主持人：商文江 与谈人：孔祥俊 刘文杰 主持人语 "剑网"专项行动顺利开展二十年以来，给予网络侵权盗版沉重打击，有效维护了版权权利 人的合法权益，扶正网络社会风气；对互联网平台的义务 责任 提出明确的要求，推进网络产业健康 良性发展。在互联网科技高速发展的今天，新问题、新情况不断涌现，网络版权治理中平台责任的司 法尺度，持续成为社会各界关注和讨论的焦点。 2025年7月31日-8月1日，由中央宣传部版权管理局主办的第九届中国网络版权保护与发展大会在安 徽省合肥市召开， 值 此大会，中国新闻出版广电报发布 了 中国网络版权保护二十周年特刊，其中 专家视线选用了上海交通大学知识产权与竞争法研究院院长孔祥俊 《 中国网络版权保护的破局与立 势 》、 中国政法大学比较法学院教授 刘文杰《 防治结合 合作共赢 》 观点内容。 本次圆桌论坛在商文江的主持下邀请两位知识产权领域知名专家，系统性地探讨网络时代版权保护的 平台责任、避风港制度的理解与适用等前沿法律问题，为新业态新模式下网络版权司法保护规则的构 建提供重要参考。 1 商文江： 人类进入互联网时代后，网络著作权保护规则重构，构建了以网络服务提供者避风港制度 为核心 ...

关税大限将至，特朗普重大转变。 美东时间7月31日，特朗普宣布，美国与墨西哥的关税协议将延长90天，即墨西哥将继续支付25%的芬太尼 关税、25%的汽车关税以及50%的钢铁、铝和铜关税。而在此之前，特朗普一直强调和多国的"对等关税"定 于8月1日生效。 除了25%的整体关税外，墨西哥商品还面临25%的汽车进口关税以及50%的金属类商品（如钢铁、铝、铜） 关税。特朗普加征的汽车关税和金属关税针对的是所有外国商品。 特朗普此前威胁将墨西哥进口商品的统一关税税率从25%提高至30%，新关税税率原定于周五生效，这一天 也是特朗普所设定的贸易谈判最后期限。 然而，特朗普在当地时间7月31日上午表示，他将暂缓对墨西哥实施任何新的关税措施，原因是他与墨西哥总 统克劳迪娅·辛鲍姆进行了一次"非常成功"的电话会谈。 此外， 特朗普签署了一项行政命令，将对加拿大的关税从25%提高至35%，更高的关税将于2025年8月1日 生效。美国白宫还表示，为逃避加拿大35%的关税而转运的货物将被征收40%的转运关税。 美元兑加元短线 走高。美国股指期货保持下跌。 在关税大限前夕，全球贸易谈判进入白热化阶段。美国白宫表示，特朗普将于周四（美东 ...

Macro Economic Overview - The Federal Reserve maintained a hawkish stance, with the economic description shifting from "steady expansion" to "slowing" [2] - The market's expectation for interest rate cuts in 2023 has decreased from 46 basis points to 36 basis points [5] - The U.S. PCE inflation rebounded in June, with core PCE prices rising 2.8% year-on-year, marking a four-month high [4] Industry Insights - The technology sector is seeing mixed performance, with high-end models showing strong demand while overall industry demand remains weak [6] - Companies focusing on high-end flagship models and component upgrades are expected to benefit from anticipated strong demand in the second half of 2025 [6] Company Analysis - China National Pharmaceutical Group (1177 HK) is undergoing a significant transformation with a focus on innovative drug development, particularly in oncology and metabolic diseases, with a target price of HKD 9.40 [7][10] - Meta Platforms (META US) reported a 22% year-on-year revenue increase to USD 47.5 billion, driven by AI-enhanced advertising, with a target price raised to USD 860 [10] - Microsoft (MSFT US) exceeded expectations with a revenue of USD 76.4 billion for FY25, growing 18.1% year-on-year, and raised its target price to USD 601.5 [11] - Luckin Coffee (LKNCY US) showed strong sales growth of 47% year-on-year, with a target price of USD 44.95, despite rising costs [12][14]

港股市场美团、阿里巴巴盘中均一度涨超3%。消息面上，美团发文《繁荣行业生态，抵制无序竞 争》，淘宝闪购及饿了么发文《持续提升服务 推动良性竞争 激发消费烟火气》。先后提及，不以显著 低于成本的价格销售商品和服务，严重扭曲价格信号，扰乱市场竞争秩序，造成浪费。坚决抵制恶性竞 争。 本文源自：金融界AI电报 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 605 HKD [6]. Core Insights - The company is expected to achieve a revenue of 1799.3 billion RMB in Q2 2025, representing a year-on-year growth of 11.7% driven by strong growth in value-added services, particularly in gaming and online advertising [1]. - The gross margin is projected to be 55.1%, with a gross profit of 990.8 billion RMB, reflecting a year-on-year increase of 15.4% [1]. - The operating profit is forecasted to reach 587.2 billion RMB, a 15.7% increase year-on-year, while the NON-IFRS net profit is expected to be 627.3 billion RMB, up 9.5% year-on-year [1]. Revenue Forecasts - For Q2 2025, the value-added services revenue is estimated at 885.1 billion RMB, with gaming revenue at 566.8 billion RMB, showing a year-on-year growth of 16.9% [2]. - Domestic gaming revenue is projected to be 402.4 billion RMB, growing at 16.3% year-on-year, supported by popular titles like "Honor of Kings" and "Peacekeeper Elite" [2]. - The overseas gaming revenue is expected to be 164.4 billion RMB, with a year-on-year growth of 18.2% [2]. Advertising and Marketing Services - Advertising revenue for Q2 2025 is anticipated to be 356.5 billion RMB, reflecting a year-on-year increase of 19.3% [3]. - The growth in advertising is attributed to the overall recovery of the macro environment and the contribution of AI technologies to enhance user engagement and optimize ROI for advertisers [3]. - Financial technology and enterprise services revenue is projected at 536.9 billion RMB, with a year-on-year growth of 6.4% [3]. Profitability and Valuation - The report forecasts a continued strong growth in core gaming and advertising revenues, with an upward revision of the NON-IFRS net profit estimates for 2025 to 2,556.8 billion RMB [4]. - The projected NON-IFRS P/E ratios for 2025-2027 are 18, 16, and 15 times, respectively [4]. - The report notes a decrease in the proportion of Tencent held by southbound funds, but anticipates a potential return of these funds due to the company's strong fundamentals and a rich product pipeline [4]. Financial Summary - The expected revenue growth rates for the years 2023 to 2027 are 9.8%, 8.4%, 11.0%, 9.3%, and 9.0% respectively [5]. - The NON-IFRS net profit is projected to grow significantly, with growth rates of 36.4%, 41.2%, 14.8%, 12.8%, and 11.7% from 2023 to 2027 [5].

Group 1 - The overall Hong Kong stock market is under pressure due to a strong US dollar index, with the technology sector experiencing deeper adjustments, yet investor interest remains strong as evidenced by significant inflows into the Hang Seng Tech ETF [1] - The Hang Seng Tech ETF (513130) has seen a net inflow of 2.476 billion yuan over five consecutive trading days from July 25 to July 31, making it the only ETF tracking the Hang Seng Tech Index with cumulative net inflows exceeding 2.4 billion yuan during this period [1] - On July 31, the Hang Seng Tech ETF recorded a single-day net subscription of 1.492 billion shares, setting a new record for daily net subscriptions since its inception, with total shares surpassing 40.521 billion and total assets exceeding 29.265 billion yuan [1][2] Group 2 - The Hang Seng Tech ETF closely tracks the Hang Seng Tech Index, which includes 30 leading companies in the Hong Kong internet and technology manufacturing sectors, with top five weighted stocks being Tencent, Netease, Alibaba, Xiaomi, and Kuaishou [2] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.46, within a historical range of 20.31% over the past five years, indicating potential valuation relief [2] - Despite a slight downward adjustment in earnings expectations for some internet platforms, other sub-sectors like new energy vehicles, semiconductors, and consumer electronics show positive earnings revisions, suggesting a favorable investment window [2]

Group 1 - Apple reported its strongest quarterly revenue growth since December 2021, with total revenue reaching $94.04 billion, a 10% year-over-year increase, surpassing market expectations of $89.53 billion [2] - Despite the strong earnings, Apple's stock has declined approximately 17% this year, making it one of the worst performers among major tech companies [2] - Analysts still maintain a "moderate buy" rating on Apple stock, which is trading at about 28 times expected earnings, higher than peers like Alphabet and Meta Platforms Inc. [2] Group 2 - Concerns about Apple's position in the AI sector are growing, especially as key AI talent has left for competitors like Meta Platforms Inc., which is investing heavily in AI infrastructure [3] - Microsoft has announced a clear AI development strategy, planning to invest $80 billion by 2025 for AI training and deployment, showcasing its strong position in the AI and cloud computing markets [3] - Alphabet and Amazon have also reported strong demand for their AI services, indicating a competitive landscape for Apple in the AI domain [4] Group 3 - Apple's AI capabilities are perceived to be lagging behind competitors, with its Siri assistant seen as basic compared to the advanced AI functionalities offered by rivals [5] - Apple's closed system limits its AI capabilities, relying on a device model with 3 billion parameters, while competitors utilize cloud systems with over a trillion parameters [5] - The company has not articulated a clear AI strategy this year, unlike its competitors who have defined their directions in the AI space [5] Group 4 - Apple is expected to launch its first foldable iPhone in 2026, which could generate up to $65 billion in sales, particularly appealing in the Chinese market [6] - The foldable phone market is already competitive, with Samsung reporting a 50% increase in sales for its latest foldable model, indicating that Apple may be entering a crowded space [7] - Despite challenges, Apple remains a high-quality tech giant with stable cash flow and a strong ecosystem, holding $133 billion in cash as of June [8]

Core Viewpoint - Apple reported its strongest quarterly revenue growth since December 2021, with total revenue reaching $94.04 billion, a 10% year-over-year increase, significantly surpassing market expectations of $89.53 billion [1] Group 1: Financial Performance - Apple's total revenue for Q3 of fiscal year 2025 was $94.04 billion, marking a 10% increase year-over-year [1] - Despite strong revenue growth, Apple's stock price has declined approximately 17% this year, making it one of the worst performers among major tech companies [1] - Analysts still maintain a "moderate buy" rating for Apple stock, which is trading at about 28 times expected earnings, higher than peers like Alphabet and Meta Platforms Inc. [1] Group 2: AI Concerns - Market concerns regarding Apple's position in AI have intensified, especially with key AI talent leaving for competitors like Meta Platforms Inc. [2] - Meta is investing significantly in AI infrastructure, with plans for multiple large-scale data centers, indicating a strong commitment to AI development [2] - Microsoft has also announced a clear AI strategy, planning to invest $80 billion by 2025 in AI computing centers, showcasing its robust growth in AI and cloud computing [2] Group 3: Competitive Landscape - Apple faces increasing competition in the AI smartphone sector from companies like Samsung and various Chinese manufacturers, which are rapidly advancing their AI capabilities [3] - Samsung's Galaxy AI has been launched with features such as real-time AI video calls and translation, posing a direct challenge to Apple's offerings [3] - The perception is that Apple has been slow in AI advancements compared to its competitors, leading to concerns about its innovation capabilities [3][4] Group 4: Strategic Challenges - Apple's closed system development model limits its AI capabilities compared to competitors that leverage cloud-based systems with significantly larger data parameters [4] - The company has not articulated a clear AI strategy or made substantial announcements in the AI space this year, unlike its competitors [4] - Short-term risks include potential impacts from U.S. tariffs and declining profit margins, although the upcoming launch of a foldable iPhone could help mitigate revenue challenges [5][6] Group 5: Future Outlook - Apple is expected to launch its first foldable iPhone as part of the iPhone 18 series in September 2026, which could generate up to $65 billion in sales [6] - The foldable phone market is currently dominated by competitors like Samsung, which has seen significant sales growth in its foldable devices [6] - Despite current challenges, Apple maintains a strong cash position of $133 billion, allowing for potential increased investment in AI and other strategic areas [7]

金融界8月1日消息，周五港股保持窄幅震荡走势，截止午盘，恒生指数跌0.18%报24727.78点，恒生科 技指数跌0.12%报5446.61点，国企指数跌0.01%报8882.04点，红筹指数跌0.29%报4237.39点。 盘面上，大型科技股多数转涨，其中，美团、阿里巴巴涨2.5%，百度涨2%，京东涨超1%，小米飘红， 快手跌2%，网易、腾讯依旧飘绿；国际现货黄金重回3290美元上方，黄金股表现活跃；广东造纸业发 布首个反内卷倡议书，行业密集涨价潮来袭，纸业股再度走强，晨鸣纸业、玖龙纸业涨幅居前；香港稳 定币牌照申请窗口开启，稳定币概念股多数呈现上涨行情，光伏股、电信股、脑机接口概念股、中医药 股部分上涨。另一方面，石油股跌幅明显，预计上半年净利同比下降39.5%-43.7%，中国石油化工跌近 5%，中国石油跌超2%，中资券商股、香港本地消费股、婴童概念股、煤炭股、教育股、保险股、汽车 股多数表现低迷。 汽车之家(02518)：上半年收入总额32.12亿元，同比减少7.75%；净利润7.72亿元，同比减少15.99%。 企业新闻 大悦城地产(00207.HK)：拟向除大悦城控股及和得茂以外的其他股东提出私有 ...

Group 1 - The "Xiangchao" league will be held from September to December this year, featuring a two-phase structure: a regular season and a knockout stage, with 14 teams participating in a single round-robin format [1] - In 2024, the Ministry of Civil Affairs reported that 6.106 million marriage registrations were processed nationwide, resulting in a marriage rate of 4.3‰, while 3.513 million divorce registrations were processed, leading to a divorce rate of 2.5‰ [3] Group 2 - Meta's CEO Mark Zuckerberg hinted at a shift away from open-source strategies towards developing a "super intelligence" that empowers individuals, indicating a potential move to closed-source AI development [2][5] - Aston Martin Lagonda is in discussions to sell a minority stake in its F1 team for an estimated valuation of approximately £2.4 billion ($3.2 billion), reflecting strong market interest in F1 assets [4][6] Group 3 - JD.com confirmed plans to make a voluntary public acquisition offer for CECONOMY AG, valuing the company at nearly €2.2 billion, aiming to establish a strategic investment partnership [7][8] - BlackRock increased its holdings in China International Capital Corporation (CICC) by purchasing 1.2624 million H-shares, maintaining a stake above 5% [9] Group 4 - A small detector weighing less than 3 kilograms successfully detected rare neutrino scattering effects, marking a significant advancement in neutrino detection research [10] - The U.S. President's Digital Asset Market Working Group released a report aimed at positioning the U.S. as the "world's cryptocurrency capital" [11] - Analysts suggest that any dovish signals from the Federal Reserve in September could stimulate Bitcoin prices, as the cryptocurrency is viewed as a hedge against currency devaluation [12] Group 5 - Tata Motors plans to acquire non-defense businesses from Iveco Group NV for approximately €3.8 billion, indicating strategic expansion in the automotive sector [12] - Baidu is testing an AI application entry point on its search homepage, integrating various AI applications, with plans for full rollout soon [13]