格隆汇9月5日丨昆仑万维(300418.SZ)在互动平台表示，公司目前尚未与机器人公司展开合作。 ...

在乡村振兴的时代浪潮中，文化传承与创新成为关键议题。在中国网络视听协会网络公益工作委员 会的指导下，趣丸科技以AI技术为核心发起"AI乐之乡"项目。今年暑期，项目携手广东省岭南教育慈善 基金会、广东青年大学生"百千万工程"华南师范大学"点亮心火"实践团等组织，依托趣丸科技公益平台 ——"益趣数智加油站"遍布乡村的70个站点，重点于揭阳、清远、潮州、肇庆等地推进实施，为近千名 乡村儿童带来创新音乐启蒙与前沿科技体验。 在连南瑶族自治县三江镇东和村站点，将AI串连起了非遗文化。组建起由社工、志愿者、客家山 歌导师构成的专项团队，推动AI与国家级非遗"客家山歌"深度融合。孩子们在学习山歌文化的同时，借 助"天谱乐"AI音乐平台进行创作，最终呈现出融合传统与科技元素的表演作品，探索非遗现代表达。 广州海珠区龙潭村与潮州沙溪镇社工站则注重"在地文化"挖掘。龙潭村孩子们深入800年历史的水 乡，探寻"善文化""水文化"，将龙舟竞技、百年古榕、慈善牌坊等元素转化为音乐素材。一名儿童在父 亲协助下，以"龙舟鼓点"为节奏创作出歌曲《龙舟竞技》。潮州沙溪镇站孩子们走进以竹为主题的黄河 宝树园，绘出心中的家乡与运动精神，并借助"天 ...

每经编辑｜程鹏 张锦河 据红星资本局消息，9月4日，字节跳动企业纪律与职业道德委员会发布通报，披露二季度员工违规处理情况。 通报显示，共有100名员工因触犯公司红线被辞退，其中18人因涉刑事犯罪、恶意损害公司利益等严重情节被实名通报，8人涉嫌刑事犯罪已移交司法机 关，同步行业联盟并取消期权。 校对|段炼 字节跳动提醒员工，外部咨询公司会以"专家访谈""行业研究"等名义，通过脉脉、领英、小红书等平台发起有偿访谈邀约，以获取公司保密信息，"为保 护公司信息及数据安全，守护自己的职业生涯，请拒绝此类邀约。" 媒体报道，2024年11月5日，字节跳动内部曾发布《企业纪律与职业道德委员会通报》。通报显示，103人因违法违规行为被辞退（含外包及实习生），其 中11人因涉嫌构成刑事犯罪，被公安机关立案侦查。此外，通报中还披露了近期受到关注的实习生破坏模型训练事件。 上述涉嫌构成刑事犯罪的11人中，从涉嫌罪名来看，其中1人涉嫌职务侵占罪，5人涉嫌非国家工作人员受贿罪，另有5人未披露具体涉嫌罪名。从涉及业 务和部门来看，11人中涉及电商业务3人、生活服务3人、抖音2人，企业服务、人力与管理、财经各1人。 利用职务便利谋取不正当 ...

Core Insights - The report from China Merchants Securities International highlights a positive outlook for the Hong Kong stock market, with 98.6% of the 2,276 companies having disclosed their interim results by September 1, 2025. The AI and internet sectors have shown the highest revenue growth in three years, while high-end manufacturing and innovative pharmaceuticals are also experiencing favorable conditions [1]. AI and Internet Sector - The AI and internet sectors reported a revenue growth of 11.7% year-on-year in the first half of 2025, the highest semi-annual growth rate since 2022. Net profit increased by 33.9%, with gross and net profit margins at 36.8% and 12.0%, respectively. Capital expenditure as a percentage of revenue rose to 12.3%, indicating a sustained expansion phase [1]. - The sector is characterized by strong strategic expansion intentions and a favorable supply-demand balance, despite short-term impacts from competitive pressures [2]. New Consumption Sector - The new consumption sector achieved a revenue growth of 49% and a net profit growth of 131%, both reaching historical highs. However, the sector is currently in a "passive inventory accumulation" phase, with declining inventory turnover rates due to increased competition [3]. - Notable companies like Pop Mart and Lao Pu Gold reported revenue increases exceeding 200%, indicating a significant rise in the "self-indulgent" consumption trend [3]. Innovative Pharmaceuticals Sector - The innovative pharmaceuticals sector saw a net profit increase of 69% year-on-year, with gross profit margins rebounding to 66.3%. The sector is transitioning from a heavy sales focus to a greater emphasis on research and development, with R&D expenses rising to 16.9% [4]. - The sector is also in an "active inventory accumulation" phase, with a favorable supply-demand landscape and a recovery trend following a low point in 2022 [4]. High-end Manufacturing Sector - High-end manufacturing companies reported a revenue growth of 11.5% and a net profit growth of 29.9%, both at their highest levels in recent years. Companies like BYD, Lenovo, and Xiaomi achieved growth rates exceeding 20% [5]. - The sector is characterized by strong expansion intentions, with capital expenditure as a percentage of revenue reaching 10.0%, indicating a sustainable growth trajectory [5]. Overall Market Assessment - The overall assessment indicates a favorable trend for the AI, internet, and high-end manufacturing sectors, with strong fundamentals and supply-demand dynamics. The innovative pharmaceuticals sector shows high potential but requires attention to individual stock risks, while the new consumption sector's performance is promising but faces competitive challenges [6].

2025.09. 05 本文字数：2193，阅读时长大约4分钟 作者 | 第一财经 高雅 特朗普政府正大力施压其他国家对美国科技公司的监管"松绑"，但在美国国内，其对科技巨头的反垄断措施也并未松懈。 本周，美国联邦法官驳回了美国司法部要求拆分谷歌搜索业务的请求，但美司法部随即表示将继续推进相关工作。该部反垄断部门负责人斯莱特（Gail Slater）强调，"这件事还没有结束"，并称"此案具有历史意义"。 审理该案的美国联邦法官梅赫塔（Amit P. Mehta）列出了多项补救措施，但并未作出最后裁决。他已命令谷歌和美国司法部"会面并协商"，并在9月 10日前提交一份判决草案，该草案必须与他的意见一致。 此前，市场对特朗普第二任期将放宽对科技行业的监管持乐观情绪，但美国司法部及其他反垄断执法部门的行为则一定程度上打破了这一期望。 美国副总统万斯（JD Vance）也曾公开表示应当拆分谷歌。他还曾称赞拜登政府时期的FTC主席丽娜·汗，后者对科技并购案持强硬态度。"在我看 来，丽娜·汗是拜登政府中为数不多真正干得不错的人，"他说。 经济学人智库（EIU）科技与电信行业资深分析师迪利恩（Dexter Thillien ...

文｜犀牛娱乐 方正 编辑｜朴芳 尽管多家平台对其兴趣浓烈，但犀牛君不得不率先指出，目前社会各界对视频播客的内容价值、商业本 质、增量前景都缺少基本认知，今天这篇我们细致拆解下这门新内容、新生意。 借名人流量划开破圈口子 两个人，两支麦，镜头频繁反打，罗永浩、李想就这么面对面坐着对聊了近四个小时的车圈秘事。视频 播客，这个当下短视频时代的"反骨产品"，开始越来越"具象化"地被更多人认识。 天天在破圈，年年是元年，这句调侃，形象说明了中文播客长期圈内自嗨的发展窘境。但最近被B站、 小红书、抖音、喜马拉雅等平台集体押注的视频播客，好像成了新的转机，播客界正在为内容市场输送 新的形式、新的故事、新的可能。 此番B站的发力最为凶猛，先于7月8日发布了对视频播客的扶持政策《视频播客出圈计划》，「10亿级 冷启动流量」、「AI辅助创作工具代号H」、「多城市免费录制场地」是三大亮点；最近又官宣鲁豫、 于谦、罗永浩、杨迪、大左、罗毅、张玉安等知名企业家及艺人入驻B站视频播客，罗永浩的《罗永浩 的十字路口》、于谦的《多新鲜呐》、鲁豫的《陈鲁豫·慢谈》、杨迪的《杨迪的迪听》更成功掀起了 破圈讨论的市场反响。 小红书紧随其后，于8月 ...

9月5日午后，港股三大指数集体上涨，恒生科技指数一度涨超2%。盘面上，创新药概念股持续拉升， 锂电板块表现活跃，光伏太阳能板块延续热度。主流ETF方面，恒生科技指数ETF（513180）跟随指数 强势上扬，持仓股地平线机器人、中芯国际、华虹半导体、美的集团、快手等涨幅居前；港股通汽车 ETF（159323）涨超2%，持仓股中，天齐锂业涨超11%，天能动力、赣锋锂业涨超10%。 消息面上，恒生科技有望再度回归AI叙事。9月5日，阿里国际站在美国举办全球最大的B2B中小企业峰 会CoCreate2025。阿里国际站总裁张阔表示，AI驱动的多模态搜索将为采购带来全新的体验，目前AI搜 索已经在阿里国际站上线。据悉，在AI加持下，阿里国际站上的全年最大外贸旺季"9月采购节"出现爆 发式增长，首日GMV涨33%。 近期，以"生而不同、创作无界"为主题的2025快手光合创作者大会在成都成功举办。同日，快手还举办 了投资者交流活动，聚焦企业AI发展战略。会后，多家国际投行密集发布研报，瑞银、高盛、杰富瑞 等机构一致给予快手"买入"评级。据悉，使用可灵AI特效制作的视频全网播放量已破10亿次，全球已有 近1亿用户使用AI创作 ...

百度首席财务官何俊杰在高盛2025年亚洲领袖大会上透露，百度Apollo已成为全球完全无人驾驶商业运营数量前两大玩家之 一，并在国内市场保持明确领先地位。 9月5日，据追风交易台消息，高盛最新报告公布2025年亚洲领袖大会的会议记录显示，百度披露二季度商业化出行订单已 实现148%的同比增长，这一强劲表现凸显了公司在自动驾驶商业化进程中的领先优势。 百度管理层还在大会上披露了云计算和AI业务的最新进展。其中，企业云业务中的AI订阅服务收入在二季度保持50%的高 速增长，AI推理需求占比不断提升。公司凭借从芯片到应用的全栈能力在市场中建立了差异化竞争优势。 据会议记录，百度管理层还表示，截至2025年6月，百度持有现金及等价物总计320亿美元，净现金达217亿美元，相对于 330亿美元的市值提供了强有力的估值支撑。 高盛认为，强大的现金储备为公司提供了极高的下行保护，而AI与自动驾驶业务则带来结构性增长机会，维持百度买入评 级，12个月目标价90美元（百度美股ADR）/88港元（百度港股）。 截至发稿，百度港股今天涨1.3%，报97.25港元/股，比高盛预测的12个月目标价高10%。 无人驾驶业务实现全球领先地 ...

Group 1 - The core viewpoint indicates that with the increasing expectation of interest rate cuts by the Federal Reserve and a more accommodative external environment, the Hong Kong stock market is expected to strengthen in the future [1] - Recent performance shows that the Hong Kong stock market has lagged behind the A-share market, but the overall valuation of the Hang Seng Index and the Hang Seng Technology Index is more reasonable [1] - The solid fundamentals of the constituent stocks in the Hong Kong market support the continued upward movement of the market [1] Group 2 - The industry distribution in the Hong Kong stock market shows a higher proportion of growth stocks in technology and pharmaceuticals, providing a structural advantage over the A-share market [1] - The improving sentiment in AI internet and innovative pharmaceuticals suggests that the Hong Kong stock market may catch up in trading, with further room for valuation increases [1] - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 quality companies from the technology sector listed within the Stock Connect range [1] Group 3 - The index covers multiple sub-sectors including Internet, biomedicine, new energy vehicles, and chips, aiming to reflect the overall performance of core technology enterprises in the Hong Kong market [1] - These companies not only hold advantages in the domestic market but also possess strong expansion capabilities in overseas markets [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1 - The core viewpoint is that the Hong Kong stock market, particularly in technology, is attracting increasing attention due to its relatively cheap valuations amid heightened volatility in the A-share market [1][3] - The Hong Kong Internet ETF (513770) has seen significant capital inflows, with a net inflow of 291 million yuan recently and a cumulative net inflow of 1.961 billion yuan over the past 20 days [1][3] - Compared to the A-share market, the valuation of Hong Kong technology stocks is more attractive, with multiple factors supporting a potential rebound in the sector [3][5] Group 2 - Major companies like Alibaba and Tencent are not only investors in AI computing power but also key developers of AI models and providers of mainstream AI applications, making them focal points for investment in AI applications [5][6] - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Technology Index, with a cumulative increase exceeding 10 percentage points compared to the latter [5][8] - The ETF's top holdings include Xiaomi, Tencent, Alibaba, and Meituan, which collectively account for over 54.74% of the fund, indicating a strong focus on leading technology firms [6][7] Group 3 - The Hong Kong Internet ETF has a current fund size exceeding 9.3 billion yuan, with an average daily trading volume of 596 million yuan, indicating good liquidity [7] - The index tracked by the ETF has shown significant volatility in past years, with a notable increase of 109.31% in 2020, followed by declines in subsequent years [8]