宏观动态 商务部新闻发言人就安世半导体问题答记者问：中方同意荷经济部派员来华磋商的请求 有记者问：近日，荷兰经济大臣卡雷曼斯在个人社交媒体账户发布关于安世半导体问题的声明，请问商 务部对此有何评论？答：中方注意到荷兰经济大臣卡雷曼斯于11月6日发表的声明，但截至目前尚未见 到荷方在停止侵害中国企业合法权益和恢复全球半导体供应链稳定方面的实际行动。中方本着对全球半 导体供应链稳定与安全的负责任态度，已于11月1日宣布对符合条件的相关出口予以豁免，而造成当前 全球半导体供应链混乱的源头和责任在荷方。中方希望，荷方表态不能只停留在口头上，应尽快实质性 提出建设性方案并采取实际行动，从源头上迅速且有效恢复全球半导体供应链稳定，以及停止用行政手 段介入并干涉企业内部事务，推动安世半导体问题早日解决。中方同意荷经济部派员来华磋商的请求。 国家广电总局：启动不良动画微短剧和动画短视频专项治理 据智通财经，记者从权威渠道获悉，国家广电总局已下发专项治理工作提示，自即日起至2026年3月， 在全国范围内开展不良动画微短剧和动画短视频网络传播专项治理。此次治理首次将AIGC类、漫画 类、表情包类等动画形式微短剧纳入分类分层审核体 ...

● 本报记者魏昭宇 11月7日，由IPEM Asia与国联集团联合主办的"2025IPEM私募投资及产业大会"在江苏无锡举办。本次 大会汇聚了来自全球投资界、产业界的精英人士，包括多家国际投资机构高管、国内地方政府代表以及 国内投资机构创始人等，共同围绕全球私募投资趋势、产业创新与跨境合作展开深度对话。 多位与会嘉宾认为，在全球经济格局深度调整、技术变革加速的背景下，跨境资本流动与产业协同正成 为推动经济增长的关键力量，亚洲市场尤其是中国展现出巨大的投资潜力和战略价值。"在人工智能、 生物医药、新能源等前沿技术驱动下，跨境投资已进入高效协同的2.0时代，中国市场凭借其庞大的内 需、完善的供应链体系以及持续创新的能力，正成为全球资本布局的重要枢纽。"一位与会嘉宾表示。 科技投资成全球增长核心引擎 在本次大会上，多位与会嘉宾认为，科技投资被视为推动全球产业变革的核心动力。梅花创投创始合伙 人吴世春说，当前最具爆发力的创新集中在中美两地，尤其在商业航天、具身智能、人工智能等领域竞 争激烈。他认为，中国创业者依托庞大的市场红利和工程师资源，正快速走向全球化。 值得一提的是，欧洲科技生态同样不容忽视。拉扎德资产管理董事 ...

证券日报网讯九号公司11月7日在互动平台回答投资者提问时表示，截至2025年10月31日，公司股东总 户数为35，602户。 ...

Core Viewpoint - Xiaomi Group-W (01810) has seen its stock price drop over 30% from its peak in June, with a current price of 42.1 HKD, reflecting a decline of 3.08% as of the latest report [1] Group 1: Stock Performance - The stock price of Xiaomi has decreased by over 30% since its highest point in June [1] - As of the latest report, the stock is trading at 42.1 HKD with a trading volume of 30.76 billion HKD [1] Group 2: Hedge Fund Activity - Recent data from Goldman Sachs indicates a 53% increase in short positions against Xiaomi by hedge funds over the past week [1] - The selling pressure from pension funds and hedge funds has dominated the market in the last two weeks [1] Group 3: Investor Sentiment - Investor sentiment is turning cautious ahead of Xiaomi's third-quarter earnings report scheduled for November 18 [1] - Hedge funds view Xiaomi as a consensus short/sell target in the short term due to a lack of catalysts [1] Group 4: Analyst Downgrades - Goldman Sachs has recently lowered its target price for Xiaomi, citing several factors [1] - Key reasons for the downgrade include rising storage chip prices impacting smartphone gross margins, a slowdown in AIoT business growth to single digits, and delays in the second phase of electric vehicle factory affecting deliveries [1]

智通财经APP获悉，小米集团-W(01810)再跌超3%，当前股价较今年六月最高点已跌逾30%。截至发 稿，跌3.08%，报42.1港元，成交额30.76亿港元。 报告指出，对冲基金的反馈认为，小米"至少在短期内是共识性的做空/卖出标的，因为缺乏催化剂"。 高盛研究团队近期下调小米目标价，给出的理由包括：存储芯片价格上涨压制智能手机毛利率、AIoT 业务增速放缓至个位数、电动车二期工厂延期影响交付。 消息面上，据高盛主经纪商业务最新数据显示，对冲基金对小米的空头押注在过去一周激增53%。该行 高频交易部门的资金流向也显示，在过去两周内，养老基金和对冲基金主导的卖盘占据主导地位。这家 中国科技巨头即将于11月18日公布第三季度财报前夕，投资者情绪正在转向谨慎。 ...

Core Viewpoint - The market has experienced a significant style switch since November, with brokerages suggesting a focus on technology, consumption, and core asset industries as the year-end approaches in a bullish market environment [1] Market Valuation - As of October 31, the Hang Seng Technology PE-TTM stands at 22.9 times, which is in the 29th percentile historically [1] - Hong Kong's broad market valuation is notably low compared to global indices, with Hang Seng Technology valuations lower than the S&P 500 by 95%, Nasdaq by 88%, DAX by 79%, Nikkei 225 by 73%, and Nifty by 72% since 2005 [1] Capital Inflows - Since 2025, southbound capital inflows have exceeded 1.1 trillion yuan, primarily driven by institutional forces such as public funds and insurance capital [1] - It is anticipated that net inflows from southbound capital will exceed 1.5 trillion yuan next year [1] - In Q3 2025, both long and short-term foreign capital consistently flowed into Hong Kong's technology sector, indicating a growing consensus among foreign investors [1] Institutional Behavior - Data from China Aviation Securities indicates that in Q3, actively managed equity funds increased their positions in technology while reducing exposure to blue-chip sectors like banking [1] Investment Opportunities - Most brokerages believe that the technology growth trend is not over and still presents investment value, particularly in Hong Kong's technology, consumption, and core asset sectors [1] - The acceleration of the AI industry both domestically and internationally is expected to open new growth avenues for technology stocks, with potential for increased capital investment in the AI sector [1] Magnificent 7 in Hong Kong - The "Magnificent 7" in the Hong Kong market includes Xiaomi, Lenovo, BYD, SMIC, Alibaba, Tencent, and Meituan, which are seen as core technology assets attracting investor attention [2] Company-Specific Insights - **Xiaomi**: Expected to benefit from AI applications and successful entry into the smart electric vehicle market, with a focus on new product launches and growth in smart hardware [3] - **Lenovo**: Anticipated growth in PC and smartphone demand driven by AI investments and expansion in emerging markets, particularly in the Middle East [4] - **BYD**: Projected to achieve global sales of 4.27 million vehicles in 2024, with a focus on smart vehicle technology and international expansion [4] - **SMIC**: Positioned as a major beneficiary of global supply chain restructuring, with strong demand for localized production [5] - **Alibaba**: Expected to lead in cloud services driven by AI demand, with a focus on enhancing e-commerce market share through innovative applications [5] - **Tencent**: Anticipated to leverage AI in social advertising and gaming, with a focus on enhancing product offerings through AI integration [6] - **Meituan**: Expected to benefit from growth in the local consumption market and improvements in profitability across various business segments [6]

Group 1: Market Overview - On November 5, the Hong Kong stock market saw a net inflow of 10.373 billion HKD from northbound trading, with 3.359 billion HKD from the Shanghai Stock Connect and 7.014 billion HKD from the Shenzhen Stock Connect [1] - The most net bought stocks included Southern Hang Seng Technology (03033), Alibaba-W (09988), and Xiaomi Group-W (01810) [1] - The most net sold stocks were Hua Hong Semiconductor (01347), SMIC (00981), and Ganfeng Lithium (01772) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a net inflow of 2.53 billion HKD, with a total trading volume of 4.231 billion HKD [2] - Xiaomi Group-W (01810) saw a net inflow of 2.85 billion HKD, with a total trading volume of 1.830 billion HKD [2] - Tencent Holdings (00700) experienced a net outflow of 2.83 billion HKD, with a total trading volume of 2.062 billion HKD [2] Group 3: Analyst Insights - Analysts from Daiwa maintained a positive outlook on the Chinese internet sector, highlighting Tencent's strong product pipeline and anticipated growth in gaming revenue [5] - Citi's report on Xiaomi projected a 22% year-on-year revenue growth and a 60% increase in adjusted net profit for Q3, driven by robust electric vehicle sales [5] - China Mobile (00941) announced a share transfer of 0.19% to China National Petroleum Corporation to enhance strategic collaboration [6] Group 4: Sector Trends - The semiconductor sector faced net selling, with SMIC and Hua Hong Semiconductor seeing net outflows of 4.99 billion HKD and 6.4 billion HKD, respectively [7] - Analysts suggested focusing on the design sector's performance in storage, foundry, and ASICs, as well as the potential for price increases in leading foundries [7]

美国财长耶伦的警告犹在耳边，新一轮关税威胁已如达摩克利斯之剑高悬。 当全世界以为中美贸易摩擦按下暂停键时，华盛顿的变脸速度再次刷新认知 ——稀土管制延迟的共识尚未落笔成文，白宫已急不可耐地挥舞起加税大棒。这场关乎国运的较量，早已超出普通贸易争端范畴。 一、美式谈判的"双面战术"暴露无遗 就在72小时前，中美谈判团队刚宣布就稀土贸易达成阶段性妥协：中方暂缓管制措施，美方承诺降低关税。看似双赢的局面，却被美国贸易代表戴琪的突然 发难撕开伪装。 她在接受彭博社采访时公然宣称："301调查只是暂停，我们将立即启动中国履约审查"。更赤裸的威胁接踵而至——财政部长耶伦警告"若中 国重启稀土管控，美国必以关税反制"。 | 分享到: | | | | 員 27 | 197 | | --- | --- | --- | --- | --- | --- | | 2025-11-03 16:04:02 | 字号: A- A A+ | 来源:观察者网 | 阅读 167290 | | | 这种谈判桌握手、桌下捅刀的戏码，恰如《孙子兵法》所言："兵者，诡道也"。历史总是惊人相似：2018年中美大豆贸易和解协议签署不到半月，特朗普政 府就新增 ...

受中国与印度出货量下滑影响，小米智能手机收入可能同比减3%;而AIoT业务因以旧换新补贴减少，增 速或放缓至同比增5%。然而，电动车交付量进一步攀升至10.9万辆，均价约26万元人民币，并可能已 实现收支平衡。里昂预期，小米第四季总收入及调整后净利润将分别同比增15%及16%，主因智能手机 恢复正增长且电动车交付量持续提升，尽管AIoT业务面临更高基数挑战。 智通财经APP获悉，里昂发布研报称，预期小米集团-W(01810)在电动车销售稳健推动下，第三季总收 入及经调整净利润将实现同比分别增长22%及60%，达1,129亿及100亿元人民币。其第二座电动车工厂 获批投产，将成为推升股价重估的催化剂，维持"高度确信跑赢大市"评级，目标价69港元。 ...

受中国与印度出货量下滑影响，小米智能手机收入可能同比减3%;而AIoT业务因以旧换新补贴减少，增 速或放缓至同比增5%。然而，电动车交付量进一步攀升至10.9万辆，均价约26万元人民币，并可能已 实现收支平衡。里昂预期，小米第四季总收入及调整后净利润将分别同比增15%及16%，主因智能手机 恢复正增长且电动车交付量持续提升，尽管AIoT业务面临更高基数挑战。 里昂发布研报称，预期小米集团-W(01810)在电动车销售稳健推动下，第三季总收入及经调整净利润将 实现同比分别增长22%及60%，达1,129亿及100亿元人民币。其第二座电动车工厂获批投产，将成为推 升股价重估的催化剂，维持"高度确信跑赢大市"评级，目标价69港元。 ...