11月23日，和讯投顾刘阳表示，中国股市回落，在宏观经济数据表现都比较稳定的情况下，这并不是系 统性风险。根据老刘近17年专业机构经验去研判，回落只是短期的暂时的，更多的是外围行情，地缘以 及股指期货交割日，多重情绪叠加的情绪释放，释放的力度比平时大一些，技术上短期脱离上升轨道， 大量割肉盘离场，这种级别矩阵一旦修复，接下来的反弹的力度是巨大的。我们接着看周末消息面，美 股周四大阴线之后不超过一天，相关部门负责人立刻稳盘面稳预期。随后12月份美联储降息概率再次回 到50%以上，紧跟着周五美股向上修复，中概股反弹，另外周末又新批了16只硬科技类主题基金，当分 歧资金跑的时候，很多没赶上热乎饭的又来了。其实不管12月份美联储降不降息，从今年9月份开始， 加息缩表的周期已经结束了，接下来无非就是哪个季度货币投放多，哪个季度投放少的问题。下周老刘 判断是周线级别反弹行情。 ...

冲高回落后再度回暖，截至收盘三大指数均小幅收涨，其中道指上涨0.1%，纳指上涨0.59%，标指上涨 0.38%。盘面上，银行、科技双双反转，中概股六连跌，黄金持续反转。 中概股大幅低开后全天维持在低位盘整，截至收盘中国金龙下跌1.54%。其中小鹏汽车大跌6.41%，网 易下跌4.15%，哔哩哔哩下跌3.43%，蔚来下跌3.85%，爱奇艺逆势上涨2.75%。 COMEX黄金高开低走后冲高回落，截至收盘上涨0.27%报4078.3美元/盎司，盘中最低报4055.6美元/盎 司，最高报4134.3美元/盎司。 理财就是一场修行，有人修有人度，结果就是看谁踩准了点，把握住了机会。 银行股集体反转，其中阿莱恩斯西部银行上涨2.12%，齐昂银行上涨2.21%，花旗集团、高盛、摩根大 通、美国斯大林等股涨幅均在1%上方。 科技股延续分化，其中英伟达上涨2.85%，英特尔上涨2.27%，谷歌上涨3%，特斯拉、高通、苹果等股 均小幅收涨；奈飞逆势大跌3.58%，超威公司下跌2.93%，META下跌1.23%。 ...

热门中概股奇富科技盘初跌15.08%，金山云跌6.27%，世纪互联跌4.67%，理想跌3.13%。，大全新能源 跌3%，小鹏跌2.96%，晶科能源、百度、华住、网易、至少跌2.25%，蔚来跌1.1%，文远知行跌 0.98%，小马智行跌0.89%，再鼎医药跌0.66%。阿里巴巴则涨0.05%，贝壳、百胜中国、携程至多涨 0.8%，逸仙电商涨4.3%。ETF中，KWEB跌1.45%，CQQQ跌1.33%，ASHR涨0.12%。 ...

每经AI快讯，11月19日，热门中概股收盘多数上涨，纳斯达克中国金龙指数涨0.42%。爱奇艺涨超7%， 百度、虎牙、金山云涨超2%，阿里巴巴、网易、小鹏汽车涨超1%，蔚来跌超1%，理想汽车、京东小幅 收跌。 ...

Core Viewpoint - The recent announcement of the postponement of the releases of "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work" indicates potential shifts in the animation industry and may impact related market segments [1]. Group 1 - The films "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work" were originally scheduled for release but have now been postponed [1].

Group 1 - HHLR Advisors, a fund management platform under Hillhouse Capital, disclosed its US stock holdings as of the end of Q3, with a total portfolio value of approximately $4.09 billion, an increase of nearly 32% from the previous quarter [1][3] - The portfolio consists of 33 stocks, with a significant focus on Chinese tech stocks, including Pinduoduo (PDD), Alibaba (BABA), and Baidu (BIDU), which collectively account for over 90% of the total market value [1][2] - The latest 13F filing indicates that HHLR Advisors increased its positions in four stocks, reduced holdings in four stocks, initiated five new purchases, and completely sold out of eight stocks, with notable increases in Pinduoduo and Alibaba [2][3] Group 2 - The top holdings in the portfolio include Pinduoduo with a market value of $1.135 billion and Alibaba with $587 million, making them the two largest positions [2] - The turnover rate for the portfolio is reported at 31.71%, with the top 10 holdings representing 93.46% of the total portfolio [3] - The average holding period for the top 20 stocks is approximately 6.6 quarters, while the top 10 stocks have been held for about 9 quarters [3]

Group 1 - Hillhouse Capital's top holdings as of the end of Q3 include Pinduoduo, Alibaba, Futu Holdings, BeiGene, Baidu, Legend Biotech, NetEase, and Beike, with Pinduoduo being the largest position [1] - In Q3, Hillhouse Capital increased its positions in Alibaba and Pinduoduo, while also initiating a new position in Baidu, indicating a positive outlook on these Chinese concept stocks [2] - Notably, large private equity firms like Jinglin Asset Management also increased their stakes in Alibaba and Pinduoduo, reflecting a broader confidence in these stocks among major institutional investors [2] Group 2 - Berkshire Hathaway, led by Warren Buffett, disclosed a new position in Google-A, holding 17.85 million shares valued at approximately $4.34 billion, marking a shift towards technology investments [2] - This move by Buffett suggests a change in investment strategy, as he traditionally favored consumer-oriented companies, highlighting a growing recognition of the importance of technology and AI in future investments [2] - The article emphasizes the need for investors to maintain a global perspective, considering investments in A-shares, Hong Kong stocks, and U.S. stocks to enhance portfolio stability [3] Group 3 - The article suggests that the movements of large capital should be closely monitored, particularly for Alibaba, Pinduoduo, and Google, as they may indicate future market trends [4] - The current market conditions for Hong Kong stocks are noted to be less robust compared to A-shares, with a potential for future upward trends if a wave of adjustments occurs [3] - The importance of adapting investment strategies based on market conditions is highlighted, emphasizing that investors should remain flexible and responsive to changes in the market [7]

Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a significant increase in its US stock holdings, with a total market value of $4.1 billion as of the end of Q3 2025, reflecting a 32% increase from the previous quarter [2][3]. Holdings Summary - HHLR Advisors held a total of 33 stocks at the end of Q3, with a market value of $4.1 billion, up by $990 million from Q2 [2][3]. - The firm increased its positions in major Chinese stocks such as Pinduoduo and Alibaba, while also initiating new positions in Baidu and Manbang Group [2][5]. - The top 10 holdings accounted for 93.46% of the total portfolio, indicating a concentrated investment strategy [5]. Major Stock Movements - Pinduoduo remains the largest holding, with an increase of 1.6158 million shares, bringing the total to 8.5926 million shares, valued at $1.136 billion, which is 13.21% of the total portfolio [6][7]. - Alibaba was also significantly increased by 2.14 million shares, totaling 3.2897 million shares, valued at $588 million, with a year-to-date price increase of 84.46% [7]. - Baidu was newly added to the portfolio with 1.6410 million shares, valued at $216.23 million, benefiting from its accelerated AI commercialization [7]. Reductions and Exits - HHLR Advisors reduced its holdings in several stocks, including a decrease of 1.0741 million shares in Futu Holdings, now holding 3.2382 million shares valued at $563 million [9]. - The firm also reduced its position in NetEase by 87290 shares, bringing the total to 79080 shares, valued at $120 million [9]. - The firm completely exited positions in JD.com, Ideal Auto, and several other stocks during the quarter [8][9].

| GOTU.N | | | | --- | --- | --- | | 盛大科技 | 1.810 | -5.24% | | SDA.O | | | | 小鹏汽车 | 25.020 | -5.16% | | XPEV.N | | | | NEXT TECHNOLC | 14.190 | -5.08% | | NXTT.O | | | | 京东集团 | 29.310 | -4.56% | | JD.O | | | | 亿鹏能源 | 0.208 | -4.49% | | ELPW.O | | | | 灿谷 | 3.065 | -4.22% | | CANG.N | | | | 老虎证券 | 9.610 | -4.00% | | TIGR.O | | | | 霸王茶姬 | 14.720 | -3.92% | | CHA.O | | | | 百度集团 | 116.000 | -3.85% | | BIDU.O | | | | 阿里巴巴 | 153.845 | -3.75% | | BABA.N | | | 周五（11月14日），美国三大股指收盘涨跌不一。截至收盘，道指跌0.65%报47147.48点，标普500指数 ...

大型科技股涨跌互现，万得美国科技七巨头指数涨0.35%。个股方面，英伟达涨超1%，微软涨逾1%，特斯拉涨0.59%；亚马逊跌超1%，谷歌跌0.78%，苹 果跌0.2%，脸书跌0.07%。 周五（11月14日），美国三大股指收盘涨跌不一。截至收盘，道指跌0.65%报47147.48点，标普500指数跌0.05%报6734.11点，纳指涨0.13%报22900.59点。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 47147.48 | 22900.59 | 6734.11 | | -309.74 -0.65% | +30.23 +0.13% | -3.38 -0.05% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7855.22 | 25147.50 | 6765.25 | | -128.72 -1.61% | +52.75 +0.21% | +5.25 +0.08% | 银行股多数下跌，摩根大通跌近2%，高盛跌近2%，花旗跌0.37%，摩根士丹利跌超1%，美国银行跌0.53%，富国银行涨0.41%。 能源股集体上涨，埃克森美孚涨超1%，雪佛 ...