What interests me so much is within your podcast. You've just been speaking to a founder. You've backed Logical all about the future of Quantum.You've been deep diving on this. So when you see these sorts of iterations and breakthroughs, what do you make of it. Where is the opportunity for you in the Seed in the series.First of all, great question. And as you know, I'm a long term early stage investor and I like to look for companies that can be worth ten, 20, $30 billion. There's very few of those in the w ...

Core Insights - Accenture is consolidating its business around large-scale digital transformation projects to address challenges in generating returns from investments in generative AI technologies [3] - The company is focused on alleviating the AI talent shortage faced by enterprise customers, with nearly two-thirds of executives indicating that their generative AI plans are hindered by a lack of in-house skills [4] Business Strategy - Accenture's new model aims to simplify the selling and delivery of its offerings while embedding more AI and data into its services, with nearly 80% of large deals involving multiple services [3] - The company has invested $1 billion in a skill-building platform for enterprise customers and acquired learning platform Udacity to enhance its AI talent pool [5] Talent Development - Accenture has nearly doubled its staff of AI and data professionals to 77,000 in two years, with over 550,000 employees trained in generative AI fundamentals [6] - The firm is actively upskilling employees, as evidenced by a partnership with S&P Global to train 35,000 employees in AI [5] Financial Performance - During Q4 2025, Accenture reported significant growth in its AI business, with generative and agentic AI revenues tripling to $2.7 billion and bookings nearly doubling to $5.9 billion year over year [7] - The company's total revenue grew 7% to nearly $70 billion, with revenue split almost equally between consulting and managed services [7]

Group 1 - Alibaba announced a collaboration with NVIDIA on Physical AI, aiming to optimize the development process and accelerate the application of technologies like embodied intelligence and assisted driving [2] - The partnership covers various aspects of Physical AI, including data synthesis, model training, environmental simulation, and comprehensive model testing [2] Group 2 - Koli Sensor has successfully achieved mass production of six-dimensional force sensors for AI rehabilitation robots and humanoid robots, with hundreds of units shipped [5] - This development highlights Koli Sensor's strength in sensor manufacturing and supports the growth of AI rehabilitation and humanoid robot industries [5] Group 3 - Qianlang Intelligent released its self-developed VLA model KOM2.0 for the service industry, enhancing the generalization ability and iteration speed of humanoid service robots [9] - The model incorporates innovative mechanisms to extract key information and understand scene relationships, improving efficiency in tasks like making popcorn and beverages [9] Group 4 - UBTECH received authorization for a patent related to a mechanical hand and humanoid robot, showcasing its ongoing investment and innovation in humanoid robot technology [12] - The patented design includes a unique gripping mechanism that enhances stability and safety during the handling of objects [12] Group 5 - Zhengzhou University and Leju Robotics signed an agreement to establish a joint research center for humanoid robots, aiming to drive technological breakthroughs and industrial applications [15] - The collaboration will focus on addressing key technologies and filling gaps in industrial-grade applications of humanoid robots in China [15]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-09-25 股市缩量反弹，债市延续偏弱 股指期货：科技事件催化成⻓⻛格活跃 股指期权：期权市场情绪⾼涨 国债期货：债市延续偏弱 股指期货方面，科技事件催化成长风格活跃。周三沪指低开回升，缩 量反弹，成长风格积极活跃。日内出现增量科技事件，一是2025云栖大会 开幕，阿里巴巴宣布与英伟达开展Physical AI合作；二是上海微电子展 示最新设备、长川科技三季报大幅预喜，催化半导体产业链全天强势，创 业板指、科创50齐创阶段新高。全天近4500股飘红，但短线情绪与指数割 裂，电力设备、电子、传媒领涨，银行、煤炭、通讯领跌。由于十一临 近，事件驱动的持续性有限，但下跌会引发加仓意愿，可坚守成长风格， 半仓配置IM多单，等待10月中下旬的加仓契机。 股指期权方面，期权市场情绪高涨。昨日权益市场震荡上涨，科创 50指数单日涨幅3.49%。期权方面，市场成交额整体小幅回落，但细分走 势分化，50、300指数相关标的期权成交额回落，表明行情企稳；科创创 业相关标的成交额大幅提升，市场交投情绪活跃。期权情绪指标持仓量PC R全线上涨 ...

Core Insights - The Hong Kong stock market experienced a significant increase, with the Hang Seng Index rising by 1.37% to 26,518.65 and the Hang Seng Tech Index increasing by 2.53% to 6,323.15, driven by strong performance in technology stocks [3][5] - Major internet companies announced a substantial investment of up to 380 billion RMB in AI infrastructure, indicating a strong commitment to advancing AI technologies [5][3] - The collaboration with NVIDIA on Physical AI, focusing on robotics and autonomous driving, has boosted market confidence in AI and semiconductor sectors, leading to a rally in related tech stocks [5][3] Market Performance - On September 24, 2025, the total market turnover in Hong Kong reached 288.77 billion HKD, with net inflows from southbound funds amounting to 13.705 billion HKD [5][3] - The performance of various sectors showed that retail (+7.58%), home appliances (+2.58%), and electronics (+2.49%) led the gains, while light industry manufacturing (-1.47%) and pharmaceuticals (-0.93%) lagged [3][5] - The Ant Financial Index rose by 6.65%, and the integrated circuit industry fund index increased by 5.43%, reflecting strong investor interest in these sectors [3][5] Future Outlook - The report suggests three potential directions for the Hong Kong market to reach new highs: the continued growth of AI technology and new consumption, sustained inflows from southbound funds, and the impact of monetary policy changes in the U.S. that could enhance global liquidity [5][3] - The transition from broad monetary easing to credit expansion in China, along with supportive policies, is expected to facilitate a rebound in related industries [5][3]

国海证券认为，随着AI模型规模持续扩大，基础设施建设已从单纯追求算力转向"算力×数据供给×系统 编排"的综合优化，超节点成为新一代AI基建的共识架构。其核心特征包括超高带宽互联、内存统一编 址以及资源池化调度，能够有效提升大模型训练效率并降低通信开销。 当前，华为、中科曙光、浪潮信息等国内厂商纷纷推出基于国产芯片的超节点解决方案，涵盖从单机服 务器到百万卡级集群的全栈产品体系。同时，全球主要云厂商资本开支持续攀升，谷歌、微软、Meta 及阿里均加大AI基础设施投入，预示未来几年AI算力部署将保持高强度增长态势。 财通证券指出，2025年三季度计算机行业呈现"软硬兼施"的发展态势，AI硬件侧受益于智算中心建设与 供应链本土化趋势，业绩确定性较强；其中，国产AI芯片、服务器及算力租赁板块有望在财务报表端 率先兑现增长。 2025年9月25日早盘，大数据、云计算概念股盘中走强。最新消息，9月25日，京东集团CEO许冉表示， 京东将在AI技术上持续加码。在组织上，创始人刘强东已亲自担任京东探索研究院院长，并在全球招 募顶尖科学家加入京东，同时京东也跟众多高校开展了合作，创建了共享实验室。同时，京东也正式宣 布，京东将 ...

Market Overview - The A-share market experienced a morning rally on September 25, with the ChiNext Index reaching a three-year high, closing with the Shanghai Composite Index up 0.16%, the Shenzhen Component Index up 1.14%, and the ChiNext Index up 2.22% [1][2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan [1] Sector Performance - Sectors such as gaming, AI applications, and controllable nuclear fusion saw significant gains, while port shipping, precious metals, and tourism sectors faced declines [2] - The technology sector continued to strengthen, with the Sci-Tech 50 Index rising by 1.8% [8] Notable Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price exceed 400 yuan, with a total market capitalization surpassing 1.83 trillion yuan, overtaking Kweichow Moutai and China Construction Bank [4][6] - Chery Automobile successfully listed on the Hong Kong Stock Exchange, with a market capitalization approaching 200 billion Hong Kong dollars, and its stock price rose by 8.55% on the first day of trading [5] Commodity Insights - A significant copper price increase was noted due to a landslide incident at Freeport McMoRan's Grasberg mine in Indonesia, which has halted production and raised supply chain concerns [10] - The London Metal Exchange (LME) copper price rose by 3.27%, reaching 10,320 USD per ton, the highest level since June 2024 [10] Robotics and AI Developments - The robotics sector is experiencing a surge in market sentiment, driven by Tesla's announcements regarding its humanoid robot and significant stock purchases by Elon Musk [8][9] - The collaboration between Alibaba Cloud and NVIDIA in the Physical AI domain is expected to enhance the development cycle for applications in embodied intelligence and autonomous driving [8]

Report Industry Investment Ratings - **Bullish**: Soybean oil, PTA, Bean No. 2, Plastic, White sugar, Zhengzhou cotton, Palm oil [6] - **Bearish**: Manganese silicon, Rebar, Glass, PVC, Polypropylene, Silver, Rapeseed oil [6] - **Sideways**: Asphalt, Corn, Rubber, Corn starch, Rapeseed meal, Tin, Iron ore, Bean No. 1, Shanghai gold, Shanghai aluminum, Shanghai copper, Eggs, Shanghai zinc, Shanghai lead, Coke, Coking coal, Hot - rolled coil [6] Core Views - A - shares are expected to be volatile, with the probability of central bank loosening increasing. For stocks, a short - term sideways approach is recommended, and for bonds, a long - term bullish strategy is considered. In the commodity market, different commodities have different outlooks based on their supply - demand fundamentals, policy impacts, and geopolitical factors [14][15] Summaries by Categories Macro Information - China sets new climate goals by 2035, including a 7% - 10% reduction in greenhouse gas emissions, a 30% share of non - fossil energy, and 6 - fold growth in wind and solar power [8] - China will not seek new special and differential treatment in WTO negotiations [8] - Alibaba partners with NVIDIA on Physical AI and plans 380 billion yuan in AI infrastructure investment [8] - The central bank conducts 6000 billion yuan of MLF operations in September, with a net injection of 3000 billion yuan [9] - A new policy - based financial instrument of about 500 billion yuan is being established [9] - The US imposes a 15% tariff on EU cars and parts since August 1, and some EU products are tariff - exempt since September [10] - The US mining giant's Indonesian copper mine has a mudslide, suspending production until 2027 and reducing 2026 output by 35% [11] Macro Finance Stock Index Futures - Consider buying on dips and trading sideways. A - shares are volatile, with the ChiNext and STAR 50 hitting new highs. The central bank's future easing probability is increasing [13][14] Treasury Bond Futures - Consider steepening the short - end and ultra - long - end yield curves in the long - term and buying bonds on dips, betting on more monetary easing [15] Black Coking Coal and Coke - Prices may continue to rise in the short - term, but attention should be paid to the demand of finished products in "Golden September and Silver October" and downstream restocking before the National Day [17] Ferroalloys - For manganese silicon, expect a bearish trend in the medium - to - long - term; for silicon iron, also recommend a bearish approach in the medium - term [18] Soda Ash and Glass - For soda ash, observe the market sentiment in the short - term and turn bearish later; for glass, stay on the sidelines for now [19] Non - ferrous Metals and New Materials Aluminum and Alumina - For aluminum, recommend waiting on the sidelines at high levels; for alumina, suggest shorting on rallies [20] Lithium Carbonate - Prices are supported by short - term inventory reduction and are expected to fluctuate widely [21] Industrial Silicon - It is expected to fluctuate strongly within a range, and consider buying on dips for far - month contracts [22] Polysilicon - The market is mainly driven by policy progress, with a wide - range volatile trend expected in the short - term [22][23] Agricultural Products Cotton - Adopt a cautious short - selling strategy, and pay attention to the impact of the crude oil market and tariffs [25][26] Sugar - Keep a short - selling strategy in the medium - term, and focus on the impact of typhoons and holiday capital flows [27] Eggs - Recommend short - selling on rallies, with a weakening trend expected after the peak season [27][28] Apples - Suggest buying on dips with a light position, and pay attention to the weather in production areas [29][30] Corn - Recommend selling out - of - the - money call options on the 01 contract, and the price may decline further but has some support [31] Red Dates - Recommend short - selling on rallies [32] Pigs - Adopt a short - selling strategy for near - month contracts, and the spot price is expected to oscillate at a low level [32][33] Energy and Chemicals Crude Oil - Consider short - selling on rallies as the market may turn to oversupply [35][36] Fuel Oil - Prices will follow crude oil, affected by geopolitical risks and oversupply expectations [37] Plastics - Polyolefins are expected to be weak and volatile, with a short - term rebound possible [38] Rubber - The price may turn strong in the short - term, and pay attention to the impact of weather [39] Methanol - Adopt a sideways - bullish strategy, and focus on port inventory reduction [40] Caustic Soda - The futures price is expected to oscillate, affected by the price of liquid chlorine and the macro - market [41] Asphalt - Follow crude oil prices, and the demand is in the peak season [42] Polyester Industry Chain - The products are expected to continue to rebound, with different fundamentals for each product [43] Liquefied Petroleum Gas - Adopt a long - term bearish strategy, with short - term cost - driven strength possible [43] Others Offset - Printing Paper - The market is expected to oscillate, and consider buying on dips or selling put options [45] Pulp - The market is expected to oscillate, and observe port inventory reduction and spot transactions [46] Logs - The market is expected to oscillate, and consider buying on dips if the price support is effective [47] Urea - Adopt an oscillating strategy, and pay attention to export news and downstream demand [47] Synthetic Rubber - Consider short - term long - positions with a stop - loss, and pay attention to macro - policies and downstream procurement [48]

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index increased by 0.22% as of September 25, 2025, with notable gains from companies such as Jingwei Hengrun (up 6.46%) and Rongchang Bio (up 5.76%) [3] - The Sci-Tech 100 Index ETF (588030) also rose by 0.22%, with a latest price of 1.4 yuan, and has seen a cumulative increase of 2.73% over the past week [3] Group 2: AI Infrastructure Investment - Alibaba's CEO announced at the 2025 Alibaba Cloud Conference that the company is actively advancing a 380 billion yuan AI infrastructure project and plans to invest even more [4] - OpenAI, Oracle, and SoftBank revealed plans to build five new AI data centers in the U.S. under the "Gateway to the Stars" initiative, with total investments expected to exceed 400 billion dollars over the next three years [4] Group 3: Pharmaceutical Developments - Heng Rui Medicine announced a licensing agreement for its innovative drug SHR-A1811 with Glenmark Specialty S.A., receiving an upfront payment of 18 million dollars and potential milestone payments up to 1.093 billion dollars [4] Group 4: ETF Insights - The Sci-Tech 100 Index ETF has shown significant growth, with a recent increase of 385 million yuan in scale, ranking second among comparable funds [6] - The ETF's recent net inflow was 4.1263 million yuan, with a total of 183 million yuan net inflow over the last five trading days [6] Group 5: Sector Composition - The top three sectors in the Sci-Tech 100 Index are Electronics (37.51%), Pharmaceutical Biology (18.97%), and Power Equipment (12.8%), highlighting a strong focus on technology [6][7] - The top ten weighted stocks in the index account for 23.82% of the total index, indicating concentrated investment in key players [7]

2025 年 9 月 25 日 股指期货将震荡整理 铜期货将震荡偏强 玻璃、原油、燃料 油、PTA、豆粕期货将偏强震荡 黄金期货将偏弱震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将震荡整理：IF2512 阻力位 4545 和 4580 点，支撑位 4495 和 4455 点；IH2512 阻力位 2946 和 2955 点，支撑位 2923 和 2912 点；IC2512 阻力位 7200 和 7300 点，支撑位 7100 和 7035 点；IM2512 阻力位 7 ...