截至2025年12月1日 09:59，港股科技ETF天弘(159128)成交858.26万元。跟踪的国证港股通科技指数 (987008)强势上涨1.03%，成分股中兴通讯(00763)上涨5.28%，京东健康(06618)上涨3.52%，阿里巴巴- W(09988)上涨3.50%，舜宇光学科技(02382)，同程旅行(00780)等个股跟涨。 截至11月28日，港股科技ETF天弘(159128)最新规模达8.83亿元，最新份额达9.25亿份，均创成立以来新 高。 从资金净流入方面来看，港股科技ETF天弘(159128)近11天获得连续资金净流入合计"吸金"2.92亿元。 恒生科技ETF天弘(520920)成交7054.31万元。跟踪的恒生科技指数(HSTECH)强势上涨1.16%，成分股京东 健康(06618)上涨3.44%，阿里巴巴-W(09988)上涨3.37%，舜宇光学科技(02382)上涨2.68%，同程旅行 (00780)，地平线机器人-W(09660)等个股跟涨。 截至11月28日，恒生科技ETF天弘(520920)最新规模达75.31亿元，最新份额达86.19亿份，均创成立以来新 高。 恒生科技 ...

Core Viewpoint - The Hong Kong stock market showed a slight upward trend on the first trading day of December, with significant movements in AI-related stocks, particularly Alibaba and Tencent, indicating a potential recovery in the sector [1][3]. Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index opened slightly higher, with Alibaba-W rising over 3% and Tencent Holdings and Kuaishou-W increasing by more than 1% [1]. - Meituan-W, after initially dropping over 2%, managed to turn positive during the early trading session [1]. - The Hong Kong Internet ETF (513770) saw a price increase of 0.9%, surpassing the 5-day moving average [1]. Group 2: Company-Specific Developments - Meituan reported a significant loss of approximately 14.1 billion yuan in its local market business for the third quarter, primarily due to irrational competition in the food delivery sector [2]. - Alibaba indicated a slowdown in subsidies for its flash purchase business, suggesting a conclusion to the intense competition in the food delivery market [2]. Group 3: Investment Insights - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, which is heavily weighted towards leading internet companies, with Alibaba-W, Tencent Holdings, and Xiaomi Group-W comprising the top three holdings [3]. - The ETF's latest scale exceeds 10 billion yuan, with an average daily trading volume of over 600 million yuan, indicating strong liquidity and support for intraday T+0 trading [3]. - The index has shown a significant performance variation over the past five years, with a notable increase of 23.04% in 2024, following declines in previous years [5].

Investment Rating - The report maintains an optimistic investment rating for the TMT industry, particularly highlighting Alibaba's capital expenditure guidance as a positive indicator for future growth [1]. Core Insights - Alibaba's Q3 2025 financial report shows total revenue of 247.8 billion yuan, a year-on-year increase of 5%, with a 15% growth rate when excluding divested businesses. The net profit attributable to ordinary shareholders was 20.99 billion yuan, down 52% year-on-year. Cloud business revenue reached 39.82 billion yuan, with a year-on-year growth rate of 34%, indicating a 5 percentage point increase from the previous quarter. AI-related product revenue has seen triple-digit growth for nine consecutive quarters, demonstrating the accelerating impact of AI on business operations [3][22]. - The capital expenditure for Q3 was 31.5 billion yuan, an 80% increase year-on-year. Over the past four quarters, Alibaba's capital expenditure in AI and cloud infrastructure exceeded 120 billion yuan, accounting for about one-third of the planned investment of 380 billion yuan over three years. Management expressed that the current internal cloud supply is not keeping pace with demand, suggesting that the investment plan may be conservative and could increase based on demand [3][22]. - The report emphasizes the potential for Alibaba to align with leading global cloud providers, as evidenced by the accelerating revenue growth in cloud services. The recent download milestone of over 10 million for the Qianwen app indicates a thriving ecosystem for Alibaba in both B2B and B2C sectors, suggesting a focus on domestic computing power and related industry chains [3][22]. Market Weekly Review - The TMT sector's performance for the week of November 24-28 showed significant gains, with telecommunications up 8.70%, electronics up 6.05%, media up 4.23%, and computers up 3.08%, outperforming the CSI 300 index, which rose by 1.64%. The top-performing sub-industries included communication network equipment and devices (up 12.14%), printed circuit boards (up 8.87%), and optical components (up 8.75%) [3][5]. Industry News and Key Company Announcements - The report highlights several key events in the AI sector, including the release of the DeepSeek-Math-V2 model, which has shown significant performance improvements in international mathematics competitions. This model represents a shift towards rigorous reasoning processes, reducing error rates significantly [3][16]. - Notable announcements include Alibaba's Qianwen app surpassing 10 million downloads, making it the fastest-growing AI application, and the launch of new AI products by various companies, indicating a robust competitive landscape in AI applications [3][19]. Company Announcements - Alibaba's management expressed confidence in the strong demand for AI services, noting that the current pace of cloud server deployment is lagging behind order growth. The backlog of orders continues to expand, indicating significant future growth potential in AI [3][23]. - Other companies in the sector, such as Adata, reported severe memory shortages due to surging AI demand, predicting that this trend will continue for at least two to three more quarters [3][23].

| 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 电子 | 3577.73 | 15.26 | 0.43 | | 通信 | 1132.76 | 14.55 | 1.30 | | 银行 | 753.49 | 3.84 | 0.51 | | 电力设备 | 2166.99 | 2.98 | 0.14 | | 基础化工 | 1005.22 | 2.04 | 0.20 | | 交通运输 | 422.21 | 1.24 | 0.29 | | 机械设备 | 1271.52 | 0.91 | 0.07 | | 汽车 | 1178.76 | 0.88 | 0.07 | | 房地产 | 356.91 | 0.35 | 0.10 | | 石油石化 | 242.32 | 0.33 | 0.14 | | 轻工制造 | 143.53 | 0.27 | 0.19 | | 纺织服饰 | 81.57 | 0.25 | 0.31 | | 社会服务 | 127.09 | 0.11 | 0.09 | | 综合 | 47.96 | 0.06 | 0.12 | ...

风风险险资资产产回回稳稳，，高高低低切切或或已已结结束束 22002255年年1111月月2244日日--22002255年年1111月月2288日日基基金金投投顾顾观观 本周中美股市止跌回稳，A股上涨但成交额周度回落，债市走弱，黄金上涨。具体来看，市场 有以下几个重要方面： 01 经过前周市场大幅调整后，本周A股市场明显回升，上证指数周上涨1.40%。但沪深两市日 均成交金额回落近1200亿元至1.72万亿附近。申万一级行业上，通信、电子、综合行业涨 幅居前，石油石化、银行、煤炭跌幅居前。本周国证价值上涨0.47%，国证成长上涨 2.81%，成长风格占优。恒生指数上涨2.53%，万得全A上涨2.90%，A股表现略强于港 股。 04 海外方面，在上周大幅下跌后，上周五至本周四，美股共4个交易日连收4阳，美元指数和美 债收益率下行。主要因素一是美联储官员接连发表有利于降息的讲话，12月降息的概率显著 提升，且其中可能还包含对下一任联储主席人选及其偏鸽态度的猜测，基本面数据暂无波 澜，风险资产本周皆有所缓和；二是中美领导人对话，释放积极信号。行业方面，工业材 料、消费医药、科技等板块反弹靠前，科技板块中市场交易谷 ...

截至11月28日，市场融资余额合计2.46万亿元，较前一交易日增加14.84亿元，这已经是融资余额连续4 个交易日持续增加，其中，沪市融资余额12433.35亿元，较前一交易日增加1744.92万元；深市融资余额 12056.39亿元，较前一交易日增加14.28亿元；北交所融资余额75.27亿元，较前一交易日增加3884.00万 元。 证券时报·数据宝统计显示，具体到个股，11月28日共有1680只股获融资净买入，净买入金额在千万元 以上的有387只，其中20只融资净买入额超亿元。新易盛融资净买入额居首，当日净买入11.71亿元，其 次是中际旭创、香农芯创，融资净买入金额分别为8.60亿元、4.63亿元，融资净买入金额居前的还有德 明利、东山精密、永太科技等。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为4.74%，融资余额占比 最高的是永太科技，该股最新融资余额16.64亿元，占流通市值的比例为8.02%，融资余额占比较高的还 有东材科技、香农芯创、东山精密，占比分别为7.20%、7.11%、6.75%。（数据宝） | | 业 | | | | | 属 | | --- | --- | ...

来源：华创证券研究 敬启者>> | = = = == | 11-0 | | | | --- | --- | --- | --- | | 13:30-14:20 O | 总量圆桌交流 | 主持人:牛播坤,华创证券首席经济学家 | | | 嘉宾: | 张瑜,华创研究所副所长、宏观首席分析师 | | | | 姚佩,华创策略首席分析师 | 周冠南,华创固收首席分析师 | | | | 郭忠良,华创大类资产配置组组长 | 徐康,华创金融首席分析师 | | | | 单戈,华创地产建材首席分析师 | 14:20-15:10 | 圆桌交流:破局低利率 | | | 0 | 主持人:周冠南,华创固收首席分析师 | | | | 需員: | 姚煜, RatingDog 创始人 | | | | 郝黎黎,鹏华基金国际业务部副总经理 | 王郧,平安基金债券ETF基金经理,ETF养殖专业户公众号主理人 | | | | 雷荣军,长城财富保险资管另类投资部总经理 | 15:10-16:00 | 圆桌交流:量化看2026,基于量化和ETF视角 | | | O | 主持人:王小川,华创金工首席分析师 | | | | 嘉宾: | 何天翔,融通基金指数与 ...

（文章来源：证券时报网） 个股方面，11月28日，有1680只个股获融资净买入，净买入金额在3000万元以上的有120股。其中，20 股获融资净买入额超1亿元。新易盛获融资净买入额居首，净买入11.71亿元；融资净买入金额居前的还 有中际旭创、香农芯创、德明利、东山精密、永太科技、工业富联、恩捷股份、湖南裕能等股。 Wind统计显示，11月28日，申万31个一级行业中有14个行业获融资净买入，其中，电子行业获融资净 买入额居首，当日净买入15.26亿元；获融资净买入居前的行业还有通信、银行、电力设备、化工、交 通运输等。 ...

12月1日北京时间9时许，日经225指数跌1.32%，跌破50000点，最新报49741.54点。权重股方面，三菱日联金融涨2.48%，索尼涨0.93%；软银跌超3%，日 本电气跌2.48%，中外制药跌2.27%。日经225指数期货同步下跌，截至发稿跌1.38%。 截至发稿，日本5年期国债收益率上涨3.5个基点，至1.345%，创2008年6月以来的最高水平。 值得注意的是，近期，日元对美元汇率持续走弱，创下10个月来的新低。截至发稿，日元对美元实时汇率为155.84。11月20日，日元对美元更一度跌至 157.5日元至157.9日元区间。与自民党总裁选举前1美元兑换147日元相比，日元目前已贬值约10日元。 截至12月1日，今年美元指数累计已跌8.37%。在全球成交最活跃的七大货币对中，美元对欧元贬10.85%，美元对日元贬0.79%，美元对人民币贬3.04%； 美元对英镑、加元、澳大利亚元、瑞士法郎分别贬5.63%、 2.14%、5.24%、11.52%。显而易见，美元对日元贬值幅度最小。同时，自10月21日高市早苗 正式当选为日本首相以来，美元对日元升值了3.82%。 日元为何跌跌不休 自2022年3月 ...

证券研究报告 | 2025年12月01日 | 晨会纪要 | | --- | | 数据日期:2025-11-28 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3888.59 | 12984.08 | 4526.66 | 13995.49 | 3781.37 | 1327.14 | | 涨跌幅度（%） | 0.34 | 0.84 | 0.24 | 1.02 | 0.95 | 1.25 | | 成交金额（亿元） | 6457.55 | 9400.40 | 3418.32 | 3098.26 | 4567.20 | 495.77 | $\frac{\pi\times0}{\pi\times0}$. (4) [ (4) 384938 1 宏观与策略 宏观专题:服务主导新周期 宏观专题:2026 年财政政策展望——"开门红"下的积极续力 宏观周报:宏观经济周报-服务业与制造业的共赢逻辑 宏观周报:多资产周报-回调后的债市 固 定 收 益 快 评 : 可 ...