记者丨江佩佩 张嘉钰 编辑丨刘巷 10月6日午后，港股持续调整，截至收盘，三大指数飘绿。恒生指数跌0.67%失守27000点，恒生科技指 数跌1.1%，恒生中国企业指数跌0.88%。 半导体巨头延续涨势 港股科技龙头股中，小米集团、阿里巴巴和京东集团分别下跌2.09%、2.49%和2.14%，网易和快手跌幅 也在1%以上。百度集团和腾讯控股收红，分别上涨0.72%和0.59%。 此外，中华燃气（08246.HK）早盘一度大涨超300%，截至收盘，该股仍涨113.51%，报0.158港元/股。 该公司此前公告称，公司10月3日（交易时段后）与认购人订立认购协议，认购人有条件同意认购而公 司有条件同意配发及发行合共3.34亿股认购股份，认购价为每股0.075港元。据悉，这一认购价较10月3 日收盘价每股0.074港元溢价约1.35%。 中华燃气(8246) W 闭市 10-06 16:08:37 0 158 额 447.01万 股本 42.64亿 市盈-11.9 力得 20 换 0.58% 市值6.74亿 市净 4.97 +0.084 +113.51% 盯盘 因中秋节假期,港股于10月7日休市 关网4 日K 周K ...

能制造展区，更以实际案例呈现了AI如何将制造精度提升至亚微米级，向产业伙伴展示了其技术积 淀。 9月30日，南都湾财社记者从荣耀方面获悉，其全球首家阿尔法（Alpha）旗舰店在深圳开业。据悉，这 是荣耀自今年3月MWC大会上发布"阿尔法战略"、宣布向AI终端生态公司转型后，首个实体化落地的核 心项目。 开业仪式上，荣耀CEO李健面向公众系统阐释了该战略的"三步走"路径，明确了其锚定"全球高端AI生 态圈"的核心布局。此举不仅是荣耀AI战略从蓝图迈向实景的关键一步，也为其备受关注的IPO进程增 添了具象化的故事注脚。 该店以"AI终端智慧生活创新工坊"为定位，以构建连接全球AI开发者、合作伙伴与用户的"全球会客 厅"，为大湾区AI产业集群发展与新质生产力提升提供场景支撑，也为双节科技消费注入新动能。 旗舰店不只是"卖场" "这不仅是荣耀阿尔法战略落地的重要里程碑，更是携手产业伙伴共同迈向未来AI智慧生活的新起 点。"正如李健在现场所言，这家旗舰店承载的，远不止于产品销售。 作为阿尔法战略的核心载体，该店以"AI终端智慧生活创新工坊"为定位，被赋予了三重角色。李健将其 总结为： 首先，是消费者体验AI智慧生活的窗 ...

物理空间的算力边界到底在那里？答案是今年炙手可热的AI硬件。 2025年，AI硬件已经成为厂商押注、资本涌入的核心战场。尽管创新形态层出不穷，但当下这一阶段，"主力选手"已经相对集中在三个强势的细分领域：学 习机、智能手机、AI眼镜。 其中，AI教育硬件作为需求稳健的"压舱石"仍在持续发力；AI眼镜作为"新物种"的代表在全球范围内快速爆发，形成了覆盖多个场景的产品和价格矩阵，一 场"百镜大战"悄然打响；而智能手机在系统级通用模型能力的注入之下，正在经历从功能叠加到体验重构的深层AI化变革。 在百花齐放的AI硬件生态中，大模型的应用落地不只在于提升效率和增强娱乐空间，也打开了人类未来生活方式的想象力。 在刚刚过去的2025云栖大会主论坛上，吴泳铭提到：大模型是下一代操作系统，超级AI云则是下一代计算机。 今年云栖大会上，阿里云重磅升级了全栈AI体系，实现了从AI大模型到AI基础设施的全面技术更新，将自身定位升级为"全栈人工智能服务商"。与此同 时，阿里云与36氪在本次2025云栖大会共同举办的先锋AI硬件专场「智涌向新：引领AI硬件新浪潮」中，也探讨了AI硬件的未来趋势。 如今，打造一款前沿、实用、能够持续迭代 ...

Core Insights - Google is set to launch a new computer operating system called "Android for PC" next year, integrating Gemini and the Android AI ecosystem to enable seamless collaboration between laptops and smartphones [1][2]. Group 1: Product Development - Google has been successful with ChromeOS and Android tablets, which are evolving into stronger productivity tools, creating an opportunity to accelerate AI advancements within the Android ecosystem for laptops [2]. - The upcoming "Android for PC" aims to retain the user experience of ChromeOS while rebuilding it on the Android system at a foundational level [2]. - Qualcomm's CEO expressed excitement about the "Android PC," highlighting its potential to merge mobile devices with personal computers [2]. Group 2: Market Context - The current PC market is dominated by Microsoft Windows and Apple's OS, with Huawei's HarmonyOS also gaining traction [3]. - Qualcomm has introduced the Snapdragon X2 Elite and X2 Elite Extreme processors, claiming they are the fastest and most efficient in Windows laptops [3][4]. - The new generation of Snapdragon PC chips is expected to be available by the first half of 2026, although it is unclear if they will be compatible with "Android PC" [5].

允中 发自 凹非寺 量子位 | 公众号 QbitAI 天禧个人超级智能体 和 字节跳动扣子官宣生态合作！ 天禧超级智能体是联想集团推出的 新一代AI助手平台 ，是"一体多端"策略中的"一体"， 即智能终端设备的"AI大脑"，旨在成为人机交互的第 一入口 。它集成了语音、文本、视觉等多种交互能力、全时空记忆和自主规划执行三大超级能力，并提供AI操控、AI搜索、AI翻译、AI笔记 和AI服务五大黄金功能，通过端云混合部署架构，为用户提供跨设备、跨生态的超级智能体验。 继ChatExcel"对话做表"功能成为现象级亮点后，天禧选择合作开发者平台扣子，不仅是其AI功能上的扩容，更标志着联想AI发展已走向平台 化、生态化的整合阶段，AI生态赋能的核心属性得到全面加强。 天然流量入口+高效开发 据悉，扣子平台具备开发成本低、功能完善的核心优势，支持用户通过可视化界面构建AI应用。此次合作旨在解决AI开发者 "开发易，分发 难" 的核心痛点，开辟了一条从AI创意到商用的"高速公路"。 开发者可通过扣子平台 高效开发 个性化智能体，再通过天禧平台 天然流量入口与设备覆盖优势 ，将这些智能体无缝推送到搭载天禧的AI终 端上。双 ...

Core Viewpoint - Meizu is at a critical turning point as it faces internal turmoil and external competition, necessitating the launch of a new flagship product, the Meizu 22, to regain market trust and stability [2][5][8]. Product Launch - The Meizu 22 was finally launched on September 15, after two years of delays, with the theme "Return Home" [2]. - The device features a 6.3-inch display, which is considered the optimal size for single-handed use and visual balance [3]. - Meizu 22 is designed to cater to the growing demand for small-screen flagship phones, focusing on design, imaging, battery life, and performance [3]. Technical Specifications - The Meizu 22 is equipped with four 50-megapixel cameras and powered by the fourth-generation Snapdragon 8s mobile platform, along with a custom 5510mAh battery [3][4]. - The decision to use the Snapdragon 8s instead of the higher-end Snapdragon 8 Gen 2 was made to keep the price competitive, avoiding a price increase of up to 1500 yuan [4]. Pricing Strategy - The Meizu 22 is priced starting at 2999 yuan for the 12GB + 256GB version, with other configurations priced at 3299 yuan, 3399 yuan, and 4199 yuan for the highest version [4]. - This pricing strategy represents a significant reduction compared to the previous model, Meizu 21, which had a starting price of 3399 yuan for the base version [4]. Strategic Importance - The launch of Meizu 22 is crucial for the company to demonstrate its execution capability and regain confidence after recent management changes [5][6]. - The event also serves as an internal reassurance to employees and partners, signaling a clear strategic direction amidst recent leadership upheavals [5][6]. Broader Vision - Alongside the Meizu 22, the company introduced new products like the Meizu AI shooting glasses StarV Snap and significant upgrades to the Flyme AIOS ecosystem, indicating a shift towards an AI-integrated product strategy [6][8]. - Meizu aims to position itself not just as a smartphone manufacturer but as a player in the broader AI ecosystem, integrating AI into various devices [6][8].

Core Viewpoint - Geely Automobile reported strong sales and revenue growth in August 2025, indicating a positive trend in the company's performance and market position [1] Sales Performance - In August 2025, Geely's wholesale sales reached 250,000 units, a year-on-year increase of 38% and a month-on-month increase of 5.2% [1] - Domestic sales accounted for 214,000 units, up 58% year-on-year, while exports were 36,000 units, down 22% year-on-year [1] - The Galaxy brand showed significant growth, with sales of 111,000 units in August, a year-on-year increase of 320% [1] Financial Performance - For the first half of 2025, Geely achieved revenue of 150.3 billion yuan, a year-on-year increase of 27%, and a core net profit of 6.7 billion yuan, up 100% year-on-year [1] - In Q2 2025, the company reported revenue of 77.8 billion yuan, a year-on-year increase of 28%, and a net profit of 3.6 billion yuan, up 19 billion yuan year-on-year [1] Strategic Developments - Geely is advancing its electric and intelligent transformation, with new models set to launch, including the Galaxy M9 and Lynk & Co 10 EM-P [1] - The company has raised its 2025 sales target from 2.71 million to 3 million units, reflecting confidence in its growth trajectory [1] - The integration of Geely, Galaxy, Lynk & Co, and Zeekr brands is expected to enhance cost efficiency and drive profitability [1] Future Outlook - The company forecasts total sales of 3.02 million, 3.4 million, and 3.96 million units for 2025-2027, representing year-on-year growth of 53%, 13%, and 16% respectively [1] - Geely's long-term strategy includes building an AI ecosystem through industry chain integration, which is anticipated to enhance competitiveness and business model [1] Investment Recommendations - Revenue forecasts for 2025-2027 have been adjusted upwards to 353.5 billion, 449.7 billion, and 530.1 billion yuan, reflecting year-on-year growth of 47%, 27%, and 18% [2] - The net profit estimates have also been revised to 16 billion, 21.8 billion, and 26.6 billion yuan, corresponding to a PE ratio of 10.8, 7.9, and 6.5 [2] - The target price is set at 26.04 HKD, indicating a potential upside of 39%, maintaining a "strong buy" rating [2]

Company Overview - The company officially launched the new P7 model on August 27, with a price range of 219,800 to 301,800 yuan, exceeding market expectations [1] - The P7 model features a complete redesign of both exterior and interior, and includes the innovative Peng Wing version, showcasing a futuristic design [1] - The P7 is equipped with three Turing AI chips and is built on an 800V platform, offering both rear-wheel and all-wheel drive options, with a maximum range of 820 kilometers under CLTC conditions [1] Product Delivery and Profitability - The company expects to deliver between 113,000 and 118,000 vehicles in Q3, representing a year-on-year increase of 142.8% to 153.6% [2] - Starting in September, the company anticipates monthly sales to exceed 40,000 units [2] - The company plans to begin mass production of the Kunpeng super extended-range electric series in Q4, which is expected to enhance profitability [2] AI Ecosystem and Global Expansion - The company is advancing in the AI sector, with plans to mass-produce a new generation humanoid robot by the second half of 2026, achieving initial L4 capabilities [3] - The first L4-capable vehicle is also planned for mass production in 2026, with pilot Robotaxi operations expected in select regions [3] - In the first half of 2025, the company delivered over 18,000 vehicles in overseas markets, marking a year-on-year growth of over 200% [3] - The company has initiated local production in Indonesia with the delivery of the first locally produced Xiaopeng X9, signaling the start of a global localization strategy [3] Financial Forecast and Valuation - The current stock prices correspond to a 2025 P/S ratio of 1.9x, with a maintained outperform rating and profit forecast [2] - The target prices for Hong Kong and US stocks are set at 108 HKD and 28 USD, respectively, indicating an upside potential of 17% and 15% compared to current prices [2]

Core Viewpoint - The company maintains its Non-IFRS net profit forecast for Kuaishou-W (01024) and has raised its target price by 11% to HKD 89, reflecting a valuation premium due to the continuous upgrade of its AI ecosystem, with an upside potential of 24% [1] Group 1: Financial Performance - The company's Q2 2025 revenue increased by 13% to RMB 35 billion, exceeding the forecast of RMB 34.5 billion, while Non-IFRS net profit rose by 20% to RMB 5.62 billion, surpassing the expected RMB 5.1 billion [2] - The company announced its first special dividend of HKD 0.46 per share, totaling HKD 2 billion, indicating strong cash flow and commitment to shareholder returns [2][5] Group 2: Revenue Growth Drivers - Advertising revenue growth in Q2 was driven by key industry advertisers and smart placement products, with a 13% increase in overall revenue. The growth was particularly supported by content consumption, local life services, and the automotive sector [3] - Other service revenue grew by 26%, with e-commerce GMV increasing by 18% to RMB 358.9 billion, reflecting improvements in monthly average buyers and repurchase frequency [3] Group 3: AI Ecosystem Development - The company launched version 2.1 of its AI platform, enhancing productivity and generating revenue of RMB 250 million in Q2, a 67% quarter-on-quarter increase, with expectations to double revenue by the end of 2025 [4] - The introduction of the OneRec end-to-end generative recommendation model has improved user engagement and advertising effectiveness, contributing to low single-digit growth in advertising revenue [4] Group 4: Long-term Strategy and Shareholder Returns - The company has repurchased approximately HKD 1.9 billion worth of shares in the first half of 2025 and plans to continue considering share buybacks and dividends as part of its long-term strategy [5] - The company aims to further leverage AI to enhance value for creators, marketing clients, and merchants, indicating a focus on long-term growth through technological advancements [5]

Core Viewpoint - Company maintains Non-IFRS net profit forecast for Kuaishou-W (01024) and raises target price by 11% to HKD 89, indicating a potential upside of 24% based on 25/26 Non-IFRS P/E ratios [1] Group 1: Financial Performance - Company reported Q2 2025 revenue growth of 13% to RMB 35 billion, exceeding expectations of RMB 34.5 billion; Non-IFRS net profit increased by 20% to RMB 5.62 billion, surpassing the forecast of RMB 5.1 billion [2] - The company announced its first special dividend of HKD 0.46 per share, totaling HKD 2 billion, reflecting strong cash flow and commitment to shareholder returns [2][5] Group 2: Revenue Growth Drivers - Advertising revenue growth in Q2 was driven by key industry advertisers and smart placement products; internal circulation advertising revenue increased due to enhanced promotional product stability and optimized traffic distribution strategies [3] - Other service revenue grew by 26%, with e-commerce GMV increasing by 18% to RMB 358.9 billion; the company noted improvements in monthly average buyers and repurchase frequency [3] Group 3: AI Ecosystem and Commercialization - The company launched version 2.1 of its AI platform, enhancing productivity and generating revenue of RMB 250 million in Q2, a 67% quarter-on-quarter increase [4] - New generative recommendation model OneRec was introduced, improving user engagement and advertising revenue through enhanced video recommendations and marketing material generation [4] Group 4: Long-term Strategy and Shareholder Returns - The company’s decision to distribute a special dividend of HKD 2 billion underscores its financial health and commitment to shareholder returns; it has also repurchased approximately HKD 1.9 billion in shares in the first half of 2025 [5] - The company plans to continue advancing its AI strategy to enhance value for creators, marketing clients, and merchants [5]