Core Insights - The Hang Seng Index closed flat on September 19, with southbound trading totaling HKD 153.72 billion, comprising HKD 81.78 billion in buying and HKD 71.94 billion in selling, resulting in a net inflow of HKD 9.84 billion [1] Trading Activity - Southbound trading through the Stock Connect (Shenzhen) recorded a total of HKD 55.47 billion, with buying at HKD 30.01 billion and selling at HKD 25.46 billion, leading to a net inflow of HKD 4.55 billion [1] - Southbound trading through the Stock Connect (Shanghai) saw a total of HKD 98.25 billion, with buying at HKD 51.76 billion and selling at HKD 46.48 billion, resulting in a net inflow of HKD 5.28 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total transaction amount of HKD 115.81 billion and a net inflow of HKD 17.27 billion [1] - Other notable stocks included SMIC with a transaction amount of HKD 96.75 billion and a net inflow of HKD 9.30 million, and Sany Heavy Industry with a transaction amount of HKD 52.90 billion and a net inflow of HKD 22.40 billion [1][2] Continuous Net Buying - Alibaba-W and Meituan-W were among the stocks with the longest streak of net buying, with Alibaba-W seeing a total net inflow of HKD 57.83 billion over 21 consecutive days, while Meituan-W had a net inflow of HKD 5.75 billion over 5 days [2]

（文章来源：证券日报） 本报讯天眼查工商信息显示，近日，杭州扬杨得熠文化创意有限公司发生工商变更，新增阿里巴巴旗下 杭州灏月企业管理有限公司为股东，同时注册资本由500万元增至约588万元。股东信息显示，杭州扬杨 得熠文化创意有限公司现由杭州起飞兄弟企业管理合伙企业（有限合伙）及上述新增公司共同持股。 ...

Core Insights - The 22nd China-ASEAN Expo has introduced a dedicated 10,000-square-meter pavilion for Artificial Intelligence (AI), highlighting the growing cooperation between China and ASEAN [2][9] - The expo features nearly 160,000 square meters of exhibition space with over 3,200 enterprises from 60 countries participating, indicating a significant international presence [3][18] - The AI pavilion is the largest single-theme hall in the expo's history, showcasing nearly 200 tech firms and around 1,200 innovative products and technologies [4][9] AI Pavilion Highlights - Major tech companies such as Huawei, Alibaba, and iFlytek are prominently featured, presenting advanced AI products tailored for ASEAN clients [7][8] - iFlytek has launched a multilingual AI model designed for the 10 ASEAN member countries, with a reported sale of approximately 15,000 smart devices generating about 13 million yuan in revenue in 2024 [8] - The AI pavilion also includes contributions from ASEAN members, showcasing smart agriculture technologies and scientific innovations [12][14] Economic and Trade Cooperation - The expo's theme emphasizes leveraging digital technology and innovation to enhance trade and investment between China and ASEAN [9][10] - China has been ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for the past five years, indicating strong bilateral trade relations [17][18] - The strategic location of Guangxi is highlighted as a key area for implementing China-ASEAN cooperation in AI, facilitating further collaboration and innovation [16][17]

0:00 阿里巴巴创始人马云：当你拥有超 过一个亿的时候，这些钱就不属于你了 ...

Group 1 - Major U.S. stock index futures showed mixed performance, with Dow futures down 0.05%, S&P 500 futures up 0.03%, and Nasdaq futures up 0.08% [1] - Popular Chinese stocks mostly rose, with Alibaba up 1.11%, JD.com up 1.21%, NIO up 2.3%, and ZTO Express up 1.38% [2] - Baird upgraded Tesla to "outperform" with a target price of $548, citing investor interest in the company's role in the upcoming "real AI" era, up from a previous target of $320 [2] - FedEx reported Q1 revenue of $22.24 billion, exceeding analyst expectations of $21.66 billion, leading to a 5.22% increase in its stock price [2] - Pony.ai expects to achieve key profitability targets by early 2026 and plans to launch 1,000 autonomous taxis globally by the end of the year, resulting in a 1.2% stock increase [2] Group 2 - Novo Nordisk has laid off a U.S. sales team as part of a global restructuring plan that will cut 9,000 jobs, with the stock rising 0.21% [3] - XPeng reported a more than 137% year-over-year increase in overseas deliveries, totaling over 24,702 vehicles from January to August 2025, leading to a 2.11% stock increase [3] - NVIDIA plans to invest $500 million in the autonomous driving startup Wayve, although its stock fell 0.22% following the announcement [3] Group 3 - Morgan Asset Management indicated that the risks associated with AI enthusiasm may be greater than current geopolitical tensions, as disappointing earnings from AI companies could lead to significant market corrections [4]

Core Viewpoint - Recent stock price surges of Tencent, Alibaba, and Baidu are driven by technological investments, aligning with long-term value creation and sustainability goals [1][2]. Group 1: Stock Performance - Baidu's stock price increased over 19% on September 17, reaching a new high since October 2023; Tencent's market value returned to HKD 6 trillion after three years; Alibaba's stock rose 5.28%, with a market value of HKD 3 trillion [1]. - Year-to-date stock price increases for Tencent, Alibaba, and Baidu are 55.76%, 97.75%, and 59.01%, respectively [1]. Group 2: R&D Investments - In 2024, Tencent, Alibaba, and Baidu plan to invest CNY 707 billion, CNY 523 billion, and CNY 221 billion in R&D, respectively [2]. - Baidu has the highest R&D expense ratio at 16.63% of its total revenue, while Alibaba and Tencent have ratios of 5.55% and 10.71%, respectively [3]. Group 3: Technological Advancements - Tencent's AI technology is integrated into over 700 business scenarios, enhancing creativity and operational efficiency [4]. - Alibaba has received approximately 21,000 global patents and has been recognized as a leader in cloud database management and container management by Gartner [4]. - Baidu has invested over CNY 180 billion in R&D over the past decade, focusing on advanced technologies like AI and autonomous driving [5]. Group 4: Ethical Considerations in Technology - Baidu has established a technology ethics committee and is actively involved in AI ethics training and standard-setting [7]. - Alibaba has created a technology ethics governance committee and has published guidelines for ethical management throughout the lifecycle of its models [7]. - Tencent has set up an AI technology committee to address ethical considerations and ensure the safe operation of AI products [7]. Group 5: Recommendations for Sustainable Development - Companies should prioritize data privacy, algorithm fairness, and technology security as part of their strategic initiatives to balance innovation and responsibility [8]. - There is an opportunity for technology giants to leverage their advantages to contribute positively to public goods in areas like inclusive finance and social welfare [8].

作者 | 黄昱 编辑 | 王小娟 在淘宝闪购加入外卖混战近5个月后，外界料定阿里一定会再次发力的到店团购业务，终于还是来了。 华尔街见闻获悉，9 月 20 日，淘宝闪购的到店团购业务将在上海、深圳、嘉兴这三个城市率先启动试点，后续再全面铺开。跟外卖业务一样，到店团购业 务也由淘宝闪购和饿了么携手布局，但会同时在淘宝、支付宝、高德三个阿里体系内最大的流量端口上线。 自此，阿里也正式对美团核心业务形成全方位"围剿"。 不过，10天前被阿里推到聚光灯下的高德，目前并不会成为阿里到店团购业务的运营主体。 在阿里要再发力的到店团购业务中，高德发挥作用除了引流外，还是其10天前发布的扫街榜，就像美团的大众点评榜单。这被外界视作阿里开启到店团购业 务的第一步。 此番加码到店团购业务的黑布揭开，也正式宣告阿里并不会启用曾经承载其到店业务的平台口碑。但对于上述信息，阿里方面暂未对华尔街见闻做出回应。 事实上，淘宝要布局到店团购业务在业内早已不是秘密。华尔街见闻发现，在8月份时，就有多个业内人士在社交平台上透露淘宝闪购将上线到店团购业务 的消息。 不过一位餐饮业内人士告诉华尔街见闻，原本淘宝相关业务人员告知的团购上线时间是更早的 ...

Core Insights - On September 19, 2025, Alibaba-W (09988), SMIC (00981), and Shankai Holdings (00412) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 70.25 billion, 62.79 billion, and 38.99 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 45.57 billion, 33.96 billion, and 15.89 billion respectively [1] Southbound Stock Connect (Hong Kong-Shanghai) - The top three active companies by trading volume were: - Alibaba-W (09988): 70.25 billion with a net buy of +4.73 billion - SMIC (00981): 62.79 billion with a net buy of +3.08 billion - Shankai Holdings (00412): 38.99 billion with a net buy of +17.21 billion [2] - Other notable companies included: - Changfei Optical Fiber (06869): 24.82 billion with a net sell of -69.08 million - Pop Mart (09992): 24.49 billion with a net buy of +9.01 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - The top three active companies by trading volume were: - Alibaba-W (09988): 45.57 billion with a net buy of +12.54 billion - SMIC (00981): 33.96 billion with a net sell of -2.15 billion - Tencent Holdings (00700): 15.89 billion with a net buy of +27.91 million [2] - Other notable companies included: - Xiaomi Group-W (01810): 15.49 billion with a net sell of -43.27 million - Innovent Biologics (01801): 15.23 billion with a net sell of -37.09 million [2]

Core Viewpoint - Recent stock price surges of Tencent, Alibaba, and Baidu are driven by technological investments, aligning with long-term value creation and sustainability goals [1][5]. Group 1: Stock Performance - Baidu's stock price increased over 19% on September 17, reaching a new high since October 2023; Tencent's market value returned to HKD 6 trillion for the first time in three years; Alibaba's stock rose 5.28%, with a market value of HKD 3 trillion [1]. - As of September 19, year-to-date stock price increases for Tencent, Alibaba, and Baidu were 55.76%, 97.75%, and 59.01%, respectively [1]. Group 2: R&D Investments - In 2024, Tencent, Alibaba, and Baidu's R&D expenditures are projected to be CNY 70.7 billion, CNY 52.3 billion, and CNY 22.1 billion, respectively [2]. - Baidu has the highest R&D expense ratio at 16.63% of its total revenue [2][3]. - Tencent reported a 22% increase in gross profit and an 18% increase in operating profit, indicating a positive cycle between AI investment and high-quality growth [3][4]. Group 3: Technological Advancements - Tencent has integrated AI into over 700 business scenarios, enhancing creativity and operational efficiency [4]. - Alibaba has received approximately 21,000 global patents and has been recognized as a leader in cloud database management and container management by Gartner [4]. - Baidu has invested over CNY 180 billion in R&D over the past decade, focusing on advanced technologies like AI and autonomous driving [5]. Group 4: Ethical Considerations in Technology - Baidu has established a Technology Ethics Committee to oversee AI ethics, including algorithm optimization and ethical training [6]. - Alibaba has created a Technology Ethics Governance Committee and published guidelines for ethical management throughout the lifecycle of its technologies [6]. - Tencent has set up an AI Technology Committee to address development principles, performance evaluation, and ethical considerations in AI systems [6]. Group 5: Recommendations for Sustainable Development - Industry experts suggest that tech giants should prioritize data privacy, algorithm fairness, and technology security to balance innovation and responsibility [7]. - Companies are encouraged to leverage their technological advantages to contribute positively to public goods in areas like inclusive finance and social welfare [7].

南向资金今日净买入98.38亿港元。山高控股、阿里巴巴-W、盈富基金分别获净买入22.4亿港元、17.27 亿港元、10.7亿港元；腾讯控股净卖出额居首，金额为6.22亿港元。 (本文来自第一财经) ...