东方甄选(1797.HK)逆势拉升涨近10%，报26.42港元。 来源：滚动播报 ...

Group 1 - The core viewpoint of the report indicates that New Oriental's overall business development is stabilizing, with improved K-9 fall student retention rates and no further deterioration in overseas exam preparation services [1] - New Oriental plans to distribute no less than 50% of its net profit attributable to shareholders from the previous fiscal year in the form of dividends or share buybacks starting from the fiscal year 2026 [1] - The report anticipates that the shareholder return ratio could significantly exceed the committed 50%, potentially reaching high double-digit percentages or even over 100%, which is seen as a key positive catalyst for the stock [1] Group 2 - Daiwa has raised its revenue forecasts for New Oriental for the fiscal years 2026 to 2028 by 1% to 2%, and its earnings per share forecasts by 0.2% to 5% [1] - The rating for New Oriental has been reaffirmed as "Buy," with the target price increased from HKD 43 to HKD 49 [1]

Core Viewpoint - The announcement by Xinxuan Group to shift from a signed contract model to a partnership model for live streamers is expected to reshape the relationship between live streaming e-commerce and streamers, presenting both opportunities and challenges for brand owners [1][2]. Group 1: Partnership Model Changes - The partnership model allows streamers to establish independent partnerships with Xinxuan Group, where they become the CEOs of their own companies, leading to a revenue share of up to 60% for streamers, while Xinxuan only takes a 5% service fee [2]. - This shift aims to eliminate the "joint liability risk" and break the monopolistic hold of top streamers on marketing resources, fostering a more diverse and resilient ecosystem of streamers [2][3]. - As streamers gain independence, their personal credibility and professionalism will directly impact their development, potentially driving them to focus more on professionalism and long-term reputation [2]. Group 2: Brand Owner Challenges - Brand owners will face new challenges in identifying and managing the capabilities and qualities of streamers, which were previously managed by the e-commerce platforms [3]. - The complexity and costs associated with managing multiple independent streamers will increase, as brand owners may need to engage different streamers for various product categories [3]. - The loosening of ties between brands and individual streamers may lead to a reduction in support for streamers, increasing long-term brand management risks [3]. Group 3: Industry Trends - The exit of top streamers, such as Xinba, reflects a broader trend in the industry where leading figures are stepping back, prompting brands to seek diversified distribution channels and self-broadcasting strategies [4]. - Companies like Dongfang Zhenxuan are shifting their focus towards supply chain management after parting ways with prominent streamers, indicating a strategic pivot in the industry [4]. - Dongfang Zhenxuan reported a total revenue of 4.4 billion yuan for its ongoing business, with a net profit of 6.2 million yuan, highlighting the positive impact of supply chain development on performance [5].

Investment Rating - The report maintains a "Buy" recommendation for leading internet companies with stable performance and strong AI positioning, including Tencent Holdings, Pop Mart, Kuaishou, NetEase, Bilibili, and Meitu [1] Core Insights - Tencent hosted the Global Digital Ecosystem Conference, announcing that the daily active users (DAU) for "Delta Action" reached a new high [1] - The internet industry is experiencing a mixed performance, with some companies reporting significant declines in revenue while others show improvement in profitability [2][3] - The overall market performance for the week of September 15-21 shows varied results across different indices, with the Hang Seng Internet Technology Index rising by 4.00% [13] Industry Overview - The internet industry comprises 160 listed companies, with a total market capitalization of 2087.8 billion and a circulating market value of 1898.8 billion [5] - The absolute performance over 1 month, 6 months, and 12 months is 4.9%, 12.1%, and 77.6% respectively, while the relative performance is -1.7%, -0.1%, and 36.8% [7] Company Announcements - Oriental Selection reported a significant decline in net revenue for the fiscal year ending May 31, 2025, with a 99.64% drop to 6.19 million [2] - Weimeng Group's mid-year report for 2025 showed a revenue decrease of 10.6% to 775 million, but a substantial improvement in net loss, which decreased by 5.17 billion [3] Market Performance - The A-share market saw a decline in major indices, with the Shanghai Composite Index down by 1.31% and the Shenzhen Component Index up by 1.14% [13] - In the Hong Kong market, Tencent Holdings experienced a slight decline of 0.16%, while Bilibili-W and Kuaishou-W saw increases of 6.64% and 0.73% respectively [18] Recommended Companies - The report highlights key companies to watch, including Tencent Holdings, Kuaishou-W, Bilibili-W, Pop Mart, and Meitu [1]

Core Insights - The third China Kiwi Expo and the 14th Kiwi Industry Development Conference were held, integrating three major platforms: the expo, industry development conference, and special promotion activities [1][3] Group 1: Event Overview - The event took place from September 19 to 21, featuring high-profile forums and specialized seminars, including the "Belt and Road" international trade matchmaking meeting for kiwis [3] - A strategic cooperation framework agreement for digital agriculture was signed between the Agricultural Rural Ministry and the Meixian County government [3] - The event included the unveiling of the first "Kiwi-themed debit card" and the release of the "2025 China·Meixian Kiwi Index" [3] Group 2: Industry Participation - Representatives from 22 major kiwi-producing regions across 8 provinces, along with 98 kiwi industry experts from 51 research institutions, participated in the event [4] - Notable companies such as Zespri from New Zealand and various domestic marketing enterprises were present, indicating strong international and domestic interest in the kiwi industry [4] Group 3: Regional Significance - Meixian County is recognized as the original and best breeding area for kiwis, with a complete industry chain encompassing production, storage, processing, and sales [4] - The county has received over 20 national honors for its kiwi production, with a geographical indication brand value of 16.137 billion [4]

Core Viewpoint - The Hong Kong stock market is experiencing a notable performance, particularly driven by the technology sector, with significant inflows into related ETFs [2][3]. Group 1: Market Performance - On September 22, the Hong Kong stock market opened lower but saw the Hong Kong Technology 30 ETF (513160) rise by 0.44% with a trading volume exceeding 1.66 billion yuan [1]. - The Hang Seng Index reached a nearly four-year high, surpassing 27,000 points during trading on September 18, indicating a vibrant market atmosphere [2]. Group 2: Fund Flows - The Hong Kong Technology 30 ETF (513160) has seen a continuous net inflow of funds over the past 10 trading days, accumulating 730 million yuan [2]. - The ETF closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes major technology companies listed in Hong Kong [2]. Group 3: Sector Analysis - The technology sector is identified as a primary driving force behind the recent market rally, with the Hang Seng Technology Index recording a weekly increase of 5.09% [2]. - According to Huatai Securities, the technology sector may still be in a positioning phase, benefiting from accelerated domestic AI developments and a nearly 20% cumulative increase since July's low [3].

Core Viewpoint - Luo Yonghao, a prominent figure in the Chinese internet, has successfully revived his public influence through his involvement in the Xibei pre-made food controversy, showcasing his idealistic persona as a "simple and just" fighter for fairness [1][34]. Group 1: Public Influence and Social Media - Luo Yonghao's public image has seen a resurgence, with over 90% of the public supporting him during the Xibei incident, leading to a 50% increase in his Weibo followers, adding 355,000 new fans from October 10 to 17 [2][34]. - The Xibei incident has reintroduced Luo to the public eye, transforming him from a controversial figure to a more accepted persona, as he expressed gratitude for the support he received [2][34]. Group 2: Career Evolution and Media Engagement - Over the past two decades, Luo has continuously engaged with various media forms, from being a teacher to a tech entrepreneur, and now a podcaster, adapting to the changing landscape of public discourse [4][16]. - Luo's career has been marked by a series of controversies and public debates, including his confrontations with figures like Wang Ziru, which have solidified his reputation as a combative and outspoken personality [12][20]. Group 3: Idealism and Public Perception - Luo's idealistic image has faced scrutiny, particularly during the Smartisan phone era, where quality issues led to doubts about his commitment to his ideals, prompting some to label him as a self-serving individual [20][22]. - Despite criticisms, Luo maintains a "knight-like" persona, advocating for fairness and justice, as evidenced by his past actions against brands like Siemens and his recent support for individuals like Dong Yuhui [22][25]. Group 4: Current Challenges and Future Directions - Luo faces challenges in adapting to a more rationalized internet environment, where his previous methods of engagement may not resonate as strongly with the current audience [30][31]. - The recent Xibei incident has allowed Luo to reconnect with a younger audience, demonstrating his ability to remain relevant in the evolving landscape of public discourse [34][36].

Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies, which may signal investment trends and market sentiment. Group 1: Companies with Increased Holdings - Changfei Fiber Optics (06869) saw the largest increase in holdings, up by 5.51%, bringing the total to 68.51% [1][2] - Tongyuan Kang Pharmaceutical-B (02410) increased by 2.18%, with a new holding percentage of 23.40% [1][2] - Fortior Technology (Shenzhen) Co., Ltd. (01304) experienced a 2.14% increase, resulting in a holding of 14.00% [1][2] - Other notable increases include Tianyue Advanced (02631) at +1.85% (13.18%) and Kanglong Chemical (03759) at +1.48% (62.37%) [2] Group 2: Companies with Decreased Holdings - Southern Hengsheng Technology (03033) had the largest decrease, down by 1.10% to 60.60% [1][2] - Haotian International Construction Investment (01341) decreased by 0.90%, now at 60.82% [1][2] - Beijing Beichen Industrial Holdings (00588) saw a reduction of 0.76%, bringing its holding to 39.85% [1][2] - Other significant decreases include Hongye Futures (03678) at -0.74% (63.01%) and Yisou Technology (02550) at -0.73% (35.50%) [2] Group 3: Five-Day Holding Changes - Over the last five trading days, Tongyuan Kang Pharmaceutical-B (02410) had the highest increase at +6.99%, with a holding of 23.40% [1][3] - Changfei Fiber Optics (06869) increased by 5.91%, reaching 68.51% [1][3] - Longpan Technology (02465) saw a 5.41% increase, now at 51.46% [1][3] - Conversely, Shandong Molong (00568) experienced the largest decrease at -4.44%, with a holding of 55.22% [1][3] Group 4: Twenty-Day Holding Changes - In the last twenty days, Zhongyuan Marine Energy (01138) had the highest increase at +12.54%, with a holding of 69.07% [1][4] - Changfei Fiber Optics (06869) also saw a significant increase of +12.33%, now at 68.51% [1][4] - Tongyuan Kang Pharmaceutical-B (02410) increased by +8.83%, reaching 23.40% [1][4]

Group 1 - Fujian Province's automobile exports increased by 55.9% in the first eight months, reaching 13.53 billion yuan, with significant growth in both traditional and emerging markets [2] - Exports to the EU rose by 119.4% to 1.57 billion yuan, while exports to the Middle East and ASEAN increased by 94.8% and 25.6%, totaling 5.21 billion and 1.35 billion yuan respectively, accounting for 48.4% of total exports [2] Group 2 - Alipay's two operating entities have changed their names, with the Alipay app's name remaining unchanged [3] - The name change reflects a strategic shift within the company while maintaining brand recognition [3] Group 3 - Chasing released its first smartphone, Dreame Space, which has already secured over 100 million yuan in pre-orders in overseas markets [4] Group 4 - Xiaomi's OTA recall targets specific models of the SU7 standard version produced before August 30, 2025, aimed at enhancing the reliability of driving assistance features [5][11] - The recall process is being managed and recorded according to standard procedures, despite no physical parts needing replacement [5] Group 5 - The founder of Yunnan Yunhai Yao passed away, prompting a statement from the CEO about the pressures faced in the restaurant industry [6] - The company aims to honor the founder's vision and continue to develop the brand [6] Group 6 - Oriental Selection is hosting a live concert in Xinjiang, featuring various artists, marking a new breakthrough in cultural tourism livestreaming [6] Group 7 - The Beijing Film Association issued an apology for improper methods in member outreach, committing to improve member services and information accuracy [7] Group 8 - The launch of the iPhone 17 series saw long queues at Apple's flagship store, with a notable preference for the new orange color and traditional silver [8] - The presence of scalpers was less pronounced, indicating a more rational market response [9] Group 9 - Huawei Cloud introduced the Robot to Cloud (R2C) protocol, with 20 initial partners collaborating to develop integrated robotic solutions across various sectors [9] Group 10 - GE Healthcare China responded to rumors of selling its Chinese business, emphasizing its commitment to providing high-quality medical services in the market [10] Group 11 - Shenzhen released its first monthly report on functional unmanned vehicles, highlighting over 900,000 deliveries of fresh produce in August and a total operational mileage exceeding 230,000 kilometers [12]

Group 1 - DeepSeek's R1 model is the first major language model to be published in a peer-reviewed version in the journal Nature, addressing initial criticisms and providing detailed training information [2] - A new type of hydrogen negative ion prototype battery has been developed by a team from the Dalian Institute of Chemical Physics, which has significant scientific and application potential [3] - BMW is restructuring its product development strategy to include both fuel engines and electric vehicles, responding to the slowing transition to electrification [4] Group 2 - Cumulative sales of new energy vehicles in China have surpassed 40 million, maintaining the world's leading position for ten consecutive years [5] - The number of high-tech enterprises in China has exceeded 500,000, marking an increase of 83% since 2020 [6] - Predictions indicate that by August 2025, the penetration rate of new energy vehicles in the automotive market will reach 30% [8] Group 3 - Silicon-based Flow has launched an enterprise-level MaaS platform, providing a comprehensive solution for model training and deployment [9] - Keling AI has introduced a new digital human feature that can generate a 1-minute video from a character image and audio [10] - Xiaohongshu has announced its largest-ever recruitment drive for 2026, with a significant increase in demand for technical positions [11] Group 4 - Huawei has released the industry's first anti-spy AP, achieving a 99% success rate in detecting hidden cameras in hotels [12] - JD.com has received approval from German regulators for its acquisition of CECONOMY, with no competition concerns raised [12] - Hyundai has revised its 2025 operating profit margin target down to 6-7% due to U.S. tariff policies [13] Group 5 - Microsoft has entered a $6.2 billion agreement to build next-generation AI infrastructure in Norway [17] - Meta has launched the second generation of Meta Ray-Ban smart glasses, starting at $379 [18] - Several companies, including Xuan Bamboo Biotechnology and Mindray Medical, are preparing for IPOs in Hong Kong [19]