不过，在众多分析人士看来，当前恒生科技的短期调整并未改变港股科技龙头的长期投资逻辑；而在腾 讯"混元"大模型、阿里千问等技术应用逐渐落地的背景下，市场开始更多关注AI(人工智能)落地对推动 互联网企业实现二次增长的具体成效。长期来看，在估值优势、资金支撑与AI助推产业升级的多重驱 动下，恒生科技指数的长期投资价值依然值得期待。 人民财讯11月20日电，2025年以来，科技、创新药领衔港股市场上演了一场牛市，恒生指数涨幅一度超 过30%，恒生科技指数的涨幅更是一度超过50%。但自10月以来，恒生科技指数却是"画风突变"，在不 到2个月的时间中，最大回撤已超过15%，而在最近4个交易日更是出现"4连跌"。 ...

2025年以来，科技、创新药领衔港股市场上演了一场牛市，恒生指数涨幅一度超过30%，恒生科技指数 的涨幅更是一度超过50%。但自10月以来，恒生科技指数却是"画风突变"，在不到2个月的时间中，最 大回撤已超过15%，而在最近4个交易日更是出现"4连跌"。 此外，近期恒生科技市场或许还受到年底风格切换的影响，临近年底，更多资金开始关注银行、非银金 融等红利资产，而非科技类的高波动资产。兴证国际就指出，由于港股本年度累积了比较大的升幅，个 别股票更是翻倍，投资者及基金经理于年底前倾向于锁定利润，资金由高增长类别股份流向高息防守类 别股份。由于市场投资风格出现转向，所以传统经济股份偏强，而新经济股表现则乏善可陈。 短期波动未改长期逻辑 不过，短期波动之下，恒生科技指数的长期投资逻辑并未发生根本变化。在不少人士看来，恒生科技成 份股主要是一些并未在A股上市的互联网巨头以及一些半导体、新能源汽车公司，这些公司对内地投资 者和全球投资者而言，都是稀缺资产。 不过，在众多分析人士看来，当前恒生科技的短期调整并未改变港股科技龙头的长期投资逻辑；而在腾 讯"混元"大模型、阿里千问等技术应用逐渐落地的背景下，市场开始更多关注AI ...

Core Viewpoint - Since 2025, the Hong Kong stock market, led by technology and innovative pharmaceuticals, has experienced a bull market, with the Hang Seng Index rising over 30% and the Hang Seng Tech Index exceeding 50%. However, since October, the Hang Seng Tech Index has seen a significant pullback of over 15% in less than two months, with a recent streak of four consecutive declines. Analysts believe that this short-term adjustment does not alter the long-term investment logic for leading tech stocks in Hong Kong, especially with the gradual implementation of AI technologies by companies like Tencent and Alibaba, which is expected to drive a second growth phase for internet enterprises. The long-term investment value of the Hang Seng Tech Index remains promising due to valuation advantages, funding support, and AI-driven industrial upgrades [1][3][4]. Group 1: Market Performance - Before October, Hong Kong tech stocks were performing well, with 9 out of 30 constituents of the Hang Seng Tech Index rising over 100%, and the top performer, Hua Hong Semiconductor, increasing nearly 270%. Other notable stocks like Tencent, Baidu, and Xiaomi also saw gains exceeding 50%, while only Meituan and Haier Smart Home experienced declines, with Meituan dropping over 30% [1][2]. - After October, the situation changed dramatically, with only 4 stocks rising, while 7 stocks fell over 20%, including Li Auto and Sunny Optical Technology, which both dropped over 27%. Tencent and Meituan also saw declines of around 5% [2]. Group 2: Fund Flows and Market Sentiment - There has been a noticeable outflow of southbound funds from certain Hang Seng Tech constituents, with Alibaba experiencing the highest net sell-off of 2.5 billion HKD, followed by Li Auto and Sunny Optical Technology with net sell-offs of 1.2 billion HKD and several hundred million HKD, respectively [2]. - The recent downturn in the Hang Seng Tech Index is attributed to three main factors: excessive prior gains leading to profit-taking, the U.S. imposing tariffs and tightening software export controls, and a mini-crash in U.S. AI stocks resulting in a significant drop in global tech risk appetite [2][3]. Group 3: Long-term Investment Logic - Despite short-term volatility, the long-term investment logic for the Hang Seng Tech Index remains intact, as it comprises internet giants and companies in semiconductors and electric vehicles that are considered scarce assets for both domestic and global investors [3][4]. - Analysts suggest that the current valuation of the Hang Seng Index and Hang Seng Tech Index is still significantly lower than their peaks in 2021, indicating potential for recovery and growth in the coming years [3]. Group 4: AI and Market Revaluation - The market is increasingly focused on the tangible effects of AI implementation, moving from a narrative-driven approach to one that emphasizes financial performance. Companies like Tencent and Alibaba are seeing revenue growth attributed to AI applications, with Tencent reporting a 15% year-on-year revenue increase and Alibaba planning substantial investments in AI and cloud infrastructure [5][6]. - The structural revaluation driven by AI and robotics is expected to benefit comprehensive platforms like Tencent, Alibaba, and Baidu, while smaller companies lacking their own ecosystems may face marginalization during the global de-bubble process [6].

2025年以来，科技、创新药领衔港股市场上演了一场牛市，恒生指数涨幅一度超过30%，恒生科技指数的涨幅更是一度超过50%。但自10月以 来，恒生科技指数却是"画风突变"，在不到2个月的时间中，最大回撤已超过15%，而在最近4个交易日更是出现"4连跌"。 对此，汇生国际资本总裁黄立冲表示，恒生科技近期下跌主要叠加三股力量："其一，前期涨幅过大，估值和仓位都偏满，10月本身就是一轮集中获利了结；其二， 10月10日美国宣布对中国商品加征最高100%关税并收紧关键软件出口管制，13日恒指大跌，科技股作为'政策敏感资产'被系统性降估值；其三，海外尤其是美股AI 龙头在11月出现'迷你股灾'，一周市值蒸发约8000亿—1万亿美元，纳指周跌约3%—3.7%，直接压低全球科技风险偏好。" 港股科技龙头 "画风突变" 今年10月前和10月后的港股科技龙头股，完全是"冰火两重天"的分化处境，也是走势分化的关键分水岭。 不过，在众多分析人士看来，当前恒生科技的短期调整并未改变港股科技龙头的长期投资逻辑；而在腾讯"混元"大模型、阿里千问等技术应用逐渐落地的背景下， 市场开始更多关注AI（人工智能）落地对推动互联网企业实现二次增长的 ...

这是11月14日拍摄的第二十七届中国国际高新技术成果交易会现场。新华社记者 王丰 摄 在宇树科技展区，人形机器人演示着"近身对打"——出拳、闪避、侧踢动作连贯，面对推搡与冲撞依然 能稳住姿态；在傅利叶展区，两台负责搬运和分拣的机器人分工明确、流程清晰、节奏连贯，用"场景 链条"展示机器人的任务能力，呈现出具身智能在工业环境中的协作潜力…… 如凭一句话生成3D场景，腾讯混元大模型有望为工业设计、游戏开发等领域提供降本增效的新工具； 探迹科技现场展示了数字员工在制造业等复杂业务场景中的智能决策与执行能力；万兴科技通 过"AI+视频创意""AI+文档效率"等各类创新应用，展示"国产AI+创意软件"最新的市场化成果…… 值得关注的是，AI正从"头部专享"走向"普惠共享"。多家初创企业推出低代码AI开发平台，让非技术人 员也能微调模型、部署应用。一位参展工程师表示："AI的价值不在参数多少，而在解决多少真实问 题。" 机器人展区同样保持着超高热度。从走路、挥手到协同搬运、对抗稳定、工业交互，本届高交会上的人 形机器人正告别"炫技表演"，迈向"产线刚需"，它们不再只是"能动"，而是向"能做事"迈进。 新华社深圳11月18 ...

中经记者 李静 北京报道 11月13日，腾讯控股（00700.HK）发布2025年第三季度财报。该季度，腾讯实现营收1928.7亿元，同比 增长15%；经营利润（Non-IFRS）为725.7亿元，同比增长18%；净利润（Non-IFRS）为705.51亿元，同 比增长18%。 董事会主席兼首席执行官马化腾表示："腾讯对AI的战略投入，为广告精准定向及游戏用户参与度等业 务领域带来助益，也带来了编程、游戏及视频制作等领域的效率提升。" 但近期市场上有质疑声音认为，腾讯在大模型领域的资本支出不够积极，或会导致腾讯无法输出更好的 模型。 腾讯总裁刘炽平在财报电话会议上对此回应道："在这个时间点，我们不认为中国存在更好的模型，市 场还处于非常激烈的竞争中，不同的模型可能在不同使用场景中各有优劣。所以我们不认为腾讯在大模 型上真的落后。" 具体来看，在第三季度，腾讯元宝的生态打通进程明显提速。在7月，元宝打通了QQ音乐，实现"搜歌 即听"的功能；此外，元宝与腾讯视频完成对接；在协同办公场景，腾讯会议联合元宝推出了"AI纪 要"与"AI托管"功能；至9月，元宝全面上线微信公众号与视频号评论区。 "元宝已接入数十个腾讯核 ...

Core Insights - Tencent reported a total revenue of 192.87 billion yuan for Q3 2025, representing a year-on-year growth of 15% [1] - The ToB business, which includes financial technology and enterprise services, generated revenue of 58.2 billion yuan, showing a year-on-year increase of 10% [1] Group 1: AI Strategy and Development - Tencent's AI strategy has deepened, with the mixed Yuan model topping several authoritative technology rankings, supporting core product innovation [2] - The company launched nearly 600 new features on its AI development platform (ADP) within three months, reflecting a strong commitment to AI capabilities [2] - R&D investment reached a record high of 22.8 billion yuan in Q3, marking a year-on-year increase of 28%, which has driven rapid iteration of model capabilities and deepened application scenarios [2] Group 2: Product and Service Expansion - Tencent's mixed image model 3.0 ranked first in the international authoritative LMArena evaluation for text-to-image generation [2] - The company has open-sourced several advanced models, with the mixed 3D series models achieving over 3 million downloads, making them the most popular 3D open-source models globally [2] - Tencent's "cloud + AI" collaborative innovation has expanded enterprise service capabilities across various sectors, including healthcare, tourism, gaming, and education [2] Group 3: International Business Growth - International business has become a significant growth engine for Tencent's enterprise services, with multiple cooperation agreements signed with overseas companies in Q3 [2] - Tencent Cloud continues to lead the Chinese gaming cloud market, being the preferred cloud service provider for over 90% of major gaming companies in the country [2]

11月13日，腾讯发布2025年第三季度财报，报告期内，腾讯实现总收入1928.7亿元，同比增长15%，其 中To B业务（金融科技及企业服务）表现强劲，营收582亿元，同比增长10%。在企业拥抱AI的旺盛需 求下，财报显示，腾讯企业服务收入保持双位数增长，主要得益于云服务，以及微信小店带货技术服务 的拉动。 据介绍，本季度，腾讯AI战略持续深化，生态协同价值充分释放。腾讯混元大模型在多项权威技术榜 单中登顶，支撑核心产品创新；腾讯元宝进一步打通微信、腾讯会议、腾讯视频等数十个内部应用，并 入驻内部多个产品评论区，显著提升了用户活跃度；腾讯云代码助手CodeBuddy已覆盖腾讯内部90%的 工程师群体，加速研发提效。 腾讯董事会主席兼首席执行官马化腾表示："我们对AI的战略投入，不仅为我们在广告精准定向及游戏 用户参与度等业务领域带来助益，也带来了编程、游戏及视频制作等领域的效率提升。我们持续升级混 元基础模型的团队及技术架构，混元的图像及3D生成模型已处于行业领先水准。随着混元能力不断提 升，我们在推动元宝普及的投入以及在微信内发展AI智能体能力所做的努力，将带来更积极的进展。" 研发投入创单季新高 三季度 ...

Core Insights - The forum focused on how AI is transforming automobiles from mere transportation tools to autonomous decision-making entities, outlining a technological blueprint for the automotive intelligence revolution [2] Group 1: AI Car Development - The white paper titled "Preliminary Imagination and Exploration Practice of AI Car" was released, outlining the future of automotive intelligence from an industry perspective [3] - AI Car is identified as the core carrier of the next-generation intelligent space and an ecological node for smart mobility, characterized by autonomy, interactivity, and adaptability [3] - The white paper presents ten key judgments regarding AI Car, including the transformation of autonomous driving system design logic, the importance of world models for understanding and predicting the future, and the role of computational optimization and data loops in efficient self-iteration [3][4] Group 2: New Survival Triangle for Enterprises - The white paper introduces a new survival triangle for enterprises in the AI era, emphasizing a shift from manufacturing value to operational value and from fixed hard asset-driven strategies to data soft asset-driven strategies [4] - It highlights that data should be viewed as a core strategic asset influencing competitive advantage rather than a cost center [4] - The focus shifts from single-dimensional competition to ecosystem competition, providing a methodological guide for industry breakthroughs [4] Group 3: Technological Breakthroughs and Practices - Experts discussed the optimization of complex systems in the automotive sector, addressing challenges such as problem description difficulties, multi-objective conflicts, and high computational costs [5] - The evolution of automobiles into "smart mobility entities" requires a reconstruction across driving, cabin, and powertrain dimensions, emphasizing safety and user value [5] - Various companies, including Dongfeng, Changan, Huawei, Tencent, Baidu, and Horizon, shared their engineering practices and advancements in AI integration within vehicles [6] Group 4: Collaborative Platform and Future Directions - The forum established a collaborative platform for academia, industry, and research, clarifying the technological direction and industrial logic for AI Car development [7] - The deep integration of AI technology with the automotive industry is expected to accelerate the evolution of cars as embodied intelligent entities, contributing "Chinese wisdom" and "Chinese solutions" to global automotive intelligence development [7]

Core Insights - The article emphasizes the transformative power of artificial intelligence (AI) in driving innovation and value creation in the tech industry, particularly highlighting Tencent's commitment to being a value creator and social enabler in this new technological era [1][2]. Innovation - Tencent is focused on transitioning AI from a purely technical perspective to one that emphasizes value creation, showcasing its self-developed high-performance computing network and its leading position in the global AI model landscape [1]. - The company has integrated AI into consumer applications, promoting the concept of "Yuanbao is everywhere," which connects various services like WeChat and Tencent Meeting, making AI accessible to the general public [1]. - In collaboration with China Southern Airlines, Tencent has developed a new generation of pilot vision systems and launched the Tairos platform, positioning itself as a connector and enabler for the real economy [1]. Ethical AI - Tencent advocates for "AI for good," establishing a foundation of trust between humans and AI, which is built on responsibility and transparency [1]. - The company emphasizes the importance of a responsible AI governance framework to ensure that AI development and application remain safe, controllable, and fair [1]. - Transparency is highlighted as a key element of trust, with Tencent prioritizing an open-source ecosystem and continuously releasing various models to avoid AI becoming a "black box" for a select few [1].