智通财经APP获悉，9月8日,阿里巴巴-W（09988）、地平线机器人-W（09660）、腾讯控股（00700） 南向资金净流入金额位列市场前三，分别净流入51.40 亿、13.75 亿、10.76 亿 泡泡玛特（09992）、快手-W（01024）、美图公司（01357）南向资金净流出金额位列市场前三，分别 净流出-6.49 亿、-5.81 亿、-4.72 亿 在净流入比方面，标智香港100（02825）、中石化冠德（00934）、昆仑能源（00135）以100.00%、 72.10%、63.22%位列市场前三。 在净流出比方面，讯飞医疗科技（02506）、VTECH HOLDINGS（00303）、网龙（00777） 以-48.28%、-45.83%、-45.72%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 51.40 亿 | 25.60% | 137.300（+4.17%） | | 地平线机器人-W(09660) | 13.75 亿 | 24.13% | 10 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任。 Meitu, Inc. 美图公司 （於開曼群島註冊成立的有限公司，並以「美圖之家」名稱於香港經營業務） (股份代號:1357) 於二零二五年九月十日（星期三）舉行的特別股東大會的 投票表決結果 參考美图公司（「本公司」）日期為二零二五年八月二十五日的通函（「通函」）及特別股 東大會通告（「大會通告」）。除非文義另有所指，否則本公告所用詞彙與通函所界定者具 有相同涵義。 特別股東大會的投票表決結果 董事會宣佈本公司於二零二五年九月十日（星期三）上午11 時正（香港時間）在香港九龍柯 士甸道西一號環球貿易廣場香港麗思卡爾頓酒店8樓碧玉廳舉行的特別股東大會上，大會通 告所載的第一項建議決議案（「第一項決議案」）已獲股東以投票表決方式正式通過。有關 決議案的詳情，股東可參考大會通告和通函。 投票表決結果如下： | | 普通決議案 | 票數 （概約百分比） | | | --- | --- | --- | --- ...

Core Viewpoint - The article discusses the evolution and decline of various Chinese mobile phone brands, highlighting the competitive landscape and the challenges faced by companies like Waveguide, Gionee, and Meitu, while also emphasizing the rise of new leaders in the industry. Group 1: Market Dynamics - Huawei and Apple are in direct competition, with Huawei's Mate XT and Apple's iPhone 17 series launching in September [6][10] - The latest IDC report indicates that by Q2 2025, Huawei is expected to regain the top position in the domestic market with an 18.1% share, followed closely by Vivo and OPPO [9][10] - The combined market share of Huawei, Xiaomi, OPPO, and Vivo accounts for approximately 66% of the Chinese smartphone market, indicating a strong domestic presence [10] Group 2: Historical Context - Over the past 20 years, more than 87 mobile phone brands have disappeared in China, with a survival rate of less than 15% [11] - Waveguide was the first Chinese brand to gain significant market share in the feature phone era, achieving sales of 700,000 units in 2000 and becoming the top domestic brand for four consecutive years [19] - The launch of the first iPhone in 2007 marked a significant shift in the mobile phone industry, leading to the decline of feature phone giants like Nokia [21][23] Group 3: Brand Decline - Gionee, once a leader in the market, faced a decline due to late entry into the smartphone segment and poor product reception, leading to its eventual bankruptcy in 2018 [27][28] - Meitu and Douwai targeted the female market but failed to maintain their competitive edge as other brands improved their camera technology and overall value [30][37] - The entry of cross-industry players like Haier and Gree into the smartphone market was marked by poor performance and eventual exit due to lack of market presence [40][41] Group 4: Lessons Learned - The article emphasizes that successful marketing and distribution strategies alone are insufficient; companies must also focus on technology and innovation to survive in the competitive landscape [28][49] - The experiences of brands like Meizu and Smartisan illustrate the risks of prioritizing product aesthetics over market demands and operational capabilities [50][57] - The evolution of the smartphone industry in China reflects a shift from following global trends to establishing new standards and innovations [66][67]

Is AI Eating Apps? It's the Last Mile that Matters September 2, 2025 12:11 AM GMT Meitu Inc | Asia Pacific We think Meitu's growth trajectory is intact, unaffected by Nano Banana or other AI models. Instead, we believe each evolution of AI models will help Meitu enhance its AI features. Reiterate OW. Key Takeaways Exhibit 1: Meitu share price and major AI image/video breakthrough Source: Factset, Morgan Stanley Research Meitu Inc: AI Try-on App Launched (28 Aug 2025) Meitu Inc: Clear Strategy to Bring Growt ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a robust growth in domestic travel during the summer of 2025, with a total of 11.9 billion people expected to travel, reflecting a year-on-year increase of 4.3% [5][16] - The report emphasizes the strong performance of Long White Mountain, which received 825,200 visitors in August 2025, marking a 14.9% increase year-on-year, setting a new monthly record [30] - The report discusses the rise of AI-driven creative applications, particularly the success of Meitu's AI features, which have gained significant traction globally [6][32] - The report notes the acceleration of internationalization efforts by Proya, including a strategic investment in Huazhihao, aimed at expanding its global footprint [7][42] Summary by Sections Travel and Tourism - Domestic travel is projected to reach 11.9 billion trips during the summer of 2025, with air travel expected to carry 147 million passengers, a 3.4% increase year-on-year [5][16] - Hotel performance is under pressure, with average room rates declining, particularly in mid-range and economy segments, while luxury hotels remain stable [22][29] - Long White Mountain's visitor numbers in August 2025 reached 825,200, a 14.9% increase from the previous year, with cumulative visitors for the year at 2.67 million, up 11.7% [30] AI and Creative Applications - Meitu's AI features, particularly the Nano Banana, have gained popularity, leading to top rankings in app stores in Thailand and Laos [6][35] - The introduction of the WearWow AI fashion app aims to enhance user experience by integrating shopping capabilities directly into the app [37][39] - As of the first half of 2025, Meitu's paid subscribers in the U.S. surpassed those in Japan, indicating strong growth potential in Western markets [40] Beauty Industry - Proya's investment in Huazhihao aims to leverage the brand's appeal among Gen Z consumers, focusing on high aesthetic and emotional value [7][42] - The report indicates that domestic beauty brands are outperforming international brands on platforms like Douyin, with a notable shift towards higher-priced products [57][59] - The beauty market is witnessing a trend towards premiumization, with a significant increase in the sales proportion of high-priced items [58][60]

机构：麦高证券 研究员：周撷 影像与设计业务收入持续增长，美业及其他业务快速战略调整优化。2025 上半年付费订阅用户数快速 增长，带动高毛利核心业务影像与设计产品收入占比持续提升，影像与设计业务营收同比+45.2%至 13.51 亿元，广告业务同比+5.1%至4.34 亿元，二者占总收入的98%。截至2025H1，公司整体毛利率环 比+4.9个百分点至73.6%，经调整归母净利润同比+71.34%达4.7 亿元，落于自愿性公告上沿 （65%-72%）。 公司注重垂类模型能力扎实发展，AI 赋能推动内地用户回升，海外用户持续增长。公司通过调用三方 多模态大模型整合自主微调的闭源模型，受益于基础大模型能力的不断提升与垂类高质量数据的长期积 累，持续沉淀AI 产品力。截至2025H1，公司MAU 同比+8.6%，较2024 年末+5.3%增长1400 万至2.8 亿。订阅用户数达1540 万，同比+42.5%，环比+22.1%，订阅渗透率自2024 年底增长0.8 个百分点至 5.5%。内地市场MAU 同比+5.2%至1.82 亿，环比+6.2%（去年同期+0.9%，前值-1%）；海外MAU 同比 +15.7%至 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 12.11 HKD, maintaining the rating from previous assessments [4]. Core Insights - The company's revenue from imaging and design business continues to grow, with a year-on-year increase of 45.2% to 1.351 billion RMB in the first half of 2025. Advertising revenue also saw a growth of 5.1% to 434 million RMB, together accounting for 98% of total revenue [1][10]. - The overall gross margin improved by 4.9 percentage points to 73.6%, and the adjusted net profit attributable to shareholders increased by 71.34% to 470 million RMB, aligning with voluntary announcement expectations [1][12]. - The company is focusing on AI-enabled applications in imaging and design, enhancing its product matrix to meet diverse creator needs, and has launched the AI design agent "RoboNeo" to innovate productivity tools [3][10]. Summary by Sections 1. Imaging and Design Core Business Optimization - The imaging and design product revenue is on a continuous rise, with a strategic adjustment in the beauty and other business sectors. The revenue from imaging and design reached 1.351 billion RMB, while advertising revenue was 434 million RMB, making up 98% of total revenue [1][10]. - The company is leveraging AI capabilities to enhance product offerings, focusing on both consumer and business segments, including KOLs and small enterprises [10]. 2. Overseas Strategy and Productivity Tool Layout - The company has seen a significant increase in Monthly Active Users (MAU), with an 8.6% year-on-year growth, reaching 280 million. The number of subscription users rose by 42.5% to 15.4 million, with a subscription penetration rate of 5.5% [2][15]. - The MAU in the domestic market grew by 5.2% to 182 million, while overseas MAU increased by 15.7% to 98 million, driven by localized strategies and collaborations with local KOLs [16]. - The productivity tools are entering a growth phase, with a 90% year-on-year increase in MAU and even faster growth in paid users [16].

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]

Group 1 - The core viewpoint of the article highlights the rise of Chinese AI applications, which are competing strongly with American counterparts, leading to a significant shift in the global AI landscape [1][5][4] - The recent report by a16z ranks the top 100 consumer-grade generative AI applications, showing that while the US remains a leader, Chinese companies excel particularly in mobile applications [1][2] - The report indicates a trend towards a more decentralized market, with no single company dominating across all platforms, and highlights the narrowing gap between ChatGPT and Google's Gemini [1][3] Group 2 - In the web application rankings, five Chinese companies made it to the top 20, with DeepSeek ranked third and Quark ranked ninth, showcasing the strength of Chinese AI products [2][3] - The mobile platform has become the primary usage method for AI applications, with Chinese apps occupying 22 out of the top 50 spots, including Doubao at fourth and Baidu AI Search at seventh [3][2] - The competition in the generative AI ecosystem is stabilizing, with fewer new entrants and a concentration of successful products from a limited number of countries, including the US and China [3][5] Group 3 - The article notes that Chinese companies are increasingly recognized for their technological innovation and market understanding, leading to a growing acceptance of their products both domestically and internationally [4][5] - The contrasting development strategies of the US and China in AI are emphasized, with the US focusing on general artificial intelligence (AGI) and China prioritizing practical AI applications to enhance economic efficiency [5][6] - Looking ahead, analysts predict a shift towards a competitive landscape with multiple strong players emerging, each focusing on unique ecosystems and market segments [6]

Core Insights - The latest "AI 100" list by Andreessen Horowitz reflects the evolving landscape of the global consumer AI market, indicating a stabilization phase after a period of explosive growth [1][18] - The report emphasizes user engagement metrics, such as monthly unique visits and active users, rather than revenue, to assess the popularity of AI applications [3][19] Group 1: Market Trends - The era of rapid growth in consumer AI applications is coming to an end, as evidenced by a decrease in new entrants to the market [4][18] - Major tech giants, particularly Google, are intensifying their competition in the AI space, with Google launching multiple products to capture market share [7][9] Group 2: Competitive Landscape - OpenAI's ChatGPT remains the leading AI application, but its dominance is being challenged by Google's Gemini, which has captured approximately 12% of ChatGPT's traffic on the web [9][10] - The report highlights the rapid growth of Grok, an AI product from Elon Musk's X AI, which has seen its active user base exceed 20 million, driven by effective promotion on social media [10][19] Group 3: Chinese AI Companies - Chinese AI firms are emerging as significant players, with a dual strategy of strengthening their domestic market presence while expanding globally [11][13] - Notable Chinese applications like Quark, Doubao, and Kimi have made it to the top ranks, showcasing their ability to cater to local user needs and leverage a large user base [13][14] Group 4: Future Opportunities - The report identifies a new order in the AI industry, where platform-level giants are building comprehensive ecosystems, and highlights the potential for innovative applications and business models [18][19] - The presence of 14 "All-Star" companies in the AI sector indicates a competitive landscape where having a great idea and execution is as crucial as possessing a strong foundational model [19]