消息面上，阿里巴巴今早正式宣布"千问"项目，全力进军AI to C市场。据阿里巴巴官方微博消息，今 天，千问 APP正式开启公测，免费开放，人人可用，阿里巴巴用最强模型打造最佳个人AI助手。不仅 能与用户"对话"，更能为用户"办事"，打造未来的AI生活入口，将陆续覆盖办公、地图、健康、购物等 多个生活场景。千问APP公测版已登陆各大应用商店，网页端与PC版同步开放。 阿里巴巴-W(09988)盘中短线拉升，现涨超1%。截至发稿，涨1.55%，报157.3港元，成交额70.21亿港 元。 ...

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 受到前晚外盘表现不佳的不利影响，上周五港股 低开低走，恒生指数收跌 1.85%报 26572.46 点， 结束 4 日连涨，恒生科技指数跌 2.82%，恒生中 国企业指数跌 2.09%。市场成交额 2327.88 亿港 元，南向资金净买入 128.87 亿港元。科技股领 跌，百度集团-SW 跌逾 7%。资源股回调，中国宏 桥跌近 4%。涨幅方面，京东健康上涨 6.59%， 2025 年第三季度经营盈利同比增超 1.25 倍，翰 森制药上涨 2.18%。 1. 美股上周五收盘涨跌不一。道指跌 0.65%，报 47147.48 点；纳 ...

Group 1 - The Hong Kong stock market is expected to maintain a range-bound pattern until the end of the year, with third-quarter performance of Chinese stocks meeting expectations, while fourth-quarter guidance may be impacted by high base effects. However, there is optimism for Chinese stocks in the coming year, suggesting that the current market consolidation period presents a good entry opportunity [1] - Chinese technology stocks are set to continue reporting earnings, with internet companies reaching an operational turning point and growth accelerating again. However, concerns arise as growth rates do not match high spending and costs, leading to profit pressure. Investors should focus on how tech companies utilize cash flow, particularly in capital expenditures rather than share buybacks, and monitor developments in cloud services, as AI in China is primarily reflected in cloud business [1] - The profitability compression in tech companies is a key factor to watch, as it reflects rational investment conditions. Compared to U.S. tech companies, AI infrastructure is not a bottleneck for China, and Chinese tech firms are relatively well-balanced, potentially attracting capital flows back to China. With domestic initiatives promoting AI development and a stabilization in internet regulation, along with reasonable valuations in hardware, there is a positive outlook for selectively increasing positions in the sector during market pullbacks [1] Group 2 - Chinese electric vehicle companies are also set to report earnings. Starting in 2026, the new energy vehicle purchase tax policy will shift from "full exemption" to "half exemption," leading to increased competition among major automakers. In the short to medium term, electric vehicle companies will face significant competitive pressure, but they are also evolving towards becoming technology companies [2] - Investors are beginning to shift their focus from delivery numbers to the ability of electric vehicle companies to apply accumulated technologies in new energy to robotics and other new technologies [2]

Core Viewpoint - Morgan Stanley's report indicates that Tencent's Q3 performance exceeded expectations, reflecting robust growth across major business segments, particularly in advertising and gaming driven by AI [1] Group 1: Financial Performance - Tencent's management has attributed the reduction in capital expenditure to GPU supply chain constraints, but anticipates accelerated development of its AI platform with increased adoption of its capabilities [1] - Revenue forecasts for the next two years have been raised by 0.9% and 1.4% respectively, while non-IFRS operating profit forecasts have been adjusted upwards by 0.3% and 1.5% [1] - Non-IFRS net profit forecasts have been increased by 1.6% and 2.9% for the upcoming years [1] Group 2: Investment Rating - Morgan Stanley reaffirms Tencent as a preferred stock with an "Overweight" rating and sets a target price of HKD 735 [1]

来源：第一财经 关注" 新华网财经 "视频号 更多财经资讯等你来看 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。当天，千问APP公测版上线，基于开源模型Qwen3，阿里核心管理层将"千问"项目视 为"AI时代的未来之战"。 据透露，阿里巴巴正在计划将地图、外卖、订票、办公、学习、购物、健康等各类生活场景接入千问APP。 往期推荐 曾毓群再谈固态电池 巴菲特最新持仓披露 ...

iPhone 发布周期大变：每年可能会推出 6 款新机 曝华为将发布 AI 领域突破性技术 北京 6G 实验室多项进展公布 雷军连发多条微博：一辆车好看与安全不矛盾 Reno15 系列今日发布 Grok 5 或延期至明年发布 零跑提前完成本年销量目标 Android 微信更新：终于支持聊天备份至 U 盘 宇树王兴兴：未来 AI 将赋予机器人理解世界的能力 ✈️ 多家航司宣布：涉日本机票可免费退改 iPhone 发布周期大变：每年可能会推出 6 款新机 据《彭博社》记者 Mark Gurman 昨晚报道，苹果未来发布新 iPhone 的节奏将会发生明显变化。 其表示，明年开始，苹果发布 iPhone 的周期将会与此前爆料一样：2026 年发布 iPhone 18 Pro/Pro Max 以及全新折叠屏产品；而在六个月之后（即 2027 年），iPhone 18/18e 将会发布，而传闻的特别版 iPhone 也将在这一年发布，甚至还可能出现新款 iPhone Air。 对此，Gurman 表示，未来苹果将每年推出 5-6 款新机，并且该模式将会维持数年。 Gurman 指出，虽然现在的秋季 iPhone 新品季 ...

Macro Research - In October, industrial, consumption, and investment growth rates have all slowed down, reflecting both short-term disturbances from holiday timing and high base effects, as well as gradually emerging pressures on domestic and external demand [1][24] - High-growth industries and policy-supported sectors, such as automotive and transportation equipment, are benefiting from seasonal demand and infrastructure project advancements, maintaining active production [24] - Online consumption continues to show steady growth due to convenience and promotional activities, while traditional consumption sectors and real estate-related areas are experiencing weak demand [24] Computer Industry - Alibaba has launched the "Qwen" project to develop a personal AI assistant app, aiming to compete directly with ChatGPT, marking a significant strategic expansion into the consumer market [5] - Baidu has emphasized the value of AI applications and showcased a series of self-developed hardware, including the Kunlun chip, to strengthen its autonomous computing capabilities [6] - The domestic GPU company, Muxi, has received approval for its IPO, which will fund the development of high-performance general-purpose GPUs, indicating a key step for domestic high-end chips [7] - The computer sector maintains an "overweight" rating, with recommended stocks including Risheng Technology, Kingdee International, and others [4] Non-ferrous Metals Industry - The liquidity crisis has eased following the end of the U.S. government shutdown, leading to a recovery in precious metals [8] - Gold prices are expected to rise as market liquidity improves, while rare earth prices have continued to decline, indicating a cautious trading atmosphere [8] - Copper prices may experience volatility due to fluctuating Fed rate cut expectations and seasonal demand, but long-term demand remains strong [9] - The aluminum sector is seeing a positive outlook due to supply-demand dynamics, with rising prices and low inventory levels [9] Cosmetics Industry - The Double Eleven shopping festival showed robust double-digit growth, with instant retail and full-chain integration becoming key trends [12] - Domestic brands like Pechoin and international high-end brands have shown stable growth, with Pechoin maintaining its leading position in the Tmall beauty category [13] - Brands such as Ru Yuchen and Shangmei have reported significant growth in sales during the Double Eleven period, indicating strong brand performance [14]

国寿安保稳弘混合A（011027）基金经理为唐笑天。 截至发稿，唐笑天累计任职时间1年250天，现任基金资产总规模20.78亿元，任职期间最佳基金回报 8.27%， 任职期间最差基金回报2.99%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，国寿安保基金旗下1只基金重仓昆仑万维。国寿安保稳弘混合A（011027）三季度持有股数 1.5万股，占基金净值比例为1.39%，位居第三大重仓股。根据测算，今日浮盈赚取约3.06万元。 国寿安保稳弘混合A（011027）成立日期2021年3月18日，最新规模3501.15万。今年以来收益13.48%， 同类排名5411/8213；近一年收益12.23%，同类排名5245/8130；成立以来收益28.96%。 11月17日，昆仑万维涨5.21%，截至发稿，报41.19元/股，成交12.57亿元，换手率2.49%，总市值517.08 亿元。 资料显示，昆仑万维科技股份有限公司位于北京市东城区西总布胡同46号明阳国际中心B座 ...

晨会纪要 证券研究报告 2025 年 11 月 17 日 核心结论 分析师 【基金】行业主题基金专题研究（六）-主动篇：先进制造主题基金研究框 架及产品优选 本文构建主动型先进制造主题基金池。根据主动权益基金对制造行业的配 置、基金与先进制造概念的相关系数等标签划分，细分为均衡型/专注单一 赛道型制造基金、机器人/军工/汽车/新能源/智能驾驶/电池等概念主题基金。 综合定量定性指标、当下投资关注度，建议关注：1）机器人主题：永赢先 进制造智选、鹏华碳中和、平安先进制造、中航趋势领航等；2）军工主题： 长信国防军工、华夏军工安全、永赢高端装备智选等。 【证券Ⅱ】证券行业 2026 年度策略：步步向上，欣欣向荣 我们认为经济定调积极下资本市场上升趋势仍在，券商板块仍是年内不可多 得的相对低估+业绩同比高增的细分资产。在自营相对难以预测、叠加增量 资金持续入市带动 ADT 中枢高企下，我们认为当前经纪主线是不错的选择， 推荐国泰海通、华泰证券、东方证券、国信证券、广发证券，建议关注方正 证券；此外，推荐受益于权益市场活跃的九方智投控股、有望通过换股吸收 大智慧实现增长的湘财股份、持续受益于港股 IPO 回暖的中金公 ...

Group 1 - The Hong Kong stock market experienced a slight decline, with the Hang Seng Tech Index dropping over 0.5% on November 17, 2023 [1] - Major ETFs, particularly the Hang Seng Tech Index ETF (513180), followed the index's downward trend, with leading stocks like Trip.com, Lenovo, Baidu, and BYD Electronics underperforming, while Hua Hong Semiconductor, SMIC, and Alibaba showed gains [1] - A number of technology companies, including Baidu, Xiaomi, Kuaishou, Netease, and Xpeng Motors, are set to release their latest financial results this week, with key earnings announcements scheduled for November 17 and 18 [1] Group 2 - According to Minsheng Securities, the recent earnings reports from leading internet companies like Tencent and Bilibili exceeded market expectations, and there is a recommendation to focus on the upcoming financial results from Xiaomi, Trip.com, Kuaishou, and Netease [1] - The report highlights a positive outlook on the revaluation of AI in China, suggesting attention to platform-based internet companies with synergistic advantages in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, Alibaba, Xiaomi, Baidu, and Meituan [1] - As of November 14, the Hang Seng Tech Index ETF (513180) had a latest valuation (PETTM) of 22.47 times, which is lower than other major global tech indices, indicating that the index remains in a historically undervalued range [2]