A 股科技热，港股科技机会在哪 20251212 摘要 港股通科技指数选取港股通标的中的龙头企业，并剔除近两年营收增速 为负的公司，同时关注研发投入占比，旨在选择基本面优异且研发投入 高的科技企业。 港股通科技指数与恒生科技指数在选股范围上存在差异，前者成分股 100%来自港股通标的，后者约 20%权重不在港股通标的内；行业分布 上，港股通科技指数降低了 TMT 板块权重，增加了医药生物行业的覆盖。 中证港股通科技指数涵盖互联网、半导体、生物医药等多个细分领域， 旨在更好地表征香港市场上的综合性科创资产表现，平滑波动，把握整 体科创资产贝塔。 允许未盈利生物医药企业赴港上市，体现了香港交易所对新兴产业的包 容性，使得中证港股通科技指数更能全面反映科创产业的发展动态及潜 力，且 2025 年该板块表现良好。 AI 技术在企业中的应用主要体现在降本增效方面，如自动编程、AI 客服 和智能助手等，并逐渐向法律、金融、医疗和教育等垂直领域转移，头 部互联网厂商在模型研发和算力资源储备方面具有优势，通过提供算力 租赁和模型接口调用等服务，开辟了新的增长赛道。 Q&A 港股通科技指数的编制规则是什么？它包含了哪些公司？ ...

前几天 Arcads 创始人 Romain Torres 发了个帖子，说如果你在 2024 -2025 年开始做这几个方向的 SaaS 产品，基本上可以保证做到 100 万美金 ARR 的收入水平，这几个方向包括 AI 笔记、AI UGC 工具、AI SEO 以及 AI 客服类产品 。 Arcads 自己也已经突破了 1000 万美金 ARR，他们团队现在也不到 10 人，4 月份的时候团队才 5 个人，当时 ARR 是 500 万美金，详细可以参考我之 前的文章介绍《 Genspark 再拿 2.75 亿估值 12.5 亿美金，两个华人 AI ARR 都已超 3000 万美金 》。 别的方向我不知道，但 AI 笔记这个方向我是比较相信的，我之前介绍过可能不下 20 个各种类型的 AI 笔记类产品，收入和增长都不错，比方说前段时间 刚介绍过的这个《 a16z 再募 100 亿美金，又一 AI 笔记创立 1 年多 ARR 超千万美金创始人为辍学大学生 》，就算是现在做我觉得也还有机会。 像 Playbacks 这个最近才出来不久的 AI 笔记，3 个月时间 MRR 就做到了 2 万美金，产品做的也是很简洁，打开 ...

Summary of Key Points from Conference Call Industry Overview - The discussion primarily revolves around the **U.S. liquidity crisis** and its impact on **global risk assets** and the **AI sector**. The focus is on the implications of the Federal Reserve's actions and market dynamics. Core Insights and Arguments 1. **Liquidity Crisis and Its Causes** The liquidity crisis is attributed to the Federal Reserve's balance sheet reduction, decreased bank reserves, and increased short-term liquidity demands, compounded by market sentiment fluctuations and concerns over AI bubbles [1][10][6]. 2. **Impact on Global Risk Assets** Tightening U.S. liquidity has negatively affected global risk assets, with the dollar index rising above 100. However, fundamental factors do not support a significant decline in the dollar [3][4]. 3. **Current Market Conditions** The market is experiencing a downturn, particularly in the tech sector, with the Nasdaq showing volatility. The Hong Kong stock market is also affected, fluctuating around 26,000 points [3][4][13]. 4. **AI Bubble Concerns** While there are concerns about an AI bubble, the valuation of major tech companies remains below 35 times earnings, which is not extreme compared to the internet bubble era. Key metrics such as demand, capability, leverage, and valuation do not indicate overheating [11][2]. 5. **Federal Reserve's Historical Context** The Fed's previous balance sheet reduction in 2019 led to a liquidity crisis, prompting a return to expansionary policies. Currently, the Fed has halted balance sheet reduction to prevent similar issues [9][10]. 6. **Future Dollar Trends** The dollar is expected to strengthen slightly in Q4 2023 to Q1 2024, influenced by potential aggressive policies from Trump and overall economic uncertainty [12]. 7. **E-commerce Performance** The performance of major e-commerce platforms during the Double Eleven shopping festival showed a slowdown, with Alibaba and JD.com experiencing single-digit growth, while Pinduoduo and Kuaishou saw double-digit growth [18][19]. 8. **AI Technology Integration** AI technology has been increasingly integrated into e-commerce platforms, enhancing user experience and operational efficiency. Companies like Alibaba are leveraging AI for various applications, indicating a growing trend in the sector [21][22]. 9. **Investment Outlook for Internet Sector** Caution is advised for the internet sector in Q4 due to consumer pressure and high base effects, but long-term optimism remains, particularly regarding technological advancements and AI investments [22][24]. 10. **Cloud Computing's Role in AI** Cloud computing is crucial for AI development, providing the necessary resources for model training and inference. The demand for AI is expected to benefit the cloud computing sector significantly [26]. Other Important Insights - **Market Sentiment and Investment Trends** The current market sentiment reflects a cautious approach, with investors advised to focus on dividend strategies and potential cyclical stock opportunities as the credit cycle peaks [13][17]. - **Future Capital Expenditure Projections** Capital expenditure growth expectations for major cloud service providers have been revised upward to 20%, indicating strong demand and backlog in orders [27]. - **Software Sector's Importance** A shift from hardware to software demand in the AI sector is anticipated, with strong performance in SaaS companies potentially supporting sustainable growth in AI investments [28][30]. This summary encapsulates the critical points discussed in the conference call, providing insights into the current market dynamics, challenges, and future outlooks within the relevant industries.

以下是携程 FY25 Q1 的财报电话会纪要，财报解读请移步《携程：又是增收不增利，优等生也遇到难题了？》 一、财报核心信息回顾 | TCOM Financial Results Recap | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | RMB '00mn | 1Q23 | 2023 | 3Q23 | 4Q23 | 1Q24 | 2024 | 3Q24 | 4Q24 | 1Q25 | 1Q25E | var. | | Total net revenue | 92.0 | 112.5 | 137.4 | 103.3 | 119.1 | 127.7 | 158.8 | 127.4 | 138.3 | 138.0 | 0.2% | | yoy | 124% | 180% | 99% | 105% | 29.4% | 13.5% | 15.7% | 23.5% | 16.2% | 15.9% | | | Accommodation | 34.8 | 42.9 | 5 ...