Group 1 - On September 18, 26 Hong Kong-listed companies conducted share buybacks, totaling 10.65 million shares and an amount of HKD 636 million [1][2] - Tencent Holdings led the buybacks with 848,000 shares repurchased for HKD 550 million, with a year-to-date total of HKD 53.26 billion [1][2] - Other notable buybacks included Hang Seng Bank with 200,000 shares for HKD 23.8 million and MGM China with 1.2 million shares for HKD 18.76 million [1][2] Group 2 - The highest buyback amount on September 18 was from Tencent Holdings at HKD 550 million, followed by Hang Seng Bank at HKD 23.8 million [1][2] - In terms of share quantity, the most shares repurchased were by Lianyi Technology-W with 2.28 million shares, followed by China International Marine Containers and Coolpad Group [1][2] - The year-to-date buyback amounts for other companies included HKD 816.3 million for Hang Seng Bank and HKD 37.19 million for MGM China [1][2]

Group 1 - In 2020, the capital expenditure ratio between major tech companies in the US and China was approximately 1:6, which is expected to widen to 1:10 by 2024, with US companies spending a total of 5.36 trillion yuan compared to only 630 billion yuan from Chinese internet firms [1] - By 2025, Chinese internet companies are projected to significantly increase their capital expenditure to 500 billion yuan, yet this amount is still only one-fifth of the AI-related capital expenditure of the four major US companies this year [3] - The US has three structural advantages in AI competition: a large consumer market, a mature capital market, and a top-tier talent cultivation system [4][7][8] Group 2 - The Nasdaq index has seen a significant increase from approximately 8,970 points in early 2020 to 22,200 points by September 2025, indicating the strong performance of tech stocks, particularly the "Big Seven" US tech companies [5] - The US has a robust talent pipeline for AI, with top universities continuously supplying high-level talent, which fosters innovation and accelerates technology transfer [7][8] - China's unique advantages in AI lie in its efficiency and scene-driven innovation, with historical examples showing that capital is not the sole determinant of success [9][10] Group 3 - China's core competitive advantage in AI is its application scenarios, supported by a complete manufacturing supply chain and a large user base that allows for rapid validation and iteration of new technologies [11][13] - The scale of China's STEM graduates is significantly larger than that of the US, providing a stable and high-quality talent base for the AI industry [14] - The trend of high-end talent returning to China from overseas is enhancing local companies' R&D capabilities and innovation quality [15][18] Group 4 - The competition in AI is a long-term marathon rather than a sprint, and maintaining open communication and collaboration with the global innovation ecosystem is crucial for China to sustain its competitive edge [18]

Market Overview - On September 18, Hong Kong's three major indices experienced a pullback, with the Hang Seng Index down 1.35% to 26,544.85 points, the Hang Seng Tech Index down 0.99% to 6,271.22 points, and the National Enterprises Index down 1.46% to 9,456.52 points. The tech sector saw a decline, while the semiconductor and robotics industries performed well, with Hua Hong Semiconductor rising over 8.5% and SMIC up over 2.5% [1] Southbound Capital - On September 18, southbound funds recorded a net inflow of HKD 62.88 billion, with Meituan, Alibaba, and Pop Mart receiving net purchases of HKD 14.12 billion, HKD 12.1 billion, and HKD 12.07 billion, respectively. Year-to-date, the cumulative net inflow of southbound funds has reached HKD 1,099.89 billion, significantly surpassing last year's total [2] U.S. Market Performance - U.S. stock indices reached new closing highs, with the Dow Jones up 0.27%, the S&P 500 up 0.48%, and the Nasdaq up 0.94%. Notable gains were seen in Caterpillar and NVIDIA, both rising over 3%. However, many Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.79% [3] Key Developments 1. NVIDIA announced a USD 5 billion investment in Intel, purchasing shares at USD 23.28 each, a 6.5% discount to Intel's previous closing price [4] 2. At Huawei's Connect 2025 event, the company unveiled its Ascend chip roadmap, planning three series of chips through 2028, including the Ascend 950 series [4] 3. Kuaishou's Keling AI launched a new digital human feature, allowing users to create 1080p/48FPS videos from images and text or audio [4] Short Selling Data - On September 18, a total of 641 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 37.879 billion. Alibaba, Baidu, and Tencent had the highest short-selling amounts, at HKD 47.94 billion, HKD 25.6 billion, and HKD 23.06 billion, respectively [5] Institutional Insights - Zheshang Securities highlighted the rapid development of AI applications in Hong Kong's internet sector, suggesting that the sector is at a historical low in valuation. The firm recommends focusing on leading internet companies with AI advancements, such as Alibaba, Baidu, and Tencent, as well as vertical application companies like Kuaishou and Meitu [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, while the Hang Seng Tech Index ETF (513180) includes core AI assets and leading tech companies [7][8]

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，9月18日，共27只港股获公司回购，4只个股回购金额超千万港元。其 中，腾讯控股、恒生银行、美高梅中国回购金额最大，分别获公司回购5.5亿港元、2379.52万港元、 1875.8万港元。截至9月18日，今年已有228只港股获公司回购，48只个股年内累计回购金额超亿港元。 其中，腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购532.57亿港元、260.37 亿港元、176.93亿港元。 ...

| 股票名称 | 回购数 | 回购额 | 年累计回购数量 | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | (股) | 股本 | | 腾讯控股(00700) | 84.80 万 | 5.50 亿 | 5900.60 万 | 0.642% | | 恒生银行(00011) | 20.00 万 | 2379.52 万 | 713.00 万 | 0.379% | | 美高梅中国(02282) | 120.00 万 | 1875.80 万 | 2352.95 万 | 0.619% | | 中国宏桥(01378) | 50.70 万 | 1280.48 万 | 1.51 亿 | 1.610% | | 中集集团(02039) | 124.72 万 | 989.27 万 | 1381.38 万 | 0.450% | | 联易融科技-W(09959) | 228.00 万 | 748.06 万 | 2218.75 万 | 1.038% | | 安德利果汁(02218) | 30.00 万 | 511.70 万 | 701.20 万 | 2.055% | | 固生堂(02 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.75%), Gree Power Environmental (69.11%), and China Shenhua (68.06%) [1] - Alibaba-W, BeiGene, and China Pacific Insurance saw the largest increases in holdings over the last five trading days, with increases of +171.65 billion, +19.60 billion, and +15.85 billion respectively [1] - Xiaomi Group-W, Tencent Holdings, and Great Wall Motors experienced the largest decreases in holdings, with reductions of -13.16 billion, -12.81 billion, and -8.09 billion respectively [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.959 billion shares, representing 71.75% [1] - Gree Power Environmental (01330) has a holding of 280 million shares, representing 69.11% [1] - China Shenhua (01088) has a holding of 2.299 billion shares, representing 68.06% [1] - Other notable companies in the top 20 include COSCO Shipping Energy (67.64%) and Kaisa New Energy (67.48%) [1] Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +171.65 billion, with an addition of 10.836 million shares [1] - BeiGene (06160) increased by +19.60 billion, with an addition of 970.45 thousand shares [1] - China Pacific Insurance (02601) increased by +15.85 billion, with an addition of 512.87 thousand shares [1] Recent Decreases in Holdings - Xiaomi Group-W (01810) decreased by -13.16 billion, with a reduction of 2.314 million shares [2] - Tencent Holdings (00700) decreased by -12.81 billion, with a reduction of 199.52 thousand shares [2] - Great Wall Motors (02333) decreased by -8.09 billion, with a reduction of 4.667 million shares [2]

Core Insights - The article highlights the top short-selling stocks in the market, with specific focus on their short-selling ratios and amounts [1][2][3] Short-Selling Ratios - The top three stocks by short-selling ratio are: - China Resources Beer (80291) at 100.00% - AIA Group (81299) at 89.92% - Sun Hung Kai Properties (80016) at 85.69% [1][2] Short-Selling Amounts - The leading stocks by short-selling amounts are: - Alibaba (09988) with a short-selling amount of 4.794 billion - Baidu (09888) with 2.560 billion - Tencent Holdings (00700) with 2.306 billion [1][3] Deviation Values - The stocks with the highest deviation values are: - China Resources Beer (80291) at 40.95% - Uni-President China (00220) at 39.40% - Dongfang Electric (01072) at 38.26% [1][2][3]

智通财经APP获悉，9月16日,阿里巴巴-W（09988）、美团-W（03690）、紫金矿业（02899）南向资金 净流入金额位列市场前三，分别净流入30.20 亿、7.15 亿、4.60 亿 盈富基金（02800）、恒生中国企业（02828）、腾讯控股（00700）南向资金净流出金额位列市场前 三，分别净流出-46.39 亿、-19.81 亿、-8.34 亿 在净流入比方面，易方达恒指ESG（03039）、现代牧业（01117）、安井食品（02648）以100.00%、 54.94%、50.92%位列市场前三。 在净流出比方面，四川成渝高速公路（00107）、中国重汽（03808）、康基医疗（09997） 以-75.28%、-67.69%、-55.43%位列市场前三。 | 中国海外宏洋集团 | 44.06% | 1443.53 万 | 2.560（-0.78%） | | --- | --- | --- | --- | | (00081) | | | | | 金界控股(03918) | 44.06% | 7927.82 万 | 6.710（+4.52%） | | 万洲国际(00288) | 43.87% | ...

18日，高盛发布最新观点，称维持对A股和H股的超配评级，并预测未来12个月两个市场的潜在上行空 间分别为8%和3%。 与此同时，国际资本也在积极加仓中国科技板块，其认为，在AI、机器人、生物科技等前沿领域，中 国已具备全球竞争力，股市估值修复窗口正在打开。 高盛：维持中国股市超配评级 当前市场属于盘整而非反转 9月18日，高盛研究部首席中国股票策略分析师刘劲津及团队发表最新观点称，维持对A股和H股的超配 评级，预测未来12个月两个市场的潜在上行空间分别为8%和3%；建议投资者逢低吸纳，看好"中国民 营企业十杰"、AI、反内卷及股东回报等主题。 高盛表示，本轮由估值及流动性驱动的股市上涨在全球资本市场均有所体现。长期看上涨需要盈利支 持，但"流动性"是所有上涨趋势的必要条件。当前，A股形成向上趋势的条件较此前更好。本轮中国市 场的上涨中，基本面支撑也是贡献因素之一。中国主要指数的盈利在今年及明年仍将维持中高个位数增 长趋势。 作为衡量境内风险偏好的综合指标，高盛构建的A股散户情绪指标显示，当前市场更多属于盘整而非反 转。估值方面，多数指标显示大盘股并未被高估，指数市盈率处于中段区间。 资金面上，高盛认为，数据显 ...

Group 1 - Tencent's tactical shooting game "Delta Operation" has topped the iOS sales chart after 356 days since its launch, following the "Blazing Fire" season update [1] - Initially, the game had a weak performance on mobile, ranking around 50th in the iOS sales chart at the start of 2024, but stabilized in the top 20 by early 2025, reaching the top 10 in May [1] - The game has established a clear user behavior loop, with mobile catering to casual play and resource gathering, while the PC version focuses on deep tactical experiences, creating a synergistic effect between platforms [1] Group 2 - miHoYo's 3D action otome game "Love and Deep Space" has announced the revival of its first limited event "Unknown Time," running from September 18 to September 27, a year and a half after its initial launch [2] - The revival maintains a 75% chance for three limited five-star characters in the gacha system and includes a targeted wish feature, enhancing the event's scarcity and appeal to both returning and new players [2] - The event's exclusive discount packages and targeted wish mechanism are expected to create a short-term spike in player spending [2] Group 3 - IGG has launched its new game "Mafia Mobile" globally in over 170 countries, aiming to innovate in a competitive overseas market through a blend of strategy and simulation elements [3] - The company is diversifying its product lineup, reducing reliance on its flagship title "King of Kingdoms," and "Mafia Mobile" is expected to complement existing products and strengthen its position in niche markets [3]