9月26日，阿里巴巴(09988)旗下通义千问正式发布了Qwen3-Omni。据通义千问介绍，Qwen3-Omni是原 生全模态大模型，预训练全模态不降智，能够无缝处理文本、图像、音频和视频等多种输入形式，并通 过实时流式响应同时生成文本与自然语音输出。 模型架构上，Qwen3-Omni采用Thinker-Talker架构：Thinker负责文本生成，Talker专注于流式语音Token 生成，直接接收来自Thinker的高层语义表征。为实现超低延迟流式生成，Talker通过自回归方式预测多 码本序列：在每一步解码中，MTP模块输出当前帧的残差码本，随后Code2Wav合成对应波形，实现逐 帧流式生成。 ...

模型架构上，Qwen3-Omni采用Thinker-Talker架构：Thinker负责文本生成，Talker专注于流式语音Token 生成，直接接收来自Thinker的高层语义表征。为实现超低延迟流式生成，Talker通过自回归方式预测多 码本序列：在每一步解码中，MTP模块输出当前帧的残差码本，随后Code2Wav合成对应波形，实现逐 帧流式生成。 智通财经APP获悉，9月26日，阿里巴巴(09988)旗下通义千问正式发布了Qwen3-Omni。据通义千问介 绍，Qwen3-Omni是原生全模态大模型，预训练全模态不降智，能够无缝处理文本、图像、音频和视频 等多种输入形式，并通过实时流式响应同时生成文本与自然语音输出。 ...

Group 1: Company Financial Performance - Zeekr Group reported a total revenue of 27.431 billion yuan in Q2, a year-on-year decrease of 0.9% but a quarter-on-quarter increase of 24.6%. The net loss for Q2 was 287 million yuan, narrowing by 88.8% year-on-year and 62.4% quarter-on-quarter [1] - Weibo's Q2 revenue reached 4.448 billion USD (approximately 32 billion yuan), with an adjusted operating profit of 1.618 billion USD (approximately 11.58 billion yuan), exceeding Wall Street expectations. Advertising revenue for Q2 was 3.834 billion USD (approximately 27.56 billion yuan) [3] - Vipshop reported Q2 net revenue of 25.8 billion yuan, with a GMV of 51.4 billion yuan, reflecting a year-on-year growth of 1.7% [7][8] - JD Group's Q2 revenue was 356.7 billion yuan, showing a year-on-year growth of 22.4%. The net profit attributable to ordinary shareholders was 16.2 billion yuan, with a retail revenue growth of 20.6% [9] Group 2: Strategic Partnerships and New Initiatives - Thunder Innovation and Ant Group announced a strategic partnership to create digital payment solutions for the global market, launching the Thunder X3 Pro AI glasses that enable payment through visual recognition [1] - AliExpress launched an "overseas custody" service in Mexico, allowing local merchants to stock products and gain promotional benefits [2] - Tencent's Yuanbao introduced a new feature allowing users to directly purchase physical books from JD, enhancing its e-commerce capabilities [5] - NetEase Cloud Music reported a net revenue of 3.82 billion yuan in the first half of the year, with a significant increase in long audio content consumption [6] Group 3: Market Developments - China Evergrande announced a hearing on September 16 regarding its liquidation process, with its stock continuing to be suspended [4] - Jingwei Hengrun plans to mass-produce its urban NOA solution based on NVIDIA's Orin-X chip by the end of this year, indicating advancements in autonomous driving technology [10] - Yuxin Technology successfully won a bid for a digital currency project overseas, emphasizing its focus on cross-border payment as part of its international strategy [11]

Group 1: Industrial Enterprises Profit - In January-February, the total profit of industrial enterprises above designated size decreased by 0.3% year-on-year, totaling 910.99 billion yuan, with a profit margin of 4.53%, down by 0.14% [1][2] - Manufacturing sector showed significant improvement with a profit growth of 4.8%, contributing to an overall profit increase of 3.2% for all industrial enterprises [1] - Revenue for industrial enterprises reached 20.09 trillion yuan, a year-on-year increase of 2.8%, while operating costs grew by 2.9% to 17.1 trillion yuan [1] Group 2: Central Government Transfers - The central government’s transfer payments to local governments exceeded 1 trillion yuan for the third consecutive year, totaling 1,034.15 billion yuan in 2025, an increase of 3% from 2024 [3][4] - The highest transfer payment was allocated to Sichuan province at approximately 59.83 billion yuan, followed by Henan at about 52.72 billion yuan [3] - Increasing transfer payments are seen as a short-term solution to alleviate local government financial pressures, but they may also strain central fiscal sustainability in the long run [4] Group 3: Microsoft Data Center Projects - Microsoft has abandoned new data center projects in the US and Europe, originally planned to consume 2 gigawatts of power, due to an oversupply of computing clusters supporting AI operations [5][6] - This decision reflects a strategic adjustment in infrastructure investment, allowing Microsoft to focus on future growth areas [5] - The AI industry is facing challenges with high expectations but low willingness to pay from users, leading to a reduction in capital expenditure growth [6] Group 4: Alibaba's Multimodal Model - Alibaba has launched and open-sourced its first end-to-end multimodal large model, Qwen2.5-Omni-7B, capable of processing various inputs like text, images, audio, and video [7][8] - The model has achieved record performance in multimodal tasks, significantly outperforming similar models from competitors [7] - With only 7 billion parameters, the model has low hardware requirements, making it deployable on smartphones, potentially boosting market confidence in AI functionalities [8] Group 5: Haidilao's Financial Performance - Haidilao reported a revenue of 42.755 billion yuan for the year ending December 31, 2024, a 3.1% increase, with net profit rising by 4.6% to 4.708 billion yuan [13][14] - The company has seen consistent revenue and profit growth over the past two years, although the growth rate has slowed [13] - Haidilao is focusing on closing underperforming restaurants and adapting to market changes, as consumer preferences shift towards value [14] Group 6: Stock Market Performance - On March 27, the stock market experienced a slight rebound, with the Shanghai Composite Index rising by 0.15% and total trading volume reaching 1.19 trillion yuan [15][16] - Chemical stocks saw significant gains due to rising prices, while other sectors like deep-sea technology and nuclear fusion faced declines [15][17] - The market remains in a state of fluctuation, with investors showing interest in buying on dips, indicating underlying support for the market [16][17]