Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the continuous enhancement of domestic AI models, with significant advancements in capabilities and performance, particularly in the gaming and entertainment sectors [3][34][36] - The report suggests a focus on new content and IP developments in gaming and film, highlighting upcoming releases and their potential market impact [4][30] Industry Data Overview - The game "无畏契约" ranks first in the iOS free game chart, while "王者荣耀" maintains its position as the top-grossing game in the iOS market as of September 6, 2025 [11][15] - The film "捕风追影" achieved a weekly box office of 1.70 billion, with a cumulative box office of 10.01 billion, indicating strong audience interest [27] AI Model Developments - Alibaba's latest model, Qwen3-Max-Preview, has quadrupled its parameters compared to its predecessor, significantly improving its performance in understanding and executing complex instructions [3][34] - Kuaishou has released its multi-modal model, Keye-VL1.5, which excels in video understanding and reasoning capabilities, outperforming previous models in benchmark tests [3][36] Upcoming Game Releases - The interactive game "盛世天下" is set to launch on September 9, 2025, with a substantial narrative and production upgrade, while the RPG game "伊瑟" is anticipated to be released on September 25, 2025 [4][26] - A total of 11 new games are expected to be launched in September, with notable titles from Tencent and Xindong [34] Film and IP Content Focus - The report recommends focusing on the performance of new IP content in gaming and film, with specific companies highlighted for their potential benefits from upcoming releases [4][30] - The film "731" is scheduled for release on September 18, 2025, with high pre-release interest indicated by over 438.8 million viewers expressing interest [4][30]

以下文章来源于36氪出海 ，作者36氪出海 36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营 着超万人的出海生态社群。 顾家家居拟投资11.24亿元建设印尼自建基地项目 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 中国电信与阿里 巴巴 合作，服务中国企业出海 霸王茶姬正式进入菲律宾市场 顾家家居拟投资11.24亿元建设印尼自建基地项目 石头科技斩获上半年清洁&扫地机器人市场份额双第一 优必选获10亿美元战略融资授信额度，计划中东建厂 103家中国企业将参加德国国际汽车及智慧出行博览会 中国电信与阿里巴巴达成战略合作，共同服务中国企业出海 8月31日，中国电信与阿里巴巴在杭州举行战略合作签约仪式。中国电信董事长柯瑞文、阿里巴巴集 团首席执行官吴泳铭、中国电信副总经理唐珂、阿里巴巴集团副总裁李津见证签约，中国电信总经理 助理胡志强与阿里巴巴集团副总裁项煌妹代表双方签订协议。根据协议，双方将在云和AI基础设施、 新型服务业电商、社会价值创新等领域展开深入合作。双方还将聚焦重点行业，联合打造数字化与A ...

9月5日 ，据彭 博社、《金融时报》等多家外媒消息，全 球主 流大模型之一Claude的开发商Anthr opic 发布公告宣称，"由于法律、监管和安全风险"，将立即停止向"中国控股公司"提供服务。 消息一出，引发了科技圈与媒体圈的广泛关注。 Anthropic由OpenAI前员工于2021年创立， 被称为继OpenAI后最具潜力的美国人工智能公司。 但Anthropic 的 这次"神操作"，无疑暴露了自身认知的狭隘 与 幼稚 。 因为AI的竞争，归根结底是人才的竞争，不是某项技术的竞争。这一点，饱尝美国禁令之苦的 英伟达创始 人 黄仁勋最懂。 黄仁勋曾多次在采访和公开演讲中提到一个让人震惊的数据："全球 50% 的 AI 研究人员，是华人。"以 此来让美国醒悟。 文/ 赵文娜 混沌商业研究团队 AI 人才才是全球 博弈的焦点 2025 年，初夏。华盛顿，希尔顿大酒店的宴会厅。一场叫 Hill & Valley Forum 的峰会正在举行。政 界、商界、科技巨头云集。 NVIDIA 创始人黄仁勋登台，穿着他标志性的黑色皮夹克。在谈到 AI 的未来时，他说："全球 50% 的 AI 研究人员是华人。" 他又接着 ...

自上而下进行制度建设 9月4日，字节跳动企业纪律与职业道德委员会发布通报，披露二季度员工违规处理情况。通报显示，共 有100名员工因触犯公司红线被辞退，其中18人因涉刑事犯罪、恶意损害公司利益等原因被实名通报，8 人涉嫌刑事犯罪已被移交司法机关。 近年来，互联网大厂反腐行动愈发深入。记者查阅了四家互联网头部大厂——腾讯控股、阿里巴巴、美 团和京东集团的2024年度ESG相关报告。记者发现，这些公司普遍从制度、文化建设及培训上进行反腐 败，并公布了相应成果。 9月5日，浙江大学管理学院教授、博士生导师，财政部企业会计准则咨询委员会委员韩洪灵接受《每日 经济新闻》记者采访。他总结了互联网大厂腐败问题屡禁不止的三大原因：关键岗位权力集中、制度建 设滞后、流量至上导向。 就目前互联网大厂反腐的不足之处，9月5日，中欧国际工商学院金融与会计学教授、中欧财富管理研究 中心主任芮萌接受了记者采访。他认为这主要表现为：举报机制不健全，渠道不畅、保护不足；第三方 监督缺位，制衡力量薄弱；技术审计手段滞后，腐败识别和风险预警能力有限。 各互联网大厂也充分动用基层的力量，建立相应举报制度。例如，阿里巴巴鼓励所有员工、商业伙伴及 公 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The AI computing power sector is experiencing a wave of investment, with major global players reporting high revenue growth in AI computing [5][11] - Domestic and international large model manufacturers are increasing their investments, further supporting the high prosperity of AI computing [6][12] - The report emphasizes the continuous growth potential in the AI field, particularly in computing power and applications [7][13] Summary by Sections Industry Investment Rating - The report maintains a "Positive" investment rating for the computer industry [1] Market Review - During the week of September 1-5, 2025, the CSI 300 index fell by 0.81%, while the computer index dropped by 7.27% [4][14] AI Computing Power Investment Wave - NVIDIA reported a quarterly revenue of $46.7 billion, a 6% increase quarter-on-quarter and a 56% increase year-on-year, with data center revenue also showing significant growth [5][11] - Broadcom's quarterly revenue reached $15.95 billion, a 22% year-on-year increase, with AI semiconductor revenue growing by 63% to $5.2 billion [5][11] Domestic and International Investments - Meta plans to invest at least $600 billion in the U.S. by 2028, while OpenAI forecasts a total revenue of $13 billion for 2025 [6][12] - Alibaba Cloud reported a revenue of 33.398 billion yuan in Q2 2025, with a 26% year-on-year growth, and a capital expenditure of 38.676 billion yuan, up 220% [6][12] Investment Recommendations - Recommended companies in the AI computing sector include Haiguang Information, Zhongke Shuguang, and Inspur Information, among others [7][13] - In the AI application sector, recommended companies include Kingsoft Office, ZTE Information, and Kingdee International, among others [7][13] Industry Dynamics - Alibaba launched the Qwen3-Max model, its largest AI model to date, while OpenAI is collaborating with Broadcom to develop its own AI chips, expected to start production in 2026 [21][25]

每经AI快讯，9月7日，据抖音电商安全与信任中心消息，近期，平台在巡查中发现，少数话费充值商 家因供应链管理不严，存在用户信息泄露问题，导致消费者在完成充值后，收到陌生号码的欺诈短信或 电话。对方谎称充值为"误操作"，要求用户将话费线下退回至陌生号码，从而实施诈骗。 上述行为严重损害了消费者财产安全，破坏了交易公平，平台已展开专项治理。截至目前，平台共清退 违规商家25个，并根据规则对商家货款进行冻结，同时将违规商家列入失信名单，停止合作。 ...

"为用 10 元商超券硬凑 30 元单，结完账才发现 20 元大额券没核销，隔天直接失效！" 相信不少人都有过类似经历：支付宝卡包里囤着一堆消费券，要么因 健忘错过有效期，要么因消费需求不匹配长期 "躺平"，最后只能看着 "省钱福利" 变成 "无效权益"。尤其大促期间，餐饮、美妆、数码等各类消费券扎堆发 放，很多人领完就塞进卡包，等到想起时早已过期，实在可惜。 难道闲置的支付宝消费券包只能 "坐等作废"？其实不然。通过科学的回收方式，就能激活这些券的剩余价值。今天就为大家梳理 2025 年支付宝消费券包的 4 种简化回收攻略，覆盖熟人互助、专业渠道等不同场景，帮你高效解决消费券用不完的难题。 一、亲友互助回收：熟人圈 "资源匹配"，暖心又零成本 亲友互助是最贴近日常的回收方式，核心逻辑是 "闲置券对接真实需求"—— 在家人、朋友、邻居等信任圈层中，将自己用不上的支付宝消费券，转赠给有 对应消费计划的人，实现 "你省优惠，我免浪费" 的双赢。这种方式无需复杂操作，还能增进人际关系，充满生活温度。 适用人群：社交圈稳定、身边人有多样消费需求的用户（如宝妈群体、社区居民、学生党）。 注意事项：该方式依赖 "需求精准 ...

机构：天风证券 研究员：孔蓉/杨雨辰 AIDC：FY26Q1 收入347 亿元，经调整EBITA -0.6 亿元。1）本季度收入同比增长 19%，主要得益于跨 境业务的强劲表现。公司专注于提升运营效率，同比和环比亏损均显著收窄。2）速卖通的Choice 业务 的单位经济效益持续大幅改善，主要得益于物流优化和投资效率的提高。Trendyol 的国际业务的单位经 济效益也环比有所提升。 股东回报：本季度公司共计回购 5600 万股普通股，总金额为 8.15 亿美元。截至2025 年 6 月 30 日，董 事会批准的股票回购计划（有效期至2027年3 月）剩余授权金额为 193 亿美元。 投资建议：本季度云业务收入维持高增速且超彭博一致预期，人工智能相关产品收入连续8 个季度保持 三位数增长。中国电商集团收入超预期，全站推和软件服务费继续驱动take rate 提升。AIDC 业务盈利 能力加强，亏损同比和环比均收窄。我们预计阿里巴巴FY 2026-2028 年收入为10306/11486/12793 亿元 （前值10809/11057/11798 亿元）；考虑公司持续投入于用户增长以及其他策略举措，我们预计FY ...

机构：华安证券 研究员：金荣/赵亮 主要观点： FY26Q1业绩 2）本季度CapEx 386 亿元，创下历史新高，显著高于BBG 预期的292亿元，公司重申，将在未来三年 持续投入3800 亿元用于AI 资本开支。 ①平台自2024 年9 月1 日起开始基于确收GMV 收取基础软件服务费；②"全站推广"工具的商家渗透率 稳步提升； 2）闪购为淘天带来新流量，协同效应加强：公司宣布自2026 财年起将淘天集团、饿了么与飞猪整合成 为中国电商事业群，升级为大消费平台。 淘宝闪购通过补贴等活动带动平台用户增长，淘宝闪购上线仅四个月，月度活跃用户已突破3 亿，较4 月之前增长200%，首阶段目标超预期完成，在公司高投入下，8 月前三周淘宝App 的月度活跃消费者 同比增长了25%，主要受淘宝闪购带动；订单量同样快速增长，8 月淘宝闪购日订单峰值达到1.2 亿 单，日均单量维持在8000 万单水平。运力规模方面，淘宝闪购的日均活跃骑手已经超过200 万规模，对 比四月增长3倍；蒋凡预计，在未来三年内，闪购和即时零售为平台带来1 万亿的交易增量。 3）AIDC 本季度接近盈亏平衡： AIDC 收入增长19%，本季度接近 ...

Company Developments - China Telecom and Alibaba have reached a strategic cooperation agreement to jointly serve Chinese enterprises going global, focusing on cloud and AI infrastructure, e-commerce services, and social value innovation [2] - Bawang Tea has officially entered the Philippine market with three stores opening in the Manila metropolitan area, selling over 23,000 cups in the first three days, marking its seventh international market [2] - KUKA Home plans to invest approximately 1.12 billion yuan to build a self-owned base in Indonesia, expecting an annual revenue of about 2.52 billion yuan upon completion [3] - Stone Technology has achieved the number one global market share in both cleaning robots and vacuum robots for the first half of 2025, with shares of 15.2% and 20.7% respectively [3] - Alibaba's AliExpress is preparing a high-profile brand export project, inviting top global brands to participate, with aggressive growth targets set [3] - Gaode Map has launched ride-hailing services in Canada, New Zealand, Switzerland, and the UAE, expanding its international presence [4] - Xiaomi aims to make 2025 the year for the international expansion of its home appliances and new retail, with plans for automotive exports by 2027 [4] - JD Industrial has signed agreements with two Brazilian companies to enhance the digital supply chain services in the region [5] - BYD has reported that seven out of eight roll-on/roll-off ships are now operational, with significant sales in multiple countries [5] - Proton, supported by Geely, has launched its first electric vehicle factory in Malaysia, with an investment of approximately 138 million yuan [5] Investment and Financing - UBTECH has secured a strategic financing credit line of $1 billion to establish a super factory in the Middle East [6] - Laimu Technology has completed several rounds of financing exceeding 100 million yuan, focusing on the European and American markets for smart lawn mowers [6] - Ruijian Pharmaceutical has raised over 300 million yuan in B-round financing, with plans to accelerate clinical development of Parkinson's treatment products [7] - Ronovo Surgical has completed a D-round financing of $67 million, aiming to expand its modular surgical robot platform globally [7] - Sierra Medical has raised over 100 million yuan to accelerate the development of its ophthalmic products and expand its market presence [8]