2025年国庆中秋长假已经过半，人的流动，是假期的老常态。而智能的流动，却是千行百业变革的新寻常。 高速上的车流里，新能源车主在路途中对着大屏幕发出指令，就可以提前在下一个收费站下单咖啡、餐食并预约充电桩。 上千公里外的网红城市，城市管理部门利用"城市大脑"自动调配洒水车、清洁机器人的作业路线，保证高流量下仍有良好的市容市貌。 假期不停工的智能工厂，人员难免缩减，人工智能（AI）正在补位。 2025年，"人工智能+"行动上升为国家战略。曾经停留在概念里的智能技术，正像秋光漫过田野般，浸透工业车间的机床、农田垄亩的灌溉系统，也渗入文 旅景区的服务终端、医院诊室的问诊屏，融进交通物流的调度网络、城市治理的指挥中枢。 我们总在追问：当机器越来越智能，人的价值何处安放？在智能车间，工人的回答是"从拧螺丝到管系统"的蜕变；在智慧农田，从播种到收获的每一个环节 都实现了数智化管理和操作。正如那些在AI辅助下重获生机的非遗技艺，技术从不是替代者，而是让匠心与创造力更自由生长的土壤。 当下的"AI+产业"不是简单的技术叠加，而是信息技术、人工智能与现代产业深度融合的新引擎。"AI+"意味着创新的商业模式和业态，它不是对传统模 ...

高速上的车流里，新能源车主在路途中对着大屏幕发出指令，就可以提前在下一个收费站下单咖啡、餐食并预约充电桩。 千公里外的网红城市，城市管理部门利用"城市大脑"自动调配洒水车、清洁机器人作业路线，保证高流量下仍有良好的市容市貌。 每经记者｜王紫薇 丁舟洋 每经编辑｜段炼 魏官红 董兴生 潘海福 2025年国庆中秋长假即将开启，人的流动，是假期的老常态。而智能的流动，却是千行百业变革的新寻常。 假期不停工的智能工厂，人员难免缩减，人工智能（AI）正在补位。 2025年，"人工智能+"行动上升为国家战略。曾经停留在概念里的智能技术，正像秋光漫过田野般，浸透工业车间的机床、农田垄亩的灌溉系统，也渗入 文旅景区的服务终端、医院诊室的问诊屏，融进交通物流的调度网络、城市治理的指挥中枢。 我们总在追问：当机器越来越智能，人的价值何处安放？在智能车间，工人的回答是"从拧螺丝到管系统"的蜕变；在智慧农田，从播种到收获的每一个环 节都实现了数智化管理和操作。正如那些在AI辅助下重获生机的非遗技艺，技术从不是替代者，而是让匠心与创造力更自由生长的土壤。 当下的"AI+产业"不是简单的技术叠加，而是信息技术、人工智能与现代产业深度融合 ...

2025年，"人工智能+"行动上升为国家战略。曾经停留在概念里的智能技术，正像秋光漫过田野般，浸 透工业车间的机床、农田垄亩的灌溉系统，也渗入文旅景区的服务终端、医院诊室的问诊屏，融进交通 物流的调度网络、城市治理的指挥中枢。 我们总在追问：当机器越来越智能，人的价值何处安放？在智能车间，工人的回答是"从拧螺丝到管系 统"的蜕变；在智慧农田，从播种到收获的每一个环节都实现了数智化管理和操作。正如那些在AI辅助 下重获生机的非遗技艺，技术从不是替代者，而是让匠心与创造力更自由生长的土壤。 每经记者｜丁舟洋 每经编辑｜董兴生 2025年国庆中秋长假即将开启，人的流动，是假期的老常态。而智能的流动，却是千行百业变革的新寻 常。 高速上的车流里，新能源车主在路途中对着大屏幕发出指令，就可以提前在下一个收费站下单咖啡、餐 食并预约充电桩。 千公里外的网红城市，城市管理部门利用"城市大脑"自动调配洒水车、清洁机器人作业路线，保证高流 量下仍有良好的市容市貌。 假期不停工的智能工厂，人员难免缩减，人工智能（AI）正在补位。 当下的"AI+产业"不是简单的技术叠加，而是信息技术、人工智能与现代产业深度融合的新引 擎。"AI+ ...

Core Viewpoint - The company has demonstrated resilience and strategic transformation in its financial performance amidst a changing macroeconomic environment, showcasing a shift from "industrial internet" to "industry + AI" [1][8] Financial Performance - In the first half of 2025, the company achieved historical highs in three profit margin indicators, with gross margin rising to 4.6%, operating profit increasing by 15.9% year-on-year, and net profit attributable to shareholders growing by 10.8% [1] - The company reported cash and financial assets exceeding 7.8 billion RMB, with operating cash flow reaching 412 million RMB, a significant year-on-year increase of 65.7% [1] Brand and Supply Chain Development - The company's proprietary brand business experienced rapid growth, with sales exceeding 80 million RMB, a staggering increase of 490% year-on-year, and a gross margin over 25% [2] - The company has established a flexible supply chain system characterized by "reverse + short chain + digitalization," enhancing efficiency and aligning with national market integration policies [2] Strategic Initiatives in Instant Retail - The company has proactively engaged in the "instant retail" sector, leveraging AI and SaaS to enhance operational capabilities and has integrated with major platforms like Taobao and Meituan [3] - The instant retail market in China is projected to exceed 2 trillion RMB by 2030, presenting significant growth opportunities for the company [3] AI Strategy and Revenue Growth - The company's "AI + industry" strategy has led to service revenue of 312 million RMB in the first half of 2025, with AI-related income accounting for over 20% [4] - The deployment of the "Qiancheng Cloud AI" model has improved operational efficiency in member stores by over 30% and reduced inventory turnover time by more than 15% [4] Competitive Advantages - The company has established a robust competitive moat through its platform, technology, and team, aligning with national market integration goals [5] - The integration of online and offline ecosystems, along with a strong data-driven approach, has created high entry barriers for new competitors [5] Capital Management and Future Plans - The company announced a share repurchase plan of up to 500 million RMB and is transitioning 350 million shares to H-shares to enhance liquidity and attract international investors [6] - Future strategies include focusing on new consumer trends, enhancing proprietary brand operations, and pursuing mergers and acquisitions in supply chain and AI sectors [7] Market Outlook - The company is positioned for a new phase of high-quality growth, driven by the rapid development of its proprietary brand and AI businesses, with ongoing improvements in its fundamentals [8] - The implementation of full circulation is expected to increase investor interest and enhance stock liquidity, providing a pathway for potential stock price appreciation [8]

Core Viewpoint - The company has demonstrated resilience and strategic transformation in its financial performance amidst a changing macroeconomic environment, showcasing a shift from "industrial internet" to "industry + AI" and solidifying its leading position in the lower-tier market [1][8]. Financial Performance - In the first half of 2025, the company achieved historical highs in three profit margin indicators, with gross margin rising to 4.6%, operating profit increasing by 15.9% year-on-year, and net profit attributable to shareholders growing by 10.8% [1]. - The company reported cash and financial assets exceeding 7.8 billion yuan, with operating cash flow reaching 412 million yuan, a significant year-on-year increase of 65.7%, indicating improved profitability and operational efficiency [1]. Brand and Supply Chain Development - The company's proprietary brand business experienced rapid growth, with sales exceeding 80 million yuan, a staggering increase of 490% year-on-year, and a gross margin over 25%, significantly higher than traditional agency business [2]. - The company has established a flexible supply chain system characterized by "reverse + short chain + digitalization," enhancing supply chain efficiency and aligning with national market integration policies [2]. Strategic Initiatives in Instant Retail - The company has proactively engaged in the burgeoning "instant retail" sector, leveraging AI and SaaS to enhance store, product, order, and evaluation management, and has integrated with major platforms like Taobao and Meituan [3]. - The instant retail market in China is projected to exceed 2 trillion yuan by 2030, presenting a significant growth opportunity for the company [3]. AI Strategy and Revenue Growth - The company's "AI + industry" strategy has led to service revenue of 312 million yuan in the first half of 2025, with AI-related revenue accounting for over 20% [4]. - The deployment of the "Qiancheng Cloud AI" model has improved operational efficiency in member stores by over 30% and reduced inventory turnover time by 15% [4]. Competitive Advantages - The company has built a robust competitive moat through its "platform, technology, and team" barriers, aligning with national market integration goals [5]. - The integration of online and offline ecosystems, along with a strong data-driven AI model, creates high entry barriers for new competitors [5]. Capital Management and Future Plans - The company announced a share repurchase plan of up to 500 million yuan and is transitioning 350 million domestic shares to H-shares to enhance liquidity and attract international investors [6]. - Future strategies include focusing on new consumer trends, enhancing proprietary brand operations, and pursuing mergers and acquisitions in supply chain and AI sectors [7]. Market Outlook - The company is positioned for a new phase of high-quality growth, driven by the rapid development of its proprietary brand and AI businesses, with ongoing improvements in its fundamentals [8]. - The implementation of full circulation is expected to increase investor interest and enhance stock liquidity, potentially leading to a significant rise in share price [8].

Group 1 - The Hong Kong stock market indices have risen, with Baidu Group increasing by over 14% following a strategic cooperation agreement with China Merchants to explore "AI + industry" new paths [1] - Other companies such as JD Group, Meituan, and SMIC have also seen increases of over 5%, while Alibaba rose by 4.69%, reaching a nearly four-year high [1] - The Hang Seng Technology ETF (513010) has gained 3.08% year-to-date, with a total increase of over 39% [1] Group 2 - Significant capital inflow has been observed in Hong Kong stocks this year, with ETFs becoming a crucial tool for capital allocation [1] - The Hang Seng Technology ETF (513010) has received a net inflow of 3.278 billion yuan in the last 20 days, bringing its latest scale to 19.202 billion yuan [1] - The ETF tracks the Hang Seng Technology Index, bundling core Chinese technology assets, including Tencent, NetEase, Alibaba, SMIC, Xiaomi, and Baidu, with a low comprehensive fee rate of 0.25% [1] Group 3 - The profitability of Hong Kong stocks is improving, with the Hang Seng Technology Index showing the highest growth rates [1] - By Q2 2025, the revenue and net profit growth rates for the Hang Seng Technology Index are expected to lead among major indices, with year-on-year revenue growth of 14.43% and net profit growth of 16.18% [1] - In comparison, the revenue and net profit growth rates for the Hang Seng Index and other indices are lower, indicating a stronger performance for the technology sector [1] Group 4 - Guolian Minsheng Securities notes that the ROE-TTM of the Hang Seng Technology Index remains relatively superior [2] - Bloomberg consensus forecasts suggest that the ROE of the Hang Seng Technology Index may further recover in the next two years, narrowing the gap with other emerging markets [2] - The sector is expected to benefit from a continuation of favorable market conditions and global capital reallocation [2]

消息面上，百度与招商局签署战略合作协议，探索"AI+产业"新路径。 9月17日早盘，百度港股涨超10%。 ...

Core Points - The sixth China Quality Conference opened in Nanjing, Jiangsu, showcasing the highest standards in quality management in China [1] - TCL Technology Group won the fifth China Quality Award, marking its first application and recognition for its quality management model [3][7] - The China Quality Award is the highest accolade in the quality field in China, established in 2012, and is modeled after international quality awards [6] Company Achievements - TCL Technology's quality management model, characterized by "extreme, leading, and collaborative," has been recognized for its effectiveness in driving high-quality development [7][8] - The model has led to significant improvements in TCL's production capabilities, including a 16% increase in monthly production capacity and a 17% rise in net profit margin since the implementation at the Suzhou T10 production line [10] - TCL has filed nearly 80,000 patents, ranking second globally in quantum dot technology patent applications, demonstrating its commitment to innovation [10] Industry Impact - The "extreme, leading, and collaborative" quality management model is aimed at establishing TCL as a leader in the semiconductor field, contributing to China's low-carbon economy [8] - The model has been adopted by over 2,000 enterprises within TCL's ecosystem, facilitating cross-industry upgrades and enhancing quality across more than 20 sectors [12] - TCL's advancements in AI and smart manufacturing are positioned to further enhance quality management and production efficiency [10][12]

Group 1 - The core investment focus is on three segments: computing power, agents, and "AI + industry" [1] - Ant Group has significantly invested in computing power companies over the past two to three years, emphasizing the need to address token consumption and energy support for future personalized intelligent agents [1] - BOE Technology Group plans to invest 50 billion yuan in R&D and 500 billion yuan in procurement over the next three years to support technological breakthroughs and industry upgrades, with AI integrated into its overall development strategy [1] Group 2 - AI has become a core driver of performance for public funds, with top-performing funds heavily investing in AI-related stocks [3] - As of September 14, the best-performing fund, Yongying Technology Smart Selection, has achieved nearly 190% return this year, reflecting the strong performance of AI sector stocks [3] - Long-established funds, such as Changsheng Urbanization Theme Fund, have also seen significant returns, approximately 85%, due to the AI boom [3]

从大模型向多模态、智能体（Agent）以及具身智能的跃迁，让AI产业正处于技术奇点与商业爆发的 交汇口。风口在哪？哪类创业者受青睐？ 9月12日，在2025外滩大会"全球AI投资展望"论坛上，一线投资人围绕上述话题展开探讨。与会投资人表 示，AI时代，不完美的创始人才能做出相对完美甚至伟大的产品，这一代AI原住民有望成为下一代超级智 能体的创业者。 经纬创投近年来侧重科技行业投资，尤其是AI机器人，早期投资的机器人企业包括宇树科技、智元机器人 等。"现在我们最关心的领域是AI与各行业的结合，像AI与消费电子行业、机器人行业、工业领域甚至零 售行业的融合。"该机构管理合伙人王华东说。 "中国在技术上快速迭代的做法，可以通过实际应用场景与环境互动，获得真实的应用数据，这些数据无 比珍贵，尤其在机器人领域，我个人很看好这个路径。"创世伙伴创投创始主管合伙人周炜说。 以智能体赛道为例，由于估值尚未锚定、商业化刚刚起跑，投资人对智能体的投资选择了不同的路径。据 悉，当前智能体大致可分为通用和垂类两种，前者天花板更高但投资风险也更高，后者的超额回报空间相 对有限。 "通用智能体和垂直智能体两大方向都有成长的空间。"黄海坦 ...