记者丨 邓浩 孙燕 编辑丨巫燕玲 工业机器人格局突变，软银AI版图再现扩张，砸钱"攻下"ABB robotics业务。一进一退之间， 背后是当前AI产业强者恒强，竞争趋烈的态势。 不同于以往在机器人领域以小博大的玩票试水，这次软银高达53.75亿美元 (约合383亿元人民 币)的重注，直接让ABB放弃了单独拆分机器人业务上市的计划。 而软银敢于如此激进的原因，或是孙正义对未来AI演进的乐观预期和担忧窗口缩紧的急迫落 子。 （图片来源：ABB官网） 不分拆了 10月8日，ABB宣布已签署协议将其机器人业务单元出售给软银集团，估值53.75亿美元，不再 推进此前拟定的机器人业务独立上市计划。该交易尚需获得监管机构批准并满足惯例成交条 件，预计将于2026年中后期完成。 作为工业机器人"四大家族"之一，ABB是全球装机量最大的工业机器人供货商。2024年， ABB机器人业务销售收入为23亿美元，约占ABB集团总收入的7%，运营息税折旧及摊销前利 润率为12.1%。 今年4月，ABB发布消息称，决定对其机器人业务单元实施100%分拆，目标于2026年第二季 度，推动该业务作为独立上市公司启动上市交易。 "如果追溯过往 ...

商务合作▲点击图片 国庆中秋假期24亿人次跨区域流动 10月8日消息，交通运输部信息显示，10月1日至8日（中秋国庆假期），累计全社会跨区域人员流动量预计24.32亿人次，日均3.04亿人次，同 比增长6.2%，创历史新高。从出行目的地看，京津冀、长三角、粤港澳大湾区、成渝等城市群以及西安、长沙、武汉等都市圈客流集中。 多家在线旅游平台发布的报告显示，假期旅游热度的预订人次和客单价均同比增长。飞猪的报告显示，今年国庆中秋假期，酒店、线路游、门票 等商品人均预订量同比提升 4.6%；假期出行的客单价同比提升14.6%。去哪儿旅行大数据显示，国内游方面，热门城市酒店预订量同比增幅超 过两成，出境游方面，热门目的地出境机票预订量同比增幅超三成。（综合人民日报） ｜点评｜ 今年国庆中秋通过假节日前后请假的方式，即可拼凑出长达半个月的假期。长时间的假期显著提升了居民出行意愿，特别是在出境游 方面， "全球围观中国放假"登上热搜。然而，跨市、跨省出游的居民占比有所减少，选择周边城市自驾出行的居民占比增多。出国体验不一样 的生活与注重性价比、情绪价值的短途旅行，成为这个国庆中秋假期居民出行的两大特征。 从整体上看，居民出行 ...

工业机器人格局突变，软银AI版图再现扩张，砸钱"攻下"ABB robotics业务。一进一退之间，背后是当前AI产业强者恒强，竞争 趋烈的态势。 不同于以往在机器人领域以小博大的玩票试水，这次软银高达53.75亿美元的重注，直接让ABB放弃了单独拆分机器人业务上市 的计划。 而软银敢于如此激进的原因，或是孙正义对未来AI演进的乐观预期和担忧窗口缩紧的急迫落子。 今年4月，ABB发布消息称，决定对其机器人业务单元实施100%分拆，目标于2026年第二季度，推动该业务作为独立上市公司 启动上市交易。 "如果追溯过往历史，ABB机器人和其他事业部业务线的整合度实际上是非常低的。我们认为这个拆分的决策，本质可以帮助我 们更加聚焦于业务的规划和治理，以及机器人产业本身，同时也更好的帮助我们进行资金的分配，在研发上有更多投资，从而 和外部进行更好的合作。"ABB集团机器人与离散自动化事业部总裁、ABB集团执行委员会成员安世铭5月底在接受21世纪经济 报道等媒体采访时表示。 在内部业务协同性低之外，ABB之所以要分拆机器人业务，也有外部市场考虑。全球工业机器人市场在经历了多年的高速增长 后，增速有所放缓。而在全球最大的机器 ...

近日，有业内人士指出实现通用人工智能（AGI）已是确定性事件，但这只是起点，终极目标是迈向超 越人类、能够自我进化的超级人工智能（ASI）。ASI是什么？其发展将经历哪些阶段？未来的产业潜 力与投资前景如何？（资料参考：中国新闻网《吴泳铭：未来5年全球AI投入将超4万亿美元，ASI为终 极目标》，2025.09.24） 三阶段演进：从"学习人"到"超越人" AGI的目标是将人类从80%的日常工作中解放出来，让人们专注于创造与探索。而ASI作为全面超越人 类智能的系统，有望创造"超级科学家"和"跨领域超级工程师"，或能加速攻克医学、材料、能源、气候 及航天等前沿领域的重大难题。（资料参考：中国新闻网《吴泳铭：未来5年全球AI投入将超4万亿美 元，ASI为终极目标》，2025.09.24） 具体来看，通往ASI的路径可划分为三个关键阶段： 第一阶段：智能涌现——"学习人"。互联网的数十年发展为智能技术奠定了知识数字化基础。当前大模 型通过理解海量数字化知识，已发展出泛化智能与通用对话能力，不仅能理解意图、解答问题，更初步 具备多步推理能力，标志着AI进入"学习人"的阶段。 潜力释放：重塑生产效率，开启万亿市场 人 ...

阿里走上超级人工智能道路 科技的每一次重大突破，都像一双无形的手，悄悄重塑着人类的生产方式与时代面貌。 比如，蒸汽机的出现将人类带入机械化时代；电力的普及照亮了规模化生产的道路；计算机的诞生，开 启了信息爆炸的全新纪元。 而今天，AI的发展又将我们推向一个全新的历史临界点，整个世界正从数字化走向全面的智能化。 在这样前所未有的变化中，阿里巴巴也正从一家卖货公司，蜕变成为一个正在覆盖全球科技行业的"超 级智能体"。 近期，阿里巴巴在杭州召开了云栖大会。会上，阿里巴巴集团CEO、阿里云智能集团董事长兼CEO吴 泳铭发表演讲表示，实现通用人工智能AGI已是确定性事件，但这只是起点，终极目标是发展出能自我 迭代、全面超越人类的超级人工智能（ASI），以解决气候、能源、星际旅行等重大科学难题。 图源：阿里 巴巴 吴泳铭预测，未来每个家庭、工厂、公司，都会有众多的Agent和机器人24小时为我们服务。正如电曾 经放大了人类物理力量的杠杆，ASI将指数级放大人类的智力杠杆，人会变得比历史上任何时候都强 大。 此番言论一出，便在科技界掀起不小的震动，迅速成为行业内外讨论的焦点。 要知道，长期以来，多数 AI 研究者普遍认为， ...

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [12] Core Insights - The report highlights that 2026 is expected to be a significant year for edge AI, driven by policy support and major tech companies leading innovation in AI terminal products [16][18] - The report emphasizes the potential of AI terminal devices, with a focus on new product innovations and the release of various AI applications across different sectors [20][21] Summary by Sections Edge AI - The report notes that Meta has raised its sales expectations for AI glasses due to strong demand, increasing orders to suppliers by 20% [18] - A joint policy document from multiple government departments aims to stimulate digital consumption and innovation in AI terminal products, including smartphones and wearables [20][21] - JD.com has launched an AI ecosystem, introducing three major AI products aimed at enhancing user experience and operational efficiency [23][24] AI Cloud - OpenAI is developing a series of new edge AI devices expected to launch by the end of 2026 or early 2027, including a screenless smart speaker [29] - The report mentions that Alibaba is enhancing its cloud infrastructure with significant investments to support AI development [8][9] - The report highlights the IPO of Moore Threads, which aims to accelerate the commercialization of domestic GPUs for AI applications [7][8] Consumer Electronics - Apple has launched the iPhone 17 series, which features significant upgrades in performance and display technology, with strong pre-sale demand [40][45] - The report indicates that Apple's new products, including AirPods Pro 3 and Apple Watch Series 11, have introduced advanced features and improvements [41][42][44] - The report suggests that companies like Luxshare Precision are leading innovations in AR technology and AI solutions, showcasing multiple new products at industry events [30][36] Recommendations - The report recommends focusing on key players in the consumer electronics supply chain, including Luxshare Precision, BYD Electronics, and others, as they are expected to benefit from the growth in AI and digital consumption [10]

Core Insights - The core viewpoint is that AI represents a new leap in technology, with the potential to enhance human intelligence and evolve into Artificial Superintelligence (ASI) beyond Artificial General Intelligence (AGI) [1][11][19] - The increasing adoption of AI Agents in business operations is leading to automation of repetitive tasks, improved efficiency, and enhanced decision-making capabilities [1][2][16] Group 1: AI Agent Adoption and Impact - A survey by PwC revealed that 79% of companies are already using AI Agents in some capacity, with 66% reporting productivity improvements and 57% noting cost reductions [1][2] - Major tech companies are actively developing AI Agents, with products like OpenAI's Agent Mode and Microsoft's Copilot gaining traction [2][3] - Alibaba Cloud's Bailian platform aims to provide a comprehensive environment for enterprises to develop and deploy AI Agents, integrating all necessary components for effective implementation [2][12] Group 2: Infrastructure and Model Development - Alibaba Cloud has upgraded to a "full-stack AI service provider," focusing on building robust infrastructure and foundational models to support AI Agent deployment [3][19] - The strength of foundational models, such as the Tongyi Qianwen series, is crucial for the performance of AI Agents, with recent evaluations showing competitive advantages over international counterparts [5][6] - The introduction of multiple new models at the Yunqi Conference demonstrates Alibaba Cloud's commitment to advancing AI capabilities across various applications [6][8] Group 3: Scalability and Reliability - Scalability is a primary requirement for AI platforms, with Alibaba Cloud offering serverless architectures to handle unpredictable traffic and resource demands [7][9] - High availability and stability are essential for enterprises to trust AI Agents in critical processes, with Alibaba Cloud ensuring low-cost, high-concurrency storage and reliable computing capabilities [7][9] - The integration of memory management and retrieval systems is vital for AI Agents to evolve and retain knowledge over time, enhancing their productivity [8][9] Group 4: Development Framework and Business Integration - Alibaba Cloud's "1+2+7" framework for enterprise-level AI Agents includes a model service, two development modes, and seven key capabilities to facilitate integration into business processes [13][14] - The dual-track approach allows companies to quickly prototype using low-code solutions and transition to high-code for deeper customization, reducing exploration costs and ensuring business continuity [14][15] - Successful implementations of AI Agents in various sectors, such as finance and recruitment, highlight the tangible benefits and efficiency gains achieved through Alibaba Cloud's solutions [15][16] Group 5: Strategic Positioning and Future Outlook - Alibaba Cloud's leadership in the AI and cloud computing market is underscored by its significant market share and the trust of over 100,000 enterprise customers [18][21] - The development of AI Agents is seen as a critical step in the evolution of AI from theoretical models to practical applications that drive business growth [19][21] - The comprehensive strategy of combining models, platforms, and infrastructure positions Alibaba Cloud as a global leader in the AI space, enabling local enterprises to innovate without relying on foreign solutions [21]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [26]. Core Insights - The ASI declaration by Alibaba signifies a new direction for the AI industry, with a focus on collaboration between government and enterprises, and the acceleration of AI applications across various sectors [2][21]. - The AI industry is currently experiencing a phase of multiple resonances in policy, technology, and application, which is expected to lead to systematic implementation rather than isolated breakthroughs [21]. - Short-term developments in policy implementation and standardized evaluation systems are anticipated to drive the industry towards a more regulated and sustainable growth trajectory [21]. - In the medium to long term, the multi-dimensional upgrades of large models are expected to accelerate their penetration into sectors such as education and film, enhancing application implementation and industrialization processes [21]. Summary by Sections Market Performance Review - The social services sector index experienced a weekly decline of 5.92%, ranking 31 out of 31 in the Shenwan first-level industry performance [7]. - The performance of sub-industries showed declines, with tourism and hospitality sectors facing significant drops of 9.46% and 9.18%, respectively [7][19]. Core Insights - The ASI declaration and collaboration with NVIDIA highlight the industry's forward-looking signals, emphasizing the importance of computational power and AI agent evolution [2][21]. - The collaboration between Alibaba and NVIDIA covers various aspects of Physical AI, including data synthesis, model training, and environment simulation [2][21]. - The AI applications are transitioning from isolated pilot projects to cross-regional and cross-scenario implementations, supported by initiatives like the China-ASEAN AI cooperation [18]. Industry News Dynamics - The Ministry of Education and other departments have launched a plan to enhance the quality of high schools in rural areas, focusing on resource expansion and digital education [22]. - A joint initiative to promote electrification in buildings has been proposed, aiming to reduce carbon emissions and enhance energy efficiency [23].

来源：市场资讯 （来源：拔萃资本） | 港股通（滬） SH→HK | | 港股通（深） SZ→HK | | | --- | --- | --- | --- | | 近5日 | +232.53億 | 近5日 | +207.06億 | | 近20日 | +726.18億 | 近20日 | +1020.73億 | | 近60日 | +1820.05億 | 近60日 | +2318.19億 | 数据来源：FUTU 拔萃视点 上周回顾 截至9月26日港股收盘，恒生指数报26,128.2点，周跌1.57%；恒生科技报6,195.11点，周跌1.58%；国企 指数报9,303.10点，周跌1.79%。 恒生指数周走势图 数据来源：FUTU 资金流向 上周，阿里巴巴-W(09988.HK)全周上涨4.65%，报收166.50港元，其中9月24日单日涨幅达9.16%。这一 亮眼表现主要得益于2025阿里云栖大会释放的积极信号。在云栖大会上，阿里巴巴集团CEO吴泳铭公布 了公司的AI战略蓝图，宣布在原有计划基础上追加AI基础设施投入，并设定到2032年将阿里云全球数 据中心能耗规模提升10倍的宏伟目标。这一战略规划彰显了公司在超 ...

Investment Rating - The report maintains a "Buy" rating for companies in the computing power sector, particularly recommending leading firms in the optical module industry such as Zhongji Xuchuang and Xinyi Sheng [8][11]. Core Insights - The collaboration between Nvidia and OpenAI marks a significant milestone, indicating that the demand for computing power is a long-term trend rather than a short-term phenomenon [24][25]. - Alibaba's CEO outlined a three-phase roadmap towards Artificial Super Intelligence (ASI), emphasizing the critical role of computing power in this evolution [27][28]. - The report highlights the ongoing arms race in computing infrastructure among major AI players, with unprecedented capital investments aimed at securing resources for future AI developments [30]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication, with specific companies recommended for investment [16]. - Key companies include Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, among others [9][16]. Market Overview - The communication sector experienced a decline, with quantum communication performing relatively well [20][21]. - The report notes that the overall market sentiment is influenced by significant investments in AI infrastructure, particularly from Nvidia and OpenAI [19][24]. AI Development and Computing Power - The partnership between Nvidia and OpenAI involves deploying at least 10 GW of AI data centers, with Nvidia planning to invest up to $100 billion [25][26]. - OpenAI's active user base has surpassed 700 million, highlighting the increasing demand for computing resources [26]. Phases of ASI Evolution - The three phases towards ASI include: 1. Emergence of general AI (AGI) 2. Autonomous action phase 3. Self-iterative phase, which demands nearly limitless computing power [29][28]. Future Outlook - The report anticipates a significant increase in capital expenditures (CAPEX) in the domestic market, driven by recent actions from major players like Alibaba [30][7]. - The computing power supply chain is expected to benefit across various segments, including AI chips, servers, and cooling solutions [30].