Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing a strong recovery, driven by economic stimulus policies and the rise of AI companies like DeepSeek, which has rekindled global investor interest [1][3] - From January to September, over 60 companies have listed in Hong Kong, raising a total of 182.9 billion HKD, making it the top global market for fundraising [1] - Currently, there are approximately 300 listing applications being processed by the Hong Kong Stock Exchange, with half of them coming from new economy sectors such as electric vehicles, renewable energy, AI, and biotechnology [1] Group 2 - The mutual market access mechanisms, including the Stock Connect programs, have significantly contributed to the prosperity of both Hong Kong and mainland markets since their launch in 2014 [2] - The Hong Kong Stock Exchange plans to diversify its product offerings beyond stocks and IPOs to include fixed income and commodities, reinforcing its role as a "super connector" [2]

Core Viewpoint - The article emphasizes the importance of entrepreneurial spirit in driving economic transformation and innovation, highlighting its role in fostering new productive forces through technological advancements and high-quality development [1][3]. Group 1: Entrepreneurial Spirit - Entrepreneurial spirit is defined as the ability to create value through creative destruction, characterized by innovation, risk-taking, resilience, and social responsibility [2][3]. - The Chinese context of entrepreneurial spirit includes not only Western traits like insight and dedication but also a sense of national pride and social responsibility [2][3]. - The Chinese government encourages entrepreneurs to enhance their capabilities in patriotism, innovation, integrity, and social responsibility to contribute to high-quality development [2][3]. Group 2: New Productive Forces - New productive forces are cultivated through technological innovation, focusing on digitalization, intelligence, and sustainability [3][4]. - The development of new productive forces relies on the support of entrepreneurial spirit, particularly in innovation and breakthroughs in key technologies [3][4]. - The synergy between technological breakthroughs and entrepreneurial spirit is crucial for achieving economic and social value growth [3][4]. Group 3: Innovation and Risk - Innovation is driven by high-end resources such as talent, technology, and financial support, which are essential for market competitiveness [4][5]. - Entrepreneurs act as organizers of high-end innovation resources, leveraging their strategic vision and management skills to create superior products [4][5]. - Risk-taking is essential for entrepreneurs to identify and seize opportunities in rapidly changing markets, as demonstrated by successful companies like Huawei and ByteDance [5][6]. Group 4: Resilience and Social Responsibility - Resilience is vital for overcoming challenges in developing key technologies, with entrepreneurs playing a crucial role in navigating setbacks [6][7]. - Companies like Alibaba have shown that sustained investment in core technology can lead to significant breakthroughs despite initial losses [6][7]. - The social responsibility aspect of entrepreneurial spirit encourages companies to engage in sustainable practices, contributing to environmental and social governance (ESG) initiatives [7][8].

Core Viewpoint - DeepSeek has introduced a new model, DeepSeek-OCR, which significantly reduces the number of tokens required to store and process information by utilizing images as memory carriers instead of relying solely on text tokens [3][6][12]. Group 1: Model Capabilities - DeepSeek-OCR can store nearly the same amount of information using only one-tenth of the tokens compared to traditional models [40][41]. - In tests, DeepSeek-OCR achieved superior performance, using only 100 visual tokens to surpass the 256 tokens required by GOT-OCR 2.0, and less than 800 visual tokens to outperform MinerU 2.0, which typically requires over 6000 tokens [13][14]. - The model supports various resolutions and compression modes, allowing it to adapt to different document complexities, such as using only 64 visual tokens for simple documents [18][21]. Group 2: Data Collection and Utilization - DeepSeek-OCR can capture previously uncollected data from two-dimensional information, such as graphs and images in academic papers, which traditional models could not interpret [32][33]. - The model can generate over 200,000 pages of training data in a day on an A100 GPU, indicating its efficiency in data collection [35]. Group 3: Resource Efficiency - By using images for memory, DeepSeek-OCR reduces the computational load, allowing for a significant decrease in token usage without sacrificing performance [40][41]. - The model can maintain 96.5% accuracy while using only one-tenth of the original token count, demonstrating its effectiveness in resource management [41][42]. Group 4: Open Source and Community Contributions - The development of DeepSeek-OCR is a collaborative effort, utilizing various open-source resources, including Huawei's Wukong dataset and Meta's SAM for image feature extraction [51][53]. - The integration of multiple open-source models has enabled DeepSeek to create an AI capable of "thinking in images," showcasing the power of community-driven innovation [53].

Report Industry Investment Rating - The report does not mention the industry investment rating. Core Viewpoints - High - growth trends are expected for Chinese stocks in the future, and a structural shift of Chinese capital towards stocks may have begun [2]. - The global economy is entering the top - end area due to the continuous wrong policies in the US [2]. Summary by Related Information Macroeconomic and Financial Information - US 9 - month CPI increased 3% year - on - year, below expectations; core inflation rose 0.2% month - on - month, the slowest in three months and lower than the expected 0.3%. Service inflation in September slowed to its weakest level since November 2021 [1]. - US October Markit manufacturing and service PMI climbed, better than expected. Business activities expanded at the second - fastest pace this year, driven by order growth, while companies were more restrained in pricing [1]. - JP Morgan and MUFG are leading multiple banks to launch a $38 billion debt issuance for an Oracle - related data center project, the largest AI infrastructure financing deal [1]. - US Energy Secretary Wright urged FERC to limit data center grid connection approval time to 60 days, which may cause concerns about rising electricity prices [1]. - NVIDIA will use Uber - collected driving data to post - train its Cosmos World base model [1]. - Amazon is launching a new AI tool "Help Me Decide" for US consumers [1]. - Data from US Bank, ADP, and Carlyle Group confirm rising unemployment. Goldman Sachs attributes the slowdown of about 100,000 in employment growth to three reasons [1]. - Japan's September core CPI rose 2.9% year - on - year, exceeding the central bank's 2% target for three years. Most analysts expect the next interest rate hike to be postponed to January next year [1]. - JP Morgan and US Bank strategists expect the Fed to stop shrinking its $6.6 trillion balance sheet at the October FOMC meeting [2]. Global Economic Logic - Goldman Sachs expects more sustained upward trends for Chinese stocks in the future, and a structural shift of Chinese capital towards stocks may have started [2]. - Traders are increasing bets on at least one 50 - basis - point Fed rate cut in the upcoming meetings [2]. - Goldman Sachs believes that although AI infrastructure investment has reached a new high in nominal terms, the current US AI investment accounts for less than 1% of GDP [2]. - Meta and Blue Owl are raising $27 billion through private bonds to build data centers [2]. - DeepSeek launched a revolutionary OCR model to solve the computing power problem of AI in processing long documents [2]. - An Apollo executive warns of a huge gap between AI's energy demand and global power supply [2].

Core Insights - The article discusses the rapid growth of data usage in AI models, particularly highlighting the performance of various models in terms of token usage and their respective developers [1][3]. Group 1: AI Model Performance - Grok Code Fast leads with 1.25 trillion tokens, showing a 16% increase by x-ai [3] - Claude Sonnet 4.5 follows with 527 billion tokens, achieving a 15% increase by anthropic [3] - Gemini 2.5 Flash has 298 billion tokens, with a significant 43% increase by google [3] - DeepSeek V3 0324 has 110 billion tokens, with a notable 44% increase by deepseek [3] - The performance of Gemini 2.5 Pro is also highlighted with 168 billion tokens, showing a 110% increase by google [3] Group 2: Industry Trends - The article indicates that computational power is expected to continue growing, particularly with companies like TSMC and MediaTek [5] - There is an ongoing tracking of major companies' financial reports, indicating a busy period for industry analysis [5]

DeepSeek, a Chinese software firm, surprised the world when releasing an AI model that was competitive with Western rivals, using a fraction of the computing power. Now China’s chipmakers are trying to do the same https://t.co/Mgz3pOtLPu ...

Investment Rating - The report maintains an "Accumulate" rating for the media industry [7] Core Views - The media sector saw a 4.20% increase during the week of October 20-24, driven by rebounds in gaming and themes related to animation and drama [12][20] - The report highlights optimism in the gaming sector and anticipates a turnaround in the film and television sector due to new policy drivers [1][20] - AI applications are emphasized, particularly those that can realize data monetization, with a focus on AI companionship, education, and toys [1] - The report also notes the importance of IP monetization, particularly for companies with IP advantages and full industry chain potential [1] Summary by Sections Market Overview - The media sector's performance was strong, with a 4.20% increase, while the top three performing sectors were telecommunications (11.56%), electronics (8.11%), and machinery (4.80%) [12][14] - The report identifies key stocks in various sub-sectors, including gaming, film, IP, AI, and education [20] Sub-sector Insights - **Gaming**: Key companies to watch include ST Huatuo, Giant Network, and Jiubite [20] - **Film**: Focus on Mango Super Media, Huace Film, and Huanrui Century [20] - **IP**: Companies like Chuangyuan Co., Shanghai Film, and Huali Technology are highlighted [20] - **AI**: Notable companies include Doushen Education, Shengtian Network, and Visual China [20] - **Education**: Key players include Xueda Education and Fenbi [20] Key Events Review - The report discusses the Chinese government's emphasis on accelerating AI and digital technology innovation as part of the 14th Five-Year Plan [3][22] - OpenAI's launch of the AI-driven browser ChatGPT Atlas is noted, which competes directly with Google Chrome [4][22] - The report mentions the release of DeepSeek's new OCR model, which addresses computational bottlenecks in processing long texts [5][22] Sub-sector Data Tracking - The report provides insights into the gaming market, noting a total sales revenue of 880.26 billion yuan for Q3 2025, with a 6.96% quarter-on-quarter increase [22] - The film market's total box office for the week of October 18-24 was 205 million yuan, with "Wang Wang Life" leading the box office [27][28] - The report tracks the performance of various TV series and variety shows, highlighting the top performers in terms of viewership [30][31]

Core Viewpoint - DeepSeek has introduced a new model, DeepSeek-OCR, which utilizes images to store information instead of relying solely on text tokens, significantly improving data compression and model efficiency [5][11][26]. Group 1: Model Functionality - DeepSeek-OCR can convert large amounts of text into images, serving as a memory carrier for AI, which allows for more efficient data storage [9][14]. - The model demonstrates superior performance by using fewer visual tokens compared to traditional models, achieving better results with less resource consumption [11][26]. - In tests, DeepSeek-OCR used only 100 visual tokens to outperform GOT-OCR 2.0, which required 256 tokens, and it achieved results with less than 800 visual tokens compared to over 6000 tokens for MinerU 2.0 [11][14]. Group 2: Data Collection and Utilization - The model can capture previously uncollected data from two-dimensional information, such as graphs and images in academic papers, which traditional models could not interpret [22][24]. - DeepSeek-OCR can generate over 200,000 pages of training data in a day on an A100 GPU, indicating its potential to enhance the training datasets for future models [24]. - The model's ability to remember the position of images and surrounding text allows for a more comprehensive understanding of the data [18][22]. Group 3: Resource Efficiency - By using image-based memory, DeepSeek-OCR can reduce the number of tokens required to one-tenth of the original, while maintaining a high accuracy rate of 96.5% [26][27]. - The model's design allows for dynamic adjustments in token usage based on the complexity of the document, optimizing resource allocation [14][15]. - The research indicates that even with a 20-fold compression, the model can retain around 60% accuracy, showcasing its robustness [27]. Group 4: Open Source Collaboration - DeepSeek-OCR is an open-source project that integrates contributions from various global open-source communities, utilizing datasets and models from companies like Huawei, Baidu, Meta, and OpenAI [32][34]. - This collaborative effort has resulted in a model capable of "thinking in images," highlighting the importance of community-driven innovation in AI development [34].

Core Insights - The AI landscape in 2025 is characterized by a strong sense of division, moving from a "Warring States" era to a clear bifurcation of narratives: one focused on performance enhancement and the other on cost reduction [2][3] Group 1: Performance vs. Cost - The "upward" narrative is led by industry giants like Alibaba, with their Qwen3-Max model achieving top rankings in various benchmarks, showcasing a commitment to scaling and performance [3][9] - The "downward" narrative is driven by emerging tech companies like DeepSeek, which has significantly reduced API prices by over 50%, indicating a shift towards cost efficiency through technological breakthroughs [3][12] - This dual narrative reflects a broader conflict between maximizing performance and minimizing costs, reshaping the commercial logic of AI [4][10] Group 2: The Scale vs. Efficiency Debate - AI giants are heavily invested in the "Scaling Law," with Qwen3-Max exemplifying the belief that larger models yield better performance, despite the high costs associated with training and inference [10][11] - Conversely, the rise of open-source models presents a challenge to the commercial viability of expensive proprietary models, as developers may prefer free alternatives [11][12] - The competition is evolving from a focus on sheer scale to one that emphasizes algorithmic efficiency and cost-effectiveness, marking a transition to a new phase in AI development [16][20] Group 3: Market Dynamics and Implications - The significant price gap created by high-end models versus cost-effective alternatives is a central tension in the AI industry, impacting the fortunes of small and medium enterprises versus large corporations [17][18] - The ongoing API price war among major players like Alibaba, Baidu, and Tencent reflects their struggle to maintain market share while managing the high costs of flagship models [18][19] - The conflict between efficiency-driven startups and scale-focused giants is pushing the industry towards a reevaluation of value creation, emphasizing measurable benefits for clients [20][22]

Global Economic Outlook - Goldman Sachs expects a more sustained upward trend in Chinese stocks in the future, and the structural shift of Chinese capital into stocks may have begun. The willingness of Chinese market entities to settle foreign exchange has significantly increased. Traders are increasing bets that the Fed will implement at least one 50 - basis - point interest rate cut in its meeting later this month or in December [4] - Although AI infrastructure investment has reached a record high in nominal terms, compared with historical technology cycles, it is not exaggerated. Currently, US AI investment accounts for less than 1% of GDP [4] - Meta has joined hands with private - equity giant Blue Owl to raise $27 billion through the issuance of private bonds to build data centers. DeepSeek has launched a revolutionary OCR model to solve the computing power problem of AI in processing long documents [4] - An executive at Apollo Global Management warns that there is a huge gap between the huge energy demand of artificial intelligence and the current global power supply, and this gap may not be filled in our lifetime [4] - Due to the continuous wrong policies of the US, the global economy is entering the top - region [5] - After the US imposed reciprocal tariffs on various countries, the competitiveness of Chinese goods has increased, and the US imports from China in August increased by nearly 40% month - on - month [6] - The US Market manufacturing PMI in September was 52.0, continuing to expand [9] - In August, the US manufacturing unfilled orders were at a record high, with a year - on - year increase of 7.1%, indicating high business sentiment [12] - The US capital goods import amount in August was $91.9 billion, still at a high level, and the year - on - year growth rate was 10.5%, indicating that the US manufacturing industry is accelerating its return and the US "re - industrialization" is speeding up [15] - The US wholesalers' sales in August were $711.3 billion, a record high, with a year - on - year increase of 6.2%, indicating strong US consumption [18] - The total retail and food sales in the US in August increased by 0.6% month - on - month, exceeding expectations, showing strong US consumption [21] - The eurozone's manufacturing PMI slightly contracted in September, while the service - sector PMI accelerated its expansion [24] - India's manufacturing and service - sector PMIs continued to expand in September, and India's manufacturing and service industries have maintained expansion for more than three years [26] - The upward trend of Japan's long - term government bond yields has not changed [29] Asset Allocation - The Fed is expected to continue cutting interest rates in October [31] - Wait for the Sino - US agreement at the end of the month in the context of Sino - US game [32] - The market's defensive state has not ended, and the Shanghai Stock Exchange 50 Index, representing the value style, has reached a new high. The Fourth Plenary Session of the 20th CPC Central Committee's communiqué emphasizes seizing the high - ground of scientific and technological development, and the technology sector has become active again. Policies are favorable to semiconductor equipment ETFs and science and technology innovation chip ETFs [33] - AI infrastructure drives a rapid increase in power demand, leading to a stronger copper price [34][47] - The container shipping European line 2512 contract has entered the seasonal peak season [35][50] - Awaited for the clarity of the Sino - US agreement at the end of the month, the CSI 300 Index is both offensive and defensive, and the stock - index allocation is mainly long positions in CSI 300 stock - index futures [39] Lithium Carbonate Market - The growth rate of lithium carbonate demand is much higher than the production growth rate. In October 2025, the planned production of power + energy - storage + consumer batteries in the Chinese market was 186 GWh, a month - on - month increase of 22.4% and a year - on - year increase of 45.3%. The planned production of lithium - battery A was 61.3 GWh, lithium - battery B was 30.9 GWh, and lithium - battery C was 13 GWh. The planned production of energy - storage cells accounted for about 40.3%, and the planned production of ternary cells accounted for about 15%. The average operating rate of the lithium - battery industry was close to 90%, and the production lines of leading enterprises were operating at full capacity [41] - In October 2025, the total production of power + energy - storage + consumer batteries in the global market was about 205 GWh, a month - on - month increase of 25.8%. Currently, the increased production of domestic spodumene and salt - lake lithium mines offsets the reduction in lithium - mine production, but the total supply has not increased, while the demand has increased significantly, resulting in nine consecutive weeks of inventory reduction, which will continue in the future [42] - PwC reports that in 2026, thanks to the explosive growth of energy - storage and the continuous growth of power batteries, the total demand for lithium carbonate will reach 2.05 million tons of LCE, a year - on - year increase of 35% compared with 1.55 million tons in 2025 [42] - The expansion of lithium carbonate production capacity is expected to slow down significantly in 2026, with an expected growth of only about 10%, and the new supply will be difficult to match the continuously high - speed growth in demand [43] - The surge in energy - storage demand, with the demand growth rate of lithium carbonate far exceeding the production growth rate, has pushed up the price of lithium carbonate [44]