2、港股通最近5个交易日增持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 阿里巴巴－W(09988) | +96.59亿元 | +5801.17万股 | | 腾讯控股(00700) | +25.52亿元 | +396.28万股 | | 中芯国际(00981) | +14.72亿元 | +2017.62万股 | | 山高控股(00412) | +12.51亿元 | +27365.70万股 | | 中国移动(00941) | +10.00亿元 | +1175.98万股 | | 极兔速递-W(01519) | +8.17亿元 | +8265.64万股 | | 金山云(03896) | +7.66亿元 | +9146.40万股 | | 快手-W(01024) | +7.31亿元 | +967.56万股 | | 紫金矿业(02899) | +7.04亿元 | +2317.49万股 | | 康方生物(09926) | +6.74亿元 | +508.25万股 | 智通财经APP获悉，根据2025年9月26日披露数据，中远海能（01138）、中国电信（00728 ...

Group 1: OpenAI and Model Changes - OpenAI has been reported to reroute models like GPT-4 and GPT-5 to lower-capacity sensitive models without user knowledge [1] - The rerouting occurs when the system detects sensitive topics, and this judgment is based on subjective context [1] - OpenAI's VP stated that the changes are temporary and part of testing a new safety routing system, raising user concerns about rights [1] Group 2: Tencent's Hunyuan Image 3.0 - Tencent launched Hunyuan Image 3.0, the first industrial-grade native multimodal model with 80 billion parameters, recognized as the largest open-source model [2] - The model excels in semantic understanding, capable of parsing complex semantics and generating both long and short texts with high aesthetic quality [2] - Hunyuan Image 3.0 is based on Hunyuan-A13B, trained on 5 billion image-text pairs and 6 trillion tokens, and is available under Apache 2.0 license [2] Group 3: Kuaishou's KAT Series - Kuaishou's Kwaipilot team introduced KAT-Dev-32B (open-source) and KAT-Coder (closed-source) models, achieving a 62.4% solution rate on SWE-Bench Verified [3] - KAT-Coder reached a 73.4% solution rate, comparable to top closed-source models, utilizing a chain training structure [3] - The team developed entropy-based tree pruning technology and a large-scale reinforcement learning training framework, observing new capabilities in dialogue and tool usage [3] Group 4: AI Teachers by TAL Education - TAL Education's CTO proposed a grading theory for AI teachers, evolving from assistants (L2) to true teacher roles (L3) [4] - L3 AI teachers can observe students' problem-solving steps in real-time and provide targeted guidance, forming a data feedback loop [5] - The "XiaoSi AI One-on-One" program supports personalized education across various learning environments, achieving a 98.1% accuracy in math problem-solving [5] Group 5: Meta's Humanoid Robots - Meta plans to invest billions in humanoid robot development, equating its importance to augmented reality projects [6] - The focus will be on software development rather than hardware manufacturing, aiming to create industry standards [6] - A new "Superintelligent AI Lab" is collaborating with robotics teams to build a "world model" simulating real physical laws [6] Group 6: Richard Sutton's Critique on Language Models - Richard Sutton criticized large language models as a flawed starting point, emphasizing that true intelligence comes from experiential learning [7] - He argued that large models lack the ability to predict real-world events and do not adapt to changes in the external world [7] - Sutton advocates for a learning approach based on actions, observations, and continuous learning as the essence of intelligence [7] Group 7: RLMT Method by Chen Danqi - Chen Danqi's team proposed the RLMT method, integrating explicit reasoning into general chat models to bridge the gap between specialized reasoning and general dialogue capabilities [8] - RLMT combines preference alignment and reasoning abilities, requiring models to generate reasoning paths before final answers [8] - Experiments show RLMT models excel in chat benchmarks, shifting reasoning styles to iterative thinking akin to skilled writers [9] Group 8: DeepMind's Veo 3 Emergence - DeepMind's Veo 3 demonstrates four progressive capabilities: perception, modeling, manipulation, and reasoning [10] - The concept of Chain-of-Frames (CoF) allows Veo 3 to perform cross-temporal reasoning through frame-by-frame video generation [10] - Quantitative assessments indicate significant improvements over Veo 2, suggesting video models are becoming foundational in visual tasks [10] Group 9: NVIDIA's Future in AI Infrastructure - NVIDIA is transitioning from a chip company to an AI infrastructure partner, focusing on total cost advantages rather than individual chips [11] - AI inference is expected to grow by a factor of a billion, driven by three expansion laws, potentially accelerating global GDP growth [11] - Huang Renxun emphasizes the need for independent AI infrastructure in the sovereign AI era, advocating for maximizing influence through technology exports [11]

新闻大家可能都刷到了—— 网信部门通报的处罚原因很清楚。 小红书、微博、快手，是因为在热搜榜单主榜，高位、频繁呈现大量炒作明星个人动态和琐事类词 条； UC平台，是在热搜主榜"扎堆呈现极端敏感恶性案事件词条等非权威部门、权威媒体发布的信 息"； 今日头条，则是"在热搜榜单主榜呈现不良信息内容，还在落地页面置顶呈现相关话题"。 看下来，都是"热搜""主榜"内容出问题。 目前，这些涉事平台已发声回应，称将落实监管要求、成立整改专项工作组、推进热搜榜单生态治 理等。 互联网平台上的明星热搜，大家不陌生。这些人的恋爱、怀孕、离婚长期盘踞热搜，隔空喊话、吵 架不和琐事也能"荣登"榜首，机场穿搭、片场路透更屡屡成为热门。虽然每次他们的说明或道歉中都有 一句"无意占用公共资源"，但公共资源确已被大量占用。 近期，国家网信办指导上海、北京、广东等地网信办，对几家主要网络平台采取约谈、责令限期改 正等处置处罚措施。 说白了，平台一招"挟明星以令粉丝"，某些机构团队和博主大V推波助澜，就能换来巨量关注和商 业利益。一旦出事、被质疑监管不力，某些平台就拿"技术中立"说事，说不当热搜是因为算法，算法不 懂人类社会、没有价值偏向云云。 ...

Group 1: Alibaba Group - CMB International maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 195, citing advancements in AI infrastructure investment of RMB 380 billion and a projected 10x increase in data center energy consumption by 2032 [1] - CICC also maintains an "Outperform" rating for Alibaba-SW, increasing the target price to HKD 197, highlighting the leading position of Tongyi model ecosystem and the potential for commercial value release [1] Group 2: Kuaishou Technology - UBS maintains a "Buy" rating for Kuaishou-W, setting a target price of HKD 95.37, noting significant advancements in the 可灵 2.5 Turbo model for text understanding and video generation [1] Group 3: Xiaomi Corporation - Daiwa Securities maintains a "Buy" rating for Xiaomi Group, with a target price of HKD 76, reporting an increase in weekly electric vehicle deliveries to 10,000-12,000 units and plans to enter the European market by 2027 [2] Group 4: Longwind Pharmaceutical - China Everbright Securities International highlights Longwind Pharmaceutical's strong growth prospects, focusing on inhalation technology and drug development, with six products approved in the respiratory disease field [3] Group 5: Nine Dragons Paper Holdings - Bank of America maintains a "Buy" rating for Nine Dragons Paper, setting a target price of HKD 6.5, with a projected net profit of RMB 1.767 billion for FY25 and a 9.7% increase in sales [3] - Shenwan Hongyuan also maintains a "Buy" rating, noting significant improvements in gross profit and net profit, with expected growth in net profit for 2026-2028 [4] - Guotai Junan raises the target price for Nine Dragons Paper to HKD 7.37, citing a 9.6% increase in sales and a 1.9 percentage point rise in gross margin [4] Group 6: Xindong Company - CMB Securities strongly recommends Xindong Company, highlighting the successful public testing of "伊瑟" and a 37.74% increase in revenue from the TapTap platform [5] Group 7: Mixue Group - CITIC Securities maintains a "Buy" rating for Mixue Group, emphasizing its efficient supply chain and membership growth exceeding 300 million, with plans for expansion in Southeast Asia and new global markets [6]

整理 | 傅宇琪、褚杏娟 985 管培生吐槽每天拧螺丝 12 小时，车间实习期长达半年；深圳疆拓国庆前补班遭员工投诉，公司 反手调整放假制度，取消 14 天年假福利和所有额外假期；博世计划大规模裁员：规模或达数万人， 为省钱"别无选择"；特朗普签署行政令批准 TikTok 在美继续运营：字节跳动仍 100% 持股；800 美元 Meta 智能眼镜首秀发布会"翻车"，扎克伯格甩锅"网太差"；小米 17 系列开售 5 分钟刷新 2025 国产手 机首销全天销量纪录；谷歌高管出席高通骁龙 2025 峰会，暗示正在开发"安卓电脑"；OpenAI 甲骨文 软银扩大"星际之门"：投 4000 亿美元再建 5 座数据中心；马斯克旗下 xAI 向美国联邦政府提供 Grok 聊天机器人，定价仅 42 美分…… 行业热点 周鸿祎称有理由裁掉不用 AI 的员工 9 月 24 日，罗永浩与周鸿祎深度对谈。谈及 AI 在工作中的结合，周鸿祎表示，现在在给员工建立 一种认知，用了效果不好也要咬着牙坚持用。他提到，360 内部正在举办 AI 大赛，虽然目前没有因 为运用 AI 而大规模裁员，如果员工在被要求使用 AI 后仍然拒绝使用，那么 ...

Core Insights - AI technology is revolutionizing the animation industry, leading to a 900% increase in daily revenue and a shift from large-scale production to quality enhancement and market expansion [1][3][26] - The current trend in AI animation is characterized by lower production costs, a younger user demographic, and higher payment efficiency [1][5] Market Dynamics - Multiple platforms such as Douyin, Bilibili, and Kuaishou are heavily investing in animated short dramas, which are gaining significant attention in the content market [3][8] - The animated short drama sector is filling unmet male consumer demands, attracting a younger audience and expanding its reach across gender and age demographics [3][5] - Bilibili's "Awakening Plan" offers up to 100% funding for production costs and significant exposure for animated short dramas, indicating strong platform support [6][7] Production Efficiency - AI-driven production has drastically reduced costs and increased efficiency, allowing a small team to produce a project in one month that previously took three [15][16] - The industry is witnessing a shift in talent requirements, with traditional animators facing obsolescence as AI tools become more prevalent [15][16] Audience Engagement - The primary audience for animated short dramas consists of males aged 18-40 from new first-tier and second-tier cities, with a focus on genres like suspense and urban fantasy [18][20] - Current trends indicate that female-oriented content has not yet gained traction, with industry players exploring reasons for this gap [20] Future Outlook - The market for animated short dramas is expected to grow significantly, with projections suggesting it could reach a scale of over 20 billion [8][26] - Despite the rapid growth, the industry has yet to produce a true blockbuster, with concerns about the quality of AI-generated content compared to traditional animation [26][27]

Market Overview - The Hang Seng Index (HSI) closed at 26,253.57, up by 125.37 points or 0.48% as of September 26, 16:00 [1] - The index reached a high of 26,319.20 and a low of 26,156.64 during the trading session, with a trading volume of 63.71 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.633, an increase of 1.081% from the previous close [2] - Tencent Holdings closed at HKD 648.733, up by 0.73% compared to the last trading session [2] ADR Performance Summary - Tencent Holdings (ADR: TCEHY) increased by HKD 4.733, or 0.73% [3] - Alibaba Group (ADR: BABA) rose by HKD 0.672, or 0.40% [3] - HSBC Holdings (ADR: HSBC) saw an increase of HKD 1.933, or 1.81% [3] - Xiaomi Group (ADR: XIACY) gained HKD 0.584, or 1.07% [3] - AIA Group (ADR: AAGIY) increased by HKD 0.222, or 0.31% [3] - Meituan (ADR: MPNGY) rose by HKD 0.534, or 0.53% [3] - Ctrip Group (ADR: TCOM) increased by HKD 8.120, or 1.39% [3] - JD.com (ADR: ID) rose by HKD 1.696, or 1.28% [3]

作为独家直播平台，快手以"民间幽默无国界"为核心，让这位拥有2.57亿全球粉丝的知名网红走进中国"老铁"视野，更借高关注度，彰显了 平台在跨文化传播与城市文旅推广中的独特价值。 "无语哥"从意大利街头普通青年成长为全球网红的经历，与快手"让普通人记录和分享生活"的平台理念高度契合。自今年7月底入驻以来， 他快速积累粉丝，相关视频播放量持续走高。平台策划的#全民变身无语哥、#无语哥中国行老铁来支招 等话题，联动多位快手达人展开创 意互动，构建起"平台搭台、用户唱戏"的内容生态闭环。 天津站的马可波罗广场上，"无语哥"身着印着"中国老铁"的T恤，与市民同唱意大利民歌；相声演员曹云金教他用天津话问"吃嘛好"，重庆 站中达人"毒角SHOW"带他体验刮痧。这些互动催生了跨越国界的情感共鸣，而"奥力给""巴适的板"等方言热词的传递，更成为连接不同文 化的纽带，生动诠释了"幽默无国界"的内涵。 【环球网科技综合报道】随着广州站醒狮互动的最后一个镜头结束，"无语哥中国行"快手独家直播正式落幕。这场辗转天津、重庆、广州 三地的直播活动，吸引实时观看人次总和突破1亿，以幽默为纽带，完成了一次鲜活的跨文化交流实践。 快手的强互动属 ...

HONG KONG, Sept. 26, 2025 (GLOBE NEWSWIRE) -- Kuaishou Technology (“Kuaishou” or the “Company”; HKD Counter Stock Code: 01024 / RMB Counter Stock Code: 81024), a leading content community and social platform, announced the launch of its Kling AI 2.5 Turbo Video Model on September 23. The latest model features major upgrades to its text-to-video and image-to-video capabilities, significantly enhancing generation quality with industry-leading performance, while further reducing utilization costs for greater a ...

9月26日，港股三大指数集体收跌，恒生科技指数跌2.89%报6195点，恒生指数跌1.35%再度回到26000 关口附近，国企指数跌1.49%险守9300点。 | 代码 | 名称 √ | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 26128.20 | -356.48 | -1.35% | | 800700 | 恒生科技指数 | | 6195.11 | -184.08 | -2.89% | | 800100 | 国企指数 | | 9303.10 | -141.12 | -1.49% | 盘面上，重科技股集体下挫，小米大跌超8%，京东、快手、阿里巴巴跌超3%；机器人概念股集体下 跌，地平线机器人跌超8%；特朗普表示10月1日起对任何品牌或专利的医药产品征收100%的关税，生 物医药股集体下跌，创新药方向跌幅明显；美国考虑限制海外芯片进口，半导体芯片股多数出现下跌行 情，龙头中芯国际跌5%。另一方面，2025年1-7月中国风力发电量产量累计增长10.4%，风电股全天表 现强势，金风科技涨超4%；重型 ...