被誉为"女版巴菲特"的知名投资人"木头姐"凯茜·伍德（Catherine Wood），其执掌的方舟投资（ARK Invest）近日对中国科技股进行了引人注目的增持操作。 据方舟投资发布的每日交易报告，尽管阿里巴巴股价近期持续走高，创下自2021年底以来的新高， 但"木头姐"依然选择果断出手。报告披露，方舟投资通过旗下两只不同的ETF基金，共计买入了价值约 1630万美元的阿里巴巴股票。除了阿里巴巴，方舟投资同日还大幅增持了另一家中国科技公司百度的股 票，将其持仓总额提升至4700万美元。这一系列举动，被外界理解为其加码中国科技概念股意图明显。 在全球市场情绪多变的背景下，这位华尔街风向标人物的投资决策，无疑为中国科技板块的未来走向增 添了更多积极的想象空间。这一系列操作之所以引人注目，并不仅仅因为其发生在个股股价的相对高 点，更深层次的原因在于，它可能预示着在人工智能（AI）浪潮席卷全球的背景下，一部分具有敏锐 嗅觉的国际资本，正在重新审视和评估那些一度被市场冷落的中国科技巨头的内在价值。 凯茜·伍德的投资哲学一向聚焦于"颠覆性创新"，她此刻的选择，可以被解读为她认为中概股的"颠覆 性"正在从商业模式创新转向 ...

过去数年，中概股经历了一段估值下修周期，其市值与其在全球科技版图中的实际地位严重不符。然 而，随着生成式AI的爆发式增长，正成为改写叙事的关键变量。当英伟达的市值因其在AI算力领域的 绝对垄断而屡创新高，微软、谷歌等美国科技巨头凭借AI应用重塑业务边界时，全球投资者都在寻找 下一个能够分享时代红利的价值洼地。在这样的全球视野下，中国科技公司所展现出的AI潜力，出现 价值的重估也是情理之中。 特约评论员 陈白 被誉为"女版巴菲特"的知名投资人"木头姐"凯茜·伍德（Catherine Wood），其执掌的方舟投资（ARK Invest）近日对中国科技股进行了引人注目的增持操作。 据方舟投资发布的每日交易报告，尽管阿里巴巴股价近期持续走高，创下自2021年底以来的新高， 但"木头姐"依然选择果断出手。报告披露，方舟投资通过旗下两只不同的ETF基金，共计买入了价值约 1630万美元的阿里巴巴股票。除了阿里巴巴，方舟投资同日还大幅增持了另一家中国科技公司百度的股 票，将其持仓总额提升至4700万美元。这一系列举动，被外界理解为其加码中国科技概念股意图明显。 在全球市场情绪多变的背景下，这位华尔街风向标人物的投资决策，无 ...

Key Points 云栖大会上，吴泳铭提出ASI（超级人工智能）的技术发展的三个阶段，分别是涌现智能、自主行动和自主学习； 目前我们处于第二阶段，第三阶段需要模型能够自己为自己的升级迭代，不仅学习人类归纳的知识，还要自己学习归纳出新知识； 未来的AI时代中，家庭、工厂、公司，都会有众多Agent和机器人，甚至未来每个人可能「都需要使用100张GPU芯片为我们工作」； 在他的框架中，阿里云将成为AI时代的计算机，千问模型是跑在这台超级计算机上的操作系统； 为此，阿里在3年3800亿元AI基础设施预算外，还要追加投入； 「开源+全栈研发能力」目前仍是阿里云的护城河，但如果仅以token消耗为维度来计算，火山引擎已超过阿里云。 在资本市场，有想法往往比有结果值钱。 阿里巴巴已经两次证明了这一点。一次是8月29日，它发布了2025年第二季度财报（2026财年第一财季，截至2025年6月30日），阿里中国电商集团经调整 EBITA同比下降14%，经营利润同比下降3%，且新增饿了么、淘宝闪购、飞猪等业务，但公司股价不跌反涨——拐点是财报发布后的电话会上，阿里巴 巴集团CEO吴泳铭和阿里中国电商集团CEO蒋凡给出了阿里巴 ...

2025 年 9 月 25 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,519 | -0.10 | 32.20 | | 恒生国企 | 9,443 | -0.31 | 29.54 | | 恒生科技 | 6,323 | 0.46 | 41.52 | | 上证综指 | 3,854 | 0.88 | 14.97 | | 深证综指 | 2,506 | 1.33 | 28.00 | | 深圳创业板 | 3,186 | 3.06 | 48.75 | | 美国道琼斯 | 46,121 | -0.42 | 8.41 | | 美国标普 500 | 6,638 | -0.40 | 12.86 | | 美国纳斯达克 | 22,498 | -0.59 | 16.50 | | 德国 DAX | 23,667 | 0.12 | 18.87 | | ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry is expected to perform better than the market benchmark over the next 12 months [26]. Core Insights - The report emphasizes the ongoing growth and demand in the AI and cloud sectors in China, particularly highlighted during Alibaba's 2025 Cloud Conference, where the company announced significant infrastructure expansion and a focus on AI capabilities [1][4]. - Alibaba Cloud's revenue growth is expected to accelerate due to the release of seven new AI models, which enhance various capabilities and support the company's strategic goals [5][6]. - The report suggests a positive long-term investment outlook for the Chinese internet and software sectors, driven by advancements in AI and cloud infrastructure [1]. Summary by Sections AI Model Developments - Alibaba introduced seven new AI models at the Cloud Conference, including Qwen3-Max, which ranks third in the Chatbot Arena and demonstrates strong coding and agent tool capabilities [4][6]. - The Qwen3-Next model series is designed for scalability, reducing training costs by over 90% and improving long-text reasoning throughput by more than ten times [13]. - The Qwen3-Coder model has shown significant improvements in programming tasks, while the Qwen3-VL model excels in visual understanding and multimodal reasoning [15][16]. Infrastructure Enhancements - Alibaba Cloud's AI computing power has increased over five times in the past year, with storage capacity growing by over four times [16]. - The introduction of the Panjiu 128 super-node AI server supports various AI chips and enhances performance by 50% compared to traditional architectures [21]. - The new high-performance network HPN 8.0 supports efficient interconnection of up to 100,000 GPUs, significantly boosting storage network bandwidth [21]. Market Outlook - The report highlights structural opportunities in the Chinese internet software sector, with Alibaba's stock expected to see a potential upside of over 15% in the next 12 months [25]. - The overall market sentiment remains positive, with expectations of continued growth in AI and cloud services, positioning Alibaba and similar companies favorably for future investments [1][4].

Core Insights - The insurance industry is entering an "AI moment," with 2025 identified as a pivotal year for AI applications in the sector [3] - AI technology is expected to enhance the capabilities of insurance professionals by automating repetitive tasks, thus improving efficiency [3] - The integration of digital technology and cutting-edge science is crucial for achieving inclusive insurance and high-quality development [5] Group 1: AI Transformation in Insurance - The insurance industry possesses unique advantages for AI application due to its data richness and standardized processes, leading to an expected explosion of AI usage this year [3] - The rapid pace of technological iteration necessitates an updated understanding of insurance practices to align with advancements [5] - AI is driving the large-scale implementation of models in core insurance scenarios such as smart claims and fraud detection [7] Group 2: Inclusive Insurance and Health Management - Inclusive insurance is seen as a vital mechanism for risk-sharing and a cornerstone for achieving common prosperity, particularly in the context of technological empowerment [5] - AI is being deeply integrated into various business scenarios in health insurance, enhancing service delivery and operational efficiency [9] - The collaboration between insurance companies and academic institutions aims to create a comprehensive smart health management platform that addresses the needs of the elderly [12] Group 3: Intelligent Insurance Solutions - The introduction of intelligent insurance advisors, such as "Ant Xiaobao," aims to provide comprehensive support for users throughout the insurance process, from inquiries to claims [14] - These intelligent solutions leverage extensive insurance knowledge and aim to simplify complex insurance concepts for users, enhancing accessibility [14] - The combination of AI and human services is expected to significantly improve the overall insurance service experience and efficiency [14]

Market Overview - The Hong Kong stock market saw all three major indices rise last week, with the Hang Seng Index up 1.36% to 25,417.98 points, the Hang Seng Tech Index up 0.23% to 5,687.45 points, and the Hang Seng China Enterprises Index up 1.22% to 9,057.22 points [1]. Capital Flow - The net inflow for the Hong Kong Stock Connect (Shanghai to Hong Kong) over the past five days was +16.62 billion, while the Shenzhen to Hong Kong net inflow was +16.44 billion. Over the past 20 days, the inflow was +44.23 billion for Shanghai and +67.03 billion for Shenzhen. For the last 60 days, the inflow reached +149.06 billion for Shanghai and +181.86 billion for Shenzhen [5]. Sector and Stock Performance - The technology sector exhibited mixed performance, with Alibaba (9988.HK) surging over 18% on Monday, driven by its announcement of a 380 billion capital expenditure and a robust growth target of 1 trillion GMV over the next three years. The integration of AI-driven e-commerce and cloud services further strengthened its narrative [5]. - The robotics sector remained active, with Tesla CEO Elon Musk emphasizing the strategic importance of the humanoid robot Optimus, increasing industry interest. In China, Yushu Technology is expected to submit its IPO application to the Shanghai Stock Exchange in Q4, boosting related high-end manufacturing and medical device stocks, including MicroPort Robotics (2252.HK), which saw a weekly increase of over 30% [5]. - The energy storage sector continued to rise, supported by policies and demand. The Ministry of Industry and Information Technology's action plan aims to improve product quality and industry structure in the photovoltaic and lithium battery sectors. The demand for energy storage systems is expected to grow significantly, with independent storage shipments projected to increase by nearly 30% year-on-year by 2025. Leading companies like Innovation航 (3931.HK) saw their stock price rise nearly 29% due to strong fundamentals and new partnerships [6]. Gold Market Insights - The U.S. non-farm payroll data released last Friday fell short of expectations, with only 22,000 new jobs added, leading to a rise in the unemployment rate to 4.3%. This has strengthened market bets on a potential interest rate cut by the Federal Reserve in September. Gold prices surged, reaching a historical high of over $3,600 per ounce, with Morgan Stanley raising its year-end target price to $3,800 [7]. AI Application Developments - The AI application sector has become a focal point, with the release of Google's new AI model, Nano Banana, which can generate 3D model images from photos. This has raised concerns about the impact on companies like Meitu (1357.HK), which saw its stock drop over 13% on Monday and a total decline of 17% for the week. However, Meitu's core strengths lie in its deep understanding of consumer needs and its focus on niche markets, which may provide resilience against competition from general models [8]. Upcoming IPOs - Two significant IPOs are worth noting: Hesai Group is launching a global offering and dual primary listing in Hong Kong, with a maximum price of HKD 228 per share, raising approximately $148 million. Zijin Gold International is expected to list in Hong Kong this month, aiming to raise over $3 billion, potentially becoming the second-largest IPO globally this year amid high gold prices [8]. Market Outlook - The quarterly review of the Hang Seng Index will take place on September 5, with changes effective from September 8, including the addition of China Telecom, JD Logistics, and Pop Mart. This may lead to increased trading volume and stock price volatility. Additionally, Apple's upcoming product launch event on September 9-10 is anticipated to boost confidence in the supply chain, potentially leading to a valuation recovery for related stocks [8].

Company Dynamics - Didi's Q2 orders increased by 15.2% year-on-year, with a total transaction value (GTV) of 109.6 billion yuan, reflecting a 15.9% growth at fixed exchange rates [2] - JD's cross-border e-commerce brand Joybuy officially launched in France, with plans to enter the German market soon [2] - Temu topped Brazil's e-commerce traffic with 410 million visits in July, a 70% increase month-on-month, surpassing competitors like Mercado Livre and Shopee [2] - TikTok Shop upgraded its logistics in Southeast Asia, implementing next-day delivery services across six countries, with over 170,000 merchants participating [3] - Leapmotor's European manufacturing base will be established in Zaragoza, Spain, with production expected to start in Q3 2026 [3] - BYD announced plans to build an assembly plant in Malaysia, expected to commence production in 2026 [3] Investment and Financing - Mech-Mind Robotics completed a nearly 500 million yuan financing round, with overseas business revenue accounting for 50% [6] - AI toy company Haivivi raised 200 million yuan in Series A financing, becoming the global leader in AI toy shipments [6] - Hefei Tianyao, a semiconductor materials developer, completed a multi-million yuan Series A financing to expand overseas markets [6] - Tianxing Exploration, focused on satellite internet, secured angel round financing for core technology development [6] - Weijian Intelligent, a chip packaging equipment developer, raised over 100 million yuan in Series B financing, with over 20% of orders coming from exports [6] Policy & Market - Amazon's Prime Day will globally launch on October 7-8, covering 16 countries, providing cross-border sellers with significant traffic opportunities [8] - The Ministry of Commerce announced measures to optimize the service export zero tax rate declaration process, enhancing export tax refund efficiency [8] - New US tariff regulations create uncertainty, with 25 countries suspending parcel shipments to the US due to changes in tax exemptions [8]

Group 1 - Junsun Electronics' subsidiary, Ningbo Junsun Embodied Intelligent Robot Co., has entered into a comprehensive AI cooperation with Alibaba Cloud to develop advanced cognitive, decision-making, and interaction capabilities for robots [1][2] - The partnership aims to create solutions for various sectors including industrial manufacturing, healthcare, and special operations, while also targeting overseas markets for embodied intelligent robots [1][2] - Junsun Electronics is positioning itself as a leading provider of smart automotive technology solutions, having fully entered the humanoid robot field this year and focusing on key components such as controllers and energy management modules [1][2] Group 2 - Since the beginning of the year, Junsun Electronics has expanded its R&D and manufacturing capabilities from the automotive sector to the embodied intelligent robot field, achieving breakthroughs in key components [2] - The establishment of Junsun Embodied Intelligence in April 2025 has brought together experts from renowned universities to provide various intelligent system solutions for robots [2] - The collaboration with Alibaba Cloud will leverage its global cloud infrastructure and advanced AI capabilities to support Junsun's robot development, ensuring compliance and cultural adaptability for international markets [2]

Core Insights - The domestic AI large model sector is experiencing a wave of open-source initiatives, with ZTE Corporation announcing the open-sourcing of 11 core technological achievements, including 6 self-developed large models and 5 industry datasets [2][4] - The NTele-R1-32B-V1 telecom model stands out, utilizing approximately 800 carefully selected samples for training, which offers a new possibility for reducing AI development costs through "small sample efficient training" [2][4] - The trend of open-sourcing is part of a broader shift in the domestic large model industry from pursuing "general" models to focusing on "vertical" applications, emphasizing the need for specialized knowledge in specific fields [6] Company Developments - ZTE's open-sourced models include two smaller parameter models (7B and 3B) that achieve reasoning capabilities comparable to larger models through "curriculum reinforcement learning" and "reject sample self-improvement" mechanisms, suitable for resource-constrained environments [3][4] - The TFCE dataset, designed for AI development in the telecom industry, includes over 1,800 functions and 917 Python questions, covering core technology applications from 4G to 6G [4] - ZTE's initiatives are part of the "Renewal Community," a national-level AI open-source platform aimed at promoting an autonomous AI ecosystem in China [4] Industry Trends - The competition in AI technology is evolving from a focus on individual model capabilities to a comprehensive competition that includes hardware-software adaptation and developer ecosystems [4][6] - The open-source movement is seen as a key pathway to building an autonomous technology system, with high-quality domestic open-source models viewed as crucial for activating the domestic AI chip industry chain [6] - The collaboration model of "national team + main players" is emerging as a new trend in the development of the domestic AI industry, facilitating innovation and accelerating technology iteration and application [6]