计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从中国A股市场中选取涉及计算机硬 件、软件及服务等业务的上市公司证券作为指数样本，以反映计算机相关上市公司证券的整体表现。该 指数成分股聚焦信息技术领域，具有较高的科技含量与成长性特征，能够较好地体现计算机行业的整体 发展趋势。 （文章来源：每日经济新闻） 申万宏源证券指出，2025年全球大模型迭代速度整体放缓，中美大模型差距迅速缩小，预计2026年将进 一步缩小乃至部分领域超越。国产模型在性能、效率与成本间寻求更优平衡，商业化落地加速。AI应 用方面，行业know-how成为护城河，软件行业进入最佳布局期，模型难以取代定制化软件，AI收入占 比突破10%的公司增多，Deep Research、AI编程、多模态等方向受关注。AI Infra领域，华为Flex：ai技 术实现异构算力统一管理，算力利用率提升30%，加速行业化落地。国产算力产业化进程加快，超节 点、IDC多维度创新推动性能提升。2026年中国AI产业链将走向自成体系，各环节创新迭代加速，物理 AI（数字孪生、具身智能）成为核心发展方向。 ...

证券研究报告 / 行业动态报告 风险提示：AI 发展不及预期的风险、市场竞争加剧的风险、相关技术发 展不及预期的风险。 通信 发布时间：2025-11-24 优于大势 ---通信行业周报 2025.11.17-11.23 报告摘要： 本周行情回顾：本周申万通信指数下跌 2.51%，上证指数下跌 3.90%，深 证成指下跌 5.13%，创业板指数下跌 6.15%，沪深 300 指数下跌 3.77%， 通信板块在 31 个申万一级行业中跌幅相对较小。本周通信三级子行业 中，通信网络设备及器件跌幅最小 (-1.76%)，通信线缆及配套跌幅最大 (-6.09%)，各细分板块主要呈回调趋势。个股表现来看，德科立（24.82%）、 实达集团（18.16%）、光库科技（14.86%）涨幅分列前三，三维通信（- 19.61%）、汇源通信（-16.44%）、中嘉博创（-15.32%）跌幅分列前三。 谷歌发布 Gemini 3，模型能力飞跃。当地时间 11 月 18 日，谷歌正式推 出 Gemini 3 系列人工智能模型，并同步上线 Gemini 3 Pro 预览版。谷歌 称，Gemini 3 是迄今为止"最智能"和"最具事实准 ...

NO.1 字节将中国电商、生活服务、中国广告工程技术团队整合为"中国交易与广告"部门 11月17日，在第3场京东品酒会现场，京东集团创始人、京东集团董事局主席刘强东宣布，京东外卖将 推出独立App（应用程序），同时推出京东点评以及京东真榜。刘强东现场承诺京东点评"永不商业 化"。 点评：京东外卖的独立App有助于其在即时配送市场中占据更大份额。京东点评和京东真榜的推出能在 一定程度上提升用户参与度和平台透明度。这一举措也显示了京东在本地生活市场的长期战略布局。 11月18日消息，为了加强广告与交易业务（即电商、生活服务）的研发建设，进一步提升研发效率，字 节跳动将中国电商、生活服务、中国广告的工程技术团队整合为"产品研发与工程架构—中国交易与广 告"部门。 点评：字节跳动的这一整合或有助于其在电商和生活服务领域提升竞争力。通过整合工程技术团队，字 节能够更好地协调资源，加速产品研发和技术创新，提升用户体验。此外，这一整合也显示了字节跳动 在广告和交易业务上的战略布局。 NO.2 拼多多三季度营收近1083亿元 11月18日，拼多多发布2025年第三季度财报，财报显示，拼多多三季度实现营收1082.8亿元，同比 ...

丨2025年11月17日—11月23日丨#电商零售 NO.1字节将中国电商、生活服务、中国广告工程技术团队整合为"中国交易与广告"部门 11月18日消息，为了加强广告与交易业务(即电商、生活服务)的研发建设，进一步提升研发效率，字节 跳动将中国电商、生活服务、中国广告的工程技术团队整合为"产品研发与工程架构—中国交易与广 告"部门。 点评：字节跳动的这一整合或有助于其在电商和生活服务领域提升竞争力。通过整合工程技术团队，字 节能够更好地协调资源，加速产品研发和技术创新，提升用户体验。此外，这一整合也显示了字节跳动 在广告和交易业务上的战略布局。 NO.2拼多多三季度营收近1083亿元 11月18日，拼多多发布2025年第三季度财报，财报显示，拼多多三季度实现营收1082.8亿元，同比增长 9%；归母净利润为293.3亿元，同比增长17%。其中，来自在线营销服务及其他业务的收入为533.5亿 元，同比增长8%；交易服务收入为549.3亿元，同比增长10%。 点评：拼多多三季度营收增速放缓至近年最低水平，管理层释放明确信号，将压缩利润投入平台生态， 预示公司短期盈利能力可能承压，但意在强化"长期价值"。 NO.3 ...

｜2025年11月20日星期四｜ 11月19日，京东折扣超市宿豫庐山城市之家店宣布将于11月26日正式开业。新店延续 "大店型、多 SKU" 模式，营业面积超 5000平方米，首次采用双层卖场设计。 NO.1 可灵AI第三季度营收超3亿元 点评：此前京东折扣超市在宿迁"四店同开"，作为京东在江苏宿迁布局的又一大型折扣业态，该店落成 后将实现宿迁"三县两区"全域覆盖。 11月19日，快手公布了2025年第三季度财报。今年第三季度，可灵AI营收超3亿元。快手第三季度总营 收同比增长14.2%至356亿元，经调整净利润同比增长26.3%至50亿元。电商业务方面，第三季度快手电 商GMV（商品交易总额）同比增长15.2%至3850亿元。 点评：闪送第三季度营收同比下降和订单量环比减少或受到市场竞争与季节性因素的影响。不过，净利 润的增长反映出闪送在成本控制和运营效率上的成效。 NO.3 京东折扣超市在宿迁再开一店 点评：可灵AI的营收增长反映出快手在AI商业化方面的新进展。电商业务的增长，在一定程度上也显 示出快手在直播带货和内容电商领域的竞争力加强。 NO.2闪送第三季度营收10.05亿元 11月19日，闪送发布了 ...

Core Insights - The technology sector in Hong Kong's stock market is shifting focus from capital expenditure to investment return rates, particularly in the AI field, with domestic AI listings accelerating and AI animation becoming a rapidly commercialized scenario [1] - Cloud computing businesses and internet companies with rich application scenarios are gaining attention due to quick revenue realization and high valuation cost-effectiveness [1] - The gaming sector is experiencing fundamental improvements, with an increase in license approvals not leading to intensified competition, as companies differentiate through user and category competition, and AI technology enhances game production and innovation [1] - Music platforms need to focus on the monetization capabilities of mid- and long-tail content and community cultivation, with free models relying on improved advertising ROI [1] - Some companies in the education publishing industry are showing signs of operational turning points [1] - Overall, the technology sector is concentrating on the practical application of AI, the recovery of gaming fundamentals, and the enhancement of content platform monetization efficiency [1] Index and ETF Information - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies focusing on technology themes from the Hong Kong Stock Connect range, covering sectors such as information technology, electronic components, and interactive media and services [1]

Group 1 - The core viewpoint of the report emphasizes that the commercialization of AI is more important than digital transformation, with the computer industry expected to undergo a revaluation due to the recovery of fundamentals and the acceleration of AI commercialization by 2026 [2][3]. - The report highlights that the overall revenue of the computer sector reached 11,533.72 billion yuan in the first three quarters, representing a year-on-year increase of 6.93%, while the net profit attributable to the parent company increased by 18.45% to 203.14 billion yuan [2][3]. - The report identifies key segments to watch in 2026, including domestic computing power, overseas storage and computing power, cloud computing, IDC, and application chains, particularly focusing on AI applications in various industries [3][4]. Group 2 - Domestic computing power is accelerating, with leading companies like Huawei, Cambricon, and Haiguang Information driving development, supported by increased demand from major clients such as Alibaba and ByteDance [3][4]. - The overseas computing and storage market is evolving towards commercial application, with significant capital expenditures expected to drive performance in 2026, particularly in the CCL upstream sector [3][4]. - The cloud computing sector is witnessing a surge in demand, exemplified by OpenAI's partnership with Amazon, which involves a $38 billion AI cloud computing deal over seven years, indicating a growing need for underlying computing power [3][4]. Group 3 - The IDC sector is expected to see accelerated order releases as major domestic companies continue to invest, with orders anticipated to gradually materialize in 2026 [3][4]. - The application chain, particularly in AI, is projected to experience a dual recovery in valuation and fundamentals, with significant advancements expected in AI applications across healthcare, education, finance, and office scenarios [3][4]. - The report notes that the AI-driven demand for high-bandwidth memory (HBM) and other advanced storage solutions is reshaping the supply-demand structure and industry value [3][4].

Investment Rating - The report maintains a positive outlook on the technology sector, particularly on companies involved in AI infrastructure and applications, suggesting a focus on NVIDIA, Broadcom, SanDisk, Micron, and Lumentum [4][19]. Core Insights - The report highlights that recent fluctuations in the US technology sector are more related to valuation corrections and liquidity tightening rather than fundamental changes. Revenue growth rates for leading tech companies are in line with expectations, and the return on investment (ROI) for AI continues to accelerate [4][19]. - NVIDIA is expected to report a revenue of $55.1 billion for FY26Q3, reflecting a year-on-year increase of 57%, with data center revenue projected at $49.1 billion. The company is seen as maintaining high demand and growth potential in the AI infrastructure cycle [2][11]. Summary by Sections Section 1: Key US Technology Company Dynamics - CoreWeave reported a Q3 revenue of $1.4 billion, a 134% year-on-year increase, driven by strong demand for AI training and inference. The company’s order backlog reached $55.6 billion, nearly doubling from Q2, with a record RPO of $50 billion [6][8]. - Nebius achieved a Q3 revenue of $14.6 million, a 355% year-on-year increase, primarily driven by contracts with Microsoft and Meta. The company has adjusted its 2025 revenue guidance to $500-550 million [6][9]. - OKLO experienced an expanded Q3 operating loss of $36.3 million, despite receiving approval for new fuel facilities. The company continues to expand its commercial pipeline with significant customer reserves [6][10]. Section 2: Key Earnings Forecasts - NVIDIA's upcoming earnings report is anticipated to show strong performance, with a projected gross margin of 73.7%. The company’s CEO has indicated confidence in achieving $500 billion in cumulative data center revenue by 2025-2026 [2][11]. Section 3: International Technology Industry Dynamics - OpenAI has launched the upgraded GPT-5.1, focusing on enhancing emotional value and interaction experience. The new model includes features that improve response times and understanding, catering to both paid and free users [3][12]. Section 4: Weekly Perspective - The report emphasizes the ongoing strength in the AI sector, with expectations for continued penetration of AI applications driven by model iterations. Companies like Google, AppLovin, and Roblox are highlighted as potential investment opportunities [4][19].

Core Viewpoint - The core challenge of AI commercialization lies in balancing user satisfaction and shareholder expectations, with a focus on product quality as the solution [1] Group 1: AI Commercialization Strategy - The strategy for AI commercialization at Kingsoft Office is based on deep integration rather than isolated features, addressing deeper user needs in practical office scenarios [3] - Product differentiation is emphasized through three key aspects: unique integration, exclusive data assets, and comprehensive intelligent collaboration for enterprises [3] Group 2: Competitive Advantages - Kingsoft Office's approach involves a "dual transformation" of AI and office software, allowing both to adapt to each other, enhancing usability and understanding of user intent [4] - The company boasts an impressive data asset of over 260 billion cloud documents, which can be leveraged to activate dormant knowledge and transform it into new productivity [4] Group 3: Strategic Vision - The WPS 365 platform aims to transition enterprises from "digital office" to "intelligent collaboration," focusing on three essential capabilities: understanding data, organizations, and business [5] - The ultimate goal is for AI to evolve from a content generation tool to a participant in business operations and decision-making, enhancing its role in analyzing customer documents and market conditions [5]

Group 1 - The Hang Seng Tech Index decreased by 0.63% as of November 13, 2025, with mixed performance among constituent stocks, including BYD leading with a 1.69% increase and Tencent Music falling by 11.28% [1] - The Hang Seng Tech Index ETF (159742) dropped by 0.24%, with a latest price of 0.82 HKD, while it saw a cumulative increase of 1.11% over the past week as of November 12, 2025 [1] - The liquidity of the Hang Seng Tech Index ETF showed a turnover of 3.02% with a transaction volume of 139 million HKD, and an average daily transaction volume of 438 million HKD over the past month [1] Group 2 - Quark announced the launch event for its AI glasses, scheduled for November 27, 2025, with the pre-sale of the Quark AI Glasses S1 ranking first in sales during the "Double 11" shopping festival [1] - The Quark AI Glasses S1 integrates Alibaba's Qwen closed-source model and offers various functionalities, including deep integration with core applications like Alipay and Taobao, covering high-frequency use cases such as payment and navigation [1] Group 3 - The upcoming earnings disclosure window for the Hong Kong stock market is significant, with major companies like Tencent, JD.com, and Bilibili set to report their Q3 results, focusing on AI commercialization progress [2] - There has been a net outflow of 3.4 billion HKD from Alibaba as investors avoid potential risks related to its performance amid competition in the food delivery sector [2] - Despite recent market fluctuations, institutions believe the current market trend is not a short-term rebound, with expectations of a steady recovery driven by economic signals and improved global liquidity [2] Group 4 - The latest size of the Hang Seng Tech Index ETF reached 4.513 billion HKD [3] - The ETF's share count reached 5.614 billion, marking a one-year high, with continuous net inflows over the past ten days totaling approximately 49.35 million HKD [4] - The top ten weighted stocks in the Hang Seng Tech Index account for 68.89% of the index, including Alibaba, SMIC, and Tencent [4]