Index Performance - The HSI closed at 26,200, up 1.0% in one day and 30.6% year-to-date [1] - The HSCEI closed at 9,328, up 0.9% in one day and 28.0% year-to-date [1] - The HSCCI closed at 4,377, up 0.6% in one day and 15.8% year-to-date [1] - The MSCI HK closed at 13,646, up 1.2% in one day and 29.2% year-to-date [1] - The MSCI CHINA closed at 86, up 0.6% in one day and 33.1% year-to-date [1] - The FTSE CHINA A50 closed at 14,844, up 0.5% in one day and 9.9% year-to-date [1] - The CSI 300 closed at 4,445, up 0.2% in one day and 13.0% year-to-date [1] - The TWSE closed at 25,193, up 1.4% in one day and 9.4% year-to-date [1] - The SENSEX closed at 81,101, up 0.4% in one day and 3.8% year-to-date [1] - The NIKKEI 225 closed at 43,838, up 0.9% in one day and 9.9% year-to-date [1] - The KOSPI closed at 3,315, up 1.7% in one day and 38.1% year-to-date [1] - The ASX 200 closed at 8,805, down 0.2% in one day and up 6.4% year-to-date [1] - The DJIA closed at 45,491, down 0.5% in one day and up 6.9% year-to-date [1] - The S&P 500 closed at 6,532, up 0.3% in one day and 11.1% year-to-date [1] - The FTSE 100 closed at 9,225, down 0.2% in one day and up 12.9% year-to-date [1] Commodity Price Performance - Brent Crude closed at US$68/bbl, up 1.8% in one day and down 6.2% year-to-date [2] - Gold closed at US$3,641/oz, up 0.4% in one day and 38.7% year-to-date [2] - Copper closed at US$9,914/t, unchanged in one day and up 13.1% year-to-date [2] - Aluminum closed at US$2,626/t, up 0.2% in one day and 3.9% year-to-date [2] - Nickel closed at US$14,917/t, down 0.8% in one day and 1.3% year-to-date [2] - CH domestic steel rebar 25 closed at RMB3,244/t, unchanged in one day and down 9.1% year-to-date [2] - CH domestic high speed wire closed at RMB3,614/t, down 0.1% in one day and 5.1% year-to-date [2] - CH domestic hot rolled steel closed at RMB3,420/t, down 0.1% in one day and 1.5% year-to-date [2] - CH domestic cold rolled steel closed at RMB3,914/t, unchanged in one day and down 6.7% year-to-date [2] - The BDI index closed at 2,019, unchanged in one day and up 102.5% year-to-date [2] Key Macro and Earnings Releases - US Initial Jobless Claims were 237.0k, higher than the consensus of 235.0k [3] - US Continuing Jobless Claims were 1,940.0k, lower than the consensus of 1,950.0k [3] - US CPI urban consumers MoM was 0.2%, lower than the consensus of 0.3% [3] - US CPI urban consumers YoY was 2.7%, lower than the consensus of 2.9% [3] - US CPI urban consumers was 323.0, lower than the consensus of 323.9 [3] - The Univ. of Michigan Sentiment was 58.2, higher than the consensus of 58.0 [3] - US Treasury Federal Budget Deb was -$291.1 billion, better than the consensus of -$340.0 billion [3] - FOF Federal Reserve US Household was -1,594.6% [3] - US Empire State Manufacturing was 11.9, higher than the consensus of 4.9 [3] - US Import Price Index Chg was 0.4% [3] - US Import Price Index YoY was -0.2% [3] - US capacity utilization was 77.5%, higher than the consensus of 77.4% [3] - US Industrial Production MoM was -0.1%, lower than the consensus of 0.0% [3] - US Industrial Production Indus MoM was 0.0% [3] - US Manufacturing & Trade Inven Mon was 0.2%, in line with the consensus [3] - Adjusted Retail & Food Service Mon was 0.5%, higher than the consensus of 0.3% [3] - Adjusted Retail Sales Less Auto MoM was 0.2%, lower than the consensus of 0.5% [3] Key BOCI Events - Zhou Liu Fu (Tencent Meeting at 10:30am) 6168.HK on 11 Sep [4] - BOCI Online Expert Seminar - Innovative Drug Lecture - Targeting the New Future Series IX: WCLC Innovative Drug Data Interpretation (Tencent Meeting at 4:30pm) on 11 Sep [4] - BOCI Online Expert Seminar - Domestic Server Industry Landscape and Outlook (Tencent Meeting at 4:30pm) on 11 Sep [4] - BOCI Online Expert Seminar - Overseas Hard Tech Seminar: Focus on AI ASIC Chip Thermal Design (Tencent Meeting at 3:30pm) on 11 Sep [4] - Raphael Chen - Internet Sector Marketing (1x1) in HK on 11 - 12 Sep [4] - Tony Fei - Power Sector Marketing (1x1) in SH on 15 - 16 Sep [4] - Raphael Chen - Media Sector Marketing (1x1) in SH on 18 - 19 Sep [4] - Luk Fook (Tencent Meeting at 11am) 0590.HK on 25 Sep [4] - Fortior Tech 峰岹科技 (1x1, Group Lunch) 1304.HK/688279.CH on 26 Sep [4] China Economy - In August, CPI edged down 0.4% YoY after being unchanged in July, while core CPI grew 0.9% YoY, up 0.1ppt from July [5][7] - The "industrial anti-involution" policy further took effect in August, improving the prices of durable goods CPI and some raw material PPI growth [5][7] - PPI dropped 2.9% YoY in August after falling 3.6% YoY in July, and the growth trend of both CPI and PPI is expected to gradually pick up amid the low base last year, narrowing the decline of GDP deflator [6][7] Hello Group Inc - The company's rating is HOLD, with a target price of US$8.30 and a current price of US$7.88 [8] - In 2Q25, the topline was -3% YoY, meeting BOCIe. Excluding non-recurring RMB548m accrual withholding tax, adj. NPM was 17.2%, beating consensus [8] - ROI remains the top assessment benchmark for operating domestic core Momo, Tantan and overseas businesses in 2H25. The company is expected to dynamically increase the revenue sharing ratio for core Momo in 2H25 to offset the negative impact of strict tax scrutiny [9][10] - The company will implement a more prudent model for its overseas expansion in 2H25 [9][10]

近日，针对小红书平台未落实信息内容管理主体责任， 在热搜榜单重点环节频繁呈现多条炒作明星个人动态和琐事 类词条等不良信息内容，破坏网络生态问题 ，国家网信办指导上海市网信办，依据《网络信息内容生态治理规定》 等有关规定， 对小红书平台采取约谈、责令限期改正、警告、从严处理责任人等处置处罚措施。 责编：王璐璐 校 对： 祝甜婷 百万用户都在看 打卡！600万！ A股，风云突变！发生了什么？ 刚刚！宁德时代，突爆大消息！ 闹大了！特朗普，最新回应！ 突发！巴菲特，重大警告！发生了什么？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 券 商 中 国 × 券 中 社 扫 码 下 载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 券中社APP 弊中社 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权, 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 网络空 ...

（原标题：查处！小红书被约谈，责任人被从严处理） 网络空间天朗气清、生态良好，符合人民利益。网信部门将持续聚焦破坏网络生态违法违规突出问题， 发挥网络执法"利剑"作用，督促网站平台履行主体责任和社会责任，切实维护清朗网络空间。 来源："网信中国"微信公众号 突然拉升，20cm涨停！ 网信部门查处小红书平台破坏网络生态案件 据"网信中国"微信公众号消息，近日，针对小红书平台未落实信息内容管理主体责任，在热搜榜单重点 环节频繁呈现多条炒作明星个人动态和琐事类词条等不良信息内容，破坏网络生态问题，国家网信办指 导上海市网信办，依据《网络信息内容生态治理规定》等有关规定，对小红书平台采取约谈、责令限期 改正、警告、从严处理责任人等处置处罚措施。 ...

（责任编辑：郭健东 ） 凤凰网科技讯 9月11日，网信中国发文称，近期依规对小红书平台采取了约谈，"近日，针对小红 书平台未落实信息内容管理主体责任，在热搜榜单重点环节频繁呈现多条炒作明星个人动态和琐事类词 条等不良信息内容，破坏网络生态问题，国家网信办指导上海市网信办，依据《网络信息内容生态治理 规定》等有关规定，对小红书平台采取约谈、责令限期改正、警告、从严处理责任人等处置处罚措 施"。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 截至目前，其在小红书有2318万粉丝，超越1736万粉丝的范冰冰，成为小红书首位粉丝数破2000万 的创作者。 今年8月3日，经历解约风波后，明星赵露思在小红书开设独家直播，并连续播出了五天。8月7日 晚，小红书热一话题为#赵露思又又又来小红书直播了#，前十中与其相关话题共3条。同时期微博热搜 中，仅一条与赵露思有关，同月，赵露思宣布注销微博。 ...

网信部门将持续聚焦破坏网络生态违法违规突出问题，发挥网络执法"利剑"作用，督促网站平台履行主 体责任和社会责任，切实维护清朗网络空间。 近日，针对小红书平台未落实信息内容管理主体责任，在热搜榜单重点环节频繁呈现多条炒作明星个人 动态和琐事类词条等不良信息内容，破坏网络生态问题，国家网信办指导上海市网信办，依据《网络信 息内容生态治理规定》等有关规定，对小红书平台采取约谈、责令限期改正、警告、从严处理责任人等 处置处罚措施。 ...

近日，针对小红书平台未落实信息内容管理主体责任， 在热搜榜单重点环节频繁呈现多条炒作明星个人动态和琐事类词条等不良信息内容，破 坏网络生态问题 ，国家网信办指导上海市网信办，依据《网络信息内容生态治理规定》等有关规定，对小红书平台采取约谈、责令限期改正、 警告、从严处理责任人等处置处罚措施。 网信部门将持续聚焦破坏网络生态违法违规突出问题，发挥网络执法"利剑"作用，督促网站平台履行主体责任和社会责任，切实维护清朗网络 空间。 来源丨 网信中国 编辑丨金珊 SFC ...

Core Viewpoint - The article discusses the regulatory actions taken by the Chinese internet authority against the Xiaohongshu platform for failing to manage harmful content, which disrupts the online ecosystem [2] Group 1: Regulatory Actions - The National Internet Information Office (NIIO) guided the Shanghai Internet Information Office to take measures against Xiaohongshu for not fulfilling its content management responsibilities [2] - The platform was found to frequently display inappropriate content related to celebrity gossip and personal matters on trending lists, which is considered detrimental to the online ecosystem [2] - The actions taken include interviews, orders for rectification within a specified timeframe, warnings, and stricter penalties for responsible individuals [2] Group 2: Commitment to Online Ecosystem - The internet authority emphasizes the importance of maintaining a clean and healthy online space that aligns with public interests [2] - The regulatory body will continue to focus on significant issues that harm the online ecosystem and will enforce responsibilities on website platforms to uphold social responsibilities [2]

Group 1: MOMO US - The operating profit exceeded expectations, with overseas new products maintaining strong growth momentum [1] - Revenue for Q2 2025 was 2.62 billion yuan, a year-on-year decrease of 3%, while adjusted operating profit was 450 million yuan, surpassing the expected 390 million yuan due to better-than-expected cost control and marketing channel optimization [1] - Overseas revenue continued to expand, increasing by 73% year-on-year, accounting for 17% of total revenue [1] Group 2: Future Outlook for MOMO US - Revenue for Q3 2025 is expected to decline by 2% year-on-year, with the impact of stricter compliance on streamer taxes leading to potential increases in revenue-sharing incentives [2] - Overseas revenue is projected to grow by 62% year-on-year, with products like Amar and Yaahlan expected to maintain strong growth [2] - Adjustments to net profit expectations for 2025/26 have been made due to potential new product marketing investments and changes in dividend withholding tax rates [2] Group 3: SF Express (9699 HK) - The company is experiencing continuous profit release under diversified layouts, with a buy rating maintained [3] - Revenue growth for 2025-27 has been revised upward by 14%/12%/12% to 22 billion - 30.4 billion yuan, with year-on-year growth rates of 40%/20%/15% [3] - Profit forecasts for 2025-27 have been increased by 26%/23%/27% to 340 million - 760 million yuan, with Non-IFRS net profit margins of 1.5%/2%/2.6% [3] Group 4: Future Outlook for SF Express - SF Express is expected to benefit from a rational return of subsidies in the takeaway market, with significant business space remaining [4] - The target price has been adjusted to 15.4 HKD based on a rolling valuation to 2026, corresponding to 0.5 times the sales ratio [4] Group 5: Consumer Industry Overview - The consumer market in mainland China showed moderate recovery in the first half of 2025, with structural differentiation in performance across segments [8] - Key trends include the leading performance of experiential consumption, revenue growth from global expansion strategies, and operational efficiency becoming a critical factor for profit differentiation [8][9] - Recommendations include focusing on players capturing consumer trends with high growth potential, such as Pop Mart (9992 HK), and industry leaders with stable fundamentals like Midea (000333 CH), Anta (2020 HK), and Yili (600887 CH) [8] Group 6: Automotive Industry Overview - The penetration rate of new energy vehicles reached 55.2% in August, with retail sales of passenger cars hitting a historical high of 1.995 million units [12] - The export of passenger cars, including new energy vehicles, maintained good growth momentum, with 204,000 new energy vehicles exported in August, accounting for 40.9% of total exports [13] - The upcoming launch of multiple new models in Q3-Q4 2025 is expected to enrich market supply and boost sales during the traditional peak season [13][14]

Core Viewpoint - Hello Group Inc. reported a decline in net income and operating profit for the second quarter of 2025, despite a significant increase in overseas revenue, indicating challenges in its domestic operations and cost management [2][3][6]. Financial Performance - For Q2 2025, total net revenues were RMB 26.2 billion (approximately USD 3.66 billion), a decrease of 2.6% from RMB 26.91 billion in Q2 2024 [5][6]. - The operating profit for Q2 2025 was RMB 4.04 billion (approximately USD 563 million), down 5.9% from RMB 4.25 billion in the same period last year [11][13]. - Net loss for Q2 2025 was RMB 1.39 billion (approximately USD 195 million), compared to a net profit of RMB 3.98 billion in Q2 2024, marking a decline of 145.5% [14][16]. Revenue Breakdown - Domestic revenue for Q2 2025 was RMB 21.779 billion (approximately USD 3 billion), a decrease of 10.56% from RMB 24.351 billion in Q2 2024, primarily due to declines in revenue from Momo and Tantan apps [6][9]. - Overseas revenue reached RMB 4.42 billion (approximately USD 618 million), a significant increase of 72.7% from RMB 2.563 billion in the previous year, driven by growth from Souchill and emerging brand revenues [6][10]. Cost and Expenses - Total costs and expenses for Q2 2025 were RMB 22.28 billion (approximately USD 3.11 billion), a decrease of 2.1% from RMB 22.75 billion in Q2 2024 [7][9]. - The reduction in costs was attributed to ongoing cost control measures and a decrease in marketing expenses for Tantan, although this was partially offset by increased marketing costs for overseas applications [10]. Tax and Liabilities - The company recorded a significant increase in income tax expenses for Q2 2025, amounting to RMB 6.384 billion (approximately USD 891 million), compared to RMB 1.026 billion in Q2 2024, due to a tax rate adjustment for Momo Beijing [13]. - As of June 30, 2025, total liabilities were RMB 55.22 billion (approximately USD 7.7 billion), while shareholder's equity stood at RMB 110 billion (approximately USD 15.35 billion) [19]. Future Outlook - Hello Group Inc. expects total net revenues for Q3 2025 to be between RMB 25.9 billion and RMB 26.9 billion, reflecting a year-over-year decline of 3.2% to a growth of 0.6% [20].

Group 1 - The core viewpoint of the report is that Zhi Zi Cheng Technology (09911) has achieved strong growth in both revenue and shareholder profit, with a target price raised to HKD 13.20 and a "Buy" rating maintained [1] - For the first half of 2025, the company reported a total revenue increase of 40.0% year-on-year to RMB 3.18 billion, with social business revenue growing by 37.0% to RMB 2.83 billion and innovative business revenue rising by 70.5% to RMB 350 million [1] - The gross profit margin significantly improved to 55.8% due to reduced streamer revenue sharing and increased contributions from premium games [1] Group 2 - The company's social business is performing well, with Sugo and TopTop being the main growth drivers, each recording over 100% year-on-year revenue growth, contributing nearly half of the group's total revenue [2] - Sugo has shown outstanding performance in the Middle East and North Africa markets and is actively expanding into Latin America and Europe, while TopTop's monthly revenue has surpassed USD 10 million for the first time [2] - The integration of AI technology, particularly the Boomiix model, has significantly enhanced user engagement metrics such as average online duration, payment rates, and ARPU, which is crucial for market expansion and product efficiency [2] Group 3 - The innovative business segment also showed strong growth, with the premium game "Alice's Dream" being a key driver for revenue increase [2] - The incorporation of AI technology has shortened product development cycles and improved ARPU and user retention rates, allowing for faster launches of new flagship games [2] - The launch of the AI creative content community Aippy enables users to create interactive content through natural language, with future monetization expected through a subscription model [2]