半导体ETF跌0.93%，全球科技股指数ETF、科技行业ETF、网络股指数ETF等至多跌0.82%，医疗业 ETF则涨0.2%，能源业ETF涨0.74%。 来源：滚动播报 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据摩根大通北美分析师团队的一份报告，尽管市场存在对人工智能泡沫的担忧，但一些领先的半导体和 网络公司仍有可能在2026年再次跑赢大盘。一个由HarlanMa领导的分析师团队估计，2026年用于数据 中心资本支出的业务支出可能会再增长50%。 华鑫证券分析指出，英伟达CEO黄仁勋近期预警AI能源危机，指出算力需求爆发将挑战传统能源供 应。美国电力短缺已制约其AI发展，而中国电力装机规模领先，国内电力设备产业链完整，有望同时 受益于国内电网稳健投资与全球（尤其是北美）AI数据中心扩容带来的增量机遇。 ...

近期，大成基金旗下恒生科技ETF（159740）因广告投放引发网络热议。 评论区的观点呈现鲜明对立：一部分投资者认为"估值底已现，抄底趁现在"，另一部分则谨慎提醒"笑 不出来，别接飞刀"。 这一争议，恰好发生在恒生科技指数从年内高点回落超16%的背景下，反映了当前市场情绪的微妙变 化。事实上，这种争议并非偶然。从历史经验来看，当某一资产出现显著观点分歧时，往往意味着其正 处在价值重估的关键阶段。而当前恒生科技指数PE（TTT）仅23.72倍，处于近十年较低分位，确实为 理性投资者提供了重新审视配置价值的窗口。 恒生科技，远不止是巨头的组合 恒生科技指数作为香港市场科技板块的重要标杆，专门追踪香港上市的港股科技龙头，其选股范围精准 聚焦网络、金融科技、云端、电子商贸及数码业务这些硬核赛道，构建了一个代表中国新经济核心资产 的生态组合。 科技板块本身具有高波动特性，历史数据显示，恒生科技指数的高成长性往往伴随着阶段性调整，2025 年前三季度恒科指数上涨45%后的调整实属正常市场现象。对关注长期的投资者而言，每次深调都可能 提供布局机会。 如果我们抛开舆情争议，客观审视大成恒生科技ETF（159740）的核心价值 ...

Employment and Economic Stability - The overall employment situation is stable, with the urban survey unemployment rate decreasing to 5.1% in October, down 0.1 percentage points from the previous month [1] - The average urban survey unemployment rate from January to October was 5.2%, with local registered labor at 5.3% and migrant labor at 4.7% [1] Real Estate Market Trends - In October, new residential sales prices in first-tier cities fell by 0.8% year-on-year, while second-tier cities saw a 2.0% decline and third-tier cities a 3.4% decline [1] - The second-hand housing prices in first-tier cities dropped by 4.4%, with second-tier cities down 5.2% and third-tier cities down 5.7% [1] - The spokesperson from the National Bureau of Statistics indicated that the real estate market is undergoing a transformation that requires time, and fluctuations in certain indicators should be viewed objectively [1] Bird Protection and Wildlife Crime - The Ministry of Public Security has launched a campaign to combat wildlife crimes, particularly those harming bird species, with a focus on dismantling criminal networks and seizing illegal tools [4] - The National Forestry and Grassland Administration reported an increase in protected bird species, with 1,028 species now classified as "three protected" [6] Gold Mining Discovery - A significant discovery of a low-grade, large-scale gold mine, the Dadongou Gold Mine, has been made in Liaoning Province, with a total metal content of 1,444.49 tons, marking it as the largest single gold mine discovered since the founding of New China [7] - The mine has a total ore volume of 2.586 billion tons and an average grade of 0.56 grams per ton, with a promising economic outlook for development [7] Healthcare Fraud Cases - The National Healthcare Security Administration has reported four cases of healthcare fraud involving pharmacies, with the highest case amounting to over 3.3 million yuan [8] - The cases include organized schemes to defraud insurance funds through false prescriptions and collusion with intermediaries [8] E-commerce Trademark Infringement - The State Administration for Market Regulation is seeking public input on new regulations to assist in addressing trademark infringement in e-commerce, highlighting the challenges posed by "ghost stores" with false registration information [9] - In the first three quarters of the year, 27,000 trademark infringement cases were handled, involving 468 million yuan [9] Three Gorges Project Development - During the 14th Five-Year Plan, the Three Gorges Project has allocated 46.91 billion yuan for 1,235 projects aimed at improving the livelihoods of relocated residents and promoting economic development in the reservoir area [10] - The average disposable income for rural migrants in the Three Gorges area is projected to reach 22,000 yuan in 2024, a 4.19-fold increase since 2010 [10]

Group 1 - The semiconductor ETF declined by 2.34% on November 6, indicating a negative trend in the sector [1] - Global technology stock index ETF and consumer discretionary ETF also fell by over 2.3%, reflecting broader market weakness in technology and consumer sectors [1] - The technology industry ETF decreased by 2.01%, while the internet stock index ETF dropped by 1.99%, further highlighting the downturn in technology-related investments [1] Group 2 - In contrast, the energy sector ETF experienced a gain of 0.97%, suggesting a divergence in performance between energy and technology sectors [1]

Group 1 - The APEC Business Travel Card is enhancing the ability of companies in Rizhao to expand into international markets, particularly in Asia-Pacific, with significant increases in orders reported by local businesses [1][2] - The card simplifies visa processes, reducing project connection times by 40% and lowering new customer acquisition costs by 25%, demonstrating its effectiveness in facilitating business operations [1] - The number of APEC Business Travel Cards issued in Rizhao has increased by 50% compared to the previous year, indicating a growing recognition of its benefits among local enterprises [1] Group 2 - Rizhao's foreign affairs office is extending its support to local enterprises throughout the entire process of going overseas, including training on project approvals and visa applications for international projects [2] - The office is fostering partnerships with cities in Europe, such as Nîmes in France and Kovačica in Serbia, to create a cooperative network that enhances business opportunities for local companies [3] - Collaborative initiatives are being organized to connect local businesses with international markets, including participation in agricultural cooperation dialogues with the UK and discussions with South Korean representatives [3] Group 3 - The Rizhao foreign affairs office is exploring new pathways for integrating foreign affairs resources with local industries, such as tourism, tea production, and low-altitude economy projects [4] - Joint efforts with tourism departments aim to attract international visitors, while collaborations in the tea industry focus on production and product development with Japanese and Korean cities [4] - Future plans include enhancing the APEC Business Travel Card's accessibility and expanding the application of "foreign affairs +" to support local economic development [4]

Core Viewpoint - Bank of America Securities reports that Tencent possesses the best investment portfolio in China's internet industry, highlighting its AI-driven growth potential, stable competitive landscape, and attractive shareholder returns under appealing valuations [1] Group 1: Investment Potential - Tencent is viewed as a major beneficiary of AI applications and monetization in China, with expectations for accelerated growth in advertising and cloud revenue, validating the benefits of AI technology on its core business [1] - The integration of AI functionalities into WeChat, such as AI agents directly recommending services and products, is anticipated to drive a re-rating of the stock price in the medium term [1] Group 2: Ratings and Price Target - The firm maintains a "Buy" rating on Tencent, raising the target price from HKD 690 to HKD 780 [1]

Core Viewpoint - Citigroup expects Amazon's Q3 revenue and operating profit to likely exceed market consensus, with predictions of $179.53 billion and $20.176 billion respectively, compared to market forecasts of $177.745 billion and $19.708 billion [1] Group 1: Cloud Services - Amazon Web Services (AWS) revenue growth and infrastructure capacity expansion are highlighted as key focus areas, with expectations for improvement as Project Rainier approaches and demand for generative AI remains strong [1] - Despite competitive concerns in cloud services, Amazon is still viewed as the preferred choice in the network industry due to its retail strength, sustained demand for cloud services, and margin expansion [1] Group 2: Retail Performance - Credit card data indicates a continuous growth in online wallet share, which is seen as positive data for Amazon, with attention on its impact on the agency-based business strategy [1] - The launch of ChatGPT is noted to facilitate instant checkout, further enhancing the retail experience [1] Group 3: Investment Rating - Citigroup reaffirms a "Buy" rating for Amazon with a target price of $270 [1]

Core View - The "Big Seven" tech giants continue to drive the U.S. stock market, primarily due to their roles in the high-growth AI sector, which is expected to reach trillions of dollars by early 2030 [1] - Other companies outside the "Big Seven" are also poised to benefit from the AI boom, particularly in infrastructure and equipment demand, with three specific stocks highlighted for their potential to outperform the giants in the next decade [1] Company Summaries Oracle (ORCL.US) - Oracle has shifted focus to expanding its cloud infrastructure business, leading to a 55% increase in infrastructure revenue in the last quarter [2] - The company forecasts $18 billion in revenue from this segment this year, growing to $144 billion in four years [2] - Following strong guidance, Oracle's stock surged approximately 35%, adding over $200 billion to its market capitalization [2] CoreWeave (CRWV.US) - CoreWeave has designed its cloud platform specifically for AI workloads and has partnered closely with Nvidia, becoming the first to fully open Nvidia's latest platform to customers [3] - Nvidia holds a 91% stake in CoreWeave, indicating strong confidence in its potential [3] - CoreWeave's revenue doubled in the last quarter, exceeding $1.2 billion, driven by increasing demand for AI infrastructure [3] Broadcom (AVGO.US) - Broadcom has seen a 63% year-over-year increase in AI business revenue, reaching $5.2 billion, with expectations of $6.2 billion in the next quarter [4] - The company is developing custom chips for three major clients and recently secured a $10 billion order, potentially from OpenAI [4] - Broadcom's expertise in networking is crucial as AI clients expand their platforms and require high-performance systems to connect increasing computational nodes [4] Industry Outlook - The AI market is in its early stages and is projected to reach a trillion-dollar scale, with Broadcom expected to benefit significantly and potentially outperform the "Big Seven" in the next decade [5]

Core Viewpoint - The Hong Kong stock market's technology sector has significantly outperformed other indices, with the Hang Seng Tech Index rising 63.79% over the past year, surpassing the Nasdaq's 22.90% and the ChiNext Index's 59.11% [1] Group 1: Market Performance - The Hang Seng Tech Index has seen a strong rebound, increasing nearly 26% since April 8, 2023, indicating a robust recovery in the technology sector [3] - The index has accumulated a total increase of 84.77% since 2015, with an annualized return exceeding 6%, outperforming both the CSI 500 Index and the ChiNext Index during the same period [6][8] Group 2: Investment Drivers - The ongoing wave of technological innovation, particularly in AI, is driving a transformation in China's technology industry, enhancing investor confidence in the future of Chinese tech assets [1][3] - Increased capital expenditures by global tech giants and the acceleration of AI commercialization are contributing to the positive outlook for Hong Kong's tech sector [3][4] Group 3: Valuation and Earnings - The current price-to-earnings (P/E) ratio of the Hang Seng Tech Index is 21.94, which is at a relatively low percentile of 23% over the past decade, suggesting good investment value [9] - Earnings reports from major companies within the index show strong growth, with one internet leader exceeding market expectations in both revenue and profit for the second quarter [9][10] Group 4: Capital Flow and External Factors - There has been a significant inflow of capital into Hong Kong stocks, with net purchases reaching 874.58 billion yuan this year, marking a historical high [10] - Expectations of a potential interest rate cut by the Federal Reserve and a generally loose global liquidity environment are favorable for the Hong Kong tech market [4][10]