Core Viewpoint - Hong Kong technology stocks opened significantly higher, with the Hang Seng Technology Index rising nearly 4% [1] Group 1: Stock Performance - NetEase surged over 6% [1] - Ctrip Group, Baidu Group, and JD Group each increased by over 5% [1] - ASMPT, Alibaba, JD Health, Sunny Optical, NIO, Kuaishou, Haier Smart Home, and Bilibili all rose by over 4% [1] - SMIC, Hua Hong Semiconductor, Kingdee International, SenseTime, Horizon Robotics, Xpeng Motors, Meituan, BYD Electronics, Alibaba Health increased by over 3% [1] - Tencent saw a rise of 2.6% [1]

多年前，阿布扎比更依赖从外部直接购买技术服务，但随着经 济多元化战略的推进，政府部门意识到科技自主研发能力的重 要性。在一些关键技术上，除了从外部购买，更需要"自力更 生"，开发自有技术。 作者： 田进 封图：图虫创意 9月中旬，在阿联酋经济与旅游部组织的官方访华活动期间，阿布扎比商会总干事阿里·穆罕默德·阿勒·马尔祖基（下称"马尔祖基"）带领多家当地企 业奔赴北京，重点关注人工智能（AI）与智能机器人领域。 谈及此次行程，马尔祖基说，阿布扎比已成为中东和北非地区发展最快的人工智能中心。而在人工智能、金融科技等领域，中国拥有世界一流水平。商 会希望促进双方私营部门间的联系，将合作潜力转化为切实可行的盈利项目。 近几年，作为阿联酋的首都，阿布扎比在AI领域投入重资。今年年初，阿布扎比政府发布的《2025—2027年政府数字化战略》，明确提出计划投入 130亿迪拉姆（约合253亿元人民币）推动人工智能在政府服务中的应用，目标是打造全球领先的人工智能驱动型政府，进一步拉动经济增长。 9月底，面对经济观察报等中国媒体组成的媒体团到访阿布扎比，在与当地经济发展部门、环境署、科技发展部门及商业协会等机构的交流中，AI成为 ...

Core Insights - Abu Dhabi is rapidly becoming a leading center for artificial intelligence (AI) in the Middle East and North Africa, with significant investments aimed at fostering collaboration between local and Chinese enterprises in the AI and robotics sectors [1][2][3] Investment and Economic Strategy - The Abu Dhabi government plans to invest 13 billion dirhams (approximately 25.3 billion RMB) in AI applications within government services as part of its 2025-2027 digital strategy, aiming to create a globally leading AI-driven government [1][3] - Abu Dhabi's sovereign wealth funds and venture capital firms are well-positioned to support local enterprises with procurement and investment opportunities, enhancing integration into the local supply chain [2] AI Sector Growth - As of June 2024, the number of AI companies in Abu Dhabi reached 673, marking a 61% increase from the previous year, with 150 new AI firms established in the first half of 2025 [4] - The UAE has invested billions in AI, with a focus on becoming a global leader in the field, as highlighted by discussions between UAE President and OpenAI's CEO [4] Education and Talent Development - Khalifa University has introduced AI and robotics degree programs to address talent shortages, integrating AI concepts into core courses to prepare graduates for industry demands [6] - The university aims to align its development goals with national strategies, focusing on AI and sustainability in various fields [9] Chinese Enterprises in Abu Dhabi - The number of registered Chinese companies in Abu Dhabi increased by 38% in 2023 and further by 69.4% in 2024, with significant growth in sectors like autonomous driving and renewable energy [7] - Hub71, a technology and innovation hub in Abu Dhabi, has attracted numerous Chinese startups, providing comprehensive support to facilitate their operations [8] Government Support and Policy - Abu Dhabi's government is committed to optimizing the business environment by implementing a "one-stop service" model for investors, significantly reducing the time required to establish new companies [10] - The Abu Dhabi Investment Office has been actively engaging with Chinese businesses to promote investment opportunities, reflecting the city's openness to global enterprises [11]

Group 1 - SenseTime (00020.HK) and Cambricon (688256.SH) signed a long-term strategic cooperation agreement in Beijing, aiming for the domestic production of the entire AI infrastructure chain [1] - The cooperation arises from multiple real demands, including policy requirements for domestic production rates in sectors like finance, telecommunications, and government, limiting foreign brands like NVIDIA [3] - Market shifts have led clients who previously relied on NVIDIA's A100 to accept domestic alternatives due to chip shortages, price limits, and embargoes [3] Group 2 - SenseTime possesses the "Riri Xin" large model but lacks its own computing power, while Cambricon has MLU chips but lacks core application scenarios, indicating strong complementary needs [4] - The cooperation will advance in three areas: chip adaptation with Cambricon's latest cloud inference card quickly adapting to SenseTime's large model for "zero migration," integrated devices combining "chip + server + model" for specific enterprise needs, and international expansion targeting Southeast Asia and the Middle East with bundled "chip + algorithm" solutions [4] - This collaboration poses challenges for system integrators relying on "NVIDIA + open-source models," as the weight of domestic production in future tenders increases, potentially diminishing the competitiveness of companies lacking domestic chip and model reserves [4]

Core Viewpoint - The Hong Kong stock market experienced a significant decline in technology stocks, with the Hang Seng Technology Index dropping over 2% [1] Group 1: Market Performance - BYD Electronics fell by over 5%, while other notable declines included ASMPT, JD Health, SMIC, SenseTime-W, Kingdee International, Baidu, which all dropped over 3% [1] - Other companies such as Sunny Optical, Kingsoft, Huahong Semiconductor, Alibaba Health, Tencent Music, Alibaba, and Meituan saw declines exceeding 2% [1] Group 2: Stock Performance Data - BYD Electronics: -5.50% YTD change, market cap of 87.469 billion [2] - Horizon Robotics-W: -4.57% YTD change, market cap of 122.49 billion [2] - ASMPT: -3.74% YTD change, market cap of 26.6656 billion [2] - JD Health: -3.66% YTD change, market cap of 198.171 billion [2] - SMIC: -3.59% YTD change, market cap of 570.005 billion [2] - SenseTime-W: -3.21% YTD change, market cap of 93.204 billion [2] - Kingdee International: -3.46% YTD change, market cap of 52.461 billion [2] - Sunny Optical: -2.74% YTD change, market cap of 85.559 billion [2] - Kingsoft: -2.71% YTD change, market cap of 45.206 billion [2] - Huahong Semiconductor: -2.27% YTD change, market cap of 138.142 billion [2] - Alibaba Health: -2.27% YTD change, market cap of 97.232 billion [2] - Tencent Music-SW: -2.25% YTD change, market cap of 269.509 billion [2] - Alibaba-W: -2.23% YTD change, market cap of 3,010 billion [2] - Meituan-W: -2.23% YTD change, market cap of 590.049 billion [2]

Domestic News - China has implemented new export restrictions on rare earths, prompting EU officials to call for stronger measures against China. The Chinese Foreign Ministry stated that the export control policy aims to maintain world peace and regional stability, fulfilling international obligations [2] - In response to India's electric vehicle and battery subsidy measures, China has requested consultations at the WTO, claiming these measures violate multiple obligations and provide unfair competitive advantages to Indian industries, harming Chinese interests [2] - In September, China's industrial producer prices decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points from the previous month. The average industrial producer prices from January to September fell by 2.8% compared to the same period last year [3] - In the first eight months of the year, China's manufacturing sector benefited from tax reductions and refunds totaling approximately 1.3 trillion yuan, with manufacturing sales revenue increasing by 4.7% year-on-year [4] International News - Nissan is recalling over 173,000 vehicles in the U.S. due to a fuel pump issue that could lead to engine stalling [5] - General Motors announced a $1.6 billion charge due to adjustments in electric vehicle production, anticipating a slowdown in EV adoption following recent U.S. policy changes [6] - Waymo plans to launch a driverless ride-hailing service in London next year, collaborating with Moove and engaging with local regulators for necessary approvals [7] - Stellantis Group announced a $13 billion investment in the U.S. over the next four years, marking the largest single investment in the U.S. market since the company began operations there [9] Corporate News - Scania has opened a new production base in China with a planned annual capacity of 50,000 vehicles and a total investment of 20 billion euros (approximately 166 billion yuan), expected to create over 3,000 jobs [10] - NIO's brand, Ladao, has officially rolled out its 100,000th production vehicle, marking a significant milestone in its delivery journey [11] - SenseTime and Cambricon have signed a strategic cooperation agreement to enhance software and hardware product compatibility, focusing on the computing power market [12] - FAW has established a new energy technology company in Changchun with a registered capital of 200 million yuan, focusing on emerging energy technology research and development [13] - Zotye Auto announced a change in its controlling shareholder status, with its previous major shareholder's stock being auctioned, resulting in no single shareholder holding more than 30% of the company [14] - Dong'an Power has secured five new market agreements with an expected lifecycle of 5-10 years and total sales projected at 1 million units, positively impacting future revenue [15] - CATL has established a new energy technology company in Jinzhou with a registered capital of 5 million yuan, focusing on emerging energy technology and battery swap facilities [16]

Group 1 - Strategic cooperation between SenseTime and Cambricon announced, marking a shift in China's AI industry towards collaborative development of software and hardware [1] - The partnership aims to enhance the localization of AI infrastructure, from foundational chips to upper-layer applications, and promote the global expansion of Chinese AI technology [1] - The trend of software and hardware integration is becoming a clear direction in the industry, with major players accelerating the construction of integrated AI ecosystems [1] Group 2 - Current technology stock market is in the first phase of explosive growth, with significant potential in sectors related to embodied intelligence and lighthouse factories as outlined in the "14th Five-Year Plan" [2] - The logic of domestic substitution is being reinforced amid trade disputes, driving the strength of technology stocks [2] - The Sci-Tech Innovation ETF focusing on the domestic AI industry chain has seen significant inflows, with a total of 74.25 million yuan in the past five days [2] Group 3 - The Sci-Tech Innovation AI ETF (589520) and its linked funds highlight three key points: policy support for AI growth, the importance of domestic substitution for information security, and the high elasticity and offensive potential of the ETF compared to direct investments [3][5] - The ETF's top ten holdings account for over 70% of its weight, with the semiconductor sector being the largest, representing over 52.6% [6]

Core Viewpoint - SenseTime (00020.HK) has signed a strategic cooperation agreement with Cambricon (688256) to enhance the optimization of software and hardware, aiming to build an open and win-win industrial ecosystem focused on AI development [1][3] Group 1: Strategic Cooperation - The collaboration aims to leverage the technological and industrial resource advantages of both companies, focusing on domestic AI infrastructure, vertical business expansion, and technology export [1][3] - The partnership is a response to the national "AI+" strategy, intending to create a new paradigm for domestic AI development through software-hardware synergy [3] Group 2: Product Development and Market Focus - Both companies will work on adapting the latest software and hardware products for the computing power market and develop integrated solutions for vertical industry scenarios [3][4] - The collaboration will explore deep synergy in advantageous regional markets, gathering local industrial resources and service advantages to build a vibrant AI ecosystem [3] Group 3: Company Profiles - SenseTime is a leading AI software company with strong academic foundations and a focus on original technology research, covering key areas such as perception intelligence, natural language processing, and decision-making intelligence [4] - Cambricon is a leading player in the AI chip sector, specializing in the development and innovation of AI chip products, offering a complete product system that integrates cloud, edge, and end solutions [4]

Core Viewpoint - The strategic cooperation agreement between SenseTime and Cambricon aims to enhance the optimization of software and hardware, fostering an open and win-win industrial ecosystem in the artificial intelligence sector [2][5]. Group 1: Strategic Cooperation - SenseTime and Cambricon will leverage their respective technological and industrial resource advantages to develop a domestic AI infrastructure, explore vertical business opportunities, and promote technology export [2]. - The collaboration aligns with the national "AI+" strategy, combining SenseTime's strengths in large model development and AI infrastructure with Cambricon's expertise in intelligent computing chips [2][4]. - The partnership aims to create a new paradigm for domestic AI development through software-hardware synergy, enhancing innovation capabilities and ecological influence in key AI sectors [2][4]. Group 2: Product Development and Market Focus - Both companies will focus on developing integrated solutions for vertical industry scenarios, closely aligning their software and hardware capabilities [3]. - They will also explore deep collaboration in advantageous regional markets, gathering local industrial resources to build a vibrant AI ecosystem [4]. Group 3: Market Context and Future Outlook - The recent volatility in tech stocks, particularly in the A-share and Hong Kong markets, raises questions about the sustainability of the tech stock rally [5]. - Analysts suggest that the current phase of tech stocks may be characterized by explosive growth, with significant potential in sectors highlighted in the "14th Five-Year Plan" [5]. - The ongoing trend of domestic substitution in technology, driven by U.S. export controls, is expected to continue benefiting related sectors, particularly in software and high-tech industries [5].

Market Overview - The Hong Kong stock market experienced a strong rebound after seven consecutive declines, with the Hang Seng Index rising 1.84% to 25,910.60 points and a total trading volume of HKD 315.81 billion [1] - Market sentiment is expected to show a "first suppress then rise" trend in the short term, with a potential slow bull market in the medium to long term as multiple marginal benefits accumulate [1] Blue-Chip Stocks Performance - Alibaba (09988) saw a notable increase of 3.86%, closing at HKD 161.6, contributing 90.84 points to the Hang Seng Index [2] - Other blue-chip stocks such as China Life (02628) and JD Health (06618) also performed well, rising 6.02% and 5.82% respectively [2] Sector Highlights - Large technology stocks collectively rebounded, with Alibaba up nearly 4%, Baidu up 2.74%, and Tencent up nearly 1% [3] - The consumer sector was strong, driven by domestic demand expectations and the upcoming "Double 11" shopping festival [3] - Gold stocks surged following the spot gold price surpassing USD 4,200 per ounce, with companies like Zhenfeng Gold (01815) rising 24.21% [5] Chip Sector Developments - Semiconductor stocks generally rose, with notable increases in companies like Jingmen Semiconductor (02878) and Huahong Semiconductor (01347) [6] - The Bay Area Semiconductor Industry Ecological Expo showcased advancements in domestic electronic engineering design software, enhancing industry competitiveness [6] New Listings and Rumors - Xuan Bamboo Biotechnology (02575) debuted with a significant increase of 126.72%, closing at HKD 26.3 [7] - Sanhua Intelligent Control (02050) rose 12.92% amid rumors of a substantial order from Tesla, although the company is verifying the information [8] Earnings Reports - China National Building Material (03323) issued a profit warning, expecting a profit of approximately RMB 2.95 billion for the nine months ending September 30, 2025, compared to a loss of RMB 684 million in the same period last year [10]