值得一提的是，据报道， 美图公司旗下美图设计室近日接入阿里生意管家千牛后台，其"AI商品图"功 能将为淘宝、天猫商家提供相应的AI视觉生成服务。官方信息显示，目前美图设计室的核心功能覆盖 商品图生成、修图改图、海报设计等全链路需求。据悉，美图设计室本次接入千牛后台，是基于美图公 司与阿里巴巴在今年5月达成的战略合作，后续或陆续接入"AI模特试衣"、"海报编辑器"等其它功能。 消息面上，近期全球AI叙事进一步强化。AI应用方面，OpenAI发布视频生成模型Sora 2，多方面性能显 著提升，由Sora 2驱动的Sora App热度高涨，发布仅三天便登顶美国App Store免费榜榜首。此外，10月5 日，在LMArena竞技场发布的最新的文生图榜单中，腾讯混元图像3.0超越谷歌Nano Banana等，排名第 1。开源证券指，Sora2惊艳发布，Deepseek/智谱/豆包/混元等新模型亮眼，继续布局AI应用。 美图公司(01357)涨超5%，截至发稿，涨5.47%，报9.45港元，成交额6.27亿港元。 ...

Core Viewpoint - The A-share and Hong Kong stock markets have shown strong performance post-holiday, driven by the synergy of policy benefits and industry trends, with significant gains in technology growth sectors and cyclical resource products [1] Market Performance - A-share market indices have demonstrated strong growth, with the Shanghai Composite Index rising 1.24% to 3931.07 points, marking a ten-year high; the ChiNext Index increased by 1.77% to 3295.58 points, and the Sci-Tech 50 Index surged 5.59% [2] - Over 3200 stocks in the A-share market rose, with a notable concentration of gains in nuclear power, gold, and semiconductor sectors, indicating a clear market focus on technology and resource sectors [2] - The Hong Kong market showed a slight recovery, with the Hang Seng Index up 0.04% to 26840.95 points, and the Hang Seng Tech Index rising 0.63% [2] Industry Highlights and Driving Logic - The A-share market's technology and resource sectors have formed a leading growth tier, with the metals sector rising 6.51% and gold stocks benefiting from international gold prices exceeding $4000 per ounce [3] - The semiconductor industry remains robust, with a projected 27% share of AI data center semiconductor sales by 2025, driven by price reversals in storage chips and domestic substitution logic [3] - In the Hong Kong market, cyclical and infrastructure sectors have performed well, with copper prices driven by supply shortages and demand from computing power [3] Underperforming Sectors and Driving Logic - Traditional consumer and cyclical sectors in the A-share market are under pressure, with the media sector down 1.5% due to disappointing box office results, and real estate stocks experiencing widespread declines [4] - The Hong Kong market's pharmaceutical and consumer electronics sectors are struggling, with innovative drug stocks facing policy risks and valuation adjustments [4] Investment Strategy Recommendations - The current market is positioned at a critical juncture of "intensive policy implementation and accelerated industry trends," with three main investment themes suggested for Q4 [5] - The technology growth sector remains a core focus, particularly in the AI industry chain, with opportunities in semiconductor equipment, storage chips, and AI applications [5] - The cyclical and resource sectors present significant supply-demand mismatch opportunities, particularly in precious metals and chemical sectors, with expectations of performance recovery [5] Policy-Driven Opportunities - The "14th Five-Year Plan" emphasizes new productivity areas such as AI and high-end manufacturing, with increased policy support for critical sectors like controlled nuclear fusion and semiconductor equipment [6] - The consumer sector may see marginal improvements, with low-valuation categories like home appliances and food and beverage potentially benefiting from upcoming consumption stimulus policies [6]