Core Viewpoint - The current market is characterized as an asset bubble, and TQI offers tools and strategies to navigate this environment profitably [1]. Group 1: Company Overview - TQI was established in July 2022 with the mission to simplify, enhance enjoyment, and increase profitability in investing for all investors [2]. - The company publishes premium equity research reports on Seeking Alpha, providing a research library and performance tracker [2]. - TQI offers features such as highly-concentrated, risk-optimized model portfolios tailored to different stages of the investor lifecycle [2]. Group 2: Services and Offerings - In addition to equity research, TQI provides access to proprietary software tools and group chats for enhanced investor engagement [2]. - The company shares investing insights and tidbits through various platforms, including a free newsletter, Twitter, and LinkedIn [2].

Group 1: Market Overview - In September, global asset prices experienced significant fluctuations, with notable volatility in A-shares, Hong Kong stocks, and U.S. markets, particularly in sectors like precious metals, semiconductors, and innovative pharmaceuticals [1][3] - The market showed a dual driving force of "technology growth" and "cyclical recovery," with structural growth highlights attracting capital despite a generally slowing macroeconomic environment [3][12] Group 2: Top Performing Sectors - Precious metals, particularly gold and silver, saw a substantial rise, with A-shares and Hong Kong stocks related to these commodities performing exceptionally well, driven by historical highs in international gold prices [3][4] - The battery supply chain, especially solid-state batteries and energy metals like lithium, cobalt, and nickel, gained attention due to increased demand and valuation recovery, reflecting optimism about long-term trends in energy storage [5][8] - The wind power sector experienced a turnaround, with significant growth in new installations and improved profitability expectations, marking a shift from revenue growth to profit recovery [9] - The semiconductor industry, particularly in AI-related technologies, saw a surge in demand, leading to substantial stock price increases for leading companies in this space [10][12] Group 3: Underperforming Sectors - The military industry, which had previously seen significant gains, faced a sharp decline in September, with many stocks experiencing over 40% pullbacks following the conclusion of major events [13][14] - Banking stocks, traditionally seen as stable investments, faced a collective downturn as funds shifted towards more popular sectors, with several banks experiencing declines of over 20% [15][17] - The food and beverage sector continued to struggle, with a notable drop in demand and performance, particularly in the liquor and snack segments, leading to significant underperformance compared to the broader market [19][25] Group 4: Technology Giants Performance - In the Hong Kong market, Alibaba and Tencent were standout performers, with Alibaba's stock rising by 53% and Tencent by 11.15%, reflecting strong market sentiment towards technology stocks [28][29] - In the U.S. market, September defied historical trends, with the S&P 500 and Nasdaq indices posting gains of 3.11% and 5.29%, respectively, driven by strong performances from tech giants like Nvidia, Apple, and Tesla [30][32] Group 5: Future Outlook - The overall market performance in September was influenced by global liquidity conditions and capital flows into emerging markets, suggesting a continuation of a "slow bull" market trend into October [33]

百度在中国移动AI集采项目中标份额第一，订单金额达10亿元人民币，印证了昆仑芯的技术实力与市 场竞争力，也为其后续拓展应用场景、开启新成长曲线打下基础。 智通财经APP获悉，国泰海通发布研报称，百度集团-SW(09888) 依托自研AI模型，加强赋能多项业 务。深度思考模型文心X1.1，相较X1版本，事实性提升34.8%、指令遵循提升12.5%、智能体提升 9.6%，基准测试整体效果与GPT-5、Gemini 2.5 Pro看齐。基于SOTP估价法，调整百度目标价至176港 元，维持"增持"评级。 此外，萝卜快跑亦加速了出海业务扩张。该行上调百度25至27年各年收入预测至1,307亿、1,385亿及 1,492亿元人民币，经调整净利润预测修订至176亿、202亿及298亿元人民币。 ...

每经AI快讯，近日，在海口举办的第七届世界新能源汽车大会"AI 赋能汽车软硬件融合创新" 论坛上， 百度地图发布出行智能体小度想想2.0。该产品是行业首个深度融合端到端语音语言大模型的出行智能 体，依托文心大模型 X1.1、超大规模时空数据等优势，首推跨端记忆体，覆盖AI搜索、出游、导航、 伴行四大场景，可实现多终端服务连续、个性化出行推荐。 ...

9月28日，百度地图事业部总经理谢天在第七届世界新能源汽车大会上发布百度地图全新升级的出行智能体——小度想想2.0。 AI出游场景中，小度想想2.0将AI能力覆盖整个出游链路。首页推荐能够基于用户画像、实时天气和当前位置，主动呈现个性化内容。出游规划可以融 合用户偏好、出行大数据，生成专属方案。行程途中还能根据路线动态推荐沿途景点与餐饮。让每一次出行都更轻松、更贴心。 AI导航场景中，小度想想2.0能够深度理解自然语言指令，实现路线的灵活调整。依托真车道级数据与学习算法，动态推荐最优车道，实现秒跟车、秒 变道，同时结合道路动态信息，提供全程动静态安全提示，为驾驶保驾护航。 AI伴行场景中，小度想想2.0把语音识别、语义理解、情感合成，和超过3亿条地图POI知识结合在一起，并深度融合端到端语音大模型，可以实现实时 对话与情感交互。无论通勤还是旅行，用户都能与AI进行自然交流。 小度想想2.0主要有以下三个核心优势：第一，引入地图出行知识库与百度实时搜索数据，进一步增强对复杂出行意图的理解与推理。第二，构建跨端 记忆体，支持场景记忆、会话记忆、持久记忆、系统记忆，使服务在手机端、车机端、跨场景切换间保持一致与连续 ...

近日，由百度APP联合百战直播主办的"舞动芳华·得趣西南区舞蹈大赛"正式启幕。本次活动将依然采用"赛事+社交+知识"的三维模式，打造"中老年线 上训练营"，让银发一族们在参与广场舞赛事活动的过程中学习知识、享受乐趣、陶冶情操。 得趣业务负责人表示：得趣希望通过技术创新与生活服务相结合的方式，帮助中老年人跨越数字鸿沟，让每个人都能享受数字生活的便利与乐趣，感受 来自科技的温度。为此，得趣特别打造了"赛事+社交+知识"的三维模式，在活动和赛事中增强中老年人的参与感和成就感。 赛事层面，得趣打造"人人参与、人人都是主角"的活动理念，在大湾区广场舞大赛中，舞团晋级采用"收编制"而非"淘汰制"，大大提升了活动的趣味性 和参与度，增强了中老年人的参赛体验。而在西南赛区中，独特的"升学制"更是突破舞蹈基础和年龄的界限，让每个人在活动中都有所收获。 赛制创新：升学制打造沉浸式体验 本届大赛，主办方得趣加强了赛事的"知识"属性，首创的"升学制"晋级模式突破传统赛制局限。首先，参赛团队将参加2周的免费线上课程学习，包括 赛事规则讲解、广场舞编排、直播及短视频辅导等课程，帮助团队顺利了解赛事规则、设计精品舞蹈、跨越数字鸿沟。 第二 ...

2025年以来已达成多项技术突破并拿下多个大额订单，旗舰芯片昆仑芯P800基于自研XPU-P架构，显存 规格优异且对MoE模型架构更友好。3月昆仑芯服务器中标招商银行AI芯片项目，P800将全面支持招行 大模型落地；在4月百度AI开发者大会上，百度宣布3万卡集群点亮，还推出可容纳32/64张昆仑芯AI加 速卡的超节点，大幅提升MoE训练性能与推理效率；9月25日，其在中国移动（600941）AI集采项目中 中标份额第一，订单金额达十亿。这些成果既印证了昆仑芯的技术实力与市场竞争力，也为其后续拓展 应用场景、开启新增长曲线打下基础。 百度发布深度思考模型文心X1.1，相较X1版本，其事实性提升34.8%、指令遵循提升12.5%、智能体提 升9.6%，基准测试整体效果看齐GPT-5、Gemini2.5Pro，训练采用迭代式（思维链+行动链）混合强化学 习框架。依托自研AI模型，百度多项业务获得赋能：7月搜索业务AI生成内容占比达64%；AI推动智能 云发展；AI同时助力数字人，赋能广告业务。 昆仑芯通过AI加速芯片开启新的增长曲线 国泰海通发布研报称，调整百度集团-SW(09888) 25-27年收入预测为130 ...

智通财经APP获悉，国泰海通发布研报称，调整百度集团-SW(09888) 25-27年收入预测为1307/1385/1492 亿元（前值1304/1379/1403亿元），经调整净利润为176/202/298亿元（前值为261/271/292亿元）。基于 汇率1港币=0.91元人民币及SOTP估值法，调整百度集团目标价至176港币，维持"增持"评级。 国泰海通主要观点如下： AI性能持续提升，加强赋能各个业务 萝卜快跑加速出海业务扩张 9月24日，萝卜快跑获迪拜首张自动驾驶测试许可。此前3月百度与迪拜签署的合作协议中提到将在迪拜 率先部署超1000台无人Robotaxi。亚洲方面，萝卜快跑自2024年底起在中国香港地区测试并逐步扩大覆 盖范围；9月26日，百度称其正与东南亚、澳大利亚政府洽谈引入Robotaxi事宜。此外，7月与Uber、 Lyft的合作也助推萝卜快跑在海外部署。目前总订单数破1400万，随着海外版图扩张，Robotaxi有望成 为百度非广告收入增长的重要驱动力。 百度发布深度思考模型文心X1.1，相较X1版本，其事实性提升34.8%、指令遵循提升12.5%、智能体提 升9.6%，基准测试整体 ...

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]

除了供给端发行主体日益多元，点心债的需求侧同样支撑有力。随着QDII（合格境内机构投资者）额 度提升与债券"南向通"机制扩容，境内资金配置离岸资产的需求持续释放。高质量发行主体入场与境内 投资需求升温形成"双向奔赴"，共同构筑起市场良性发展的基石。 在人工智能浪潮席卷全球的背景下，科技巨头纷纷步入资本开支的高强度周期。自9月中下旬以来，甲 骨文、腾讯、阿里巴巴、百度等国内外科技企业不约而同启动大规模债券发行，募资用途高度一致—— 全力投入AI与云计算等前沿科技领域。值得关注的是，中国科技企业的境外融资路径正悄然转向，形 成以长期限、人民币计价的债权融资为主的新偏好。 从阿里巴巴于去年11月首次发行170亿元离岸人民币债券（即"点心债"），到百度今年内两度发行、腾 讯首次试水90亿元规模点心债，再到市场传闻更多互联网巨头正酝酿跟进，一系列动向表明，离岸人民 币债券市场正成为中国科技企业巨头长期融资的重要渠道。这一举措不仅缓解了企业的资金需求，也在 客观上拓宽了点心债市场的深度与广度，吸引更多发行人与投资者入场。 AI竞赛的背后也是资本的赛场，科技企业青睐债权融资，实为一场精密的成本运算。无论是甲骨文发 行的40 ...