Wind数据显示，截至8月12日，今年以来南向资金累计净流入超9100亿港元，创年度净流入额历史 新高，显著超过2024年净流入的8078.69亿港元。据中国证券报记者统计，在今年以来南向资金交易的 145个交易日中，南向资金出现净流入的交易日有123个，占比超八成。 在今年以来南向资金大幅流入的带动下，港股市场表现亮眼，截至8月12日收盘，恒生指数累计涨 逾24%，恒生科技指数累计涨逾21%，恒生指数成分股中总市值超1万亿港元的股票均上涨，平均涨幅 超过30%。 近期，港股市场出现一定震荡。机构人士认为，外部预期调整可能是主要原因，预期变动会导致市 场波动较大，但这并未改变港股市场的中期配置逻辑。港股市场或吸引南向资金持续流入，支撑港股继 续向上。 净流入金额为去年同期两倍多 今年以来，南向资金大幅流入港股市场，是今年以来港股市场最大的增量资金来源。 Wind数据显示，截至8月12日，南向资金今年以来累计净流入9102.88亿港元，创年度净流入金额历 史新高，历史首次超过9100亿港元，为2024年同期的2倍多。其中，4月9日单日净流入355.86亿港元， 创单日净流入纪录。在今年以来南向资金交易的145个 ...

Core Insights - The global AI sector is experiencing a rapid acceleration in technological iterations since August, with major companies like OpenAI, Google DeepMind, and Baidu releasing or updating large model products, marking a period of intensive innovation [1] - Chinese companies are showing strong performance in the open-source large model arena, enhancing their global market influence and demonstrating robust potential for industrial ecosystem construction and commercialization [1] Group 1: Major Company Developments - OpenAI launched GPT-5 on August 8, featuring enhanced reasoning, multimodal capabilities, and enterprise customization, with significant improvements in programming performance and reduced hallucination rates [2] - Baidu plans to release a new generation AI reasoning model by the end of August to strengthen its competitive edge in complex task handling [2] - Google DeepMind introduced the "Genie3" model on August 6, capable of generating dynamic 3D worlds and simulating physical phenomena, although it still faces limitations in practical operability and multi-agent interactions [2] - Tencent announced the open-sourcing of the "Hunyuan 3D World Model 1.0" at the World Artificial Intelligence Conference on July 27 [2] - Alibaba released four open-source models starting July 22, with its latest model ranking third globally on an international evaluation platform as of August 1 [3] - JD.com upgraded its "Yansai" to "JoyAI," which includes a full-size model supporting multimodal functions [4] Group 2: Open Source Trends and Challenges - The open-source model landscape in China has seen a concentrated explosion, with Chinese companies occupying nine out of the top ten positions in the global ranking of open-source large models [4] - The current AI industry development strategies in China and the U.S. show clear differences, with Chinese companies favoring open-source paths to attract global developers, while U.S. firms like OpenAI are moving towards closed-source models to maintain technological leadership [5] - The open-source model approach accelerates technology dissemination and industrial implementation but faces challenges such as "fine-tuning competition" and compatibility issues due to frequent model updates and interface changes [5][6] Group 3: Industry Valuation and Future Outlook - The differentiated development of AI applications is creating new growth opportunities, with companies like Kuaishou focusing on video and image generation, Alibaba leveraging AI in e-commerce, and Tencent exploring applications in advertising and gaming [8] - As of now, the total number of registered personal users for large models has exceeded 3.1 billion, with API call users surpassing 159 million [9] - CITIC Securities anticipates that the upcoming generation of large models will benefit areas like agents and multimodal capabilities, leading to increased demand for computing power [10] - The AI technology is driving a reconstruction of the internet industry's valuation system, with related thematic ETFs likely to see development opportunities [10] - By 2025, the AI large model industry is expected to exhibit accelerated technological iterations, the rise of open-source ecosystems, and diverse commercialization paths, with Chinese companies enhancing their global influence in the AI sector [10]

智通财经APP获悉，周二美股三大指数齐涨，恒生指数ADR上涨，按比例计算，收报25184.79点，较香港收市涨215.11点或0.86%。 | .HSIADR 恒生指数ADR | | --- | | 25184.79 ↑ +215.11 +0.86% 収盘价 08/12 16:00 美东 | | 二月 9 月 9 自选 | | 最高价 25193.80 开盘价 25003.26 成交量 4341.99万 | | 最低价 24862.98 昨收价 24969.68 平均价 25028.39 | | 52周最高 25638.77上 涨 -- 平 報 - | | 52周最低 17034.99下 跌 -- 振 幅 1.33% | 大型蓝筹股涨跌不一，汇丰控股收报101.990港元，较香港收市涨1.79%；腾讯控股收报563.326港元，较香港收市升0.68%。 | | 全部港股 | 音港主板 | | 创业板 | | 恒生指数 | > | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代 ...

数据显示，截至8月12日，今年以来南向资金累计净流入超9100亿港元，创年度净流入额历史新高，显 著超过2024年净流入的8078.69亿港元。据中国证券报记者统计，在今年以来南向资金交易的145个交易 日中，南向资金出现净流入的交易日有123个，占比超八成。 在今年以来南向资金大幅流入的带动下，港股市场表现亮眼，截至8月12日收盘，恒生指数累计涨逾 24%，恒生科技指数累计涨逾21%，恒生指数成分股中总市值超1万亿港元的股票均上涨，平均涨幅超 过30%。 近期，港股市场出现一定震荡。机构人士认为，外部预期调整可能是主要原因，预期变动会导致市场波 动较大，但这并未改变港股市场的中期配置逻辑。港股市场或吸引南向资金持续流入，支撑港股继续向 上。 ● 本报记者 吴玉华 净流入金额为去年同期两倍多 今年以来，南向资金大幅流入港股市场，是今年以来港股市场最大的增量资金来源。 数据显示，截至8月12日，南向资金今年以来累计净流入9102.88亿港元，创年度净流入金额历史新高， 历史首次超过9100亿港元，为2024年同期的2倍多。其中，4月9日单日净流入355.86亿港元，创单日净 流入纪录。在今年以来南向资金交易的1 ...

Group 1 - Southbound capital has seen a cumulative net inflow of 9102.88 billion HKD as of August 12, marking a historical high and more than double the amount from the same period in 2024 [1][2] - The Hang Seng Index has risen over 24% year-to-date, with the Hang Seng Technology Index up over 21%, driven by significant inflows from southbound capital [1][4] - The majority of southbound capital inflow days have been positive, with 123 out of 145 trading days showing net inflows, accounting for over 80% [1][2] Group 2 - Southbound capital has increased its holdings in financial, information technology, and consumer discretionary sectors, with respective market values of 14320.41 billion HKD, 11167.63 billion HKD, and 7362.45 billion HKD [2][3] - Major stocks held by southbound capital include Tencent Holdings with over 5600 billion HKD, and several others like China Mobile and Alibaba with holdings exceeding 2000 billion HKD [3][5] - The healthcare, materials, and information technology sectors have led the market, with respective increases of 75.96%, 67.53%, and 36.27% year-to-date [4][5] Group 3 - Recent market fluctuations are attributed to external expectation adjustments, but the medium-term investment logic for the Hong Kong market remains unchanged [6][7] - Analysts predict that southbound capital inflows could exceed 1 trillion HKD for the year, indicating strong ongoing interest in the Hong Kong market [6][7] - The current valuation of the Hong Kong market is at a historical mid-to-high level, suggesting potential for upward movement [7]

Group 1 - Nvidia and AMD have agreed to pay 15% of their revenue from specific AI chips sold in China to the U.S. government in exchange for export licenses [1] - Nvidia will pay 15% of its revenue from H20 chips, while AMD will do the same for MI308 chips [1] - The U.S. Department of Commerce has begun issuing export licenses for these products, but the Trump administration has not yet decided how to utilize the funds collected [1] Group 2 - OpenAI achieved a gold medal in the AI category at the 2025 International Olympiad in Informatics, ranking first among AI participants and only behind five human competitors [2] - OpenAI's performance improved significantly from the 49th percentile last year to the 98th percentile this year, using a general reasoning model without specialized training for the competition [2] - The model used by OpenAI is the same as the one that won a gold medal at the International Mathematical Olympiad, showcasing its strong general reasoning capabilities [2] Group 3 - Zhizhu released and open-sourced the GLM-4.5V model, which has 106 billion parameters and achieved state-of-the-art performance in 41 multimodal benchmarks [3] - The model outperformed 99% of human players in image recognition and reasoning tests, achieving a notable rank in a global scoring competition [3] - It employs a three-stage strategy for training and supports long-context multimodal inputs, with low API usage costs [3] Group 4 - Kunlun Wanwei launched the Matrix-3D model for generating high-quality panoramic videos from single images, enabling immersive 3D space exploration [4] - The model boasts advantages such as global scene consistency, large generation range, high controllability, strong generalization ability, and fast generation speed [4] - A dataset containing 116,000 panoramic videos and 22 million frames was created to support the model's training [4] Group 5 - Tencent introduced the mixed Yuan Large-Vision model, which has 52 billion active parameters and enhances multimodal understanding capabilities [5] - The model scored 1256 points on the international LMArena Vision leaderboard, ranking first among domestic models and comparable to GPT-4.5 and Claude-4-Sonnet [5] - It consists of three core modules and utilizes a large dataset for training [5] Group 6 - GitHub will no longer operate independently and will be integrated into Microsoft's newly established CoreAI group [7] - The integration will be overseen by multiple Microsoft executives, with a focus on transforming GitHub into a core component of Microsoft's AI strategy [7] - The goal is to develop GitHub into an "AI agent factory" [7] Group 7 - SenseTime launched the AI tool Seko, which automates the video production process based on user descriptions [8] - Seko integrates various models to ensure consistency in character portrayal, scene materials, and camera movements [8] - The tool offers a visual editing experience and plans to introduce advanced features in the future [8] Group 8 - Apple is gradually revamping Siri, with a new architecture set to launch by late 2025 or early 2026 [9] - The new Siri will enhance inter-application communication and support continuous dialogue [9] - Apple is conducting extensive internal testing with strategic partners to ensure security and reliability [9] Group 9 - Periodic Labs, co-founded by former OpenAI and Google DeepMind leaders, aims to create a "ChatGPT for materials science" and has secured $200 million in funding [10] - The startup achieved a pre-money valuation of $1 billion shortly after its establishment [10] - The funding will be used to develop AI for discovering and analyzing new compounds [10] Group 10 - GPT-5 demonstrated significantly lower token consumption compared to Claude Opus 4.1 in algorithmic tasks, saving approximately 90% in overall token usage [12] - Claude Opus 4.1 excelled in web development tasks but at a higher token cost [12] - The cost comparison shows GPT-5 completing tasks at about $3.50, while Claude Opus 4.1 costs around $7.58 [12]

据报道，8月12日，《王者荣耀》玩家、律师孙千和起诉腾讯要求公开王者荣耀匹配机制一案在深圳市 南山区人民法院开庭。 | 新浪市 武家庭 新北海 民公園 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 通验入公司名称、人名、品牌名称等大盛词 天明一下 | 都在用的商业查询工具 原教中小企业发展了基金属下机构 | | | ▲ 田园 = | | 魔劳合作 企业级产品 = 也 开通会员 = ▲ 超级风 == | | | 局内匹配方法、装置、设备、存储介质及程序产品 | | | | | | | | | 实质事宜 发明公布 | | | | | | | > 壹番原文 | | 申请进度 | | | | | | | | | 2 | | | | | | | | | 田清(1) | 2022-05-16 | 田園公布(1) 2023-11-24 | | 授权() | | 预估到期 ● 2042-05-16 | | | 基本信息 | | | | | 法律状态 | | | | 申请号 | CN202210527919.0 | 申请日 | 2022- ...

Core Viewpoint - The court case involving a "Honor of Kings" player and Tencent centers on whether the game's matchmaking algorithm should be considered a trade secret, with both parties seeking a balance between protecting Tencent's commercial interests and addressing player rights [1][2]. Group 1: Court Proceedings - The court hearing took place in Shenzhen, lasting from 2:30 PM to approximately 7:30 PM [1]. - The main focus of the hearing was the dispute over whether the matchmaking algorithm is a commercial secret, with both sides presenting evidence and arguments [1]. - Due to additional evidence submitted by Tencent before the hearing, the case could not be fully resolved in court, and written opinions will be submitted later [1]. Group 2: Positions of the Parties - Tencent argues that the matchmaking algorithm is a technical secret that should not be disclosed, citing concerns that public access could lead to misuse by black market operators, such as cheating software [1]. - The player, represented by lawyer Sun Qian, believes that a balance can be struck between protecting Tencent's trade secrets and ensuring players' right to know, aiming for a solution that maximizes the interests of both parties [1][2]. Group 3: Tencent's Response - As of the time of reporting, Tencent had not provided an official response to inquiries regarding the case [4].

Summary of Tencent Advertising Conference Call Industry Overview - The conference call focuses on the advertising industry, specifically Tencent's advertising business performance in Q1 2025 and its future outlook. Key Points and Arguments 1. **Q1 2025 Performance**: Tencent's advertising revenue reached 320 billion RMB, a year-on-year increase of 21%. March saw an absolute ad spend of 117 billion RMB, nearing the peak of November 2024, driven by improvements in video ads and AI technology enhancing click-through and conversion rates [2][1][4]. 2. **Ad Revenue Breakdown (Jan-Apr 2025)**: - Video Ads: 92.3 billion RMB, up 80% - Mini Programs: 38.8 billion RMB, up 48% - Moments: 89.3 billion RMB, up 3% - Tencent News: 4.6 billion RMB, down 20% [1][4]. 3. **AI Technology Impact**: AI has improved ad click-through rates by 12% through precise user behavior predictions and real-time bidding optimizations, increasing Moments ad fill rates to 65% [1][3][5]. 4. **Client Segmentation**: Tencent's advertising clients are categorized into three groups: - Internet-native clients (35%): Less affected by macroeconomic conditions - Online-offline hybrid clients (28%): Moderately affected - Traditional offline clients (30%): Highly affected by economic changes [6][7]. 5. **Video Ads Goals for 2025**: The target is to increase the ad load rate to 5% from 3.6% currently, with a revenue goal of 420 billion RMB, reflecting a growth of over 130 billion RMB from the previous year [1][8]. 6. **Search Functionality**: "Search" has 230 million daily active users, with an average of 2.5 searches per user per day. The ad revenue is close to 10 million RMB, with daily ad exposures at 140 million [11]. 7. **Advertising ROI**: The average ROI in the e-commerce sector is around 1.5, with significant variations across industries. Overall, ROI has improved by approximately 20% [16]. 8. **Market Trends**: The macroeconomic environment is impacting traditional sectors more significantly, while internet advertising remains relatively stable. The demand for AI-related software ads has surged [5][7]. 9. **Live Streaming and E-commerce**: The GMV for video live streaming is approximately 500 billion RMB, but growth is expected to slow down. Internal e-commerce ad spending is currently at 70%, projected to rise to 50% in the second half of the year [9][10]. 10. **Advertising Strategy**: The company is focusing on optimizing product offerings and policies to attract merchants, with a cautious approach to market expansion [22]. Other Important Insights - **Ad Pricing Dynamics**: While AI enhances ad efficiency, it does not guarantee proportional price increases due to changing advertiser expectations and economic conditions [30]. - **User Engagement**: Daily active users for video ads are approaching 600 million, with average usage time increasing from 50-55 minutes to 65 minutes [8][26]. - **Market Competition**: Smaller businesses prefer organic growth through content rather than purchasing public traffic, while larger brands are more inclined to invest in public traffic [19]. This summary encapsulates the essential insights from the conference call, highlighting Tencent's advertising performance, strategic goals, and the impact of AI technology on its operations.

新浪科技讯 8月12日晚间消息，《王者荣耀》玩家、律师孙千和起诉腾讯要求公开王者荣耀匹配机制一 案在深圳市南山区人民法院开庭。当事人孙千和表示，庭审于今日下午2：30开始，持续至约下午7：30 结束。 孙千和向新浪科技等表示，本次庭审主要围绕匹配算法是否属于商业秘密的争议焦点展开，双方就该技 术秘密是否已公开进行了举证和辩论，尽管分歧较大，但均同意在维护被告商业秘密的前提下，尝试找 到满足玩家合理诉求的平衡点。 她表示，案件庭审已经结束，由于对方在开庭前补充提交了部分证据，导致未能当庭完成质证，后续将 通过提交书面质证意见给法院，预计不再另行开庭。 对于案件相关问题，新浪科技向腾讯进行求证，截至发稿官方暂未回应。（罗宁） 责任编辑：何俊熹 关于案件，孙千和表示，腾讯认为《王者荣耀》的匹配算法属于技术秘密，不宜公开，并指出已在多个 公开渠道对匹配机制进行了说明。他们担心算法公开可能导致黑产滥用，如外挂等问题，进而损害玩家 利益。对此，孙千和认为腾讯能够在保护技术秘密与保障玩家知情权之间寻找平衡点，以实现双方利益 的最大化。 "我希望双方能找到一个合适的度，按照这个最低限度知情的原则，既保护了他们所说的技术秘密， ...