央视网消息：记者12月19日从商务部了解到，今年前11个月，我国电子商务持续激发消费活力，数字消费、线上服务成为增长牵引力。 CCTV/13) CGTV/13 y " 网络零售提品质，释放内需潜力。商务部重点监测平台数字产品增长8.2%，其中智能穿戴、智能机器人分别保持两位数增长，线上服务消费增长 21.7%。 丝路电商促合作，深化互利共赢。全国"丝路云品"电商月活动带动前11个月重点监测平台进口商品零售额增长5.6%，放大电商联通国内国际消费市场的 渠道效应。 电商平台助转型，增强创新驱动。1—11月，商务大数据监测农村网络零售额增长9.8%。平台创新主体地位不断强化。前三季度，主要电商平台平均研 发强度达8.3%，在AI云、自研文生视频和文生图像大模型等领域水平位居世界前列。 eday 13 平台创新主体地位不断强化 前 2 3 5 主要电商平台平均研发强度 达8.3% 在AI云、自研文生视频 和文生图像大模型等领域水平 位居世界前列 CCTV/13 新 间 61 b IC 0 3 8 6 III L D HOR DE REA III MIL 11 = II H II II D II II S NOT I ...

商务部电子商务司负责人介绍2025年1—11月我国电子商务发展情况。 网络零售提品质释放内需潜力。据国家统计局数据，1—11月全国网上零售额增长9.1%。商务部重点监测平台数字产品增长8.2%，其中智能穿 戴、智能机器人分别增长22.1%和19.4%，线上服务消费增长21.7%。网络零售带动快递业务量快速增长，据国家邮政局数据，截至11月30日我 国快递业务量突破1800亿件，创历史新高。 电商平台助转型增强创新驱动。产业电商惠企对接近450场，推进农业、工业中小企业加快数智化转型，1—11月商务大数据监测农村网零额增 长9.8%，重点监测产业电商平台纺织品、药品交易额分别增长6.6%和3.5%。平台创新主体地位不断强化，前三季度主要电商平台平均研发强 度达8.3%，在AI云、自研文生视频和文生图像大模型等领域水平位居世界前列。据工业和信息化部数据，1—10月我国云计算、大数据服务实 现收入增长13.4%，电商平台技术服务收入增长12.1%。 丝路电商促合作深化互利共赢。举办全国"丝路云品"电商月活动，打造澳大利亚牛排、乌兹别克斯坦饼干、印尼燕窝等爆款产品，销量增长超 10倍，带动1—11月重点监测平台进口商 ...

Core Viewpoint - The Hong Kong stock market has seen a surge in refinancing activities this year, with placements becoming the preferred method for companies due to their efficiency, flexibility, and cost advantages [1][3]. Group 1: Market Activity - Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues this year, with placements accounting for almost 90% of the total [1][3]. - The total amount raised through placements alone reached approximately 312.4 billion HKD, representing 89.61% of the total refinancing [3][7]. Group 2: Industry Insights - Key industries leading the placements include hardware equipment, automotive and parts, biomedicine, and software services, with hardware equipment raising 600.07 billion HKD [4][5]. - Notable contributions from specific companies include Xiaomi Group raising 426 billion HKD in the hardware sector and BYD raising 435.09 billion HKD in the automotive sector [4][7]. Group 3: Fund Utilization - The funds raised through placements are primarily allocated for research and development, business expansion, international market development, and optimizing capital structure [9]. - Companies like SenseTime and BYD have specified that their raised funds will support core business development, AI infrastructure, and overseas market expansion [9]. Group 4: Market Conditions - The active refinancing in the Hong Kong market is attributed to increased market activity, rising trading volumes, and valuation recovery, providing an excellent window for companies to refinance [10]. - Analysts predict that the liquidity in the Hong Kong market will continue to improve, driven by the "wealth effect" and increasing participation from mainland investors [10].

Group 1 - The Hong Kong stock market has seen active refinancing this year, with placements becoming a key method due to their efficiency, flexibility, and cost advantages [1][2] - As of this year, Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues, with placements accounting for nearly 90% of the total [1][2] - Discounted placements have become the mainstream method, with most companies adopting this strategy to attract investors [1][2] Group 2 - The technology and biopharmaceutical sectors dominate the placement market, with hardware, automotive, and software services also being significant contributors [3] - Notable placements include Xiaomi Group raising 426 billion HKD in the hardware sector and BYD raising 435 billion HKD in the automotive sector [3] - Approximately 40% of the total refinancing this year has come from technology companies, reflecting strong investor confidence in the tech sector [3] Group 3 - The funds raised through placements are primarily allocated for research and development, business expansion, international market development, and operational capital [4][5] - Companies like SenseTime plan to use 30% of their placement proceeds for core business development and AI infrastructure, while BYD aims to enhance its technological capabilities and expand overseas [4][5] - The active refinancing environment is supported by increased market activity, rising transaction volumes, and valuation recovery, providing an excellent window for listed companies [5]

Group 1 - The core viewpoint of the article highlights the active refinancing in the Hong Kong stock market this year, with placements becoming a crucial method for companies to raise funds due to their efficiency, flexibility, and cost advantages [1] - According to Wind data, Hong Kong listed companies have raised nearly 350 billion HKD through placements, rights issues, and consideration issues this year, with placements accounting for nearly 90% of the total, making it the preferred method for refinancing [1][3] - Discounted placements have become the mainstream approach, as most companies adopt this strategy to attract investors [1][3] Group 2 - In terms of industry, hardware equipment, automotive and parts, biomedicine, and software services have emerged as the main sectors for placements, with hardware equipment raising 600.07 billion HKD through 28 placements this year [4][6] - The automotive sector has seen 9 placements totaling 558.72 billion HKD, with BYD accounting for 435.09 billion HKD, representing nearly 80% of the sector's total [6] - The biomedicine sector has also been active, with 46 placements raising a total of 465.67 billion HKD, led by WuXi AppTec with 76.95 billion HKD [6] Group 3 - The funds raised through placements are primarily directed towards research and development, business expansion, international market development, and optimizing capital structure [8][9] - Companies like SenseTime have indicated that 30% of their placement proceeds will support core business development, including AI infrastructure and generative AI research [8] - The active refinancing in the Hong Kong market is attributed to increased market activity, rising transaction volumes, and valuation recovery, providing an excellent window for listed companies to raise funds [9]

Group 1 - Company SenseTime (00020) announced a placement of 1.75 billion new Class B shares, expected to raise approximately HKD 3.15 billion [1] - The placement received strong interest from six institutions, reflecting confidence in SenseTime's long-term value and development prospects [1] - Proceeds from the placement will be used to enhance SenseTime's leading position in the full-stack AI field, including the development of AI cloud infrastructure and support for generative AI research [1] Group 2 - SenseTime has made significant breakthroughs in product ecosystem co-construction, launching multiple applications based on its multi-modal model since December 15 [2] - New products include the first integrated creative multi-episode generation AI agent Seko 2.0, which is compatible with domestic AI chips [2] - The company continues to lead in the integration of AI technology with practical scenarios, as demonstrated by its various innovative AI products for office and e-commerce applications [2]

Core Viewpoint - SenseTime-W (00020) announced a placement agreement to issue 1.75 billion shares at a price of HKD 1.80 per share, representing an approximate 8.63% discount to the closing price of HKD 1.97 on December 17, 2025 [1] Group 1: Placement Details - The placement will involve at least six subscribers and will account for approximately 4.60% of the issued B shares and about 4.52% of the total issued shares as of the announcement date [1] - The expected total proceeds from the placement are approximately HKD 3.15 billion, with a net amount of about HKD 3.14 billion [1] Group 2: Use of Proceeds - 30% of the net proceeds will be used to support the company's core business development, including building an industry-leading AI cloud and expanding the scale of its AI infrastructure [1] - 30% will be allocated to research and development of generative AI and the development of derivative products based on the company's multimodal large models [1] - 20% will be used to explore the integration and application of AI in innovative verticals, including but not limited to finance and education [1] - 20% will be reserved for general working capital [1]

Core Viewpoint - SenseTime-W (00020) announced a placement agreement to issue 1.75 billion shares at a price of HKD 1.80 per share, representing an approximate 8.63% discount to the closing price of HKD 1.97 on December 17, 2025 [1] Group 1: Placement Details - The placement will involve at least six subscribers and will account for approximately 4.60% of the issued B shares and about 4.52% of the total issued shares as of the announcement date [1] - The expected total proceeds from the placement are approximately HKD 3.15 billion, with net proceeds estimated at HKD 3.14 billion [1] Group 2: Use of Proceeds - 30% of the net proceeds will be used to support the company's core business development, including building an industry-leading AI cloud and expanding the scale of its AI infrastructure [1] - 30% will be allocated for research and development of generative AI and the development of products derived from the company's multimodal large models [1] - 20% will be used to explore the integration and application of AI in innovative verticals, including but not limited to finance and education [1] - 20% will be reserved for general working capital [1]

Core Viewpoint - The company, SenseTime-W (00020.HK), has announced a placement agreement to issue 1.75 billion shares at a price of HKD 1.80 per share, aiming to raise approximately HKD 31.50 billion in total proceeds [1] Group 1: Placement Details - The placement shares represent about 4.60% of the issued B shares and approximately 4.52% of the total issued shares as of the announcement date [1] - The net proceeds from the placement are expected to be around HKD 31.46 billion [1] Group 2: Use of Proceeds - 30% of the net proceeds will be used to support the company's core business development, including building an industry-leading AI cloud and expanding the scale of its AI infrastructure [1] - 30% will be allocated for research and development of generative AI and the development of derivative products based on the company's multimodal large models [1] - 20% will be used to explore the integration and application of AI technologies in innovative verticals, including but not limited to finance and education [1] - 20% will be allocated for general working capital of the company [1]

智通财经APP获悉，中信证券发布研报称，预计旺盛的AI模型训练与推理需求仍将推动云计算厂商业绩 上行，尽管算力供给紧缺一定程度上限制了加速势头，但随着大厂持续的投资以及数据中心逐步交付， 2026年供给紧缺程度有望持续边际改善，订单兑现的节奏料将更加稳定。综合来看，从订单兑现的节 奏，以及各家云厂商的数据中心储备情况来看，预计其2026年云计算收入同比增速相较2025年进一步加 速。持续看好一线云厂商在2026年的投资机遇。 报告缘起：北美云厂商收入增速持续回升。 2025Q3以来，美股云计算龙头营收加速趋势明确，行业整体迈入收入增长加速区间。展望2026年，该 行预计云需求的景气度、AI云增量仍是主线，叠加芯片、数据中心等供给侧约束的逐步缓解，订单兑 现节奏有望逐步改善。基于此，报告将通过定性与定量结合的分析，展望2026年云计算的整体趋势及业 绩兑现节奏，为投资决策提供参考。 增长来源：AI算力租赁为首要增长来源。 AI云已成为驱动美国云计算市场增长的核心增量引擎，但从商业模式来看，当前AI云市场仍以算力租 赁的基础模式为主导，头部厂商与新锐玩家均聚焦GPU/TPU等算力资源的部署与分租，同时主要需求 绑 ...