Group 1 - Hong Kong technology stocks showed strong performance on September 19, with significant gains in chip, smart car, and internet sectors, including a rise of over 12% for Hongteng Precision and over 5% for NIO-SW, Hua Hong Semiconductor, and SenseTime-W [1] - The Hong Kong Technology 50 ETF (159750) increased by 2.02%, with trading volume exceeding 81 million CNY, and recorded a net inflow of 65.32 million CNY on September 18, marking a new high since its listing [1] - Major Chinese tech companies are gaining attention, with Alibaba's self-developed AI chip showcased on CCTV, reportedly matching key parameters of NVIDIA's H20 chip and surpassing the A800 chip [2] Group 2 - The Hang Seng Technology Index demonstrated stronger profitability during the recent earnings season, with a revenue growth rate of 14.43% compared to a 2.45% growth for the Hang Seng Index, while net profit growth for the Hang Seng Technology Index was 16.18% [3] - The cumulative increase of China's "Tech Ten Sisters" from the end of 2023 to February 12, 2025, is projected to exceed that of the US "Tech Seven Giants" during the same period [3] - The Hong Kong Technology Index has outperformed the Hang Seng Technology Index, with a cumulative increase of 133.57% since December 31, 2014, compared to 111.14% for the Hang Seng Technology Index [3] Group 3 - Future potential for the Hong Kong stock market to reach new highs is identified in three areas: AI technology and new consumption, continuous inflow of southbound funds, and the impact of monetary policy changes in the US and China [5] - The ongoing credit expansion and the "anti-involution" policy are expected to accelerate supply-side adjustments, leading to a gradual recovery in related industries [5]

Market Overview - On September 18, 2025, the Hong Kong stock market recorded a total trading volume of HKD 413.31 billion, with net inflows from southbound funds amounting to HKD 6.288 billion [2][7] - The Hang Seng Index closed down 1.35% at 26,544.85, while the Hang Seng Technology Index fell 0.99% to 6,271.22 [5][7] Industry Insights - The recent announcement by Huawei regarding the evolution and goals of its Ascend chips over the next three years has positively impacted the semiconductor sector, leading to a significant rise in the Wind Hong Kong Semiconductor Index [2][7] - The performance of leading toy companies in Hong Kong has driven the Wind Hong Kong Durable Consumer Goods Index upward, attributed to the strengthening of their IP matrix, expectations of a consumption peak season, and a technical rebound from previous declines [2][7] Sector Performance - Among the major sectors, basic chemicals (+2.10%), pharmaceuticals (+0.31%), and defense industry (+0.10%) led the gains, while the comprehensive sector (-6.98%), coal (-2.47%), and media (-2.42%) faced declines [5][7] - Concept indices such as online education (+11.61%), financial IC (+8.49%), and Foxconn (+6.14%) showed strong performance, while local brokerage (-5.65%), liquor (-3.16%), and Wanda shares (-2.96%) lagged [5][7] Future Outlook - The report suggests three potential directions for the Hong Kong stock market to reach new highs: 1) AI technology and new consumption are expected to drive market growth, 2) continued inflows from southbound funds will enhance pricing power, and 3) improvements in global liquidity due to potential further rate cuts by the US could support market growth [2][7]

本次募集资金将主要投向四个方面，其中30%将分配至通过加强研发及技术基础设施提高营运效率及分析能力；30%用于扩大公司地理覆盖范围、多元化保 险范围及提升产品供应；30%用于对保险科技相关业务的潜在策略性投资；10%用于营运资金及其他一般企业用途。 2024年度，公司实现营业收入9.44亿元，同比增长44.16%；归母净利润亏损1.86亿元，上年同期亏损2.44亿元；经营活动产生的现金流量净额为703.9万元， 同比增长51.64%；据申请书显示，暖哇洞察基本每股收益为-1.69元。 申请书显示，根据弗若斯特沙利文报告，以2024年处理的保险案件数量计，暖哇科技是中国保险业最大的独立AI科技公司，以2024年收入计，为中国健康 险行业具备全栈风险分析能力的最大的AI科技公司。 2025年1月1日至2025年6月30日，公司实现营业收入4.31亿元，同比增长1.01%；归母净利润亏损1.02亿元，上年同期亏损1.62亿元；经营活动产生的现金流 量净额为-780.8万元，上年同期为-5615.9万元；据申请书显示，暖哇洞察基本每股收益为-0.92元。 2024年，公司经营活动现金流净额为703.9万元，同比增长5 ...

同时，星巴克近期在深圳市场启动了早餐测试项目。SITC通过大数据洞察与模型，建立了"洞察、研 发、测试、推广、反馈"的快速创新模式，在对以深圳为代表的一线城市早餐咖啡顾客群体的消费特 点、人群需求与生活特征进行深度洞察后，推出了更适合佐餐、口感更顺滑的"每日黑咖"和"每日奶 咖"，以及丰富的食品搭配组合，并根据早餐人群高频次复购的特点，对价格进行了优化调整。后续公 司还将跟进分析这一测试的市场反馈，并进行相应的调整，适时地在更大范围内推广。 星巴克中国副总裁、首席技术官罗金鹏在发布仪式上表示，未来，星巴克将在AI科技的赋能下，在更 多场景开辟'科技融合人文'的创新机遇，前所未有地扩大品牌在门店、产品和伙伴方面的独特竞争优 势，为消费者创造更丰富的全新价值。 北京商报讯（记者 郭缤璐）9月17日，星巴克中国创新科技中心（以下简称SITC）正式对外发布成立以 来的数字化建设成果，并宣布迁入深圳河套科创中心新址。 目前，SITC已在星巴克全国门店投资建造电子菜单板，为消费者提供第三空间体验中的全新数字化沟 通界面，目前除极少部分受条件限制的门店外，绝大多数门店已完成升级改造。该电子菜单板不仅能依 托SITC升级的" ...

Group 1 - The core point of the article is that Warmwa Technology has officially submitted its listing application to the Hong Kong Stock Exchange, with Morgan Stanley and HSBC as joint sponsors [1] - According to a Frost & Sullivan report, Warmwa Technology is one of the largest independent AI technology companies in China's insurance industry based on the number of insurance cases processed in 2024 [3] - The company was founded in October 2018 and focuses on AI solutions for the entire lifecycle of insurance transactions, including AI underwriting and claims solutions [3] Group 2 - As of the end of 2024, Warmwa Technology's solutions have been adopted by over 90 insurance companies, and by the first half of 2025, the company has executed over 200 million underwriting reviews and claims investigations [3] - The company has experienced a narrowing trend in losses, with revenues of 340 million yuan, 650 million yuan, and 940 million yuan from 2022 to 2024, representing a compound annual growth rate of 65.5% [4] - The adjusted net profit for 2024 is approximately 58 million yuan, with an adjusted net profit margin of 6.1%, while the revenue for the first half of 2025 is 431 million yuan with a net loss of 100 million yuan [4]

Group 1 - The expectation of a Federal Reserve interest rate cut has led to a significant increase in Chinese assets, with the Nasdaq Golden Dragon China Index rising by 0.87% overnight, and stocks like Li Auto and Bilibili increasing by over 6% [1] - The Hong Kong stock market opened higher on September 16, with the Hang Seng Tech Index up by 0.68%, and notable gains in stocks such as Bilibili-W (over 5%), NIO-SW, and Trip.com Group-S (over 3%) [1] - The Hong Kong Tech 50 ETF (159750) rose by 0.86%, with net subscriptions exceeding 6 million units in the early trading session [1] Group 2 - There has been a significant inflow of funds into Hong Kong stocks, with net purchases by southbound funds reaching 60.8 billion HKD from September 8 to September 12, marking the highest weekly net inflow since May and an increase of 83.97% from the previous week [2] - The overall valuation of Hong Kong tech stocks remains low, with the latest valuation of the Hong Kong Tech Index at 23.87 times PE, which is at the 13.82% historical percentile [3] Group 3 - The short-term outlook for Hong Kong stocks is positive due to the anticipated Fed rate cut, but there are concerns about the marginal weakening of the fundamental outlook, indicating that mid-term gains will depend on the recovery of corporate fundamentals [5] - Incremental funds are increasingly favoring leading tech and internet stocks, with a focus on individual stock logic, while foreign capital is showing interest in Chinese assets [5] - The Hong Kong market is benefiting from global liquidity conditions and foreign capital inflow, with the potential for further appreciation of the RMB against the USD [5]

来源：市场投研资讯 （来源：市场投研资讯） ⭕ 事件描述 港股市场方面，恒生指数上涨0.22%报26446.56，恒生科技上涨0.91%报6043.61，恒生中国企业指数上涨0.21%报9384.76，恒生港股通高股息率指数回调 0.16%。A股市场方面，上证指数回调0.26%，沪深300上涨0.24%，万得全A上涨0.09%。红利指数回调0.42%。 行业主题方面：中信港股通一级行业中，综合（+7.69%）、煤炭（+2.45%）、电力设备及新能源（+2.24%）领涨，钢铁（-1.58%）、轻工制造 （-1.47%）、有色金属（-1.18%）领跌；概念方面，未盈利生物科技指数（+15.63%）、锂电池指数（+5.62%）、抗肿瘤指数（+5.08%）领涨，中广核指 数（-4.35%）、婴童指数（-4.13%）、影视传媒指数（-3.38%）领跌。 2025年9月15日，港股市场大市成交额达到2901.9亿港元，南向资金净买入144.73亿港元。港股三大股指上涨，从宏观因素来看主要是因为：2025年9月14 日，中美双方在西班牙马德里就有关经贸问题举行会谈。讨论议题包括美单边关税措施、滥用出口管制及TikTok等， ...

在动力系统上，吉利银河M9采用了雷神EM-P AI电混，拥有CLTC工况百公里4.8升馈电油耗、超1500公 里综合续航、4.5秒破百等领先性能。同级独有的分布式三电机系统，还能提供华尔兹式掉头、漂移泊 车等极致操控体验。9月17日，吉利银河M9将正式上市。 来源：中国青年报客户端 中国青年报客户端讯（中青报·中青网记者 张真齐）近日，在中国汽车技术研究中心有限公司主办 的"2025中国十佳底盘"及"2025中国十佳车身"评选中，吉利银河M9凭借静态、动态两大维度的出色表 现，荣膺年度"十佳底盘""十佳车身""最佳安全"奖项，此外GEA Evo架构获"最佳架构"奖。 据了解，吉利银河M9是吉利基于GEA Evo架构开发的AI科技大六座旗舰SUV，搭载了同级独有的AI数 字底盘，并得到了路特斯团队的全球深度调校，实现了操控精准性与舒适性的平衡。整车高速不晃、过 坎不颠、过弯不甩，可轻松应对全路况挑战。 ...

在战略合作伙伴方面，Momenta在IAA前夕与法雷奥达成全面合作，双方将联合开发中高阶组合驾驶辅 助系统及自动驾驶产品，进一步巩固了Momenta在全球自动驾驶领域的领先地位。 此次IAA Mobility 2025上的精彩表现，不仅彰显了Momenta作为中国AI科技代表的全球影响力，更为智 能驾驶技术的普及与未来智慧出行的发展描绘了宏伟蓝图。随着与全球伙伴合作的深化和技术创新的持 续突破，Momenta正稳步迈向智能驾驶的新纪元。 与此同时，Momenta与全球最大移动出行平台Uber的战略合作也迈入新阶段。双方计划于2026年在慕尼 黑启动L4级自动驾驶Robotaxi的商业化运营，此举不仅将重塑欧洲出行方式，更预示着Momenta在欧洲 自动驾驶服务领域的规模化落地即将开启。 技术层面，Momenta持续引领创新。公司推出的R6飞轮大模型，作为全球领先的辅助驾驶算法，实现了 端到端基础上的强化学习大模型量产落地。该模型通过模拟环境探索新驾驶行为，实现自我快速成长， 驾驶能力有望超越人类水平。此外，Momenta的"无图端到端"方案，不依赖高精地图，实现了全球范围 内的快速部署，成为中国智能驾驶技术出 ...

回溯30多年前，当第一批中国家电企业首次出现在欧洲时，抱有的姿态更多的是 "取经"，观察、学习 全球家电工业的先进经验。如今，在德国这片精工家电工业的发源地，美菱正与众多中国家电企业一起 在欧洲同台竞技，自信展现中国家电的硬实力。 在德国IFA展会现场，美菱的产品展台前吸引了众多欧洲客户，大家纷纷对于美菱最新的AI保鲜技术产 生兴趣。来自欧洲的参展商客户表示，美菱的冰箱技术和传统的冰箱技术有着很大的差异，尤其是在冰 箱采取最新的AI云保湿这项智能技术，期待这些产品给予用户带来的生活改变。 秋日的柏林，空气中已弥漫着家电产业革新的气息 ，2025年德国IFA正式拉开大幕，这场世界级家电企 业盛会，不仅汇聚着全球家电领域的精英力量，更迎来了一抹格外耀眼的 "中国亮色"。 在众多中国家电企业中，美菱携带最新的科技产品，加速"出海"。据了解，美菱推出最新的AI保鲜科技 冰箱以及洗烘套装洗衣机亮相德国IFA，新产品的一经出场就引发了全球参展客户的关注，尤其是欧洲 客户对于新科技的兴趣，用户需求让美菱全球市场不断被打开。 "美菱正在加速开展海外产业的科技创新，借助AI冰箱以及洗衣机产品，美菱想为全球用户及客户带去 新的生 ...