Market Overview - On October 31, the Hang Seng Index fell by 1.43%, closing at 25,906.65 points, with a total net buy of HKD 8.719 billion through the southbound trading channel [1] - The total trading amount for the southbound trading was HKD 125.148 billion, with a net buy of HKD 8.719 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total trading amount of HKD 76.315 billion, with a net buy of HKD 5.772 billion; the Shenzhen Stock Exchange's southbound trading had a total trading amount of HKD 48.833 billion, with a net buy of HKD 2.947 billion [1] - In the top ten active stocks for the Shanghai Stock Exchange's southbound trading, Alibaba-W had the highest trading amount of HKD 58.52 billion, followed by SMIC and Tencent Holdings with trading amounts of HKD 43.31 billion and HKD 30.98 billion, respectively [1] Stock Performance - In terms of net buy amounts, Xiaomi Group-W led with a net buy of HKD 5.56 billion, despite a closing price drop of 2.17% [1] - Alibaba-W had the highest net sell amount of HKD 4.81 billion, with a closing price decline of 4.07% [1] - For the Shenzhen Stock Exchange's southbound trading, Alibaba-W also led with a trading amount of HKD 43.07 billion, followed by SMIC and Tencent Holdings with amounts of HKD 28.25 billion and HKD 26.32 billion, respectively [2] - Meituan-W had the highest net buy amount of HKD 4.65 billion, while Tencent Holdings had the highest net sell amount of HKD 10.47 billion, with a closing price drop of 3.38% [2] Active Stocks Summary - The top active stocks on October 31 included: - Alibaba-W: Trading amount of HKD 585.186 million, net sell of HKD 48.075 million, daily change of -4.07% [2] - SMIC: Trading amount of HKD 433.135 million, net sell of HKD 7.807 million, daily change of -5.30% [2] - Tencent Holdings: Trading amount of HKD 309.840 million, net sell of HKD 17.172 million, daily change of -3.38% [2] - Xiaomi Group-W: Trading amount of HKD 193.915 million, net buy of HKD 55.560 million, daily change of -2.17% [2]

Core Insights - Snapchat and KANTAR released the first "Top 50 Favorite Chinese Global Brands Among Gen Z" list, highlighting Tencent Games, Xiaomi, and SHEIN as the top three brands [1][2] - The report emphasizes the shift in Chinese brands' goals from sales growth to building cross-cultural, sustainable, and reputable global brands [2][3] Industry Overview - Gen Z accounts for approximately 25% of the global population, with a projected consumption scale of $9.8 trillion by 2025, expected to grow to $12.6 trillion by 2030 [2][3] - The report identifies key industries for Chinese brands, including 3C, gaming, e-commerce, and electric vehicles (EV), focusing on their appeal to Gen Z consumers [3][4] Brand Evaluation - The "Top 50" list was created using KANTAR's MDS model, evaluating brands based on "meaningfulness," "differentiation," and "engagement," with over 4,000 Gen Z consumers surveyed across Europe, the Middle East, and North America [3][5] - The top ten brands include 50% from the 3C sector, with Tencent Games, Xiaomi, and SHEIN leading the rankings [3][4] Sector-Specific Insights - **3C Sector**: Xiaomi, Huawei, and Hisense are recognized for their high cost-performance ratio and innovative technology, appealing to global young consumers [3][4] - **Gaming Sector**: Tencent Games, miHoYo, and DianDian Interactive leverage strong IP capabilities and local cultural integration to connect with Gen Z [3][4] - **E-commerce Sector**: SHEIN, AliExpress, and SHEGLAM utilize video-driven personalized content and AR technology to enhance user engagement [3][4] - **EV Sector**: BYD, Chery, and Geely focus on digital connectivity and social responsibility to resonate with Gen Z values [3][4] Engagement Strategies - Snapchat serves as a key platform for connecting Chinese brands with global Gen Z, emphasizing the importance of meaningful interactions in areas of interest [5][6] - The platform boasts 9.32 billion monthly active users, with 94% of users being Gen Z and Millennials, facilitating effective brand communication [6][7] Advertising Solutions - Snapchat offers comprehensive advertising solutions to help brands engage with users throughout the customer journey, from conversion to retention [7] - The platform has successfully collaborated with various brands in the 3C, gaming, e-commerce, and automotive sectors to establish valuable connections with Gen Z [7]

10月31日下午，深圳河套，暖灯之下，企业代表分批获颁"生成式人工智能服务备案证明"，迈向合规发 展新阶段。这场以"备案赋能，粤创未来"为主题的广东省备案大模型发布会，在粤港澳大湾区生成式人 工智能安全发展联合实验室举办。截止到今年10月24日，广东通过备案的大模型达到105款，数量位居 全国第二。最新一批有11款生成式人工智能服务完成备案，涵盖教育、传媒、商业地产、跨境电商等多 个专业领域。 "安全是创新的压舱石""备案是技术落地的'入场券'""合规让我们在千行百业中走得更稳、更远"……备 案大模型企业代表接受南都采访时纷纷讲述备案对企业发展的重要意义。从政策锚定方向，到企业合规 创新，再到产业生态协同，以备案制度为核心的AI治理实践，正推动广东人工智能产业实现高质量发 展与高水平安全的良性循环。 政策支撑： 让AI既能放手创新、又可安全奔跑 政策不仅是规则的制定，更是产业生态的塑造。当备案从监管要求转化为发展动能，广东正在构建一个 让AI"既能放手创新、又可安全奔跑"的系统性发展场域。 广东人工智能产业规模已突破2200亿元，核心企业超1500家，国家级专精特新"小巨人"企业达147家， 数量全国第一。在 ...

观察者网了解到，据微信公众号"微信派"消息，10月30日，微信官宣了三项新功能，分别是一次性撤回本次发送全部消息、微信群消息免打扰后选择性接 收重要通知、新增"删除联系人同时清空聊天记录"选项，相关功能正在逐步覆盖中。 具体来看，第一项功能是一次性撤回单次发送全部消息。 此前，用户发送多条消息后若需撤回，需逐条操作，尤其在工作场景中，一旦误将私人内容批量发送至工作群，往往因操作繁琐错失撤回时机。 而目前，微信可以一次性撤回本次发送的全部消息（包括多选转发、批量发送的图片视频和文件），操作流程更简洁高效。无论是批量分享的多媒体文 件，还是多选转发的多条消息，都能实现 "一键清零" 相关操作截图 微信派 其次，微信群免打扰功能也迎来升级。 此前，用户开启微信群免打扰后，仍会收到@所有人的通知推送。不少用户反馈，这类通知常与自身无关，既干扰日常使用，又容易错过真正需要关注的 内容，给社交沟通带来不必要的困扰。 现在，用户开启免打扰模式后，可自主选择接收关键消息提醒，彻底解决"无关@所有人通知刷屏"的困扰，实现群聊静音不遗漏重要信息的使用需求。 相关功能截图 微信派 最后，删除好友时，新增"删除联系人同时清空聊天记录 ...

（原标题：散落各处且AI"读不懂"的企业文件 如何被"盘活变现"） 尽管大模型迭代速度惊人，但落地到企业场景时，却常会 "水土不服"。 "两天不说大模型，都觉得自己落后了。" 某头部券商人工智能团队负责人向记者表达了这一行业焦 虑。 21世纪经济报道记者 黄子潇 深圳报道 当AI 大模型逐渐在多个行业落地，一个现实问题浮出水面：能 "读遍全网" 的大模型，却读不懂企业的 业务知识、专属经验。 对于许多金融机构而言，几十年来的业务知识和经验，散落在邮件、项目报告、会议纪要、合规文件 中，且以云盘、文档、OA、视频等形式储存，无法转化直接支持业务的资源。 业内人士表示，AI大模型+企业知识库，则是一种新兴的解决方案。 不过，若落到在金融场景中，金融业对安全合规性和信息时效性称得上是"苛刻"的需求时，这一方案又 将面临更多挑战。 据相关研究报告，2024年全球知识管理软件市场规模已达到200亿美元级别。 对于他所在的证券行业，感受尤为深刻。证券业人员密集，工作量大，容易误报，每天都要处理海量文 档 —— 一份招股说明书动辄几百页，单位遗漏、股价上下文不一致等问题时有发生；投研方面，分析 师撰写研报需翻阅数十份资料， ...

Core Insights - The report emphasizes a strategic shift towards financial and consumer sectors, indicating a positive market outlook following the resolution of tariff impacts and a rebound after initial panic [4][7] - The report highlights the importance of new economic technologies and service consumption, alongside traditional resource industries, as key investment themes for the upcoming quarter [4][7] - The report identifies a favorable environment for investment, driven by domestic policy shifts and international cooperation, particularly in consumption and technology sectors [4][7] Company Summaries - **Haier Smart Home (600690)**: The company is positioned as a global leader in home appliances, focusing on digital transformation and supply chain optimization. It aims to enhance its global competitiveness through increased self-sufficiency in core components and overseas expansion [12] - **Lixing Shares (300421)**: As a leader in the rolling body industry, the company is expanding into high-end products like ceramic rolling bodies, benefiting from the recovery in high-speed rail and wind power sectors, with steady growth expected [13] - **China National Glass (600176)**: The company is experiencing improved profitability due to product price recovery and cost reductions. Its gross margin for Q3 2025 was 32.8%, reflecting a 4.6 percentage point increase year-on-year [14] - **Lihigh Food (300973)**: The company is leveraging management efficiency, channel benefits, and product upgrades to enhance performance [15] - **Muyuan Foods (002714)**: As a leading player in pig farming, the company maintains a solid cost advantage and is committed to high-quality development [16] - **Landai Technology (002765)**: The company is rapidly expanding its new energy business, with significant growth in sales and revenue share expected from 2022 to 2024 [17] - **Hui Electric (002463)**: The company is increasing capital expenditure to support growth, with a focus on AI servers and switches, and is expected to reach a reasonable economic scale by the end of 2025 [19] - **Xiechuang Data (300857)**: The company is investing heavily in computing power, with strong demand for AI computing services driving growth [20] - **Tencent Holdings (00700)**: The company has established a robust user base through its social networks, enabling it to build a diverse ecosystem across various sectors, including digital content and financial technology [21] - **Greentown Service (02869)**: The company is focusing on its core business and reforming its operations, resulting in rapid profit growth and improved financial metrics [22]

Group 1 - Southbound funds net bought Hong Kong stocks worth 8.719 billion HKD on October 31 [1] - Notable net purchases included Xiaomi Group at 646 million HKD and Meituan at 464 million HKD [2] - Significant net sales included Tencent Holdings at 1.219 billion HKD and SMIC at 711 million HKD [2] Group 2 - Southbound funds have net bought Xiaomi for three consecutive days, totaling 883.69 million HKD, and Meituan for three consecutive days, totaling 1.43718 billion HKD [4] - Southbound funds have net sold ZTE for three consecutive days, totaling 717.69 million HKD, and Tencent for three consecutive days, totaling 1.8394 billion HKD [4] Group 3 - Hua Hong Semiconductor announced progress on an asset acquisition and fundraising transaction, with audit and evaluation work ongoing [5] - Meituan upgraded its "Smart Store Manager" AI phone reception capabilities, resulting in a 44% month-on-month increase in AI reception volume for restaurants [5] - SMIC's registered capital increased from 5.25 billion USD to 5.95 billion USD, a growth of approximately 13% [5] - Pop Mart's new "Vacation Mode" series of the popular IP CRYBABY sold out immediately, with a significant price increase for the hidden variant [5]

Core Insights - On October 31, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading volumes of 58.52 billion, 43.31 billion, and 30.98 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also held the top three positions, with trading volumes of 43.07 billion, 28.25 billion, and 26.32 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 58.52 billion, net buy of -4.81 billion [2] - SMIC (00981): Trading amount of 43.31 billion, net buy of -78.06 million [2] - Tencent Holdings (00700): Trading amount of 30.98 billion, net buy of -1.72 billion [2] - Xiaomi Group-W (01810): Trading amount of 19.39 billion, net buy of +5.56 billion [2] - Huahong Semiconductor (01347): Trading amount of 18.61 billion, net buy of -1.67 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 43.07 billion, net buy of +1.15 billion [2] - SMIC (00981): Trading amount of 28.25 billion, net buy of -6.34 billion [2] - Tencent Holdings (00700): Trading amount of 26.32 billion, net buy of -10.47 billion [2] - Huahong Semiconductor (01347): Trading amount of 11.90 billion, net buy of -3.07 billion [2] - Xiaomi Group-W (01810): Trading amount of 11.13 billion, net buy of +904.39 million [2]

Macro Dynamics - In September, the bond market issued a total of 81,027.8 billion yuan in various bonds, including 14,904.9 billion yuan in government bonds, 8,519.1 billion yuan in local government bonds, 11,741.0 billion yuan in financial bonds, 13,407.3 billion yuan in corporate credit bonds, 365.7 billion yuan in credit asset-backed securities, and 31,627.8 billion yuan in interbank certificates of deposit [2] - In September, China's foreign exchange market had a total transaction volume of 26.87 trillion yuan (approximately 3.78 trillion USD), with the interbank market accounting for 22.44 trillion yuan (approximately 3.16 trillion USD) [3] - In the first three quarters, the revenue of large-scale internet and related service enterprises in China reached 14,420 billion yuan, showing a year-on-year growth of 2.8% [4][5] Financial Institutions - China Taiping announced the sale of minority stakes in four companies for a total consideration of 6.5 billion yuan [8] - Hangzhou Bank received approval to issue capital instruments not exceeding 40 billion yuan [9] Market Data - On October 31, A-shares saw a collective decline, with the Shanghai Composite Index down 0.81%, the Shenzhen Component down 1.14%, and the ChiNext Index down 2.31% [11] - The financing balance in the two markets decreased by 7.392 billion yuan, with the Shanghai Stock Exchange reporting a balance of 12,535.78 billion yuan and the Shenzhen Stock Exchange reporting 12,196.92 billion yuan [12] Company Dynamics - China National Petroleum Corporation announced the resignation of Zhou Song as the chairman of the supervisory board [14] - InSai Group decided to terminate a major asset restructuring plan due to changes in the external environment [15] - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with Foxconn Automotive to deploy at least 2,000 embodied intelligent robots over the next five years [17] - Li Auto announced a recall of 11,411 units of the MEGA 2024 electric vehicle due to potential safety hazards [18] - Qingyue Technology is under investigation by the China Securities Regulatory Commission for suspected false financial reporting [19]

Core Insights - The Hong Kong stock market saw a net inflow of 87.19 billion HKD from northbound trading on October 31, with 57.72 billion HKD from the Shanghai Stock Connect and 29.47 billion HKD from the Shenzhen Stock Connect [1] Group 1: Net Inflows and Outflows - The most bought stocks included Xiaomi Group-W (01810), Meituan-W (03690), and Sanofi Pharmaceutical (01530) [1] - The most sold stocks included Tencent (00700), SMIC (00981), and Hua Hong Semiconductor (01347) [1] Group 2: Stock Performance Details - Xiaomi Group-W (01810) had a net inflow of 6.46 billion HKD, supported by optimistic forecasts for its smartphone and electric vehicle businesses [5] - Meituan-W (03690) received a net inflow of 4.64 billion HKD, with news of its international food delivery brand Keeta launching operations in Brazil [5] - Sanofi Pharmaceutical (01530) saw a net inflow of 754.6 million HKD, following the registration of a new cancer treatment in clinical trials [5] Group 3: Notable Sell-offs - Tencent (00700) experienced a net outflow of 12.19 billion HKD, amid increased short-selling activities in the market [7] - SMIC (00981) faced a net outflow of 7.11 billion HKD, as the semiconductor sector reacted to potential changes in AI chip export policies [8] - Hua Hong Semiconductor (01347) had a net outflow of 4.73 billion HKD, reflecting broader trends in the chip industry [8]