消息面，摩根大通将阿里巴巴港股目标价大幅上调至240港元，称云计算和电商业务的增长料支撑其更高估值。如果以今日收盘价计算，按照摩根大通给出 的目标价，阿里巴巴未来还有超30%的上涨空间。 摩根大通在报告中表示，阿里云收入增速连续8个季度加快，2025年二季度同比增长26%，主要受互联网、自动驾驶和具身智能等领域的生成式AI需求驱 动。 预计中国生成式AI的普及速度可能会超过此前的软件即服务（SaaS）浪潮，因可提升效率的空间更广泛且部署门槛更低。 每经记者｜曾子建 每经编辑｜袁东 今日（10月2日），港股市场迎来10月行情开门红。 截至收盘，恒生指数报收于27287.12点，上涨431.56点，涨幅1.61%。 恒生科技指数报收于6682.86点，上涨217.20点，涨幅3.36%。核心公司方面，阿里巴巴-W（09988.HK）盘中一度涨超4%，收盘报183.1港元，最终涨幅 3.45%。 银河证券表示，半导体行业长期持续向好，一方面，AI数据中心推升存储器需求，直接拉动设备需求；另一方面，国产替代持续深化，带来增长空间。短 期来看，头部存储厂商新项目启动及先进逻辑扩产，推动设备行业迎来新一轮增长，长期国产替 ...

Market Overview - The Hong Kong stock market opened positively in the fourth quarter, with the Hang Seng Index rising by 1.61%, the Hang Seng Tech Index increasing by 3.36%, and the National Enterprises Index up by 1.77% [1][2]. Technology Sector - Major technology stocks saw significant gains, with Kuaishou rising over 8%, Baidu up over 4%, and Alibaba, Xiaomi, and JD.com each increasing by over 3% [4][5]. - Semiconductor and chip stocks strengthened, with SMIC rising over 12% [6][7]. - Kuaishou's AI model ranked first in global video generation benchmarks, indicating strong performance in the tech sector [5]. Gold and Precious Metals - Gold stocks continued their upward trend, with China Silver Group surging over 30% and other gold-related stocks also experiencing gains [8]. Apple-Related Stocks - Apple concept stocks were active, with Lens Technology rising nearly 9% and other related companies also seeing increases [10][11]. - The iPhone 17 series has shown strong global demand, with sales exceeding those of the previous model by 10%-15% [12]. Lithium Battery Sector - Lithium battery stocks performed well, with Tianqi Lithium rising nearly 13% and other companies like Ganfeng Lithium and BYD Electronics also gaining [13]. Automotive Sector - Automotive stocks rose, with NIO increasing over 6% and other manufacturers like Li Auto and Xpeng also reporting strong performance [14][15]. Real Estate Sector - The real estate sector showed weakness, with Longfor Group declining over 5% and other major developers following suit [16][17]. Brokerage Sector - Chinese brokerage stocks fell, with Shenwan Hongyuan down over 3% and other major firms also experiencing declines [18]. Alibaba's Performance - Alibaba's stock rose over 3%, reaching HKD 183.1, with a total market capitalization of HKD 349.22 billion [19][20]. - Morgan Stanley raised Alibaba's target price significantly, citing growth in cloud computing and e-commerce as key drivers [23].

Core Viewpoint - The Hong Kong stock market has experienced a strong start to the fourth quarter, with significant gains in technology, semiconductor, and gold sectors, as major indices collectively rose, particularly the Hang Seng Index surpassing 27,000 points [1]. Group 1: Technology Sector - The technology stocks in Hong Kong surged, with Tencent and Meituan rising over 2%, JD.com and Alibaba over 3%, Xiaomi over 4%, and Kuaishou increasing by over 7% [5]. - Morgan Stanley raised Alibaba's target price for its Hong Kong shares to HKD 240 from HKD 165, indicating a positive outlook on its valuation shift from losing market share in Chinese e-commerce to being a leading internet asset in China [7][8]. - Alibaba's stock price has increased over 125% year-to-date, reaching HKD 184.7 [5]. Group 2: Semiconductor Sector - The semiconductor sector saw significant gains, with SMIC rising over 10% and other chip stocks like Hua Hong Semiconductor and BYD Electronics increasing by over 5% [10][11]. - Goldman Sachs expressed optimism regarding long-term orders for SMIC, attributing this to the growth in market share among its downstream clients and the increasing semiconductor content in electronic devices [19]. Group 3: Gold Sector - Gold stocks continued their upward trend, with companies like Tongguan Gold and Zijin Mining rising over 14% and Lingbao Gold over 8% [22]. - Spot gold prices reached a new high of USD 3,895.28 per ounce, driven by strong inflows into gold-backed ETFs and concerns over the U.S. government shutdown [23][25]. - Goldman Sachs remains bullish on gold, suggesting that prices could exceed previous estimates, especially if a portion of private holdings in U.S. Treasury bonds shifts to gold [25].

图片来源：Resonac 该厂房将专注于生产8英寸（200mm）SiC外延片，旨在通过更大尺寸的晶圆提高芯片产出量、降低成 本，以满足电动汽车、可再生能源及工业设备市场日益增长的需求。根据规划，新设施已于2024年9月 动工，并计划于2026年正式投入运营。 9月12日，日本化学材料大厂Resonac在其山形县东根市的工厂内，举行了全新的碳化硅（SiC）外延片 生产大楼 竣工仪式。这座建筑面积达5832平方米的新设施是Resonac投资309亿日元（约15.01亿人民 币）升级旗下4个SiC工厂的重点项目之一。 （文/集邦化合物半导体 竹子 整理） 据悉，该项目是日本政府依据《经济安全保障推进法》所认定的关键物资供应保障计划的一部分。早在 2023年6月，#Resonac 就已通过政府补助认证，最高可获得约103亿日元（约5亿元人民币）的补助金， 用于扩充SiC衬底和外延片的产能。 根据此前的计划，Resonac预计在2027年4月实现SiC衬底的年产能达到11.7万片（折合6英寸计算），并 在2027年5月将SiC外延片的年产能提升至28.8万片（折合6英寸计算）。 进入2025年，Resonac的战略布局 ...

兄弟姐妹们啊，趁着A股放假，外围市场"偷袭"暴涨，一起看看发生了什么事情。 A股放假，外围暴涨 10月2日，亚太市场全线暴涨。 港股今日开盘，低开高走，截至发稿，恒生指数大涨近2%，恒生科技指数暴涨近4%。 个股方面，中芯国际暴涨超11%，阿里巴巴涨超4%，腾讯涨超2%。 | > | 恒生科技指数(HSTECH.HK) | | Q C | | --- | --- | --- | --- | | | 6696.440 +230.780 +3.57%. | | | | 新闻 | 成份股 | | 基金 | | 中芯国际 HK 00981 | 88.400 | +11.13% | 45.51亿 | | 快手-W HK 01024 | 91.850 | +8.57% | 58.46亿 | | 花虹米导体 HK 01347 | 85.600 | +7.00% | 19.77亿 | | 蔚来-SW HK 09866 | 61.400 | +6.97% | 4.54亿 | | 比亚迪电子 HK 00285 | 44.200 | +6.92% | 11.67亿 | | 百度集团-SW HK 09888 | 140.400 | ...

游戏叙事还有很大潜力，但没有标准答案。 在职业生涯的大部分时间里，肯·列文（Ken Levine）一直都在努力推动游戏叙事的发展。他带领团队打造了广受好评的"生化奇兵"系列，以标志性的剧情 反转给人们留下了深刻印象。如今，列文希望在Ghost Story Games的首款游戏《Judas》中重新定义游戏叙事。 有些人认为，电子游戏在图像和制作质量方面可能正在达到极限，但互动叙事方面的潜力仍未被充分发掘。通过让玩家与关键角色的关系变化影响剧情走 向，《Judas》试图进一步挖掘游戏的叙事潜力。不过列文强调，游戏叙事的未来充满了无限可能，《Judas》仅仅探索了其中的一种方向。 如果电子游戏想要讲述一个能够对玩家操作做出反应的故事，开发团队需要克服哪些困难？叙事设计师应当如何在表达作者愿景与鼓励玩家发挥能动性之 间把握平衡？从游戏叙事的角度来看，生成式人工智能拥有多大潜力？围绕这些话题，列文分享了他的想法。 继《生化奇兵：无限》DLC之后，肯·列文时隔十年重返叙事领域 Q：游戏叙事在过去10年里取得了长足进步，但你认为，目前开发者仍然面临的最大挑战是什么？ 肯·列文（下文简称列文）：电子游戏向玩家展示一个故事很容 ...

Core Insights - Shanghai's artificial intelligence industry has achieved a significant milestone by completing the registration of 10 new generative AI services, bringing the total to over 102, making it the first city in China to surpass the "double hundred" mark in both registration and filing of generative AI services [3][4] Industry Development - The newly registered generative AI services cover a wide range of fields and application scenarios, showcasing Shanghai's comprehensive innovation capabilities in the AI sector [3] - Key technologies included in these services are natural language processing, computer vision, and multimodal interaction, with some services achieving breakthroughs in specific industry applications, such as financial risk assessment and personalized educational support [3][4] Ecosystem and Collaboration - The providers of the newly registered services include major tech companies like Baidu and Alibaba, as well as local unicorns and research transformation platforms, creating a healthy innovation ecosystem characterized by collaboration between large enterprises, SMEs, and research institutions [3][4] Strategic Framework - Shanghai's achievement is underpinned by a long-term strategic layout that supports the AI industry across its entire lifecycle, including technology research and development, application implementation, safety regulation, and talent cultivation [4] - The city has established a special fund for generative AI innovation and has created 12 key application scenarios to promote the large-scale application of registered services in the real economy [4] National Impact - The "double hundred" achievement not only injects new momentum into local industry development but also serves as an important model for the standardized and scaled development of the generative AI industry nationwide [5] - Shanghai's clear registration standards and optimized processes provide replicable operational norms for generative AI service registration across the country, effectively reducing institutional costs for innovation [5][6] Future Outlook - With the continuous expansion of registered services and deepening application scenarios, Shanghai is expected to further enhance its role as a leading city, promoting the integration of generative AI technology with the real economy and establishing a solid foundation for China to seize a competitive edge in the global AI industry [6]

【导读】港股三大指数走高，黄金概念股集体走强 港股迎来四季度首个交易日。 10月2日，港股市场表现强势，三大指数纷纷走高，截至午间收盘，恒生指数涨1.45%，恒生科技指数涨2.66%。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 27245.68 | 9711.03 | 6637.65 | | +390.12 +1.45% | +155.70 +1.63% | +171.99 +2.66% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 27308 | 4077.15 | 0.00 | | +396 +1.47% | +62.25 +1.55% | 0.00 0.00% | | 名称 | 现价 | 涨跌幅 = | 总市(三 | | --- | --- | --- | --- | | 中国白银集团 | 0.700 | 32.08% | 17亿 | | 0815.HK | | | | | 力勤资源 | 25.480 | 13.45% | 396亿 | | 2245.HK | | | | | 天齐锂业 | 50.800 | 13.04% | 853亿 | | ...

【导读】港股三大指数走高，黄金概念股集体走强 中国基金报记者 李智 港股迎来四季度首个交易日。 10 月 2 日，港股市场表现强势，三大指数纷纷走高，截至午间收盘，恒生指数涨 1.45% ， 恒生科技指数涨 2.66% 。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 27245.68 | 9711.03 | 6637.65 | | +390.12 +1.45% | +155.70 +1.63% | +171.99 +2.66% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 27308 | 4077.15 | 0.00 | | +396 +1.47% | +62.25 +1.55% | 0.00 0.00% | 恒生科技(HSTECH) 10-02 12:00:00 昨收 6465.66 424.61亿 成交额 6483.22 8.4亿 今开 成交量 171.99 2.66% 上 涨 18 10 平 盘 2 下 跌 最高价 25.2 6650.76 市盈率 近20日 16.78% 最低价 3.70 今年来 6481.58 市净率 48.56% 盯盘 因 ...

科技指数相关个股表现突出 快手-W(01024.HK)表现格外引人注目，截至午间收盘，涨6.56%，报90.15港元，盘中最高触及91.40港元。该股近期表现持续强势，5日 涨幅已超20%，年初至今涨幅更是高达120%。 阿里巴巴-W(09988.HK)涨3.95%，报184.00港元。该股年内涨幅已超120%，20日累计涨幅超35%，显示持续受到资金追捧。 百度集团-SW(09888.HK)涨4.50%，报139.30港元。该股5日涨幅达6.84%，20日涨幅达46.17%。 港股午间收盘，恒生指数涨1.45%， 恒生科技指数涨2.66%。 个股方面，天齐锂业涨超13%，赣锋锂业涨超10%，中芯国际涨超9%，蓝思科技涨超 8%，快手涨超6%，华虹半导体、比亚迪电子涨超5%，宁德时代涨超4%。 为何市场看好科技股？ 国信证券分析指出，港股互联网巨头估值正与海外同类公司快速收敛。当前腾讯与Meta、阿里与谷歌的估值水平已回到相似水位。 国泰海通则维持百度集团"增持"评级，上调目标价至176港元。报告指出，百度依托自研AI模型，加强赋能多项业务，深度思考模型文心 X1.1在多项指标上显著提升，基准测试整体效果已与 ...