Market Overview - US stock indices opened lower, with the Nasdaq index dropping over 1% at one point, but the decline narrowed by the time of reporting [1] - Chinese concept stocks surged, with the Wind Chinese Technology Leaders Index rising over 1% [1] Key Company Performances - **Disney**: The company saw its stock drop over 8% despite reporting Q3 revenue of $22.46 billion, which was below analyst expectations of $22.75 billion. However, net profit increased to $1.44 billion, or $0.73 per share, up from $564 million ($0.25 per share) year-over-year. Adjusted EPS was $1.11, exceeding the market expectation of $1.05 [3][4] - **NVIDIA**: The stock fell over 3% following news that Michael Burry's Scion fund disclosed short positions against NVIDIA and Palantir [5][6] - **Cisco**: The company reported Q1 revenue of $14.88 billion, an 8% year-over-year increase, with non-GAAP EPS of $1.00, up 10% and exceeding Wall Street expectations. Cisco raised its full-year revenue guidance to $60.2 billion to $61 billion [7] - **Canadian Solar (CSIQ)**: The stock rose over 6% after reporting Q3 revenue of $1.5 billion, surpassing market expectations. Q4 revenue is projected to be between $1.3 billion and $1.5 billion [8][9] - **Alibaba**: The stock increased over 2% as the company secretly launched the "Qianwen" project, an AI assistant app aimed at competing with ChatGPT [10] - **Beike (BEKE)**: The company reported a total transaction value (GTV) of 736.7 billion yuan for Q3, with net revenue growing 2.1% year-over-year to 23.1 billion yuan [11]

Market Overview - The three major U.S. stock indices opened lower, with the Dow Jones down 0.18%, the Nasdaq down 1.08%, and the S&P 500 down 0.58% [1] Technology Sector - Large-cap tech stocks showed mixed performance, with Tesla down over 3% and Nvidia down over 2% [3] - Specific stock performances include: - Facebook (Meta Platforms) up 1.31% - Apple up 0.50% - Microsoft up 0.18% - Amazon down 0.54% - Alphabet (Google) down 2.40% - Nvidia down 2.41% [4] Semiconductor Industry - The semiconductor sector performed poorly, with the Philadelphia Semiconductor Index down nearly 2%. Intel fell over 3%, while AMD and TSMC were down over 1% [5] Chinese Stocks - Chinese stocks showed resilience, with the Nasdaq Golden Dragon China Index up 0.37%. Notable gainers included: - Arctech Solar up over 7% - Bawang Tea up over 4% - Alibaba up nearly 3% - JD.com up over 1% - However, companies like Hesai Technology, Bilibili, and Global Data fell over 4% [5] Commodities - Gold and silver prices declined slightly, with spot gold at $4,193 per ounce, down 0.04%, and spot silver at $53 per ounce, down 0.47% [5] Cryptocurrency Market - Multiple cryptocurrencies experienced declines, with Bitcoin down nearly 2% at $102,270 per coin. Over 150,000 users were liquidated in the past 24 hours [6] Economic Data Concerns - The White House Press Secretary warned that the federal government shutdown could permanently affect the release of the October Consumer Price Index (CPI) and employment data, potentially leaving the Federal Reserve without critical information for decision-making [6]

Market Overview - The three major U.S. stock indices opened lower, with the Dow Jones down 0.18%, Nasdaq down 1.08%, and S&P 500 down 0.58% [1] - As of the latest data, the Dow Jones stood at 48,166.24, Nasdaq at 23,154.15, and S&P 500 at 6,810.93 [2] Technology Sector Performance - Major tech stocks experienced declines, with Tesla down over 3%, Nvidia and Google down over 2% [2] - The Philadelphia Semiconductor Index fell nearly 2%, with SanDisk down over 7%, Intel down over 3%, and AMD and TSMC down over 1% [3] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.37%, with notable gains in stocks such as Canadian Solar up over 7%, and Alibaba up nearly 3% [4] - Alibaba has reportedly initiated a secret project called "Qianwen," aimed at developing a personal AI assistant to compete with ChatGPT [4] Precious Metals and Cryptocurrency - Gold and silver prices saw slight declines, with gold at $4,193 per ounce (down 0.04%) and silver at $53 per ounce (down 0.47%) [6] - In the cryptocurrency market, Bitcoin fell nearly 2%, trading at $102,270 per coin, with over 150,000 liquidations reported in the past 24 hours [7][8] Economic Data Concerns - The White House Press Secretary warned that the ongoing federal government shutdown may permanently affect the release of the October Consumer Price Index (CPI) and employment data, potentially leaving the Federal Reserve without critical information for decision-making [8]

1、腾讯、京东等中概股财报超预期!中国资产大涨 重要程度：★★★★★ 11月13日，多家知名上市公司密集披露2025年第三季度财务报告，引发市场广泛关注。具体来看下： 腾讯控股第三季度业绩报告显示，公司实现营收1928.7亿元，同比增长15%;经营利润(Non-IFRS)725.7亿 元，同比增长18%。 京东集团三季度收入为2991亿元，同比增长14.9%，超出市场预期。三季度归属净利润53亿元。 中芯国际第三季度营收为171.62亿元，同比增长9.9%;净利润为15.1亿元，同比增长43.1%，盈利能力显著 提升。 哔哩哔哩第三季度净营业额总额为76.9亿元，同比增长5%;经调整净利润为7.86亿元，同比增长233%，盈 利能力大幅提升。 在财报发布后，京东和哔哩哔哩股价美股盘前均直线上涨，京东一度大涨超4%，哔哩哔哩一度大涨超 6%。 2、10月金融数据出炉，解读来了 重要程度：★★★★ 11月13日，中国人民银行发布10月金融数据。数据显示，10月M2和社会融资规模同比增速均保持在较高水 平，持续为经济回升向好创造适宜的货币金融环境;贷款规模保持合理增长，信贷结构持续优化。数据要点 如下： 截至202 ...

凤凰网财经讯 11月13日，美股开盘集体下跌，道指跌0.29%，纳指跌0.61%，标普500指数跌0.42%。 迪士尼跌超6%，公司第四财季营收225亿美元，不及市场预期；经调整EPS为1.11美元，同比下滑3%。 思科涨超5%。消息面上，思科第一财季营收同比增长8%至148.8亿美元；上调全年收入指引至602亿至 610亿美元。 中概股方面，迅雷涨超5%，阿里巴巴涨超3%，贝壳涨超2%；哔哩哔哩跌超7%，立邦厨具跌超4%。 【其他市场消息】 【微软CEO称有权"借鉴"OpenAI自研芯片设计】 当地时间周三发布的播客节目中，纳德拉介绍称，根据微软与OpenAI的协议，OpenAI正在与合作伙伴 研究的芯片，微软也能拿到全部的研发信息。因此微软目前的芯片战略是，先帮OpenAI落地他们想构 建的东西，然后在现成的成果上进行拓展。 【欧洲化工巨头Solvay签署稀土供应协议】 作为少数能进行复杂稀土分离的非中国企业之一，欧洲化工巨头索尔维集团(Solvay)周三表示，已达成 两项协议向美国磁铁制造商供应稀土，同时正着手扩建其法国加工厂。据悉，Solvay当天分别与美国诺 维昂磁业公司(Noveon Magnet ...

阿里巴巴：有消息称，阿里巴巴正准备对旗舰AI应用进行重大改版；据悉，阿里巴巴已秘密启动"千 问"项目，基于Qwen最强模型打造一款同名个人AI助手——千问APP，全面对标ChatGPT，加入全球AI 应用的顶级竞赛。 腾讯控股：2025年第三季度收入1928.69亿元，同比增长15%，环比增长5%；毛利1087.98亿元，同比增 22%，环比增长4%；毛利率由去年同期的53%提升至56%；本公司权益持有人应占盈利631.33亿元，同 比增长19%，环比增长13%，预期558.8亿元；非国际财务报告准则本公司权益持有人应占盈利为705.51 亿元，同比增长18%，环比增长12%，预期659.7亿元。 11月13日，南下资金今日净卖出港股35.21亿港元。 其中：净买入阿里巴巴-W 13.75亿、小米集团-W 7.79亿；净卖出盈富基金62.27亿、恒生中国企业22.89 亿、腾讯控股8.75亿、信达生物4.19亿、赣锋锂业2.61亿。 据统计，南下资金已连续12日净买入小米，共计89.1582亿港元。 北水关注个股 信达生物：中国银河证券称，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，下半 年创 ...

| 小米集团-W | 7.85亿 | 8.96 Z | 16.8116 | | --- | --- | --- | --- | | HK 01810 | | | -1.11 亿 | | 恒生中国 ... | 1.96万 | 13.21 乙 | 13.21亿 | | HK 02828 | | | -13.21 乙 | | 信达生物 | 4.04亿 | 8.24 亿 | 12.28亿 | | HK 01801 | | | -4.20 亿 | | 三生制药 | 5.95亿 | 4.26亿 | 10.21亿 | | HK 01530 | | | +1.691Z | | 求可未营体 | 5.461Z | 3.50亿 | 8.971乙 | | HK 01347 | | | +1.96亿 | | 赣锋镇业 | 3.27亿 | 4.04亿 | 7.31亿 | | HK 01772 | | | -7636.73万 | | 赣锋锂业 | 5.77 亿 | 7.62亿 | 13.40亿 | | --- | --- | --- | --- | | HK 01772 | | | -1.85亿 | | 恒生中国 ... | 256.86 ...

Core Insights - Multiple popular Chinese concept stocks saw pre-market gains on November 13, with Alibaba rising nearly 5%, JD.com and Bilibili increasing over 3%, and Tencent Music up over 1% [1] JD.com - JD.com reported a revenue of RMB 299.1 billion for Q3 2025, representing a 14.9% increase compared to Q3 2024 [4] - The company had a net profit attributable to ordinary shareholders of RMB 5.3 billion in Q3 2025, down from RMB 11.7 billion in the same period of 2024 [4] - The stock was trading at $32.34 in pre-market, reflecting a 3.49% increase [2] Bilibili - Bilibili achieved a revenue of RMB 7.69 billion in Q3 2025, marking a 5% year-on-year growth [4] - The company reported a net profit of RMB 469.4 million, a significant turnaround from a net loss of RMB 798 million in Q3 2024 [4] - The stock was trading at $28.20 in pre-market, showing a 3.71% increase [3] Tencent - Tencent reported Q3 2025 revenue of RMB 192.87 billion, which is a 15% year-on-year increase [4] - The operating profit (Non-IFRS) for the quarter was RMB 72.57 billion, reflecting an 18% growth compared to the previous year [4] Alibaba - Alibaba has secretly launched the "Qianwen" project, aiming to develop a personal AI assistant app to compete with ChatGPT, which is seen as a strategic move for the AI era [5]

据悉，千问应用目前将对用户保持免费。但建立用户基础将有助于阿里巴巴未来对面向消费者的服务进 行收费。除了收入之外，为移动用户创建一个一站式商店也可以在拥挤的市场中擦亮其品牌。 11月13日，阿里巴巴午后直线拉升转为上涨，盘中涨超5%。记者了解到，阿里巴巴已秘密启动"千 问"项目，基于Qwen最强模型打造一款同名个人AI助手——千问APP，全面对标ChatGPT。这是在追赶 竞争对手并最终从个人用户身上盈利的更广泛努力中的关键一步。 一位知情人士对记者表示，在未来几个月内，阿里巴巴将在该应用中逐步增加智能体AI（agentic-AI） 功能，以支持包括主要淘宝市场在内的平台上的购物功能。 上述知情人士称，最终目标是尝试让千问成为一个功能完备的AI智能体，这是中美两国行业的一个首 要目标。阿里巴巴计划最终通过海外版本向全球扩张。在过去几个月里，阿里巴巴CEO吴泳铭在九月份 预告的额外AI投资的一部分，公司已从各部门调集了超过100名开发人员投入到这次改造中。 这次千问的改版标志着阿里巴巴迄今为止为努力从面向消费者的服务中获得收入所采取的最大举措之 一。这家中国电子商务公司已加入从初创公司Minimax到字节跳动等 ...

Core Viewpoint - The Hong Kong stock market showed a rebound after a sluggish start, driven by Alibaba's stock performance, which rose over 5% during the day, indicating a potential recovery in the tech sector [1][3]. Group 1: Alibaba's AI Strategy - Alibaba has secretly launched the "Qianwen" project, aiming to develop a personal AI assistant app to compete with ChatGPT, marking a significant shift towards consumer-facing AI applications [3]. - This initiative follows Alibaba's earlier announcement of a 380 billion yuan investment in AI infrastructure, indicating a dual-driven strategy focusing on both B2B and B2C markets [3]. - The global AI industry is experiencing a boom, with major internet companies increasing their investments in computing power, algorithms, and data, which may lead to a revaluation of their stocks [3]. Group 2: Market Performance and Expectations - The Hong Kong stock market's overall valuation remains low, particularly in the tech sector, providing ample room for further upward movement [4]. - The internet sector is seeing significant inflows, with the Hong Kong Internet ETF (513770) attracting 742 million yuan over the past ten days, reflecting strong investor confidence [4]. - Tencent is expected to report a 13% increase in both revenue and net profit for the upcoming quarter, while Alibaba is projected to achieve a 30.1% year-on-year revenue growth [3][4]. Group 3: Valuation Metrics - The current price-to-earnings (PE) ratio for the Hong Kong Internet ETF is 24.44, significantly lower than that of the NASDAQ and ChiNext indices, suggesting a favorable valuation environment for investors [6]. - The Hong Kong Internet Index has outperformed the Hang Seng Tech Index this year, indicating a strong recovery and resilience in the internet sector [6].