数据来源：中证指数公司，沪深交易所。 天风证券指出国产AI芯片的核心底层逻辑：①AI发展过程中持续的对于算力的需求；②美国政策导致英伟达退出中国市场，而国产替代需求同样在推动国 产AI芯片的需求高增长、市场份额的提升。国产AI芯片龙头厂商核心受益。根据伯恩斯坦《2025中国AI芯片行业大报告》中数据显示，国产AI芯片销售额 从去年的60亿美元猛增至160亿美元，市场份额从29%提升至42%，增速达112%，几乎是国外芯片的三倍。 中信证券表示，存储仍处于超级景气周期初期，目前未来半年缺货可见度高，合约价涨价幅度在2026年一季度末之前有望扩大或维持，累计涨幅追赶现货价 涨幅。预计行业供不应求至少持续至2026年底，乐观看待本轮结构性周期景气的持续性。更贴近存储原厂的公司在上行周期受益程度更大、盈利持续性更 强，核心推荐1）利基型存储开启涨价；2）企业级存储进展快、涨价受益逻辑强的公司；3）企业级SSD/内存配套芯片设计公司有望间接受益。 直指港股芯片超级周期！可以T+0的港股芯片产业链ETF来了——全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131），标的指数由"70%硬件 +30%软件"构成 ...

Group 1 - Institutions are optimistic about the year-end market, with expectations for positive policy catalysts during this period [1] - The short-term signs of a cooling U.S. economy have led to increased expectations for Federal Reserve interest rate cuts, which may benefit the Hong Kong and A-share markets due to the outflow of U.S. dollar liquidity [1] - The "anti-involution" policy is expected to open up prospects for corporate profit recovery by 2026 [1] Group 2 - There is significant progress in various industries, particularly in the AI sector, which has substantial room for technological iteration [1] - Institutions are intensifying research efforts to identify investment opportunities, with over 19,000 institutional research visits recorded as of December 2 [1] - The advanced manufacturing sector is receiving high attention, with industries such as general equipment, semiconductors, automotive, electronic equipment manufacturing, and computer software each having over 1,000 research visits [1] Group 3 - Notable fund managers have participated in research visits to listed companies, focusing on industry prosperity, core business development, and performance expectations [1] - Companies are preparing for the year-end market, with a focus on growth sectors such as AI and industrial metals, as well as potential policy-driven opportunities in hotels, logistics, and aviation during the year-end to Spring Festival period [1]

Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]

Group 1: Computer Industry Insights - In 2026, AI is expected to deeply drive the growth of the computer industry, resonating with high-growth sectors such as domestic production, quantum technology, financial IT, and intelligent driving [2] - The rapid iteration of models and high demand for computing power may accelerate commercialization [2] - Industrial software is moving into a "deep water zone," which will support the strategy of becoming a manufacturing powerhouse [2] - These dynamics could jointly promote the industry's dual recovery in performance and valuation [2] Group 2: Debt Market Opportunities - Current divergences in the stock market may create a rare allocation window for the bond market [5] - The yield of ten-year government bonds is suggested to have significant value [5] - The bond market may return to a fundamental pricing logic under the "low interest rate + high volatility" scenario in 2026 [5] Group 3: Deep Sea Technology Outlook - Deep sea technology is projected to release trillion-level opportunities by 2026 [7] - The acceleration of deep-sea mining by the U.S. and its inclusion in China's government work report may reshape the global competitive landscape [7] - There is potential for deep-sea mining to achieve cost parity by 2033, sparking a new wave of equipment investment [7] - Investors are advised to consider short-term FPSO supply chain opportunities and long-term underwater robotics [7] Group 4: Meituan Q3 Performance Review - Meituan's Q3 takeaway business reported a nearly 20 billion loss, raising questions about whether this is the peak [9] - Management's guidance on profitability recovery for Q4 following intense price competition is under scrutiny [9] - The in-store travel business is facing challenges with slowing growth and declining profit margins [9] - The expansion pace and investment efficiency of the new overseas engine, Keeta, in markets like Brazil are being evaluated [9]

Group 1 - The company, Capital Online, has received the national-level "Specialized and Innovative Small Giant" enterprise certificate from the Ministry of Industry and Information Technology, valid for three years [1] - As of January to June 2025, the revenue composition of Capital Online is as follows: 26.09% from computer software applications, 25.57% from other sources, 16.4% from large models and AIGC, 15.62% from gaming, 8.03% from video, and 5.43% from e-commerce [1] - The current market capitalization of Capital Online is 10.7 billion yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2429） 自願公告 可信資產管理平台服務協議 本公告乃由北京友寶在線科技股份有限公司（「本公司」連 同 其 附 屬 公 司（統 稱 「本集團」））自 願 作 出。 可信資產管理平台服務協議 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，於2025年11月20日（交 易 時 段 後）， 本集團與螞蟻雙鏈科技（上 海）有限公司（「螞蟻雙鏈科技」）訂立可信資產管理平 台服務協議（「可信資產管理平台服務協議」），據 此，螞 蟻 雙 鏈 科 技 同 意 自 行 或 連 同 其 關 連 方 及╱或 供 應 商，於 螞 蟻 數 字 科 技 可 信 資 產 管 理 平 台 上 向 本 集 團 提 供 服 務，包 括 供 應 可 信 鏈 上 軟 體 開 發 ...

Group 1 - The core concern is the increasing worries about an "AI bubble" leading to significant sell-offs in US tech stocks, with debates on whether AI has driven the market to a bubble state [1] - Pessimists argue that high valuations prompt a tendency to cash out, while optimists, including management from AMD and Nvidia, assert that the demand for AI data centers is real and growing rapidly, distinguishing it from the 2000 internet bubble [1] - UBS Global Wealth Management's Jason Draho suggests that the Chinese tech sector offers an attractive way to balance US tech stock holdings due to the high valuations in the US market [1] Group 2 - Many large Chinese tech companies are valued at only one-third to half of their US counterparts, yet they are launching competitive AI products [1] - The Chinese tech sector, particularly the Hong Kong market, is attracting investors due to its valuation advantages, with the Hong Kong tech index showing a PE ratio around 40% over the past three years, significantly lower than the NASDAQ [1] Group 3 - The first ETF focusing on the Hong Kong chip industry has been launched, comprising 70% hardware and 30% software, and includes 42 Hong Kong tech companies, with significant weights in companies like SMIC and Xiaomi [4] - The ETF aims to capture the potential of the Hong Kong AI hard tech market, excluding large internet firms like Alibaba and Tencent for a sharper focus [4] Group 4 - The ongoing trend of domestic AI chip localization is seen as a long-term necessity, with current conditions viewed as optimal for the development of domestic chips [4] - The ETF tracking the Hong Kong tech index is designed to adapt to market fluctuations, with individual stock weights adjusted semi-annually [5]

Market Overview - Global stock markets experienced a significant decline, with the Korean Composite Index and Nikkei 225 both dropping over 3% [1] - A-shares also fell, with 4,106 stocks closing down, particularly in coal, power equipment, steel, and non-ferrous metals sectors [1] - The Shanghai Composite Index closed down 0.81% at 3,939.81 points, while the ChiNext Index fell 1.16% to 3,069.22 points [2] Sector Performance - The TMT (Technology, Media, and Telecommunications) sector showed resilience, with the media sector rising by 1.6% [7] - Semiconductor, computer software, and Huawei HiSilicon concepts saw gains, while sectors like power battery recycling, phosphorus chemical, and coal experienced significant declines [4] - Among 31 first-level industries, 26 sectors closed down, with coal, power equipment, steel, and non-ferrous metals each dropping around 3% [5] Trading Activity - Daily trading volume slightly increased from 1.93 trillion yuan to 1.95 trillion yuan, indicating active leverage funds [2] - Margin trading balance in Shanghai and Shenzhen returned to 2.5 trillion yuan as of November 17 [2] Investment Sentiment - Market sentiment remains cautious due to external market declines and the need for A-shares to correct [1] - Investors holding heavy positions in technology stocks are advised to reduce their holdings, particularly in thematic technology stocks [1][11] Future Outlook - Analysts suggest a "dual-line layout" strategy, focusing on undervalued financial and dividend sectors while also participating in TMT segments with potential for rebound [12] - The long-term trend for technology remains positive, with ongoing support from policies and rapid development in AI and semiconductor sectors [11][13]

Core Viewpoint - As the year-end approaches, institutional investors are adjusting their portfolios, with a notable divergence in views on technology stocks, where some remain optimistic, some are retreating, and others are taking a wait-and-see approach [1] Group 1: Optimists ("坚守者") - The AI industry is still in its early development stage, and significant growth in AI applications is expected in the coming years, leading to a positive cycle of capital investment and revenue [2] - Domestic companies are expected to increase their capital expenditure on AI, with Alibaba planning to invest 380 billion yuan over three years, indicating substantial growth potential compared to international counterparts [2][3] - Despite discussions about AI bubbles in overseas markets, there are no such concerns domestically, and funds continue to flow into AI-related investments, with a recent net subscription of 4.868 billion yuan for AI-themed ETFs [3] Group 2: Retreaters ("撤退者") - The rapid rise in stock prices poses risks, and some fund managers have reduced their positions in technology stocks after observing that strong earnings reports did not lead to expected stock price increases [4] - As of the end of Q3, public funds' allocation to technology sectors reached 40.16%, indicating a historically high level of investment in this area [4] - The concentration of holdings in technology stocks is at a high level, with significant over-allocations in the electronics and communications sectors, exceeding 10% [4][5] Group 3: Observers ("观望者") - Many fund managers are currently undecided about whether to increase or decrease their positions in technology stocks, as they face profit-taking challenges [7] - There has been a marked increase in institutional research on technology sectors, with over 2,000 instances of institutional inquiries in semiconductor, electronic equipment manufacturing, and computer software industries in the past month [7] - The focus is shifting towards the performance and core business development of technology companies, with a heightened sensitivity to earnings and valuation expectations [7]

Core Viewpoint - As the year-end approaches, institutional investors are adjusting their portfolios, with a notable divergence in views on technology stocks, where some remain optimistic, some are retreating, and others are taking a wait-and-see approach [1] Group 1: Optimists ("坚守者") - The AI industry is still in its early development stage, and significant growth in AI applications is expected in the coming years, leading to a positive cycle of capital investment and revenue [2] - Domestic companies are expected to increase their capital expenditures on AI, with Alibaba planning to invest 380 billion yuan over three years, indicating substantial growth potential compared to international counterparts [2][3] - Despite discussions about AI bubbles in overseas markets, there are no such concerns domestically, and funds continue to flow into AI-related investments, with a recent net subscription of 4.868 billion yuan for AI-themed ETFs [3] Group 2: Retreaters ("撤退者") - Rapid stock price increases pose risks, and some fund managers have reduced their positions in technology stocks after observing that strong earnings reports did not lead to expected stock price increases [4] - As of the end of Q3, public funds' allocation to technology sectors reached 40.16%, indicating a historically high level of investment in technology stocks [4] - The concentration of holdings in technology stocks is at a high level, with significant over-allocations in the electronics and communications sectors, exceeding 10% [4] Group 3: Observers ("观望者") - Many fund managers are currently undecided about whether to increase or decrease their positions in technology stocks, having recently entered the market and now facing profit-taking [7] - There has been an increase in institutional research on technology sectors, with over 2,000 instances of institutional inquiries in semiconductor, electronic equipment manufacturing, and computer software industries in the past month [7] - The focus is shifting towards the quality of technology stocks, with a heightened sensitivity to earnings performance and capital expenditure plans impacting stock price volatility [7]