智通财经APP获悉，2025年9月26日当天，阿里巴巴-W(09988)、小米集团-W(01810)、中芯国际(00981) 位居沪港通（南向）成交额前3位，成交额分别为110.62 亿元、74.76 亿元、55.98 亿元；小米集团- W(01810)、阿里巴巴-W(09988)、中芯国际(00981) 位居深港通（南向）成交额前3位，成交额分别为 64.71 亿元、64.39 亿元、33.16 亿元。 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 110.62 亿元 | +3.77 亿元 | | 小米集团-W(01810) | 74.76 亿元 | +22.74 亿元 | | 中芯国际(00981) | 55.98 亿元 | +1.19 亿元 | | 腾讯控股(00700) | 31.08 亿元 | +10.44 亿元 | | 华虹半导体(01347) | 22.82 亿元 | -1.79 亿元 | | 山高控股(00412) | 22.17 亿元 | +1.05 亿元 | | 地平线机器人-W(0 ...

报告 白银价格创新高 2025年9月26日 更多精彩内容 请关注 格林大华期货 官方微信 研究员：于军礼 联系邮箱：yujunli@greendh.com 期货从业资格证号：F0247894 期货交易咨询号：Z0000112 阿里云栖大会：投入3800亿元更大规模的AI资本开支 阿里巴巴首席执行官吴泳铭在大会上释放了非常积极的信号。吴泳铭透露，模型令牌（token）使用量每两到 三个月即翻一番，显示出AI需求的爆炸式增长。 证监许可【2011】1288号 【全球经济展望】 中国实施人工智能+行动。国际资本积极加仓中国科技板块，认为在AI、机器人、生物科技等前沿领域，中 国已具备全球竞争力。美国8月零售环比增0.6%，超预期。美国8月新屋销售年化80万户，大幅高于预期。华为公 布了昇腾芯片演进和目标，算力"超节点+集群"已领先英伟达两年以上。OpenAI计划投入约 4000 亿美元，在 美国开发五个新的数据中心站点。阿里正积极推进3800亿元的AI基础设施建设，并计划追加更大的投入。 全球经济保持上行方向。 阿里计划在未来三年3800亿元人民币投资的基础上进行额外投资，进一步强化算力基础设施。 摩根士丹利最新研 ...

Core Insights - The Hong Kong stock market saw a net inflow of 10.541 billion HKD from Northbound trading on September 26, with the Shanghai Stock Connect contributing 7.366 billion HKD and the Shenzhen Stock Connect contributing 3.174 billion HKD [1] Group 1: Stock Performance - Alibaba-W (09988) received the highest net inflow of 5.720 billion HKD, with total trading volume of 11.062 billion HKD, reflecting a net increase of 3.77 billion HKD [2] - Horizon Robotics-W (09660) attracted a net inflow of 8.63 billion HKD, with plans to use proceeds from a share placement to expand overseas market operations and invest in emerging fields [5] - Tencent (00700) saw a net inflow of 7.92 billion HKD, supported by its global digital ecosystem conference focusing on AI and internationalization [5] - Xiaomi Group-W (01810) recorded a net inflow of 6.05 billion HKD, despite a stock price drop following a product launch event [5] Group 2: Market Trends - Northbound trading has shown a strong interest in technology and AI-related stocks, with significant inflows into companies like Alibaba and Horizon Robotics, indicating a growing demand for digital transformation and AI solutions [4][5] - The semiconductor sector faced selling pressure, with SMIC (00981) and Hua Hong Semiconductor (01347) experiencing net outflows of 1.45 billion HKD and 2.12 billion HKD respectively, amid concerns over U.S. government regulations on semiconductor production [6]

Core Viewpoint - The introduction of the "Basic Requirements for the Management of Delivery Platform Services" draft standard marks a new phase in the governance of food delivery platforms, aiming to address issues such as platform fees, promotional behaviors, and the overall service quality of these platforms [1][6][7]. Group 1: Regulatory Context - The draft standard was developed by the State Administration for Market Regulation and is open for public consultation, focusing on key issues like platform fees and promotional activities [1][3]. - The standard aims to alleviate the burdens on merchants and promote fair competition among platforms, responding to the intense competition characterized by significant subsidies and promotional offers [1][6]. Group 2: Industry Challenges - The current competitive landscape has led to "involution" in the restaurant market, with platforms engaging in aggressive subsidy wars, which has raised concerns about transparency and fairness [1][8]. - Issues such as "ghost deliveries," insufficient protection for delivery personnel, and opaque fee structures are highlighted as critical problems that the standard seeks to address [1][6][7]. Group 3: Strategic Implications - The draft standard is seen as a non-mandatory guideline that, if adopted by platforms in their agreements with merchants and delivery personnel, could create legal obligations for compliance [6][12]. - It emphasizes the need for platforms to enhance transparency in fees, ensure compliance in promotional activities, and establish a mechanism for balancing the interests of platforms, merchants, consumers, and delivery personnel [6][8][12]. Group 4: Expected Outcomes - The implementation of the standard is expected to lead to improved service quality, better protection for consumer rights, and a shift from a focus on traffic to an emphasis on service quality and user experience [11][12]. - The standard aims to create a sustainable ecosystem that promotes high-quality growth in the food delivery industry, moving away from low-price competition that undermines long-term interests [8][11]. Group 5: Implementation Challenges - The practical application of the standard may face challenges such as technical execution difficulties, complex interest coordination among stakeholders, and the need for multi-departmental regulatory collaboration [17][19]. - Solutions proposed include the use of technology to streamline processes, establishing effective communication mechanisms among stakeholders, and phased implementation starting with larger platforms [21][22].

Group 1 - Southbound funds recorded a net purchase of 10.541 billion HKD [1] - The top three net purchases were Alibaba-W, Horizon Robotics-W, and Tencent Holdings, with net purchases of 2.412 billion HKD, 0.863 billion HKD, and 0.793 billion HKD respectively [1] - In terms of net selling, XPeng Motors-W, Hua Hong Semiconductor, and SMIC experienced net sales of 0.291 billion HKD, 0.212 billion HKD, and 0.146 billion HKD respectively [1]

网易(杭州)网络有限公司 浙江荣盛控股集团有限公司 新华三信息技术有限公司 浙江大华技术股份有限公司 万向集团公司 正泰集团股份有限公司 青山控股集团有限公司 舜宇集团有限公司 零跑汽车有限公司 巨星控股集团有限公司 宁波均胜电子股份有限公司 恒生电子股份有限公司 人民控股集团有限公司 桐昆控股集团有限公司 浙江恒逸集团有限公司 天能控股集团有限公司 芯联集成电路制造股份有限公司 华峰集团有限公司 浙江卫星控股股份有限公司 三花控股集团有限公司 浙江世纪华通集团股份有限公司 万丰奥特控股集团有限公司 华友控股集团有限公司 新和成控股集团有限公司 华东医药股份有限公司 超威集团 奥克斯集团有限公司 新凤鸣控股集团有限公司 浙江华海药业股份有限公司 精工控股集团有限公司 传化集团有限公司 浙江晶盛机电股份有限公司 西子联合控股有限公司 宁波方太厨具有限公司 杭州士兰微电子股份有限公司 浙江春风动力股份有限公司 中通快递股份有限公司 宁波海天企业管理有限公司 立讯智造(浙江)有限公司 . . 潮新闻客户端 记者 许伊雯 9月26日，全国工商联公布"2025民营企业研发投入500家"与"2025民营企业发明专利500 ...

潮新闻客户端 编辑 董洁 9月25日，第四届数贸会在杭州开幕，阿里巴巴钉钉携最新发布的AI钉钉1.0新品亮相主题展馆，首款AI硬件DingTalk AI成为最吸睛的"C位"产品，吸引国际 客商纷纷驻足体验，点赞杭州AI创新。 同期，全球数据管理大会、网易开发者大会也正在召开，一场场世界级科技盛宴在西湖畔同步上演，这座城市正成为全球创新的"引力中心"。 国际客商们对DingTalk AI兴趣盎然（受访者供图） ...

金山云跌约8%，万国数据跌约4%，京东集团跌约4%，阿里巴巴跌约3%。 来源：滚动播报 ...

Core Insights - Alibaba Public Welfare and Li Jiaqi's live streaming platform launched a special charity event to support farmers, showcasing seven agricultural products from Foping County, Shaanxi Province, with sales exceeding 100,000 items during the event [1][3] Group 1: Product Development and Upgrading - The collaboration aims to enhance the quality of local agricultural products by incorporating feedback from consumers, leading to product upgrades such as the improvement of texture and flavor in items like black pig meat sausages and mushroom soup packs [5][7] - The initiative includes a "taste test" event where consumers provide direct feedback, which is crucial for product refinement and aligning with market demands [5][7] Group 2: Community Engagement and Sustainability - The partnership between Alibaba Public Welfare and Li Jiaqi's team is designed to create a sustainable e-commerce ecosystem in rural areas, focusing on long-term collaboration and visibility for rural brands [7][9] - Future plans include expanding the "rural public welfare tasting officer" program to involve more consumers and experts in agricultural product development, enhancing training, sourcing, and brand building [9]

即时零售的起源和国内前置仓10年 即时零售业务模式由来已久，最早可追溯至互联网泡沫时期1996年成立于美国Webvan。Webvan自建配 送中心，提供生鲜、杂货送货上门服务。后募资近10亿美元，1999年上市后首日估值达到79亿美元。由 于在缺乏订单密度背景下激进扩张，公司于2001年破产倒闭，成为美国创业史上灾难级的失败。 在Webvan的灰烬中诞生出了Instacart与亚马逊当日配送业务。2012 年，Instacart从原来支持Webvan的风 险投资机构中募集得资金。业务模式上，用户线上下单，拣货员前往线下超市采购后配送上门。凭借轻 资产快速扩张，成为国内众多创业者的模仿对象。 Instacart于2023年上市，当前市值 117 亿美金。亚马 逊吸收了部分 Webvan 人才，2007年推出生鲜、杂货配送服务-Amazon Fresh，并于2014年进一步拓展当 日达业务，推出 Prime Now—包括自营前置仓与平台型模式。 在国内，即时零售业务的探索是O2O 热潮的延续，2015 年前后每日优鲜、京东到家、盒马等公司开启 了早期的尝试。模式上分为两类：平台型模式，包括美团闪购、京东到家，饿了 ...