第一场圆桌论坛的嘉宾恒生投资-ETF销售主管凌子敬，前沿资产(香港)有限公司-COO、Head of Marketing Cindy Li ，时和家办-董事长、总裁陈东，大道资本(香港)-创始人、董事会主席李攀，中信证 券国际-基金服务董事秦亮亮，以及主持人Ogier-Partner David Lin，围绕《范式转移:重构地缘政治雷达 下的全球资本配置新算法》进行了讨论和分享。近年，港股通作为内地与香港资本市场的关键纽带成效 显著，截至今年 11 月累计净流入超 5.3 万亿港元。港股 ETF 是重要增长引擎，规模从年初 2900 亿港元 扩张至 7100 亿港元，增幅达 2.4 倍。受益于 2024 年纳入门槛降低、免征印花税等优势，23 只港股通 ETF 占香港 ETF 市场超 70% 份额，成为机构与量化资金的核心配置工具。 与此同时，华人资本出海步入新阶段，从代工出口转向品牌化运营，离岸资产配置需求激增。香港凭借 法治环境与市场深度，过去三年新增200余家单一家族办公室，在稳健收益、行业修复及新经济布局上 凸显优势。 来自前沿资产的Cindy Li在会上表示："量化基金，尤其是量化多头，确实会成为当 ...

Core Points - The completion of the power supply for the F1-C1 building of the Kuaishou Intelligent Cloud Data Center project marks a significant milestone, indicating the project is moving into the equipment debugging and system integration phase [1][4] - The project team has meticulously prepared various operational plans to ensure smooth execution, demonstrating a commitment to high-quality performance and timely delivery [3][4] Project Execution - The project team prioritized the power supply work, developing detailed construction and electrical equipment supply plans, and effectively coordinating resources to meet project goals [3] - Despite challenges such as tight schedules and complex equipment, the team ensured seamless integration of personnel, materials, and machinery, achieving significant milestones in a short timeframe [3] - Over 800 workers have been actively engaged in the project, laying more than 450,000 meters of various cables and completing the installation of numerous electrical components within three months [3] Impact on Digital Economy - The successful power supply is a critical milestone for the data center, which will support Kuaishou's core technologies in big data and artificial intelligence, contributing to the digital economy development in Inner Mongolia [4]

Core Viewpoint - Keda Guochuang, a leading company in the big data and artificial intelligence industry in China, has shown significant challenges in its financial performance, with low revenue and net profit rankings compared to industry peers [2][3]. Financial Performance - For Q3 2025, Keda Guochuang reported revenue of 787 million yuan, ranking 33rd out of 102 companies in the industry, significantly below the industry average of 1.712 billion yuan [2]. - The company's net profit was -147 million yuan, placing it 94th in the industry, far below the average net profit of 26.43 million yuan [2]. Profitability and Debt - Keda Guochuang's debt-to-asset ratio stood at 59.37%, higher than the industry average of 31.94%, indicating increased financial leverage [3]. - The gross profit margin for Q3 2025 was 36.84%, which is lower than the industry average of 41.71% and has decreased from 38.82% in the previous year [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.35% to 40,400, while the average number of circulating A-shares held per shareholder increased by 1.37% to 6,873.57 [5]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fourth largest, increasing its holdings by 262,300 shares to 1.8817 million shares [5]. Executive Compensation - The chairman, Dong Yongdong, received a salary of 762,000 yuan in 2024, a decrease of 143,000 yuan from 2023 [4].