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： ...

今日早盘，市场热点集中于科技方向，光刻机、半导体、AIGC、软件等概念表现活跃，截至10:30，恒 生科技指数、中证港股通互联网指数均下跌0.3%，跌幅较早盘低点大幅收窄，相关ETF获资金加仓，恒 生科技ETF易方达（513010）、港股通互联网ETF（513040）昨日净流入分别为2.2亿元和0.9亿元。 恒生科技ETF易方达（513010）、港股通互联网ETF（513040）分别跟踪上述指数，可助力投资者便捷 布局AI应用发展机遇。 消息面上，阿里巴巴昨日正式宣布"千问"项目，全力进军AI to C市场。当天，千问APP公测版上线，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。 （文章来源：每日经济新闻） 广发证券表示，AI应用正迎来关键变化，未来AI不仅将在对话、创作等传统任务中表现优异，更将深 入办公、购物、出行、健康等各类生活与工作场景，成为真正的系统级应用。与此同时，AI应用规模 化落地也将进一步推动算力消耗与基础设施需求增长。 恒生科技指数由港股上市公司中与科技主题高度相关的、市值最大的30只股票组成，中证港股通互联网 指数则由港 ...

该行微调对其2025至27年收入预测，以反映广告及其他收入优于预期，上调今年非通用会计准则(non- GAAP)盈测5%。该行对B站维持建设性看法，因广告增长具上行空间(属同业中最快之一)；及受惠经营 杠杆及成本控制具纪律，毛利率如期扩张，经营利润率迈向介乎15%至20%中期目标水平。 高盛发表报告指，哔哩哔哩正在维持具质素内容生态，具强劲用户连结，以及通过更佳广告转化及AI 技术以将流量变现，以及明年新游戏产品管线有望带动业务潜在上行。该行维持对其"买入"评级，H股 目标价由234港元升至240港元，美股目标价由30美元升至30.8美元。 ...

Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 26,172.27 points, down 212.01 points, a decline of 0.80% [1] - The Hang Seng Tech Index reported at 5,684.81 points, down 72.07 points, a decrease of 1.25% [2] Company Performance - XPeng Motors (09868.HK) saw a drop of over 7% in early trading. The company reported total revenue of RMB 20.38 billion for Q3, a year-on-year increase of 101.8%. The net loss attributable to ordinary shareholders was RMB 380 million (USD 50 million), compared to RMB 1.81 billion in the same period last year [4] - Leap Motor (09863.HK) experienced a decline of over 2%. The company announced a net profit of RMB 150 million for Q3 2025, with a total net profit of RMB 180 million for the first three quarters. The gross margin for Q3 was 14.5%, up 0.9 percentage points from Q2 2025, with total vehicle deliveries of 173,852 units and revenue of RMB 19.45 billion, a year-on-year growth of 97.3% [6] - Geely Automobile (00175.HK) reported Q3 2025 revenue of RMB 89.192 billion, a year-on-year increase of 27%. The net profit attributable to shareholders surged by 59% to RMB 3.82 billion [6] Sector Performance - The technology sector saw widespread declines, with Kuaishou, Tencent, NetEase, and Baidu all dropping over 1%. Alibaba opened down over 1% but quickly rebounded [7] - Insurance stocks opened lower, with AIA Group falling over 1%. Gold stocks also retreated, with Chifeng Jilong Gold Mining and Zijin Mining down over 2% [7] - The biopharmaceutical sector showed signs of recovery, with BeiGene and Zai Lab rising over 4%. The semiconductor sector strengthened, with Hua Hong Semiconductor and SMIC both up over 1% [7] Market Outlook - Morgan Stanley has set a mid-to-long-term target for the Hang Seng Index at 27,500 points, with a bullish scenario reaching 34,700 points and a bearish scenario potentially dropping to 18,700 points. This outlook considers potential liquidity improvements, such as the Federal Reserve possibly halting balance sheet reduction in December, along with the anticipated "spring rally" early next year. However, external factors like Federal Reserve policies and U.S. stock market volatility remain significant variables [8]

AI助理"千问App"在11月17日正式宣布公测。继AI基建、淘宝闪购后，这是阿里今年宣布的又一个战略 项目。 但把视野拉宽，会发现背后有一个大厂更在意的竞争变量——AI。复盘今年一整年，阿里每隔几个月 都会有关于AI的大动作。 年初，在发布自然季财报前，阿里宣布未来三年将投入超过3800亿元建设云和AI硬件基础设施。很 快，又在今年5月发布通义千问Qwen3大模型。 这些动作背后，DeepSeek时刻已经过去快一年，AI竞争走到今天，玩家不再是简单比拼问答，而是下 一个超级入口。 相比字节的抖音、腾讯的微信，阿里更需要这样一个改写牌局的入口。 千问App大众并不陌生，但这次再走上台前意义不同。相比一直冲在前面的夸克，通义千问算不上阿里 在C端的"一号位"。 业务表现上，千问App自上线后一直温吞，不如百度来得早，也不如豆包、元宝声量高。在一些机构出 具的典型工具类AIGC App排位中，表现并不突出。 在科技大厂必争的AI叙事里，这对通义千问还不够，对阿里更不够。 千问App对标ChatGPT只是名头，阿里对一个更大、更宽、更兼容的入口需求更实际。更大在于突破夸 克的年轻用户领域，更宽在于对各业务线的整合、 ...

研究美国股市图表形态的分析师敲响了警钟，他们担忧近期下跌可能演变为全面回调。 标普500指数（SPX）周一遭遇大幅抛售，自10月28日创下历史高点以来的跌幅扩大至3.2%，这是自2月 至4月暴跌以来，该指数从历史高点回落的最大幅度。这一基准指数139个交易日以来首次收于50日均线 下方，打破了本世纪以来第二长的高于该趋势线的纪录。 该指数还较6725点关口跌超50点，高盛资深交易员李·科珀史密斯（Lee Coppersmith）当日早些时候指 出，这一水平可能导致趋势跟踪量化基金（CTA）从买方转为卖方。 "市场表面之下正发生诸多不利变化，"波托马克基金管理公司（Potomac Fund Management）联合首席 投资官兼投资组合经理丹·鲁索（Dan Russo）表示，"若跌破50日均线的同时，市场广度持续恶化、更 多股票创出新低，情况将更令人担忧，这将预示更多抛盘即将到来。" 与标普500指数一样，纳指（IXIC）同样低于其50日均线，结束了自1995年10月2日结束的187个交易日 以来最长的连续高于50日均线的纪录。 "股市回调已然发生，我认为标普500指数将从当前水平进一步下跌，"万特罗布斯基表 ...

Core Viewpoint - The Hong Kong stock market continues to experience volatility, particularly in the tech sector, with major companies like Xiaomi and Kuaishou seeing declines, while Alibaba shows resilience [1][3]. Group 1: Market Performance - The Hong Kong stock market opened lower, with major tech stocks like Xiaomi Group-W down over 3% and Kuaishou-W down over 2% [1]. - The Hong Kong Internet ETF (513770) has seen a decline of 0.71%, marking three consecutive days of losses and reaching a new low in this adjustment phase [1]. - The index tracking the Hong Kong Internet sector has outperformed the Hang Seng Tech Index, with a year-to-date increase of 40.81% compared to 32.23% for the Hang Seng Tech [6]. Group 2: Investment Opportunities - Huatai Securities highlights that the low valuation of certain sectors presents short-term rebound opportunities, particularly in the AI industry chain, which has seen a decrease in crowding since July [3]. - The Hong Kong Internet sector is home to leading companies in the AI space, including Alibaba and Tencent, which are positioned to benefit from the ongoing AI transformation [3][4]. - Minsheng Securities expresses optimism about the revaluation of Chinese AI companies, particularly those with synergies in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, and Alibaba [3]. Group 3: ETF and Index Composition - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W (18.89%), Tencent Holdings (17.01%), and Xiaomi Group-W (10.05%) [4][5]. - The top ten holdings in the index account for over 73% of the total, focusing on AI cloud computing, large models, and various AI applications [4]. - The current P/E ratio of the CSI Hong Kong Internet Index is 24.44, significantly lower than that of the NASDAQ 100 (35.94) and the ChiNext Index (41.27), indicating a potentially attractive valuation [6].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2025-11-18 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251031 | 2025/10 | 制造业 PMI | % | 49.00 | 49.80 | 50.10 | | 20251031 | 2025/10 | 非制造业 PMI:商务活 动 | % | 50.10 | 50.00 | 50.20 | | 20251113 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10.60 | 11.50 | 12.80 | | 202511 ...

Market Overview - On November 17, the Hang Seng Index fell by 188 points (0.7%) to close at 26,384 points, with a maximum drop of 320 points during the day[1] - The Hang Seng Technology Index decreased by 55 points (0.96%), closing at 5,756 points, with total market turnover of HKD 217.6 billion[1] - Net inflow from the Hong Kong Stock Connect dropped to HKD 8.45 billion[1] Sector Performance - Lithium carbonate futures rose over 4%, boosting Hong Kong lithium mining stocks, with Ganfeng Lithium (1772 HK) and Tianqi Lithium (9696 HK) increasing by 5%-9%[1] - Commodity stocks declined, with Zijin Mining (2899 HK) down 2.7%, Shandong Gold (1787 HK) down 3.1%, and Zhaojin Mining (1818 HK) down 2.8%[1] U.S. Market Insights - The probability of a Federal Reserve rate cut in December fell to 42.9%, down from approximately 50% the previous week[2] - The Dow Jones Industrial Average dropped by 557 points (1.2%) to 46,590 points, while the Nasdaq and S&P 500 indices fell by 192 points (0.8%) and 61 points, respectively[2] - Gold prices decreased by up to 1.8%, reaching USD 4,007 per ounce, and Bitcoin fell below USD 92,000[2] Macroeconomic Data - Fixed asset investment in China (excluding rural households) declined by 1.7% year-on-year in the first ten months of 2025, while automotive investment surged by 17.5%[3] - In the same period, 27.33 million vehicles were produced, marking an 11% year-on-year increase, with new energy vehicles accounting for 12.67 million units produced, up 28%[3] Automotive Industry Highlights - Geely Automobile (175 HK) reported a 27% year-on-year revenue increase in Q3, with net profit reaching HKD 3.82 billion, up 26.5% year-on-year[4] - The company achieved a 43% increase in sales volume, completing 82.6% of its annual target of 3 million units[4] Pharmaceutical Sector Update - The Hang Seng Healthcare Index fell by 1.8%, despite stable operational performance in the pharmaceutical sector[5] - Tianyan Pharmaceutical (ADAG US) entered a licensing agreement with Third Arc Bio, receiving an upfront payment of USD 5 million and potential milestone payments of up to USD 840 million[5] New Energy and Utilities - The new energy and utilities sectors in Hong Kong experienced declines, with stocks like Xinyi Solar (968 HK) and GCL-Poly Energy (3800 HK) dropping by 1.6%-3.1%[6]