近期，浙江证监局披露的一则行政处罚决定书显示，当地某私募关联企业的 IT 人员，利用职务便利 窃取公司"致富代码"，通过他人证券账户趋同交易股票，赚取 8857.69 万元。东窗事发后，他不仅被 没收全部违法所得，还被处以等额罚款，合计罚没 1.7715 亿元，同时被采取 5 年证券市场禁入措 施。 经监管查明，2022 年 10 月至 2023 年 9 月，林艺平在杭州某科技公司任职，具体负责交易策略前 端开发、产品风控，以及部分私募基金产品的交易测试、决策辅助、下单执行和实时监控等核心工 作，实质上履行了私募基金从业人员的关键职责。值得注意的是，该科技公司与浙江省内两家私募基 金管理人同属同一实控人控制，由同一管理团队负责运营，三者的内部控制与人员管理均执行统一标 准。市场传闻称，该私募基金正是浙江某知名量化私募。 特殊的岗位属性，让林艺平获得了接触核心信息的"绿色通道"——他不仅可凭工作职责查询两家私募 基金管理人的未公开信息，更直接参与相关信息的获取与加工工作。手握"内部消息"的林艺平并未守 住职业底线，而是动起了"借鸡生蛋"的歪念，暗中控制并使用"林某治""何某龙"证券账户进行股票交 易。 整理 | ...

Group 1 - Quark App has fully integrated with Qianwen Dialogue Assistant, aiming for strategic synergy with Qianwen App, and will launch a new AI browser on the PC side [1] - According to Guojin Securities, the integration of AI functions into the browser will enhance information flow with memory-level interaction and significantly improve response speed [1] - The AI browser is expected to redefine user behavior data, advertising recommendation logic, and content display as AI capabilities are deeply embedded in browser interaction scenarios [1] Group 2 - Industrial Securities noted that the boundary between browsers and search engines is becoming increasingly blurred, with products transitioning from information retrieval tools to intelligent agents [1] - Gartner predicts that the AI search market will maintain a growth rate of over 20% in the next five years, reaching a market size of 347.2 billion yuan by 2029 [1] - The deep application in vertical fields, the popularity of multimodal interaction, and new scenarios such as B-end professional subscription services will further enhance penetration rates [1] Group 3 - Aisino Technology has launched its self-developed secure browser "Xinjie" in collaboration with ByteDance's Feishu product to create a trusted office space [1] - Kunlun Wanwei has introduced its first browser product built around proactive intelligent assistants, named Opera Neon [2]

Group 1 - Quark will launch a new AI browser that integrates with the Qianwen app, marking a strategic collaboration aimed at reshaping the internet access logic [1] - The new AI browser is expected to undergo a significant upgrade on the PC side, enhancing user experience and privacy considerations [1] Group 2 - Weibo has released its first self-developed open-source large model, VibeThinker, which focuses on enhancing capabilities in complex mathematics and competitive programming [2] - The current version of VibeThinker is experimental and not optimized for daily chat interactions, indicating its targeted application in high-intelligence scenarios [2] Group 3 - Several smartphone manufacturers, including Xiaomi, OPPO, and vivo, have paused their procurement of storage chips due to low inventory levels and rising prices from suppliers [3] - The inventory for some manufacturers is reported to be below two months, with certain DRAM stocks dropping to less than three weeks, prompting a reevaluation of procurement strategies [3]

Group 1 - Quark will launch a new AI browser that integrates with the Qianwen app, marking a strategic collaboration aimed at reshaping the internet access logic [1] - The new AI browser is positioned to enhance user experience and privacy considerations, moving beyond traditional browser functionalities [1] Group 2 - Weibo has released its first self-developed open-source large model, VibeThinker, which focuses on enhancing capabilities in complex mathematics and competitive programming [2] - The current version of VibeThinker is experimental and not yet optimized for daily chat interactions, indicating its targeted application in high-intelligence scenarios [2] Group 3 - Several smartphone manufacturers, including Xiaomi, OPPO, and vivo, have paused their storage chip procurement due to low inventory levels and rising prices from suppliers [3] - The inventory for some manufacturers is reported to be below two months, with certain DRAM stocks dropping to less than three weeks, prompting a reevaluation of procurement strategies [3]

每经记者｜宋欣悦 每经编辑｜何小桃 高涵 ① 【三大期指普跌】截至发稿，道指期货跌0.26%、标普500指数期货跌0.29%、纳指期货跌0.38%。 ② 【中概股盘前涨跌不一】中概股盘前涨跌不一。阿里巴巴涨0.71%，消息面上，阿里巴巴千问App开启公测第二天，夸克App全面接入千问对话助手； 百度涨3%，消息面上，其最新财报显示，百度三季度营收312亿元，首次披露AI业务收入，显示高速增长超50%。其中，AI云收入同比增长33%；AI应用 收入达26亿元；AI原生营销服务收入同比增长262%达28亿元。小鹏汽车跌1.92%，消息面上，小鹏汽车发布第三季度业绩报告称，第三季股东应占亏损收 窄至3.81亿元，经调整亏损收窄至1.5亿元。公司预期今年第四季度总收入为215亿至230亿元，按年增加约33.5%至42.8%，不及市场预期。 ③ 【金价连跌四日，一度跌破4000美元】11月18日，伦敦黄金现货价格一度跌至3999.2美元/盎司，跌幅达1.14%，连续第四个交易日出现下跌。 ④ 【获瑞银看好，亚玛芬体育涨超2.3%】始祖鸟母公司亚玛芬体育盘前涨超2.3%。消息面上，亚玛芬体育将于今日盘前公布三季度业绩，分 ...

① 【三大期指普跌】截至发稿，道指期货跌0.26%、标普500指数期货跌0.29%、纳指期货跌0.38%。 ③ 【金价连跌四日，一度跌破4000美元】11月18日，伦敦黄金现货价格一度跌至3999.2美元/盎司，跌 幅达1.14%，连续第四个交易日出现下跌。 ⑧ 【格芯收购新加坡芯片制造商AMF，全球最大硅光芯片代工厂诞生】当地时间11月17日，美国上市 芯片制造商格芯（GlobalFoundries）宣布收购总部位于新加坡的Advanced Micro Foundry（AMF）。格 芯表示，该收购将使其按收入计算成为全球最大的硅光子代工厂。 ⑨ 【比特币近七个月来首度失守9万美元】11月18日，比特币价格跌破9万美元关键心理关口，最低触 及89673.47美元，为今年4月以来7个月首次失守这一防线。自10月初创下126250美元历史高点后，比特 币在一个半月内累计回撤近30%，抹去了2025年以来全部涨幅。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 ④ 【获瑞银看好，亚玛芬体育涨超2.3%】始祖鸟母公司亚玛芬体育盘前涨超2.3%。消息面上，亚玛芬 体育将于今日盘前公 ...

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 74.66 billion, with notable buying in Alibaba, Xpeng Motors, and Xiaomi, while China National Offshore Oil Corporation and Tencent experienced the highest net sell-offs [1][2]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of HKD 74.66 billion, with HKD 27.45 billion from the Shanghai Stock Connect and HKD 47.21 billion from the Shenzhen Stock Connect [1]. - The most bought stocks included Alibaba (HKD 37.70 billion buy, HKD 20.92 billion sell, net +HKD 16.78 billion), Xpeng Motors (net +HKD 8.29 billion), and Xiaomi (net +HKD 6.33 billion) [2][5]. - The most sold stocks were China National Offshore Oil Corporation (net -HKD 3.65 billion) and Tencent (net -HKD 1.91 billion) [7]. Group 2: Company-Specific Developments - Alibaba (HKD 09988) received a net buy of HKD 32.96 billion, with news of its Qianwen App entering public testing and strategic collaboration with Quark App [5]. - Xpeng Motors (HKD 09868) reported a narrowed Q3 loss of HKD 3.81 billion, with adjusted losses of HKD 1.5 billion, and projected Q4 revenue between HKD 215 billion and HKD 230 billion, reflecting a growth of 33.5% to 42.8% [5]. - Xiaomi (HKD 01810) saw a net buy of HKD 8.53 billion ahead of its earnings report, which showed a Q3 revenue of RMB 113.12 billion, up 22.3%, and an adjusted net profit of RMB 11.31 billion, up 80.9% [6]. - China Hongqiao (HKD 01378) attracted a net buy of HKD 8.32 billion, with plans to place 400 million shares, raising approximately HKD 114.9 billion [6]. - Semiconductor companies like SMIC (HKD 00981) and Hua Hong Semiconductor (HKD 01347) received net buys of HKD 5.15 billion and HKD 3.74 billion, respectively, with SMIC projecting annual sales exceeding USD 9 billion [6][7].

Core Insights - The Hong Kong stock market saw a net inflow of 74.66 billion HKD from northbound trading on November 18, with 27.45 billion HKD from the Shanghai Stock Connect and 47.21 billion HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - Alibaba (09988) received a net inflow of 37.70 billion HKD, with total trading volume of 58.63 billion HKD, reflecting a net increase of 16.78 billion HKD [2] - Tencent (00700) experienced a net outflow of 15.41 billion HKD, with total trading volume of 39.12 billion HKD, resulting in a decrease of 8.31 billion HKD [2] - Xiaomi (01810) had a net inflow of 18.54 billion HKD, with total trading volume of 30.75 billion HKD, showing an increase of 6.33 billion HKD [2] - Xpeng Motors (09868) saw a net inflow of 14.30 billion HKD, with total trading volume of 20.32 billion HKD, indicating an increase of 8.29 billion HKD [2] Group 2: Company News - Alibaba's net inflow was supported by the launch of its Qianwen App, which is expected to enhance its AI capabilities and user engagement [4] - Xpeng Motors reported a narrowed net loss of 381 million HKD for Q3, with adjusted losses of 150 million HKD, and projected Q4 revenue between 21.5 billion to 23 billion HKD, a year-on-year increase of 33.5% to 42.8% [5] - Xiaomi's Q3 revenue reached 113.12 billion CNY, a year-on-year increase of 22.3%, with adjusted net profit growing by 80.9% [5] - China Hongqiao (01378) received a net inflow of 8.32 billion HKD, as it plans to place 400 million shares to raise approximately 11.49 billion HKD [5] - Semiconductor companies SMIC (00981) and Hua Hong Semiconductor (01347) received net inflows of 5.15 billion HKD and 3.74 billion HKD, respectively, with SMIC projecting annual sales exceeding 9 billion USD [6]

11月18日港股市场，北水成交净买入74.66亿港元，其中港股通(沪)成交净买入27.45亿港元，港股通(深)成交净买入47.21亿 港元。 北水净买入最多的个股是阿里巴巴-W(09988)、小鹏汽车-W(09868)、小米集团-W(01810)。北水净卖出最多的个股是中海 油(00883)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | | 37.70 乙 | 20.92 乙 | 58.63亿 +16.78 乙 | | 腾讯控股 | 15.41 乙 | 23.71 乙 | 39.12 乙 | | | | | -8.31 Z | | | 18.54 Z | 12.21 乙 | 30.75亿 +6.33 乙 | | | 12.30 乙 | 13.58 乙 | 25.88亿 | | | | | -1.28 亿 | | | 11.41亿 | 11.12亿 | 22.52亿 | | | | | +2910.50万 | | | 14.30亿 | 6.01亿 | 20.32亿 | | | | | +8.29 ...

阿里巴巴(BABA.US)盘前续涨约1.3%，报159.72美元。消息面上，阿里巴巴千问App开启公测第二天， 夸克App全面接入千问对话助手。用户在夸克App右滑，即可使用千问App的对话能力。据内部人士透 露，夸克的定位是AI浏览器，将与千问App形成战略协同。此外，夸克PC端也将迎来重大版本升级，推 出全新的 AI 浏览器，与千问深度结合。 招商证券国际认为，相较于ChatGPT对接第三方应用的模式，阿里自建的全生态产品体系及免费策略构 成竞争优势。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。(格隆汇) ...