主题温度计：热点主题交易热度较十月降温，科技主题内部分化，消费蓝筹底部回升。 上周热点主题日均成交额平均 8 亿元，日均换手率 3.55% ， 11 月 以来较前期整体回落。科技主题内部分化，电解液 / 隔膜等锂电材料连续两周大涨，部分创新药反弹， PCB/ 光模块回调，电网设备上周大涨后回调；非科 技主题亮点增多，低价蓝筹与白酒 / 金融获资金净流入。短期市场在总量层面缺乏预期锚点，交易方向依赖自下而上结构性变化，主题轮动加快前期大涨主 题易出现回调，风格均衡下低位消费 / 红利主题成为资金选择。本期看好内需消费新机遇与区域经济新格局，关注 AI/ 机器人 / 创新药年底修复。 报告导读： 热点主题交易热度较十月降温，科技主题内部分化，消费蓝筹底部回升。看好 内需消费新机遇与区域经济新格局。推荐：内需消费 / 新疆基建 /AI 应用 / 机器人。 主题一：内需消费。 国常会提出增强供需适配性释放消费潜力，培育消费新场景新业态。新需求引领新供给，新供给创造新需求，我国体育赛事 / 冰雪旅游 / 演出文旅等新场景不断兴起。"苏超"溢出效应显著，带动江苏全域多场景消费超 380 亿元；辽宁省委提出办好"东北超"， ...

智通财经APP获悉，周一，谷歌(GOOGL.US)盘前涨近3%，报284.55美元。消息面上，11月15日，伯克 希尔哈撒韦公布了13F报告，新建仓了Alphabet约1785万股，按报告期末估值约43亿美元。该笔持仓在 其可公开披露的 13F 组合中约占1.6%，显示巴菲特正提高其科技敞口。巴菲特旗下伯克希尔在2025年 三季度首次建仓谷歌，反映价值投资逻辑转向硬科技，看好谷歌在算力、数据和模型等"基础设施级"企 业的优势。 Alphabet公布的2025Q3财报显示，其营收达约1023亿美元，同比增长约16%，其中云服务收入约152亿 美元、同比增长34%。公司净利润约350亿美元，同比增长约33%，每股收益约2.87美元。公司历史上首 次收入突破1000亿美元。 ...

证 券 研 究 报 告 乘势外资东风，锚定核心资产 2026年港股行业比较投资策略 证券分析师：刘雅婧 A0230521080001 林丽梅 A0230513090001 郝丹阳 A0230523120002 冯彧 A0230525080001 王胜 A0230511060001 联系人：刘雅婧 A0230521080001 2025.11.17 摘要 www.swsresearch.com 证券研究报告 3 ◼ 四、2025年外资已在重估中国资产，后续A-H溢价有望持续收敛。2025年港股IPO活跃，外资参与度环比过去两年也有明显上升， 截止2025年11月14日，外资基石投资者占全部基石投资者占比分别约为41.6%、40.4%、59.7%，合计投资金额分别约为64亿港元、 110亿港元、311亿港元。与此同时，2025年以来A-H溢价不断收敛，隐含外资对在中国香港上市的核心资产关注度提高（港股估值 更贵的代表性公司为宁德时代、药明康德、招商银行等）， 后续多家高端制造企业赴港上市，港股市场代表中国转型和竞争力的资产 将逐渐增多，提供更多可买资产。静态估值来看，恒生指数、恒生科技指数以10Y中国国债作为无风 ...

周一，阿里巴巴(BABA.US)盘前涨逾2%，报157.73美元。消息面上，阿里巴巴11月17日正式宣布"千 问"项目，全力进军AI to C市场。千问APP今日正式开启公测，免费开放，人人可用。根据官方介绍， 千问APP是基于阿里巴巴自研千问Qwen最强模型打造的同名个人AI助理，全面对标ChatGPT，正是阿 里巴巴参与全球AI应用顶级竞赛的宣告。 据阿里巴巴透露，公司还计划将地图、外卖、订票等生态服务逐步接入千问APP，试图打造统一的AI服 务入口。这一布局显示出阿里将技术优势向消费者市场延伸的战略意图，全面发力"AI to C"。 目前， 千问APP已开启公测，在中国各大应用商店上架，同步提供网页端和PC版。据了解，未来，千问APP还 将上线面向全球的国际版。 在产品功能方面，千问APP展现出多场景服务能力：在专业领域，可快速处理研究报告、提取论文要 点;在生活场景中，可以提供健康咨询、拍照识物等服务。其特色在于，能够将AI能力转化为具体的问 题解决方案。 ...

Group 1 - The U.S. labor market is expected to remain extremely quiet in the near term, with the Federal Reserve advised to be truly "data-driven" [1] - Concerns over fiscal expansion have led to a sharp sell-off in Japanese long-term bonds, with the 20-year yield soaring to its highest level since 1999 [1] - Google shares rose over 5% in pre-market trading after Berkshire Hathaway purchased 17.85 million shares of Alphabet in Q3 [1] Group 2 - Alibaba officially announced its "Qianwen" project, aiming to fully enter the AI to C market [1] - SMIC responded to its Q4 guidance, indicating no significant leap due to high memory prices causing clients to adopt a wait-and-see approach, with high price levels expected to persist [1] - Novo Nordisk launched a weight loss drug priced lower than Eli Lilly's offering [1] Group 3 - Luckin Coffee reported a 50% year-over-year increase in Q3 net revenue, while net profit attributable to ordinary shareholders decreased by 2.7%, with average monthly transacting customers surpassing 100 million for the first time [1] - Geely Automobile's Q3 profit grew by 59%, with Zeekr's delivery volume increasing by 13% year-over-year [1] - XPeng's Q3 revenue doubled, with net losses significantly narrowing by nearly 80%, and Q4 delivery and revenue expected to grow over 30% year-over-year [1] Group 4 - Morgan Stanley projected a target price of 7,800 points for the U.S. stock market by the end of 2026 [1]

Investment Rating - The report maintains a "Buy" recommendation for leading internet companies, highlighting their stable performance and strong positioning in AI applications [1]. Core Insights - Several internet giants reported strong Q3 results, with a focus on the upcoming release of Google's Gemini 3.0, reinforcing the recommendation for companies like Tencent, Kuaishou, Bilibili, and Meitu [1]. - Tencent Music reported Q3 2025 revenue of 8.46 billion yuan, a year-on-year increase of 20.6%, with a net profit of 2.15 billion yuan [2]. - Tencent Holdings announced Q3 2025 revenue of 192.87 billion yuan, a 15% year-on-year growth, with a net profit of 63.13 billion yuan [3]. - Bilibili reported Q3 2025 revenue of 7.69 billion yuan, a 5% year-on-year increase, and a net profit of 470 million yuan, marking a significant increase of 691.37% [4]. Industry Overview - The internet industry comprises 160 listed companies with a total market capitalization of 195.33 billion yuan and a circulating market value of 179.22 billion yuan [6]. - The industry indices showed varied performance, with the absolute performance over 1 month, 6 months, and 12 months at 0.7%, 16.3%, and 14.2% respectively [8]. Company Performance - Tencent Holdings saw a stock price increase of 1.10%, while Bilibili's stock decreased by 3.60% [22]. - The report highlights key companies to watch, including Tencent Holdings, Kuaishou, Bilibili, Pop Mart, and Meitu [10]. Market Trends - The overall market performance from November 10 to November 16 showed a decline in major indices, with the Shanghai Composite Index down by 0.18% and the Hang Seng Internet Technology Index down by 3.42% [16].

今日上榜个股中，盈富基金、阿里巴巴-W、小米集团-W等7只股同时上榜港股通（深）、港股通 （沪）成交活跃股， 盈富基金合计成交额39.03亿港元，成交净买入37.27亿港元，阿里巴巴-W合计成 交额101.70亿港元，成交净买入20.71亿港元。赣锋锂业合计成交额19.17亿港元，成交净卖出8353.42万 港元，中芯国际合计成交额38.54亿港元，成交净卖出7329.47万港元。 11月17日恒生指数下跌0.71%，南向资金全天合计成交金额为913.76亿港元，其中，买入成交499.12亿 港元，卖出成交414.64亿港元，合计净买入金额84.48亿港元。具体来看，港股通（深）累计成交金额 351.89亿港元，买入成交196.51亿港元，卖出成交155.38亿港元，合计净买入金额41.13亿港元；港股通 （沪）累计成交金额561.86亿港元，买入成交302.61亿港元，卖出成交259.26亿港元，合计净买入金额 43.35亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额101.70亿港 元，盈富基金、中芯国际成交额紧随其后，分别成交39.03亿港元、38.54亿港元 ...

智通财经11月17日讯（编辑 赵昊）周一（11月17日）美股盘前，三大指数期货涨跌不一。 截至发稿，道琼斯指数期货跌0.03%，标普500指数期货跌0.05%，纳斯达克100指数期货涨0.05%。 | 名称 ▼ | 月 ▼ | 最新 | 最高 | 晨侣 | 涨跌额 ▼ | 涨跌幅 ▼ | 时间 ▼ | | --- | --- | --- | --- | --- | --- | --- | --- | | US 30 | | 47,135.30 | 47,311.30 | 47,027.50 | -12.20 | -0.03% | 21:17:47 0 | | = US 500 | | 6.730.50 | 6,780.90 | 6,721.10 | -3.60 | -0.05% | 21:17:22 9 | | 트 US Tech 100 | | 25,020.80 | 25,273.90 | 24,940.10 | +12.60 | +0.05% | 21:17:48 0 | 个股方面，谷歌盘前涨近4%，"股神"巴菲特旗下伯克希尔三季度建仓谷歌，在仓位中位列第十大。阿里巴巴涨超2.5%，公司正式宣布"千问" ...

"3800亿元用于AI基础设施建设"、"向'超级人工智能'（ASI）迈进"……2025年初到年尾，CEO吴泳铭的表态言犹在耳，阿里巴巴的AI叙事多线爆发。11 月17日，阿里巴巴正式宣布"千问"项目，全力进军AI to C市场，千问APP公测版同日上线。 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。阿里核心管理层将"千问"项目视为"AI时 代的未来之战"。 C端强需求：会聊天 能办事 目前，千问APP公测版已在各大应用商店上架，并同步提供网页和PC版。 阿里方面表示，这次发布的千问APP是一个初级版本，将用最先进的模型，打造一个"会聊天能办事的个人AI助手"。除了聊天足够聪明外，"能办事"将是 千问APP的一个重要发力方向。千问APP的战略目标是打造未来的AI生活入口。 目前，千问已经展现出一定的办事能力。不久前，千问在与ChatGPT、Gemini、Grok等全球顶级模型PK的实盘投资大赛中斩获冠军。 阿里管理层认为，AI发展将经历"学习人"、"辅助人"和"超越人"三个阶段。目前，大模型的能力已经进入到"辅助人"的Agentic AI时代，阿里 ...

Group 1: Core Insights - Major internet companies listed in Hong Kong, including Tencent, JD.com, and Bilibili, reported third-quarter earnings that exceeded market expectations, yet their stock prices declined over three consecutive trading days [2][3]. - The Hang Seng Technology Index and the Hang Seng Index also experienced declines, with the former dropping 0.96% to 5756.88 points and the latter falling 0.71% to 26384 points on November 17 [2]. - Analysts suggest that the stock price declines may be attributed to profit-taking by investors who had already anticipated the positive earnings reports, as well as broader market conditions and uncertainties regarding the Federal Reserve's interest rate decisions [2][4]. Group 2: Company Performance - Tencent's third-quarter revenue reached 192.87 billion yuan, a 15% year-on-year increase, while net profit attributable to shareholders was 63.13 billion yuan, up 19% [3]. - Despite the strong earnings, there was a notable decline in capital expenditures related to artificial intelligence, which fell 32% quarter-on-quarter and 24% year-on-year to 12.98 billion yuan [3]. - The revenue from Tencent's "FinTech and Business Services" segment grew less than 10%, raising concerns about the growth potential of this high-value business area [5]. Group 3: Market Dynamics - The Hang Seng Index has faced three consecutive pullbacks after surpassing 27,000 points, with trading volumes decreasing from over 400 billion HKD to around 217.6 billion HKD [6][7]. - Analysts indicate that the market's risk appetite is currently neutral, influenced by domestic growth policies and uncertainties surrounding the Federal Reserve's interest rate decisions [6][8]. - The upcoming Federal Reserve meeting on December 9-10 is expected to impact market volatility and trading volumes, with predictions of a 50.4% chance of a rate cut [6][8].