have set net-zero targets for 2040 or 2050 but lack clear mid-term roadmaps and actionable emission reduction strategies, leading to insufficient execution [3][5] - The mismatch between technology, business models, and policies results in companies being in experimental or early stages regarding decarbonization technologies and low-carbon business models [3][5] - Complex value chains and unclear responsibility boundaries complicate emission reduction efforts, particularly for multinational companies with layered supply chains [3][5] Group 2: Pathways to Achievable Net-Zero Strategies - Companies need to establish systematic execution mechanisms that cover governance, investment, technology, and supply chains to transition from commitment to implementation [5] - Key actions include strengthening governance systems, setting mid-term goals, and integrating decarbonization into operational and capital decisions [5] - Developing technology and investment roadmaps, identifying key emission reduction levers, and extending reduction requirements to supply chains are essential steps [5] Group 3: The Rise of Natural Capital - Increasing global regulatory and investor focus on natural capital has led many multinational companies to incorporate "Taskforce on Nature-related Financial Disclosures" (TNFD) into their sustainability reporting [6] - Over 700 institutions managing approximately $22 trillion in assets have expressed alignment with or intention to adopt TNFD, indicating its growing importance in mainstream disclosure frameworks [6] - TNFD helps companies identify potential risks related to ecological degradation and water resource scarcity while supporting opportunities in ecological restoration and resource efficiency [6] Group 4: Innovation as a Necessity - Innovation is deemed essential for global climate action, encompassing technological, business model, and policy innovations [8][9] - Key technological innovations include renewable energy, hydrogen, carbon capture, utilization and storage (CCUS), smart grids, and digital carbon management [9] - Artificial intelligence (AI) is increasingly recognized as a critical driver for climate action, aiding in carbon emission calculations, energy efficiency optimization, and supply chain carbon tracking [10] Group 5: AI and Green Energy Transition - AI applications in carbon emission measurement and energy management can enhance emission identification and energy consumption efficiency [10] - However, the rapid increase in AI's energy consumption poses a risk of new carbon emissions if the growth of computational power outpaces clean energy supply [10] - Companies are urged to develop "green computing" strategies to align AI development with energy transition efforts [10]

美银证券表示，计及中国芯片供应情况及季度资本开支波动的影响后，目前预测腾讯今明两年资本开支 将分别达到750亿及900亿元人民币。对于腾讯AI应用"元宝"日均活跃用户表现较同业字节跳动"豆包"及 阿里巴巴-W(09988)"夸克"落后，该行则认为是由于各企业推广策略不同，而非模型能力的差异，目前 仍相信腾讯得益于微信主导地位及完整内容与服务移动生态系统所支持，其在中国AI代理竞争中有优 势。 智通财经APP获悉，美银证券发布研报称，看好腾讯控股(00700)核心业务增长前景清晰，认同管理层对 金融科技及企业服务(FBS)业务审慎乐观看法，重申为行业首选股，维持"买入"评级及目标价780港元， 并将2025至2027年非国际财务报告准则(non-IFRS)每股盈利预测微调最多1%。腾讯上季资本开支为130 亿元人民币，少过市场预期，管理层归因于芯片供应受阻，又透露期内有租用额外计算资源用于AI研 发。 ...

Core Insights - The COP30 conference in Brazil highlighted the release of the "2025 Carbon Inclusive Development White Paper," showcasing the achievements of the company in carbon reduction and global energy transition [1][2] - The white paper outlines China's transition from "Universal Carbon Road" to "All-Domain Carbon Reduction," emphasizing public participation and industry collaboration in global climate governance [1] Group 1: Research Findings - The white paper includes a comprehensive analysis of policy evolution, market dynamics, and technological innovations in the carbon inclusive sector [1] - A survey indicated that over 92.16% of platform users are aware of carbon inclusivity, with more than 90% recommending participation, primarily through green travel, which accounts for approximately 90% of participation [1] Group 2: Collaborative Efforts - The white paper was led by the company and involved contributions from various organizations, including universities and corporations, indicating a broad collaborative effort in the carbon inclusive field [2] - The company’s sustainable development manager noted that the white paper serves as an important reference for government, research institutions, and industry players in navigating carbon inclusive development pathways [2] Group 3: Future Outlook - The company anticipates that advancements in artificial intelligence and deeper societal engagement in carbon reduction will expand the application boundaries of carbon inclusivity, leading to new breakthroughs in diverse scenarios [2]

高盛总裁沃尔德伦表示，市场已经为可能出现的进一步下跌做好准备，而投资者将密切关注即将公布的 科技龙头英伟达的关键财报。 沃尔德伦周三在新加坡举行的彭博新经济论坛期间接受采访时表示："在我看来，市场从当前位置再往 下回调一点是完全可能的。我确实认为，从技术面来看，目前的倾向更多是增加保护，更偏向于防范下 行风险。" 标普500指数本月迄今已下跌逾3%，正走向自3月以来表现最差的一个月，同时市场波动性飙升。全球 最大一批科技公司的抛售，再次点燃了围绕人工智能的争论：眼下的业务收入和利润，是否足以支撑在 相关基础设施上巨额投入的合理性。 他在接受采访时表示："你现在看到的是市场出现了一波回调，我觉得这其实是健康的，毕竟今年以来 市场已经涨了不少。市场现在高度聚焦在这一轮AI行情上：我们能否拿到与投入资本相匹配的回报？ 这些预期是否已经完全反映在价格里？这是一场很大的争论。" "我们已经看到风险资产被重新定价。"曾任巴克莱银行集团首席执行官、现管理投资公司Atlas Merchant Capital的戴蒙德表示，"在我看来，这是一轮健康的调整，而不是正在演变成一轮熊市。" 戴蒙德同时表示，由财政支出推高的主权债务规模 ...

关于多家科技股业绩超预期却继续下跌，李泽铭认为，现在困扰港股的因素，包括美联储12月份是否减 息的忧虑，目前委员投票情况来看，赞成减息跟反对减息的票数相当接近；另一方面，市场更加担心 AI投资所造成的泡沫，最近领跌的板块，基本上都是跟AI相关的，美股和港股都是类似情况，这个情 绪进一步蔓延也导致了市场下跌。近日港股成交比较低迷，预计12月美联储议息结果落地后，港股成交 额及波动幅度有望重新放大。 华金证券策略分析师邓利军认为，市场短期风险偏好可能偏中性。国内短期稳增长政策预期仍对风险偏 好有一定支撑；海外方面，受美联储内部分歧加剧影响，12月降息预期有所下降。 中金公司则分析，2025年的市场，从多个维度看，都是超出预期的，称之为牛市毫不为过。这背后，既 有实实在在的产业趋势（AI）和基本面改善。展望2026年，不论是越来越多A股和中国优质资产赴港上 市，还是南向资金持续涌入，对港股市场长期是大有裨益的。 港股其他科技股也存在类似情况，包括腾讯控股（00700.HK）、京东集团（09618.HK）都是业绩超预 期，然后连跌五天。 业内人士认为，美联储12月降息不确定，港股进入震荡时期，降息消息落地后成交和波动 ...

11月18日晚间，小米集团（01810.HK）公布了超预期的第三季度业绩，然而19日上午却大跌4.32%，中 午报收39.02港元，恒生科技指数跌0.98%，报收5590点。 中金公司则分析，2025年的市场，从多个维度看，都是超出预期的，称之为牛市毫不为过。这背后，既 有实实在在的产业趋势（AI）和基本面改善。展望2026年，不论是越来越多A股和中国优质资产赴港上 市，还是南向资金持续涌入，对港股市场长期是大有裨益的。 （文章来源：第一财经） 关于多家科技股业绩超预期却继续下跌，李泽铭认为，现在困扰港股的因素，包括美联储12月份是否减 息的忧虑，目前委员投票情况来看，赞成减息跟反对减息的票数相当接近；另一方面，市场更加担心 AI投资所造成的泡沫，最近领跌的板块，基本上都是跟AI相关的，美股和港股都是类似情况，这个情 绪进一步蔓延也导致了市场下跌。近日港股成交比较低迷，预计12月美联储议息结果落地后，港股成交 额及波动幅度有望重新放大。 港股其他科技股也存在类似情况，包括腾讯控股（00700.HK）、京东集团（09618.HK）都是业绩超预 期，然后连跌五天。 华金证券策略分析师邓利军认为，市场短期风险偏好可 ...

港股进入震荡时期。 11月18日晚间，小米集团（01810.HK）公布了超预期的第三季度业绩，然而19日上午却大跌4.32%，中 午报收39.02港元，恒生科技指数跌0.98%，报收5590点。 港股其他科技股也存在类似情况，包括腾讯控股（00700.HK）、京东集团（09618.HK）都是业绩超预 期，然后连跌五天。 关于多家科技股业绩超预期却继续下跌，李泽铭认为，现在困扰港股的因素，包括美联储12月份是否减 息的忧虑，目前委员投票情况来看，赞成减息跟反对减息的票数相当接近；另一方面，市场更加担心 AI投资所造成的泡沫，最近领跌的板块，基本上都是跟AI相关的，美股和港股都是类似情况，这个情 绪进一步蔓延也导致了市场下跌。近日港股成交比较低迷，预计12月美联储议息结果落地后，港股成交 额及波动幅度有望重新放大。 华金证券策略分析师邓利军认为，市场短期风险偏好可能偏中性。国内短期稳增长政策预期仍对风险偏 好有一定支撑；海外方面，受美联储内部分歧加剧影响，12月降息预期有所下降。 中金公司则分析，2025年的市场，从多个维度看，都是超出预期的，称之为牛市毫不为过。这背后，既 有实实在在的产业趋势（AI）和基本面改 ...