Core Viewpoint - The closure of the "Shopping" entry point for JD.com on WeChat is a strategic decision following the expiration of a three-year cooperation agreement, marking a shift in both companies' strategies towards decentralization and self-reliance in e-commerce [3][6][7]. Group 1: WeChat and JD.com Cooperation - JD.com was the only e-commerce platform with a first-level entry on WeChat, which will be closed on September 30 [3][6]. - The "Shopping" entry was launched on May 27, 2014, and was part of a strategic partnership that included a significant investment from Tencent [2][6]. - The partnership has lasted for eleven years, with JD.com benefiting from substantial user traffic through this entry point [6]. Group 2: Strategic Shift - The closure of the entry point is part of WeChat's strategy to decentralize its e-commerce ecosystem, aiming to support more small and emerging businesses [6][12]. - JD.com is also focusing on strengthening its own app to reduce reliance on WeChat traffic [7]. - There are speculations that WeChat may eventually replace the JD.com entry with its own WeChat Store after the partnership ends in 2025 [12]. Group 3: E-commerce Challenges - Despite WeChat's large user base of 1.3 billion monthly active users, its e-commerce initiatives have struggled to create a sustainable trading ecosystem [8]. - Previous attempts by Tencent to establish e-commerce platforms have not met expectations, including the launch of video accounts and live streaming features [9][10]. - Future developments may include potential collaborations with Alibaba to enhance e-commerce capabilities within WeChat [12][14].

【产业互联网周报将整合本周最重要的企业级服务、云计算、大数据领域的前沿趋势、重磅政策及行研报告。】 国内资讯 中山医院联手华为等发布"元医疗模拟实验室" 在9月15日举行的中山医院"国家人工智能应用中试基地"推进会上，中山医院"元医疗模拟实验室"正式揭牌，将开展人工智能医疗应用的测试"终端"与现场 验证等。华为、联影智能、迈瑞医疗、仪电鑫森等参与成果发布。 钉钉首款AI硬件DingTalk A1正式开售 钉钉首款AI硬件DingTalk A1旗舰版今日正式在天猫钉钉官方旗舰店开售。DingTalk A1是一款轻薄AI录音卡片，与钉钉最新发布的AI听记结合，能够帮助用 户高效记录、转写、翻译、总结和分析语音沟通内容，主要面向销售、人事、客服、律师、医生、教师等岗位和职业，能够帮助用户把沟通语音转化为经过 整理提炼的线上知识，在钉钉上分享、协作，同时这些工作过程数据会沉淀为高质量。 亚马逊云科技否认大中华区裁员 有消息称亚马逊云科技（AWS）大中华区计划裁员，或涉及超20%的员工。对此，亚马逊云科技发言人表示，报道严重失实，亚马逊云科技持续在中国积极 招聘人才。 海信集团与飞书正式签署合作协议 海信集团（以下简称 ...

云计算ETF沪港深（517390）紧密跟踪中证沪港深云计算产业指数（931470.CSI），同时布局港股的互 联网企业，A股算力企业和A股的计算机龙头。Wind数据显示，该指数前十大重仓股包括腾讯控股、中 际旭创、新易盛、中科曙光等。此外该ETF还配有场外联接基金（A类：019171/C类：019170）。 计算机ETF（159998）跟踪中证计算机主题指数（930651.CSI）。该指数以中证全指为样本空间，选取 涉及信息技术服务、应用软件、系统软件、电脑硬件等业务的上市公司股票作为成分股。计算机ETF （159998）配有场外联接基金（A类：001629/C类：001630）。 9月23日，云计算ETF沪港深（517390）开盘走强，截至发稿涨1.14%，成交额超1000万元。成分股中， 科华数据、东华软件涨超5%，中际旭创、新易盛等股跟涨。 资金流向上看，截至9月22日，云计算ETF沪港深（517390）近10个交易日中有8个交易日获资金净流 入，累计"吸金"超8400万元。 值得注意的是，云计算ETF沪港深（517390）年初至今份额变动率为467.65%，居同标的产品第一。 此外，计算机ETF（15 ...

中山医院联手华为等发布"元医疗模拟实验室" 亚马逊云科技否认大中华区裁员 有消息称亚马逊云科技（AWS）大中华区计划裁员，或涉及超20%的员工。对此，亚马逊云科技发言人 表示，报道严重失实，亚马逊云科技持续在中国积极招聘人才。 在9月15日举行的中山医院"国家人工智能应用中试基地"推进会上，中山医院"元医疗模拟实验室"正式 揭牌，将开展人工智能医疗应用的测试"终端"与现场验证等。华为、联影智能、迈瑞医疗、仪电鑫森等 参与成果发布。 钉钉首款AI硬件DingTalk A1正式开售 钉钉首款AI硬件DingTalk A1旗舰版今日正式在天猫钉钉官方旗舰店开售。DingTalk A1是一款轻薄AI录 音卡片，与钉钉最新发布的AI听记结合，能够帮助用户高效记录、转写、翻译、总结和分析语音沟通 内容，主要面向销售、人事、客服、律师、医生、教师等岗位和职业，能够帮助用户把沟通语音转化为 经过整理提炼的线上知识，在钉钉上分享、协作，同时这些工作过程数据会沉淀为高质量。 【产业互联网周报将整合本周最重要的企业级服务、云计算、大数据领域的前沿趋势、重磅政策及行研 报告。】 国内资讯 Kimi K2官方高速版API开启限时5折特 ...

Core Insights - The article emphasizes the ongoing growth and competition in the mobile internet ecosystem, driven by advancements in AI and technology, with a focus on user engagement and the expansion of various applications and services [3][4][11]. Group 1: Mobile Internet Growth - As of August 2025, the total internet traffic reached 1.267 billion, with WeChat Mini Programs contributing 950 million, indicating a steady increase in user scale [11]. - Key areas of growth include smart devices, mobile games, and mobile video apps, reflecting the sustained demand for hardware ecosystems and entertainment [13]. - The advertising resources are increasingly concentrated in short video, e-commerce, and instant messaging platforms, with their expenditure share continuing to rise [15]. Group 2: Competitive Landscape - Major companies like JD.com and Douyin Group have achieved double-digit growth rates, highlighting the intensifying competition in traditional e-commerce and local services [16]. - Companies are leveraging core and emerging business synergies to strengthen their market positions, with Tencent's gaming sector and Alibaba's travel services showing significant growth [18]. Group 3: User Engagement Strategies - Platforms are employing diverse subsidy strategies, such as red envelopes and discounts, to attract new users and encourage higher frequency of consumption [25]. - The tourism sector has shown impressive growth, with the top four online travel platforms experiencing year-on-year increases in user numbers [29]. Group 4: AI Integration and Ecosystem Expansion - News platforms are utilizing AI to enhance information retrieval efficiency, with smart assistants becoming crucial for user retention [33]. - AI application plugins are rapidly expanding, with increasing user acceptance and the embedding of AI capabilities into existing ecosystems to create new traffic distribution channels [35]. Group 5: Cross-Platform Collaboration - Vertical platforms are achieving ecosystem expansion through cross-industry collaborations, such as Didi extending its membership system to dining and hotel services [50]. - The integration of various media channels is enhancing user engagement and interaction across multiple devices and platforms [38].

Summary of Key Points Core Viewpoint - On September 22, 28 Hong Kong-listed companies conducted share buybacks totaling 16.6395 million shares, with a total buyback amount of 926 million HKD [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 862,000 shares for 550 million HKD, with a highest price of 643.000 HKD and a lowest price of 635.000 HKD, bringing its total buyback amount for the year to 54.359 billion HKD [1][2]. - Anta Sports repurchased 2.12 million shares for 199 million HKD, with a highest price of 95.150 HKD and a lowest price of 92.700 HKD, totaling 899 million HKD in buybacks for the year [1][2]. - Kuaishou-W repurchased 1 million shares for 73.7998 million HKD, with a highest price of 74.300 HKD and a lowest price of 73.450 HKD, totaling 2.074 billion HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on September 22 was from Tencent Holdings at 550 million HKD, followed by Anta Sports at 199 million HKD [1][2]. - In terms of buyback volume, China Petroleum & Chemical Corporation led with 5.41 million shares repurchased, followed by Anta Sports with 2.12 million shares and MGM China with 1.20 million shares [1][2].

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.487 billion, Meituan-W (03690) with 1.413 billion, and Pop Mart (09992) with 1.208 billion [1] - The top three stocks with net outflows are Huahong Semiconductor (01347) with -1.173 billion, Tencent Holdings (00700) with -409 million, and Jingtai Holdings (02228) with -315 million [1] - In terms of net inflow ratio, Huaxia Heng ESG (03403) leads with 92.52%, followed by Shenzhen Expressway (00548) with 55.45%, and Kunlun Energy (00135) with 47.40% [1] - The stocks with the highest net outflow ratios include Yuehai Investment (00270) at -59.10%, China State Construction International (03311) at -54.66%, and Qingdao Port (06198) at -53.49% [1] Net Inflow Rankings - Yingfu Fund (02800) had a net inflow of 1.487 billion, representing a 7.88% increase in its closing price [2] - Meituan-W (03690) saw a net inflow of 1.413 billion, with a closing price increase of 0.29% [2] - Pop Mart (09992) experienced a net inflow of 1.208 billion, with a closing price increase of 4.62% [2] Net Outflow Rankings - Huahong Semiconductor (01347) had the largest net outflow of -1.173 billion, with a closing price increase of 8.62% [2] - Tencent Holdings (00700) faced a net outflow of -409 million, with a closing price decrease of 2.95% [2] - Jingtai Holdings (02228) had a net outflow of -315 million, with a closing price increase of 7.49% [2] Net Inflow Ratio Rankings - Huaxia Heng ESG (03403) had a net inflow ratio of 92.52%, with a closing price of 56.860 [3] - Shenzhen Expressway (00548) had a net inflow ratio of 55.45%, with a closing price of 7.230 [3] - Kunlun Energy (00135) had a net inflow ratio of 47.40%, with a closing price of 7.400 [3] Net Outflow Ratio Rankings - Yuehai Investment (00270) had a net outflow ratio of -59.10%, with a closing price of 7.260 [3] - China State Construction International (03311) had a net outflow ratio of -54.66%, with a closing price of 9.900 [3] - Qingdao Port (06198) had a net outflow ratio of -53.49%, with a closing price of 7.290 [3]

Core Viewpoint - Tencent has publicly stated that it has no current plans to produce AI chips and does not intend to enter this field in the future, contrasting sharply with other major Chinese tech companies that are accelerating their investment in self-developed AI chips in response to U.S. export restrictions on NVIDIA chips [1][6]. Group 1: Tencent's Strategy - Tencent is implementing a full-stack optimization strategy to alleviate the tight supply of computing power by integrating various types of chip resources to build a cost-effective AI computing support system [1]. - Tencent's response to U.S. export control policies focuses on technology optimization and resource integration, continuously improving algorithms and building efficient computing clusters to maximize the use of existing computing resources for model training [1]. - Tencent is strategically differentiating its business operations between the domestic and overseas markets, increasing the proportion of domestic chip usage while collaborating with local partners for hardware support in international markets [3]. Group 2: Investment and Infrastructure - Tencent plans to invest $150 million to build its first data center in the Middle East, located in Saudi Arabia, and will also establish a third data center in Osaka, Japan, to enhance its global computing network [3]. - Tencent's international business segment has maintained double-digit growth over the past three years, indicating strong performance in its cloud services [3]. Group 3: Competitors' Movements - Other major Chinese tech companies, such as Huawei, Baidu, and Alibaba, are accelerating their self-developed AI chip initiatives in response to external restrictions, with Huawei successfully developing the Ascend series processors and Baidu applying its Kunlun P800 chip in its ERNIE language model [6]. - Alibaba has recently launched a new AI chip that significantly improves performance over previous models, aiming to fill the gap left by NVIDIA's export restrictions in the Chinese market [6].

Core Viewpoint - The issuance of dim sum bonds (offshore RMB bonds) is becoming a significant financing option for domestic technology companies, with major firms like Tencent, Baidu, and Meituan participating, which could reshape the financing landscape for tech firms and accelerate the internationalization of the RMB [1][2]. Group 1: Financing Trends - Since 2025, the issuance of US dollar bonds by Chinese tech companies has been zero, significantly lower than the previously expected range of $8.9 billion to $11.5 billion, while dim sum bonds and convertible bonds have rapidly emerged as important fundraising tools [2]. - Baidu successfully issued two tranches of dim sum bonds in March, raising 10 billion RMB with a 5-year coupon rate of 2.7% and a 10-year rate of 3% [2]. - Tencent issued a total of 8 billion RMB in offshore RMB bonds, aligning with the recent growth of the dim sum bond market [2]. Group 2: Factors Driving the Shift - The shift in financing methods is driven by macroeconomic conditions and the capital needs of enterprises, particularly due to intensified competition in AI and the expansion of cloud infrastructure [4]. - Major internet companies are expected to increase their annual capital expenditures to at least $34 billion from 2025 to 2026, focusing on AI capabilities, cloud infrastructure, and international market expansion [4]. - Despite having substantial cash reserves, companies require foreign currency for overseas expansion and technology investments, necessitating a readily available offshore funding pool [4]. Group 3: Market Dynamics - The attractiveness of dim sum bonds is enhanced by the depreciation of the US dollar and the low interest rates in RMB, leading to lower issuance costs for offshore RMB bonds [5]. - The expansion of the Bond Connect "southbound" mechanism has broadened the range of financial institutions participating in the offshore RMB bond market, increasing demand for dim sum bonds [5]. - The cost competitiveness of bond financing compared to equity financing helps companies optimize their capital structure [6].

Major Events - Different Group (06090) has a public offering with a subscription rate of 3317.47 times the upper limit price [1] - Botai Che Lian (02889) plans to globally offer 10.4369 million H-shares from September 22 to September 25 [1] - Changhong Jiahua (03991) received a privatization offer from Changhong Group at a premium of approximately 32.93%, with resumption of trading on September 23 [1] - Huajian Medical (01931) signed a strategic cooperation agreement with Chuangsheng Group-B (06628) involving the tokenization of a $1.5 billion innovative drug pipeline asset [1] - Gilead Sciences-B (01672) reported that ASC47 combined with Semaglutide showed a weight loss effect improvement of up to 56.2% compared to Semaglutide alone in obese subjects [1] - Fosen Pharmaceutical (01652) plans to sell all equity of Henan Fosen Smart Energy Technology for 73 million yuan [1] - Maiyue Technology (02501) entered into strategic cooperation agreements with NetEase Youdao and Ferry International [1] - Zhongchuang Zhiling (00564) intends to invest 270 million yuan to establish Yaxinke Thermal Management Technology (Yizheng) Co., Ltd. to enhance market competitiveness in automotive thermal management systems [1] - Garmin Group Holdings (01271) plans to sell a portfolio of four data center projects for 5.25 billion HKD [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 862,000 shares for 550 million HKD on September 22 [1] - Standard Chartered Group (02888) repurchased 517,100 shares for 7.3877 million GBP on September 19 [1] - Midea Group (00300) repurchased 3.415 million A-shares for 250 million yuan on September 22 [1] - Anta Sports (02020) repurchased 2.12 million shares for 199 million HKD on September 22 [1] - Kuaishou-W (01024) repurchased 1 million shares for 73.7998 million HKD on September 22 [1] - Heng Rui Pharmaceutical (01276) repurchased 656,000 A-shares for 45.7493 million yuan on September 19 [1] - Shenzhen Expressway Company (00548) received an increase of 25.38 million H-shares from shareholder Yunsong Capital [1]