海外心智的建立是每一家品牌出海的核心难点。面对东南亚文化、消费习惯差异较大的市场环境， Lazada在东南亚各国均建立了专业的本地团队，通过自建物流网络，Lazada的履约体验可保障到"最后 一公里"；根据不同国家消费者的习惯，Lazada制定了本地节庆营销策略，通过直播电商以及联动当地 网红，帮助品牌一步步在东南亚市场站稳脚跟。 "项目设计的核心就是降低品牌出海的门槛，让大家可以更低成本试水东南亚市场，同时保留逐步向本 地化演进的路径。"Lazada内部人士表示。 东南亚一直被认为是国内品牌出海第一站。墨腾创投《2025东南亚电商报告》显示，2024年，东南亚电 商市场规模达1284亿美元，其中Shopee、Lazada与TikTokShop已在东南亚合计超过80%市场份额，形成 三足鼎立格局。 9月16日，记者从公司获悉，阿里旗下东南亚电商平台Lazada首次向天猫商家全面开放东南亚本地化运 营能力，目前，蕉下、babycare、飞利浦、乐扣乐扣等多家知名品牌已确认加入。 据公司内部人士介绍，这是天猫和Lazada首次进行系统级打通。加入项目协议的商家可以拥有一间和天 猫一样的LazMall店铺迎接东南亚 ...

台积电(TSM.US)美股盘前涨1.7%报265美元，开盘势创新高。消息上，据悉，英伟达已考虑率先导入台 积电最先进制程，即明年下半年量产的A16制程，预计将会用在未来Feynman架构上。该制程将采用背 面供电技术。这将是由AI应用第一次主导台积电最先进制程。此外，联发科首款采用台积电2纳米工艺 的系统级芯片(SoC)已完成流片，预计将于2026年底推出这款芯片。(格隆汇) | TSM 台积电 | | | | --- | --- | --- | | 261 380 ↑ +2.050 +0.79% | | 收盘价 09/15 16:00 美东 | | 265.000 + 4.436 +1.70% | | 盘前价 09/16 04:31 美东 | | 三 2 24 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 | | ● 快捷交易 | | 最高价 262.800 | 开盘价 260.000 | 成交量 814.77万 | | 最低价 258.750 | 昨收价 259.330 | 成交额 21.25亿 | ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Kaiying Network, and others [4][9][6]. Core Insights - The media industry has shown strong performance with a weekly increase of 4.27%, ranking 4th among industries, while the Shanghai Composite Index rose by 1.52% [12][20]. - The gaming market remains robust, with significant revenue growth from major players like Tencent and Point Interactive, and the upcoming National Day film releases are anticipated to boost box office performance [3][4][41]. Market Performance - The media industry (Shenwan) increased by 4.27% from September 6 to September 12, 2025, outperforming the Shanghai Composite Index, which rose by 1.52% [12]. - The gaming II sector saw a rise of 6.61%, while the film industry also experienced a notable increase of 6.58% during the same period [15][12]. Key Data and Dynamics AI Applications - In August, the top five AI products by web traffic included ChatGPT and New Bing, with Deepseek leading domestic traffic at 316 million visits, despite a month-over-month decline of 8.52% [24][25]. - The domestic AI search engine Nano AI ranked second with 307 million visits, also showing a decline of 7.52% [24][25]. Gaming Data - In August, Tencent, Point Interactive, and NetEase were the top three mobile game publishers globally, with total revenues of $2.04 billion, accounting for 35.1% of the top 100 publishers' income [29][30]. - Giant Network's revenue surged by 72% due to the success of "Supernatural Action Group," which entered the top ten for global mobile game revenue [29][30]. Film Data - The total box office for the week of September 6-12 was 358 million yuan, with "Chasing the Wind" leading at 120 million yuan [41]. - Nine films have been scheduled for release during the National Day holiday, indicating a strong upcoming box office potential [41][42]. Investment Recommendations - The report highlights a positive outlook on themes such as AI applications and cultural exports, with a focus on sub-sectors like gaming, IP, short dramas, and publishing [4]. - Specific companies recommended for investment include Giant Network, Kaiying Network, and Perfect World, among others [4][9].

Core Insights - The widespread application of AI is driving a surge in inference demand and cloud infrastructure upgrades [2][3] Group 1: Cloud Infrastructure Upgrades - Tencent Cloud is continuously upgrading its cloud infrastructure to support the large-scale deployment of AI agents and global business development [2] - The company has made breakthroughs in inference acceleration, agent infrastructure, and internationalization [2] - Tencent Cloud has developed and open-sourced FlexKV multi-level caching technology, significantly reducing KVCache usage and cutting first-byte latency by up to 70% [2] Group 2: AI Agent Applications - Tencent Cloud has launched the Agent Runtime solution, which integrates execution engines, cloud sandboxes, and security observability to provide a stable operating environment for AI agents [2] - The Cloud Mate intelligent agent has improved architecture governance and fault diagnosis efficiency, achieving a 95% risk SQL interception rate and reducing troubleshooting time from 30 hours to as fast as 3 minutes [3] Group 3: Global Market Performance - Tencent Cloud's self-developed products have enhanced performance and reliability, with over 200 million cores deployed in the Star Sea server and flagship SA9 achieving 768 cores per machine [3] - The proprietary cloud TCE has achieved a recovery time objective (RTO) of 2 minutes, meeting near-financial-grade disaster recovery standards [3] - The new TDSQL Boundless database combines ease of use with high concurrency, reducing latency by over 80% in complex queries through an AI optimizer [3] Group 4: International Expansion - Tencent Cloud's infrastructure covers 55 global availability zones with over 3,200 acceleration nodes, providing security protection for thousands of games and defending against a 183% year-on-year increase in DDoS attacks [3] - The company is accelerating its internationalization efforts, planning to establish new availability zones in Osaka, Japan, and Saudi Arabia, and has set up 9 technical support centers globally [3][4] - Tencent Cloud completed a large-scale migration for an Indonesian version of "Didi + Meituan" in just 5 months, establishing the third availability zone in Indonesia [4] Group 5: Future Investments - Tencent Cloud will continue to increase investments in technological innovation and global expansion to assist Chinese enterprises in stable overseas operations while providing secure, reliable, and intelligent cloud services to global businesses [5]

Group 1 - The Hong Kong stock market indices opened high but experienced a decline, with the Hang Seng Tech Index ETF (513180) following suit, showing a narrowing increase. Key holdings such as Bilibili, NIO, Trip.com, Meituan, and Li Auto led the gains, with Bilibili rising over 5% at one point [1] - Bilibili's upcoming game, "Three Kingdoms: Hundred Generals Card," is set to begin testing in October, aiming to attract players from the "Three Kingdoms" IP. The game is expected to launch in Q4 to early next year, with a goal of becoming Bilibili's largest DAU game within three years [1] - The gaming market has maintained a high level of prosperity since the summer of 2024, with major game developers seeing strong performance from new game launches. The revenue deferral effect from game sales and the continued success of new releases are expected to contribute to sustained growth in company performance by 2025 [1] Group 2 - The Hang Seng Tech Index ETF (513180) includes significant holdings in the gaming and media sectors, with Tencent, NetEase, and Bilibili collectively accounting for 17.75% of the index's weight [2]

Group 1 - Company is planning to acquire a controlling stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. through cash payment, which will enhance its core competitiveness in storage chips and expand its product line [2] - The acquisition will lead to indirect control over SkyHigh Memory Limited, a semiconductor company focused on high-performance 2D NAND and derivative storage products [2] - SkyHigh Memory has a solid global customer base and operates independently in various regions, including Asia, Europe, and North America, with applications in industrial control, security, wearables, and smart terminals [2] Group 2 - The global semiconductor industry is experiencing rapid growth, with new opportunities in the storage chip market driven by AI applications, smart vehicles, 5G communication, and IoT [3] - The SLC NAND market is projected to grow from $2.31 billion in 2024 to $3.44 billion by 2029, with a compound annual growth rate of 5.8% [3] - Achieving independent research and mass production of advanced 2D NAND technology is crucial for promoting domestic alternatives and accumulating high-end storage experience [3] Group 3 - The integration of the two companies will result in product, market, and technology synergies, enhancing overall competitiveness in the storage chip sector [4] - The product portfolio will be complemented by combining NOR Flash, EEPROM, and MCU from the company with SLC NAND, eMMC, and MCP from SkyHigh Memory [4] - The merger will create a global sales network, leveraging the company's focus on the Chinese market and SkyHigh Memory's overseas presence [4]

Market Overview - The Shanghai Composite Index fell by 0.26% to 3860.5 points, with a high of 3879.74 points during the day [1] - The Shenzhen Component Index rose by 0.63% to 13005.77 points, reaching a peak of 13098.78 points [1] - The ChiNext Index increased by 1.51% to 3066.18 points, with a maximum of 3106.88 points [1] ETF Market Performance - The median return of stock ETFs was 0.0% yesterday, with the highest return from the Jiashi ChiNext 50 ETF at 1.99% [2] - The highest performing thematic ETF was the Huaxia CSI Animation Game ETF, which gained 4.38% [4][5] ETF Fund Flow - The top three ETFs with the highest inflow were: - Guotai CSI All-Share Securities Company ETF with an inflow of 422 million yuan [6] - E Fund National Robot Industry ETF with an inflow of 411 million yuan [6] - GF ChiNext ETF with an inflow of 360 million yuan [6] - The top three ETFs with the highest outflow were: - E Fund ChiNext ETF with an outflow of 933 million yuan [6] - Huatai-PB CSI 300 ETF with an outflow of 906 million yuan [6] - Southern CSI 1000 ETF with an outflow of 744 million yuan [6] ETF Margin Trading Overview - The highest margin buy amounts were for: - Huaxia SSE Sci-Tech 50 ETF at 925 million yuan [8] - E Fund ChiNext ETF at 432 million yuan [8] - Guotai CSI All-Share Securities Company ETF at 367 million yuan [8] - The highest margin sell amounts were for: - Southern CSI 500 ETF at 71.31 million yuan [8] - Huatai-PB CSI 300 ETF at 33.02 million yuan [8] - Huaxia SSE 50 ETF at 6.03 million yuan [8] Industry Insights - Open Source Securities suggests that the gaming sector continues to show valuation advantages and recommends increasing exposure [9] - Guotai Securities highlights the rapid revenue growth in the gaming market from January to July, with a focus on new product cycles and regulatory opportunities [10][11]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 问题1、请问李总，公司市值增长较快，市盈率比较高了，您觉得有些偏离内在价值了吗？ 广东好太太科技集团股份有限公司（以下简称"公司"）于2025年9月15日（星期一）10:00-11:00在上海 证券交易所"上证路演中心"以视频录播和网络文字互动的方式召开了"公司2025年半年度业绩说明会"， 就投资者关注的问题在信息披露允许的范围内进行了交流。现将召开情况公告如下： 一、说明会召开情况 2025年8月28日，公司披露了《公司2025年半年度报告》；2025年9月6日，公司披露了《公司关于召开 2025年半年度业绩说明会的公告》（公告编号：2025-043）。2025年9月15日（星期一）10:00-11:00， 公司在上海证券交易所"上证路演中心"以视频录播和网络文字互动的方式召开了"公司2025年半年度业 绩说明会"，通过录播视频向各位投资者介绍了公司2025年半年度的经营情况，具体内容请详见上海证 券交易所"上证路演中心 ...

Core Insights - The report emphasizes the importance of proactive discovery in the financial market rather than merely relaying information [1] Domestic Financial Market - The Shanghai Composite Index closed at 3860.50, down by 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [2] - The ChiNext Index increased by 1.52% to 3066.18, indicating a mixed performance across major indices [2] Macro News Summary - The National Financial Supervision Administration will guide the financial industry to implement consumer-friendly measures [4] - The People's Bank of China announced a 600 billion yuan reverse repurchase operation with a six-month term on September 15 [4] - The National Bureau of Statistics reported a 5.2% year-on-year increase in industrial added value and a 3.4% growth in retail sales in August [4] Industry Latest Developments - The Ministry of Industry and Information Technology is promoting a collaborative ecosystem for the automotive industry, with related stocks including Top Group and Desay SV [6] - A draft national standard for pre-prepared food safety led by the National Health Commission has passed expert review, with related stocks including Delisi and Weizhi Xiang [6] - The 2025 World Energy Storage Conference is being held from September 16 to 18 in Fujian, with leading battery manufacturers reporting full order books, including stocks like CATL and Beijing Lier [6] Focus on Listed Companies - Tuosida launched its first humanoid robot during a global open day event [8] - Kanghua Bio's six-valent norovirus vaccine has received clinical trial approval from the National Medical Products Administration [8] - Inno Laser has been supplying UV lasers for silicon carbide annealing processes to SHI for several years [8] - Galaxy Magnetics plans to acquire 100% of Sichuan Jingtian Longtai Technology Co., Ltd. through a share issuance and cash payment, with its stock suspended from trading since September 15 [8] Market Review and Outlook - On September 15, A-shares showed mixed performance, with the Shanghai Index down 0.23% and the Shenzhen Index up 0.63% [10] - The overall market saw more stocks decline than rise, with nearly 3400 stocks falling and only 1916 gaining [10] - The trading volume decreased to 2.28 trillion yuan, down by 245.8 billion yuan from the previous trading day [10] - Structural characteristics were evident, with strong stocks leading the market while some high-flying stocks faced profit-taking pressure [10] - High-performing sectors included lithium battery supply chains, gaming, automotive parts, coal, and pork, while technology sectors like communication equipment and semiconductors saw adjustments [10] - The domestic economic recovery outlook remains positive, supported by policy measures and global liquidity conditions [11] - The report anticipates a continued upward trend for indices, with structural opportunities emerging, emphasizing the need to monitor volume changes and policy implementation [11]

编辑：林郑宏 新华财经上海9月16日电 中国银河证券研报分析认为，随着底层大模型能力的不断迭代，当前AI应用已 经初步具备了的发展的技术基础。AI在各个行业试水的不断展开，AI应用落地将对多数行业产生变革 性的影响。其中，B端商业化进展加快在传媒板块的映射较为明显，观察到海外AI技术起步较早，且应 用商业化落地相对成熟。此外，游戏市场2024年暑期以来持续保持较高景气度，主要游戏大厂的重点新 游上线表现都较为亮眼。考虑到后期游戏流水的收入递延效应以及新上线新游的优秀表现有望延续， 2025年这些公司业绩将有望实现持续增长。 ...