Group 1 - The Ministry of Commerce, along with eight other departments, issued policies to support service exports, including 13 specific measures to enhance investment in service trade and digital trade [1][2] - Six departments, including the Ministry of Industry and Information Technology, announced strict controls on cement and glass production capacity, prohibiting new capacity and requiring capacity replacement plans for new and renovated projects [2] - Alibaba announced a collaboration with NVIDIA on Physical AI, covering various aspects such as data synthesis, model training, and environment simulation, leading to a significant increase in Alibaba's market value [3] Group 2 - The People's Bank of China plans to conduct a 600 billion yuan MLF operation on September 25, 2025, with a one-year term [1] - The fourth Beidou International Application Summit released a report predicting that the satellite navigation and positioning service industry in China will reach a total output value of 575.8 billion yuan by 2024 [3] - The U.S. Federal Reserve Chairman highlighted the dual risks of rising inflation and declining employment in the U.S. economy, indicating potential impacts from significant policy changes [4]

Report Information - Report Title: Stock Index Futures Daily Report [1] - Date: September 24, 2025 [2] - Analyst: Wang Ying (Investment Consultation License No.: Z0016367) [2] - Investment Consultation Business Qualification: Securities Regulatory Permission [2011] No. 1290 [2] Investment Rating - Not provided in the report Core Views - The stock market oscillated upward today, with small and medium - cap stocks rising significantly, mainly driven by Alibaba's positive news which led to the overall upward movement of the science and technology sector. The main contracts of IC and IM index futures corresponding to small and medium - cap indexes both rose by more than 3%. The basis increased significantly, and there was a phenomenon of short - sellers leaving the market considering the open interest. The overall stock index was still running below the previous high. [5] - Today, the total trading volume of the two markets narrowed to about 2.3 trillion yuan. In a market with shrinking volume driven by structural factors, the sustainability of the stock index rebound remains to be seen. It is not advisable to enter the market aggressively to chase the high before the holiday. Considering the previous day's market, there is still optimistic sentiment supporting the short - term market. It is expected that the stock index will continue to oscillate around the previous high central point. The recommended strategy is to mainly wait and see. [5] Market Review Summary - Today, the stock index trended upward. Taking the CSI 300 index as an example, it closed up 1.02%. The trading volume of the two markets decreased by 16.7598 billion yuan. In the futures market, all varieties rose with shrinking volume. [3] Important Information Summary - On September 24, at the 2025 Hangzhou Yunqi Conference, Alibaba Cloud and NVIDIA reached a cooperation in the Physical AI field. Alibaba Cloud's artificial intelligence platform PAI will integrate NVIDIA's Physical AI software stack, providing enterprise users with full - link platform services such as data pre - processing, simulation data generation, model training and evaluation, robot reinforcement learning, and simulation testing, further shortening the development cycle of applications such as embodied intelligence and assisted driving. [4] - Alibaba Cloud announced the launch of Qwen3 - Max, the largest and most powerful model developed by the Tongyi Qianwen team to date. [4] Index Futures Market Observation | Futures Type | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main Contract Intraday Percentage Change (%) | 1.69 | 0.94 | 3.90 | 3.21 | | Trading Volume (10,000 lots) | 14.6745 | 6.2124 | 17.718 | 29.362 | | Trading Volume MoM (10,000 lots) | - 2.4218 | - 0.9047 | - 0.4626 | - 3.5404 | | Open Interest (10,000 lots) | 26.37 | 9.8305 | 25.5972 | 36.5491 | | Open Interest MoM (10,000 lots) | - 1.314 | - 0.3523 | - 0.589 | - 2.7949 | [6] Spot Market Observation | Index | Value | | --- | --- | | Shanghai Composite Index Percentage Change (%) | 0.83 | | Shenzhen Component Index Percentage Change (%) | 1.80 | | Ratio of Rising to Falling Stocks | 5.18 | | Total Trading Volume of the Two Markets (100 million yuan) | 23267.84 | | Trading Volume MoM (100 million yuan) | - 1675.98 | [7]

Core Insights - Alibaba Cloud and NVIDIA have formed a partnership in the Physical AI sector during the 2025 Hangzhou Yunqi Conference [1] - The collaboration aims to integrate NVIDIA's Physical AI software stack into Alibaba Cloud's AI platform PAI, enhancing the development cycle for applications like embodied intelligence and assisted driving [1] Group 1: Partnership Details - Alibaba Cloud's AI platform PAI will incorporate NVIDIA's full suite of Physical AI software, including NVIDIA Isaac Sim, Isaac Lab, Cosmos, and the Physical AI dataset [1] - This integration will provide enterprise users with comprehensive services such as data preprocessing, simulation data generation, model training evaluation, robotic reinforcement learning, and simulation testing [1] Group 2: Impact on Development Cycle - The partnership is expected to significantly shorten the development cycle for applications related to embodied intelligence and assisted driving [1] - The combination of Alibaba Cloud's big data AI platform capabilities with NVIDIA's software stack will create a full-link platform support for various AI applications [1]

Group 1 - The Hang Seng Index rose by 1.37%, while the Hang Seng Tech Index increased by 2.53% [1] - Technology stocks showed strong performance, with Alibaba rising by 9% to reach a new high, announcing a collaboration with NVIDIA on Physical AI [1] - Semiconductor company SMIC saw a nearly 6% increase, hitting a historical high [1] Group 2 - Home appliance stocks performed well, with Hisense Home Appliances surging by 14% after establishing a joint laboratory with Dow [1] - Pharmaceutical stocks faced a downturn, with Yimeng Bio falling by nearly 9% [1]

Core Viewpoint - Alibaba's stock price surged nearly 10% to a four-year high of HKD 174.9 per share, driven by positive news regarding its AI initiatives and partnerships [1][3]. Group 1: AI Collaboration and Strategy - Alibaba announced a collaboration with NVIDIA on Physical AI, covering various aspects such as data preprocessing, simulation data generation, model training evaluation, and reinforcement learning, aimed at shortening development cycles for applications like embodied intelligence and assisted driving [3]. - CEO Wu Yongming stated that large models represent the next generation of operating systems, and AI cloud is the next generation of computing, with a vision of only 5-6 super cloud computing platforms globally [3]. - The company is actively investing in AI infrastructure, with plans to allocate an additional significant amount towards this initiative, having already invested over CNY 100 billion in AI infrastructure and product development over the past four quarters [4]. Group 2: Core Business Developments - Alibaba's core businesses, including Amap and DingTalk, are undergoing comprehensive AI integration, with Amap launching the world's first AI-native application based on maps, and DingTalk releasing multiple AI products in its 8.0 version [5]. - The international platform is also implementing AI tools to assist merchants in optimizing marketing, procurement, and product listing processes [5]. Group 3: Market Confidence and Future Growth - Market confidence in Alibaba is recovering due to its strategic moves in AI, with analysts suggesting that the "cloud + AI" strategy will serve as a second growth curve, replacing e-commerce [5]. - Reports indicate that Alibaba's investment in AI infrastructure and plans for further investment are expected to accelerate cloud business growth, with a positive outlook on the potential increase in revenue from AI-related businesses [5].

Core Viewpoint - Alibaba Cloud has announced a partnership with NVIDIA in the field of Physical AI, aiming to enhance its AI platform capabilities and accelerate the development cycle of applications such as embodied intelligence and assisted driving [2][5]. Group 1: Partnership and Technology Integration - Alibaba Cloud's AI platform PAI will integrate NVIDIA's full suite of Physical AI software stack, including Isaac Sim, Isaac Lab, Cosmos, and Physical AI datasets, providing comprehensive services from data preprocessing to simulation testing [5][6]. - Physical AI is a branch of AI technology that extends into the physical world, enabling AI systems to interact with real-world environments, with applications in humanoid robots and advanced autonomous driving [5][6]. Group 2: Future Vision and Infrastructure - Alibaba Group's CEO, Wu Yongming, stated that the development of Artificial General Intelligence (AGI) is a certainty, with the ultimate goal being the creation of Super Artificial Intelligence (ASI) [5][6]. - The company plans to significantly increase its global data center energy consumption by tenfold by 2032 compared to 2022, indicating a substantial investment in computational power to prepare for the ASI era [6]. Group 3: AI Model and Performance - The newly launched Qwen3-Max model from Alibaba's Tongyi flagship series has surpassed competitors like GPT-5 and Claude Opus 4, ranking among the top three globally [8]. - Alibaba has released over 300 open-source models, achieving over 600 million downloads globally, and holds the largest market share in enterprise-level model usage in China [8]. Group 4: AI Infrastructure and Server Technology - Alibaba Cloud showcased its upgraded AI infrastructure, demonstrating capabilities from core chips to high-performance networks and distributed storage [9]. - The new generation of Panjiu 128 super-node AI servers, designed by Alibaba Cloud, supports high-density AI chip integration and offers significant performance improvements over traditional architectures [11].

9月24日，港股收盘，恒生指数涨1.37%，恒生科技指数涨2.53%。阿里巴巴放量大涨9%创阶段新高，宣 布与英伟达开展Physical AI合作。蓝思科技涨超6%，中芯国际涨5.72%；大众公用跌超12%。 ...

Group 1 - Alibaba Cloud announced a partnership with NVIDIA in the field of Physical AI, integrating NVIDIA's software stack into its AI platform PAI to provide comprehensive services for enterprises [1][4] - The collaboration aims to shorten the development cycle for applications such as embodied intelligence and assisted driving by offering services like data preprocessing, simulation data generation, model training evaluation, and reinforcement learning [1][4] - Alibaba Group's CEO emphasized the inevitability of General Artificial Intelligence (AGI) and the ultimate goal of developing Super Artificial Intelligence (ASI), predicting that only 5-6 super cloud computing platforms will exist globally in the future [4][5] Group 2 - Alibaba Cloud plans to significantly enhance its AI infrastructure, projecting a tenfold increase in global data center energy consumption by 2032 compared to 2022, indicating exponential growth in computing power investment [5] - The company introduced multiple technological updates at the 2025 Cloud Habitat Conference, including the launch of the Qwen3-Max model, which outperforms competitors like GPT-5 and Claude Opus 4, ranking among the top three globally [5][6] - Alibaba's Tongyi model has become the world's leading open-source model, with over 300 models available and a global download count exceeding 600 million, capturing the largest share of the enterprise-level model market in China [6] Group 3 - Alibaba Cloud showcased its upgraded AI infrastructure, demonstrating a full-stack AI technology capability that includes components from chips to AI platforms [6][7] - The newly released Panjiu 128 super node AI server, designed by Alibaba Cloud, supports high-density and high-performance AI chip integration, achieving record density in the industry [7] - The Panjiu super node server features an open architecture and can support up to 128 AI computing chips, offering significant improvements in inference performance compared to traditional architectures [7]

还值得注意的是，阿里云宣布新一轮全球基础设施扩建计划：将在巴西、法国和荷兰首次设立云计算地 域节点(region)，并将扩建墨西哥、日本、韩国、马来西亚和迪拜的数据中心，以便更好服务全球客户 日益增长的AI和云计算需求。 阿里巴巴美股盘前大涨近10%，报178.9美元。消息面上，在2025阿里云栖大会上，阿里巴巴正式宣布 与英伟达开展Physical AI合作。合作覆盖了Physical AI的实践的各个方面，包括数据的合成处理，模型 的训练，环境仿真强化学习以及模型验证测试等。另外，目前阿里正积极推进3800亿的AI基础设施建 设，并计划追加更大的投入。 ...

Core Insights - Alibaba Cloud announced a partnership with NVIDIA in the field of Physical AI at the 2025 Hangzhou Yunqi Conference, integrating NVIDIA's Physical AI software stack into its AI platform PAI to enhance development cycles for applications like embodied intelligence and assisted driving [1][4] - Following the announcement, Alibaba's stock surged, with a nearly 10% increase in pre-market trading in the US and a 9% rise in Hong Kong [3] Group 1: Partnership and Technology Integration - The integration of NVIDIA's software stack includes tools for data preprocessing, simulation data generation, model training evaluation, robotic reinforcement learning, and simulation testing, creating a comprehensive service platform [1][4] - Physical AI aims to extend AI technology into the physical world, enabling interaction with real-world environments, with applications in humanoid robots and advanced autonomous driving systems [4] Group 2: Future Vision and Infrastructure - Alibaba Group's CEO emphasized that the development of Artificial General Intelligence (AGI) is a certainty, with the ultimate goal being the creation of Super Artificial Intelligence (ASI) [4] - Alibaba Cloud plans to significantly increase its global data center energy consumption by 10 times by 2032 compared to 2022, indicating a substantial investment in computational power [5] Group 3: AI Model Advancements - The newly launched Qwen3-Max model outperforms competitors like GPT-5 and Claude Opus 4, ranking among the top three globally, and has become the most widely adopted model among Chinese enterprises [7] - Alibaba Cloud has seen a fivefold increase in AI computing power and over fourfold growth in AI storage over the past year, reflecting its commitment to enhancing AI infrastructure [7][8] Group 4: Hardware Innovations - Alibaba Cloud introduced the new generation of Panjiu 128 ultra-node AI servers, designed for high density and performance, capable of supporting multiple AI chips and achieving significant improvements in inference performance [10]