港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 上周五港股股指单边大跌，恒生指数收跌 2.38%，报 25220.02 点；恒生科技指数重挫 3.21%；恒生中国企业指数下跌 2.45%。市场成交 额 2857.02 亿港元，南向资金净买入 1.05 亿港 元。恒生指数成分股中 4 只上涨，83 只下跌。京 东健康大跌 8.6%，受科技股抛售及半导体需求担 忧拖累；信义光能下跌 7.51%。涨幅方面，龙湖 集团上涨 1.43%；小米集团上涨 1.01%，公司前日 斥资 5.08 亿港元回购 1350 万股股份。 美股市场 1. 上周五美股三大指数集体收涨，其中道琼斯指数 涨 1 ...

21世纪经济报道记者 曹媛 深圳报道 四家企业的差异化AI布局也"浮出水面"——华为致力于给千行百业提供"超级底座"，腾讯重塑C端服务打造"超级入口"，平安打 造专业领域"超级客服"，比亚迪以AI重构出行打造"超级终端"。 尽管定位不同、行业各异，但这四家企业正以多元路径推动AI深度融入千行百业，既体现出深圳"场景应用最开放、算力供给最 普惠、产业生态最健全、创新创业最便捷"的发展优势，也折射出我国AI产业从技术突破到场景落地的最新趋势。 在"深圳创新四姐妹"等企业的带动作用下，深圳人工智能产业创业氛围浓厚、科技创新力强。《深圳市加快打造人工智能先锋 城市行动计划（2025—2026年）》中明确，到2026年，深圳全市人工智能企业数量超3000家，独角兽企业超10家，产业规模年 均增长超20%。 11月的深圳，被誉为"中国科技第一展"的高交会与"中国规模最大金融盛会之一"的深圳金博会相继闭幕。高交会作为全球科技成 果的"首发秀场"，此次意向成交与投融资金额突破1700亿元；金博会是金融赋能实体的"实践窗口"，此次部分项目意向与投融 资金额达10.55亿元。 记者注意到，在这两大顶级展会上，"深圳创新四姐妹"（ ...

Core Insights - The report highlights the top 20 AI applications in China for October 2025, based on media volume and monthly active users (MAU), providing a reference for the development trends of domestic AI applications [1][6][10] Group 1: Rankings and Performance - Doubao continues to lead the rankings for the fourth consecutive period, dominating both media volume (7.46 million) and MAU (272 million), with a month-on-month growth of 5.6% [7][11] - The top three applications, Doubao, Quark, and DeepSeek, maintain a stronghold in the market, with Quark and DeepSeek having MAUs of 95.46 million and 163 million respectively [10][11] - Tencent Yuanbao has shown a consistent upward trend, moving from ninth in August to fourth in October, with a media volume of 1.53 million and MAU of 53 million, indicating potential to challenge the top three [12][10] Group 2: New Entrants and Exits - 360 AI Search makes its debut in the top 20, while AiPPT.cn and Qwen drop out of the rankings, reflecting fluctuating user interest [13][18] - Xunfei AI Learning and Kimi return to the top 20, with Kimi achieving an MAU of 25.81 million [14][18] Group 3: Company Analysis - Major tech companies dominate the rankings, with 16 out of the top 20 applications coming from these firms, showcasing their strong market presence [9][20] - ByteDance leads with seven applications in the top 20 by media volume, while Baidu has one application in the media volume ranking but four in the MAU ranking, indicating a strong user base [9][21] - The applications from ByteDance cover various sectors, including chatbots, image generation, and AI education, demonstrating a comprehensive ecosystem [22] Group 4: Market Dynamics - The report indicates a stable top-tier structure in the AI application market, with significant competition among the leading players [10][20] - Despite the dominance of large companies, emerging startups like DeepSeek and Kimi are gaining traction, highlighting opportunities for innovation and user engagement in the AI sector [24]

Group 1 - OpenAI has officially launched the ChatGPT group chat feature globally, available to all users including Free, Go, Plus, and Pro subscription plans [2] - The humanoid robot ZhiYuan Expedition A2 has completed a historic 100-kilometer cross-province walk, certified by Guinness World Records for walking a total distance of 106.286 km [2] Group 2 - Tencent's Yuanbao has introduced a significant update allowing users to create videos from a single sentence, enhancing the user experience of video creation without prior editing skills [3] - The underlying technology for this feature is based on Tencent's latest open-source HunyuanVideo 1.5 model, which supports both Chinese and English for text-to-video and image-to-video generation [3] - Foxconn has announced a joint venture with Intrinsic in the United States to build an AI robotics factory, aiming to integrate AI platform capabilities with manufacturing processes to enhance efficiency [3]

Group 1 - Xiaomi Group has made personnel adjustments in its public relations department, with Xu Jieyun taking over as the new head while Wang Hua is reassigned to the Wuhan regional headquarters [4] - Miniso has launched the "IP Genius Youth Plan," offering annual salaries between 1 million to 10 million to attract top IP creators globally, aiming to enhance its original IP incubation [5] - Geely is integrating its intelligent driving teams, with the Zeekr team transitioning to a newly established joint venture focused on intelligent driving solutions [8] Group 2 - Xiaomi's intelligent driving team has grown to over 1,800 members, with significant investment in AI research, exceeding 7 billion in 2025 [8][9] - NIO's CEO Li Bin commented on the competitive landscape of the automotive industry, stating that the competition in smart electric vehicles is entering a critical phase [15] - Genspark has completed a $275 million Series B funding round, achieving a post-money valuation of $1.25 billion [21] Group 3 - The global market for OLED tablet panels is expected to grow by 39% year-on-year by 2026, reaching 15 million units, driven by strong demand [33] - The China Passenger Car Association forecasts that retail sales of narrow passenger vehicles in November will be around 2.25 million units, with new energy vehicles expected to reach 1.35 million units [33]

Core Insights - Tencent and Apple have reached a significant agreement after over a year of negotiations, ending a long-standing conflict over payment commissions for mini-programs on the App Store [2][3] - Apple will implement a Mini App Partner Program, allowing developers to pay a reduced commission of 15% on in-app purchases, which is half of the standard 30% rate in the Chinese market [2][4][12] - This resolution reflects a shift towards collaboration rather than competition, highlighting the importance of mutual benefits in the business landscape [2][12] Group 1: Background of the Conflict - The "Apple Tax" began in July 2008 when Apple started charging a 30% commission on digital goods sold through the App Store [6] - Disagreements arose in 2017 when Apple classified "public account rewards" as in-app purchases, leading to a temporary removal of the feature from WeChat [6][12] - The growth of WeChat's mini-programs and games attracted Apple's attention, with the market for mini-program games projected to reach approximately 39.84 billion yuan in 2024, a 99.18% increase year-on-year [7][12] Group 2: Financial Implications - Apple's recent financial performance shows a recovery, with Q4 2025 revenue reaching $102.466 billion, an 8% year-on-year increase, and net profit rising by 86% [14] - The services segment, which includes App Store revenues, has become increasingly important, accounting for 42% of Apple's net profit, surpassing iPhone sales [14] - Tencent, which previously did not charge for iOS mini-programs, is now positioned to benefit from the new agreement, potentially increasing its revenue from in-app purchases [15] Group 3: Strategic Considerations - Both companies are looking to integrate AI capabilities into their ecosystems, aiming to become the primary entry points for users in the AI era [16][18] - The collaboration between Tencent and Apple is seen as a strategic move to break down barriers between different applications and platforms, enhancing user experience and developer opportunities [20] - The partnership is expected to lead to a more transparent and regulated mini-program ecosystem, improving transaction data management and user safety [15][20]

Core Insights - Alibaba has launched the "Qianwen" app, a rebranded version of the previous "Tongyi" app, which has not shown significant user growth compared to competitors like Doubao and DeepSeek [1][4] - The shift in Alibaba's strategy towards AI consumer applications indicates a change in focus from the "Tongyi" app to the "Qianwen" app as a core AI entry point [2][3] Group 1: App Performance and Market Position - "Qianwen" app has been in development for two years and has undergone two rebrandings, but it currently ranks tenth in monthly active users (MAU) among AI applications in China, with only 3.06 million users [1] - In contrast, Doubao and DeepSeek lead the market with MAUs of 172 million and 145 million, respectively [1] Group 2: Strategic Shift in AI Consumer Applications - Alibaba's narrative around AI consumer applications has evolved, with a renewed emphasis on the "Qianwen" app as a potential core AI entry point, moving away from the previous focus on the Quark app [2][3][6] - The Quark app was initially positioned as an "AI super frame" but is now being redefined to focus on AI search and browsing capabilities, while "Qianwen" is being positioned as a chatbot [14][24] Group 3: Competitive Landscape and Challenges - The competition for AI consumer applications is intensifying, with Alibaba needing to establish "Qianwen" as a significant player to compete against established apps like Doubao and Tencent's offerings [4][26] - Alibaba's strategy includes leveraging its existing ecosystem to integrate "Qianwen" into various services, but it faces challenges in user retention and engagement due to the tool-like nature of its applications [29][30] Group 4: Future Outlook and Investment - Alibaba is committing significant resources to the "Qianwen" project, indicating a strong belief in its potential as a core AI entry point, despite the current user base lagging behind competitors [22][23] - The company aims to achieve a breakthrough in user engagement and application utility, recognizing that no AI application in China has yet reached a stable user base of over 100 million daily active users (DAU) [23][24]

据官方介绍，HunyuanVideo 1.5模型具备全面且强大的核心能力，支持中英文输入的文生视频与图生视 频。其图生视频能力展现出图像与视频的高度一致性。模型还具备强指令理解与遵循能力，能够精准地 实现多样化场景，包括运镜、流畅运动、写实人物和人物情绪表情等多种指令；同时支持写实、动画、 积木等多种风格，并可在视频中生成中英文文字。在画质方面，模型可原生生成5–10秒时长的480p和 720p高清视频，并可通过超分模型提升至1080p电影级画质。 11月21日，腾讯混元大模型团队正式发布并开源HunyuanVideo 1.5，一款基于 Diffusion Transformer （DiT）架构、参数为8.3B的轻量级视频生成模型，支持生成5-10秒的高清视频。 目前，腾讯元宝最新版已上线该模型能力。用户可通过两种方式即可体验：一是输入文字描述 （Prompt），直接实现"文生视频"；二是上传图片配合Prompt，轻松将静态图片转化为动态视频。 相关使用示意 腾讯官方 | | | T2V 任务GSB对比 | | | --- | --- | --- | --- | | 对比模型 | HunyuanVideo 更 ...

相关使用示意 腾讯官方 据官方介绍，HunyuanVideo 1.5模型具备全面且强大的核心能力，支持中英文输入的文生视频与图生视频。 其图生视频能力展现出图像与视频的高度一致性。模型还具备强指令理解与遵循能力，能够精准地实现多样 化场景，包括运镜、流畅运动、写实人物和人物情绪表情等多种指令；同时支持写实、动画、积木等多种风 格，并可在视频中生成中英文文字。在画质方面，模型可原生生成5–10秒时长的480p和720p高清视频，并可 通过超分模型提升至1080p电影级画质。 11月21日，腾讯混元大模型团队正式发布并开源HunyuanVideo 1.5，一款基于 Diffusion Transformer（DiT）架 构、参数为8.3B的轻量级视频生成模型，支持生成5-10秒的高清视频。 目前，腾讯元宝最新版已上线该模型能力。用户可通过两种方式即可体验：一是输入文字描述（Prompt）， 直接实现"文生视频"；二是上传图片配合Prompt，轻松将静态图片转化为动态视频。 HunyuanVideo 1.5 GSB（Good Same Bad) 评测结果 | | T2V 任务GSB对比 | | | | --- | ...

Market Overview - The market opened lower and continued to decline throughout the day, with all three major indices falling collectively. The total trading volume reached 1.98 trillion [1] - AI application sectors showed strength, with companies like Vision China and Ji Qi Software hitting the daily limit up. The military industry also saw some active stocks, such as Longxi Co., which hit the limit up [1] - Conversely, lithium mining stocks experienced significant declines, with Tianqi Lithium and Ganfeng Lithium among over ten stocks hitting the limit down. The storage chip sector also faced substantial adjustments [1] Hot Topics Aquaculture - The aquaculture sector remained active, with Zhongshui Fishery achieving six consecutive limit ups, and the Zangzi Island concept rebounding [4] Artificial Intelligence Large Models - AI applications performed well, with Rongji Software achieving five consecutive limit ups. Vision China, Ji Qi Software, and Yidian Tianxia also hit the limit up [6] - Google announced an upgrade to its popular image generation and editing model, Gemini, introducing the Nano Banana Pro model, which claims to provide "studio-level" precision and control [6] - Tencent's Yuanbao is set to launch a new feature allowing users to generate videos from a single sentence or image, based on the latest HunyuanVideo 1.5 model [6] - Analysts predict three trends for the next phase of AI video applications: deeper integration with social interaction, evolution of ChatGPT into an ecosystem, and a one-stop solution for video creation needs [8] Stock Performance Aquaculture Stocks - Zhongshui Fishery: Latest price 15.09, up 9.99%, market cap 5.52 billion [5] - Zangzi Island: Latest price 4.75, up 9.95%, market cap 3.37 billion [5] AI Stocks - Rongji Software: Latest price 12.45, up 9.98%, market cap 6.61 billion [7] - Vision China: Latest price 25.34, up 9.98%, market cap 17.13 billion [7] - Ji Qi Software: Latest price 8.94, up 9.96%, market cap 7.06 billion [7] - Yidian Tianxia: Latest price 39.97, up 19.99%, market cap 15.27 billion [7]