每经AI快讯，9月17日，港股午间收盘，恒生指数涨1.41%，恒生科技指数涨3.49%。大型科技股普涨， 百度涨近16%，阿里巴巴涨超5%。 ...

Group 1 - The Hong Kong stock market indices have risen, with Baidu Group increasing by over 14% following a strategic cooperation agreement with China Merchants to explore "AI + industry" new paths [1] - Other companies such as JD Group, Meituan, and SMIC have also seen increases of over 5%, while Alibaba rose by 4.69%, reaching a nearly four-year high [1] - The Hang Seng Technology ETF (513010) has gained 3.08% year-to-date, with a total increase of over 39% [1] Group 2 - Significant capital inflow has been observed in Hong Kong stocks this year, with ETFs becoming a crucial tool for capital allocation [1] - The Hang Seng Technology ETF (513010) has received a net inflow of 3.278 billion yuan in the last 20 days, bringing its latest scale to 19.202 billion yuan [1] - The ETF tracks the Hang Seng Technology Index, bundling core Chinese technology assets, including Tencent, NetEase, Alibaba, SMIC, Xiaomi, and Baidu, with a low comprehensive fee rate of 0.25% [1] Group 3 - The profitability of Hong Kong stocks is improving, with the Hang Seng Technology Index showing the highest growth rates [1] - By Q2 2025, the revenue and net profit growth rates for the Hang Seng Technology Index are expected to lead among major indices, with year-on-year revenue growth of 14.43% and net profit growth of 16.18% [1] - In comparison, the revenue and net profit growth rates for the Hang Seng Index and other indices are lower, indicating a stronger performance for the technology sector [1] Group 4 - Guolian Minsheng Securities notes that the ROE-TTM of the Hang Seng Technology Index remains relatively superior [2] - Bloomberg consensus forecasts suggest that the ROE of the Hang Seng Technology Index may further recover in the next two years, narrowing the gap with other emerging markets [2] - The sector is expected to benefit from a continuation of favorable market conditions and global capital reallocation [2]

Core Viewpoint - The Hong Kong tech stocks are experiencing a strong rally, particularly Alibaba, which has reached a nearly four-year high, with a market capitalization exceeding HKD 3 trillion [1] Group 1: Market Performance - Alibaba-W opened up 2.74% and at one point rose over 3.5% during trading [1] - The Hong Kong Technology 30 ETF (513160) saw a 2.03% increase, reaching a new high for the year [1] - Other leading stocks included Kingsoft Cloud, SMIC, Meituan-W, and UBTECH, while a few stocks like China Communication Services and Oriental Selection saw declines [1] Group 2: Company Developments - Alibaba is reportedly developing a new AI chip aimed at filling the gap left by Nvidia in the Chinese market, currently in the testing phase and compatible with Nvidia's architecture [1] Group 3: Investment Outlook - Institutions are optimistic about the short-term and long-term performance of the Hong Kong stock market, anticipating a potential rally in the Hang Seng Tech Index due to continuous inflow of southbound funds and the possibility of a new interest rate cut cycle in the U.S. [1] - For retail investors, investing in multiple Hong Kong tech stocks can be complex, but the Hong Kong Technology 30 ETF (513160) offers a simplified way to invest in a basket of quality tech companies [1]

恒生科技指数站上6200点大关，正式突破前高。在南向资金持续不断流入、美国新一轮降息周期有望启 动的背景下，港股9月或迎内外资共振，而外部流动性敏感、此前受压制较多的恒生科技则有望迎来"补 涨"行情。此外，"反内卷"政策不断推进，叠加阿里巴巴财报超预期、AI大模型快速迭代，恒生科技有 望从"外卖内卷"回归AI叙事，估值重构可期。没有港股通账户的投资者或可通过恒生科技指数ETF （513180）一键布局中国AI核心资产。（场外联接A/C：013402/013403） 消息面上，北京时间9月18日凌晨，美联储议息会议将公布利率决议。美国财长贝森特近期表示，美联 储一直反应滞后，25个基点的降息已被市场消化，市场正在消化从现在到年底降息75个基点的预期。华 泰证券指出，近期海外股、债、商在内的各类资产估值均修复至相对高位，主要推动因素在于美联储降 息预期的快速升温以及AI科技叙事对风险偏好提振。美联储降息对资产的影响包括融资成本下降和流 动性宽松，提升长久期品种估值，改善宏观增长预期等几个渠道，利好新兴市场股票、成长板块、黄金 等资产。 9月17日早盘，港股三大指数集体高开，恒生指数涨0.44%，报26554.19 ...

9月17日早盘，港股三大指数集体高开，恒生指数涨0.44%，报26554.19点，恒生科指涨0.91%，国企指 数涨0.52%。盘面上，科网股涨跌不一，创新药概念回暖，脑机接口概念多股上涨。开盘后，A股同赛 道规模最大的恒生科技指数ETF（513180）跟随指数上涨，持仓股中，百度集团、蔚来、海尔智家、京 东集团、阿里巴巴等涨幅居前。 截至9月16日，恒生科技指数已连续3个交易日收涨，今日有望冲击"四连阳"。港股科技板块持续回暖， 恒生科技指数9月已累计上涨超7%，带动恒生科技指数ETF（513180）规模上涨。截至9月16日，恒生 科技指数ETF（513180）最新规模已达422.37亿元，创成立以来新高。 恒生科技指数站上6000点大关，突破前高在即。在南向资金持续不断流入、美国新一轮降息周期有望启 动的背景下，港股9月或迎内外资共振，而外部流动性敏感、此前受压制较多的恒生科技则有望迎来"补 涨"行情。此外，反内卷政策不断推进，叠加阿里巴巴财报超预期、AI大模型快速迭代，恒生科技有望 从"外卖内卷"回归AI叙事，估值重构可期，突破前高或许只是时间问题。没有港股通账户的投资者或可 通过恒生科技指数ETF（5 ...

Group 1 - US stock indices collectively declined overnight, while the China concept index surged by 1.76% [1] - Hong Kong's three major indices opened higher, with the Hang Seng Index rising by 0.44%, the National Index by 0.52%, and the Hang Seng Tech Index by 0.91% [1] - Major technology stocks in Hong Kong saw significant gains, with Baidu up nearly 7%, JD.com up 3%, and Alibaba up 2.74% [1] Group 2 - Biopharmaceutical stocks continued to perform well, with Baize Medical rising nearly 15%, and other companies like Rongchang Bio, WuXi AppTec, and Genscript also showing gains [1] - Various sectors including port and shipping stocks, autonomous driving concepts, tourism, semiconductor, and aviation stocks experienced upward movement [1] - Conversely, local Hong Kong bank stocks, nuclear power stocks, paper industry stocks, and gold stocks mostly declined [1] Group 3 - Alibaba's performance significantly influenced the Hong Kong market, with the Hong Kong Technology ETF (159747) and the Hang Seng Index ETF (513600) both rising over 1% [1] - The Hong Kong market has seen a four-day rally, surpassing the 26,000-point mark, with accelerated capital inflow into the Hang Seng Tech Index ETF (159742), which attracted over 800 million in the last 20 days [1] - Year-to-date, the Hang Seng Tech ETF and the Hang Seng Technology ETF from E Fund have both increased by over 28%, with net inflows exceeding 49 billion into the Hang Seng Technology ETF [1]

Group 1 - The core issue of data breach involving customer information from luxury brands such as Gucci and Balenciaga has been confirmed by Kering Group, which may negatively impact consumer trust and brand value [1] - Kering Group has reported that financial information like credit card details was not compromised, but the breach of personal data could lead to customer attrition and increased operational costs [1] - The incident highlights the importance of data security in maintaining brand reputation and could affect Kering's sales performance and market share in the luxury sector [1] Group 2 - The emergence of a "ByteDance departure track" on social media has been linked to misleading posts by training institutions, which have been sued by Douyin Group for false advertising [2] - The court ruling in favor of Douyin Group emphasizes the need for companies to protect their brand image from misleading information that can disrupt market order [2] - This situation serves as a reminder for investors to be cautious of market anomalies and the potential impact of brand reputation on company value [2] Group 3 - A new regulation from the Ministry of Agriculture and Rural Affairs prohibits the use of reconstituted milk in the production of sterilized milk, mandating the exclusive use of raw milk [3] - This policy is expected to benefit the domestic dairy industry by increasing demand for raw milk and enhancing product quality, which could boost consumer confidence [3] - The regulation may stimulate the development of the domestic dairy farming sector and promote a positive cycle within the dairy industry [3] Group 4 - The national box office revenue for commercial performances during the summer of 2025 has shown a year-on-year increase of 3.9%, indicating strong cultural consumption demand [4] - The number of performances and audience attendance also experienced growth, reflecting an upward trend in cultural and entertainment spending among consumers [4] - This growth in the performance market is likely to attract more capital into the industry, fostering collaboration across the value chain and contributing to economic growth [4]

云汉芯城（上海）互联网科技股份有限公司（以下简称"发行人"、"云汉芯城"、"公司"）首次公开发行 1,627.9025万股人民币普通股（A股）（以下简称"本次发行"）并在创业板上市的申请已经深圳证券交 易所上市审核委员会审议通过，并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册 （证监许可〔2025〕1615号）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、网下向符合条件的投资者询 价配售（以下简称"网下发行"）与网上向持有深圳市场非限售A股股份和非限售存托凭证市值的社会公 众投资者定价发行（以下简称"网上发行"）相结合的方式进行。 发行人和保荐人（主承销商）国金证券股份有限公司（以下简称"保荐人（主承销商）"）将通过网下初 步询价直接确定发行价格，网下不再进行累计投标询价。 本次公开发行股票1,627.9025万股，占本次发行后公司股份总数的比例为25.00%，全部为公开发行新 股，发行人股东不进行老股转让。本次公开发行后总股本为6,511.6099万股。 本次发行初始战略配售数量为244.1853万股，占本次发行数量的15.00%。其中，发行人的高级管理人员 与核心 ...

Core Viewpoint - The article discusses the significant increase in capital expenditures (Capex) among major technology companies, driven by the AI revolution, and how this trend is reshaping the industry landscape and investment dynamics [2][5][14]. Group 1: Oracle's Performance and Market Reaction - Oracle announced a staggering RPO (Remaining Performance Obligations) of over $450 billion, leading to a market capitalization surge from $700 billion to $970 billion, marking a significant increase in value [2]. - Larry Ellison's personal wealth increased by $100 billion, surpassing Elon Musk to become the world's richest person [2]. Group 2: Capital Expenditure Trends - Major tech companies are significantly increasing their Capex, with Oracle raising its guidance from $25 billion to $35 billion for the fiscal year, resulting in a market value increase of over $200 billion [3]. - Alibaba announced a plan to invest over 380 billion RMB in AI and cloud computing over the next three years, showcasing the competitive landscape in capital spending [5]. Group 3: Impact on Industry and Supply Chain - The rise in Capex is benefiting companies in the supply chain, similar to past trends in the real estate sector where increased construction led to higher demand for materials [7]. - Companies like Cambricon and Shenghong Technology have reported significant revenue growth, with Cambricon's revenue increasing by 43 times and Shenghong's net profit growing by 366.89% [10]. Group 4: AI Capital Expenditure as a Strategic Move - The increase in Capex is viewed as a necessary investment for tech companies to remain competitive in the AI arms race, with the fear of missing out (FOMO) driving spending [10][11]. - Companies are shifting from operational expenditures (Opex) to Capex, aiming to reduce labor costs and improve efficiency through AI [11]. Group 5: Long-term Implications and Risks - The article highlights the potential risks associated with high Capex, including the pressure on profits due to depreciation and amortization of investments if corresponding revenue does not materialize [17][20]. - Companies like Meta have seen their fixed assets increase significantly due to AI investments, raising concerns about becoming "heavy asset" enterprises and facing profit volatility [20][21]. Group 6: Historical Context and Future Outlook - The current trend mirrors the late 1990s internet boom, where massive investments in infrastructure led to the rise of major companies, although many early players failed [23]. - The article suggests that while current tech giants have stable core businesses, the ongoing Capex may not guarantee future success, emphasizing the need for effective monetization of AI investments [23][24].

Group 1 - The National Computer Virus Emergency Response Center detected 69 mobile applications that illegally collect and use personal information, as reported by the National Cybersecurity Center [1] - The applications include "Hello Rent Car" and "Yuan Dong Health," both of which failed to provide clear privacy policies and options for users to withdraw consent for data collection [1][2] - "Hello Rent Car" is developed by Shanghai Hello Puhui Technology Co., Ltd., a wholly-owned subsidiary of Jiangsu Hello Puhui Technology Co., Ltd., which is backed by Ant Group [2] Group 2 - "Yuan Dong Health" is developed by Shenzhen Yuan Dong Innovation Technology Co., Ltd., which is a consolidated subsidiary of Lepu Medical Technology (Beijing) Co., Ltd. [2] - Shanghai Hello Puhui Technology Co., Ltd. was established in 2016 and has a registered capital of 440 million RMB, with a paid-in capital of 350 million RMB [2] - The major shareholder of Jiangsu Hello Puhui Technology Co., Ltd. is Shanghai Yunxin Venture Capital Co., Ltd., holding a 35.94% stake [2]