完整早报音频，请点击标题下方小耳机收听 【 DeepSeek-V3.2-Exp发布 】 DeepSeek 宣布官方App、网页端、小程序均已同步更新为 DeepSeek-V3.2-Exp， 得益于新模型服务成本的大幅降低，官方API价格也相应下调，新价格即刻 生效。在新的价 格政策下，开发者调用DeepSeek API的成 本将降 低50%以上。 DeepSeek-V3.2-Exp API 输入: 0.5元 0.2元 缓存命中 4元 2元 缓存未命中 输出: 12元 3元 2025 年 9月29日18:00 生效 目前，华为云和寒武纪均表示，已完成对该模型的适配工作。有消息称，智谱新模型GLM–4.6也将 于近日发布，目前已可通过API接口 调用。（ 券商中国） 【王健林"限高"措施已取消】 记者 9 月 29 日查询，中国执行信息公开网已经没有万达集团董事长 王健林"限高"信息。同时，另据企查查信息，并未显示王健林"限高"风险。财联社此前了解到，本次 事件是万达下属项目公司经济纠纷，或因在执行层面信息不对称导致。 （ 财联社 ） 限制消费令0 历史限制消费令1 共 1 条历史限制消费令 2 案号:(2025 ...

Group 1 - Trump announced a 100% tariff on films produced outside the US, claiming that the US film industry is being undermined by foreign competition [2] - Huawei appointed Yu Chengdong as the head of its Product Investment Review Board, with a focus on leading the company's AI strategy [3] - OpenAI launched an instant checkout feature in collaboration with Etsy and Shopify, targeting US users of ChatGPT [5] Group 2 - Germany is considering a ban on social media use for individuals under 16 years old, as part of stricter regulations for minors online [6][7] - China introduced a new "K visa" to promote exchanges and cooperation among young tech talents [8] - Tsinghua University reported disciplinary actions against staff involved in illegal activities related to campus access and profit-making [9] Group 3 - A major criminal case in Zhejiang resulted in 11 individuals receiving death sentences for their involvement in a crime syndicate [11] - DeepSeek announced a significant reduction in costs for its new model, with output prices dropping by 75% and overall API call costs decreasing by over 50% [20] - Xiaomi denied reports of reducing orders for its 17 series smartphones, stating that there are no plans to cut orders despite a projected 20% decrease in total shipments [24] Group 4 - OPPO plans to launch a new series of handheld gimbal cameras by 2026, targeting competition with brands like GoPro and DJI [25] - Huang Renxun clarified misconceptions about China's AI chip manufacturing capabilities, asserting that claims of a two to three-year lag behind the US are unfounded [28] - The railway sector in China is transitioning to a fully digital electronic invoicing system, ending the provision of paper receipts [29]

Core Insights - Lei Jun, the founder of Xiaomi, expressed the significant financial pressure of supporting two university students, which metaphorically refers to the company's investments in electric vehicles and chip development [2][25] - As of April 2025, Lei Jun's net worth reached $43.5 billion, primarily due to the recovery of Xiaomi's stock price and the delivery of the SU7 model [3] - Xiaomi's total investment in its automotive venture has exceeded 105 billion yuan, with plans to invest an additional 30 billion yuan in 2025 alone [13][15] Investment in Automotive Sector - Xiaomi's automotive project has incurred a total investment of 105 billion yuan over five years, with a single-year plan for 2025 to invest 30 billion yuan [13][15] - The SU7 model's development costs alone surpassed 30 billion yuan, and the automotive division reported a quarterly loss of 1.8 billion yuan despite achieving a revenue of 20.6 billion yuan in Q2 2025 [15] - Xiaomi's automotive strategy aims for a sales target of 300,000 units annually, emphasizing the importance of substantial investment in technology and product quality [15][25] Investment in Chip Development - Xiaomi's chip development has seen an investment of over 13.5 billion yuan in 2023, with a projected budget of over 6 billion yuan for 2025 [22] - The cost of developing the 3nm flagship processor "Xuanjie O1" reached $1 billion per iteration, highlighting the high stakes involved in chip manufacturing [22] - The chip division's R&D expenses accounted for 18% of total R&D spending in 2023, with a team of over 2,500 engineers [22] Strategic Vision and Market Position - Lei Jun's annual speeches have become a significant platform for Xiaomi's strategic narrative, focusing on innovation and product launches [9][12] - The company aims to leverage its existing smartphone user base to drive growth in both the automotive and chip sectors, creating a synergistic effect [21] - Xiaomi's commitment to long-term investment in high-tech sectors reflects a broader trend in Chinese enterprises striving for technological advancement and industry upgrades [25]

Market Overview - The Hang Seng Index (HSI) closed at 26,665.59, up by 42.71 points or 0.16% on September 29 [1] - The index reached a high of 26,699.71 and a low of 26,495.38 during the trading session, with a trading volume of 61.6389 million [1] - The 52-week high for the index is 26,915.35, while the 52-week low is 18,856.77, indicating a trading range of 0.77% [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 109.701, up 0.83% from the previous close [2] - Tencent Holdings closed at HKD 661.446, reflecting a 0.22% increase from the previous close [2] ADR and Stock Price Movements - Tencent Holdings (ADR) increased by 2.48% to HKD 660.000, with an ADR conversion price of HKD 661.446, showing a rise of HKD 1.446 compared to its Hong Kong stock price [3] - Alibaba Group (ADR) rose by 4.14% to HKD 173.400, with an ADR conversion price of HKD 175.032, indicating an increase of HKD 1.632 [3] - HSBC Holdings (ADR) saw a 1.97% increase to HKD 108.800, with an ADR conversion price of HKD 109.701, up by HKD 0.901 [3] - Other notable movements include a 2.66% increase for Trip.com Group and a 3.09% increase for JD.com [3]

证券时报•数据宝统计，小米集团-W在港交所公告显示，9月29日以每股53.150港元至53.250港元的价格 回购50.74万股，回购金额达2699.62万港元。该股当日收盘价53.550港元，下跌2.01%，全天成交额 178.83亿港元。 今年以来该股累计进行4次回购，合计回购733.72万股，累计回购金额2.52亿港元。（数据宝） （原标题：小米集团-W(01810.HK)9月29日回购2699.62万港元，年内累计回购2.52亿港元） | 日期 | 回购股数 （万股） | 回购最高价 （港元） | 回购最低价 （港元） | 回购金额 （万港元） | | --- | --- | --- | --- | --- | | 2025.09.29 | 50.74 | 53.250 | 53.150 | 2699.62 | | 2025.01.13 | 225.00 | 32.900 | 32.800 | 7392.50 | | 2025.01.10 | 27.98 | 33.500 | 33.500 | 937.33 | | 2025.01.08 | 430.00 | 33.650 | 32.600 | 141 ...

9月29日恒生指数上涨1.89%，南向资金全天合计成交金额为1488.58亿港元，其中，买入成交736.02亿 港元，卖出成交752.56亿港元，合计净卖出金额16.54亿港元。具体来看，港股通（深）累计成交金额 552.80亿港元，买入成交279.92亿港元，卖出成交272.88亿港元，合计净买入金额7.04亿港元；港股通 （沪）累计成交金额935.78亿港元，买入成交456.10亿港元，卖出成交479.68亿港元，合计净卖出金额 23.58亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额139.01亿港 元，小米集团-W、中芯国际成交额紧随其后，分别成交99.14亿港元、67.04亿港元。以净买卖金额统 计，净买入的个股共有6只，阿里巴巴-W净买入额为35.57亿港元，净买入金额居首，该股收盘股价上 涨4.14%，腾讯控股净买入额为14.94亿港元，小米集团-W净买入额为9.96亿港元。净卖出金额最多的是 盈富基金，净卖出57.83亿港元，该股收盘股价上涨1.72%，中国移动、美团-W遭净卖出8.15亿港元、 1.98亿港元。 今日上榜个股中，阿里巴巴-W、腾讯控 ...

Core Insights - On September 29, China Mobile made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 550.07 billion, accounting for 36.95% of the day's total trading amount, with a net buying amount of HKD 4.20 billion [2] - Alibaba-W led the trading volume with HKD 139.01 billion, followed by Xiaomi Group-W and SMIC with HKD 99.14 billion and HKD 67.04 billion respectively [2] Trading Activity Summary - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect funds [2] - China Mobile's trading volume on that day was HKD 11.61 billion, with a net selling amount of HKD 8.15 billion, and the stock closed down by 0.12% [2] Individual Stock Performance - Tencent Holdings had a trading amount of HKD 65.16 billion with a net buying amount of HKD 14.94 billion, closing at HKD 660.000, up by 2.48% [2] - SMIC recorded a trading amount of HKD 67.04 billion with a net buying amount of HKD 3.79 billion, closing at HKD 76.500, up by 4.87% [2] - Xiaomi Group-W had a trading amount of HKD 99.14 billion with a net buying amount of HKD 9.96 billion, closing at HKD 53.550, down by 2.01% [2] - Alibaba-W's trading amount was HKD 139.01 billion with a net buying amount of HKD 35.57 billion, closing at HKD 173.400, up by 4.14% [2]

Core Viewpoint - Xiaomi has no plans to reduce orders, as it has introduced a new version of the Xiaomi 17 standard edition with 16GB+1TB, and increased orders for the 17 Pro series, leading to an overall increase in product orders compared to the previous generation [1] Group 1 - Xiaomi's public relations head, Wang Hua, confirmed the absence of any order reduction plans [1] - The introduction of the new Xiaomi 17 standard edition version is a significant factor in the increased orders [1] - The overall product order volume is expected to increase compared to the previous generation due to changes in product structure and order adjustments [1]

Core Insights - Xiaomi's 17 series has seen significant sales, with the Pro Max model performing the best, followed by the Pro model, successfully surpassing the 6K+ sales threshold [1] - The product structure has improved historically, leading to an increase in orders for the Pro model [1] - Due to low sales proportions of the previous generation's standard version 1TB, the new series will not include a 1TB option initially, although technical validation has been completed [1] - Following user feedback, Xiaomi has decided to increase the production of the 1TB version, with deliveries set to begin on October 5 [1] - The company expresses confidence that the sales of the 17 series will exceed those of the previous 15 series [1]

Core Viewpoint - Xiaomi has transformed into a "hardcore technology company" spanning three major fields: smartphones, automobiles, and home appliances [1] Group 1: Xiaomi's Transformation and Growth - Xiaomi has evolved from being labeled as an "assembly factory" to a hardcore technology company over 15 years, with a focus on high-end products [2][3] - The company's R&D investment has increased from 9.3 billion yuan in 2020 to 24.1 billion yuan in 2024, and the number of R&D personnel has doubled from 10,401 to 22,641 [2][19] Group 2: Product Launch and Market Performance - The Xiaomi 17 series achieved record sales, with over 800,000 units sold by September 27, 2023, and the Xiaomi 17 Pro Max accounting for over 50% of the series' sales [4][6] - The Xiaomi 17 series is positioned to compete directly with Apple's iPhone 17, showcasing significant upgrades in product capabilities [4][7] Group 3: Technological Innovations - The Xiaomi 17 features a unique "Miao Xiang Back Screen" design, enhancing user experience with practical applications such as real-time information display [5][6] - The Xiaomi 17 Pro Max boasts a battery capacity of 7,500 mAh, supporting 100W wired and 50W wireless charging, outperforming the iPhone series in terms of battery life [6][19] Group 4: Strategic Vision and Future Plans - Xiaomi's strategy includes a commitment to invest 100 billion yuan in core technology R&D over the next five years, aiming for high-end market penetration [10][19] - The company is also venturing into the automotive sector, with plans to develop high-performance electric vehicles, directly competing with brands like Tesla and Porsche [17][20] Group 5: Overall Market Positioning - Xiaomi has successfully shed its low-end label and is now recognized as a comprehensive technology company with a complete ecosystem across various sectors [20] - The company aims for breakthroughs in ultra-high-end and global markets, with a focus on providing premium services previously associated only with luxury brands [20][21]