中银国际发表报告指，百度第三季业绩符合预期，新披露的AI驱动业务收入按年增长50%至96亿元，证 明了公司在AI商业化端的成果。该行指，公司正在持续获取其坚定执行AI策略而带来的正向效益的释 放，叠加由其充足的现金而潜在可能的加速股东反馈计划，维持"买入"评级，美股目标价由133美元上 调至137美元。 ...

Core Insights - Alibaba Hong Kong Entrepreneurs Fund (AEF) celebrates its 10th anniversary with total investments reaching $94 million (approximately HKD 733 million) and an expanded portfolio from 6 to 84 global startup projects [1] - AEF aims to be a significant player in the local startup ecosystem, promoting innovation both locally and globally [1] - The fund has nurtured 7 unicorn companies, including the first Hong Kong unicorn to be listed on NASDAQ, and has attracted over $2.8 billion in co-investments while creating over 2,200 jobs in Hong Kong [1] Investment Strategy - AEF operates similarly to traditional venture capital funds, seeking outstanding projects and leveraging Alibaba's resources to ensure their success [1] - After exiting investments, AEF reinvests all principal and returns into the next generation of innovative projects, creating a sustainable growth cycle [1] Global Expansion and Impact - AEF has expanded its reach to the Greater Bay Area and is gradually moving towards global markets, aiming to attract top startups and talent to Hong Kong [1] - The fund's efforts contribute to solidifying Hong Kong's position as a global innovation hub [1] Leadership Perspective - Alibaba co-founder and chairman Joe Tsai emphasizes AEF's commitment to driving innovation and fostering entrepreneurial spirit in Hong Kong and globally since 2015 [1] - The organization is dedicated to supporting the next generation of entrepreneurs and building a sustainable ecosystem that creates real value for society in a digital future [1]

摩根士丹利预测，AI购物代理（Agent）将成为电商新变革，到2030年可为美国市场带来最高1150亿美 元增量。这种能跨平台比价、自动下单的AI助手将重塑购物模式和广告格局。亚马逊、沃尔玛等拥有强 大基础设施的零售商将受益，而Etsy等高抽成平台面临挑战。 继ChatGPT之后，生成式AI的下一个重大突破——"网购Agent"时代即将到来。 11月17日，摩根士丹利发表研报，预测到2030年由AI驱动的个性化购物代理（Agent），可能为美国电 商市场额外带来高达1150亿美元的增量消费，占届时电商总支出的约6%，并为行业贡献超过100个基点 的年增长。 研报强调，并非所有零售商都能获益。 拥有强大基础设施、独特库存和创新能力的公司，如亚马逊、沃 尔玛等可能成为赢家。而依赖高抽成模式、产品同质化或严重依赖搜索流量的公司，如Etsy、 Chewy、Lululemon等则面临挑战。 此外，摩根士丹利认为流量入口将被重塑。 拥有巨大用户触达能力的平台（如META、YouTube）价值 将凸显，而零售媒体和开放式网络广告则面临流量被绕过的风险。 而搜索巨头谷歌高利润的搜索广告模式可能受到低佣金的Agent模式冲击， ...

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 ...

杰富瑞：将百度(BIDU.US)目标股价从157美元上调至159美元。 ...

Core Viewpoint - Citigroup's latest report initiates coverage on Zhibo City Technology Co., Ltd. (09911.HK) with a "Buy" rating, highlighting potential strong seasonal performance in Q4 2025 due to product annual gala and marketing activities [2] Group 1: Factors Driving Future Stock Performance - Four key factors are identified that may drive Zhibo City Technology's future stock performance: 1. Q3 2025 operational data exceeding expectations 2. Stronger seasonal performance in Q4 2025 influenced by annual gala and marketing activities 3. Expected announcement of commercialized new products 4. Potential inclusion in "Hong Kong Stock Connect" [2] Group 2: Revenue Growth and Business Contributions - For the first three quarters of 2025, total revenue is projected to reach between 4.91 billion to 4.99 billion yuan, reflecting a year-on-year growth of 37.6% to 39.9% [2] - The growth in innovative business is attributed to the contribution from "short dramas," with steady revenue growth from traffic monetization, social e-commerce, and the newly contributing short drama business [2] - The global short drama market is experiencing rapid growth, providing a broad development outlook for Zhibo City Technology's short drama business [2] Group 3: Operational Strategies and AI Integration - Zhibo City Technology's strong performance is supported by several factors: 1. Successful "product replication" strategy, particularly with SUGO 2. Solid growth in global markets, especially in the Middle East and North Africa, and Southeast Asia 3. Potential growth in gaming, social e-commerce, and short dramas 4. Validation of strategic investments 5. Empowerment of business through AI [3] - AI technology has been deeply integrated into Zhibo City Technology's operations, enhancing product efficiency through the self-developed multimodal algorithm model Boomiix, which improves social matching efficiency and operational intelligence [3]

摩根大通研究报告指出，哔哩哔哩第三季度广告收入同比增长23%，"双十一"期间广告收入同比增长 30%；日均活跃用户同比增长9%，付费会员数同比增长16%。营业利润率由第二季的7.8%提升至第三 季的9%。摩根大通维持"中性"评级，将H股目标价上调至210港元，美股目标价上调至27美元。 ...

截至2025年11月19日 13:33，中证港股通互联网指数下跌1.21%。成分股方面涨跌互现，迈富时领涨 5.17%，贝壳-W上涨0.80%，阿里巴巴-W上涨0.52%；小米集团-W领跌5.30%，第四范式下跌4.95%，众 安在线下跌4.25%。港股互联网ETF(159568)下跌1.01%，最新报价1.76元。拉长时间看，截至2025年11 月18日，港股互联网ETF近半年累计上涨7.16%。 流动性方面，港股互联网ETF盘中换手16.37%，成交5934.36万元，市场交投活跃。拉长时间看，截至 11月18日，港股互联网ETF近1年日均成交2.22亿元。 截至2025年11月19日 13:33，恒生科技指数下跌0.95%。成分股方面涨跌互现，携程集团-S领涨0.97%， 网易-S上涨0.93%，腾讯音乐-SW上涨0.62%；小米集团-W领跌5.30%，同程旅行下跌3.02%，地平线机 器人-W下跌2.75%。恒生科技指数ETF(159742)下跌1.37%，最新报价0.79元。拉长时间看，截至2025年 11月18日，恒生科技指数ETF近3月累计上涨4.43%。 流动性方面，恒生科技指数ETF盘中换手 ...

Industry Insights - The domestic demand for cranes in the Chinese engineering machinery industry continues to recover, with sales of truck-mounted cranes and crawler cranes increasing by 42% and 54% year-on-year in October, respectively, driven by energy projects and wind power installations [2] - Exports of various types of engineering machinery also performed strongly in October, except for aerial work platforms and truck-mounted cranes, confirming the previous view that non-earthmoving machinery demand is recovering and will act as a catalyst for the industry [2] - The report maintains a "Buy" rating for companies such as Zoomlion (1157 HK / 000157 CH), Sany Heavy Industry (600031 CH), and Hengli Hydraulic (601100 CH), while adopting a cautious stance on Zhejiang Dingli (603338 CH) due to the continued weakness in aerial work platform sales, which fell by 39% year-on-year in October [2] Company Insights - Pinduoduo (PDD US) reported a 9.0% year-on-year revenue growth in Q3 2025, reaching 108.3 billion RMB, slightly above Bloomberg consensus expectations, primarily driven by a 7% increase in transaction service fees [6] - Baidu (BIDU US) reported a core revenue of 24.7 billion RMB in Q3 2025, a 7.0% year-on-year decline, but slightly above market expectations, with non-GAAP operating profit showing a 67% year-on-year decline [7] - Trip.com Group (TCOM US) achieved a total revenue of 18.4 billion RMB in Q3 2025, a 15.5% year-on-year increase, exceeding both internal and market expectations, driven by strong operational leverage [8] - BOSS Zhipin (BZ US) reported a 13% year-on-year revenue growth to 2.16 billion RMB in Q3 2025, with non-GAAP net profit increasing by 34% to 999.2 million RMB, benefiting from effective control of sales and R&D expenses [10] - Xiaomi Group (1810 HK) saw a 22% year-on-year revenue growth in Q3 2025, driven by the rapidly growing smart electric vehicle business and resilient internet segment, despite pressures from rising memory costs [11] - Luckin Coffee (LKNCY US) anticipates continued revenue growth in FY26, driven by store expansion and new product strategies, despite a cautious outlook on same-store sales growth due to high base effects [12][13] - Guosheng Tang (2273 HK) is entering a phase of overseas expansion with the acquisition of a 100% stake in a Singapore-based TCM clinic, aiming for significant revenue growth in the overseas market by 2026 [17][18]

该行维持对其"买入"评级，H股目标价从150港元升至151港元，美股目标价由154美元升至155美元。 高盛发表研究报告指，百度第三季业绩大致符合预期，云业务增长稳健。集团首次披露AI相关业务表 现，着重展示AI技术赋能业务成果。管理层透露第三季AI新业务收入按年增长超过50%，规模已达约 100亿元，占总收入约40%。高盛预期，相关AI业务涵盖云基础设施、芯片、AI应用与代理，以至自动 驾驶，已充分反映百度跨生态系统的AI业务能力，预期集团净利润率亦将从第三季水平见底回升。 ...