Core Viewpoint - Minglue Technology has submitted a new application for listing on the Hong Kong Stock Exchange, aiming to issue up to 8,301,800 shares, with the backing of major investors like Tencent and Kuaishou [1][3][11] Company Overview - Established in 2006, Minglue Technology has nearly 20 years of experience in the digital marketing sector and has served 135 Fortune Global 500 clients [4][6] - The company is recognized as China's largest data intelligence application software supplier based on 2023 revenue [3][6] Business Performance - From 2021 to 2023, the Chinese data intelligence application software market grew at a CAGR of 20.4%, with Minglue's revenue expanding to 1.462 billion yuan in 2023, marking a growth of 15.2% [6][7] - Despite the growth, the company faces challenges with declining revenues in its marketing intelligence segment, which fell from 750 million yuan in 2023 to 730 million yuan in 2024 [8][9] Technology and Innovation - Minglue holds 2,177 patents and has received over 450 domestic and international awards, focusing on multi-modal data intelligence, enterprise knowledge graphs, and data privacy technologies [5][6] - The company has launched AI-driven products like AdEff, which utilizes its proprietary multi-modal large language model to optimize advertising effectiveness [12] Market Position and Challenges - The company has experienced a significant valuation drop from over $30 billion in 2020 to approximately $15 billion in early 2024, reflecting pressures from market competition and changing customer demands [11] - The operational efficiency of its industry AI solutions remains low, with revenue contribution consistently below 10% and negative gross margins [9][10] Investment Appeal - Minglue's strong investor backing, including major players in the AI sector, enhances its attractiveness in the market, despite current operational challenges [11][13] - The anticipated growth of the AI Agent market, projected to reach $50.31 billion by 2030, presents potential opportunities for Minglue to capitalize on [11]

解决方案 "AI寄快递"融合百度智能云千帆大模型平台和快递100 自有领域知识库及寄件类API（如时效预估、运 力比选等），将大模型的"记忆-理解-推理-生成"全面能力融入用户寄件交互的全过程。 用户寄快递时，对邮寄物品直接拍照，AI即可理解用户寄件意图，并判断物品是否可寄、是否涉及按 体积重收费；AI理解用户寄件需求后，询问收/寄件人信息，用户可将对话聊天或电商退货涉及收件人 的信息直接截图上传，AI即可对收件人信息进行解析并自动生成寄件单，实现0手工输入。 场景描述 基于百递云GPT大模型应用开发平台，快递100创新推出"AI寄快递"，是快递物流行业首个大模型AI原 生商业化应用。 在用户日常寄快递过程中，需要进行输入地址、姓名、手机号码等一系列麻烦的操作，当寄件出现客诉 问题之后，用户反馈给平台由人工跟进处理，时效性很慢，往往等处理完，客户就已经去网上投诉了。 快递寄出后，用户若有问题可用自然语言表达，AI可准确理解用户诉求，90%的问题可实现秒级智能处 理。 成效 通过百递云GPT应用开发平台集成各大模型之所长，形成混合智能（Hybrid AI）的"大模型应用开发平 台"，集中管理模型、按业务场景路由 ...

成效 场景描述 解决方案 过去，传统监控系统的工作模式，是通过人工方式去轮询摄像头。 金砖视频智算解决方案，涵盖从基座平台到智能系统，聚焦银行安防、运营、风控、营销场景，基于大 模型能力、小模型能力、智能体能力，利用摄像头接入边缘分析设备，识别营业网点、金库等不同场所 下的物品和人类行为，监控和分析各部门关注的特定事件。 现在，金砖智算平台聚焦银行安防、运营、风控、营销场景，AI能够实现秒级提醒、自动归档。同 样，运营人员也不用再通过人工方式翻看视频，只需通过AI给出报表数据，实现高效便捷管理。 基于金砖智算平台能力，可快速开发符合行业需求的专属子系统和智能体应用。Super-Agent则是基于 金砖能力构建的金融超级助手解决方案，涵盖智能体平台和各类垂直 Agent 应用，可应用于搭建金融知 识库、信贷报告生成、客服机器人、智能信审、合同合规审查等多类场景，满足多元化业务需求。 "金砖"已成功助力某国有大型银行完成超10,000+金库、网点的智能化改造。如今借助多模态模型，进 一步深入核心业务流程，例如贷款的贷前、贷中、贷后管理，通过自动化处理文档和分析工作，效率提 升显著，时间成本节约达80%。 9月11 ...

场景描述 伴随生成式AI场景和应用的快速落地，AI发展也迎来Agentic AI技术的爆发。 解决方案 1.在内部研发方面：基于 Amazon Bedrock 接入Anthropic Claude模型，开发了包括需求生成、产品文 档、客户之声（VOC，Voice of the Customer）洞察、代码审核、AI运维等不同应用场景的Agent；借助 Amazon Q Developer简化耗时的编码工作并提升代码质量。 2.在营销服务方面：基于亚马逊云科技云联络中心服务Amazon Connect，构建个性化的智能客服系统， 可无缝启用AI服务，以自然语言对话的方式及时响应用户的需求；使用Amazon SageMaker对自研的智 能广告系统进行AI模型训练和调度，可以在单个工具集中提供用于机器学习的所有组件，完成模型调 优、训练、数据清洗等流程，以更低的成本、在更短的时间内将模型投入应用。 3.在AI能力平台方面：打造企业级AI能力底座"AIME平台"，沉淀300+活跃的AI Agent，统一提供调用 接口和数据管理能力，支撑研发、客服、营销、供应链等多业务场景，解决业务痛点并提高工作效率。 成效 1.在 ...

文 | 海豚投研 9 月 4 日早美股盘后，SaaS 龙头$赛富时(CRM.US) 公布 2026 财年 2 季度财报。当季业绩表现相对平稳 （或者说平淡）。增长并无明显提速迹象，但靠优秀控费仍挤出小超预期的利润。但不改变核心问题， 且对下季度指引也不亮眼，整体观感还是偏弱。详细要点如下： 1、增长看似提速，但更多只是汇率利好：增长端，核心业务 -- 订阅性收入本季同比增长 10.6%，较上 季的 8.3% 有一定提速，小幅跑超市场预期 1pct。但主要是汇率转向顺风的利好，过去四个季度，恒定 汇率下订阅收入的增速实际一直在 9% 左右，增速波动大部分只是因汇率的影响。（因不公布小数，较 小的差异会被抹去）。 2、传统业务熟透，必须向 AI 寻增长：细分 5 大云各自的表现，本季受益于汇率利好，增速全部有 1%~3% 的环比走高。结构上，传统的 IT 支出--销售、客服和营销三大板块增长依旧仅个位数，近乎熟 透的传统业务难有多少亮点。 与 AI 相关度更高的平台云和数据分析板块则表现显著更强，两者收入增速分别为 17% 和 13%。据披 露 AI 和数据云贡献的年化收入已达 12 亿，较上季的 10 亿有所提 ...

文 | 新质动能，作者｜沐风，编辑｜时楠 你以为凉凉了的美图，如今居然满血复活了。 2025年上半年，美图交出了一份让所有人意想不到的成绩单：营收18亿，净赚近4亿，同比飙升 30.8%，付费用户一举突破1500万。今年以来，它的股价更是像脱缰的野马，暴涨255%，市值重回400 亿大关。 要知道，2018到2019年，美图因为盲目多元化，亏得一塌糊涂：美拍关停、手机卖身、甚至沦落到炒加 密货币续命。那几年，美图商业帝国摇摇欲坠。直到痛下决心，把包袱甩掉，收缩战线，死磕影像与设 计工具，才终于熬过至暗时刻。 面对外界"美图竟然还活着"的惊讶，美团创始人吴欣鸿，只甩下一句：不仅活着，而且活得很好！他透 露，美图过去三年几乎是押上全部筹码，把AI塞进了所有产品，如今AI渗透率已高达90%。 但翻身只是上半场，真正的硬仗才刚开打。Adobe、Canva这些国际巨鳄带着AI功能杀入战场，国内大 厂也蜂拥推出自家的影像应用。蓝海瞬间变血海，美图要想不被淹没，就必须拿出更狠的打法。 靠AI打"翻身仗" 吴欣鸿，终于靠AI打出了一场翻身仗。 2025年上半年，美图交出的成绩单很亮眼：营收18亿，同比增长12.3%；归母净利 ...

Core Insights - The 2025 ITValue Summit is positioned as a pivotal event for the practical implementation of enterprise-level AI applications, marking a transition from experimental tools to essential components of business operations [1] - The summit will address ten core challenges faced by enterprises in the AI implementation process, including strategic consensus, data quality, scenario selection, model selection, industry application, reliability and compliance, human-machine collaboration, and talent bottlenecks [1][11] Group 1: Annual Speech and Key Issues - A six-hour annual speech will systematically explore the ten most challenging issues in AI implementation, featuring insights from both problem proposers and solution providers [2] - Each topic discussed will be rooted in real enterprise dilemmas, aiming to provide concrete answers and facilitate deep exchanges among participants [2] Group 2: Industry-Focused Workshops - The summit will include multiple closed-door workshops focusing on industry pain points across sectors such as aviation, hospitality, healthcare, manufacturing, retail, finance, and international business [3] - A special session for CIOs and CFOs will emphasize the valuation of AI investments and collaborative decision-making between technology and financial management [3] Group 3: Innovation and Best Practices - The "Innovation Scenarios 50" list will be released, showcasing the most representative AI application cases from the past year, highlighting how businesses have realized value through AI [4] - This initiative aims to promote cross-industry experience sharing and collaboration, helping more companies learn from successful examples [4] Group 4: Networking Opportunities - In addition to the formal agenda, the summit will facilitate high-value networking opportunities through events like the "Billion Club," CXO breakfast meetings, and evening dinners, fostering trust and cognitive exchange among business leaders [5] - The summit has a 16-year history of supporting enterprises through their evolution from informatization to digitalization and now to intelligentization [5]

Core Viewpoint - Shede Liquor's financial report for the first half of the year shows a decline in both revenue and net profit, but there are signs of recovery in the second quarter, leading to a positive market response [1][2][4]. Financial Performance - In the first half of the year, Shede Liquor achieved revenue of 2.701 billion yuan, a year-on-year decrease of 17.01%, and a net profit of 443.3 million yuan, down 24.98% [1]. - In the second quarter, revenue was 1.125 billion yuan, a decline of only 3.44%, and net profit increased significantly by 139.48% to 97.17 million yuan [1]. - The stock price of Shede Liquor rose significantly, with a 30.1% increase over the past 11 trading days, outperforming the liquor sector and the broader market [1]. Strategic Adjustments - Shede Liquor has been in a downward adjustment cycle for several years, with four consecutive quarters of declining performance until signs of stabilization appeared in the second quarter of this year [2][4]. - The company has shifted its focus from high-end products to ordinary liquor, which has positively impacted its performance [6][8]. - Revenue from ordinary liquor increased by 15.86% year-on-year to 444.9 million yuan, with its share of total revenue rising by 4.73% [5][6]. Market Position and Competition - The liquor industry is characterized by a "pyramid" competition structure, with top brands like Moutai and Wuliangye dominating the high-end market, while Shede operates in a more competitive mid-range market [7]. - The company's sales expenses have decreased, contributing to improved net profit, as the focus on ordinary liquor has reduced marketing costs [8][9]. Challenges Ahead - Despite the recovery in the second quarter, Shede Liquor faces significant challenges, including pressure from distributors and high inventory levels [8][10]. - The number of distributors has decreased, and the company has shifted to direct sales channels, which may not be sustainable in the long term [8][9]. - Inventory levels have risen, with a significant portion of stock not translating into market competitiveness, indicating potential future challenges [10].

新主人厦门舍德背景神秘，其法定代表人与傲农生物（603363.SZ）董事陈明艺同名，实际控制人为陈 欢，两人为夫妇关系。更耐人寻味的是，厦门舍德在短短数月内完成了一场与上市公司鸿铭股份 （301105.SZ）重组失败后，火速接盘标的资产深圳市驰速自动化设备有限公司（简称"深圳驰速"）的 资本操作。 如今手握*ST天山控制权，厦门舍德的首要任务是直面严峻的退市风险。公司已连续三年扣非净利润为 负，2025年上半年营收下滑、亏损持续，保壳压力巨大。厦门舍德入主，是纯粹的财务投资自救，还是 为后续资产注入铺路？围绕深圳驰速的资本腾挪，为这场易主增添了更多悬念。 中植谢幕，厦门舍德低价接盘"烫手山芋" "中植系"与*ST天山的爱恨纠葛终步入尾声。 8月19日，历经一次流拍降价后，ST天山控股股东湖州皓辉持有的5386.13万股公司股票（占公司总股本 17.21%）及湖州中植对ST天山享有的7649万元本金及利息债权，以总计2.87亿元的对价，被厦门舍德竞 得。 湖州皓辉的易主，象征着"中植系"对ST天山控制的终结。湖州皓辉是根正苗红的"中植系"平台。中植系 入主ST天山，实属无奈。其渊源可追溯至2016年左右，当时原 ...

Core Insights - DePIN is recognized as a significant application in the Web3 sector, lowering entry barriers for new users and accelerating the adoption of new products, particularly in Hong Kong [2][3] - The regulatory environment in Hong Kong is strict regarding stablecoin licenses, with expectations for a license to be issued early next year, alongside ongoing legislative efforts for offline OTC [2][5] - Data assets, including Bitcoin, are becoming essential for many countries and enterprises, with a growing trend towards their inclusion in national reserves [6] Group 1: DePIN Development and Potential - DePIN is seen as a promising application that can quickly bring new business models to market, especially in a commercial hub like Hong Kong, where acceptance of new technologies is high [3][4] - The integration of DePIN with AI and new retail products is expected to enhance consumer experiences by reducing costs and increasing choices [4][5] Group 2: Regulatory Framework and Challenges - The current legal framework for DePIN involves several laws aimed at ensuring compliance and safety, particularly concerning token sales and circulation [5][7] - The stablecoin regulation in Hong Kong emphasizes security and customer asset protection, allowing for flexibility in currency anchoring while adhering to international legal standards [7][8] Group 3: Strategic Considerations for Hong Kong - The potential for Hong Kong to include Bitcoin in its strategic reserves is driven by global trends, with the need for timely action to avoid competitive disadvantages [6] - Hong Kong's unique position as a financial center, with no foreign exchange controls and low taxes, provides a competitive edge for developing the Web3 ecosystem [10]