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。 ...

来源：智通财经 智通财经11月18日讯（编辑 胡家荣）近日港股市场持续震荡，同时市场卖空动作同样活跃。根据相关 数据统计，恒生指数的卖空比率从10月28日的14.78%升至11月17日的22.41%。 卖空活跃度显著上升 科技股成为重灾区 这一现象不仅体现在大盘指数上，更在个别明星股上表现得尤为突出。 腾讯的卖空比例从10月28日的11.49%上升至11月17日的13.98%，其卖空股数在11月14日更是达到362.84 万股，创下10月30日以来新高。 | 日期： | 周末总服本(万服) | 区间货空中显 | | 未零仓卖空调末值 | | | | 区间空层 | | 歷史版 酸/成交 :: | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 类空酸酸(万酸): | 含额(万元) : | 酸酸(万般): | 含额(万元): | 胶盘价(元): | 改良幅 : | 成交量(万服): | 雕交搬(万元): | | | 2025-11-17 | 914,477,00 | 192.85 | 122,847.79 | יי ...

近期国产AI主题再迎催化。2025年11月17日，某互联网龙头公司正式宣布大模型"千问"项目，全力进军 AI to C市场。当天，千问APP公测版上线，基于全球性能第一的开源模型Qwen3，凭借免费，以及与各 类生活场景生态的结合，与ChatGPT展开全面竞争，有望进一步强化国产AI大模型的全球竞争力。在此 催化下，资金积极关注相关产品布局，Wind数据显示，恒生科技ETF（513130）昨日逆势获4.81亿份净 申购，展现出市场对国产大模型未来发展的信心。 此外，扰动近期港股走势的海外因素有望逐步消减。消息面上美国政府已于当地时间2025年11月12日重 新开门，此前因停摆而推迟发布的关键经济数据将陆续披露，外部不确定性对市场的影响趋于收敛。与 此同时，多家港股科技公司近期发布的三季报业绩表现亮眼，反映出基本面改善的积极趋势。（截至 25/11/17） 作为布局港股科技板块ETF中的人气品种，恒生科技ETF（513130）在板块震荡期间持续获得资金关 注。从资金流向看，恒生科技ETF（513130）在11月以来的11个交易日中有10个交易日获资金净流入， 累计"吸金"25.89亿元，是同期A股市场所有跟踪恒 ...

人民网北京11月18日电(记者鲍聪颖)11月17日，第三届丰台区商业发展大会举办。活动现场，丰台区首个"吃住行 游购娱"全要素区域消费平台正式发布，消费者只需登录"精彩消费在丰台"微信小程序，就能一键解锁本地商家福 利、区域消费地图、热门活动查询等多项功能，实现消费资源精准对接。 本次大会由丰台区商务局主办、丰台区商业联合会承办，以"商业共生·协同发展—丰台区商业高质量发展新征 程"为主题，近10家行业协会、120余家商业品牌方、30家商业空间方及丰台26个街镇等多方代表参会，聚焦新业 态、新模式、新场景"三新"消费展开深度对话与资源对接，全面推动区域商业生态焕新升级。 记者了解到，该平台由值得买科技主导创立，是丰台首个"吃住行游购娱"全要素区域消费平台，丰台区商联会、 旅游服务协会、社体中心等行业组织协同发力赋能，助力平台实现消费者与优质消费资源的精准对接，为商家提 供了高效触达目标客群的数字化渠道。 市民只需登录"精彩消费在丰台"微信小程序，一键解锁本地商家福利、区域消费地图、热门活动查询等多项功 能，即刻开启"丰彩之旅"。作为一站式全域数字化惠民服务平台，该平台已收录企业超1717家，共同为市民打造 便 ...

Core Viewpoint - Kunlun Wanwei's stock price increased by 5.01% to 42.76 CNY per share, with a trading volume of 2.303 billion CNY and a market capitalization of 53.679 billion CNY as of November 18 [1] Company Overview - Kunlun Wanwei Technology Co., Ltd. is located in Beijing and was established on March 27, 2008, with its IPO on January 21, 2015 [1] - The company's main business includes comprehensive internet value-added services and new energy investment [1] Revenue Composition - Revenue breakdown: - Online advertising: 38.37% - Opera search business: 18.51% - Short drama platform: 15.61% - Overseas social networking: 13.92% - Gaming: 6.40% - Xianlai social entertainment platform: 4.27% - AI software technology: 1.75% - Other businesses: 1.16% [1] Shareholder Information - Among the top ten circulating shareholders, the Jiashi Fund has a new entry with Jiashi CSI 300 ETF (159919), holding 6.9589 million shares, representing 0.55% of circulating shares [2] - The estimated floating profit for Jiashi CSI 300 ETF today is approximately 14.1961 million CNY [2] Fund Performance - Jiashi CSI 300 ETF was established on May 7, 2012, with a latest scale of 199.695 billion CNY [2] - Year-to-date return is 19.66%, ranking 2698 out of 4212 in its category; one-year return is 18.72%, ranking 2549 out of 3956; since inception return is 122.54% [2] Fund Manager Information - Fund manager He Ru has a tenure of 11 years and 197 days, with a total fund size of 223.843 billion CNY and a best return of 190.31% during his tenure [3] - Fund manager Liu Jiayin has a tenure of 9 years and 242 days, with a total fund size of 225.744 billion CNY and a best return of 170% during her tenure [3]

Core Viewpoint - UBS Investment Bank's China equity strategy head Wang Zonghao predicts a prosperous year for the Chinese stock market in 2026, driven by several favorable factors continuing from 2025, including advancements in innovation, particularly in AI, supportive policies for private enterprises and capital markets, ongoing fiscal expansion, ample liquidity under loose monetary policy, and potential capital inflows from domestic and foreign institutional investors [1] Group 1: Market Drivers - Continued development in innovative sectors, especially AI, is expected to support the market [1] - Supportive policies for private enterprises and capital markets will play a crucial role [1] - Ongoing fiscal expansion and sufficient liquidity due to loose monetary policy are significant factors [1] - Potential capital inflows from domestic and foreign institutional investors are anticipated [1] Group 2: Earnings and Valuation - Unlike the substantial valuation increases seen this year, 2026's stock performance is expected to be more driven by earnings [1] - Projected earnings per share growth of 10% is anticipated, supported by "anti-involution" measures and a decrease in depreciation and amortization expenses [1] - The target for the MSCI China Index by the end of 2026 is set at 100, indicating a 14% upside from current levels [1] Group 3: Sector Preferences - The outlook remains positive for sectors such as internet, hardware technology, and brokerage firms [1] - High-dividend stocks that are experiencing declining yields have been removed from consideration [1] - As global growth improves, some "overseas" stocks are expected to be included in the investment strategy [1]

Group 1 - The Hong Kong Internet ETF (513770) has seen a slight decline while continuing to attract significant buying interest, with nearly 1.3 billion yuan net inflow over the past 20 trading days, indicating strong investor confidence in the AI sector's growth potential [1] - Berkshire Hathaway, led by Warren Buffett, has recently increased its stake in Alphabet, marking it as its tenth largest holding, which shifts global market focus from AI computing power to AI models and applications [1] - The Hong Kong Internet sector, which includes leading companies across the AI value chain, is one of the hottest segments in the current AI market, encompassing computing power, large models, software applications, and hardware terminals [1] Group 2 - Major Chinese companies like Alibaba and Tencent are leading in multimodal large models, with significant advancements in both software and hardware sectors, positioning them to benefit from the AI industry transformation [2] - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, heavily weighted towards leading internet firms, with Alibaba, Tencent, and Xiaomi as the top three holdings, collectively accounting for over 73% of the top ten positions [2] - The latest scale of the Hong Kong Internet ETF exceeds 11.6 billion yuan, with an average daily trading volume of over 600 million yuan, providing good liquidity and supporting T+0 trading without QDII quota restrictions [2]

Core Viewpoint - UBS Investment Bank's China equity strategy head Wang Zonghao forecasts a prosperous year for the Chinese stock market in 2026, driven by factors such as innovation development and supportive policies for private enterprises and capital markets [1] Group 1: Market Outlook - The MSCI China Index is projected to reach a target of 100 by the end of next year, indicating a 14% upside from current levels [1] - Factors supporting the market include continuous fiscal expansion, ample liquidity under loose monetary policy, and potential capital inflows from domestic and international institutional investors [1] Group 2: Earnings and Sector Focus - Earnings growth for Chinese companies is expected to be around 10% in 2026, driven by anti-involution measures and a decrease in depreciation and amortization expenses [1] - The focus is on sectors such as internet, hardware technology, and brokerage firms, while high-dividend stocks are being removed from the watchlist due to declining yields [1] Group 3: Global Influences and Technology Sector - The potential pullback in global AI-related stocks may negatively impact Chinese tech stocks; however, certain factors may mitigate this effect [1] - The correlation between Chinese and global AI stocks is lower than that of other emerging markets like South Korea, and the domestic substitution process in the tech industry is unlikely to be affected by a slowdown in the global tech sector [1] - Chinese tech stocks are still valued lower than their global peers [1]

细分业务表现方面，今年三季度，搜狐公司营销服务收入为1400万美元；在线游戏收入为1.62亿美元。 "搜狐媒体平台方面，我们持续优化产品，整合资源，更好地满足用户需求，提升用户体验。与此同时，依托于我们的产品矩阵及特色活动，我们始终致 力于生产和分发多样化的优质内容，持续为平台注入活力。我们不断通过差异化优势及独特的IP，获取更多商业化机会。"张朝阳进一步指出，"在线游戏 业务方面，得益于我们对用户需求的精准把握和多年运营经验，新老游戏均有出色表现。" 此外，根据搜狐公司此前宣布的总金额最高1.50亿美元的美国存托股票回购计划，截至2025年11月13日，搜狐已经回购了760万股搜狐美国存托股票，总 金额约9700万美元。 11月18日，在超预期三季报驱动下，搜狐公司股价应声大涨，盘中该股表现强劲，涨幅一度超过11%，最终收盘报15.36美元，涨幅达7.26%。 11月17日，搜狐公司公布2025年第三季度财务报告。财务数据显示，今年三季度，搜狐公司总收入为1.80亿美元，同比增长19%；归于搜狐公司的非美国 通用会计准则净利润为900万美元，同比扭亏为盈。 搜狐创始人、董事局主席兼首席执行官张朝阳博士评论： ...