人工智能攻关"揭榜挂帅" 加速AI+制造专项行动 从工业和信息化部获悉，我国将启动新一轮人工智能赋能新型工业化"揭榜挂帅"行动。新一轮人工智能赋能 新型工业化"揭榜挂帅"希望通过机制创新，在新型工业化重点行业遴选技术难度大、应用前景广、推广价值 高的关键场景，开展联合创新、协同攻关，打造一批可复制、可推广的人工智能赋能新型工业化新标杆。通 过突破关键核心技术，加强通用大模型和行业大模型的研发布局，加快建设工业领域高质量数据集，促进人 工智能在工业领域深度融合。工业和信息化部相关负责人表示，将实施人工智能+制造专项行动，发布实施 制造业企业人工智能应用指南，常态化开展人工智能赋能新型工业化深度行活动。 阿里巴巴宣布与英伟达开展合作 在2025阿里云栖大会上，阿里巴巴正式宣布与英伟达开展Physical AI合作。合作覆盖了Physical AI的实践的 各个方面，包括数据的合成处理，模型的训练，环境仿真强化学习以及模型验证测试等。 湖北：到2027年全省算力总规模达到25EFLOPS 9月24日，在杭州云栖大会上，原力无限发布了首款人形机器人——AstroDroid AD-01。据介绍，AD-01身高 170c ...

【市场复盘】 9月25日，港股三大指数走势分化。截至收盘，恒生指数跌0.13%，报26484.68点；恒生科技指数涨 0.89%，报6379.19点；国企指数涨0.01%，报9444.22点。盘面上，有色板块全天强势，地产、金融、消 费行业普遍下跌。热点个股方面，华虹涨超4.5%，小米集团涨近4.5%，京东集团涨近3.5%，阿里巴巴 跌超1%。热点ETF方面，恒生科技指数ETF（513180）收涨1.29%。 【南向资金】 1、9月25日，小米举行新品发布会，发布小米17系列、小米平板 8 系列以及众多科技家电新品。价格方 面，小米17起售价4499元，17Pro起售价4999元，小米17Pro Max起售价5999元。雷军表示，芯片是小米 走向成功的必由之路。自研手机SoC至少要坚持10年，至少投入500亿元。隔夜美股方面，小米集团 ADR涨超4%。 2、近期，京东发布AI全景图，系统展示了AI整体战略布局，表示未来三年将持续投入，带动各个产业 形成万亿规模的人工智能生态，并向具身智能等人工智能企业开放场景与训练数据。 3、9月26日，阿里巴巴于港交所公告称，授予董事会10%的公司新增普通股授权。此前，阿里 ...

Core Insights - The highest short-selling ratios were recorded for China Resources Beer (80291), Lenovo Group (80992), and Anta Sports (82020), all at 100.00% [1][2] - The top three companies by short-selling amount were Alibaba (09988) at 6.371 billion, Tencent Holdings (00700) at 2.521 billion, and Xiaomi Group (01810) at 2.334 billion [1][2] - The highest deviation values were observed for Lenovo Group (80992) at 46.15%, China Resources Beer (80291) at 38.77%, and New Creation Group (00659) at 33.25% [1][3] Short-Selling Ratios - The top short-selling ratios included: - China Resources Beer (80291): 100.00% - Lenovo Group (80992): 100.00% - Anta Sports (82020): 100.00% - Li Ning (82331): 100.00% - AIA Group (81299): 94.83% [2] Short-Selling Amounts - The leading companies by short-selling amounts were: - Alibaba (09988): 6.371 billion - Tencent Holdings (00700): 2.521 billion - Xiaomi Group (01810): 2.334 billion - Baidu (09888): 1.629 billion - SMIC (00981): 1.407 billion [2] Deviation Values - The companies with the highest deviation values were: - Lenovo Group (80992): 46.15% - China Resources Beer (80291): 38.77% - New Creation Group (00659): 33.25% - Li Ning (82331): 32.78% - Hang Seng Bank (80011): 30.69% [3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (70.75%), COSCO Shipping Energy (70.03%), and GCL-Poly Energy (69.89%) [1] - Alibaba-W, Shankai Holdings, and the Tracker Fund of Hong Kong saw the largest increases in holding amounts over the last five trading days, with increases of +77.16 billion, +28.02 billion, and +27.25 billion respectively [1] - The companies with the largest decreases in holding amounts over the same period include Hua Hong Semiconductor (-11.96 billion), Tencent Holdings (-11.37 billion), and CSPC Pharmaceutical Group (-8.06 billion) [2] Group 1: Top Holding Ratios - China Telecom (00728) has a holding ratio of 70.75% with 9.821 billion shares [1] - COSCO Shipping Energy (01138) has a holding ratio of 70.03% with 908 million shares [1] - GCL-Poly Energy (01330) has a holding ratio of 69.89% with 283 million shares [1] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +77.16 billion with an addition of 44.86 million shares [1] - Shankai Holdings (00412) increased by +28.02 billion with an addition of 584.91 million shares [1] - The Tracker Fund of Hong Kong (02800) increased by +27.25 billion with an addition of 100.42 million shares [1] Group 3: Recent Decreases in Holdings - Hua Hong Semiconductor (01347) decreased by -11.96 billion with a reduction of 18.05 million shares [2] - Tencent Holdings (00700) decreased by -11.37 billion with a reduction of 1.75 million shares [2] - CSPC Pharmaceutical Group (01093) decreased by -8.06 billion with a reduction of 86.71 million shares [2]

导语：长期来看，高德的未来取决于能否将初期的势能转化为持续的动能。 当大众的目光，还聚焦在外卖战场上的正面交锋时，几乎所有人都忽略了牌桌旁那位沉默的观察者。然而，棋局的变化往往源于最意想不到的角 落。 9 月 10 日，阿里旗下的高德地图发动了一场出其不意的侧翼行动：从高德"扫街榜"切入，在到店业务上成功开辟了第二战场。 与传统依赖 UGC （用户生成内容）的评分逻辑截然不同，高德扫街榜祭出了一套完全的基于海量用户真实行为构建的评分体系。这一基于"第一 性原理"的底层逻辑创新，从根本上颠覆了传统榜单"刷单"与"送礼换好评"的操作空间，旨在将一份真正客观、可信的生活消费指南交还给广大消 费者。 市场的反馈是积极而热烈的。 上线首日，扫街榜用户数一举突破 4000 万，一跃成为国内规模最大的本地生活类榜单。而紧随其后的商家扶持政策——餐饮商家首年免入驻费， 更是点燃了众多商家的参与热情，首日新入驻高德的餐饮商家数环比暴涨 631% ，在餐饮行业当中激起了巨大的回响。 基于 1.7 亿日活用户使用高德地图过程中的导航、搜索、到店、收藏，乃至于"专程前往"、"回头客"等典型用户行为，同时结合支付宝的芝麻信 用分的评估 ...

特约评论员 丨 陈白 编辑丨洪晓文 合，试图将AI能力赋能给电商、物流、金融等核心业务，构建一个庞大的"AI+"商业生态。百 度作为以搜索技术为核心的公司，在信息检索、内容生成等场景有先天优势，其在自动驾驶 等前沿领域的长期投入也为AI落地提供了多元化的路径。这种将AI技术与自身庞大应用场景 和海量数据相结合的能力，是中国科技公司特有的优势。 凯茜·伍德的投资哲学一向聚焦于"颠覆性创新"，她此刻的选择，可以被解读为她认为中概股 的"颠覆性"正在从商业模式创新转向更底层的硬核科技创新，而当前的市场价格尚未充分反 映这一转变。 除了AI带来的新叙事之外，估值本身的吸引力也不容忽视。即便在经历了一轮反弹之后，与 美国同类科技公司相比，许多中概股的市盈率、市销率等关键估值指标依然处于历史低位。 换言之，以相对低廉的价格，便有机会投资于全球第二大经济体中，在人工智能这一确定性 赛道上占据领先地位的企业，这对于追求高成长性的基金而言，无疑具有强大的吸引力。 当然，我们不能将ARK基金的个别操作简单等同于整体外资的全面转向。资本的流动是复杂 且多维的，中美之间的科技竞争与摩擦并未消失，这使得供应链安全、技术出口管制等问题 ...

Core Insights - The rise of AI agents is transforming various scenarios, acting as AI assistants and automating processes without user awareness [1] - Major tech companies are competing to commercialize AI agents, focusing on practical applications rather than just concepts [1][2] - The Chinese enterprise AI agent application market is projected to exceed $27 billion by 2028, indicating significant growth potential [1] Group 1: Value of AI Agents - The true value of AI agents lies in their ability to execute tasks rather than just respond to queries [2][8] - AI agents are evolving from simple conversational models to tools that can deliver real business outcomes [2][8] - Companies like Tencent and Alibaba are developing frameworks and tools that enhance the practical capabilities of AI agents [4][6] Group 2: Market Dynamics - The competition among major players is shifting from dialogue capabilities to the execution and delivery of real-world tasks [8][9] - The deployment of AI agents is seen as a way to create "invisible teams" that can handle repetitive and standardized tasks [10][13] - The market is witnessing a trend where companies prefer to pay based on business outcomes rather than just functionalities, with 66% of Chinese enterprises favoring this model [19][21] Group 3: Commercialization and Business Models - The transition from buying functionalities to purchasing tasks signifies a shift in how AI agents are perceived and monetized [19][24] - Companies are focusing on creating a commercial ecosystem around AI agents, emphasizing the importance of task standardization and repeatability [21][22] - The ultimate goal for companies is to integrate AI agents into their revenue streams, making them a sustainable part of their business operations [23][24]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 1.656 billion, SMIC (00981) with 494 million, and Zijin Mining (02899) with 465 million [1] - The top three companies with net outflows of southbound funds are the Tracker Fund of Hong Kong (02800) with -3.808 billion, Hang Seng China Enterprises (02828) with -1.816 billion, and Southern Hang Seng Technology (03033) with -938 million [1] - In terms of net inflow ratios, the top three companies are Datang Renewable (01798) at 65.90%, Jiangsu Nanjing Highway (00177) at 58.80%, and Beijing Automotive (01958) at 56.67% [1] - The top three companies with the highest net outflow ratios are Xtep International (01368) at -59.38%, H&H International Holdings (01112) at -50.94%, and Tigermed (03347) at -43.81% [1] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 1.656 billion, representing an increase of 8.71% in closing price [2] - SMIC (00981) saw a net inflow of 494 million, with a closing price decrease of 1.02% [2] - Zijin Mining (02899) experienced a net inflow of 465 million, with a closing price increase of 0.54% [2] - The top net inflow companies also include Jin Jing New Energy (02945) and CanSino Biologics (09926) with inflows of 345 million each [2] Net Outflow Rankings - The Tracker Fund of Hong Kong (02800) had the largest net outflow of -3.808 billion, with a closing price decrease of 0.59% [2] - Hang Seng China Enterprises (02828) experienced a net outflow of -1.816 billion, with a closing price decrease of 1.00% [2] - Southern Hang Seng Technology (03033) had a net outflow of -938 million, with a closing price decrease of 1.63% [2] - Other notable net outflow companies include Pop Mart (09992) with -553 million and China Hongqiao (01378) with -363 million [2] Net Inflow Ratios - Datang Renewable (01798) leads with a net inflow ratio of 65.90%, with a closing price of 2.490 [3] - Jiangsu Nanjing Highway (00177) follows with a net inflow ratio of 58.80%, closing at 9.270 [3] - Beijing Automotive (01958) has a net inflow ratio of 56.67%, with a closing price of 2.110 [3] Net Outflow Ratios - Xtep International (01368) has the highest net outflow ratio at -59.38%, closing at 5.890 [3] - H&H International Holdings (01112) follows with a net outflow ratio of -50.94%, closing at 13.510 [3] - Tigermed (03347) has a net outflow ratio of -43.81%, with a closing price of 45.240 [3]

早 报 精 选 宏 观 新 闻 1、 当地时间9月25日，国务院总理李强在纽约同美国友好团体座谈。李强表示，中美关系是世界上最重要的双边关系，两国可以成 为、也应当成为伙伴和朋友。中美两国市场结构差异较大、产业结构互补性强，在国际产业链中都占据重要位置，双方加强经贸合作 互利共赢，惠及全球。与会美方人士表示，美国企业界看好中国经济发展前景，将继续扩大在华投资，为促进两国合作、增进相互了 解发挥桥梁作用。 2、商务部发布公告，决定将萨罗尼克科技公司、爱尔康公司、国际海洋工程公司等3家美国企业列入不可靠实体清单，将亨廷顿•英 格尔斯工业公司等3家美国实体列入出口管制管控名单。 3、商务部获得的初步证据和信息显示，墨西哥政府拟对中国等非自贸伙伴的产品提高进口关税税率。商务部决定自2025年9月25日 起对墨西哥相关涉华限制措施启动贸易投资壁垒调查。此外，商务部获得的初步证据和信息显示，原产于墨西哥和美国的进口碧根果 以低于正常价值的价格向中国出口销售，存在倾销。商务部决定自2025年9月25日起对原产于墨西哥和美国的进口碧根果进行反倾 销立案调查。 4、昨日，中国人民银行副行长邹澜在参加香港固定收益及货币论坛时表示 ...

每经AI快讯，9月26日，阿里巴巴港交所公告，授予董事会在发行期内发行、配发及╱或以其他方式处 理不超过截至本普通决议通过当日公司已发行普通股（不包括库存股）数量10%的公司新增普通股（包 括以美国存托股的形式，以及包括任何出售或转让的库存股）之一般授权，根据本授权发行及配发的任 何普通股折价不得超过基准价的10%。 ...