Asia Pacific Equity Research 24 November 2025 TMT conference key takeaways We concluded our Global TMT conference in HK last week. We summarize our key takeaways below. The demand for generative AI (GenAI) applications in China is surging, driven by robust policy support and expanding use cases, leading to accelerated token consumption across industries. On August 26, 2025, the State Council released the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Initiative," which outlines ...

11月28日，恒指高开0.25%，恒生科技指数涨0.43%。科网股多数高开，中芯国际涨近2%；有色行业续 涨，紫金矿业涨近2%；中铝国际高开6%，公司联合体中标青铜峡电解槽升级改造项目。 近两年来资本市场政策力度明显上升，且更加注重支持科技发展。金融是实体经济的血脉，而资本市场 改革的一大重要方向就是更好发挥优化资源配置、引导要素有序流动的积极作用，服务新质生产力发 展。 港股通——港股通科技ETF基金（159101） QDII——恒生科技指数ETF（513180） 在政策持续促进下，产业与市场资源不断向科技领域集聚并有明显产出。2024 年以来，中国在多个关 键科技领域实现里程碑式突破。华为昇腾芯片性能已接近国际领先水平，国产人形机器人核心部件打破 海外垄断，智能汽车产业链更是在全球市场展现出强大的竞争力。当前，中国在部分领域已实现从技术 追赶到局部领先的跨越，如科大讯飞大模型的核心能力超越国际同类产品，比亚迪电动平台技术反向输 出国际巨头。这种"压力—响应—突破"的创新范式，正在重塑全球科技竞争格局。 【相关ETF】 以大模型、机器人、智能汽车、量子计算等创新产品为代表的这一轮科技突破，离不开政策"顶层设 ...

Market Performance - The Shenzhen Component Index and ChiNext Index opened lower but rose throughout the day, with the ChiNext Index increasing by over 3% at one point and closing up 2.14% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion, a decrease of 28.8 billion from the previous trading day [1][2] - A total of 1,689 stocks rose while over 3,500 stocks fell across the market [1] Sector Performance - The consumer sector saw a significant surge towards the end of the trading day, with stocks like Haixin Food, Guangbai Co., Dongbai Group, and Sanjiang Shopping hitting the daily limit [2] - The semiconductor and electronics sectors performed well, with stocks such as Changguang Huaxin, Mingwei Electronics, and Dongxin Co. reaching their daily limit, and Zhongji Xuchuang hitting a new historical high with a market cap exceeding 600 billion [5] - The military industry sector weakened, with Jiuzhiyang dropping over 12% [6] Corporate News - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of the 2026 fiscal year, with AI-related product revenue growing at triple-digit rates for nine consecutive quarters [5] - Shanghai Chip-on-Wafer announced the successful completion of testing for its first 350nm stepper lithography machine, marking a significant breakthrough in high-end semiconductor lithography equipment [5] - Vanke's bonds experienced significant declines, with "22 Vanke 02" dropping over 30% during trading, leading to a second trading halt [7][9] - Vanke A shares fell by 2.5%, reaching a new low, while its Hong Kong shares dropped over 6%, marking a decline below 4 HKD, the lowest since September 2024 [9]

Market Overview - On November 26, the Shenzhen Component Index and the ChiNext Index opened lower but closed higher, with the ChiNext Index rising over 3% at one point and closing up 2.14% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion CNY, a decrease of 28.8 billion CNY compared to the previous trading day [1] - A total of 1,689 stocks rose while over 3,500 stocks fell [1] Consumer Sector - The consumer sector saw a significant surge towards the end of the trading session, with stocks like Haixin Food, Guangbai Co., Dongbai Group, and Sanjiang Shopping hitting the daily limit [1] - Other stocks such as Huanlejia and Yike Food also experienced rapid increases [1] Semiconductor and Electronics Sector - The semiconductor and electronics sectors performed well throughout the day, with active trading in optical modules, optical communication, and optical chip stocks [2] - Notable stocks included Changguang Huaxin, Mingwei Electronics, and Dongxin Co., which all hit the daily limit with a 20% increase [2] Individual Stock Performance - Zhongji Xuchuang saw a significant increase of over 13%, reaching a historical high with a market capitalization exceeding 600 billion CNY [3] - The stock has risen nearly 500% over the past 120 trading days and has a year-to-date increase of 342% [3][4] Alibaba Financial Results - Alibaba reported a 34% year-on-year growth in cloud revenue for the second quarter of the 2026 fiscal year, with AI-related product revenue achieving triple-digit year-on-year growth for nine consecutive quarters [5] - The company’s self-developed AI inference chip series, along with continuous iterations of domestic AI chips from Huawei and Cambricon, is expected to reduce reliance on overseas computing power [5] Bond Market and Vanke - Vanke's bonds experienced a significant drop, with "22 Vanke 02" falling over 30% during trading and closing down over 17% [7] - The stock of Vanke A also fell by 2.5%, reaching a new low, while its Hong Kong stock dropped over 6% [9] - Vanke is set to receive a shareholder loan of up to 22 billion CNY from the Shenzhen Metro Group to repay public market bond principal and interest [9]

记者丨刘雪莹 编辑丨吴桂兴 11月26日，深成指、创业板指低开高走，创业板指盘中一度涨超3%，收盘涨2.14%。沪深两 市成交额1.78万亿，较上一个交易日缩量288亿。全市场1689股上涨，超3500股下跌。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3864.18 | 12907.83 | 1391.00 | | -5.84 -0.15% +130.52 +1.02% -5.84 -0.42% | | | | 科创50 | 创业板指 | 万得全A | | 1315.04 | 3044.69 | 6158.76 | | +12.87 +0.99% +63.76 +2.14% +15.13 +0.25% | | | | 沪深300 | 中证500 | 中证A500 | | 4517.63 | 6965.05 | 5422.52 | | +27.22 +0.61% +10.44 +0.15% +29.61 +0.55% | | | | 中证1000 | 深证100 | 中证红利 | | 7248.45 | 5690.56 ...

Core Insights - The report titled "2025 Domestic AI Chip Software Ecosystem White Paper" highlights the competitive landscape of domestic AI chips, emphasizing the shift in user focus from hardware performance to the maturity, compatibility, and usability of the software ecosystem [1][10] - The software ecosystem is structured into four layers: foundational support layer, core tools layer, framework adaptation layer, and management monitoring layer, which collectively determine the value realization and commercialization of AI chips [1][14] - Domestic AI chips are categorized into specialized acceleration chips, general-purpose computing chips, and graphics computing chips, with notable manufacturers focusing on different aspects of the ecosystem [1][10] Group 1: Background and Significance - The report outlines the context of increasing international technological competition, which has led to significant advancements in domestic AI chip technology and market expansion [10][11] - The primary goal of the white paper is to systematically assess the development status of the domestic AI chip software ecosystem, providing a technical reference for industry, academia, and government [12][13] Group 2: AI Chip Software Ecosystem Composition - The AI chip software ecosystem serves as a technical hub connecting hardware capabilities with upper-layer applications, structured into four main modules: foundational support, core tools, framework adaptation, and management monitoring [14][20] - Each module plays a critical role in the training and inference processes of AI models, with the foundational support layer abstracting hardware complexity and providing standard interfaces for upper-layer tools and applications [17][19] Group 3: Current State of Domestic AI Chip Software Ecosystem - The report identifies various domestic AI chip categories and representative manufacturers, highlighting their unique software ecosystem resources and the need for improvement in completeness and community engagement [3][10] - The current ecosystem has progressed from "basic usability" to "specific scenario usability," with two main paths emerging: "full-stack ecosystem" and "compatible ecosystem" [1][10] Group 4: Future Development Directions - The report emphasizes the need for standardization, open-source collaboration, and industry-academia synergy to enhance the domestic AI chip software ecosystem from "usable" to "excellent" [1][10] - The ultimate goal is to establish a robust and controllable technological system that supports the commercialization of domestic AI chips [1][10]

【环球网科技报道 记者 张阳】2025年11月11日，华为在北京举办了第六届创新和知识产权论坛，这个论坛可能并不像常见的华为产品发布会上有很炫酷的 产品发布，也没有花式的口号，论坛把接近两个小时的时间交给了开放协作与知识产权保护在科技创新和社会发展中的核心价值。 论坛上，华为不仅公布了第六届"十大发明"创新成果，更全面展现了其在研发投入、专利布局、开源协作等方面的深厚积累与开放姿态。华为想通过这场论 坛回答三个问题：巨额研发投入如何转化为可持续的商业闭环？专利是"护城河"还是"收费站"？当技术进入无人区后，创新靠什么继续往前？答案藏在论坛 披露的细节里。 本届论坛最受瞩目的环节，当属第六届"十大发明"创新成果的发布。自2015年启动评选以来，华为"十大发明"始终聚焦"能开创新产品、创造大价值"的核心 技术，此次入选的成果更是覆盖计算、操作系统、终端形态、通信、存储、智能驾驶六大前沿领域，展现出"全栈式创新"的硬实力。 在计算领域，两大发明构建起AI算力的"双引擎"：Scale-up超大规模超节点算力平台通过高速互联总线，将异构处理器、CPU、内存等资源打造成"全对等互 联架构"，实现"一切皆可池化、一切皆可组 ...

Group 1 - The capital market policies in China have significantly increased in intensity over the past two years, focusing on supporting technological development [1] - The reform direction of the capital market aims to optimize resource allocation and guide orderly flow of factors to serve the development of new productive forces [1] - Recent technological breakthroughs in areas such as large models, robotics, smart vehicles, and quantum computing are driven by top-level policy design that enhances the innovation ecosystem [1] Group 2 - The strategic competition between China and the US has evolved from trade friction to technology, with the US intensifying technology restrictions on China [1] - External pressures have accelerated China's pace of independent innovation, transitioning from a "follower" to a "leader" in technology [1] - Significant breakthroughs have been achieved in key technology fields in China since 2024, including Huawei's Ascend chips nearing international leading performance and domestic humanoid robots breaking foreign monopolies [1] Group 3 - The Chinese technology sector is witnessing a shift from technological catch-up to partial leadership in certain areas, exemplified by iFlytek's large model capabilities surpassing international counterparts and BYD's electric platform technology being exported to international giants [1] - This "pressure-response-breakthrough" innovation paradigm is reshaping the global technology competition landscape [1] Group 4 - The Hong Kong stock market is gathering domestic AI core assets, covering the entire industry chain including computing power, models, software applications, and hardware terminals, positioning itself as a pioneer in the revaluation of Chinese assets [2] - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain, while the Hang Seng Internet ETF (513330) focuses on leading internet companies [3]

Group 1 - The "信创" sector is experiencing active market performance, with stocks like 三六零 and 格尔软件 hitting the daily limit, and 东方国信 rising over 13% [1] - The 信创 ETF fund (562030) saw a peak intraday increase of 1.87%, currently up 1.69%, recovering above the 5-day moving average [1] - IT services and software development sectors received significant net inflows of 48 billion and 47 billion respectively, leading all secondary industries [1] Group 2 - Huawei is set to release a groundbreaking AI technology on November 21, which could increase the utilization rate of GPU and NPU resources from the industry average of 30%-40% to 70% [3] - This technology aims to unify resource management across different hardware, enhancing efficiency for AI training and inference [3] - The domestic demand for computing power is expected to strengthen, with Huawei's Ascend chip roadmap indicating ongoing upgrades to meet AI needs [3] Group 3 - Domestic software and hardware are entering a "user-friendly" phase, with accelerated replacement rhythms anticipated due to government policies promoting technological self-reliance [4] - The 信创 industry is progressing steadily under a "2+8+N" framework, transitioning from policy-driven to a dual-driven approach of policy and market [4] - The market scale is projected to grow significantly, with expected growth rates of 17.84% and 26.82% in 2025 and 2026 respectively, potentially exceeding 2.6 trillion by 2026 [4] Group 4 - The 信创 ETF fund (562030) tracks the 中证信创 index, covering key segments of the 信创 industry, which is characterized by high growth and elasticity [6] - Four investment logic points are highlighted: geopolitical factors driving self-reliance, increased government procurement, technological breakthroughs by domestic firms, and critical timing for procurement standards [6]

周五，上证指数再度跌回4000点下方，收盘未能守住3994点这一短期多空分水岭，指数跌破5日均线且5日均线已经拐头 向下，短线趋势明显走弱。创业板指单日跌幅接近2.82%，情绪层面受到明显打击，成长风格承压更重。 当前市场围绕三个关键点位运行：3994点、3900点、3750点，这三个位置分别对应：短线趋势分界、中期均线支撑与中 级上升趋势底线。 3994点：短线趋势与情绪的"水面线" 近期反弹的高位平台基本围绕3994点附近反复争夺，站稳则短线资金敢于博弈反弹，不稳则资金更偏防守。 周五跌破且5日线拐头向下，意味着上一轮"急反弹"阶段已经告一段落，大盘进入震荡回落—考验下方支撑的新阶段。 周一即便受利好刺激高开，如果不能重新有效站回3994点并放量站稳，其意义仍偏"情绪修复"而非趋势反转。 3900点：60日均线与中期多空分界 有效守住60日线，多为中期上升趋势中的"技术性回踩"，后市仍有再上攻机会，类似今年5月底一带的节奏。 若有效跌破60日线并放量杀跌，往往会触发一轮明显的恐慌盘宣泄，形成"快速大幅杀跌"，去年12月底就是典型案例。 按当前均线运行节奏，下周60日均线大致将上移至3900点附近，这一区域 ...