南向资金 南向交易因国庆假期关闭。 公司要闻 奇瑞汽车(09973)：9月五大品牌总销量为25.56万辆汽车，较去年同期增长约9%。其中，新能源销量8.35 万辆，出口销量13.14万辆。 诺科达科技(00519)：与清华AIR签署合作协议推动产学研应用，双方将在人工智能产品研发、机器人解 决方案及多领域产业应用中构建深度协同伙伴关系。 东风集团股份(00489)：岚图介绍上市的申请已于2025年10月2日向香港联交所提交。 港股开盘，恒生指数跌0.24%，恒生科技指数跌0.44%。个股方面，中芯国际延续昨日涨势，开涨 0.78%。中远海运港口跌2.46%，大众公用涨4.28%。资源股跌幅居前，紫金矿业跌超2%领跌蓝筹。 机构解读 国元香港认为，展望后市关键看点仍将继续围绕两大主线进行。一是AI技术商业 化的持续深化，各公 司能否将AI能力转化为可持续的收入和利润增长;二是企业盈利能力的改善，业绩预期能否持续得到后 续财报验证，从而为估值修复提供更坚实的基本面支撑。 富国中证港股通互联网ETF基金经理田希蒙表示，"全球资金再配置需求有望打开再定价窗口，全球资 金再配置若持续验证，叠加风险偏好回暖，港股优质特色 ...

周报 AI 基础设施投入加速，科技巨头引领产业趋势 互联网行业 2025-09-30 星期二 【行情回顾】 【行业要闻】 【投资建议】 尽管上周恒生科技指数环比下跌，但大型互联网公司在上周成为推动市场结 构性行情的主要力量。上周港股龙头企业二级市场表现亮眼，这是多重因素 所致。首先，阿里巴巴与英伟达近日在 2025 云栖大会上宣布开展 Physical AI 战略合作，双方将整合英伟达物理 AI 软件栈与阿里云人工智能平台 PAI，共 同推进具身智能技术在自动驾驶、工业机器人等领域的应用，向市场清晰地 展示了中国互联网巨头在 AI 领域的商业化落地能力和未来增长潜力，从而带 动了整个 AI 相关产业链和科技板块的估值重估。其次 9 月 22 日国务院新闻 办公室关于"高质量完成'十四五'规划"的发布会等活动，传递了中央稳定经 济、支持高质量发展的持续信号，为市场提供了稳定的政策预期。美股方面， 上周多位美联储官员释放偏鹰信号，降低了市场对宽松政策的预期，市场对 进一步降息的预期下降，因此利率敏感型科技股估值受到影响。展望后市， 我们认为后续市场的关键看点仍将继续围绕两大主线进行。一是 AI 技术商业 化的持续 ...

Core Viewpoint - The sudden announcement by the chairman of Tonghuashun, Yi Zheng, to terminate a share reduction plan after just three days has raised concerns about corporate governance and market trust, despite the plan being within regulatory frameworks [1] Group 1: Share Reduction Plan - Yi Zheng proposed a plan to reduce 1.3831 million shares, which was met with skepticism from investors, leading to a 4.95% drop in stock price the following day [1] - The share reduction was based on shares acquired at a low price of 73 yuan per share in 2022, resulting in a floating profit of 395% [1] - The rapid reversal of the reduction plan has diminished the certainty of information disclosure, impacting investor confidence [1] Group 2: Market Trust and Governance - The incident is viewed as a significant challenge to the company's governance image and market trust, highlighting the importance of consistency between shareholder actions and communications [1] - To restore market trust, the company needs to enhance governance transparency and demonstrate business resilience, particularly in the commercialization of AI technology [1] - The quick turnaround from announcement to cancellation has raised concerns about the reliability of future shareholder actions and the overall cost of market speculation [1]

Group 1 - The core viewpoint indicates that GPT-5 has achieved a 74.9% accuracy rate in the SWE-bench programming test, marking the beginning of AI's replacement of mid to high-level development jobs [1] - The intelligent advertising system has reduced the cold start cycle by 30%-40%, providing quantifiable ROI improvements for digital marketing [1] - The demand for inference computing power is surging, leading to hardware consolidation, with Huawei's Ascend Cloud improving training efficiency by three times through liquid cooling technology [1] Group 2 - The GCP and CoreWeave dynamic allocation alliance may become an industry standard [1] - The domestic computing power ecosystem is accelerating breakthroughs in HBM storage bottlenecks, with liquid cooling technology enabling single cabinets to exceed 50kW power limits [1] - Advanced packaging is enhancing computing power density to support customized demands [1] Group 3 - Vertical scenario solutions are gaining capital interest, with a noticeable increase in market demand for specialized depth [1] - Only leading firms can sustain the continuous training of ultra-large models, while emerging players should focus on breakthroughs in vertical scenarios such as healthcare and industry [1] Group 4 - The software ETF (515230) tracks the software index (H30202), reflecting the overall performance of the software industry, covering various software development and service companies [1] - The index emphasizes the information technology sector, including but not limited to application software and system software, to represent the market value and growth potential of listed companies in the industry [1] - Investors without stock accounts can consider the Guotai CSI Software ETF Connect A (012636) and Guotai CSI Software ETF Connect C (012637) [1]

Core Viewpoint - As of August 7, 317 Hong Kong-listed companies have forecasted their first-half performance, with 182 companies expecting profit growth or a turnaround, representing nearly 60% of the total [1] Group 1: Overall Performance - The overall performance of Hong Kong companies in the first half of the year shows characteristics of "profit recovery and structural differentiation" [1] - Sectors such as securities and futures, information technology, and industrials have exhibited high profit growth rates [1] Group 2: Future Outlook - Looking ahead to the second half of the year, Hong Kong companies are expected to maintain a high profit growth rate due to overall market recovery, commercialization of AI technology, and the global strategic advancement of leading enterprises [1]

Group 1 - The core viewpoint of the articles highlights Tianyu Shuke's (002354) strong performance in the AI marketing sector, driven by its self-developed AI marketing SaaS platform, which is expected to achieve a net profit of 18 million to 26 million yuan in the first half of 2025, marking a significant year-on-year growth of 369.52% to 489.30% [1][2] - The AI marketing SaaS platform utilizes advanced models such as Zhizhe Qianwen, Tianxing, and Zhihui Advertising to automate and enhance the entire marketing process, addressing industry pain points like high traffic costs and low efficiency [1] - The platform has demonstrated strong adaptability across various industries, particularly during the 2025 618 shopping festival, where it helped clients in new consumption sectors achieve impressive results, showcasing its practical application in different scenarios [2] Group 2 - As digital transformation accelerates, Tianyu Shuke's AI marketing SaaS platform is positioned as an "efficiency engine," facilitating marketing upgrades across retail, finance, and entertainment sectors [2] - The platform is expected to become a key tool for more enterprises to overcome growth bottlenecks, injecting lasting momentum into the industry's digital marketing efforts [2]

Group 1 - The Hong Kong stock market is becoming a new focus for capital, with over 20 billion yuan flowing into Hong Kong-themed ETFs since June, leading to record high shares for several ETFs [2][3] - Major public funds are optimistic about the long-term investment value of the Hong Kong market and plan to increase their allocations [2][4] - As of July 3, 2023, the net subscription amount for Hong Kong-themed ETFs reached 209.68 billion yuan, with significant inflows into sectors like innovative pharmaceuticals, technology, and dividends [3][4] Group 2 - Southbound capital has become a crucial support for the Hong Kong stock market, with a net inflow of over 690 billion yuan this year, nearly double that of the same period last year [5][6] - The performance of the Hong Kong stock market in the first half of the year was driven by the revaluation of Chinese technology assets, substantial southbound capital inflows, and the market being in a valuation trough [6][7] - Future investment opportunities in the Hong Kong market are expected to focus on policy support, technological iterations, and capital allocation preferences, particularly in technology, innovative pharmaceuticals, and high-dividend assets [7]

Group 1 - The stock ETF market is experiencing a "profit-taking" phenomenon, with a net outflow of 21.69 billion yuan on July 3, 2023, as the Shanghai Composite Index reached a new closing high for the year [2][3] - A-shares ETFs saw a significant net outflow exceeding 4.1 billion yuan, while the Hong Kong stock market ETFs attracted substantial inflows [2][5] - The total scale of the stock ETFs in the market reached 3.41 trillion yuan, with a reduction of 0.31 billion units in total shares on July 3 [3] Group 2 - The inflow of funds into Hong Kong market ETFs and thematic industry ETFs was notable, with inflows of 19.46 billion yuan and 18.63 billion yuan, respectively, while broad-based ETFs experienced a net outflow of 57.39 billion yuan [5] - Specific ETFs tracking the Hong Kong Internet Index saw a net inflow of 9.11 billion yuan, while those tracking the CSI A500 Index faced a net outflow of 21.38 billion yuan [5] - Major fund companies like E Fund and Huaxia Fund reported continued inflows in their ETFs, with E Fund's total scale reaching 645.75 billion yuan and Huaxia Fund's Sci-Tech 50 ETF seeing a net inflow of 3.4 billion yuan [5][6] Group 3 - The Hong Kong stock market has shown strong performance, with the Hang Seng Index up nearly 20% year-to-date, leading among global mainstream indices [7] - The top four ETFs by net inflow on July 3 were all Hong Kong ETFs, with the top performer being the Fuguo Hong Kong Internet ETF, which saw inflows exceeding 500 million yuan [7] - Investment opportunities in the Hong Kong market for the second half of 2025 are expected to focus on technology, innovative pharmaceuticals, and high-dividend assets, driven by factors such as AI commercialization and policy support for innovation [8] Group 4 - A-shares ETFs, particularly the CSI 300 ETF, CSI A500 ETF, and ChiNext ETF, experienced significant net outflows, indicating a shift in investor sentiment [9]

Group 1: Domestic Market Performance - The retail sales of home appliances have maintained double-digit growth for eight consecutive months from September 2024 to April 2025, with a year-on-year increase of 38.8% in April 2025, leading among 16 categories of consumer goods [1] - The central government's "trade-in" policy has expanded from 8 to 12 categories, significantly reducing consumer costs by up to 40% [1] - Traditional categories like air conditioners and refrigerators are experiencing slower growth compared to emerging categories such as floor washing machines and robotic vacuums, which saw online sales increase by 82% and 81% respectively in April [1] Group 2: Export Market Dynamics - In April, the overall export value of home appliances from China was $8.7 billion, a slight decrease of 2.9% year-on-year, with exports to the U.S. dropping by 21% [2] - Emerging markets in Southeast Asia, Africa, and Latin America are showing growth, with export values increasing by 21%, 25%, and 17% respectively [2] - Chinese home appliance companies are establishing production bases in Southeast Asia, enhancing their market presence and competitiveness against Japanese and Korean brands [2] Group 3: Company Financial Performance - Midea Group reported total revenue of 409.1 billion yuan in 2024, a year-on-year increase of 9.5%, with overseas revenue accounting for over 40% [3] - Haier Smart Home achieved revenue of 286 billion yuan in 2024, with overseas markets contributing over half of its total revenue [3] - The home appliance sector is expected to continue benefiting from domestic subsidies and emerging market growth, with leading companies poised for significant performance improvements [3] Group 4: Market Index Performance - The Xinhua Consumption Overseas Index rose by 1.39% in the week of May 23, driven by demand from the "618" shopping festival and positive market sentiment towards AI commercialization in the home appliance sector [4]