Core Viewpoint - Jinglin Asset Management Hong Kong Company has shown a significant increase in its US stock holdings, with a total market value of $4.44 billion as of September 30, 2025, representing a 54.52% increase from the previous quarter [1][2]. Summary by Category Portfolio Activity - The company held 30 securities in the US market at the end of Q3 2025, with a notable active adjustment in its portfolio [1][3]. - In Q3, Jinglin made 9 new purchases, added to 8 existing positions, sold out of 7 stocks, and reduced holdings in 6 stocks [3][6]. Key Holdings - The top ten holdings accounted for 81.9% of the total US stock portfolio, with a slight decrease in concentration compared to the previous quarter [2][3]. - Major increases included Meta (23.46 million shares), Nvidia (174.83 million shares), and significant stakes in Pinduoduo and Alibaba [4][5]. Sector Focus - The company has actively invested in the autonomous driving sector, acquiring 2.68 million shares of WeRide, a leading player in China's autonomous driving market [7]. - Continued investments were made in the hotel and e-commerce sectors, with increased stakes in Atour and Huazhu Group [3][4]. Market Outlook - Jinglin Asset Management maintains a positive outlook on quality Chinese assets, emphasizing structural "alpha" opportunities amid ongoing market fluctuations [9]. - The firm believes that China's competitive advantages, such as cost efficiency and talent reserves, will continue to attract overseas capital, with potential inflows into A-shares and Hong Kong stocks [9].

另外，该行根据渠道调查指出，第四季广告市场或会转弱，且微博关键广告领域的广告开支亦较弱。因 此，该行对微博第四季前景持谨慎态度，并将期内收入预测由按年跌2%进一步降至按年跌5%，经调整 净利润预测下调至9600万美元。 美银证券发表研究报告，预计微博第三季广告收入将会受压，因为线上游戏和手机广告商开支持续疲 弱，而且快速消费品广告商亦因去年的高基数而出现开支疲软。该行将微博第三季的总收入预测由按年 跌4%进一步下调至跌6%，并将经调整净利润预测降至1.06亿美元。由于盈测下调，目标价亦相应由9美 元降至8.7美元，重申"跑输大市"评级。 ...

Group 1 - Jack Ma's wife, Zhang Ying, purchased a luxury mansion in London for 1950 million pounds (approximately 1.8 billion RMB), which was initially listed for 2150 million pounds [1] - The property is a Grade II listed historical building, previously used as the Italian embassy and defense attaché office, with an area of 7948 square feet (approximately 738 square meters) [1] Group 2 - Meta's Chief AI Scientist, Yann LeCun, plans to leave the company to start his own venture, coinciding with a major restructuring of Meta's AI operations [3] - Warren Buffett announced he will step down as CEO of Berkshire Hathaway by the end of the year, accelerating his philanthropic efforts [3] - Li Xiang of Li Auto will directly oversee human resources following a reorganization, with significant departures from the HR department [3] Group 3 - Stanford professor Fei-Fei Li stated that spatial intelligence is the next frontier for AI, which will transform interactions between reality and virtual worlds [3] - Tencent confirmed that founder Ma Huateng worked as a customer service representative in the company's early days [3] Group 4 - Zhiyuan New Materials announced the launch of a full-size robot, while Zhiyuan Robotics clarified that it is independently developing its embodied intelligence business [4] - ByteDance denied becoming a new shareholder of Zhongtong Express, clarifying its previous minor investment [4] - Changan Automobile responded to complaints regarding vehicle purchases through intermediaries, stating that the involved parties are not authorized dealers [4] Group 5 - Baidu's short drama head Yu Ke has left the company to pursue entrepreneurship, with his responsibilities taken over by Fan Tingting [4] - The cost of training the Kimi K2 Thinking model was disputed, with the CEO of Yuezhi Technology stating that the figure is not official [4] Group 6 - China's foldable smartphone market saw a 17.8% year-on-year increase in shipments in Q3 2025, with total shipments reaching 2.63 million units [12] - In October, new energy vehicle sales in China surpassed 50% of total new car sales for the first time, with a total of 1.3 million new energy vehicles sold in the first ten months of 2025, reflecting a 33.1% year-on-year growth [12]

Group 1 - The U.S. Navy's Ford aircraft carrier strike group has entered the Caribbean Sea, marking a significant military deployment in the region [2] - Meta's Chief AI Scientist Yann LeCun plans to leave the company to start his own venture, coinciding with a major restructuring of Meta's AI operations [3] - SoftBank has fully divested from NVIDIA, raising $5.83 billion, and has also reduced its stake in T-Mobile, generating $9.17 billion [4] Group 2 - Apple has decided to delay the release of the next-generation iPhone Air due to lower-than-expected sales, impacting its supply chain [7][8] - Foxconn has dismantled a significant portion of its production lines in response to Apple's decision, with plans to cease operations by the end of the month [8] - The next iPhone Air is now expected to be redesigned and potentially launched in spring 2027 alongside other new models [9] Group 3 - The "Chai Dui Dui" defamation case against Pang Donglai resulted in a court ruling that ordered the defendants to pay a total of 2.6 million yuan in damages [10][12] - The court found that the defendants had spread false information about Pang Donglai's business practices, which misled the public and disrupted market order [12] Group 4 - Berkshire Hathaway's CEO Warren Buffett announced he will step down by the end of the year and accelerate his philanthropic efforts [13][14] - Buffett's departure marks a significant transition for the company, as he has been a key figure in its management for decades [14] Group 5 - The 2025 World Power Battery Conference will take place in Yibin, Sichuan, focusing on new opportunities in the battery industry [35] - The Shanghai Stock Exchange will host its International Investor Conference, providing a platform for foreign investors to engage with domestic entities [36]

Meta迎来公司AI战略重塑过程中的又一次重大人事变动。 据英国《金融时报》最新报道，Meta首席人工智能科学家、深度学习三巨头之一、图灵奖得主Yann LeCun计划在未来数月离开这家社交媒体巨头并创立自己的初创公司。 报道称，据知情人士透露，LeCun已告知同事将在未来几个月内离开Meta，目前正就新企业的资金筹集 进行早期谈判。这位被视为现代AI先驱之一的法裔美国科学家的离职，凸显了其与扎克伯格在AI发展 路径上的根本分歧。 人事动荡VS成本压力 LeCun自2013年起领导Meta的Fundamental AI Research Lab（Fair），长期专注于基础性AI研究。他主张 开发他称为"世界模型"的全新一代AI系统，即通过视频和空间数据理解物理世界的AI系统，目标是实现 具备人类级智能的机器。 他认为，当前以大语言模型为核心的AI路线虽"有用"，但永远无法像人类一样进行推理和规划，这一观 点与扎克伯格强调快速产品化和"超智能"团队的战略明显不符。 扎克伯格则在Llama 4模型表现不佳、Meta AI聊天机器人市场反响平淡后，决定加速AI产品迭代，减少 长期基础研究投入。 为此，今年夏天，扎克 ...

格隆汇11月11日｜Meta盘前跳水，一度跌近2%。消息面上，公司首席人工智能科学家Yann Lecun计划 离职。 ...

Core Viewpoint - The 2023 Double Eleven shopping festival has seen a decline in excitement, primarily due to consumer backlash against "redirect ads" that disrupt user experience across various apps [1][5][11] Group 1: Consumer Sentiment - Celebrity Liu Jialing's social media post criticizing a store for infringing on her husband's image rights has gained significant attention, highlighting consumer frustration with misleading advertising practices [1][3] - Many users across platforms like Weibo and Xiaohongshu express their annoyance at being forced to navigate to e-commerce sites like Taobao and JD.com when opening other apps, indicating a widespread sentiment against these intrusive ads [5][6][10] Group 2: Advertising Practices - The prevalence of "redirect ads" during the Double Eleven period has been confirmed by various media reports, with regulatory bodies in Hangzhou investigating the issue following numerous complaints [5][12] - Advertising revenue is crucial for platforms like Weibo, where Alibaba accounts for a significant portion of ad income, leading to a reliance on aggressive advertising strategies despite consumer dissatisfaction [10][11] Group 3: Market Dynamics - The effectiveness of traditional promotional strategies during Double Eleven is waning, as consumers have become more skeptical of pricing tactics and promotional offers, often finding better deals outside of the event [13][15] - The complexity of discount rules and frequent price fluctuations have led to consumer frustration, with many feeling that the supposed savings are often illusory [13][15] Group 4: Regulatory Environment - Previous instances of regulatory action against misleading advertising practices indicate that while penalties exist, they are often minimal compared to the revenue generated from such ads, leading to a lack of deterrence for companies [12] - Recent guidelines from the Ministry of Industry and Information Technology emphasize the need for user-friendly advertising practices, yet enforcement remains a challenge [12]

Group 1 - Huawei Mate 70 Air officially launched at 10:08 today, featuring a lightweight design and powered by the Kirin 9020A/B processor, with support for Beidou satellite messaging [1] Group 2 - Baidu's "Luobo Kuaipao" has received the first batch of fully autonomous commercial operation licenses from the Abu Dhabi Integrated Transport Center, marking its first large-scale public operation outside of China [2] - WeRide has been granted approval by the UAE federal government to commence pure autonomous Robotaxi commercial operations in Abu Dhabi, representing the first city-level L4 autonomous driving commercial license outside the US [4] Group 3 - Meituan has launched its first AI IDE product, Meituan CatPaw, which is now in public beta, featuring intelligent programming capabilities such as code completion and project preview debugging [6] Group 4 - Amazon announced a new round of organizational optimization, resulting in the net reduction of approximately 14,000 corporate white-collar jobs, affecting multiple core departments including HR, AWS, and advertising [7] - Reports indicate that the layoffs in Amazon's China division are more severe, with some departments reducing staff by half and management authority shifting to the US [9] Group 5 - NVIDIA's CEO has requested TSMC to increase 3nm wafer production capacity by up to 50% to meet the surging demand for Blackwell AI chip orders, raising monthly production from 100,000-110,000 wafers to approximately 160,000 [10] Group 6 - TikTok has partnered with iHeartMedia to launch the TikTok Podcast Network, which will feature up to 25 new podcast shows hosted by TikTok creators, with new co-branded podcast studios opening in major US cities [11]

Core Viewpoint - Meta is at a crossroads between ethics and profit, facing significant fines and user deception while needing to invest hundreds of billions in AI [3][25]. Revenue from Fraudulent Ads - In 2024, approximately 10% of Meta's revenue, amounting to $16 billion (about 116 billion RMB), is expected to come from fraudulent and prohibited advertisements [3][6]. - Fraudulent ads have become a significant revenue source for Meta, with the scale of these ads being staggering, as the company pushes around 15 billion fraudulent ads daily [4][7]. - If the $16 billion from fraudulent ads were treated as a standalone company, it would rank among the Fortune 500 [6]. Internal Control and Strategy - Meta's internal documents reveal a significant regulatory gap in its advertising business, with the company intentionally allowing the existence of these ads [4][9]. - The company only bans advertisers when the fraud likelihood exceeds 95%, opting instead to increase ad costs for those deemed risky but not outright banned [9][10]. - This "price increase without banning" strategy provides Meta with a stable revenue stream [10]. Compliance and Financial Calculations - Meta's internal estimates suggest that about 10.1% of global revenue comes from "violating ads," with the company balancing compliance enforcement costs against potential fines [13][14]. - The company has set a threshold where compliance measures cannot lead to a revenue drop exceeding 0.15%, equating to about $135 million every six months [13]. - Even if faced with fines up to $1 billion, the company considers this cost lower than the profits gained from violating ads [13][14]. Regulatory Scrutiny - Meta's practices are under investigation by global regulatory bodies, including the SEC and FCA, due to its involvement in a significant portion of payment fraud losses [16]. User Impact - Users are paying a real price for Meta's profits from fraudulent ads, with many cases of scams reported on the platform [21][22]. - Internal documents acknowledge that Meta ignored or mishandled 96% of user fraud reports in 2023, with a goal to reduce this to 75% [24]. - The ease of placing fraudulent ads on Meta compared to other platforms like Google highlights deficiencies in its ad review system [24]. Future Projections - Meta plans to gradually reduce the proportion of revenue from fraudulent ads to 7.3% by 2025, 6% by 2026, and 5.8% by 2027, but will not eliminate it entirely [20][26].

作者 戴莉娟 2024年，Meta的总销售额超过1645亿美元。上周，该公司公布第三季度业绩，销售额同比增长26%，达 到512.4亿美元，同时将全年支出下限上调20亿美元，以支持其在人工智能领域的大规模投资。 近日路透社曝光的一组内部文件，将Meta再一次推上了舆论的风口浪尖。文件显示，这家全球最大的 社交媒体巨头预计其2024年约10%的年度收入（约160亿美元）来自诈骗与禁售广告。更惊人的是， Meta内部估算，其平台——包括Facebook、Instagram和WhatsApp——每天向用户展示约150亿条"高风 险"诈骗广告。 路透社援引的内部文件显示，这类广告包括"欺诈性的电商与投资计划、非法在线赌场，以及被禁止销 售的医药产品"等。相关文件还反映了Meta为评估其旗下应用（如Facebook与Instagram）上欺诈广告的 泛滥程度所做的内部尝试。 这一发现，揭开了数字广告帝国背后最阴暗、也最现实的一面：当广告成为社交网络的命脉，虚假与欺 诈内容已不只是系统漏洞，而是一种被"算计"过的生意。 尽管部分文件显示Meta计划减少平台上虚假广告的数量，但路透社指出，另一些文件也表明，公司担 心如果突 ...