| 2025.09.01 | 91.00 | 609.500 | 601.500 | 55047.65 | | --- | --- | --- | --- | --- | | 2025.08.29 | 91.90 | 605.000 | 594.500 | 55030.00 | | 2025.08.28 | 92.70 | 598.500 | 590.500 | 55084.98 | | 2025.08.27 | 90.90 | 614.500 | 596.000 | 55028.60 | | 2025.08.26 | 89.90 | 617.500 | 609.500 | 55081.51 | | 2025.08.25 | 89.50 | 620.000 | 608.500 | 55075.79 | | 2025.08.22 | 91.70 | 606.000 | 596.000 | 55051.57 | | 2025.08.21 | 92.80 | 597.000 | 590.000 | 55084.60 | | 2025.08.20 | 93.40 | 594.000 | 586.000 | 55086 ...

深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额63.15亿港元；其次是小米集 团-W、中芯国际，成交金额分别为42.24亿港元、30.29亿港元。以净买卖金额统计，有8只股为净买 入，净买入金额最多的是阿里巴巴-W，净买入21.63亿港元，该股收盘下跌1.15%。净卖出金额最多的 是小米集团-W，净卖出5.15亿港元，收盘股价上涨4.48%。（数据宝） 证券时报·数据宝统计，9月25日港股通全天合计成交金额为1563.10亿港元，成交净买入110.46亿港元。 具体来看，沪市港股通成交金额985.59亿港元，成交净买入48.30亿港元；深市港股通成交金额577.51亿 港元，成交净买入62.16亿港元。 9月25日恒生指数下跌0.13%，报收26484.68点，全天南向资金通过港股通渠道合计净买入110.46亿港 元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为119.69亿港元，成交金额居 首；其次是小米集团-W、中芯国际，成交金额分别为71.78亿港元、47.34亿港元。以净买卖金额统计， 阿里巴巴-W净买入额为24.69亿港元，净买入金额居首，该股收盘股价下跌 ...

Summary of Key Points Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.13% on September 25, with southbound capital transactions totaling HKD 156.31 billion, indicating a net inflow of HKD 11.046 billion [1][2]. Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 1,563.10 million, with buy transactions at HKD 836.78 million and sell transactions at HKD 726.32 million, resulting in a net buy of HKD 110.46 million [1]. - The breakdown of transactions shows that the Shenzhen Stock Connect had a total transaction amount of HKD 577.51 million, with net buying of HKD 62.16 million, while the Shanghai Stock Connect had a total transaction amount of HKD 985.59 million, with net buying of HKD 48.30 million [1]. Active Stocks - Alibaba-W led the southbound capital transactions with a total transaction amount of HKD 182.84 million and a net buy of HKD 46.32 million, despite a closing price drop of 1.15% [1][2]. - Other notable stocks included Xiaomi Group-W with a total transaction amount of HKD 114.02 million and a net sell of HKD 8.02 million, and SMIC with a total transaction amount of HKD 77.63 million and a net buy of HKD 9.59 million [1][2]. Continuous Net Buying - Alibaba-W and SMIC were highlighted for their continuous net buying, with Alibaba-W experiencing 25 consecutive days of net buying totaling HKD 720.86 million, while SMIC had 5 consecutive days with a total net buy of HKD 25.60 million [2].

Core Viewpoint - The article highlights the increasing popularity of dim sum bonds among Chinese internet giants like Tencent, Baidu, and Alibaba, driven by cost advantages and policy support, as they seek to expand their financing options in the offshore RMB market [1][3]. Group 1: Market Trends - The issuance of dim sum bonds has transitioned from rapid expansion to a phase of stable growth, with a cumulative issuance of 771.4 billion RMB as of September 18 this year [1][4]. - The market is experiencing structural changes, with a diversification of issuers and an increase in the types of investment institutions involved, enhancing market depth and breadth [1][4]. Group 2: Major Issuers - Tencent issued three RMB bonds totaling 9 billion RMB on September 23, marking its first foray into the dim sum bond market [2]. - Baidu successfully issued 4.4 billion RMB in dim sum bonds on September 15, representing its second issuance this year [2]. - Alibaba previously issued 17 billion RMB in dim sum bonds in November last year and announced a 3.2 billion USD zero-coupon convertible bond issuance in September, with 80% of the funds allocated for cloud infrastructure and technology upgrades [2]. Group 3: Reasons for Preference - The primary reasons for the preference for dim sum bonds among internet companies include lower financing costs and supportive policies, as these companies enter a peak capital expenditure phase [3][5]. - The People's Bank of China and the Hong Kong Monetary Authority have announced measures to expand the "Bond Connect" program, enhancing the attractiveness of offshore RMB bonds for companies with significant overseas financing needs [3][7]. Group 4: Supply and Demand Dynamics - The supply of dim sum bonds is becoming more diversified, with significant contributions from various industries, while the existing stock remains concentrated in the banking and local government financing sectors [4][5]. - The demand for dim sum bonds is supported by low domestic interest rates and expanded cross-border investment channels, leading to increased interest from domestic institutions [6][8]. Group 5: Future Outlook - The dim sum bond market is expected to continue evolving, with potential for increased issuance from a wider range of issuers and improved structural diversity [7]. - The expansion of QDII quotas and the enhancement of the "Southbound Bond Connect" program are anticipated to boost demand for dim sum bonds, improving market liquidity [7][8].

Group 1 - Tencent's App Treasure and Qualcomm (China) announced a joint research and development initiative focused on mobile application cross-end engine technology and edge AI application innovation [1] - The collaboration aims to provide customized application solutions for devices equipped with the Snapdragon X series computing platform, enhancing user experience and productivity tools [1] - The upgraded cross-end engine has been fully released for devices with the Snapdragon X series, covering over 1,000 popular apps across social entertainment, learning, office, and AI tools [1] Group 2 - The new Snapdragon X2 Elite computing platform integrates an 80 TOPS NPU, which supports Tencent's edge running capabilities of its mixed Yuan model [2] - The intelligent launch platform, unveiled at the conference, aims to revolutionize traditional file and application management by utilizing an "accompanying" AI design [2] - This design allows AI to better connect user needs with service scenarios, moving away from a "dialogue-based" interaction model [2]

Core Insights - The article highlights the stable approval process for domestic game licenses in China, with a significant increase in the number of licenses issued in 2025 compared to the previous year [1][3] - The gaming market in August 2025 showed stable performance, with notable revenue contributions from high-quality products, indicating a positive outlook for game development companies [2][3] Group 1: License Approval and Supply - On September 24, 2025, the National Press and Publication Administration approved 145 domestic games and 11 imported games, indicating a robust supply of game licenses [1] - The total number of domestic game licenses issued in 2025 has reached 1,195, significantly higher than the 959 licenses issued in the same period last year, with an average monthly issuance of 132.8 licenses [1] Group 2: Market Performance - In August 2025, the domestic gaming market generated revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% due to a high base from the previous year [2] - Mobile game revenue was 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decrease of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decline of 1.11% but a year-on-year increase of 17.59% [2] Group 3: Investment Outlook - The stable approval rhythm for game licenses and the rich supply of game products lead to a favorable investment outlook for companies with strong content reserves and solid fundamentals [3]

Core Viewpoint - The article draws parallels between the current AI investment frenzy and historical investment booms, particularly the British railway bubble of the 19th century, highlighting both the excitement and the risks involved in such speculative investments [2][3]. Investment Landscape - In 2024, the actual AI investment in the U.S. is projected to be around $160 billion, which is only 0.7% of GDP, significantly lower than the 7% of GDP invested in railways during the peak of that bubble [3]. - The current AI investment trend is compared to past speculative bubbles, with warnings about the accumulation of risks [3]. AI Industry Dynamics - The AI industry is characterized by a mix of enthusiasm and anxiety, with many startups facing high project failure rates and poor profitability [2]. - Major tech companies, including Tencent, are showcasing their AI applications, emphasizing practical implementations rather than just theoretical advancements [5][6]. Tencent's AI Initiatives - Tencent's Global Digital Ecosystem Conference serves as a platform to demonstrate AI application results, focusing on integrating AI into everyday life and business processes [6][8]. - The company has successfully integrated AI into its core business processes, leading to significant revenue increases in advertising and gaming sectors [8][10]. Market Trends - Investment capital is shifting towards AI applications that demonstrate clear monetization potential, particularly in vertical industries with established user demand [11]. - Tencent's extensive product ecosystem provides a testing ground for AI applications, allowing for real-world validation of AI's effectiveness [18][21]. User-Centric AI Development - Tencent emphasizes a user-centered approach to AI, aiming to enhance user experience and address specific needs through practical applications [25][30]. - The goal is to create AI solutions that not only solve problems but also improve human welfare and productivity [32][33]. Conclusion - The article concludes that the journey of AI development is akin to historical industrial revolutions, requiring a focus on user needs and practical applications to ensure sustainable growth and innovation in the sector [33].

Core Viewpoint - The article discusses the recent concerns regarding a virus vulnerability associated with Sogou Input Method, clarifying that the issue stemmed from an unlaunched testing feature and was promptly addressed by Tencent Search Input Method [3][6]. Group 1: Incident Overview - On September 20, Huorong Security reported a virus targeting browser homepages, tracing its origin to Sogou Input Method [4]. - The virus exploits the Shiply terminal infrastructure of Sogou Input Method, which allows for cloud-based control configurations based on user profiles [4]. - The virus's promotional module detects antivirus software on user devices and alters the homepage and default search engine settings of major browsers like Edge and Chrome [6]. Group 2: Response and Remediation - Tencent Search Input Method acknowledged the issue and completed a fix on September 20, ensuring no impact on user experience [6]. - The company expressed apologies for the inconvenience caused and committed to enhancing testing process management to prevent future occurrences [6].

Core Insights - On September 25, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 11.969 billion, 7.178 billion, and 4.734 billion respectively [1] - The same companies also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with trading amounts of 6.315 billion, 4.224 billion, and 3.029 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 11.969 billion, net buying of 2.469 billion [2] - Xiaomi Group-W (01810): Trading amount of 7.178 billion, net selling of 0.287 billion [2] - SMIC (00981): Trading amount of 4.734 billion, net buying of 0.666 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 6.315 billion, net buying of 2.163 billion [2] - Xiaomi Group-W (01810): Trading amount of 4.224 billion, net selling of 0.515 billion [2] - SMIC (00981): Trading amount of 3.029 billion, net buying of 0.293 billion [2]

2025.09.25 本 文字数：674，阅读时长大约2分钟 作者 | 第一财经吕倩 9月25日，"腾讯搜索输入法"知乎账号发文称：近日，我们关注到有关搜狗输入法"存在病毒漏洞"的不 实信息。经核查，该问题源于一项尚未正式发布的测试功能，由于测试配置异常导致外部可访问。 事件起始于9月20日，火绒安全在公众号发文称，火绒威胁情报中心近期监测到一款专门锁定浏览器主 页的病毒正加速蔓延。经溯源，该病毒的源头指向搜狗输入法。 火绒方面表示，搜狗输入法通过Shiply终端基础（搜狗输入法客户端的底层基础组件）发布通用模块， 向云端请求控制配置。在下发这些云控配置中，会结合用户画像：例如所在地区、时间等诸多维度进行 精准推送。由于Shiply平台本身具备灰度发布能力，据此推测，攻击者很可能先通过小范围灰度测试验 证效果，再进行大规模传播。 另外，该病毒的推广模块会首先检测用户设备上的杀毒软件，随后通过篡改配置文件的方式，强制修改 Edge与Chrome两款主流浏览器的主页及默认搜索引擎设置。目前，火绒安全产品可对上述推广模块进 行拦截与查杀。 "腾讯搜索输入法"方面称，发现问题后，已于第一时间（9月20日）完成修复，不 ...