Core Viewpoint - The 22nd ASEAN Expo showcased the latest AI creative features of the beauty camera, highlighting the digitalization of traditional costumes from six ASEAN countries through "AI dressing" technology [1] Group 1: Technology and Innovation - The beauty camera's "AI dressing" utilizes Meitu AI's underlying technology, which includes precise clothing segmentation and human skeletal recognition [1] - The technology allows for realistic and natural user dressing effects, adaptable to multiple scenes and user poses [1] Group 2: Cultural Impact - The beauty camera aims to break geographical barriers using AI technology, enabling users to immerse themselves in the historical and aesthetic wisdom behind traditional costumes [1] - The initiative reflects a commitment to "technology empowering cultural dissemination" with an international vision [1]

联交所文件显示，美图创始人蔡文胜9月15日卖出350万股美图公司股份，持股比例降至9.95%。 ...

Group 1: Market Overview - Recent market sentiment has improved, with companies' fundamentals performing better than expected and the acceleration of AI applications leading to an overall rise in the online platform sector [1] - The overall valuation of the sector remains within a reasonable range, and the investment logic focusing on fundamentals and AI contributions is still valid [1] Group 2: Advertising Industry - In Q2 2025, the overall online advertising market grew by 15.7% year-on-year, with increasing differentiation in advertising growth rates among platforms [1] - Companies with track record benefits or actively exploring new monetization avenues continue to see good year-on-year growth in advertising revenue [1] - AI is gradually empowering domestic advertising platforms, with some companies experimenting with end-to-end generative recommendation systems [1] Group 3: Gaming Industry - The Chinese gaming market grew by 10.3% year-on-year in Q2 2025, with a 20% year-on-year increase in the total number of game licenses issued from January to August 2025 [1] - Game companies have more control over the launch process of new games, and there is strong demand for both evergreen top games and innovative non-top games in popular genres [1] Group 4: Productivity Tools - Meitu (01357) reported a 42.5% year-on-year increase in paid membership in the first half of 2025, with a subscription penetration rate of 8% in productivity scenarios [2] - KuaLing's revenue reached 250 million yuan in Q2 2025, with projected AI revenue of 900 million yuan for 2025 [2] Group 5: Pan-Entertainment and Overseas Expansion - The industry is seeing rapid growth in new products, with stable old businesses and new business increments supporting valuation recovery [2] - In the first half of 2025, Zhizi City reported a 40% year-on-year revenue increase, while Yalla Games and MOMO saw revenue growth of 17% and 73% respectively in Q2 2025 [2] Group 6: Recommended Stocks - Core recommendation includes Tencent Holdings (00700), with additional attention suggested for Kuaishou-W (01024), NetEase-S (09999), and Zhizi City Technology (09911) [3]

Core Viewpoint - The report from Bank of America Securities highlights the robust progress in AI monetization among Chinese software companies, with increasing contract values related to AI and improvements in operational efficiency driven by AI deployment [1] Group 1: Software Companies - Companies like Kingdee International (00268) and Meitu (01357) are expected to show higher growth visibility due to their significant subscription revenue [1] - The development of AI is driving strong demand for data centers, with advancements in domestic AI chip research supporting increased orders [1] - The report favors companies with stable downstream demand and high recurring revenue, recommending Kingdee and Meitu as top picks with target prices of HKD 20.7 and HKD 13.5, respectively [1] Group 2: Data Centers and Public Cloud - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings (09698, GDS.US), CenturyLink (VNET.US), and Kingsoft Cloud (03896, KC.US), all benefiting from strong AI demand [1] - All these companies are expected to exceed performance expectations, with a "buy" rating assigned to each [1] - The target price for Mingyuan Cloud (00909) has been raised from HKD 3.7 to HKD 4, maintaining a "neutral" rating [1]

在数据中心及公有云领域，该行更看好万国数据(09698,GDS.US)、世纪互联(VNET.US)及金山云 (03896,KC.US)，受到强劲AI需求推动，全部业绩均胜预期，评级均为"买入"。美银证券并将明源云 (00909)目标价从3.7港元升至4港元，维持"中性"评级。 该行预期，金蝶及美图等订阅收入占比较高的软件公司，将展现更高增长可见性;认为AI发展驱动数据 中心需求强劲增长，国产AI芯片研究进展正面，可支持订单增加;AI亦驱动公有云业务强劲增长。目前 较偏好具有稳健下游需求及高经常性收入占比的高能见度增长企业，软件股中首选股为金蝶及美图，均 予"买入"评级，目标价分别为20.7及13.5港元。 美银证券发布研报称，在日前举行的投资者活动中与金蝶国际(00268)、美图公司(01357)、金山办公 (688111.SH)、用友网络（600588）(600588.SH)等中国软件公司、数据中心及云计算企业管理层交流， 发现软件公司AI变现进展稳健，AI相关合同价值持续上升;同时AI代理及AI编码部署正推动软件公司营 运效率提升。 ...

Group 1 - The core viewpoint of the article highlights that software companies in China, such as Kingdee International, Meitu, Kingsoft Office, and Yonyou Network, are making steady progress in monetizing AI, with increasing contract values related to AI [1] - AI-driven demand is expected to significantly boost the growth of data centers, supported by advancements in domestic AI chip research, which will lead to increased orders [1] - The report favors companies with robust downstream demand and high recurring revenue, identifying Kingdee and Meitu as top picks in the software sector, both rated "Buy" with target prices of HKD 20.7 and HKD 13.5 respectively [1] Group 2 - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings, Century Internet, and Kingsoft Cloud, all benefiting from strong AI demand, with performance exceeding expectations and rated "Buy" [1] - The target price for Mingyuan Cloud has been raised from HKD 3.7 to HKD 4, while maintaining a "Neutral" rating [1]

Core Viewpoint - Bank of America Securities reports that during a recent investor event, discussions with management from Chinese software companies and data center/cloud computing firms revealed steady progress in AI monetization and an increase in AI-related contract values [1] Group 1: Software Companies - AI agency and AI coding deployment are enhancing operational efficiency for software companies [1] - Companies like Kingdee and Meitu, which have a high proportion of subscription revenue, are expected to show greater growth visibility [1] - Bank of America Securities prefers companies with robust downstream demand and high recurring revenue, with Kingdee and Meitu being top picks, rated "Buy" with target prices of HKD 20.7 and HKD 13.5 respectively [1] Group 2: Data Centers and Cloud Services - AI development is driving strong growth in data center demand, supported by positive progress in domestic AI chip research [1] - The public cloud business is also experiencing robust growth due to AI [1] - Bank of America Securities is optimistic about companies like GDS Holdings, Century Internet, and Kingsoft Cloud, all benefiting from strong AI demand, with all performance exceeding expectations and rated "Buy" [1] - Mingyuan Cloud's target price has been raised from HKD 3.7 to HKD 4, maintaining a "Neutral" rating [1]

Core Insights - The article highlights a significant divergence between user preferences and monetization in the AI application market, particularly contrasting the popularity of large language models (LLMs) like ChatGPT with practical AI tools that users are willing to pay for [1][2][4]. Global AI Application Market - ChatGPT leads the global download rankings with an estimated monthly download of 99.9 million and a monthly revenue of $15.26 million, dominating the market [2][20]. - In contrast, the Chinese market shows a preference for practical applications, with Meitu Xiuxiu generating a monthly revenue of $862,000, indicating a strong inclination towards image and video creation tools over chatbots [2][4]. US Market Dynamics - The US market is characterized by a competitive landscape among major players like OpenAI, Google, and Microsoft, where the strongest underlying models dictate market leadership [6][7]. - The download and revenue rankings in the US are closely aligned, reflecting a willingness among users to pay for superior intelligence [7][8]. Chinese Market Characteristics - The Chinese market is marked by a practical approach, with a focus on applications that address specific user needs, such as image and video creation tools [8][12]. - Major players include ByteDance, Meitu, and Tencent, with a significant gap between download, active user, and revenue rankings, indicating a fragmented market [9][10]. Indian Market Trends - The Indian market features a mix of global and Chinese applications, with a notable presence of image and video editing tools among the top downloads [15][35]. - The strategy of Chinese developers focuses on lightweight, specialized AI tools to penetrate emerging markets, avoiding direct competition with US giants in LLMs [16][15]. Conclusion - The AI application market in 2025 reveals a complex interplay between technology and user demand, where the ability to meet specific user needs may determine long-term success [17].

Group 1 - American Bank has initiated coverage on Meitu with a "Buy" rating and a target price of HKD 13.5, projecting a compound annual growth rate (CAGR) of 42% for adjusted net profit from 2024 to 2027 [1] - The report highlights that Meitu's global paid user rate is expected to rise due to the flywheel effect of AI, with productivity tools becoming a new growth driver for the company [1] - Revenue from Meitu's productivity tools is anticipated to grow at a CAGR of 58% to reach RMB 825 million by 2027, accounting for 14% of total revenue [1] Group 2 - As the paid user rate increases and productivity tools expand, subscription revenue is projected to account for approximately 80% of Meitu's total revenue by 2027, indicating higher revenue stability and visibility [1] - The improvement in subscription revenue share is expected to enhance gross margins and lower customer acquisition costs, leading to sustained profitability and profit expansion driven by operational leverage from subscription business [1] - On September 12, Meitu's stock rose over 5% following the announcement of a partnership with Alibaba's Tongyi Laboratory to enhance its products with advanced AI models [2] - The collaboration aims to provide a new intelligent imaging experience for Meitu's global users, leveraging AIGC technology for industrial applications in imaging, design, and film [2] - Prior to this, other institutions, including Dongfang Securities, have also issued "Buy" ratings for Meitu, with a target price of HKD 13.25 [2]

Group 1 - Evergrande Property (06666) resumed trading and rose over 28% as Evergrande and liquidators plan to sell shares, with potential transactions in preliminary stages [1] - Alibaba-W (09988) increased by over 5% and Baidu Group-W (09888) rose over 8% as both companies began using internally designed chips to train their AI models, replacing some NVIDIA chips [1] - China Merchants Energy (01138) saw a rise of over 5% after announcing plans to issue A-shares to raise no more than 8 billion yuan for fleet upgrades, with increased oil production expected to boost shipping demand [1] - Kangfang Biologics (09926) increased by over 4% after presenting excellent clinical data for its drug at WCLC, highlighting its global market value [1] - NIO-SW (09866) rose over 3% as it plans to publicly issue $1 billion in shares, with Goldman Sachs expecting the funds to support the company's product strategy [1] - WanGuo Data-SW (09698) surged over 15% as AI drives data center demand, with the company fully engaging in partnerships with cloud service providers [1] - Jiajian Ankang-B (02617) rose over 32%, with its market capitalization exceeding 50 billion HKD after receiving approval for a Phase II trial of its drug [1] Group 2 - Meitu (01357) increased by over 6% after announcing a partnership with Alibaba's Tongyi Laboratory to enhance its products with advanced AI models [2] - Robotics concept stocks mostly rose, with UBTECH (09880) up over 3%, ShouCheng Holdings (00697) up over 3%, Yuejiang (02432) up over 4%, and Jizhi Jia-W (02590) up over 6%, as domestic and international catalysts for humanoid robot commercialization are expected [2] - Bilibili-W (09626) rose over 2% as it revealed its new strategy card game "Three Kingdoms: Hundred Generals Card," with institutions optimistic about the company's growth potential with AI integration [2] Group 3 - Alibaba (BABA.US) rose 8.00% after the launch of the "Gaode Street Ranking," which attracted over 40 million users on its first day, becoming the largest food ranking in China [3] - XPeng Motors (XPEV.US) increased by 2.39% after receiving a special flight permit for its "land aircraft" (X3-F) in the UAE [3] - Trip.com (TCOM.US) rose 3.21% after forming a five-year strategic partnership with Cityline, marking its first collaboration with a major ticket supplier in Hong Kong and Macau [3] - NIO (NIO.US) increased by 6.21% after completing a $1 billion equity issuance, marking its second public financing plan this year [3] - Kingsoft Cloud (KC.US) rose 5.60% as Citigroup raised its target price to $20, citing strong AI-related demand from Xiaomi [3] - NetEase (NTES.US) continued to rise by 2.98%, reaching a historical high after launching its first sci-fi shooting mobile game based on the "Destiny" IP [3] Group 4 - Adobe (ADBE.US) rose 0.11% after launching its first AI agent product suite to help customers streamline workflows across various applications [4] - Hesai (HSAI.US) increased by 0.90% as sources reported its Hong Kong IPO priced at HKD 212.8 per share, raising at least HKD 3.62 billion with oversubscription nearly 120 times [4] - Tesla (TSLA.US) rose 6.04% as the Model Y L is set to launch in the domestic market on September 19, with orders extending to November [4] - Online real estate platform Opendoor (OPEN.US) surged 79.52% after appointing Kaz Nejatian as the new CEO, with co-founder Keith Rabois returning to the board [4]