Core Viewpoint - The recent recruitment of chief economists by securities firms highlights the ongoing talent movement in the brokerage research sector, driven by multiple factors including policy guidance, industry mergers, fee reforms, and AI empowerment [1][3]. Group 1: Talent Movement in Brokerage Research - There has been a high frequency of personnel changes in key research positions within brokerage firms this year, with notable figures such as Xun Yugen and Yan Xiang switching firms [2]. - The movement of prominent research talents reflects not only personal career choices but also the dynamic adjustments in the brokerage research business landscape [2]. Group 2: Influencing Factors - The deepening reform of public fund fee structures is a key variable triggering talent movement and restructuring within the brokerage research industry, with brokerage commission rates dropping by 33.98% year-on-year in the first half of the year [3]. - Policy guidance has provided direction for the development of brokerage research businesses and talent flow, with new evaluation indicators introduced to encourage positive contributions from chief economists [4]. Group 3: Talent Acquisition Strategies - The demand for research talent is increasing, leading to a clear differentiation in talent acquisition paths, with smaller brokerages relying more on public recruitment to attract top research talent [5]. - Larger brokerages prefer internal cultivation or targeted recruitment to build their research talent pool, ensuring continuity in research style and team stability [6]. Group 4: Future Outlook - The transition of chief economists and core researchers is seen as an inevitable result of changes in industry development stages and competitive landscapes, with expectations for further professional orientation and value creation in brokerage research [6].

Group 1: Event Overview - The 2025 China International Service Trade Fair was held from September 10 to 14 at Shougang Park in Beijing, featuring over 30 enterprises from nine cities in Guangdong, showcasing innovations in artificial intelligence, digital entertainment, and digital technology [1][3] - The Guangdong delegation's theme was "Smart Guangdong, Innovative Future," highlighting the province's achievements and opportunities in high-quality service and digital trade [1] Group 2: Robotics Innovations - The "Robot Team" from Guangdong attracted significant attention, featuring the industrial-grade quadruped robot X7 developed by Guangzhou Shiyuan, capable of operating in extreme temperatures from -20°C to 40°C and carrying out inspections in various terrains [4][6] - The X7 robot has been deployed in practical applications such as urban patrols and factory security inspections, significantly reducing risks for personnel and improving operational efficiency [6] - Another showcased product was the integrated joint module robot from Yundeh Power, which can lift up to 20 kg and replace human labor in heavy lifting tasks within industrial settings [6][8] Group 3: Digital Trade and AI Empowerment - The Guangdong Service Trade Promotion Conference highlighted opportunities in digital trade, cross-border e-commerce, AI empowerment, and cultural export, emphasizing the potential of the Greater Bay Area as a new growth engine for service trade [9] - The conference promoted the fourth Guangdong-Hong Kong-Macao Greater Bay Area Service Trade Conference, which aims to facilitate cross-border cooperation in various professional fields [9] - The "Cross-Border E-commerce Global Warehouse Resource Information Platform" was introduced, providing streamlined services for e-commerce businesses and enhancing their global operations [10] Group 4: Digital Workforce - The "AI Agent Digital Employee" showcased at the event can complete tasks that traditionally take two hours in just ten minutes, demonstrating the efficiency of digital employees in various sectors [10] - Digital employees, based on RPA and AI technologies, can operate continuously and handle repetitive tasks, allowing human workers to focus on higher-value activities [11] - The promotion of the animated film "Pig Pig Hero: The Reversal of an Old Pig" was also highlighted, with plans for international distribution in ten languages, showcasing the potential for Chinese animation in global markets [11][13]

Core Insights - The "Source of Good Entrepreneurship" 2025 Hangzhou Entrepreneurship Accompanying Course Competition concluded on September 9, showcasing 18 contestants across three tracks, emphasizing practical and effective entrepreneurship training [1] - The competition aims to gather quality entrepreneurial service resources and create a professional, systematic, and practical entrepreneurial support ecosystem [1] - The event introduced a new emerging field track focusing on AI empowerment, new digital economy, new media operations, cross-border e-commerce, and short video streaming, addressing entrepreneurs' needs during digital transformation [1] Group 1 - The competition was organized by the Hangzhou Employment Management Service Center, with support from various local government and industry organizations [1] - Over 40 professionals from diverse sectors, including accounting firms, law firms, human resources agencies, and cross-border e-commerce platforms, participated in the competition [1] - Each track had six finalists after a rigorous preliminary evaluation, highlighting the competitive nature of the event [1] Group 2 - Cheng Lili from "Qimeng Cross-border Brand Going Abroad Accompanying Space" won the first prize in the emerging field track with her course on Xiaohongshu content creation [2] - Another contestant, Peng Shuang, showcased an AI digital human technology tool for customer acquisition, indicating the broad prospects of technology in entrepreneurship [2] - The competition utilized a dual scoring mechanism involving expert judges and a public jury of 40 selected entrepreneurs to ensure the courses met real-world entrepreneurial needs [2] Group 3 - The previous competition's 20 outstanding courses served over 6,000 entrepreneurs, demonstrating the initiative's impact on the local entrepreneurial ecosystem [2] - All awarded courses from this year's competition will be delivered through both offline and online channels to provide training and support for entrepreneurs [2] - The initiative represents a long-term commitment to entrepreneurial services, reinforcing the foundation for innovation and entrepreneurship in Hangzhou [3]

周三，阿里巴巴旗下高德地图宣布推出全球首个基于用户行为产生的榜单"高德扫街榜"，被视为阿里发 力本地生活服务市场的最新举措。 据追风交易台消息，摩根士丹利分析师Gary Yu、Joanne Lau等在最新研报中指出，"高德扫街榜"的模式 和美团大众点评高度相似，此举是阿里重新发力到店业务的明确信号，将重塑本地生活服务领域的竞争 格局。 分析师认为，阿里在本地服务领域的扩张可能导致按需服务竞争延伸至店内服务，将对美团的利润率造 成进一步压力。 大摩表示，在中国电商巨头中首选阿里巴巴，鉴于竞争升级，下调对美团到店业务的长期盈利能力预 测，预计其核心本地商业分部的经营亏损可能因此扩大。 此举标志着阿里巴巴在本地生活领域的布局更加完整，从外卖、即时零售（快送电商）延伸至利润空间 更广阔的到店业务。报告称，推出"高德扫街榜"只是第一步，预计未来将有更多相关服务和产品上线。 与此同时，高德还启动了"烟火好店支持计划"，通过发放超10亿元补贴等措施，鼓励用户到店消费，希 望每天能为线下餐饮及其他服务业多带去1000万客流。 报告指出，配合同步推出的10亿元激励计划，阿里的意图在于快速激活高德平台上的消费潜力，形成新 的增长 ...

Group 1 - The external delivery battle has officially begun since April, with major players like Alibaba, Meituan, and JD increasing their investments, raising concerns about the profitability of Hong Kong's internet leaders and the overall market fundamentals [1] - Most Hong Kong companies have reported mid-term results, showing initial impacts from the delivery battle, but hardware, materials, and pharmaceuticals remain bright spots [1] - Despite the decline in profit growth for the Hang Seng Tech Index due to the delivery battle, overall profitability remains stable, with ROE (TTM) for 2025H1/2024 at 14.2% [1] Group 2 - The performance within the Hang Seng Tech Index is mixed, with retail performance significantly declining, while technology hardware and software services continue to see high growth rates, with net profit for 2025H1/2024 showing year-on-year increases of 101.7%/84.4% and 31.3%/76.3% respectively [1] - The narrative for Hong Kong's internet sector may shift towards "AI empowerment" in Q4, with performance expectations likely to improve [1] - Recent releases of new large models by companies like Anthropic, Google, and OpenAI, along with their large-scale infrastructure investment plans, reflect optimism about the returns from AI applications [1] Group 3 - Domestic large models are also accelerating iterations, with DeepSeek expected to launch an intelligent agent by the end of the year to compete with OpenAI [2] - Hong Kong's internet leaders are increasing AI capital expenditures, with Tencent, Alibaba, and Baidu collectively investing 116.5 billion yuan in the first half of the year, a year-on-year increase of 131%, driving rapid growth in cloud services [2] - Alibaba Cloud's revenue in the first half of the year increased by 22% year-on-year, surpassing the growth rates of the three major telecom operators for the first time [2]

Investment Rating - The report maintains an "Outperform" rating for the education and human services industry [5][10]. Core Insights - The education and human services sector shows sustained growth and improved profitability, with a 11.0% increase in revenue and a 28.0% increase in performance for the first half of 2025 [16][21]. - The K12 education segment continues to be the most vibrant, with a revenue growth rate of 17%, while the human resources service sector has seen a significant performance increase of 63% [16][21]. - The report highlights the importance of AI in enhancing operational efficiency and profitability across various sub-sectors [5][16]. Summary by Sections Overall Industry Situation - The education and human services sector maintains a high level of activity, with a revenue growth of 11.0% and a performance increase of 28.0% in the first half of 2025, indicating a positive trend in profitability [16][21]. Sub-industry Overview - K12 education shows the highest growth, followed by basic education, human resources services, vocational training, private higher education, and public examination sectors, with K12 education continuing its recovery trend [21][22]. Stock Price Review - The human resources sector has outperformed the market by 9.7 percentage points, while the education sector has underperformed by 2.6 percentage points, indicating a divergence in stock performance within the industry [27][28]. Employment and Advancement Trends - The demand for skilled talent is increasing, with a notable rise in job offers for associate degree graduates, while the competition for higher degree holders remains intense in high-demand sectors like AI [3][36]. Education Service Adjustments - High school enrollment remains robust, with K12 education and private high school admissions showing strong growth, while vocational education faces challenges [4][52]. Investment Recommendations - The report recommends focusing on sectors with strong demand, particularly K12 education and human resources services, highlighting companies like BOSS Zhipin and China Oriental Education as key players [5][77].

智通财经获悉，9月8日，大华继显发布水滴公司（WDH.US）最新一期研报。研报指出，得益于强劲的 首年规模保费（FYP）增长以及运营效率提升，水滴公司第二季度营收和归母净利润同比增长分别为 23.9%和58.7%，双双超出预期。鉴于公司稳健的增长势头，管理层宣布了新一期总额约1090万美元的 现金分红，较上一期派息总额提升近50%，在重申2025年20%收入增长目标的同时，新设定了2025年归 母净利润增长20%的目标。基于以上分析，大华继显上调了对水滴公司2025年的盈利预期，维持水滴公 司"买入"评级，目标价上调至2.91美元。 此外，水滴公司也在加快探索海外市场。管理层指出，公司正处于探索海外市场的早期阶段，已经在香 港地区开展保险业务，过去两年在香港已经建立了一套成熟、完善的保险经纪服务体系和合作网络，后 续也会借鉴内地业务的经验，探索产品端和运营端的创新点。面向未来，水滴将进一步发展国际化业 务，持续关注海外保险市场的用户痛点和科技赋能机会。在基于成熟商业研判的基础上，公司也会积极 探索更多海外创新业务。 大华继显分析认为，强劲的业绩表现、上调的净利润预期以及稳健的股东回报，有助于增强投资者对水 滴 ...

9月10日，高德推出全球首个基于用户行为产生的榜单"高德扫街榜"，覆盖全国超300个城市的线下 吃喝玩乐全品类服务。据悉，这份榜单主打"真实"，基于消费者真实出行数据以及经用户授权的芝麻信 用分等，以AI算法模型筛选出的真正受欢迎的店铺。 与此同时，高德宣布推出"烟火好店支持计划"，通过三方面大力度补贴，鼓励用户到店消费，助力 烟火小店客流、交易的双增长。 9月10日，高德地图董事长刘振飞在内网发帖称："和很多高德同事一样，我也是工程师出身。正如 马老师说过，在阿里我们笃信，技术不仅要追求星辰大海，更要呵护人间烟火；要用AI赋能情怀，也 要用情怀赋能AI。科技发展最动人的场景，就是服务烟火生活，促进真实美好。" 现实中，不少线下宝藏餐饮店因缺乏线上运营的资金和能力而被埋没；同时，由于信息混杂和反馈 机制失准，消费者又缺乏有效的消费参考。 数据显示，高德地图上，每天有1.2亿次生活服务相关搜索，导航前往1300万个生活服务目的地。 这些用户"身体力行"创造的数据奠定了"扫街榜"的真实性；同时，基于用户授权的芝麻信用机制为"扫 街榜"提供了 "言而有信"的参考。 在刘振飞看来，高德扫街榜与阿里巴巴"让天下没有难做 ...

Market Overview - On September 5, Hong Kong's three major indices rose collectively, with the Hang Seng Index up 1.43% to 25,417.98 points, the Hang Seng Tech Index up 1.95% to 5,687.45 points, and the National Enterprises Index up 1.34% to 9,057.22 points [1] - The weekly performance showed the Hang Seng Index increased by 1.36%, the Hang Seng Tech Index by 0.23%, and the National Enterprises Index by 1.22% [1] - Notable stocks included Kuaishou rising over 4%, Tencent Holdings up over 2%, and Alibaba and Meituan both up over 1.5% [1] - The Hang Seng Tech Index ETF (513180) closed up 2.39% [1] Southbound Capital - On September 5, southbound capital recorded a net inflow of HKD 56.23 billion, with a cumulative net inflow of HKD 10,120.58 billion year-to-date, significantly exceeding last year's total [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down 0.48%, S&P 500 down 0.32%, and Nasdaq down 0.03% [3] - Notable declines included JPMorgan down over 3% and Nvidia down over 2% [3] - Chinese concept stocks mostly rose, with Canadian Solar up over 15% and SOTY Biotech up over 11% [3] Key Economic Data - The U.S. Labor Department reported that non-farm employment grew by only 22,000 in August, significantly below the market expectation of 75,000 [4] - The unemployment rate rose to 4.3%, the highest since 2021, leading to increased expectations for interest rate cuts [4] Company Developments - Alibaba's subsidiary Tongyi Qianwen launched Qwen3-Max-Preview, its largest model to date with over 1 trillion parameters, enhancing capabilities in Chinese and English understanding and instruction compliance [4] - On September 8, adjustments to the Hang Seng Index constituents will take effect, increasing the number from 85 to 88, with additions including China Telecom, JD Logistics, and Pop Mart [4] Short Selling Data - On September 5, 637 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 33.389 billion [5] - The top three stocks by short-selling amount were Alibaba at HKD 35.72 billion, Pop Mart at HKD 19.34 billion, and Horizon Robotics at HKD 19.31 billion [5] Institutional Insights - Haitong International noted that most Hong Kong companies have reported earnings, with short-term performance affected by disruptions, particularly in retail and automotive sectors, while hardware, materials, finance, and pharmaceuticals showed high growth [6] - EPS growth expectations for Hong Kong stocks in 2025 have been notably revised down due to consumer discretionary pressures, while materials, pharmaceuticals, technology, and finance are seeing upward revisions [6] - The implementation of anti-involution policies may shift the narrative for Hong Kong internet stocks towards AI empowerment, potentially boosting earnings expectations and attracting incremental capital inflows [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Technology Index ETF (513180) includes core AI assets and leading technology firms, also relatively scarce compared to A-shares [8]

多个重要指数的成份股，即将迎来调整！ 9月8日，恒生指数成份股调整将正式生效。恒生生物科技指数、恒生综合指数的成份股也有重大调整，所有变动将于9月8日起生效。 另外，根据上交所和中证指数公司此前发布的公告，科创50指数、科创100指数样本也将进行调整，并于9月12日收市后生效。 来看详细报道！ 周一生效！泡泡玛特等将加入港股重要指数 近日，恒生指数有限公司宣布了截至2025年二季度的恒生指数系列检讨结果，所有变动将于9月8日(星期一)起生效。 其中，恒生指数成份股数量将由85只增加至88只，加入了中国电信、京东物流、泡泡玛特。恒生指数成份股的变动亦适用于恒指港股通指数。 恒生中国企业指数成份股数量维持50只。该指数的成份股将加入泡泡玛特，剔除极兔速递-W。恒生中国企业指数成份股公司的变动亦适用于恒生 中国企业精明指数。 其中，生益电子将被调入科创50指数，埃夫特、中科蓝讯等5只证券将被调入科创100指数。 恒生生物科技指数成份股变动较大，数量由50只减少至30只。该指数的成份股将加入映恩生物-B；剔除四环医药、先健科技、丽珠医药、康臣药 业、爱康医疗、锦欣生殖、石四药集团、乐普生物-B、康诺亚-B、微创脑科学 ...