消息面上，万咖壹联发布公告，于2025年8月29日，本集团间接非全资附属公司苏州龙盈软件开发有限 公司与阿里云正式签订全面合作备忘录。本公司与阿里云正式达成全面合作，依托阿里云通义千问大模 型及全球云基础设施，结合本集团在移动广告及手机厂商生态的深厚积累，共同打造"AI营销智能 体"与"AI手机智能体"双引擎，推动全球营销行业智能化升级。 根据备忘录，双方就该合作的合作期限暂定为三年，具体合作期限以双方协商并另行签署的具体业务协 议约定为准。该合作预计将分三个阶段推进：基建期(2025年)：本公司独有行业数据与阿里云通义千问 大模型完成融合训练；扩张期(该合作1至2年内)：各类AI智能体产品研发及应用；生态期(该合作2至3 年内)：打造AI营销智能体生态矩阵，形成"AI底座(大模型&算力)→AI智能体矩阵→场景商业应用"的飞 轮闭环。 万咖壹联(01762)盘中涨超7%，截至发稿，涨7.29%，报1.03港元，成交额737.44万港元。 ...

此前，"人工智能+"行动意见发布。长城证券指出，此次"意见"是继2015年"互联网+"后，国家层面推动 新一轮产业变革的纲领性文件，有望加速AI应用落地。目前，中国大企业AI应用以及AIAgent普及率处 于快速提升阶段，但是绝大部分中小企业尝试意愿相对较弱，因此目前AI应用落地处于早期阶段，该 政策有望催动未来五年AI应用及Agent渗透率快速提升，加速在SMB企业中的普及，助力AI应用实 现"最后一公里"落地，AI应用有望迎来百花齐放阶段。 消息面上，今年上半年，汇量科技实现收入9.38亿美元，同比大幅增长47%；经调整EBITDA取得8868.1 万美元，同比增长41%。报告期内，Mintegral取得收入8.97亿美元，同比增长48.6%，其中游戏品类表 现突出，取得收入6.62亿美元，同比大幅增长51.7%，非游戏垂类取得收入2.36亿美元，占Mintegral收 入的26%。开源证券指，业绩显著增长主要得益于AI驱动智能出价体系持续迭代，公司飞轮效应强化， 规模效应进一步显现。基于公司智能出价体系放量及非游戏垂类拓展，该行上调2025-2026并新增2027 年盈利预测。看好Mintegral持续 ...

根据备忘录，双方就该合作的合作期限暂定为三年，具体合作期限以双方协商并另行签署的具体业务协 议约定为准。该合作预计将分三个阶段推进：基建期(2025年)：本公司独有行业数据与阿里云通义千问 大模型完成融合训练；扩张期(该合作1至2年内)：各类AI智能体产品研发及应用；生态期(该合作2至3 年内)：打造AI营销智能体生态矩阵，形成"AI底座(大模型&算力)→AI智能体矩阵→场景商业应用"的飞 轮闭环。 智通财经APP获悉，万咖壹联(01762)盘中涨超7%，截至发稿，涨7.29%，报1.03港元，成交额737.44万 港元。 消息面上，万咖壹联发布公告，于2025年8月29日，本集团间接非全资附属公司苏州龙盈软件开发有限 公司与阿里云正式签订全面合作备忘录。本公司与阿里云正式达成全面合作，依托阿里云通义千问大模 型及全球云基础设施，结合本集团在移动广告及手机厂商生态的深厚积累，共同打造"AI营销智能 体"与"AI手机智能体"双引擎，推动全球营销行业智能化升级。 ...

Group 1 - The Hong Kong stock market opened higher on September 5, with the Hang Seng Index rising by 0.31% to 25,136.24 points, the Hang Seng Tech Index up by 0.42%, and the National Enterprises Index increasing by 0.26% [1] - The technology sector showed mixed performance, with robotics stocks opening high, innovative drug concepts continuing to rise, and Chinese brokerage stocks generally opening higher [1] - Southbound funds recorded a net inflow of 706 million HKD on September 4, with a cumulative net inflow of 1,006.435 billion HKD year-to-date, significantly exceeding last year's total net inflow [1] Group 2 - As of September 4, the latest valuation (PETTM) of the Hang Seng Tech Index ETF (513180) was only 21.39 times, which is at approximately the 18.77% valuation percentile since the index was launched on July 27, 2020, indicating that the current valuation is lower than 81% of the time since the index's inception [2] - The Hang Seng Tech sector has returned to a historically undervalued range, with active capital positioning at low levels [2] - On September 4, the Hang Seng Tech Index ETF (513180) saw a net inflow of nearly 320 million HKD in a single day, and over the past 20 trading days, it has accumulated a net inflow of more than 4 billion HKD [2]

Group 1: Equity Fund Market - The issuance of equity funds has seen a significant recovery, with 26 new funds established in just four days, totaling 175.87 billion yuan. Including an upcoming fund, the total issuance for the month has reached 226 billion yuan [1] Group 2: Special Bonds and Real Estate - As of September 3, 2023, 537 special bond storage projects have been implemented nationwide, with a total usage scale of 1,466 billion yuan aimed at supporting the acquisition of idle land and existing residential properties. However, only 18 projects are focused on acquiring existing properties, accounting for less than 4% [1] Group 3: AI/AR Glasses Market - In the first half of 2025, the sales volume of consumer-grade AI/AR glasses in China reached 262,000 units, marking a 73% year-on-year increase. The market is projected to reach 900,000 units by mid-2025, representing a staggering 133% growth [2] Group 4: Logistics and Warehousing - The Chinese warehousing index for August stood at 49.3%, a decrease of 0.8 percentage points from the previous month. The new order index for steel warehousing has seen a significant decline due to seasonal market effects [2] Group 5: OpenAI and AI Chip Production - OpenAI plans to collaborate with Broadcom to initiate large-scale production of its own AI chips starting next year [2] Group 6: Google Penalty - Google has been fined 325 million euros by the French National Commission for Information and Liberty for violating local laws by embedding ads in its Gmail service without user consent [3] Group 7: Citibank's UnionPay Membership Termination - China UnionPay has terminated Citibank's membership, reducing the number of foreign banks with UnionPay membership in China from nine to eight [3] Group 8: Store Expansion of Hu Shang Ayi - Hu Shang Ayi has only added 260 new stores in the first half of the year, falling short of its ambitious goal of 10,000 stores, while competitors like Gu Ming and Mi Xue have significantly outpaced its growth [4] Group 9: Zhang Liang's Shareholding Change - Zhang Liang has exited as a direct shareholder of Zhang Liang Spicy Hot Pot, indicating potential strategic adjustments within the company [4] Group 10: Xi Zhi Technology Financing - Xi Zhi Technology has completed a C-round financing exceeding 1.5 billion yuan, with participation from notable investors including Tencent [5] Group 11: Wuhan Holdings Acquisition - Wuhan Holdings plans to acquire 100% of Wuhan Municipal Institute for 1.6 billion yuan, which will enhance its business operations in engineering and consulting [6] Group 12: ST Tianmao Delisting - ST Tianmao intends to voluntarily withdraw its A-share listing and transfer to the delisting board, pending approval from the Shenzhen Stock Exchange [7] Group 13: Kanghui Pharmaceutical Production Halt - Kanghui Pharmaceutical's subsidiary, Shaanxi Youbang, has ceased production due to intensified market competition and declining sales margins [9] Group 14: Tax Payment by Langzi Co. - Langzi Co. has been ordered to pay 22.27 million yuan in back taxes, including income and value-added taxes, following a tax audit [10] Group 15: US Stock Market Performance - The US stock market saw all three major indices close higher, with the S&P 500 reaching a new high, driven by expectations of interest rate cuts [11] Group 16: Oil Price Decline - WTI crude oil prices have fallen below $64 amid ongoing rumors of OPEC+ production increases [12]

诺安积极回报混合A（001706）基金经理为刘慧影。 资料显示，昆仑万维科技股份有限公司位于北京市东城区西总布胡同46号明阳国际中心B座，成立日期 2008年3月27日，上市日期2015年1月21日，公司主营业务涉及综合性互联网增值服务;新能源投资业 务。主营业务收入构成为：广告业务37.89%，Opera搜索业务23.43%，海外社交网络业务19.13%，游戏 业务7.85%，闲徕社交娱乐平台业务6.75%，短剧平台业务2.96%，其他(补充)1.31%，AI软件技术业务 0.68%。 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓昆仑万维。诺安积极回报混合A（001706）二季度持有股数345.7 万股，占基金净值比例为3.9%，位居第十大重仓股。根据测算，今日浮亏损失约909.19万元。 诺安积极回报混合A（001706）成立日期2016年9月22日，最新规模14.87亿。今年以来亏损0.24%，同 类排名7985/8178；近一年收益33.02%，同类排名3859/7978；成立以来收益109.1%。 9月5日，昆仑万维跌6.05%，截至发稿，报40.87元/股，成交8.66亿元，换手率1. ...

Group 1 - The Hong Kong stock market opened higher on September 5, with sectors such as power equipment and semiconductors leading the gains. The Hong Kong Stock Connect Technology ETF (513860) rose by 1.03%, with a premium trading rate of 0.23% [1] - The Hong Kong Stock Connect Technology ETF (513860) saw a net subscription of 35.4 million shares, with a net inflow of over 277 million yuan, reaching a historical high of 4.03 billion yuan as of September 4 [1] - The ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and fast-growing technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [1] Group 2 - The Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly released the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry 2025-2026," promoting higher-level intelligent innovation in AI terminals [2] - Dongfang Securities noted that technology is a certain main line, with increasing confidence in the industry, and the capital market is expected to have growing confidence in domestic technology industries [2] - Guotai Junan Securities indicated that the recent shift in the Federal Reserve's policy could provide a favorable macro environment for foreign capital to return to the Hong Kong market, particularly favoring technology and finance sectors [2] Group 3 -招商证券 expressed optimism about the Hong Kong stock market, suggesting a focus on industries with differentiation from A-shares, recommending a sequence of innovative drugs, internet, and new consumption [3]

Core Insights - The article emphasizes the importance of making correct and difficult decisions in business, highlighting that such choices lead to long-term benefits and competitive advantages [1][5][12] - It contrasts different entrepreneurial philosophies, particularly between Ren Zhengfei of Huawei and Liu Chuanzhi of Legend Holdings, showcasing the varying approaches to research and development investments [7][9][13] Group 1: Importance of Difficult Decisions - Making correct and difficult decisions is essential for creating a competitive edge and long-term value, as demonstrated by Huawei's commitment to invest over 10% of its sales revenue in R&D from an early stage [5][12] - The willingness to take risks and invest in innovation is crucial for success in the technology sector, as seen in Huawei's approach during its formative years [12][13] Group 2: Entrepreneurial Philosophies - Ren Zhengfei is portrayed as a transformative entrepreneur who shifted from traditional business practices to innovative strategies, which is rare among Chinese entrepreneurs [3][5] - Liu Chuanzhi's more cautious approach to R&D emphasizes careful planning and gradual growth, contrasting with Ren's bold strategies [7][9] - The article suggests that while both approaches have their merits, the success of Huawei's aggressive R&D strategy has validated its risk-taking philosophy [9][12]

Market Overview - On September 4, Hong Kong's three major indices declined, with the Hang Seng Index falling by 1.12% to 25,058.51 points, the Hang Seng Tech Index down 1.85% to 5,578.86 points, and the National Enterprises Index decreasing by 1.25% to 8,937.09 points [1] - The market saw significant weakness in sectors such as metals and pharmaceuticals, while semiconductor and robotics concepts also experienced declines [1] Southbound Capital - On September 4, southbound capital recorded a net inflow of 706 million HKD, with Alibaba seeing net inflows for 10 consecutive days [2] - Year-to-date, the cumulative net inflow of southbound capital has reached 1,006.435 billion HKD, significantly surpassing the total net inflow for the entire previous year [2] U.S. Market Performance - Following disappointing "small non-farm" data, U.S. stock indices closed higher, with the Dow Jones up 0.77%, S&P 500 rising 0.83%, and Nasdaq increasing by 0.98% [3] - Notable performers included Amazon, which rose over 4%, and Goldman Sachs, which gained more than 2% [3] Economic Indicators - U.S. ADP employment data for August showed an increase of 54,000 jobs, falling short of the expected 65,000, while initial jobless claims rose by 8,000 to 237,000, the highest since June [4] - The probability of a 25 basis point rate cut by the Federal Reserve in September is currently at 99.4% according to CME FedWatch Tool [4] Hong Kong Stock Exchange Data - As of the end of August, the total market capitalization of the Hong Kong stock market was 46.6 trillion HKD, a year-on-year increase of 47% [4] - The average daily trading volume in August was 279.1 billion HKD, reflecting a year-on-year increase of 192% [4] Short Selling Data - On September 4, a total of 641 Hong Kong stocks were short-sold, with total short selling amounting to 31.093 billion HKD [5] - The top three stocks by short selling amount were Alibaba (32.9 billion HKD), Tencent Holdings (10.12 billion HKD), and Xiaomi Group (9.78 billion HKD) [5] Institutional Insights - UBS highlighted two key trends in China's AI development: significant progress in AI monetization and accelerated localization of chip production [6] - The firm believes that the valuation of stocks related to AI investment opportunities in the Chinese market remains attractive, with the Hang Seng Tech Index currently trading at a price-to-earnings ratio of approximately 17 times, while expected earnings growth for the next three years could reach 20% to 25% [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) encompasses core AI assets in China, including leading technology firms that are also relatively scarce in A-shares [8]

Market Overview - On September 4, Hong Kong's three major indices declined, with the Hang Seng Index falling by 1.12% to 25,058.51 points, the Hang Seng Tech Index down by 1.85% to 5,578.86 points, and the National Enterprises Index decreasing by 1.25% to 8,937.09 points [1] - The market saw significant weakness in sectors such as metals and pharmaceuticals, while semiconductor and robotics concepts also experienced declines [1] Southbound Capital - On September 4, southbound capital recorded a net inflow of 706 million HKD, with Alibaba receiving net inflows for ten consecutive days [2] - Year-to-date, the cumulative net inflow of southbound capital has reached 1,006.435 billion HKD, significantly exceeding the total net inflow for the entire previous year [2] U.S. Market Performance - U.S. stock indices closed higher, with the Dow Jones up by 0.77%, the S&P 500 rising by 0.83%, and the Nasdaq increasing by 0.98% [3] - Notable performers included Amazon, which rose over 4%, and Goldman Sachs, which gained more than 2% [3] Economic Data - The latest data showed that U.S. ADP employment increased by 54,000 in August, falling short of the market expectation of 65,000 [4] - Initial jobless claims rose by 8,000 to 237,000, marking the highest level since June, with expectations set at 230,000 [4] - The probability of a 25 basis point rate cut by the Federal Reserve in September is currently at 99.4% according to CME FedWatch Tool [4] Hong Kong Stock Exchange Insights - The Hong Kong Stock Exchange reported that the total market capitalization of Hong Kong stocks reached 46.6 trillion HKD at the end of August, a year-on-year increase of 47% [4] - The average daily trading volume in August was 279.1 billion HKD, reflecting a year-on-year increase of 192% [4] Company Developments - Huawei launched its first foldable smartphone equipped with HarmonyOS 5, priced at 17,999 RMB, during its "Mate XTs Extraordinary Master and All-Scenario New Product Launch" event [4] - The device features the Kirin 9020 chip, marking the return of Kirin chips to Huawei's product lineup after four years [4] Short Selling Data - On September 4, a total of 641 Hong Kong stocks were short-sold, with total short selling amounting to 31.093 billion HKD [5] - Alibaba, Tencent, and Xiaomi were the top three stocks by short selling amounts, with 3.29 billion HKD, 1.012 billion HKD, and 978 million HKD respectively [5] Institutional Insights - UBS highlighted two key trends in China's AI development: significant progress in AI monetization and accelerated localization of chip production [6] - The firm believes that certain internet companies in China have achieved breakthroughs in AI monetization, and sees attractive valuation opportunities in AI-related stocks [6] - The Hang Seng Tech Index currently has a price-to-earnings ratio of approximately 17 times, with expected earnings growth rates of 20% to 25% over the next three years, indicating strong investment value [6] ETF Insights - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) encompasses core AI assets in China, representing a unique opportunity in the tech sector [8]