Core Insights - Bilibili's Q3 2025 revenue reached 7.69 billion yuan, a 5% year-on-year increase, meeting expectations; adjusted net profit was 790 million yuan, significantly exceeding Bloomberg consensus by 22%, with a profit margin of 10.2%, continuing to improve quarter-on-quarter [1][2] User Metrics - Monthly Active Users (MAU) grew by 8% year-on-year to 376 million, maintaining an 8% growth rate for three consecutive quarters; Daily Active Users (DAU) increased by 9% to 117 million, with a D/M ratio rising to 31%; average daily usage time per user reached 112 minutes, up by 6 minutes year-on-year, indicating strong user engagement [1][2] Revenue Breakdown - Advertising revenue accelerated with a year-on-year growth rate of 23%, surpassing expectations; game revenue declined by 17% year-on-year, in line with expectations; value-added services revenue grew by 7% year-on-year, below expectations, with significant growth in premium membership driven by quality content [1][2] Operational Efficiency - Gross margin stood at 36.7%, meeting expectations and marking the 13th consecutive quarter of improvement; total operating expenses decreased by 6% year-on-year, with management and R&D expenses stable, while sales expenses dropped by 13% due to reduced game promotion [2] Mid-term Growth Drivers - Mid-term profit growth is supported by a healthy community ecosystem, confirmed advertising monetization potential, and effective cost control; potential growth drivers include community monetization through gaming and AI applications enhancing content and advertising efficiency [2] Profit Forecast Adjustments - The adjusted net profit forecast for 2025 is raised to 2.569 billion yuan from 2.452 billion yuan; slight downward adjustments for 2026-2027 net profit forecasts to 3.018 billion and 4.052 billion yuan respectively, reflecting expectations for new game launches [3] Investment Rating - The company maintains a "buy" rating, emphasizing the long-term value of its highly engaged young community [3]

Core Viewpoint - UBS's report on the outlook for the Chinese stock market in 2026 indicates a shift from valuation-driven growth in 2025 to earnings improvement as the main driver for market performance in 2026, with a target for the MSCI China Index set at 100 points, representing a potential increase of approximately 14% from the closing level on November 14, 2025 [1][2]. Earnings Improvement as Key to Market Performance - The main upward momentum for the Chinese stock market in 2025 was driven by valuation recovery, but in 2026, the focus will shift to earnings growth, with an expected 10% increase in overall EPS for MSCI China Index constituents [2]. - The "anti-involution" effect driven by policy changes is expected to contribute approximately 3 percentage points to EPS growth in 2026, as regulatory measures promote orderly competition and improve resource allocation [2][3]. - A decline in depreciation and amortization is anticipated to support profit margins, as capital expenditure shifts from expansion to efficiency [3]. - Continuous optimization of cost structures in technology, internet, and advanced manufacturing sectors will enhance earnings sustainability and certainty [4]. Industry Allocation Recommendations - UBS recommends focusing on five key sectors for investment based on earnings certainty, policy support, and global market share enhancement: - **Technology Hardware**: Demand for servers, storage, and optical modules remains strong, with Chinese supply chains gaining competitiveness [5]. - **Internet Sector**: Recovery in advertising, e-commerce, and local services, combined with improved cost structures and cash flow among industry leaders, makes this sector attractive [6]. - **Brokerage Sector**: With capital market reforms and increased trading activity, brokerage firms are expected to see improvements across various business lines [7]. - **Photovoltaic Supply Chain**: Following a supply clearing in 2025, profitability in this sector is expected to improve significantly due to rising global demand for renewable energy [8]. - **"Going Global" Enterprises**: High-quality leading companies in appliances, automotive, consumer electronics, and machinery are expected to enhance their global market share [9]. External Risks and Valuation Advantage - UBS identifies two potential risks for the global market in 2026: potential valuation corrections in AI-related stocks and possible fluctuations in US-China relations affecting market sentiment [10]. - However, the sensitivity of Chinese stocks to these risks is considered limited, with lower correlation to global AI giants and a more favorable valuation position compared to other major markets [11][12]. Market Outlook - The Chinese stock market in 2026 is expected to exhibit structural opportunities rather than rapid unilateral trends, driven by improving fundamentals, stable policies, and deepening capital market reforms [13].

格隆汇11月18日｜根据交易所备案文件，Tera Yatirim Teknoloji Holding的子公司Tera Turizm签署了收购 DLT Turizm的协议，后者拥有tatilsepeti.com网站。收购须获得反垄断批准和其他先决条件。 ...

该模型核心突破在于 "单初始数据点生成数百种天气结果"，包括台风、强降雨等低概率灾难性事件。 此前这类预测需超级计算机运行数小时，如今通过单台TPU仅需1分钟即可完成，且分辨率最高达1小时 级，可覆盖风速、降水量、气压等多项关键变量。 性能测试显示，WeatherNext 2在99.9%的气象变量（气温、湿度等）和0-15天预报时效上，均超越谷歌 前代模型。目前，该模型已整合至谷歌核心预报系统，用户可在Pixel天气、谷歌搜索、Gemini中体 验，后续还将登陆谷歌地图。（旺旺） 【环球网科技综合报道】11月18日消息，据外媒9to5google报道，谷歌DeepMind与谷歌研究院日前联合 推出新一代AI天气预报模型WeatherNext 2，号称"最先进、最高效"，其不仅将预报生成速度提升8倍， 还能精准预测低概率灾难性天气，目前已落地谷歌全系消费级应用。 来源：环球网 ...

舒爱民 当前，"外包"用工在互联网、金融、制造业等行业不同程度存在。外包员工常常与正式员工承担相 同的工作，却在权限、福利待遇等方面有较大差异。一些企业为追求组织弹性与成本控制，将一些员工 冠以"外包"的名，却让他们干着"派遣"的活，规避法律责任，损害了劳动者权益。这种将"外包"异化为 隐性侵权的做法，不仅背离了劳动公平的初衷，更暴露出当前用工制度中的深层病灶，亟需社会警觉与 制度纠偏。 本版专栏文章仅代表作者个人观点 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 破解这一困局，必须从制度、监管与企业责任三方面协同发力。首先，立法部门应尽快出台劳务外 包专项管理规定，确立"实质重于形式"的认定原则。只要企业对外包员工实施日常管理、绩效考核、工 作安排等实质性控制，就应视为事实劳动关系，承担相应法律责任。其次，劳动监察部门应加强联合执 法，严查"假外包、真派遣"行为，对恶意规避责任 ...

Core Insights - The three major indices declined, but Chinese concept stocks showed resilience, particularly Alibaba, which announced its entry into the AI to C market with the launch of the "Qianwen" project [1][2] - The Chinese Internet ETF (513220) experienced a net inflow of 44.81 million yuan over two days, marking a year-to-date increase of over 78.81% in its shares, making it the only passive index fund in its category to show positive growth this year [1] Company Performance - Alibaba's stock rose by 2.54%, and its AI and cloud capital expenditure reached a record high of 38.6 billion yuan for the first quarter of the 2026 fiscal year, with cloud revenue growth accelerating to 26%, the highest in three years [1] - Tencent reported a 15% year-on-year increase in total revenue for Q3, reaching 192.9 billion yuan, driven by strong growth in gaming revenue, leading to an upward revision of revenue forecasts for 2025-2027 by 3% to 5% [2] Industry Trends - Major internet companies like Tencent, ByteDance, and Baidu are accelerating their investments in the AI sector, indicating a competitive landscape [2] - The Chinese Internet ETF tracks the global Chinese Internet index, selecting 30 large-cap internet companies, with the top ten holdings accounting for over 85% of the index [2]

Core Insights - The article highlights the unique phenomenon of Chinese companies expanding globally, with international chains selling stakes in their Chinese operations to local firms, while Chinese brands like Mixue Ice City, Pop Mart, and Miniso establish their presence in various overseas markets [1] Group 1: Chinese Companies' Global Expansion - Chinese chain businesses are leveraging their accumulated advantages to expand internationally, showcasing a distinctive global outreach [1] - The rise of Chinese companies in the global market is attributed to the long-term accumulation of unique advantages, including a large domestic market and a culture of entrepreneurship [2] Group 2: Digital Infrastructure and Innovation - China's commitment to building a digital society has resulted in advanced infrastructure that supports various market needs, such as communication, mobile payments, logistics, and e-commerce [2] - The large pool of programmers and a young workforce provide cost advantages and human resource support for digital business development [2] Group 3: Manufacturing and Supply Chain - As the world's largest manufacturing country, China offers diverse manufacturing services, allowing entrepreneurs to efficiently combine smart manufacturing and flexible supply chains with consumer brands [2] - The robust supply chain system supports innovation and enables companies to produce high-quality, cost-effective products [2] Group 4: Market Size and Consumer Culture - China's vast market size and consumer culture that embraces new ideas create a large "application testing ground" for business innovations [2] - The digitalization of businesses allows for rapid expansion at low costs, with the ability to optimize products quickly based on user feedback and data [2] Group 5: Competitive Advantage in Global Markets - Compared to many countries, China possesses a unique combination of advanced digital economic infrastructure, a complete manufacturing system, and a large market, giving Chinese companies a competitive edge when expanding abroad [3] - Chinese companies like Douyin and Kuaishou have defined the global short video era, influencing social media trends and consumer behavior worldwide [3] Group 6: Integration of Manufacturing and Internet - China is the only country capable of deeply integrating super manufacturing capabilities with a highly developed internet, achieving large-scale commercialization [4] - This integration challenges companies to enhance supply chain efficiency and user insight while continuously evolving through trial and error [4] Group 7: New Business Ecosystem - The emergence of "new business species" is rooted in a new digital and integrated innovation ecosystem, resulting from the combination of proactive government policies and effective market dynamics [5]

来源：智通财经 周一，金融市场面临又一轮猛烈的抛售，席卷了从黄金到加密货币再到此前高飞的科技股在内的诸多资 产，并将道指拖入了自今年四月特朗普关税风波以来最糟糕的三日连跌。 智通财经周一早间就曾介绍过，过往当其他资产走弱时，投资者往往会转向黄金寻求更安全的资金"避 风港"。然而，本月的情况却并非如此——近期，黄金与美股常常出现同步下跌的情况，一些业内人士 已开始担心，这可能暗示市场正面临更为严峻的局面，尤其当这意味着投资者无处可寻避风港时…… 本月以来，美股市场的震荡已持续加剧，因科技巨头们宣布巨额资本支出计划，而这些计划日益依赖于 发行大量债务。交易员的忧虑情绪已将华尔街的"恐慌指数"——芝商所波动率指数VIX，推升至了四月 特朗普"解放日"关税公告以来的最高水平之一。 高盛资产管理公司全球量化投资策略联席主管Osman Ali表示，"尽管(AI领域的)赢家应该会多于输家。 但同时很明显，有些企业将无法在这个新世界中竞争。" 行情数据显示，截至周一收盘，科技股占比较高的纳斯达克指数周一下跌0.8%，标普500指数下跌 0.9%。道琼斯工业平均指数下跌1.2%，跌幅达557点。 即便是股神巴菲特"破天荒"对谷 ...

Group 1 - Ctrip Group-S (09961) reported a net operating revenue of 18.3 billion RMB (approximately 2.6 billion USD) for Q3 2025, a 16% increase year-on-year [1] - XPeng Motors-W (09868) experienced a decline of over 9% post-earnings, with Q3 revenue at 20.38 billion RMB, a 102% year-on-year growth, but slightly below market expectations of 20.45 billion RMB [1] - BeiGene (06160) saw a 2.32% increase following positive results from its Phase III HERIZON-GEA-01 study [1] - Kinko Service (09666) surged over 17% after resuming trading, with a revised offer price of 6.67 HKD per share contingent on shareholder approval for delisting [1] Group 2 - Gold stocks continued to decline, with Lingbao Gold (03330) down 6.91% and Tongguan Gold (00340) down 4.66%, as gold prices fell for the fourth consecutive day [2] - Joy City Property (00207) rose 1.67% after announcing plans to withdraw its listing status on November 27 [2] - Semiconductor stocks performed well, with Hua Hong Semiconductor (01347) up 4.45% and SMIC (00981) up 1.58%, indicating high demand with a 95.8% capacity utilization rate in Q3 [2] - Guangzheng Education (06068) fell nearly 10%, projecting a net profit of approximately 37.7 million RMB for the fiscal year ending August 31, 2025, down from 96.4 million RMB in the previous year [2] Group 3 - Coal stocks faced declines, with Yanzhou Coal Mining (01171) down 4.7% and China Shenhua Energy (01088) down 3.59%, despite a quarter-on-quarter recovery in coal prices [3] - Hong Kong Travel (00308) dropped over 17% following the announcement of a cash distribution plan related to its private company shares [4] Group 4 - Dell Technologies (DELL.US) fell 8.43% after Morgan Stanley downgraded its stock rating from "Overweight" to "Underweight," raising concerns about its earnings outlook [5] - XPeng Motors (XPEV.US) dropped 10.32% as its Q3 revenue fell short of market expectations [5] - Lithium stocks surged, with Sigma Lithium (SGML.US) up 32.34%, driven by strong demand rather than supply disruptions [5] - Sohu (SOHU.US) rose 7.26% with a Q3 revenue of 180 million USD, a 19% increase year-on-year [6] - Quantum Computing (QUBT.US) increased 8.49% after reporting better-than-expected earnings and outlining a roadmap for mass production [6] - Google (GOOGL.US) gained 3.11% following Berkshire Hathaway's new investment in Alphabet [6] - Alibaba (BABA.US) rose over 2.54% after announcing its entry into the AI to C market with the "Qianwen" project [6]

消息面：搭载祖冲之三号同款芯片的超导量子计算机天衍-287已完成搭建。阿里巴巴正式宣布千问项目，全 力进军AI to C市场，当天千问APP公测版上线。华为将在11月21日发布AI领域的突破性技术，是通过软件创 新实现英伟达、昇腾及其他三方算力的统一资源管理与利用，屏蔽算力硬件差异，为AI训练推理提供更高效 的资源支撑。 低开低走后探底回升，但整体依然弱势，截止午盘三大指数集体收跌。其中沪指下跌0.43%，深成指下跌 0.35%，创业板指下跌0.8%。两市合计超2900只个股下跌，合计成交额1.27万亿。 福建板块再度爆发，其中厦工股份、平潭发展等10余股涨停。AI应用概念快速走强，包括三六零等在内的多 股涨停。军工板块延续强势，其中航天发展2连板。锂矿概念表现活跃，其中大中矿业3连板。 贵金属大幅低开后始终维持在低位盘整，截止午盘大跌2.56%、其中招进黄金大跌4.01%，湖南白银下跌 3.94%，赤峰黄金下跌3.1%，西部黄金、晓程科技等多股跌幅均在2%上方。医药股出现分化，其中济民健 康、药易购大幅下挫。 ...