每周 一 景：湖南衡阳衡山 点击右上角菜单，收听朗读版 【 海外策略】"秋日胜春朝"——四季度港股市场展望 上半年港股明显占优， 6 月后表现偏弱， 9 月以来已经重拾升势。 今年上半年，港股表现优异，涨幅在全球市场中居于前列，恒生指数、恒生科技指数最大 涨幅分别达到 33% 、 49% 。 6 月中旬至 8 月底港股股指阶段性表现弱于 A 股，港股科技板块跑输现象更为明显，这一现象或与港股权重科技稀缺资产表 现不佳存在一定关联。一方面，海内外科技巨头持续加码算力资本开支，对算力硬件端提振较大。另一方面阿里、京东和美团在外卖业务加大补贴，科技巨头 盈利增速一致预期持续下修，叠加近期 AI 应用软件端的催化相对较少，使得港股权重科技龙头股表现不佳。进入 9 月以来，伴随阿里巴巴、百度等互联网大 厂在 AI 领域的乐观情绪发酵，互联网叙事逐步转向" AI 赋能"，港股指数表现明显回暖，其中科技板块弹性更大。 当前港股估值其实并不高，科技板块性价比更加突出。 港股自 2024 年初后已处于牛市氛围中，今年以来也维持了震荡上行的格局。尽管港股市场前期积累 的涨幅已经较为可观，但目前估值仍不算高。尤其港股科技板块低估优 ...

上半年港股明显占优， 6 月后表现偏弱， 9 月以来已经重拾升势。 今年上半年，港股表现优异，涨幅在全球市场中居于前列，恒生指数、恒生科技指数最大 涨幅分别达到 33% 、 49% 。 6 月中旬至 8 月底港股股指阶段性表现弱于 A 股，港股科技板块跑输现象更为明显，这一现象或与港股权重科技稀缺资产表 现不佳存在一定关联。一方面，海内外科技巨头持续加码算力资本开支，对算力硬件端提振较大。另一方面阿里、京东和美团在外卖业务加大补贴，科技巨头 盈利增速一致预期持续下修，叠加近期 AI 应用软件端的催化相对较少，使得港股权重科技龙头股表现不佳。进入 9 月以来，伴随阿里巴巴、百度等互联网大 厂在 AI 领域的乐观情绪发酵，互联网叙事逐步转向" AI 赋能"，港股指数表现明显回暖，其中科技板块弹性更大。 当前港股估值其实并不高，科技板块性价比更加突出。 港股自 2024 年初后已处于牛市氛围中，今年以来也维持了震荡上行的格局。尽管港股市场前期积累 的涨幅已经较为可观，但目前估值仍不算高。尤其港股科技板块低估优势更加明显，性价比或相对更高。当前港股估值处历史中位水平，并且略低于 A 股。 截至 2025/09/30 ...

老李在城东开了十五年酒水店，最近却萌生了关店的念头。"去年这个时候，店里还能月销七、八百箱，现在能卖三百箱就谢天谢地了。"他苦笑着摇 头，"不是我不努力，是这生意真的做不动了。"老李的困境，正是千千万万传统酒商的缩影，还有很多，老张、老王、老赵、老彭也都面临同样的困境，你 在其中吗？ 第一座山：层层扒皮的价格体系 一瓶出厂价20元的酒，要经过总代、大区代、省代、市代、区县代、二批商，最后到你手里可能已经涨到200多了，你信吗？等你再加价卖出，消费者转头 就去线上比价——结果就是你囤了一仓库货，却卖不动。消费者偶尔找你消费一次，转头一比价，悬殊那么多，人家就认为你坑爹了。别说赚钱，连朋友都 没得做了！你说你苦不苦？该向谁去说？ 第二座山：越来越重的资金压力 旺季要提前囤货，淡季要垫付活动费用，厂家核销慢如蜗牛。老王上个月算了笔账：库存压了80万，外面欠款30万，现金流绷得像一根随时会断的弦。你说 你这心理承受能力还要增强多少才玩得转这压力山大？ 第三座山：日渐枯竭的客源 老顾客被电商抢走，年轻客户手机比你玩得溜，做什么消费都一键询价，才不会不进你的店等着被层层加码的刀子收割呢。你就说吧，除了打价格你还有没 有别 ...

第八届中国国际进口博览会将于11月5日至10日在上海举办。 距离本届进博会开幕还有一个月，目前筹备情况如何？进博会"老朋友"将如何赴约？ 上海浦东国际机场海关物控查检一处副处长邸战鹏介绍："我们在浦东机场口岸设置了进博会服务专窗 和绿色通道，结合大数据平台智慧监管，配套实施预约通关、随到随验等便利化通关措施，确保符合规 定的进博会展品即到即查、即查即放。" "随着开幕时间临近，来自全球各地的展品正通过海运、空运、铁路运输等多种渠道陆续启运。"上海会 展中心海关副关长娄亚婷表示。 企业商业展展位图已全量公布 中国国际进口博览会官网消息，本届进博会企业商业展展位图9月30日已全量公布。 "本届进博会企业商业展有四大创新点。"中国国际进口博览局副局长吴政平日前在本届进博会新闻通气 会上介绍，一是首次为最不发达国家产品设立专区，进一步扩容升级原有非洲产品专区，推动所有与中 国建交的最不发达国家及53个非洲建交国的企业和产品用好"零关税"待遇，更好进入中国市场。 二是扩大与国外省州市合作，加拿大萨斯喀彻温省、哈萨克斯坦阿拉木图市等将首次入驻。 四是首创"跨境电商甄选平台"，面向参展企业开展专场推介、专业对接、现场直播等 ...

据了解，物美梅江店位于河西核心居住板块，辐射多个成熟社区、青年公寓以及部分学校和办公集群， 配合周边完善的社区商业配套，人流密集，消费潜力深厚。物美超市天津大区总经理阎安军表示，此次 河西调改首店选址梅江店，正是看中其辐射能力强、社区黏性高的区位优势，希望借力调改，高效承接 周边居民日常采购需求，吸引周边商圈的休闲消费人群，将"有温度的零售"融入河西居民的生活场景， 助力区域商业能级的提升。 在商品方面，梅江店延续物美调改门店的高标准选品策略，精心上架超1万支商品，其中新引入单品占 比达70%，门店各品类的配置比例以及选品策略和标准等方面进一步向胖东来靠拢，整体商品结构接近 胖东来商品结构的80%，可谓是完成了一次全面的商品焕新升级。 天津北方网讯：国庆逢中秋，津城再添购物新地标！10月1日，梅江店以天津河西首家物美"学习胖东来 自主调改"门店的全新面貌亮相，以更高品质的商品和更暖心的服务，以及通过AI赋能，更具烟火气的 场景化购物体验，为河西居民双节采购、家宴备货、出行囤物等提供了一站式新选择，也为天津的假日 消费市场注入了强劲活力。 从包装精美的月饼、酒水、保健品和零食坚果礼盒，到新鲜直供的蔬果禽肉，再到 ...

9月29日，2025年北京市"创赢未来"公开路演青年人才专场在北京经济技术开发区顺利举办，聚焦未来 产业前沿发展方向的青年人才潜力企业，推动社会资本投早投小投硬科技，为培育未来产业注入新的金 融动能。本次活动由北京市经济和信息化局、北京经济技术开发区管理委员会（以下简称"北京经开 区"）、中国人民银行北京市分行联合主办，现场有近百家市、区金融投资机构、孵化器、创新企业参 加。 北京市经济和信息化局副局长姜洪朝表示，未来产业由前沿技术驱动，当下正处于萌芽或产业化初期， 具有巨大发展潜力，是推动首都产业高质量发展的新战场、新赛道，也是全球创新版图和经济格局变迁 中最活跃的力量。为贯彻落实党的二十届三中全会关于"建立未来产业投入增长机制"的决策部署，把握 未来产业成长规律和发展需要，我市于近期重磅发布了《北京市建立未来产业投入增长机制 促进未来 产业发展的若干措施》，聚焦北京市未来产业发展制定16条措施，支撑北京在因地制宜发展新质生产力 方面走在前、作表率。"创赢未来"项目路演活动是北京市建立未来产业投入增长机制的重要举措，旨在 形成以市场化方式帮助潜力企业快速成长、以接力支持方式做强未来产业的新型培育新机制。本次 ...

Core Viewpoint - The company is implementing a "5G + Smart Factory" digital transformation strategy and advancing AI-enabled engineering construction to enhance operational efficiency and service quality [1] Group 1: Digital Transformation Strategy - The company is deeply engaged in the "5G + Smart Factory" digital transformation strategy [1] - The strategy includes multi-dimensional efforts from production to management [1] - The company aims to develop core AI applications in areas such as intelligent equipment detection and maintenance, as well as smart sales and customer service [1] Group 2: AI Integration - The company is focusing on building an AI knowledge hub platform [1] - The integration of knowledge graphs and automated processes is a key component of the AI strategy [1] - The goal is to effectively consolidate and analyze data to improve business operation efficiency and meet management needs [1] Group 3: Market Influences - The company's stock price is influenced by various factors including macroeconomic conditions, industry policies, and market sentiment [1]

具体来看： 大型科技股回暖助力大市上涨，阿里巴巴、快手涨超4%，京东涨超3%，腾讯、美团涨超2%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 01347 | 华虹半导体 | 72.100 | +3.850 | 5.64% | | 00241 | 阿里健康 | 6.540 | +0.330 | 5.31% | | 00981 | 中芯国际 | 76.500 | +3.550 | 4.87% | | 00268 | 金蝶国际 | 17.080 | +0.790 | 4.85% | | 00020 | 商汤-W | 2.740 | +0.120 | 4.58% | | 01024 | 快手-W | 78.900 | +3.300 | 4.37% | | 09988 | 阿里巴巴-W | 173.400 | +6.900 | 4.14% | | 06618 | 京东健康 | 66.900 | +2.400 | 3.72% | | 09618 | 京东集团-SW | 136.600 | +4.100 | 3.09% | | 096 ...

Core Viewpoint - The S2B2C model is gaining momentum in China's industrial internet landscape, with major players like Alibaba and Tencent emphasizing its importance for future growth [1][2] Group 1: Industry Trends - Tencent's Ma Huateng predicts that the C-end market profits will diminish, suggesting that the future lies in the B-end market [1] - Alibaba's research institute identifies the S2B2C model as the golden opportunity for the next decade [1] - The shift from "heavy asset sales" to "light asset empowerment" is a significant transformation in China's industrial internet [1] Group 2: Company Insights - Huitongda Network has established a platform network covering 21 provinces and over 250,000 B-end member stores, positioning itself as a rare example of a "light asset, high value, strong cash flow" industrial empowerment platform [1] - Huitongda's S2B2C model focuses on dual empowerment through a smart supply chain that integrates "reverse + short chain + digitalization" and is driven by "AI + SaaS" [1][2] - The company has upgraded its "Qiancheng Cloud AI" model and partnered with Alibaba Cloud for comprehensive AI collaboration, achieving over 30% efficiency improvement in various operational aspects for member stores [2] Group 3: Strategic Development - Huitongda employs a dual-driven model of "industry + capital" to replicate its S2B2C experience across multiple sectors, including daily chemical products and instant retail [2] - The company has built a "platform + technology + supply chain" moat over its ten years of operation, converting 250,000 rural stores into platform endpoints, creating network effects and data barriers [2] - With the acceleration of consumption upgrades and digitalization in the 20 trillion yuan sinking market, Huitongda's S2B2C ecosystem is expected to become a critical infrastructure [2]

Group 1: Market Outlook - The market adjustment is viewed as an opportunity, with the Chinese stock market expected to continue its upward trajectory, driven by the demand for assets and capital market reforms aimed at improving investor returns [2][3] - The transition from an "L-shaped" economic recovery to a more stable growth pattern is becoming clearer, with listed companies showing revenue and inventory growth for two consecutive quarters [3][4] - The upcoming capital market reforms, including the launch of the growth tier on the Sci-Tech Innovation Board and the resumption of the fifth set of listing standards, are anticipated to accelerate market recovery [2][3] Group 2: Sector Analysis - Emerging technology remains a key focus, with recommendations for sectors such as internet, semiconductor, innovative pharmaceuticals, and robotics, while also suggesting an increase in allocation to cyclical financial stocks [4] - The financial sector has seen a correction but offers potential for increased dividend returns, making it valuable for investors [4] - The shift in economic governance is expected to improve the supply-demand dynamics for cyclical goods, including metals, chemicals, real estate, and new energy [4] Group 3: Thematic Recommendations - Investment in domestic computing power infrastructure and the increasing penetration of domestic supply chains are highlighted as promising areas [5] - The commercial aerospace sector is expected to benefit from satellite mobile communication licenses, with investment opportunities in liquid rockets and satellite payloads [5] - The trend of "de-involution" is seen as beneficial for sectors like lithium batteries, energy storage, and aquaculture, indicating a positive shift in market dynamics [5] Group 4: Hong Kong Market Insights - The valuation of the Hong Kong stock market, particularly the Hang Seng Technology Index, remains attractive, with significant upside potential compared to historical averages [9][10] - The Hang Seng Technology Index is currently trading at a PE ratio of 23.7, which is below its historical average, suggesting room for valuation recovery [10] - The anticipated inflow of foreign capital and the positive impact of AI on the technology sector are expected to drive the Hong Kong market to new highs in the fourth quarter [11]