Group 1 - The core viewpoint of the report is that Alibaba's strong execution, business synergy, and comprehensive technology product system position it as a key beneficiary in the AI sector, reaffirming it as a preferred investment with a "buy" rating [1] - Alibaba has launched its flagship AI application, "Qianwen APP," which is described as the "most powerful official AI assistant" with features like conversational Q&A, intelligent writing, and a multi-modal camera [1] - The report highlights that Alibaba's self-built ecosystem and free strategy provide a competitive advantage over ChatGPT's third-party application integration, with a focus on monitoring daily active user (DAU) growth in the short term [1] Group 2 - Alibaba is expected to announce its Q2 2026 earnings on November 25, with projected revenue growth accelerating to 3.6% year-on-year, primarily driven by incremental contributions from instant retail [2] - Customer management revenue (CMR) is anticipated to grow by 10% year-on-year, remaining consistent with the previous quarter [2] - Instant retail revenue is expected to reach 26.9 billion RMB, reflecting an 83% year-on-year increase, while cloud and international e-commerce businesses are projected to grow by 26% and 19% year-on-year, respectively [2] - The adjusted EBITDA for the group is forecasted to decline by 61% year-on-year to 15.9 billion RMB, with non-GAAP net profit expected to decrease by 54% year-on-year to 16.8 billion RMB [2]

这是自贝索斯在2021年7月卸任亚马逊首席执行官以来，他首次在一家公司中担任正式的运营层面的最 高级职务。不过，尽管他深度参与太空公司蓝色起源(Blue Origin)的管理事务——这家公司是特斯拉 CEO马斯克(Elon Musk)旗下SpaceX的最强劲竞争对手，但他在蓝色起源的官方头衔只是"创始人"。在 AI应用领军者方面，马斯克则拥有自己的AI初创公司xAI，试图凭借旗下的Grok AI与OpenAI的 ChatGPT平分秋色。 有媒体援引知情人士透露的消息报道称，这家即将问世的AI初创公司名为Project Prometheus(即"普罗米 修斯计划")，起步即获得了62亿美元的融资，其中大部分资金来自贝索斯本人，使其成为全球融资最充 足的最早期AI初创公司之一。 据媒体报道，Project Prometheus专注于与贝索斯"把人类集体送入外太空"的兴趣相契合的人工智能技 术。据媒体报道，该公司重点聚焦于能够帮助多个领域(包括计算机、航空航天和汽车，甚至物理等学 科探索)进行大型工程和高端制造层面的人工智能应用。目前尚不清楚Project Prometheus的投资人有哪 些，报道指出。亚马逊发言 ...

Key Insights - The report highlights the rapid development of the AI industry and its positive impact on the media sector, particularly in gaming and film, driven by favorable policies and technological advancements [1][2][6] - The media industry has outperformed the market, with the Shenwan Media Index rising by 27.45% as of November 12, 2025, surpassing the Shanghai Composite Index's increase of 18.07% [15][16] - The gaming sector has shown significant growth, with a year-on-year revenue increase of 24.4% and a net profit growth of 88.61% in the first three quarters of 2025 [28][34] - The film industry has benefited from blockbuster films, with total box office revenue reaching 450.97 billion yuan, a 15.44% increase compared to the previous year [76][78] - The advertising sector is experiencing moderate growth, with a revenue increase of 5.97% in the first three quarters of 2025 [37] Group 1: Media Industry Overview - The media industry is experiencing a positive trend, with the gaming sector leading the growth, followed by television broadcasting and film [15][16] - The gaming sub-sector has seen a remarkable increase of 59.84%, while the film sector has grown by 19.07% [16][19] - The overall revenue for the media industry reached 3,875.61 billion yuan, reflecting a 5.58% year-on-year growth [23][24] Group 2: Gaming Sector Insights - The gaming industry has achieved a revenue of 848.14 billion yuan in the first three quarters of 2025, with a significant net profit margin of 16.31% [28][34] - The introduction of new games and the revival of existing titles have contributed to the positive growth trajectory in the gaming market [63][66] - The trend of cross-platform gaming is emerging, enhancing user engagement and revenue generation [69][71] Group 3: Film Industry Insights - The film industry is witnessing a resurgence, with a strong pipeline of upcoming films expected to drive further box office growth [76][78] - The dominance of blockbuster films is evident, with the top five films accounting for 57.06% of total box office revenue [78][79] - The average ticket price has slightly decreased to 42.1 yuan, indicating a competitive market environment [77] Group 4: Advertising Sector Insights - The advertising sector has shown stable revenue growth, with a total revenue of 1,292.33 billion yuan in the first three quarters of 2025 [37] - The sector is adapting to new marketing strategies, including programmatic advertising and innovative consumer engagement methods [37][41] - Despite the growth, the profit margins in advertising are under pressure, reflecting the competitive landscape [37][41]

01 华泰张继强：新开局下的叙事与主线【把握2026投资机会】 15:00-16:00 核心看点： AI投资热潮会否迎来关键验证？全球"财政扩张+货币配合"将如何搅动市场？国内新旧 动能转换能否进入"右侧开花结果"？明年我们能否等来企业盈利的实质性改善？ 嘉宾： 张继强丨华泰证券研究所所长，总量研究负责人，固收首席分析师 扫码预约 02 中金陈健恒：中美新老经济分化加剧，债牛趋势更为确定 16:00-17:00 核心看点 ： 聚焦三大核心驱动力：出口放量，核电资本开支加速与技术升级，以及AI数据中心用电 结构变革。 嘉宾： 廖启华丨瑞银大中华区能源转型及新能源行业研究主管 严亦舒丨瑞银证券中国公共事业及新能源行业分析师 利林海丨瑞银证券中国公共事业及新能源行业分析师 徐宾丨瑞银证券中国研究部总监 核心看点： 中美新老经济分化加剧，股牛和债牛并不对立。全球财政政策持续宽松后，面临制约的 情况下，货币政策有望接力放松，且全球货币政策空间依然较为充足。中国今年在贸易顺差和财政 赤字创新高的情况下，经济和股市有支撑，明年这两个因素的同比拉动减弱，债券利率将重新加快 回落速度。在全球贸易和地缘和各国政策摩擦性增加的情况 ...

阿里巴巴将于11月25日公布2026财年第二季度业绩，该行预计集团营收按年增长加速至3.6%，主要受 益于实时零售业务的增量贡献；客户管理收入(CMR)按年增长10%，与上季度相近；实时零售营收预计 达到269亿元，按年增长83%；云业务与国际电商业务预计保持强劲增长，分别按年增长26%、19%。 招商证券国际发表研报指，阿里巴巴正式推出旗舰级客户端AI应用千问APP，定位为阿里最强大模型官 方AI助手，具备对话问答、智能写作及多模态全能相机功能；相较于ChatGPT对接第三方应用的模式， 该行认为阿里自建的全生态产品体系及免费策略构成竞争优势，短期需关注日活跃用户数(DAU)增长。 基于阿里强大的执行力、业务协同性及全栈技术产品体系构成的AI核心受益地位，该行重申为首选标 的，评级"买入"，维持美股目标价204美元，对应2027财年21倍市盈率。 ...

1.淘宝公布双11出海成绩：数十个品牌成交破千万 11月17日消息，今年双11淘宝首次在全球20个国家和地区启动大促，官方披露，双11周期内数十个品牌境外 成交破千万，超过20万签约商家成交额翻倍增长，其增速是淘宝出海整体大盘的三倍。此外，双11平台境 外日下单用户数（DAC）实现双位数增长。 点评："双11"模式全球化成效卓著，正从中国狂欢变为世界商机。 2.印尼官员称印尼计划对黄金出口征收7.5至15%的出口税 据路透社11月17日报道，印尼财政部一名高级官员表示，政府正在敲定一项新的税制安排，拟对黄金产品 征收7.5%至15%的出口税，计划于2026年开始实施。该官员透露，不同加工等级的黄金将适用差异化税率， 未完全精炼产品的税率将更高，以支持国内冶炼和加工产业发展。 3.财政部：1-10月全国一般公共预算收入186490亿元，同比增长0.8% 1-10月，全国一般公共预算收入186490亿元，同比增长0.8%。其中，全国税收收入153364亿元，同比增长 1.7%；非税收入33126亿元，同比下降3.1%。分中央和地方看，中央一般公共预算收入81856亿元，同比下 降0.8%；地方一般公共预算本级收入 ...

"双11"走到第17年，各电商平台战报不再公布具体GMV（商品交易总额），统计周期也参差不齐，横 向可比较维度并不统一，但是各家可以在时间维度上纵向与自己比较。 11月15日，阿里巴巴公布2025年天猫"双11"成绩，称这是"以四年来最好增长收官"。 对于行业和大众来说，随着大促常态化，"双11"的独特性已逐年减弱，但是对于阿里而言，今年却有巨 大变革意味：今年是淘宝升级大消费平台、淘宝闪购全面参与、AI全面应用的第一个"双11"。 根据淘天公布的数据，今年"天猫双11"全周期（10月15日至11月14），淘宝闪购零售订单同比去年增长 超2倍，天猫品牌即时零售日均订单环比9月增长了198%。融入淘天后的第一个"双11"，飞猪成交创历 史新高，同比增长超30%。 今年阿里"双11"对消费者给出了史上力度最大的优惠福利投入，首次规模化地用AI工具来发放红包，AI 红包带动品牌日均下单用户数增长86%。最终收官的战绩包括近600个品牌成交破亿元、3.4万个品牌同 比增长翻倍等。 这是阿里巴巴在2025年结束"1+6+N"（1个集团+6大重点板块+N个其他业务）时代，回归"一个阿 里"（One Alibaba）的架构 ...

Group 1 - Ctrip Group-S (09961) reported a net operating revenue of 18.3 billion RMB (approximately 2.6 billion USD) for Q3 2025, a 16% increase year-on-year [1] - XPeng Motors-W (09868) experienced a decline of over 9% post-earnings, with Q3 revenue at 20.38 billion RMB, a 102% year-on-year growth, but slightly below market expectations of 20.45 billion RMB [1] - BeiGene (06160) saw a 2.32% increase following positive results from its Phase III HERIZON-GEA-01 study [1] - Kinko Service (09666) surged over 17% after resuming trading, with a revised offer price of 6.67 HKD per share contingent on shareholder approval for delisting [1] Group 2 - Gold stocks continued to decline, with Lingbao Gold (03330) down 6.91% and Tongguan Gold (00340) down 4.66%, as gold prices fell for the fourth consecutive day [2] - Joy City Property (00207) rose 1.67% after announcing plans to withdraw its listing status on November 27 [2] - Semiconductor stocks performed well, with Hua Hong Semiconductor (01347) up 4.45% and SMIC (00981) up 1.58%, indicating high demand with a 95.8% capacity utilization rate in Q3 [2] - Guangzheng Education (06068) fell nearly 10%, projecting a net profit of approximately 37.7 million RMB for the fiscal year ending August 31, 2025, down from 96.4 million RMB in the previous year [2] Group 3 - Coal stocks faced declines, with Yanzhou Coal Mining (01171) down 4.7% and China Shenhua Energy (01088) down 3.59%, despite a quarter-on-quarter recovery in coal prices [3] - Hong Kong Travel (00308) dropped over 17% following the announcement of a cash distribution plan related to its private company shares [4] Group 4 - Dell Technologies (DELL.US) fell 8.43% after Morgan Stanley downgraded its stock rating from "Overweight" to "Underweight," raising concerns about its earnings outlook [5] - XPeng Motors (XPEV.US) dropped 10.32% as its Q3 revenue fell short of market expectations [5] - Lithium stocks surged, with Sigma Lithium (SGML.US) up 32.34%, driven by strong demand rather than supply disruptions [5] - Sohu (SOHU.US) rose 7.26% with a Q3 revenue of 180 million USD, a 19% increase year-on-year [6] - Quantum Computing (QUBT.US) increased 8.49% after reporting better-than-expected earnings and outlining a roadmap for mass production [6] - Google (GOOGL.US) gained 3.11% following Berkshire Hathaway's new investment in Alphabet [6] - Alibaba (BABA.US) rose over 2.54% after announcing its entry into the AI to C market with the "Qianwen" project [6]

根据这个App涵盖的业务，京东剑指美团、大众点评、携程、饿了么等多个竞争对手。 11月17日晚，京东宣布正式推出京东外卖独立App。虽然这个App名为"京东外卖"，实际上定位综合服 务型App，不仅提供外卖服务，还集"外卖+即时零售+点评+酒旅+购物"等本地生活服务于一体。 这一消息宣布时，正是美股交易时间。京东美股股价自11月13日三季报发布后连跌两日，在"京东外 卖"App的消息刺激下股价止跌回升，最终在美东时间11月17日报收29.54美元，当日涨0.78%，总市值为 419亿美元。 京东方面表示，推出外卖独立App是为保障用户体验，方便经常点外卖的用户使用。 "之前很多人搜京东外卖发现没有独立App，导致很多用户找不到我们的外卖入口，根据用户的需求， 我们把京东外卖App独立了出来，对于经常点外卖的朋友会更加方便容易。"京东创始人刘强东在当天 位于三亚的京东品酒会上说道。 京东外卖App在UI（用户界面）呈现上与京东App内置"秒送频道"页面几乎一致，但在"金刚区"（即核 心功能聚合区域），京东外卖App有一个"购物"频道，为电商购物入口。 在此次品酒会的活动现场，除宣布推出京东外卖App外，京东还官 ...

电商龙头+新消费：港股消费ETF（513230）。 11月18日，港股消费板块早盘表现略微震荡，港股消费ETF（513230）一度跌超0.8%，现跌幅持续收窄 至0.2%附近，其持仓股中，小鹏汽车-W、老铺黄金、小米集团-W等跌幅居前，仅蒙牛乳业、百胜中 国、阿里巴巴-W等逆势上涨。 据央视新闻，国务院常务会议召开，部署增强消费品供需适配性进一步促进消费政策措施。会议指出， 增强供需适配性是进一步释放消费潜力、畅通经济循环的有效举措。要以消费升级引领产业升级，以优 质供给更好满足多元需求，实现供需更高水平动态平衡。 假期催化+冰雪经济：旅游ETF（562510）； 提振内需+低估赛道：食品饮料ETF（515170）； 中银国际表示，前期领涨的科技板块进入震荡平台期，随着三季报披露结束，市场进入业绩空窗期，市 场风格轮动加速，CPI回暖趋势初现，必选消费市场表现与CPI同比有较高相关性，多重催化之下消费 板块或将迎来轮动补涨机会。 相关热门ETF： ...