人工智能攻关"揭榜挂帅" 加速AI+制造专项行动 从工业和信息化部获悉，我国将启动新一轮人工智能赋能新型工业化"揭榜挂帅"行动。新一轮人工智能赋能 新型工业化"揭榜挂帅"希望通过机制创新，在新型工业化重点行业遴选技术难度大、应用前景广、推广价值 高的关键场景，开展联合创新、协同攻关，打造一批可复制、可推广的人工智能赋能新型工业化新标杆。通 过突破关键核心技术，加强通用大模型和行业大模型的研发布局，加快建设工业领域高质量数据集，促进人 工智能在工业领域深度融合。工业和信息化部相关负责人表示，将实施人工智能+制造专项行动，发布实施 制造业企业人工智能应用指南，常态化开展人工智能赋能新型工业化深度行活动。 阿里巴巴宣布与英伟达开展合作 在2025阿里云栖大会上，阿里巴巴正式宣布与英伟达开展Physical AI合作。合作覆盖了Physical AI的实践的 各个方面，包括数据的合成处理，模型的训练，环境仿真强化学习以及模型验证测试等。 湖北：到2027年全省算力总规模达到25EFLOPS 9月24日，在杭州云栖大会上，原力无限发布了首款人形机器人——AstroDroid AD-01。据介绍，AD-01身高 170c ...

【市场复盘】 9月25日，港股三大指数走势分化。截至收盘，恒生指数跌0.13%，报26484.68点；恒生科技指数涨 0.89%，报6379.19点；国企指数涨0.01%，报9444.22点。盘面上，有色板块全天强势，地产、金融、消 费行业普遍下跌。热点个股方面，华虹涨超4.5%，小米集团涨近4.5%，京东集团涨近3.5%，阿里巴巴 跌超1%。热点ETF方面，恒生科技指数ETF（513180）收涨1.29%。 【南向资金】 1、9月25日，小米举行新品发布会，发布小米17系列、小米平板 8 系列以及众多科技家电新品。价格方 面，小米17起售价4499元，17Pro起售价4999元，小米17Pro Max起售价5999元。雷军表示，芯片是小米 走向成功的必由之路。自研手机SoC至少要坚持10年，至少投入500亿元。隔夜美股方面，小米集团 ADR涨超4%。 2、近期，京东发布AI全景图，系统展示了AI整体战略布局，表示未来三年将持续投入，带动各个产业 形成万亿规模的人工智能生态，并向具身智能等人工智能企业开放场景与训练数据。 3、9月26日，阿里巴巴于港交所公告称，授予董事会10%的公司新增普通股授权。此前，阿里 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing down 0.13% at 26,484.68 points and a total trading volume of 314.89 billion HKD [1] - The Hang Seng Technology Index rose by 0.89%, closing at 6,379.19 points, while the Hang Seng China Enterprises Index saw a slight increase of 0.01% [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) saw a significant increase of 4.48%, closing at 59.45 HKD, contributing 72.84 points to the Hang Seng Index [2] - Other notable blue-chip stocks included Zijin Mining (02899) up 5.13%, JD Group-SW (09618) up 3.46%, while Haier Smart Home (06690) and Hang Seng Bank (00011) experienced declines of 4.79% and 3.13% respectively [2] Sector Highlights - The technology sector showed strong performance, with major tech stocks like Xiaomi and JD Group rising significantly [3] - Copper stocks surged due to production disruptions, with Luoyang Molybdenum (03993) up 11.73% and China Nonferrous Mining (01258) up 10.99% [4] - The robotics sector gained traction, with companies like Geekplus (02590) and Ubtech (09880) seeing increases [5] Copper Market Dynamics - A landslide at Freeport McMoRan's Grasberg mine in Indonesia has halted production, affecting approximately 3% of global copper supply [4] - Analysts predict a 35% reduction in copper output by 2026, which is expected to support copper prices [4] Robotics Sector Developments - The Chinese government is promoting humanoid robots and related technologies, with significant investments expected in the coming years [5] - Companies like Ubtech and others are experiencing increased orders and production, indicating a rising industry trend [5] Chip Sector Activity - Semiconductor stocks are active, with Huahong Semiconductor (01347) rising 4.74% and SMIC (00981) seeing a slight increase [5][6] - The demand for AI chips is projected to grow, benefiting domestic foundries like SMIC [6] Notable Stock Movements - China Everbright Holdings (00165) surged 25.89% due to its focus on technology investments [7] - Yimai Sunshine (02522) rose 14.08% following the launch of an AI medical imaging product in collaboration with Alibaba Cloud [8] - Contemporary Amperex Technology Co., Ltd. (300750) reached a new high, up 5.14%, driven by increased demand for energy storage batteries [9] - Chery Automobile (09973) debuted on the Hong Kong Stock Exchange, closing up 3.8% [10] - JD Group-SW (09618) announced plans for significant investments in AI over the next three years [11]

Market Overview - The A-share market experienced a volatile upward trend on September 25, with the ChiNext Index reaching a three-year high [1] - The Shanghai Composite Index closed at 3853.30, down 0.34%, while the Shenzhen Component Index rose by 89.75 points, or 0.67% [2] - The total market capitalization of Ningde Times exceeded that of Kweichow Moutai, with Ningde Times valued at 1.81 trillion yuan and Kweichow Moutai at 1.8 trillion yuan [2] Company Highlights - Xiaomi Group's stock price increased by over 5% ahead of Lei Jun's annual speech and the launch of new products, including the Xiaomi 17 series [3] - JD Group's stock price rose nearly 7% after announcing plans to invest in an AI ecosystem worth one trillion yuan over the next three years [3] - Upwind New Materials (688585.SH) saw its stock price hit a historical high of 132.1 yuan per share, following an announcement of a planned buyout by Shanghai Zhiyuan Hengyue Technology [5][7] Financial Data - The total balance of ETF margin trading in the two markets reached 115.43 billion yuan, an increase of 337 million yuan from the previous trading day [8] - The financing balance was 107.40 billion yuan, up by 171 million yuan, while the securities lending balance increased by 166 million yuan [8] Cryptocurrency Market - Ethereum fell below $4000 for the first time since August 8, with a 24-hour decline of over 4% [10] - Bitcoin and other major cryptocurrencies also experienced declines, with a total of nearly 130,000 liquidations globally, amounting to over $400 million [11]

Group 1 - The core viewpoint of the article highlights a significant change in the funding structure of the A-share market, driven by "patient capital" such as social security funds and insurance funds, which has injected unprecedented stability and long-term confidence into the market [1][4] - As of the end of Q2 this year, the "national team" represented by Central Huijin and the China Securities Finance Corporation has a holding value in A-shares exceeding 3.7 trillion yuan, nearing historical peaks [1][3] - Long-term funds, including insurance and social security funds, have collectively surpassed 2 trillion yuan in holdings, marking a historical high, with insurance funds' equity allocation growth significantly outpacing their total asset growth, indicating strong confidence in the long-term value of the A-share market [1][3] Group 2 - The "national team" has actively entered the market through ETF channels, with an estimated cumulative investment of nearly 220 billion yuan in the first half of the year, including a substantial increase of 137.2 billion yuan in the CSI 300 Index ETF [3] - The market ecosystem is experiencing positive changes, with individual investors showing increased enthusiasm while maintaining a rational pace, and the margin trading balance rising from 1.39 trillion yuan before policy implementation to a historical high of 2.42 trillion yuan [3] - Foreign capital, another key component of "patient capital," has also been increasing its holdings in A-shares, with northbound capital reaching a holding value of 2.29 trillion yuan by the end of Q2, reflecting a long-term and value-oriented investment strategy [3][4] Group 3 - Industry analysts believe that the "patient capital" has become a core pillar for the stable and sustainable development of the A-share market, leading to a new era characterized by long-termism and value investment [4] - The continuous improvement of mechanisms for long-term capital entering the market is expected to facilitate a leap from scale expansion to quality enhancement in the A-share market [4]

Group 1 - The second batch of 14 Sci-Tech Innovation Bond ETFs was collectively listed on September 24, attracting significant subscriptions from institutions such as banks and insurance companies, with subscription amounts reaching 30 billion units for some banks and 20 billion units for an insurance company [1] - Public fund institutions have begun a new round of portfolio adjustments in response to market volatility, with some reducing mixed fund positions and increasing allocations to fixed-income funds [1][2] - The A-share private equity market is shifting focus from technology stocks to cyclical, consumer, and high-end manufacturing sectors due to concerns over short-term risks in tech stocks [2] Group 2 - The A-share private placement market has seen significant activity this year, with 115 companies completing private placements, raising approximately 959.5 billion yuan, a 711% increase compared to the same period last year [2] - Apple addressed concerns regarding the durability of the iPhone 17 Pro and Pro Max, stating that marks on the aluminum body are not permanent and can be cleaned easily [3] - AI startup Modular raised $250 million in a funding round, achieving a valuation of $1.6 billion, with participation from notable investors [3] Group 3 - Wahaha Group plans to rebrand to "Wah Xiaozong" starting from the 2026 sales year, with a sales target of 30 billion yuan set by its new leader, which is nearly 80% of the current brand's annual sales [5] - Citic Securities' Jinan branch was warned for allowing unqualified personnel to conduct fund sales, highlighting compliance issues within the company [6] - Hengli Industrial was fined 3.5 million yuan for failing to disclose its 2024 annual report on time, with penalties imposed on several executives [7]

Core Viewpoint - The "9·24 market" initiated a significant transformation in the A-share market, marking the beginning of a slow bull market characterized by a focus on technology and leading companies, driven by systemic policy support and a shift in market dynamics [1][19]. Policy Foundation - On September 24, 2024, a comprehensive financial policy package was launched to stabilize the real estate, stock market, and economy, which was a key catalyst for the market rally [2]. - The People's Bank of China introduced new monetary policy tools to support stock repurchases and long-term capital inflows, while the China Securities Regulatory Commission (CSRC) encouraged mergers and acquisitions [2][3]. Market Performance - Since the launch of the "9·24 market," the total market capitalization of the Shanghai and Shenzhen stock exchanges increased from 81.8 trillion yuan to 116.6 trillion yuan, a rise of 42.54% [8]. - The Shenzhen Composite Index saw a cumulative increase of 61.7%, outperforming major global indices such as the Nasdaq and Nikkei [6][7]. Capital Inflows - Foreign capital has shown renewed interest, with net inflows exceeding 10.1 billion USD in the first half of 2025, reversing two years of net outflows [9]. - The shift in capital focus from small-cap stocks to leading companies has created a dual engine of high dividend and technology growth sectors driving the market [9][10]. Industry Dynamics - The financial sector remains dominant, with its market capitalization increasing by 25.18%, while the electronic equipment sector surged by 113%, reflecting a significant structural shift in market leadership [11][12]. - The technology sector has produced notable high-performing stocks, with companies like Cambrian Technology surpassing Kweichow Moutai to become the highest-priced stock in A-shares [12]. Investor Engagement - A positive investment-funding cycle is emerging, with a significant increase in new investor accounts and trading volumes, indicating heightened market activity [15][14]. - The number of new accounts opened in the A-share market reached 2.65 million in August 2025, a 35% month-on-month increase, reflecting growing investor confidence [14]. Future Outlook - The "9·24 market" is seen as a milestone for the A-share market, establishing a foundation for long-term growth driven by systemic policy support and improved market ecology [16][21]. - The transition from a speculative market to a value-driven market is underway, with a focus on sustainable growth and investor protection [21].

Economic Data - The US current account deficit for Q2 2023 is reported at $251.3 billion, marking the smallest deficit since Q3 2023 [4] - The preliminary manufacturing PMI for the US in September is 52, aligning with expectations [4] - The Eurozone's preliminary manufacturing PMI for September is 49.5, falling below the growth threshold [4] - The OECD forecasts a global economic growth rate of 3.2% for 2025, an increase of 0.3 percentage points from the June 2023 estimate [4] Market Performance - The Nasdaq index closed at 22,573.47, down 0.95% [5] - The Dow Jones Industrial Average closed at 46,292.78, down 0.19% [5] - The S&P 500 index closed at 6,656.92, down 0.55% [5] - The Hang Seng Index closed at 26,159.12, down 0.70% [5] - The Shanghai Composite Index closed at 3,821.83, down 0.18% [5] Commodity and Currency Trends - The price of Brent crude oil is reported at $67.79, up 1.83% [5] - The London gold spot price is $3,762.99, up 0.46% [5] - The US dollar index stands at 97.24, down 0.08% [5] - The exchange rate for USD to CNY (CFETS) is 7.11, down 0.02% [5] Technology Sector Insights - Apple is experiencing a surge in demand for the iPhone 17, indicating significant upgrade potential globally [4] - TSMC's 2nm process pricing has increased by at least 50% compared to the 3nm process [4]

Group 1: Stock ETFs and Fund Performance - The number of stock ETFs with a scale exceeding 10 billion yuan has reached 57, an increase of 10 since the end of June [1] - 32 public fund institutions have 46 equity products that have doubled in net value this year, with 96.58% of equity funds showing positive growth [1][2] Group 2: Mergers and Acquisitions - The "Six Merger Guidelines" have led to 230 disclosed major asset restructurings, indicating a new phase of increased quantity and quality in A-share mergers and acquisitions [1] - The guidelines support industry integration and are expected to facilitate large-scale mergers and acquisitions through capital markets [1] Group 3: Hong Kong Market and Privatization - 20 Hong Kong companies have privatized and delisted this year, with Longhong Jiahua's stock price surging 23.91% upon resumption of trading [2] Group 4: Electricity Market Trends - The trend of declining electricity prices is becoming more evident, impacting profit margins for power generation companies [2] - The auction results in Shandong show a significant drop in photovoltaic mechanism prices, raising concerns among industry players [2] Group 5: Engineering Machinery Industry - The engineering machinery sector has seen a sales increase of over 10% in various product categories from January to August, with excavator sales up 17.2% [3][4] Group 6: AI in Banking - The banking industry is shifting towards integrating AI technology into core business operations, with cost and safety concerns being major obstacles [4] Group 7: Tether Financing - Tether Holdings SA is seeking to raise up to $20 billion through a private placement, potentially valuing the company at around $500 billion [4] Group 8: Stock Market Trends - U.S. stock indices collectively fell, with the Dow down 0.19% and the Nasdaq down 0.95%, influenced by comments from Federal Reserve Chairman Jerome Powell regarding high valuations and inflation concerns [10][11]

Core Viewpoint - The "9·24 market" initiated a significant transformation in the A-share market, marking the beginning of a slow bull market characterized by a focus on technology and leading companies, driven by systemic policy support and a shift in market dynamics [2][19]. Policy Foundation - On September 24, 2024, a comprehensive financial policy package was launched by the People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission, which became a key turning point for the market [3]. - Subsequent policies included measures to support long-term capital inflow and streamline the merger and acquisition process, enhancing the market's structural foundation [4]. Market Performance - Since the launch of the "9·24 market," the Shenzhen Component Index has seen a cumulative increase of 61.7%, significantly outperforming major global indices [5][6]. - The total market capitalization of the Shanghai and Shenzhen stock exchanges rose from 81.8 trillion yuan to 116.6 trillion yuan, marking a 42.54% increase [8]. Capital Inflow - Foreign capital has shown a positive trend, with a net inflow of over 10.1 billion USD in the first half of 2025, reversing two years of net outflows [9]. - The market has transitioned from small-cap speculation to a focus on leading companies, creating a dual-driven growth pattern [10][11]. Structural Changes - The financial sector's market capitalization increased by 25.18%, while the electronic equipment sector surged by 113%, indicating a shift towards technology-driven growth [12][11]. - The technology sector has produced significant high-performing stocks, contributing to the overall market's positive momentum [14]. Investor Engagement - The A-share market has seen a notable increase in trading activity, with new account openings rising by approximately 48% year-on-year [16]. - The balance of margin trading reached a historical high of 2.4 trillion yuan, reflecting increased investor confidence and market activity [16]. Future Outlook - The "9·24 market" is viewed as a foundational milestone for the long-term positive trajectory of the A-share market, with ongoing structural reforms and a focus on quality development [17][18]. - The market is expected to continue benefiting from supportive policies and a shift towards value-driven investment, enhancing the overall investment environment [19][20].