Group 1 - The Hang Seng Tech Index has increased by 6%, while the Hang Seng Index has risen by 3.3%, indicating a positive trend in the market [1] - Technology stocks have shown significant gains, with Tencent Holdings (00700.HK) rising over 5%, reflecting strong investor interest in the sector [1]

| | 脑再生科技[RGC] 2025-05-10 04:00 | | | | 5PMA = | | 10PMA = 20PMA = 30PMA = | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 421.127 | | | | | | | | | | 363.786 | | | | | | | | | | 306.445 | | | | | | | | | | 249.104 | | | | | | | | | | 191.763 | | | | | | | | | | 134.422 | | | | | | | | | | 77.081 | | | | | | | | | | 19.740 | | | | | | | | | | -37.601 | | | | | | | | | | 2512万 | 成交里:122323 | | | | | | | | | 1884万 | | | | | | | | | | 1256万 | | | | | | | | | | 628万 | | | | | | | | | | | 02-19 | 0 ...

Group 1 - The company will announce its first quarter results next Friday, and investors are advised to pay attention [1] - Major tech companies including Alibaba, Tencent, JD.com, and NetEase are set to report their earnings next week, along with other Chinese concept stocks like Tencent Music and Beike [2] - Economic data to watch includes the US April CPI and PPI figures, as well as various speeches from FOMC members [2][3] Group 2 - Upcoming economic events include the release of US retail sales, PPI, and GDP data, as well as initial jobless claims and consumer confidence indices [3][6] - The National Energy Administration will publish electricity consumption data around the 15th of each month [6] - Vice Premier He Lifeng will visit Switzerland from May 9 to 12 for talks with Swiss leaders and will also co-host the 10th China-France High-Level Economic and Financial Dialogue in France [6]

Group 1 - Hong Kong tech stocks experienced a midday surge, with Xiaomi Group (01810.HK) and Tencent Holdings (00700.HK) both rising over 2% [1] - Alibaba (09988.HK) and Sunny Optical Technology (02382.HK) increased by 1.6% [1] - SenseTime (00020.HK), AAC Technologies (02018.HK), and Kuaishou (01024.HK) all saw gains of over 1% [1]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from Northbound trading, totaling 78.66 billion HKD, with notable net sell-offs in major tech stocks like Tencent and Xiaomi, while banks and food delivery services saw net buying [1]. Group 1: Northbound Trading Activity - Northbound trading recorded a net sell of 78.66 billion HKD, with 41.78 billion HKD from Shanghai Stock Connect and 36.88 billion HKD from Shenzhen Stock Connect [1]. - The most bought stocks included China Construction Bank (00939), Meituan-W (03690), and CNOOC (00883) [1]. - The most sold stocks were Tencent (00700), Xiaomi Group-W (01810), and Alibaba-W (09988) [1]. Group 2: Individual Stock Performance - Xiaomi Group-W saw a net sell of 20.26 billion HKD, influenced by changes in its vehicle promotion strategy related to smart driving features [5]. - Tencent experienced a net sell of 27.8 billion HKD, amid concerns over ongoing U.S.-China trade tensions and market volatility [6]. - Alibaba-W faced a net sell of 9.55 billion HKD, reflecting broader market trends and investor sentiment [6]. Group 3: Sector Insights - China Construction Bank received a net buy of 6.68 billion HKD, supported by recent monetary policy measures aimed at enhancing liquidity in the market [4]. - Meituan-W attracted a net buy of 3 billion HKD, with analysts predicting a stable competitive landscape in the food delivery sector [5]. - CNOOC had a net buy of 2.13 billion HKD, with first-quarter earnings showing a decline but better than expected due to favorable oil prices [5].

Group 1 - Southbound funds recorded a net sell of 78.66 billion HKD [1] - Tencent Holdings, Xiaomi Group-W, and Alibaba-W faced net sells of 27.83 billion HKD, 20.26 billion HKD, and 9.55 billion HKD respectively [1] - China Construction Bank saw a net buy of 6.68 billion HKD, bucking the trend [1]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [4] Core Viewpoints - Tencent showcased 46 products at the SPARK 2025 game launch event, highlighting its comprehensive capabilities in development, publishing, and investment [1] - The report emphasizes Tencent's strong research and development capabilities, particularly in adapting popular PC game IPs into mobile formats, which is expected to yield ongoing benefits [1][2] - Tencent's investment in external companies is anticipated to enhance its IP portfolio and improve its capabilities in the overseas PC gaming market, contributing to long-term growth [1][2] Summary by Sections Product Development and Investment - Tencent's game publishing strategy has evolved to include a focus on investment, showcasing successful overseas ventures and a clear direction for future IP and PC game development [1] - The report notes that the Chinese mobile gaming market is expected to maintain a significant global share, with Tencent's investments likely to bolster its competitive edge in the PC gaming sector [1] User Engagement and Market Position - Tencent's gaming user engagement remains robust, with a reported 66.5% share of industry usage time, indicating a strong operational advantage [2] - The upcoming release of new titles is expected to mitigate growth pressures from high baseline comparisons in the latter half of 2025 [2] Financial Projections - The report projects Tencent's Non-IFRS net profit to reach 254.72 billion RMB in 2025, with a slight upward revision from previous estimates [2][10] - The target price for Tencent's stock has been adjusted to 605 HKD, reflecting confidence in its sustained performance across gaming and digital content sectors [2][4]

多模态大模型行业是指围绕能够处理、理解和生成多种类型数据(如文本、图像、音频、视频等)的深度学 习模型所形成的产业生态。这些模型通过融合不同模态的信息，能够执行更复杂和智能的任务，例如视觉 问答、图文生成、语音识别与合成等。 多模态大模型的核心在于跨模态语义对齐，即通过技术手段实现不同模态数据之间的无缝连接和理解。这 种能力使其在多个领域具有广泛的应用潜力，包括但不限于自然语言处理、图像识别、语音识别、智能驾 驶、医疗影像诊断等行业主要上市公司：阿里巴巴(09988.HK，BABA.US);百度(09888.HK，BIDU.US);腾 讯(00700.HK， TCEHY);科大讯飞(002230.SZ);万兴科技(300624.SZ);三六零(601360.SH);昆仑万维(300418.SZ);云从科技 (688327.SH);拓尔思(300229.SZ)等 多模态大模型产业链全景梳理 多模态大模型产业链是一个庞大而复杂的系统，涵盖了从硬件设施到软件开发的各个环节，主要包括基础 层、模型层和应用层。其中，基础层主要包括硬件和基础软件，模型层主要是多模态大模型的种类，包括 CLIP、BLIP、BLIP-2、d ...

AI为核心的新一轮科技创新浪潮已至，AI将与互联网一样，带来新一轮范式革命，人类社会将进一步加速发展。我们精心准备，重磅推出【智能时代专 题】，目前已规划106篇深度原创研报，将全方位梳理AI产业、技术、代表性公司等发展历史、现状、趋势，展望智能时代未来图景，挖掘投资机会。 凭借在移动互联网时代打下国民级基础设施生态优势，不仅赋予腾讯强大网络效应与深厚护城河，更让腾讯成为AI在中国大规模应用与普及的超级载体 与核心驱动力，在AI时代将进一步放大，具备巨大成长潜力。 智能时代专题：腾讯（HK：00700） 免费版2,672字，预计阅读5分钟 完整版18,349字 智能时代第二季，重磅升级，更前瞻，更硬核，支持专题/单篇付费解锁 一、腾讯过去十多年，通过互联网特别是移动互联网时代创新、布局，凭借微信为主的生态系统，深刻融入到中国经济、社会、政务服务体系，从单纯的 互联网平台，发展成不可或缺的国民级基础设施。 截至2024年，微信与WeChat 合并月活账户数增至13.85 亿（+3%），覆盖中国几乎所有互联网用户，成为中国绝大多数网民数字生活入口。 微信支付与庞大小程序生态，构成重要商业基础设施，服务零售、餐饮、 ...

Group 1 - The Nasdaq Golden Dragon China Index experienced a preliminary decline of 0.8% [1] - Notable Chinese concept stocks included Tencent ADR rising by 4.8%, Xiaomi ADR increasing by 1.2%, and Li Auto rising by 1.2% [1] - Other stocks such as Netease and Alibaba saw modest gains of up to 0.5%, while Xpeng fell by 0.2%, JD.com dropped by 0.8%, Baidu decreased by 1.8%, NIO declined by 4.3%, Pony.ai fell by 5.2%, and Yum China dropped by 7.3% [1]