机构：中金公司 研究员：白洋/徐卓楠/吴维佳/王秋婷/刘泓蔚 公司近况 通义发布系列新模型，打造AI时代的操作系统。近期通义发布万亿参数旗舰模型Qwen MAX、原生全 模态大模型 Qwen3-Omni、视觉理解模型Qwen3-VL、开源图片编辑模型 Qwen-Image、升级版Qwen3- Coder、音画同步创意引擎通义万相 2.5 preview，以及企业级语音基座大模型通义百聆，模型能力全面 提升。我们认为，通义是全球领先的开源模型生态，衍生模型超过17 万个，衍生模型数量全球第一， 是AI时代的操作系统。 我们认为，阿里云具备人工智能时代的全栈能力，从通义大模型、百炼和PAI等AI服务平台到中国第一 的AI基础设施和计算网络，阿里云具备领先的供给侧优势和开发者粘性，随着AI需求持续发展，阿里 云将在各个维度受益，我们看好阿里云商业价值的持续释放和对公司估值的持续提振。 盈利预测与估值 我们受邀参加2025 年阿里云栖大会。会上阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴泳铭提 及了超级人工智能之路的三个阶段，阿里云的定位是全栈人工智能服务商，宣布阿里加大基础设施投入 力度。阿里云智能集团CTO ...

摘要 云栖大会展望未来的智能计算业态，以ASI 为终极目标。大会首次系统性地提出了从"学习人"到"辅助 人"再到"超越人"的三阶段演进路线图。阿里巴巴CEO 吴泳铭在大会中谈到，A GI 只是起点，ASI 致力 于创造"超级科学家"以解决人类根本性科学难题，该目标致力于抢占未来AI 领域的战略制高点。 大模型是下一代操作系统，实现ASI 蓝图，软件研发范式随之发生巨大变革。在新的范式下，自然语言 成为AI 时代的编程语言，Agent 成为新的软件。为构筑该OS，阿里云发布了以旗舰模型Qwen 3-Ma x 为首的全栈全模态"通义全家桶"，并坚定选择将通义千问开源打造成"AI 时代的Android"，通过发布 ModelStudio-ADK 等开发框架大幅降低AI 应用门槛，旨在构建繁荣的开发者生态。 超级AI 云是下一代的计算机，支撑海量Agent 应用。为构筑这台超级计算机，阿里云发布了以自研磐久 A I 服务器、HPN 8.0高性能网络为代表的全栈AI 基础设施，并宣布推进三年3800 亿元的投资计划，以 应对未来数据中心10 倍能耗规模的增长。OS+计算机的新范式，结合其饱和式投入和开源生态战略， 将成 ...

机构：交银国际 研究员：谷馨瑜/孙梦琪/赵丽/蔡涵 会上，阿里还全面展示了AI 技术突破与生态布局，包括1）推出高密度AI 服务器（单柜144 节点）及新 一代网络架构HPN8.0，算力网络覆盖全球29 个地域、91 个可用区；2）开源300+模型，全球下载量超6 亿次，魔搭社区聚集1600 万开发者。同时在生态布局方面，1）发布智能体开发平台"无影AgentBay"， 支持多模态交互，覆盖政务、医疗、物流等场景；2）菜鸟"关务助手"实现秒级通关合规判断，瓴羊营 销Agent 全流程效率提升80%；3）夸克接入Midjourney V7，提供无门槛AI 生图服务。 阿里云栖大会9 月24 日召开，发布万亿参数旗舰模型Qwen3-Max（36Ttokens 预训练数据）、视觉语言 模型Qwen3-VL（支持256K 上下文，可扩展到百万token）、全模态模型Qwen3-Omni（支持文本、图 像、音频及视频输入，低延迟至234ms）等。 估值与展望：阿里也在积极推进此前3800 亿元AI 基础设施建设，并计划追加投资，预计到2032 年，阿 里云全球数据中心能耗提升10 倍。我们认为，阿里在芯片算力、应用及服 ...

Key Points - The article highlights significant corporate announcements and developments in various companies, including investments, contracts, and stock activities [1][2][3] Investment Projects - Zhongchuang Zhiling plans to invest approximately 5 billion yuan to establish a new energy vehicle parts industrial base and R&D center [1] - Fospower Technology intends to set up a project company to invest in the construction of a polyamide-nylon film project [1] - Hongfuhang plans to establish an overseas company and build a photovoltaic energy storage power station project [1] - Nanfang Glass aims to invest in a new photovoltaic glass production line project in Egypt [1] Contracts and Acquisitions - Aerospace Engineering signed a total engineering contract (EPC) worth 2.392 billion yuan [1] - Fuda Alloy plans to acquire 52.61% of Guangda Electronics for 352 million yuan [1] - Yachuang Electronics intends to purchase 40% of Ouchuangxin and 45% of Yihainengda [1] - Century Hengtong plans to acquire 13% of Qiantong Zhili [1] Stock Buybacks and Issuances - Midea Group has spent a total of 5.224 billion yuan to repurchase 1.0193% of its A-shares [1] - Star Technology submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [2] - Wufangzhai and Jiadu Technology also submitted applications for H-share issuance and listing [3] - Hailan Home plans to issue H-shares and list on the Hong Kong Stock Exchange [3] Shareholding Changes - Several shareholders of Changxin Bochuang plan to collectively reduce their holdings by no more than 2.99% [3] - Xin Haoying of Fengyuzhu plans to reduce his holdings by no more than 3% [3] - Guo Mao, the controlling shareholder of Zaiseng Technology, intends to reduce his holdings by no more than 3% [3] Other Developments - Guanshi Technology plans to raise no more than 700 million yuan for a photomask manufacturing project [1] - Yousheng Co. received project confirmation from a well-known German automotive company [1] - Xianhe Co. plans to raise no more than 3 billion yuan for the second phase of a high-performance paper-based new material project in Sanjiangkou New Area, Guangxi [1]

Summary of Key Points Core Viewpoint - Multiple shareholders of various companies are planning to reduce their holdings, indicating potential shifts in investor sentiment and market dynamics [1]. Group 1: Shareholder Reductions - Changxin Bochuang: Multiple shareholders plan to collectively reduce their holdings by no more than 2.99% [1]. - Fengyuzhu: Shareholder Xin Haoying intends to reduce holdings by no more than 3% [1]. - Panda Dairy: The concerted action of the actual controller's associates plans to reduce holdings by 0.6452% [1]. - Dongfang Communication: Plans to sell no more than 291,100 shares of Changxin Bochuang stock [1]. - Jiaseng Technology: Controlling shareholder Guo Mao intends to reduce holdings by no more than 3% [1]. - Kuai Ke Electronics: Shareholder Chengdu Fuen De Xingyu plans to reduce holdings by a total of 2.0016% [1]. - Suihengyun A: Plans to sell no more than 1% of the total capital stock of Yuexiu Capital [1]. - Shapuaisi: Shareholder Shanghai Jingxing intends to reduce holdings by no more than 3% [1]. - Zhejiang University Network: Plans to sell 48.6 million shares of Wanliyang stock [1]. - Sanmei Co.: Controlling shareholder and actual controller Hu Rongda has cumulatively reduced holdings by 0.9312% [1]. - Compton: Plans to reduce no more than 1% of repurchased shares [1]. - Beifang Co.: Te Wo Shanghai has cumulatively completed a reduction of 3% of the company's shares [1]. - Ha Han Hu Tong: Hengtong Investment has cumulatively reduced holdings by 1.09% [1]. Group 2: Regulatory and Risk Alerts - Fuhuang Steel Structure: The company is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [1]. - Meichen Technology: The company's stock has been subjected to other risk warnings and is currently suspended from trading [1].

中基协数据显示，2025年8月公募基金市场继续增长，总规模首次突破36万亿元大关，较7月的35.08万亿元增长1.18万亿元，增幅3.36%。这是年内第五次创 历史新高，主要得益于股票基金和混合基金的爆发式增长，叠加货币基金和跨境基金的稳健扩容。 具体来看： 股票基金8月规模5.55万亿元，环比6月增长6280.69亿元，增幅12.76%。份额变化较7月的3.44万亿份增加796.68亿份，增幅2.32%。 混合基金8月规模4.16万亿元，环比变化3327.04亿元，增幅8.69%。份额较7月的3.00万亿份减少450.09亿份，降幅1.50%。 货币基金8月规模14.81万亿元，环比变化1963.49亿元，增幅1.34%。份额较7月的14.61万亿份增加1904.18亿份，增幅1.30%。 债券基金8月规模7.21万亿元，环比减少285.05亿元，降幅0.39%。份额较7月的5.95万亿份减少951.47亿份，降幅1.62%。 跨境基金(QDII)8月规模7973.17亿元，环比增长672.73亿元，增幅9.21%。份额较7月的5977.57亿份增加516.51亿份，增幅8.64%。 | 日期 | 类别 | ...

格隆汇9月26日丨中创智领(601717.SH)公布，公司基于公司在新能源汽车核心零部件领域的战略布局， 为加速新能源汽车电机系统部件、底盘部件及热管理部件等关键产品的产业化进程，公司拟在常州市武 进国家高新技术产业开发区（简称"武进高新区"）投资建设中创智领集团新能源汽车零部件产业基地及 研发中心项目。项目预计总投资额约50亿元人民币，规划用地面积约270亩（具体面积以实际测绘为 准），具体投资进度将根据内外部经营环境分批实施。 ...

Core Viewpoint - The company is leveraging technological innovation as a driving force for its drug development, with key products in advanced clinical stages and expected market submissions in the near future [1][2]. Group 1: Product Development and Clinical Trials - The company has two main products, KN026 (HER2 bispecific antibody) and JSKN003 (HER2 bispecific antibody ADC), both in Phase 3 clinical trials, with KN026 expected to submit for market approval for 2L+ HER2-positive gastric cancer in 2025 [1]. - KN026 is involved in three Phase 3 clinical trials, including a combination study with chemotherapy for 2L+ HER2-positive gastric cancer, which has met the primary endpoint for progression-free survival (PFS) [1]. - JSKN003 is also in three Phase 3 clinical trials targeting HER2-positive breast cancer and platinum-resistant recurrent epithelial ovarian cancer [1]. Group 2: Financial Performance and Collaborations - In 2024, the company achieved significant licensing revenue from multiple collaborations, including a $700.8 million deal for KN035 and a $308 million deal for JSKN003, leading to a total revenue of 640 million yuan, a year-on-year increase of 192.6% [2]. - The company turned a profit of 166 million yuan in 2024, marking its first profitable year, while maintaining a stable R&D expenditure of 404 million yuan [2]. - Cash reserves at the end of 2024 stood at 1.571 billion yuan, providing a solid financial foundation for ongoing clinical development [2]. Group 3: Future Outlook and Strategic Focus - The company is focusing on the development of JSKN016 (TROP2/HER3 ADC), which is currently in Phase 2 clinical trials, aiming to enhance efficacy through dual-targeting mechanisms [2]. - The clinical strategy for JSKN016 includes targeting unmet needs in triple-negative breast cancer (TNBC) and EGFR-TKI resistant non-small cell lung cancer (NSCLC) [2]. - Revenue projections for 2025-2027 are estimated at 458 million, 490 million, and 398 million yuan respectively, with a recommendation for investment based on the promising pipeline [3].

格隆汇9月26日丨据港交所9月26日披露，FJD Inc.向港交所提交主板上市申请书，联席保荐人为摩根士 丹利、中金公司。 招股书显示，FJD Inc.是一家全球机器人解决方案及相关赋能技术的供应商，透过为现实世界构建数字 化模型，并为农业与畜牧业、建筑业、物业管理业等关键工作流程带来自动化转型，从而释放人类潜 能。FJD Inc.自主研发的软硬件集成系统将劳动力从重复性及繁琐任务中解放出来，使其能将时间及精 力投入到需要人类洞察力、判断力及创造力的工作中。 根据披露，吴迪2017年12月创立集团，并自公司于2021年6月注册成立起获委任为公司董事、董事会主 席及首席执行官，负责集团的业务营运、战略及企业发展的整体管理。于创立集团前，吴迪通过于 Coresonic AB.担任系统工程副总裁，在瑞典开始职业生涯。其后，吴迪回到中国，并于2012年6月至 2013年9月在展讯通信(上海)有限公司担任系统主任。2013年10月至2016年3月，吴迪于苏州大学任职并 担任教授。2016年6月至2019年6月，于智翔科技有限公司及其联营公司DJI集团担任首席科学家。 多年来，FJD Inc.始终致力于打造易于使用的机器 ...

摩根士丹利：将微软(MSFT.US)目标价从582.00美元上调至625.00美元。 ...