Chinese Concept Stocks | NIO, Xpeng, and Bilibili Lead Gains as Nasdaq Golden Dragon Index Rises 0.42%

On September 25th (Thursday), Eastern Time, the three major U.S. stock indexes collectively closed lower. The S&P 500 Index fell by 0.50% to 6604.72 points; the Dow Jones Index decreased by 0.38% to 45947.32 points; the Nasdaq Index dropped by 0.50% to 22384.70 points.

On September 25th, the Nasdaq Golden Dragon China Index rose by 0.42%.

Regarding popular Chinese concept stocks, NIO increased by 4.92%, XPeng Motors rose by 4.65%, Bilibili grew by 4.07%, Baidu went up by 1.87%, JD.com increased by 0.98%, NetEase rose by 0.50%, Pinduoduo inched up by 0.04%, TSMC fell by 1.47%, and Alibaba declined by 0.56%.

Among the continuously rising Chinese concept stocks, Yunji increased by 1.54% over five consecutive days with a cumulative rise of 9.39% during the period. Smart Power rose by 0.97% for five days, achieving a cumulative increase of 32.28%. Shu Hai Information went up by 0.07% over four consecutive days, with a total gain of 10.84%. NIO, Vipshop, ECARX, Fullhan Group, Dogness, Eureka Acquisition, THCT Medical, Zhengkang International, and Quhuo also saw consecutive gains ranging from 0.16% to 9.44% over three days, with cumulative increases during the period varying from 0.19% to 10.39%.

Among the continuously declining Chinese concept stocks, Zhengye Bio fell by 39.64% over eight consecutive days, with a total decline of 71.94%. Mobile Finance decreased by 1.16% over eight days, with a cumulative drop of 19.14%. HUTCHMED, Kuke Music, and Tuanche also saw consecutive declines ranging from 0.57% to 3.72% over six days, with cumulative decreases during the period varying from 9.67% to 25.79%.

JD Finance announced at the JD Global Tech Explorer Conference's Supply Chain Finance Forum that it has released an upgraded AI wealth manager called "Jing Xiaobei." This is based on JD's large model, financial vertical model, and user memory system, allowing precise insight into user needs and interaction with a humanoid interface, with information retrieval accuracy exceeding 90%, advancing wealth management services into a new stage of intelligent collaboration.

Hualian Holdings announced that it and its affiliated party, Hengyu Capital, plan to invest 50 million RMB each to increase capital and shareholding in Chengdu Ideal Realm Technology Co., Ltd. They will each hold 2.7778% equity in Ideal Realm. 44,900 RMB will be subscribed as new registered capital, and the remaining 49.95 million RMB will be credited to the capital reserve. The transaction constitutes a related joint investment but not a major asset restructuring, and it will not significantly affect the company's financial and operational status.

On September 25th, Baidu released a general AI long video generation function as part of its "Steam Engine" model, the world's first Chinese audio-video integrated video generation model. This feature allows users to generate AI videos of unlimited length, marking a breakthrough from previous limitations of only generating short videos of 5 or 10 seconds or relying on keyframe control for extended durations. The upgrade uses stream generation technology to achieve "infinite" generation capacity in general long videos.

During the JDDiscovery-2025 JD Global Tech Explorer Conference themed "Enjoy AI" held in Beijing, JD released an AI panorama, showcasing the overall AI strategic layout. Over the next three years, JD will continue its investment to form a trillion-scale artificial intelligence ecosystem across various industries. At the conference, JD unveiled technological progress on the JoyAI large model and its independently controlled computing power system, solidifying the foundation for industrial development. JD launched innovative AI products such as the "Him Her It APP" and the JoyAI digital human mini-program "Zero Frame Start," as well as announced the upgrade of the JoyInside2.0 embedded intelligent platform. Additionally, JD announced the upgrade of the JDX5 intelligent customer service product.

During the 2025 Yunqi Conference, it was reported that over 70% of China's energy central enterprises have integrated Alibaba Cloud AI, including State Grid, Southern Power Grid, Sinopec, National Pipeline Corporation, China Energy Group, and China Coal Technology. The applications span across the entire energy spectrum, including electricity, oil and gas, and coal.

TSMC's new 1.4nm plant located in the Central Science Park is scheduled to commence construction in the fourth quarter of 2025. The construction contractor is currently finalizing the schedule. The second phase expansion of the Central Science Park will include four advanced 1.4nm wafer fabs, with the first fab expected to begin trial production in 2027 and enter mass production in the second half of 2028, becoming one of the most advanced processes globally.

XPeng Motors and Alibaba Cloud officially signed a post-quantum security technology cooperation agreement at the Yunqi Conference. The two parties announced their collaboration to jointly research and expand cooperation in automotive security algorithms based on post-quantum security algorithm projects, providing more secure and reliable services to a wide range of users. In the future, XPeng Motors and Alibaba Cloud will continue to explore automotive security, extending post-quantum security encryption technology to AI, V2X, chips, robotics, flying cars, and other application security protection areas. The new XPeng P7 is already equipped with post-quantum security technology, marking XPeng Motors as the first to implement post-quantum security algorithm technology in vehicles. When users use the XPeng APP for cloud and vehicle communication functions, post-quantum encryption technology will protect them in real-time and unobtrusively. These features will officially go live with the new version of the XPeng APP in October.

At the JD Global Tech Explorer Conference (JDD) held on September 25th in Beijing, JD Group CEO Xu Ran stated that over the next three years, JD will continue its investment to drive the formation of a trillion-scale artificial intelligence ecosystem. Xu Ran emphasized that JD is not pursuing AI in a purely campaign-driven manner but is focused on sustainable development and creating true value for the industry. He revealed that JD's next-generation shopping and lifestyle service super app "Jingxi" will be launched in October, integrating AI technology into the entire shopping process.

The Qichacha APP shows that JD Technology Information Technology Co., Ltd. recently announced a patent for a "robot control method, system, equipment, computer-readable medium, and product." The patent abstract from Qichacha indicates that one specific implementation method includes receiving image data streams sent by communication-connected robots; generating re-encoded image data streams based on these image data streams; sending these re-encoded image data streams to communication-connected head-mounted display devices for display; receiving pose data sent by those head-mounted display devices; generating control quantity information for the robot based on this pose data; and sending the control quantity information to the robot to control its motion. This implementation relates to intelligent robots, simplifying equipment, reducing equipment costs and complexity, improving operational flexibility and precision, supporting complex operations, and enhancing immersive experience effects.

At the 2025 JD Global Tech Explorer Conference, JD Group CEO Xu Ran stated that JD's goal is to continue investing in AI development over the next three years to drive a trillion-scale AI ecosystem, open up JD scenarios, supply chain data, and support embodied intelligent enterprise model training and application testing.

At the 2025 JD Global Tech Explorer Conference, JD Group CEO Xu Ran proposed that the value of AI equals the model multiplied by experience multiplied by the square of industry depth. To maximize the value of AI, while the foundational model is important, the key elements are product experience and exploitation of actual industry application scenarios. "We are not pursuing AI in a purely campaign-driven manner; we focus on sustainable development and creating true value for the industry."

During the fourth Beidou Scale Application International Summit on September 24th, Gao De Map Chairman Liu Zhenfei introduced that the latest data shows Gao De has surpassed 900 billion daily positioning times with Beidou satellites. Meanwhile, Gao De, through its open platform, provides Beidou's high-precision positioning capabilities to enterprise partners and developers, offering services related to travel and location. Currently, over 400,000 apps use Gao De's open platform services, with nearly 3 million developers.

This week, the world's largest chip manufacturer showcased a new strategy to improve chip energy efficiency: using AI-driven software to design them. At a conference held in Silicon Valley, TSMC, the contract manufacturer for Nvidia chips, demonstrated a series of methods aimed at boosting AI computing chips' energy efficiency by approximately tenfold. For example, Nvidia's current flagship AI servers consume up to 1,200 watts of power during demanding tasks, equivalent to the electricity usage of 1,000 American households if running continuously. TSMC hopes to achieve the benefits from next-generation chip designs, where multiple "chips" (smaller parts of a complete computing chip) are packaged together using different technologies to form a computing package. However, to leverage these technologies, chip design companies increasingly rely on AI software provided by suppliers like Cadence Design Systems and Synopsys, both of which released new products developed closely with TSMC on Wednesday.

Citi Group stated that Chinese gaming giants Tencent and NetEase each received approval for one game in September, which should help strengthen their respective product lines in the ACG and social gaming fields. In September, China approved 145 domestic and 11 imported online games. Analyst Alicia Yap and others wrote in a report that in September, China approved 156 games, higher than the 2025 monthly average of 142 games. Besides Tencent and NetEase, other well-known studios like Giant, Joyo, and 37 Interactive Entertainment also received significant game approvals. "With three months remaining in 2025, we expect the monthly approval number of domestic and imported games to remain around 150 and 10, respectively."