对于名创优品，高盛指其估值在第二季业绩超预期后，回升至预测2025年市盈率高十位数(约16倍至19 倍)，这为市场带来更多信心，但认为相较成长展望仍不高。其新推出的自家IP是管理层及投资者关注 焦点。 高盛予泡泡玛特目标价350港元，维持"中性"评级。高盛上调名创优品的12个月目标价，美股从25.3美 元上调至29美元，港股目标价从49港元上调至56港元，维持"买入"评级。 高盛发表研究报告指，泡泡玛特披露上半年业绩后，强劲展望带动股价上升，随后出现波动，认为这反 映了对高频数据放缓的情绪波动，尤其是二手市场价格，认为此修正更多与公司增加货币化相关——例 如，第一批迷你Labubu的释出量明显高于前一系列，这支持盈利增长。高盛相信，强劲盈利仍将为估 值提供一些支持。 ...

9月12日，阿里巴巴(09988)通义发布下一代基础模型架构Qwen3-Next，并开源了基于该架构的Qwen3- Next-80B-A3B系列模型。该模型包含两个版本：更擅长理解和执行指令的指令(Insctruct)模型，以及更 擅长多步推理和深度思考的推理(Thinking)模型。 据介绍，相比Qwen3的MoE(混合专家)模型结构，Qwen3-Next进行了以下核心改进：混合注意力机制、 高稀疏度MoE结构、一系列训练稳定友好的优化，以及提升推理效率的多token预测机制(简称MTP， Multiple-Token Prediction)。 具体表现方面，新模型总参数80B仅激活3B，性能可媲美千问3旗舰版235B模型，模型计算效率大幅提 升。Qwen3-Next训练成本较密集模型Qwen3-32B大降超90%，长文本推理吞吐量提升10倍以上，并可支 持百万Tokens(文本处理的最小单位)超长上下文。 阿里巴巴通义团队指出，高稀疏MoE架构是Qwen3-Next面向下一代模型的最新探索。当前，MoE是主 流大模型都采用的架构，通过激活大参数中的小部分专家完成推理任务。此前，Qwen3系列的MoE专家 ...

(本文来自第一财经) 港股巨星传奇盘中持续走高，涨幅扩大至20%。报道称，巨星传奇和宇树科技共同打造的"巨星狗"将在 上海首次公开亮相。 ...

(本文来自第一财经) 港股科技股持续走高，百度集团涨幅扩大至逾11%，报118.8港元，阿里巴巴现涨6.3%。 ...

9月12日，脑动极光(06681.HK)涨超50%，高见9.47港元创上市新高。截至发稿，涨50.44%，报8.52港 元，成交额5.79亿港元。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Brainstorm Aurora (06681), which rose over 50% to reach a new high of 9.47 HKD following its inclusion in the Hong Kong Stock Connect program effective September 8, 2025 [1] - As of the report, the stock was trading at 8.52 HKD with a trading volume of 579 million HKD, reflecting strong market interest [1] - The company reported a revenue of 100 million HKD for the first half of 2025, representing a year-on-year increase of 92.82% [1] Group 2 - The company has made significant advancements in its core pipeline in research and clinical trials, achieving commercialization for eight indications across four major types of cognitive disorders [1] - Additionally, the company is actively developing treatments for other cognitive disorder indications [1] - The company is pushing for innovation and application of AI in the medical field, having developed a proprietary medical large model, BrainAuGPT, which received a national invention patent for its novel training task combination method based on GBR second-order knowledge representation [1]

Core Viewpoint - The collaboration between Giant Star Legend and Yushu Technology to launch the "Giant Star Dog" represents a significant integration of celebrity IP, trendy toys, and technology, showcasing a new consumer-grade robot product with companionship and social attributes [1] Group 1: Company Collaboration - Giant Star Legend and Yushu Technology have formed a strategic partnership for global commercialization in the robotics sector, focusing on creating consumer-grade robots with strong IP characteristics [1] - The partnership will leverage not only the artist resources under Giant Star Legend but also extend to a broader range of artists to explore IP collaboration opportunities [1] Group 2: Market Reaction - On September 12, Giant Star Legend's stock price surged over 20% in early trading, closing at 12.55 HKD per share, reflecting a gain of over 13% [1]

智通财经APP获悉，脑动极光(06681)涨超50%，高见9.47港元创上市新高。截至发稿，涨50.44%，报 8.52港元，成交额5.79亿港元。 消息面上，沪深交易所发布公告，调整港股通标的证券名单，其中，脑动极光获纳入港股通，2025年9 月8日起生效。公司此前发布的2025年中期业绩显示，期内集团取得收入1亿元，同比增加92.82% 公司指出，今年上半年核心管线在科研及临床试验方面取得重大进展，核心产品已就四种主要类型认知 障碍的八种适应症实现商业化，并正就其他几种认知障碍适应症进行开发。另外，公司还不断推动AI 在医疗领域的创新和应用，自主研发的医疗大模型BrainAuGPT，首次提出的基于GBR二阶知识表达的 大语言模型的训练任务组合推荐方法获得国家发明专利授权。 ...

Core Viewpoint - 瑞声科技's mid-year performance report for 2025 shows significant revenue growth, driven by the optical business and improved profitability [1] Revenue Growth - 瑞声科技 reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase [1] - The optical business, specifically辰瑞光学, generated revenue of RMB 2.65 billion, reflecting a 19.7% year-on-year growth [1] - The optical business has seen a compound annual growth rate (CAGR) of over 36% since its strategic focus began in 2019, with revenue increasing from RMB 1.07 billion in 2019 to RMB 5 billion in 2024 [1] High-End Strategy and Operational Efficiency - 瑞声科技's strategy to enhance the high-end segment and improve operational efficiency has led to increased shipment volumes and average selling prices (ASP) for plastic lenses and optical modules [3] - The shipment proportion of 6P and above plastic lenses exceeded 18% in the first half of the year, up from 10% in the first half of 2023 [3] - The gross margin for plastic lenses doubled to 16.7% in the first half of 2024, with improvements exceeding 10 percentage points year-on-year [3] Optical Module Performance - The optical module segment benefited from rapid shipments of mid-to-high specification products, achieving over 20% year-on-year revenue growth [4] - The shipment proportion of modules with 32M pixels or more reached over 34%, an increase of more than 3 percentage points year-on-year [4] - Sales of OIS modules exceeded RMB 800 million, with a year-on-year growth of nearly 150% [4] Unique WLG Product Development - 瑞声科技's WLG product has achieved significant breakthroughs, supporting high-end flagship models with unique production capabilities [5] - The expected shipment volume of WLG lenses in 2025 is projected to exceed 10 million units, representing a growth of over 50% year-on-year [7] - The yield rate for WLG technology has reached over 80%, indicating profitability for single lens production, with potential gross margins surpassing those of plastic lenses as production scales up [7]

早在今年7月，巨星传奇宣布与宇树科技达成战略合作，将共同打造具较强IP属性的消费级机械人产 品。双方的合作范围不仅涵盖巨星传奇旗下艺人资源，更会延伸至广泛的艺人以拓展IP合作机会。 智通财经APP获悉，据媒体报道，巨星传奇(06683)和宇树科技共同打造的"巨星狗"，将于9月13日在上 海旅游节开幕式花车巡游首次公开亮相。报道指，"巨星狗"是明星IP、潮玩、科技的融合体，具备陪伴 功能与社交属性。 在合作模式上，巨星传奇将负责合作产品核心的IP规划、设计、AI交互及全球化营销策略,，宇树科技 则负责技术、硬件研发及生产，双方共同负责合作产品的推广与渠道销售。 巨星传奇当时称，与宇树科技互为全球范围内的战略合作伙伴，会率先在具备陪伴功能与社交属性的四 足机械狗、机械人领域展开合作，涵盖开发与商业化应用。 ...