"2025年将是生成式AI技术走向深度应用的关键元年"，快手高级副总裁、可灵AI负责人兼社区科学线负 责人盖坤在致辞中定调。他认为，生成式AI不仅仅是技术的革新，更是生产关系的重塑。 可灵AI的目 标是成为AI时代的视频创作新基础设施，让"每个人用AI讲出好故事"。未来，技术趋势将聚焦于生成效 果和可控性的持续突破，技术的精进也将为产业应用带来更多可能性。 在2025世界人工智能大会（WAIC）上，快手（01024）旗下可灵AI以"生成式AI应用元年"为主题召开 生态论坛，披露多项突破性数据，据介绍，可灵AI目前已在全球拥有超过4500万创作者，产品自发布 以来迭代升级30余次，累计生成超2亿个视频和4亿张图片，服务超过2万家企业客户。中金公司 （601995）最新研报指出，可灵AI一年时间内完成多版本升级，表达能力持续提升，正从赋能工具升 级为生态构建者，维持快手"跑赢行业"评级及80港元目标价。 据介绍，可灵AI自上线以来，截至目前已完成 30余次迭代 ，如今已经初步建设成为一站式AI生产力引 擎，服务的B端商家数量迎来爆发式增长，截至目前，全球范围内已有超过2万家企业客户，成为大模 型产业落地的标杆产品 ...

8个交易日翻倍，天机控股（01520）正在"稳定币"概念及业务预期发酵中寻找合理的估值"锚"，带来估 值修正的投资机遇。 了解到，7月中旬以来，美国的《稳定币法案》及香港"稳定币"合法化驱动了相关板块的投资热潮，政 府与企业的强强联合，构建出以中国优质资产为锚定的稳定币—RWA的生态闭环，相关资产上链有望 成为拉开 Web3.0 的时代大幕。而率先转型Web3.0赛道的天机控股成为了价值资金的主战场。 天机控股早前投资了信桥资本，这是一家AI+区块链应用科技公司，能够提供连结现实世界与虚拟世界 的AI+Web3平台级基础设施，今年加速业务转型，一方面和信桥资本形成了深度合作关系，另一方面也 在积极寻找投资及合作标的。在7月25日，该公司公告与西足链科技将成立合资公司，进一步加大 Web3.0 +赛道的布局。 信桥及西足链科技在区块链领域均具有行业最前沿的技术水平和商业资源，天机控股与之全面深度合作 有望借助创新商业模式，拓展业务领域，并在AI端侧应用浪潮时代下，抢到更大的市场蛋糕。也正因 如此，该公司得到市场挖掘，7月份以来连续放量拉升，估值快速修复，但行情仍未结束，而预期是主 要驱动核心。 稳定币合法化商机 ...

Core Viewpoint - The forum emphasizes the integration of advertising, branding, and cultural tourism, showcasing innovative achievements in the digital era to inject new momentum into industry transformation and upgrading [1] Group 1: Industry Challenges and Solutions - The cultural tourism industry faces three main pain points: supply imbalance, homogenized experiences, and a scarcity of quality content [3] - NetEase proposes a unique content production model: "Destination Self-Creation + Institutional Empowerment + User Co-Creation" to address these challenges [3] Group 2: Project Highlights - NetEase collaborates with Wenzhou Taishun to create a cultural tourism project using a "1+N" model, focusing on local characteristics and integrating various platform resources [3] - The project includes initiatives like promoting local specialties through e-commerce, transforming traditional clothing into digital skins for games, and creating original songs inspired by local culture [3] Group 3: Differentiation in Content Creation - Key breakthroughs for differentiation in cultural tourism marketing include deep cultural exploration, reconstructing experiential scenarios, and promoting cross-industry integration [4][5] - NetEase leverages its comprehensive capabilities as an internet technology company to create differentiated cultural tourism content [5] Group 4: Evolving Consumer Demands - There is a notable shift in consumer demands towards emotional consumption, with a focus on obtaining emotional value rather than just functional satisfaction [7] - The transfer of experience sovereignty is evident, as consumers now have more autonomy in deciding their travel destinations [7] - Marketing strategies have evolved from "buying traffic" to "creating traffic," necessitating the development of projects that genuinely attract user interest [7] Group 5: Response to Market Changes - In response to changing demands, NetEase has initiated projects focused on traditional culture, collaborating with non-heritage masters to create content that resonates with younger audiences [8] - The company has made significant investments in AI to enhance content creation efficiency, reducing the time required for content development [8] - NetEase continues to partner with various organizations to co-create content, leveraging its content insight and production capabilities for mutual benefits [8]

Core Viewpoint - The company, Viginie, has shown a recovery in its fiscal year 2025 performance, with an 11.7% increase in revenue to HKD 7.84 billion, despite challenges from macroeconomic fluctuations and uneven consumer recovery [1] Group 1: Business Performance - The intimate apparel segment generated revenue of HKD 4.243 billion, a modest increase of 3.0% year-on-year, accounting for 54.2% of total revenue, with a gross margin improvement of 1.0 percentage points to 24.7% [3] - The sports products segment emerged as a growth highlight, with revenue of HKD 2.934 billion, a significant increase of 26.9% year-on-year, representing 37.4% of total revenue, driven by a global sports trend and strong demand for sports bras [3] - The consumer electronics accessories segment, although smaller, saw robust growth with revenue of HKD 409 million, a substantial increase of 43.2% year-on-year, primarily driven by new product orders from core brand partners [3] Group 2: Operational Optimization - The company is advancing its smart transformation through vertical integration, intelligent management, automation, and localized supply chains to enhance production efficiency and cost control [4] - As of October 2024, the total output value from the Vietnam base accounted for 85% of total revenue, with approximately 31,900 employees in Vietnam compared to about 4,900 in mainland China [4] - The company's China operations generated revenue of HKD 1.966 billion in fiscal year 2025, a 4.4% increase year-on-year, with a net profit of HKD 85.6 million, benefiting from localized innovation and strong e-commerce performance [4] Group 3: Future Outlook - The company faces multiple challenges in fiscal year 2026 due to increased global market uncertainty from trade tariffs, leading to cautious order placements from brand partners [5] - The company is implementing cost-reduction measures across R&D, production, and operations to enhance organizational efficiency and effectiveness [5] - The company aims to leverage its leading Bonding technology to expand its successful cross-category initiatives from intimate apparel to sports and clothing segments, showcasing strong market potential [5]

Core Viewpoint - TCL Electronics announces a strong earnings forecast for the first half of 2025, projecting adjusted net profit to reach between HKD 950 million and HKD 1.08 billion, representing a significant year-on-year growth of 45% to 65% [1] Group 1: Performance and Growth - The expected high growth in earnings is attributed to improved product structure and quality growth in core business, alongside rapid growth in innovative business [2] - TCL's global TV shipments reached 13.46 million units in the first half of 2025, a year-on-year increase of 7.6%, maintaining its position as the second-largest TV manufacturer globally [3] - Mini LED TV shipments surged by 176.1% to 1.37 million units, making TCL the global leader in Mini LED TV shipments [3] Group 2: Market Position and Strategy - In the Chinese market, TCL's brand upgrade and technological innovation have led to a 10.2% year-on-year increase in shipments of mid-to-high-end TCL brand TVs [4] - TCL's Mini LED TVs achieved a retail volume of over 270,000 units during the 618 shopping festival, ranking first in the industry [4] - TCL's global supply chain and channel advantages have been reinforced, with significant retail volume rankings in various international markets [4] Group 3: Competitive Landscape - The global TV market is undergoing a restructuring phase, with Korean brands facing significant declines in profits, while TCL is capitalizing on this shift [6] - Samsung's video display division reported a 46% drop in Q2 operating profit, while LG Electronics is expected to incur substantial losses [6] - TCL's market share in the high-end TV segment has increased from 13% to 19%, while Samsung's share has decreased from 39% to 28% [7] Group 4: Technological Advancements - TCL's early investment in Mini LED technology has positioned it as a leader in the high-end TV market, with significant advancements in product offerings [9] - The company has developed innovative solutions to address Mini LED challenges, enhancing its market position and driving down prices [9] - TCL's vertical integration strategy has allowed it to convert technological advantages into competitive pricing, facilitating broader market penetration [10] Group 5: Future Outlook - The strong growth of TCL Electronics and the decline of Korean giants indicate a significant shift in the global TV industry value chain [11] - As TCL continues to leverage its technological and supply chain strengths, it is poised to redefine industry standards and capture greater market share in the high-end segment [11]

Core Viewpoint - SenseTime Group Limited has engaged in multiple placements of new Class B shares, raising significant capital while experiencing a reduction in net losses for the fiscal year ending December 31, 2024 [1][2][3]. Group 1: Share Placement Details - On July 24, 2023, the company announced a conditional agreement to issue a total of 1,666,667,000 new Class B shares at a subscription price of HKD 1.50 per share, amounting to approximately HKD 2,500 million [1]. - The company completed a share placement on December 17, 2024, successfully placing 1,865,000,000 shares at the same price of HKD 1.50, representing about 5.40% of the existing Class B shares prior to the placement [2]. - A previous placement on June 27, 2024, involved 1,673,446,000 shares sold at HKD 1.20 each, accounting for approximately 6.45% of the existing Class B shares before the placement [3]. Group 2: Financial Performance - For the fiscal year ending December 31, 2024, SenseTime reported revenues of RMB 3,772.1 million, reflecting a year-on-year increase of 10.8% [3]. - The net loss for the year was RMB 4,306.6 million, which represents a 33.7% reduction compared to the previous year [3]. - The total net proceeds from the three share placements amounted to approximately HKD 7,282 million [3]. Group 3: Historical Financial Data - The company's revenue figures for the past five years are as follows: - 2020: RMB 3,446.2 million - 2021: RMB 4,700.3 million - 2022: RMB 3,808.5 million - 2023: RMB 3,405.8 million - 2024: RMB 3,772.1 million [4]. - The gross profit for 2024 was RMB 1,619.7 million, with a notable decline in losses from continuing operations over the years [4].

Group 1 - Otsuka Medical Devices Co., Ltd. has agreed to sell approximately 291 million shares of MicroPort Medical to various buyers, including Shanghai Shenshi Capital and We'Tron Capital Limited, which represents 15.7% of MicroPort's total share capital [1] - Following the announcement, MicroPort's stock price surged, opening up 14.99% and closing with a 4.75% increase, giving it a market capitalization of approximately HKD 21.2 billion [1] - This transaction will reduce Otsuka's stake in MicroPort from 20.7% to 5%, marking the first time since 2004 that Otsuka will not be the largest shareholder [1] Group 2 - Otsuka's initial investment in MicroPort dates back to 2004 when it invested USD 18 million for a 40% stake, which has since appreciated significantly, yielding a return of nearly 31 times [2] - The current shareholder structure of MicroPort includes We'Tron Capital Limited and the Jinshan Foundation as the second and third largest shareholders, holding a combined 37.5% [2] - The fourth and fifth largest shareholders are Shanghai ZJ Hi-Tech Investment Corporation and Shanghai Zhangjiang Health Products Holdings, with a combined stake of 16.0% [2] Group 3 - The buyer, Shanghai Shenshi Capital, is a fund management platform fully controlled by the Shanghai State-owned Assets Supervision and Administration Commission, indicating renewed interest in the biopharmaceutical sector [3] - MicroPort has faced financial challenges, reporting net losses over the past five years, with losses of CNY 1.248 billion, 1.763 billion, 3.04 billion, 3.383 billion, and 1.539 billion from 2020 to 2024 [3] - Despite the losses, MicroPort's revenue has shown consistent growth, increasing from CNY 4.233 billion in 2020 to CNY 7.412 billion in 2024 [3]

可灵AI产品及运营负责人李杨表示，团队一直致力于通过基础模型的提升解决时长、连贯性、一致性 等问题。同时，为应对专业化的创作需求，可灵还在会上发布了全新创意工作台"灵动画布"。该功能集 无限可视化空间、AI创作辅助与多人实时协作为一体，可帮助用户将零散想法转化为文本图像或视频 节点，并高效串联成完整的视觉作品，提供流畅直观的创作体验。 此外，可灵 AI 视频的多图参考模型及功能重磅升级，经过盲测，新模型的效果比之前提升了整整 102%，尤其是在角色、主体和场景一致性、动态质量、画风保持等方面显著提升。今年 1 月，可灵 AI 正式发布了"多图参考"功能，可理解和整合多个图片中的不同角色/主体/场景，并依据用户提示词，创 作更符合需求的融合视频，解决 AI 视频生成中的一致性难题。 推出灵动画布 可灵AI自上线以来，不断迭代，自上线以来已经迭代升级30余次。在本次WAIC上，可灵AI还重磅发布 了全新的多图参考、灵动画布等功能。其中，升级后的多图参考，在角色、主体和场景一致性、动态质 量、画风保持等方面显著提升；灵动画布功能则于7月27日正式开启邀测，作为全新的创意工作台，集 无限可视化空间、智能创作辅助与多人 ...

7月28日，长和集团盘前发布公告，计划邀请来自中国内地的主要策略投资人加入，成为财团的重要成 员。为使得交易能够获得相关监管机构和部门的批准，财团的成员以及交易架构，需要进行变更。集团 预留充分的时间进行相关讨论，以达成新的安排。 长和出售43个港口业务交易再有新进展。 在7月18日外交部例行记者会上，有外媒记者对此进行提问，外交部发言人林剑回应，"暂不掌握其所说 的消息，关于长和出售海外港口资产，中国国家市场监督管理总局已表示将依法进行审查，保护市场公 平竞争。" 公告中提到，今年3月4日公告中提到的，与一家财团之间的独家磋商期已届满。 这意味着，当时计划以190亿美元将港口出售给贝莱德集团的独家磋商期，已经结束。 在此次公告中，长和再度强调，在没有获得所有相关监管机构及部门批准前，公司将不会进行任何交 易。 随着公告的发布，长和股价也引发剧烈震荡，开盘后股价直线拉伸后又一字下跌，之后股价再度攀升至 54.4港元/股的价位，市值一度超过2083亿港元。但之后股价再度下行，截止11:15，股价为53港元/股， 跌幅0.84%。 早前根据外媒消息称，央企中远海运集团正在谈判投资寻求进入贝莱德与地中海航运牵头的财 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the Hong Kong innovative drug sector, with specific stocks like China Biologic Products leading the gains [1][5] - China Biologic Products' subsidiary, Lixin Pharmaceutical, received FDA approval for its innovative drug LM-350 "CDH17ADC," indicating significant potential for future growth [2][3] - The Hong Kong Stock Connect Innovative Drug ETF (520880) has shown a year-to-date increase of 58.95%, outperforming other indices significantly [5][6] Group 2 - Analysts from Zhongyin International expect China Biologic Products to have 1 to 2 licensing deals become more visible, reflecting the company's growth potential in the global market [3] - Huachuang Securities noted that China Biologic Products is innovating across four major fields: oncology, respiratory diseases, liver diseases, and surgical/pain management, which could lead to a second growth curve starting in 2025 [3] - The Hong Kong Stock Connect Innovative Drug ETF passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which focuses on the innovative drug industry chain, with the top ten constituent stocks accounting for 75.85% of the index weight [3][4]