成都快购回应表示：今日，成都快购接到国家市场监督管理总局通知，依法对我司涉嫌违反《中华人民 共和国电子商务法》等法律法规的行为立案调查。公司将积极配合监管部门调查，并以此为契机，提高 合规水平，切实落实好主体责任，履行好社会责任，更好保护消费者和各类经营主体的合法权益。目前 公司各项业务运行正常。 成都快购成立于2019年10月，是北京快手科技有限公司的全资子公司，主要运营电商交易平台"快手小 店"，为商家提供商品上架、交易管理、流量转化等服务，帮助商家将流量转化为收益。其业务覆盖供 货商入驻、服务商入驻、直播基地入驻等，是快手电商生态的核心运营方。 天眼查显示，2024年成都快购的参保人数为773人。公司经营范围涵盖技术服务、广告发布、计算机系 统服务等领域，并持有广播电视节目制作经营等许可项目。 成都快购同时也是快手进行金融业务拓展的重要载体。2024年7月，成都快购从海南众合云睿科技有限 公司手中购得海南众合云联科技有限公司100%股权，众合云联为上海盛大保险经纪有限责任公司的唯 一股东。 出品｜达摩财经 9月19日晚，市场监管总局公布：近日，市场监管总局根据前期核查，依法对成都快购科技有限公司涉 嫌违 ...

Group 1 - The State Administration for Market Regulation (SAMR) has decided to investigate Chengdu Kuaigou Technology Co., Ltd. to enforce e-commerce platform responsibilities and protect consumer rights [3][4] - The live-streaming e-commerce sector, as a significant part of the platform economy, has faced issues such as false marketing and counterfeit products, prompting strong public concern [3] - SAMR aims to enhance compliance in the live-streaming e-commerce industry by establishing a regulatory framework and cracking down on illegal activities [3][4] Group 2 - Chengdu Kuaigou Technology Co., Ltd. is a wholly-owned subsidiary of Kuaishou Technology, primarily operating the e-commerce platform "Kuaishou Xiaodian" [7] - The platform offers services for supplier onboarding, service provider onboarding, and live-streaming base onboarding [7]

Core Viewpoint - The State Administration for Market Regulation has decided to investigate Chengdu Kuaigou Technology Co., Ltd. for suspected violations of the Electronic Commerce Law of the People's Republic of China [1][3]. Group 1: Company Overview - Chengdu Kuaigou Technology Co., Ltd. was established on October 31, 2019, with a registered capital of 50 million yuan. It is a wholly-owned subsidiary of Beijing Kuaishou Technology Co., Ltd. and primarily operates the e-commerce platform "Kuaishou Xiaodian," providing services for supplier and service provider onboarding, as well as live broadcast base entry [1]. Group 2: Regulatory Context - The Central Committee of the Communist Party of China and the State Council emphasize the importance of a healthy development of the platform economy, advocating for a robust governance system and enhanced regulatory measures [3]. - The live e-commerce sector, as a significant part of the platform economy, plays a crucial role in innovation, consumption promotion, and job creation. However, it faces challenges such as complex legal relationships and frequent violations, including false marketing and counterfeit goods [3][4]. Group 3: Investigation Details - The decision to investigate Chengdu Kuaigou Technology Co., Ltd. aims to enforce the responsibilities of e-commerce platforms, protect the legitimate rights of consumers and small businesses, and enhance compliance within the live e-commerce industry [4]. - The investigation will be conducted fairly and impartially in accordance with the Electronic Commerce Law, with results to be disclosed to the public in a timely manner [4].

Group 1 - The core viewpoint is that Chinese internet companies have room for valuation recovery, trading at 22x FY25E PE compared to 29x for overseas counterparts, indicating a significant discount [1] - The domestic internet and software sector is expected to see an EPS growth of 17% by 2026, slightly lower than the 21% growth for overseas counterparts, but still attractive from a valuation perspective [1] - Major Chinese internet companies are positioned to enhance internal efficiency and external competitiveness, suggesting potential for revaluation of their investment portfolios [1] Group 2 - The liquidity trend in the Chinese stock market (A+H market) is improving, and the narrative around AI is becoming more positive [1] - The performance of the semiconductor and cloud infrastructure sectors in the US has shown higher earnings and valuation elasticity, with AI software applications expected to match hardware sector growth in the medium to long term [1] - Companies like Alibaba, Baidu, Microsoft, Tencent, and Kuaishou are highlighted as having strong growth potential driven by cloud business and AI applications [1] Group 3 - The market shows increased enthusiasm for AI-related investments, driven by better-than-expected revenue growth in cloud services from Chinese internet companies and advancements in large model capabilities [2] - Notable developments include Baidu's release of the Wenxin large model X1.1 and Alibaba's next-generation model Qwen3-Next, which have improved performance while reducing training costs [2] - The focus on Chinese chip companies is rising, with significant advancements reported by Alibaba's T-head in AI PPU chips, enhancing market sentiment [2] Group 4 - AI applications are expected to significantly impact revenue growth in cloud computing and advertising sectors, with notable year-on-year growth reported for major companies in Q2 2025 [3] - For instance, Alibaba and Baidu's cloud computing revenues grew by 26% and 27% respectively, while Tencent and Kuaishou's advertising revenues increased by 20% and 13% [3] - The commercialization of AI is also progressing, with Kuaishou's AI revenue projected to reach 9.5 million yuan for FY25, and Salesforce's AI business showing substantial growth in annual recurring revenue [3]

Group 1 - The Ministry of Culture and Tourism plans to launch a variety of quality products, special activities, and discount measures during the National Day holiday combined with the Mid-Autumn Festival [1] - Over 25,000 cultural and tourism consumption activities will be held across the country during the consumption month [1] Group 2 - CITIC Securities indicates that Hong Kong stocks are expected to stabilize and achieve positive growth in H1 2025, with net profit margins and ROE remaining at high levels [1] - The earnings outlook for Hong Kong stocks is optimistic, with a projected turning point in earnings growth for H2 2025 [1] - The Hong Kong consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing leading companies in internet e-commerce and new consumption sectors [1]

Core Viewpoint - The article discusses how AI is reshaping content production, emphasizing the low cost, high interactivity, and personalization of AI-generated content, which is leading to a new order in content creation and distribution [4][8][10]. Group 1: AI's Impact on Content Creation - AI has significantly lowered the barriers to content creation, allowing anyone to become a producer, with 45 million users globally utilizing video generation models [11][16]. - The cost of producing content has drastically reduced, with AIGC short films taking less than a third of the time compared to traditional methods, enabling a broader range of creators to participate [16][41]. - AI-generated content is not only democratizing creation but also enhancing the quality and diversity of output, as seen in the AIGC short film "Mountain and Sea Mirror" [12][15]. Group 2: Business Opportunities and Market Trends - The AIGC market is witnessing a surge in new entrepreneurial ventures, with investors recognizing the potential for a new wave of startups akin to the rise of Douyin [6][22]. - Fast-paced advancements in AI technology are creating a dynamic environment where traditional industries are increasingly adopting AIGC capabilities for digital transformation [22][30]. - Companies like Kuaishou are generating significant revenue from AI tools, with monthly earnings exceeding 1 billion yuan and daily production of 100,000 ads [36][42]. Group 3: Challenges and Quality Assurance - Despite the rapid growth, the AIGC sector faces challenges related to content quality and production costs, which remain high [35][37]. - Ensuring high-quality output requires continuous technological advancements and the development of comprehensive datasets to enhance the aesthetic appeal of generated content [39][40]. - Compliance with legal regulations is crucial for maintaining a sustainable content ecosystem, necessitating a focus on quality control and adherence to industry standards [41][44]. Group 4: Cultural and Global Expansion - The integration of AI in content creation is becoming a vital part of cultural output, with short dramas generated by AIGC serving as significant symbols of Chinese culture abroad [47]. - The establishment of international cooperation centers for AI development indicates a strategic move towards expanding AI technology into markets along the Belt and Road Initiative [45][46]. - The potential for AI-generated content to resonate with global audiences is evident, as companies leverage AI to create culturally relevant narratives for diverse markets [52][53].

每经编辑｜程鹏 9月17日，云南耿马县警方通报，36岁男子谢某某在拍摄电影休息期间，身着带有明显警用标志的服装直播带货，依法对谢某某处以行政拘留7日。 据红星新闻报道，记者确认，谢某某正是曾出演电视剧《小兵张嘎》的演员谢孟伟。事发时正在拍摄一部电影，担当主演。 此前13日，谢孟伟曾发出视频就穿警服带货一事致歉。 ▲谢孟伟在直播时着警服带货 记者注意到，谢孟伟的多个社交平台从17日下午开始已经停止更新，但依旧能看到过往内容。18日，谢孟伟的快手账号显示"账号已封禁，暂时无法操 作"。在被封前，其粉丝数为1116.5万。 9月19日上午，@现代快报 记者注意到，"嘎子谢孟伟"的抖音号异常，显示"该用户被禁止关注"，其抖音粉丝420.8万。 9月18日，嘎子谢孟伟参与演出的电影出品人透露，不会再使用"嘎子"出演片中角色。之前"嘎子"已拍摄的戏份换演员重新拍，"工程量很大，和他搭戏的 其他演员都得叫回来重新拍"。 据了解，谢孟伟系该片主演之一。 影视剧方面，谢孟伟主演的两部微短剧已经在播出。另外，其作为主演正在拍摄电影《缉毒风暴》，而他正是在拍摄该电影期间，穿着警服带货遭到举 报，被警方行拘。猫眼专业版显示，谢孟伟还 ...

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]

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]

Market Overview - The Hang Seng Index (HSI) closed at 26,523.97, down by 20.88 points or 0.08% as of September 18, 16:00 Eastern Time [1] - The index reached a high of 26,568.27 and a low of 26,422.86 during the trading session, with a trading volume of 74.7354 million [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.106, up by 0.85% compared to the Hong Kong closing price [2] - Tencent Holdings closed at HKD 642.805, reflecting a slight increase of 0.13% from the Hong Kong closing price [2] Individual Stock Movements - Tencent Holdings saw a decrease of HKD 19.500, or 2.95%, with an ADR price of 642.805 [3] - Alibaba Group (ADR) decreased by HKD 3.200, or 1.98%, with an ADR price of 157.960 [3] - HSBC Holdings increased by HKD 0.600, or 0.56%, with an ADR price of 108.106 [3] - China Construction Bank decreased by HKD 0.190, or 2.42%, with an ADR price of 7.641 [3] - AIA Group saw a decline of HKD 1.300, or 1.74%, with an ADR price of 73.536 [3] - NetEase experienced a drop of HKD 6.000, or 2.44%, with an ADR price of 237.834 [3] - Hong Kong Exchanges and Clearing fell by HKD 14.000, or 3.06%, with an ADR price of 446.269 [3] - Ping An Insurance decreased by HKD 1.500, or 2.69%, with an ADR price of 54.170 [3] - JD.com saw a decline of HKD 2.400, or 1.76%, with an ADR price of 137.583 [3] - Kuaishou Technology dropped by HKD 1.850, or 2.37%, with an ADR price of 72.913 [3]