Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].

Group 1: Investment Trends in Chinese High-Tech Sector - International long-term capital is increasingly interested in investing in China's high-tech sector, with 59% of sovereign funds planning to increase their allocation to Chinese assets over the next five years [1][2] - Temasek, Singapore's sovereign wealth fund, has an investment exposure to Chinese assets of 18%, significantly higher than the 2%-3% allocation in the MSCI global index [1] - Hong Kong's IPO and secondary financing raised over 180 billion HKD in the first half of the year, a 62% year-on-year increase, indicating strong international participation in Chinese tech IPOs [1] Group 2: AI Sector Investment Insights - International long-term capital views leading Chinese AI companies as having strong technological depth and global reach, creating significant investment opportunities [2][5] - The average price-to-sales (P/S) ratio for leading Chinese AI companies is approximately 15, compared to 42 for top US AI firms, indicating that Chinese AI stocks are perceived as undervalued [6] - The rapid improvement in AI capabilities in China, particularly in large-scale multi-task language understanding, is attracting renewed interest from global investors [4] Group 3: Investment Strategies and Preferences - Many international long-term investors prefer participating in Hong Kong's IPOs and private placements rather than venture capital or private equity investments due to smoother exit strategies and better risk management [2][3] - The regulatory environment in Hong Kong, which aligns with international standards while understanding local market rules, makes it an attractive hub for international capital [7] - Investment firms are focusing on the stock selection capabilities of asset managers, as long-term returns are primarily driven by stock selection rather than market timing [8]

格隆汇8月11日丨第四范式(06682.HK)宣布，将于2025年8月21日（星期四）召开董事会会议，以考虑及 批准（其中包括）集团截至2025年6月30日止六个月的未经审计中期业绩及其发布，以及处理任何其他 事项。 ...

（股 份 代 號：6682） 董事會會議召開日期 北京第四範式智能技術股份有限公司（「本公司」，連 同 其 附 屬 公 司「本集團」）董 事（「董 事」）會（「董事會」）謹此宣佈將於2025年8月21日（星 期 四）召 開 董 事 會 會 議， 以考慮及批准（其 中 包 括）本集團截至2025年6月30日止六個月之未經審計中期 業 績 及 其 發 佈，以 及 處 理 任 何 其 他 事 項。 承董事會命 北京第四範式智能技術股份有限公司 董事長兼執行董事 戴文淵博士 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 對 因 本 公 告 全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Beijing Fourth Paradigm Technology Co., Ltd. 北京第四範式智能技術股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 香 港，2025年8月11日 於 本 公 告 日 期，執 行 董 事 為 戴 文 ...

Group 1 - The core viewpoint is that Chinese AI companies are becoming attractive to international long-term capital, indicating a historic revaluation of Chinese assets [1][2] - Chinese AI enterprises are narrowing the technological gap with Western giants, with performance differences in top models decreasing from 20% in 2023 to 0.3% by the end of 2024 [1] - China has unique advantages in AI, including a rich application landscape and supportive policies, making it the world's largest AI testing ground [1] Group 2 - Despite a strong performance in the A-share market, Chinese AI companies still have potential for valuation increases, driven by breakthroughs in technology and market opportunities [2] - The average price-to-sales ratio for U.S. AI companies is 42 times, while comparable Chinese companies average around 15 times, indicating that Chinese AI firms are undervalued [2] - The value generated by AI is beginning to show, particularly in programming and office applications, suggesting that a commercial turning point for the industry is imminent [2] Group 3 - AI research and development require patient capital, and long-term funds like Infini Capital align well with the commercialization cycle of AI [3] - The focus is on technological positioning in frontier fields rather than short-term stock price fluctuations, with confidence that leading Chinese AI firms will drive the next wave of technological revolution [3]

| 表格序號: | CS20250807E00016 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 有關事件的日期: | 05/08/2025 | | | | | | | | | | (日/月/年) | | | | | | | | | 2. 大股東知悉有關事件 / 股份權益的日期(如在有關事件 05/08/2025 | | | | | | | | | | 的日期之後): | (日/月/年) | | | | | | | | | 3. 股份代號: | 06682 | | | | | | | | | 4. 上市法國的名稱: | | 北京第四範式智能技術股份有限公司 - H股 | | | | | | | | 5. 股份類別: | H版 | | | | | | | | | 6. 該類別的已發行股份的數目: | 294.909.496 | | | | | | | | | 7. 大股東的名稱: | 富国基金管理有限公司 | | | | | | | | | 8. 註冊辦事處: | | 中国（上海）自由贸易试验区世纪大道 ...

香港联交所最新资料显示，8月5日，富国基金管理有限公司增持第四范式(06682)380.99万股，每股作价 为55.5062港元，总金额约为2.11亿港元。增持后最新持股数目为1721.34万股，最新持股比例为5.84%。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京第四範式智能技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06682 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 294,909,496 | RMB | | 1 RMB | | 294,909,496 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 294,909,496 | RMB | | 1 RMB | | 294,909,496 | ...

Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

Core Viewpoint - Fourth Paradigm (06682) expects a significant reduction in adjusted net loss attributable to shareholders for the six months ending June 30, 2025, with a decrease of approximately 68% to 73% compared to the same period last year [1] Group 1: Financial Performance - The adjusted net loss for the six months is projected to be around RMB 152 million, indicating a strong improvement year-on-year [1] - The main driver for this performance is the robust demand for the company's core product, the Fourth Paradigm Prophet AI platform, which has led to revenue growth in this segment [1] Group 2: Revenue and Profitability - The revenue from the core business segment is increasing and its proportion of overall revenue is expanding, contributing to both overall revenue and gross profit growth [1] - The increase in consolidated operating expenses is lower than the growth in gross profit, enhancing the company's operating leverage and profitability [1]