Core Viewpoint - The report from China Merchants Securities International raises the target price for Tencent Holdings (00700) by 9% to HKD 766, maintaining a "Buy" rating, driven by improved earnings forecasts and operational efficiencies from AI [1] Financial Projections - Tencent's revenue is projected to grow by 14% and 10% year-on-year for the fiscal years 2025 and 2026, respectively [1] - Non-IFRS net profit is expected to increase by 17% and 15% year-on-year for the same periods [1] Valuation Metrics - The forecasted price-to-earnings (P/E) ratio for Tencent in fiscal years 2025 and 2026 is 21x and 19x, respectively, which is above the average by +1 standard deviation [1] - In comparison, the P/E ratios for Chinese peers are 17x and 15x, while U.S. peers are at 28x for both years [1] Growth Drivers - The report highlights several growth drivers for Tencent, including strong community network advantages, AI technology, commercialization of AI products, advertising, and overseas opportunities [1] - AI-driven efficiency improvements are expected to enhance profit margins, contributing to potential upside in earnings and valuation [1] Risks Identified - Key risks mentioned include macroeconomic factors, consumer behavior, regulatory challenges, competition, and product pipeline issues [1]

（文章来源：每日经济新闻） 每经AI快讯，11月17日，香港恒生指数收盘跌0.71%，恒生科技指数跌0.96%。百度集团、联想集团、 携程集团跌超3%，理想汽车跌逾2%。 ...

港股三大指数全天表现弱势，恒生指数跌0.71%报26384点，国企指数跌0.74%报9328点，恒生科技指数 跌0.96%报5756点，市场情绪继续疲软，三者均录得2连跌行情。 盘面上，大型科技股、大型金融(银行、保险、券商)、中字头等权重表现低迷拖累大市下行，其中，上 周五大跌超7%的百度再度下跌近3%，广发证券、中国太平、中国中冶、中国中车、工商银行、农业银 行皆有跌幅；铝、铜、黄金等有色金属板块齐跌，生物医药股、苹果概念股、建材水泥股、脑机接口概 念股、内房股纷纷走低。 另一方面，碳酸锂主力合约触及涨停，锂矿股逆势领涨，军工股拉升明显，中船防务盘中一度涨至 9%，乳制品股、三胎概念股等消费股表现活跃，中国飞鹤、蒙牛乳业小幅上涨，中国大陆至日本航班 量大幅下滑，航空股则呈现低开高走行情。(格隆汇) ...

Core Viewpoint - Major investment firms are increasingly focusing on Google, indicating a shift in market dynamics and investment strategies towards the tech giant [1][4]. Investment Activity - Berkshire Hathaway acquired 17.85 million shares of Google A, valued at approximately $4.34 billion, making it the 10th largest holding in their portfolio [1]. - Himalaya, led by Li Lu, has a significant allocation to Google, with a total holding percentage of 37.62%, including 19.14% in Google A shares and 18.48% in Google C shares, amounting to around $1.2 billion [1]. - Jinglin Asset increased its holdings of Google A shares by 157,540 shares, raising its stake to 9.64%, while Gao Yi Asset added 280,000 shares of Google C, bringing its holding to 12.55% [1]. - Conversely, H&H Investment, led by Duan Yongping, reduced its holdings of Google C shares by 134,900, decreasing its stake to 3% [2]. - Baupost Group, managed by Seth Klarman, also reduced its Google C shares by 775,900, with a current holding of 1.8581 million shares, representing 9.45% of its portfolio [2]. - Dongfang Harbor, led by Dan Bin, holds Google C shares at 17.35%, despite a slight reduction of 1,171 shares, maintaining its core position [3]. Industry Dynamics - The simultaneous interest from top investors in Google suggests a significant change in the industry landscape, particularly in the AI sector [5]. - The focus in the AI industry has shifted from merely enhancing model performance to integrating AI into broader ecosystems [7][8]. - Google is not just developing stronger models but is embedding AI into various high-frequency applications such as search, video, maps, and office tools, creating a comprehensive AI ecosystem [8]. - The company is building a cost-effective computational infrastructure and leveraging its vast distribution channels to enhance AI accessibility [8]. - This strategic shift may redefine competition in the AI industry, moving from "which model is stronger" to "who possesses a system-level AI ecosystem" [9].

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：行中衡 来源：雪球 老巴投资Google ， 从我跟踪他的角度来看 ， 他并不是支持AI 。 而是AI快速发展 ， 或者泡沫破灭 ， Google立于不败之地 ， 这才是巴氏投资 的真谛 ， 网上搞偏了 。 和当初投资苹果是一个内核 ， 大家只关注手机创新 ， 却忽略了苹果的平台价值与长期稳定的用户壁垒 。 为什么以后我要转型价投 ， 因为我观察下来 ， " 价投 " 的平均水平最低 ， 我比他们有优势 。 趋势 、 短线 、 行业周期高股息 、 逆向投资 ， 参与者更勤奋 ， 平均水平相对高 。 当然 ， 我做价投会结合社会大趋势 、 行业周期 、 市场主流板块 、 逆向研究 ， 还有低估值等因子 。 《 价值投资的终极路线--理解社会大趋势 》 ， 文章写于2018年10月30日 ， 现在却非常契合 。 我对于价值投资的理解 价值投资的初级 ： PB （ 市净率 ） ， PE （ 市盈率 ） ， PS （ 市销率 ） 等 。 这里隐含的逻辑 ， 优势的公司其行业地位不会轻易变化 ...

Investment Rating - The report maintains an "Outperform" rating for the computer sector, recommending specific stocks including Wuxi Unicomp Technology, Kingdee International, Iflytek, Newland Digital Technology, Hand Enterprise, ArcSoft Corporation, and Hygon, with Dawning Information Industry as a related target [2][7]. Core Insights - Alibaba has launched the "Qwen" project to compete with ChatGPT, marking a significant strategic expansion into the C-end AI application market after previously focusing on B-end services [8]. - Baidu emphasizes the value of AI applications, showcasing new self-developed hardware and a roadmap for its Kunlun chips, aiming to build a robust autonomous computing power system [9]. - Muxi Integrated Circuit's IPO registration has been approved, indicating progress in the domestic high-end chip market, while space computing emerges as a new frontier in global tech competition [10]. Summary by Sections Alibaba's Initiatives - Alibaba has initiated the "Qwen" project, developing a personal AI assistant app to compete globally, with significant investment in AI infrastructure [8]. Baidu's Developments - At the Baidu World Conference, the company highlighted AI's potential to create substantial value, launching new AI chips and applications [9]. Muxi's IPO and Space Computing - Muxi's IPO approval for raising RMB 3.90 billion for GPU development signifies a key step for domestic chip advancement, alongside the rise of space computing as a competitive technology frontier [10].

根据官方口径，阿里巴巴核心管理层将"千问"项目定位为"AI时代的未来之战"。据阿里方面阐述，AI发 展将经历"学习人""辅助人"和"超越人"三个阶段，目前大模型能力已进入"辅助人"的Agentic AI时代， 大力入局C端市场的时机已经成熟。 11月17日，《国际金融报》记者从官方渠道获悉，阿里巴巴正式启动"千问"项目，全面发力AI to C（人 工智能至消费者）市场。基于全球性能领先的开源模型Qwen3开发的"千问"APP公测版已正式上线，将 在免费策略和深度生态整合的双重驱动下，与OpenAI旗下的ChatGPT展开全面竞争。 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版本。据阿里方面透露，面向全 球市场的千问APP国际版也将在近期上线，借助Qwen模型的海外影响力，直接与ChatGPT争夺海外用 户。 为此次进军C端市场，阿里可谓做了充分准备。今年2月，阿里已宣布投入3800亿元用于AI基础设施建 设，并设定了到2032年将云数据中心能耗规模扩大十倍的长期目标。而自2023年全面开源以来，阿里 Qwen系列模型实现了跨越式发展。截至目前，该系列模型的全球下载量已突破6亿次，超越了L ...

摩根大通发表研报指，腾讯第三季业绩稳健，并揭示了其在社交世代中关于AI代理(agentic AI)的长期愿 景。该行认为，腾讯旗下的微信在获取应用内交易流量方面处于有利位置，生成式AI将显著提升此潜 力。摩通预计，生成式AI整合至微信后，可能在2030年产生690亿至4260亿元的增量收入，这将为其对 腾讯2030年的盈利预估，带来约10%至56%的调涨。 摩通认为，当前的人工智能芯片供应短缺，不会对此长期投资机会构成结构性阻碍，维持该股"增持"评 级，并将目标价从685港元上调至750港元。 ...

Core Insights - Alibaba's stock rose by 5% following the announcement of the "Qianwen" project, which aims to penetrate the AI to consumer market [1] - The Qianwen App has been launched in public beta, directly competing with ChatGPT [1] - Alibaba plans to integrate its extensive ecosystem services, including maps, food delivery, e-commerce, and travel, into the Qianwen App to create an "AI life portal" [1] Summary by Sections Product Launch and Features - The Qianwen App is now available in major app stores and will soon have an international version, leveraging the Qwen model's influence to compete for global users [1] - The Qwen model is the world's first open-source model, with performance comparable to top proprietary models, making it a preferred choice for developers and enterprises [1] - The initial version of the Qianwen App aims to be a "smart conversational and task-performing personal AI assistant" [1] Competitive Landscape - The Qianwen App has demonstrated its capabilities by quickly generating research reports and creating polished presentations [2] - In a recent investment competition against top models like ChatGPT, Gemini, and Grok, Qianwen emerged as the champion [2] - The free version of the Qianwen App is designed to integrate with various life scenarios, positioning it as a direct competitor to ChatGPT [2]

建银国际指，哔哩哔哩第三财季实现了稳健的财务和营运业绩。该行预计《Duckov》的行动版和主机 版游戏一旦发布，将获得强劲的市场反响，其他新游戏发布后也将带来增长潜力。 短期内，清晰且高确定性的盈利增长动能将主要得益于广告业务的可持续增长，而这又得益于人工智能 (AI)驱动的广告投放效率提升和AIGC创意工具的改进，以及多元化广告主细分市场的拓展(广告主数量 年增16%，AI/汽车/数位产品/家电和家居装饰广告主的营收年增率分别为90%/35%/60%/60%)，这些因 素已使广告收入占总收入的份额在第三财季提升至33%。 长期来看，该行相信，哔哩哔哩将受益于其无可取代的社区护城河，其1.17亿日活跃用户、112分钟的 日均使用时长以及稳定的80%的12个月留存率构成了坚实的基础。此外，其自主研发游戏《Duckov》全 球销售突破300万份，并验证了其研发能力;同时，由热门国产动漫内容驱动的IP衍生性商品增长可望开 启第二波增长。 智通财经APP获悉，建银国际发布研报称，将哔哩哔哩(09626,BILI.US)目标价由212.8港元，调高8%至 230.1港元，及由25.89美元，调高14%至29.5美元，两 ...