每经编辑｜张喜威 王晓波 U 商务部定于9月25日下午3时举行新闻 介绍近期商务领域遭点工作有关情况 < 2 第四届全球数字贸易博览会将于9月2 日在浙江杭州举办 3 9月25日晚7点，雷军年度演讲《改变 发布小米17系列 4 欧元区8月M3货币供应数据将公布 5 美国9月20日当周首次申请失业救济/ 商品贸易帐等数据将公布 1 李强会见欧盟委员会主席冯德莱恩 当地时间9月24日，国务院总理李强在纽约会见欧盟委员会主席冯德莱恩。李强表示，希望欧方同中方一道拿出实际行动，增进互信、以诚相待、重信守 诺，坚持求同存异，从大处着眼，寻求利益契合点，找到最大公约数，推动中欧合作不断深化发展，更好造福双方人民。希望欧方履行保持贸易和投资市场 开放的承诺，坚持公平竞争和世贸组织规则，避免将经贸问题泛政治化、泛安全化。冯德莱恩表示，欧方愿同中方积极落实今年中欧领导人会晤共识，通过 对话协商妥善解决分歧，在贸易投资、环境保护、发展援助等领域取得新的合作成果。（新华社） 2 隔夜市场 美股三大指数集体收跌，道指跌0.37%，纳指跌0.33%，标普500指数跌0.28%，热门科技股涨跌不一，英特尔涨超6%，消息称英特尔正寻求苹果 ...

中国资产集体爆发。 今晚，美股开盘后，中国资产全线走强，纳斯达克中国金龙指数大涨近4%，两倍做多中国互联网股票ETF暴 涨超6%。热门中概股普涨，阿里巴巴暴涨超10%。 目前外资机构对中国资产的关注度持续升温。其中，华尔街明星基金经理凯茜·伍德近日豪掷2100万美元买入 阿里巴巴等中概股。摩根士丹利在最新发布的报告中指出，持续看好阿里巴巴作为中国最佳AI赋能者的地 位。 与此同时，美国财长贝森特的最新讲话也引发市场关注。他表示，对美联储主席鲍威尔尚未暗示利率目标感到 惊讶，鲍威尔本应释放降息100～150个基点的信号。 中国资产大涨 北京时间9月24日晚间，美股开盘后，中国资产集体大涨，截至22:30，纳斯达克中国金龙指数大涨3.74%，两 倍做多中国互联网股票ETF暴涨超6%，三倍做多富时中国ETF大涨超4%，中国海外互联网ETF涨超3%，中国 科技ETF涨超2%。 其中，阿里巴巴暴涨超10%，创2021年10月以来的最高水平，此前公司宣布资本开支会在3800亿元基础上增加 更多投入，并与英伟达开展Physical AI合作。受此消息刺激，今日亚洲交易时段，阿里巴巴港股大幅收涨 9.16%。 另外，美国矿业 ...

当外界还在讨论AGI（通用人工智能）的实现路径时，阿里集团董事兼CEO、阿里云智能集团董事长兼CEO吴泳铭在9月24日提出了一个新概念：超级人工 智能（ASI）。 每年，阿里云都会在云栖大会上描述定位、分享观察、展示能力。2025年的这套组合拳更显强势，目标也更宏大。这种变化很微妙，并不起于当天的演讲和 愿景，而来自于2025年初阿里提出的三年投入3800亿元建设云和AI基础设施的决心、云计算在阿里集团日益提升的地位，以及集团押注未来技术革命承担 的风险。 当天，阿里通义千问大模型七连发，覆盖文本、编程、视觉理解、语音识别等垂直领域；百炼升级了7种企业级Agent（智能体）能力；阿里云发布新一代磐 久128超节点AI服务器。产品层面，阿里云从AI模型、Agent（智能体）开发、AI基础设施三个方面向AI时代的安卓看齐。单论云栖大会第一天的效果，按 当天港股收盘时计算，阿里股价涨了近10%，截至北京商报记者发稿，阿里在美股股价上涨7.71%。 1 . ri i r program CHILACA THE 他还将通往ASI的路线分成三个阶段：智能涌现、自主行动、自我迭代，把当下所处的阶段对标到第二阶段，也就是AI ...

Group 1 - Gold prices reached a new high due to geopolitical tensions and market bets on accelerated interest rate cuts by the Federal Reserve, with spot gold rising 0.9% to $3,778.54 per ounce and hitting an intraday high of $3,790.82 [1] - The Federal Reserve Chair Jerome Powell indicated that inflation risks remain, and the job market has not shown significant improvement, but did not provide clear signals regarding the interest rate path [1] - Gold has performed exceptionally well this year, with prices soaring 44%, while silver, platinum, and palladium have also seen significant increases of 53%, 60%, and 33% respectively, all outperforming Bitcoin, which has only risen over 20% [1] Group 2 - The U.S. stock market experienced a pullback after a strong rally, with technology stocks leading the decline, particularly in the S&P 500 and Nasdaq indices, reflecting investor caution regarding high valuations and upcoming signals from the Federal Reserve [4] - European stock markets rebounded, with major indices like DAX and CAC 40 showing gains, indicating improved investor sentiment, while the UK’s FTSE 100 index saw a slight decline due to local factors [4] - The volatility index (VIX) increased slightly, and the U.S. 10-year Treasury yield decreased, while WTI crude oil prices rose due to concerns over oil supply, and gold prices remained high amid inflation risk considerations [5]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **smart vehicle industry**, which is seen as a revolutionary terminal in the physical world, similar to how PCs and mobile devices transformed the digital landscape [2][35]. Core Insights and Arguments - **Investment Strategy**: Investment should encompass the entire smart vehicle industry chain, including upstream technology suppliers, midstream supply chains, and downstream brand merchants. This approach is expected to yield investment opportunities that surpass those seen in the PC and mobile internet eras [1][6]. - **Revenue Generation**: The revenue potential of smart vehicles is tied to their ability to replace human tasks, particularly in applications like Robot Taxi, which has a higher revenue ceiling compared to traditional models [5][8]. - **Valuation Methodology**: Traditional valuation methods based on hardware penetration rates or internet traffic do not apply to smart vehicles. Instead, a focus on software revenue models and the complexity of tasks completed by smart agents is necessary [3][4][24]. - **Profit Distribution**: The smart vehicle industry follows a "smile curve" in profit distribution, where core technology hardware and software platforms yield higher profit margins (15%-30%), while midstream manufacturing and downstream distribution have lower margins (around 5%) [3][24]. Key Companies and Investment Opportunities - **Software Companies**: Notable software companies include: - Vertical integration models like Tesla and Xpeng Motors - Core algorithm providers such as Horizon Robotics and Baidu - Traditional taxi and ride-hailing companies like Didi, which are transitioning to smart vehicle models [9][10]. - **Hardware Companies**: Investment should focus on: - Vehicle manufacturing (e.g., BAIC, GAC, SAIC) - Upstream components like chips, domain controllers, sensors, and control chassis [10][11]. Market Dynamics and Future Trends - **Consumer Adoption**: The C-end market for smart vehicles is expected to see explosive growth around 2027, driven by consumer education through B-end experiences [13][41]. - **Robot Taxi as a Key Application**: Robot Taxi is highlighted as the most significant application scenario due to its high revenue potential. Investment should prioritize software companies over hardware companies [8][37]. - **Impact on Traditional Markets**: Smart vehicles may replace a portion of private cars, expanding the market space for smart vehicles. The focus should shift from traditional user metrics to unit revenue capabilities and software development opportunities [42][43]. Additional Considerations - **Historical Context**: The lessons from the PC era's internet bubble highlight the importance of understanding user metrics and revenue models in evaluating smart vehicle companies [25][38]. - **Technological Evolution**: The transition from electric vehicles to smart vehicles requires a shift in investment focus, emphasizing the need for companies to adapt quickly to the evolving landscape [7][29]. This summary encapsulates the critical insights and strategic directions discussed in the conference call regarding the smart vehicle industry and its investment landscape.

Core Viewpoint - The Hong Kong stock market experienced a significant rebound with major indices showing strong upward trends, indicating a revival in market sentiment after a period of adjustment [1] Market Performance - The Hang Seng Technology Index rose by 2.53%, leading the gains, while the Hang Seng Index increased by 1.37%, reclaiming the 26,500-point mark, and the National Enterprises Index climbed by 1.64% [1] Sector Highlights - Major technology stocks drove the market higher, with Alibaba surging over 9% following the announcement of a collaboration with Nvidia on Physical AI [1] - Other notable gainers included Kuaishou and JD.com, both rising nearly 4%, Xiaomi up 2.6%, Tencent increasing by 2%, and Meituan gaining over 1% [1] - Semiconductor stocks remained strong due to price increases and domestic production drives, with SMIC reaching a new historical high during the trading session [1] - AI concept stocks and application software stocks also showed active performance, alongside gains in military, home appliance, photovoltaic, gaming, and lithium battery sectors [1] Underperforming Sectors - Conversely, cryptocurrency-related stocks and biopharmaceutical stocks experienced notable declines, with paper, heavy machinery, gold, building materials, and coal sectors also showing collective weakness [1] - Additionally, over 20 stocks in the market recorded declines of more than 10% [1]

沸腾！阿里股价创4年新高。 9月24日2025云栖大会上，阿里巴巴正式推出其迄今为止规模最大、能力最强的模型Qwen3-Max。 阿里巴巴今年成为市场大牛股，股价狂飙！港股涨超115%，美股涨96.98%。 时隔4年，华尔街大佬更是再度建仓阿里巴巴等中国资产。 有"科技女股神"之称、方舟投资行政总裁伍德重新开仓买入阿里巴巴，这是4年来首次。 伍德因创立方舟投资(ARK)而闻名，其高度透明的投资策略和对科技股的执着，被誉为"女版巴菲特"。 ARK交易报告显示，旗下两个交易所买卖基金(ETF)周一(9月22日)共同购入阿里巴巴美国存托凭证股份 (ADR)，总值约1630万美元。 木头姐旗下ARK对阿里巴巴的投资可追溯到2014年该公司在美国IPO期间。 根据美国证券交易委员会数据显示，ARK一直持续投资阿里巴巴，直到2021年9月停止。 之后SEC记录显示ARK没有与阿里巴巴相关的投资或代理投票记录，这一沉寂期持续了四年。 时隔4年，木头姐重新建仓阿里巴巴，市场猜测其可能正在重新评估中国科技公司的价值。 此外，阿里巴巴推进3800亿AI基础设施建设。 阿里集团董事兼首席执行官吴泳铭表示，大模型是下一代操作系统，而 ...

Core Insights - The STAR Market is experiencing significant inflows, with the STAR Composite Index ETF (Huitianfu 589080) rising by 3.13% and the STAR 100 ETF (Huitianfu 589980) increasing by 3.46% as of September 24 [1][4] - The STAR 100 ETF has seen strong capital inflows for nine consecutive days, accumulating nearly 200 million yuan in the last ten days [1] - The STAR Market has surpassed 100 ETFs, with a total management scale nearing 300 billion yuan, making it the highest proportion of index investment in A-shares [4] Industry Performance - The STAR Composite Index (000680) rose by 3.60%, with notable individual stock performances including Weidao Nano (688147) and Shenkong Co. (688233), both up by 20.01% [3] - The STAR 100 Index (000698) also saw a strong increase of 3.57%, with stocks like Weidao Nano (688147) and Jiewate (688141) rising by 20.01% and 18.23% respectively [4] - The semiconductor sector is experiencing a surge, driven by multiple favorable factors, including advancements in chip technology and increased domestic production [5] Market Trends - The market is witnessing a shift towards technology companies, with over 90% of new listings being tech-related, and the market capitalization of tech firms now exceeding 25% of the total A-share market [4] - By the end of the "13th Five-Year Plan," the number of top 50 companies in terms of market capitalization that are tech firms increased from 18 to 24 [4] - The semiconductor industry is expected to see continued investment growth, with projections indicating a 6% increase in domestic equipment market share by 2026 [5]

Group 1 - The Hong Kong stock market indices collectively rose, with the Hang Seng Technology Index continuing its upward trend, driven by strong performance in the semiconductor and electric equipment sectors, as well as a broad increase in tech stocks [1] - Alibaba, a major component of the Hang Seng Technology Index, saw its stock price increase by over 6%, contributing to the index's rise of more than 1.5% [1] - The 2025 Yunqi Conference in Hangzhou highlighted Alibaba Cloud's advancements, with over 300 open-source models released and more than 600 million downloads of these models [1] Group 2 - According to Zheshang Securities, Hong Kong internet companies can be categorized into two types based on AI advancements: those focusing on general large models and cloud computing (e.g., Alibaba, Baidu, Tencent) and those targeting vertical applications (e.g., Meitu, Kuaishou) [2] - Alibaba launched Qwen3-Max, its largest and most capable model to date, while Kuaishou upgraded its AI model to enhance video generation and text understanding [2] - With Alibaba being the largest weighted stock in the Hang Seng Technology Index at 8.79%, the index is expected to experience a valuation reconstruction driven by AI developments and potential inflows from southbound capital as the Federal Reserve may restart interest rate cuts [2]

Core Viewpoint - The Hong Kong technology stocks are experiencing a significant rally, driven by strong performances in the semiconductor sector and positive developments from major companies like Alibaba and TSMC [1] Group 1: Market Performance - The Hang Seng Technology Index rose by 1.61%, with Alibaba increasing by 6.65%, reaching a nearly four-year high [1] - Semiconductor stocks such as SMIC and Hua Hong Semiconductor surged over 5%, contributing to the overall market momentum [1] - The Southbound Technology ETF (159269) and Hong Kong Technology ETF (159747) saw increases of 1.69% and 1.5%, respectively [1] Group 2: Company Developments - Alibaba's CEO, Wu Yongming, introduced the concept of "super artificial intelligence" at the 2025 Yunqi Conference and announced plans to invest 380 billion in AI infrastructure [1] - Cathie Wood, known as the "tech goddess," re-entered Alibaba by purchasing approximately 16.3 million USD worth of Alibaba ADRs through her ETFs [1] Group 3: Semiconductor Industry Insights - The semiconductor supply chain is experiencing a boom, with memory chip prices rising and TSMC reportedly increasing prices for its last 3nm CPU process [1] - Shanghai Micro Electronics showcased new equipment, and Changchun Technology's third-quarter report showed significant positive forecasts, boosting market sentiment [1] Group 4: ETF Performance - The Southbound Technology ETF (159269) has seen a net inflow of over 1.16 billion since July 25, with a total size of 1.38 billion, marking a 95.74% increase in just two months [1] - The ETF has the lowest management and custody fees in its category, at 0.3% and 0.05%, respectively [1]