11月18日，香港恒生指数收跌1.72%，恒生科技指数跌1.93%。 个股方面，小鹏汽车跌逾10%，联想集团跌超4%，蔚来、快手跌超3%，腾讯音乐、理想汽车、小米集团等跌超2%，百度健康、阿里健康等跌超1%， 京东健康、阿里巴巴等小幅下跌；华虹半导体涨逾3%，中芯国际、携程集团涨超1%。 编辑 ｜ 钉钉 | 代码 | 名称 | 现价 | | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 25930.03c -454.25 | | -1.72% | 2421亿 | | HSTECH 恒生科技 | | 5645.73c -111.15 | | -1.93% | 763亿 | | HSBIO | 恒生生物科技 | 15693.14c -266.15 | | -1.67% | 90亿 | | HSCEI | | 恒生中国企业指数 9174.84c -153.56 | | -1.65% | 925亿 | | HSCI | 恒生综合指数 | 3978.94c | -73.42 | -1.81% | 1793亿 | 新能源车题材领跌，钢铁、 ...

但该人士也表示，本次调整只涉及"工程技术团队"，此前消息中所说的"技术团队整合"扩大了调整范 围，"是不准确的"。 据官方介绍，字节中国交易与广告部门基于个性化推荐、深度学习和大模型技术，依托抖音、今日头 条、西瓜视频、番茄小说等多元产品，构建抖音电商、生活服务、广告营销等核心营收业务的算法策略 和工程架构。 （文章来源：每日经济新闻） 每经北京11月18日电（记者李宇彤）11月18日，有消息称字节跳动近日把商业化、电商和生活服务的技 术团队进行整合，成立了中国交易与广告部门，由抖音生服技术负责人王奉坤负责。 就此，字节跳动内部人士向《每日经济新闻》记者证实，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，11月17日，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"。 ...

Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down by 0.81%, the Shenzhen Component down by 0.92%, and the ChiNext Index down by 1.16% on November 18, 2025. The total trading volume in the Shanghai and Shenzhen markets reached 1.9261 trillion yuan [1]. ETF Performance - The top-performing ETFs included the Soybean Meal ETF with a gain of 2.44%, followed by Media ETFs and Semiconductor Equipment ETFs, which also showed significant increases [2][3]. - Specific ETFs leading the gains were the Media ETF (512980) and the Semiconductor Equipment ETF (561980), among others, indicating strong interest in these sectors [3]. Industry Developments - Alibaba announced the public beta launch of its AI product "Qianwen" APP, which is based on its self-developed large model and adopts a free strategy. This move signifies a shift in Alibaba's AI strategy from enterprise services to the consumer market, intensifying competition in the domestic C-end AI application market [3]. - Dongfang Caifu Securities expressed optimism about the rapid development of leading internet technology companies and the media sector, particularly benefiting from favorable policy changes. The report highlighted potential investment opportunities in gaming companies with rich product pipelines, film companies benefiting from policy support, and advertising firms focusing on interactive new scenarios and programmatic advertising [3]. Battery Sector Insights - In the battery sector, solid-state batteries are gaining attention due to their high energy density, safety, and long cycle life. Major global battery manufacturers are expected to enter mass production between 2027 and 2028, with some already shipping related equipment and validating processes with downstream clients. Companies with complete line delivery capabilities and those benefiting from process changes are recommended for attention [4]. Trading Activity - The Short-term Bond ETF (511360) recorded the highest trading volume of 18.5 billion yuan, followed by other bond ETFs such as the Silver Hua Daily ETF (511880) and the Sci-Tech Innovation Bond ETF (551060) [5]. - The 5-Year Local Government Bond ETF (511060) had the highest turnover rate at 180%, indicating strong trading activity in this segment [5]. ETF Issuance Market - There were no new developments reported in the ETF issuance market for the following day [6].

Group 1 - The core viewpoint of the report is that Alibaba's strong execution, business synergy, and comprehensive technology product system position it as a key beneficiary in the AI sector, reaffirming it as a preferred stock with a "buy" rating [1] - Alibaba has launched its flagship AI application "Qianwen APP," which serves as its official AI assistant, featuring dialogue Q&A, intelligent writing, and multi-modal camera functions, providing a competitive advantage over ChatGPT's third-party application integration [1] - According to Omdia, the AI cloud market in China reached 22.3 billion RMB in the first half of this year, with Alibaba holding a 35.8% market share, indicating that new consumer initiatives will drive long-term revenue growth [1] Group 2 - Alibaba is set to announce its Q2 2026 earnings on November 25, with expectations of a 3.6% year-on-year revenue growth, primarily driven by incremental contributions from instant retail [2] - Customer management revenue (CMR) is projected to grow by 10% year-on-year, remaining consistent with the previous quarter [2] - Instant retail revenue is expected to reach 26.9 billion RMB, reflecting an 83% year-on-year increase, while cloud and international e-commerce businesses are anticipated to grow by 26% and 19% year-on-year, respectively [2] - The adjusted EBITDA for the group is expected to decline by 61% year-on-year to 15.9 billion RMB, with non-GAAP net profit projected to decrease by 54% to 16.8 billion RMB [2]

本报讯 （记者梁傲男）11月18日，阿里巴巴新推出的AI应用千问APP，在公测上线次日便迅速冲入苹 果App Store免费应用总榜第四位，排名超越DeepSeek。其火爆人气一度导致服务器拥堵，"阿里巴巴千 问崩了"的话题登上热搜，官方则以"我好着呢"幽默回应，侧面印证了其公测首日的火热流量。 阿里方面表示，千问APP的战略目标是打造未来的"AI生活入口"，成为一个"会聊天能办事"的个人AI助 手。除了智能对话，"能办事"将是其核心发力点。目前，千问已能实现一句指令生成PPT等复杂任务， 并在实盘投资大赛中战胜过全球顶级模型。据透露，阿里计划将地图、外卖、订票、办公等各类生活场 景全面接入千问，构建更强大的办事能力。 千问APP的底气源于阿里Qwen系列开源大模型的强大性能和广泛影响力。自2023年全面开源以来， Qwen模型全球下载量已突破6亿次。近期发布的旗舰模型Qwen3-Max，在性能上已超过GPT-4、Claude 3 Opus等国际顶尖模型。 此次发布标志着阿里正全力进军AI to C市场。11月17日，阿里巴巴正式宣布"千问"项目，并将其视 为"AI时代的未来之战"。千问APP主打免费，并计划 ...

对于相关消息，字节跳动内部人士证实，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，11月17日，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"。（罗宁） 新浪科技讯 11月18日下午消息，据媒体报道，字节跳动近日把商业化、电商和生活服务的技术团队进 行整合，成立了中国交易与广告部门，由抖音生服技术负责人王奉坤负责。相关报道称，王奉坤是字节 早期员工，他2014年2月加入字节，是字节广告系统前三号工程师，后来逐渐成长为字节广告技术负责 人。 责任编辑：何俊熹 ...

01 全球视野：无缝衔接40多个市场，捕捉投资机会 来源：新浪港股 全球金融市场波动加剧，港股市场机遇与挑战并存，你的掌上方寸之间藏着一位专业投资伙伴。 数字金融时代，港股市场以其国际化、高透明度和大量优质新经济公司的特点，正吸引越来越多投资者 的目光。 然而与A股市场相比，港股市场规则更复杂、信息渠道更多元、波动也更剧烈。在这场智能工具的技术 革命中，新浪财经APP从众多交易软件中脱颖而出，成为港股投资者不可或缺的"数字军师"。 港股投资不能孤立看待，全球市场联动已成常态。新浪财经APP以"全球监控×智能工具×社交验证"的三 维架构奠定了行业领军地位。 这款APP覆盖40多个全球市场实时行情，实现港股、美股、期货无缝衔接。这种广度远超同类产品，让 投资者能够实时捕捉全球市场波动带来的机会。 其"多市场联动看盘"功能极具颠覆性：当用户查看港股美团-W时，屏幕同步显示纳斯达克中概股走势 与A股消费板块联动效应，跨市场套利机会一目了然。 当多数平台因流量过载延迟1-2秒时，新浪财经用户仍能实时捕捉腾讯、美团等蓝筹股的细微价差。这 种毫秒级行情更新确保决策零延迟，成为港股投资者的"数字跑道"。 02 AI决策革命： ...

华尔街金融巨头摩根士丹利最新发布的一份研报显示，在特朗普政府2025年通过的OBBBA减税法案(即所谓的"大而美"法案)将从2026年开始强劲推动经济增 长效应，叠加特朗普关税政策带来的物价上扬最终被证实为暂时性的通胀扰动直至短期通胀逐渐消散，以及微软、谷歌等科技巨头们围绕AI算力基础设施 为核心的AI数据中心建设进程如火如荼，将共同带动美国经济在2026年呈现出"金发姑娘式的软着陆"的这一温和增长宏观环境。 大摩宏观分析师团队表示，预计2025年美国实际GDP同比增长1.6%(当年四季度的实际GDP相对上一年四季度的增速)，预计2026年实际GDP同比增1.8%，以 及2027年有望同比增长2%，按照大摩的最新展望，这些实际GDP增速预期意味着美国经济终将实现美联储官员们心心念念的美国经济金发姑娘式软着陆蓝 图。 | Exhibit 1: US Economics Year-Ahead Outlook: Forecast Summary | | --- | | Q4/Q4 % change, unless noted | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

预计2026年股价表现更多将由盈利驱动。预计2026年每股收益将增长10%，由反内卷措施和折旧摊销费 用下降所拉动。看好互联网、硬件科技和券商，同时移除高股息股，因其收益率降低。随着明年全球增 长改善，加入看好部分"出海"股票。 11月18日，瑞银投资在2026年展望报告中指出，预计中国股市将迎来又一个丰年，因包括创新领域发展 等许多有利的驱动因素将继续支撑市场。MSCI中国指数明年末目标位为100，较当前有14%的上涨空 间。 ...

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index falling over 2% [1] - Major ETFs, particularly the Hang Seng Tech Index ETF (513180), followed the index's downward trend, with significant declines in stocks like XPeng Motors, Lenovo Group, BYD, JD Health, and Horizon Robotics [1] - Positive policy impacts are expected to benefit the Hong Kong stock market in the short term [1] Group 2 - As of November 17, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) is 22.26 times, lower than other major global tech indices [2] - The index valuation is at approximately the 24.73 percentile since its inception, indicating it is undervalued historically [2] - The Hang Seng Tech Index is in a historically low valuation range, highlighting its cost-effectiveness and potential for upward momentum due to its high elasticity and growth characteristics [2]