前言 2025年11月11日，退休20多年的传奇投资人段永平，在美国加州与方三文进行了近两小时深度交流。 这是他罕见的公开亮相，说话依旧实在通透，核心告诫散户：炒股千万别盲目抄作业，投资的关键从不 是跟风跟风，而是真正看懂公司的价值，这也是他多年稳赚的核心逻辑。 投资逻辑：懂公司+少犯错 说句实在话，段永平的投资理念简单到让人不敢信，但真能做到的没几个。他翻来覆去就强调一句 话："买股票就是买公司"。 这话听着容易，可他是真把这7个字刻进骨子里了——退休后没事干研究投资，看了一堆看图看线的书 全看不懂，直到瞧见巴菲特这句话，才算开了窍。 你发现没，真正厉害的投资人，手里的股票从来不多。段永平常跟人说，自己主要就拿三只股：苹果、 腾讯、茅台。 但最近他也有新动作，2025年第三季度的持仓显示，他大举增持了英伟达61.39%，还新买入了阿斯 麦，同时给伯克希尔加了53.53%的仓位，悄悄减了点阿里。 为啥买这些？核心就一个：看懂了，或者觉得这家公司靠谱到不用瞎操心。 就说新买入的阿斯麦，这公司看着冷门，却是全球独一份的"硬核玩家"——全世界只有它能造出EUV光 刻机，没有这设备，台积电、三星的3纳米AI芯片根本造 ...

Core Viewpoint - Tencent's Q3 2025 financial results show a revenue of 192.87 billion RMB, a 15% year-on-year increase, driven by growth in its core businesses: gaming, advertising, and fintech [5][6]. Financial Performance - Revenue reached 192.87 billion RMB, up 15% year-on-year and 5% quarter-on-quarter [6]. - Gross profit was 108.80 billion RMB, reflecting a 22% year-on-year increase [6]. - Non-IFRS operating profit stood at 72.57 billion RMB, an 18% increase compared to the previous year [6]. - Net profit attributable to equity holders was 63.13 billion RMB, a 19% year-on-year growth [6]. Business Segments - Gaming revenue saw a significant increase, with overseas game income soaring by 43% year-on-year [5]. - Advertising revenue growth was supported by improved ad loading rates and increased advertiser spending, with AI contributing as a key growth driver [5]. - Fintech and enterprise services revenue growth was driven by economic recovery and increased demand for cloud services [5]. Capital Expenditure - Tencent's capital expenditure for the quarter was 12.98 billion RMB, down 24% year-on-year and over 32% quarter-on-quarter [7]. - The company expects 2025 capital expenditure to be lower than previous guidance but still above 2024 levels, with estimates around 90 billion RMB, reflecting a 17% increase from 2024 [9][10]. AI Strategy - Tencent's current AI strategy focuses on achieving stronger model performance with lower deployment and inference costs, enhancing core business operations [4][16]. - The company is cautious in its AI infrastructure investments, learning from the high costs faced by competitors like Meta [16].

外资继续看好中国资产！ 11月14日消息，花旗将腾讯控股目标价上调至751港元/股，并重申"买入"评级；美银证券也维持腾讯控股"买入"评级，目标价780港元/股。 摩根士丹利（大摩）将哔哩哔哩美股目标价由23美元/股上调至25美元/股，花旗上调哔哩哔哩美股目标价至27美元/股；里昂上调哔哩哔哩目标价至29.1美元/股，并 维持"跑赢大市"评级；大和将哔哩哔哩港股目标价由220港元/股上调至245港元/股。 此外，摩根大通大幅上调小鹏汽车港股目标价至195港元/股，瑞银上调中国宏桥目标价至38.60港元/股。 近日，不少外资发表观点，表示看好中国股市。瑞银称，中国股市估值和资金流状况良好，维持对中国股票的"超配"评级。摩根资产管理、宏利资产管理、淡马锡 等多位全球领先资管机构和主权财富基金的高管表示，全球投资者对中国市场的长期配置价值愈发看好。 日前，花旗发布报告称，腾讯控股在推动营收与利润稳健、可持续增长的同时，积极在企业级及用户端人工智能应用领域保持前沿布局，体现出卓越的执行力。花 旗将腾讯控股目标价从735港元/股上调至751港元/股，并重申"买入"评级，继续视其为首选AI主题标的。 花旗表示，腾讯第三季 ...

Group 1 - Apple officially announced the "Mini Apps Partner Program," marking the first institutionalized inclusion of mini programs into the iOS ecosystem, providing developers with new commercialization pathways [3][4] - Mini Apps are self-contained experiences built on web technologies like HTML5 and Java, distributed within a "host app" without the need for installation [3] - Developers meeting the requirements can enjoy a significantly reduced revenue share of 15% on digital goods, compared to the traditional 30% in-app purchase fee [3][4] Group 2 - Tencent reported a total revenue of 192.87 billion yuan for Q3 2025, a year-on-year increase of 15%, with strong growth driven by AI investments [23][25] - The company increased its R&D spending by 28% year-on-year to 22.8 billion yuan, marking a new quarterly high [25][26] - Tencent's CEO emphasized the goal of integrating AI functionalities into WeChat, aiming to create an "AI intelligent body" to assist users across various ecosystems [27] Group 3 - JD.com reported Q3 2025 revenue of 299.1 billion yuan, a year-on-year increase of 14.9%, but net profit dropped to 5.3 billion yuan from 11.7 billion yuan [29][30] - The company highlighted significant growth in its supermarket category and a 214% increase in revenue from new businesses like food delivery [29][30] - JD plans to enhance its supply chain infrastructure by purchasing 3 million robots and 1 million unmanned vehicles over the next five years [31] Group 4 - Baidu launched the world's first native multimodal large model, Wenxin 5.0, with a parameter count of 2.4 trillion, supporting various input and output modalities [68] - The model's capabilities in multimodal understanding and creative writing are on par with leading models like Gemini-2.5-Pro and GPT-5-High [68] - Baidu's CEO emphasized the importance of continuous investment in R&D to push the limits of intelligence technology [68]

南粤文化潮，天下英才聚！11月15日，由广东省委宣传部、广东省人力资源和社会保障厅联合主办的"百万英才汇南粤——文化产业人才荟"在粤港澳大湾区（广东）人才港盛大 启幕。本次活动是广东文化产业高质量发展"政策包"亮点的集中展示，融合招聘对接、政策推介、创意展示与智慧分享于一体，汇聚超百家文化名企，释放18000个优质岗位，全 方位搭建文化产业人才汇聚的高能级平台。 活动分为粤港澳大湾区人才港大讲堂、文化产业政策展示与创意市集，以及"百万英才汇南粤"文化产业专场招聘会三大板块，致力于推动文化人才与产业资源高效链接。 粤港澳大湾区人才港大讲堂聚焦"政策引导、实战分享、供需对接"，特邀上海沉浸机遇科技开发有限公司董事长兼CEO胡世辉、腾讯游戏数据专家刘岩、薄荷糖影业总经理及资 深制片人马双、南方报业传媒集团副社长及南方新闻网总裁侯小军等业界领军人物，围绕文旅科技、游戏设计、影视创作、传媒运营等领域，分享文化前沿趋势与人才成长经 验，精准破解人才培养与产业需求脱节的难题。 E UL 百万英才汇南粤 nd read 文化科技区带来全感VR体验，营造冰雪幻境的震撼效果；非遗产业区集中展示"墩头蓝"纺织技艺、雷州仿生菠萝窑陶 ...

岗位覆盖文化产业全产业链 政策"组合拳"推动人才供需对接 本次招聘会围绕影视、演艺市场、动漫影视、网络游戏、电子竞技、网络视听等领域，划分了文化内容、文化新业态、文化科技、文化制造、文化创意五大 招聘专区。据主办方介绍，截至目前，招聘会共释放岗位超18000个，其中现场招聘区提供近8000个岗位，线上平台释放10000余个岗位。而面向高校毕业生 的近7000个岗位，月薪范围在6000至20000元之间。 招聘会岗位覆盖了文化产业全产业链，集结了国有文化龙头、创新文创企业与新兴数字团队三大阵营，包括腾讯、网易、凡拓等数字内容领航者，华强方 特、奥飞娱乐、咏声动漫等影视动漫标杆，以及南方报业传媒集团、羊城晚报报业传媒集团、广东省出版集团、珠江电影集团等。 广东既是经济大省，也是人口大省和就业大省，当前，当地推动人才供需对接的举措是全年接力并覆盖多行业的状态。以在今年广东"新春第一会"上正式启 动的"百万英才汇南粤"行动计划为例，该计划是当地立足全省发展大局，面向未来、面向全球引才聚才的顶层设计与战略部署。 公开资料显示，自实施以来，广东累计举办各类招聘活动超4000场，人才集聚效应日益凸显。截至7月底，该计划已成 ...

南都记者从发布现场了解到，为解决开发者选型难题，中心将建立一个集实体展厅与线上数据库于一体 的供应链窗口，完整展示涵盖人工智能算法、机器人核心部件、上游配套组件、新材料以及整机制造能 力等智能机器人全产业链环节。在此基础上，中心将提供覆盖"设计、测试、试产、量产"全周期的工程 服务，通过组建专家库进行技术路线规划与性能核验，并联动宝安本地供应链企业提供一站式量产全流 程验证支持。在资源链接层面，中心将提供跨境贸易咨询、知识产权保护、涉外纠纷调解等专业服务， 联合海关及涉外法务机构，提供跨境贸易咨询、知识产权保护、涉外纠纷调解等专业服务。同时，其设 立的"AI派×机器人深圳集结地"将筛选持有核心技术的企业，进行精准的本地产业资源匹配，形成从"初 步对接"到"需求落实"的完整闭环。 当具身智能的浪潮席卷制造业，如何将前沿技术从"实验室图纸"转化为"可量产商品"，成为全球机器人 产业的共同痛点。11月14日，第二十七届中国国际高新技术成果交易会期间，宝安形象展区举办了AI 派集结号第三期全球机器人开发选品选型服务中心发布活动。 活动中，深圳市机器人协会（以下简称"协会"）正式发布"全球机器人开发选品选型服务中心"并 ...

转自：刘晓博说财经 2025年前三季度，中国经济交出了一份稳中向好的答卷，GDP同比增长5.2%。 从区域经济结构来看，粤、苏、鲁、浙、川五大经济强省，以占全国近40%的GDP总量，构成了拉动增 长的核心引擎。 一个地区上市公司的数量、市值、盈利能力和产业分布，是观察其经济活力、结构成色和未来潜力的最 佳窗口。 近期，Choice公布的一份关于五大经济强省A股上市公司的比拼数据，引发了市场高度关注。 通过对这份数据的深度研判，我们可以清晰地看到，为什么广东作为"中国经济第一省"的地位如此稳 固。 01 三大核心指标，广东全面领跑 在资本市场，上市公司的规模体量是衡量区域经济实力的直观指标。 在这场A股上市公司的较量中，广东在三大关键维度上均展现了领跑地位。 1、从A股上市公司数量看，广东稳居全国第一。 截至11月4日，广东A股上市公司达887家。紧随其后的是浙江（728家）和江苏（713家）。 广东比江苏多出174家，比山东多出577家。这一数量优势不仅代表着更活跃的经济生态，也体现了其市 场化机制的成熟与高效。 | 排名 | ફ્રીસ | GDP (亿元) | 同可公司改量(家) | 总市值(亿元) | ...

Core Insights - Tencent's Q3 2025 financial report shows significant growth across all major metrics, with revenue increasing by 15% to 192.87 billion, net profit rising by 19% to 63.133 billion, and operating profit (Non-IFRS) up by 18% to 72.57 billion [2][3] AI Strategy - AI has become a central focus for Tencent, enhancing efficiency in various sectors such as advertising, gaming, and video production, with strategic investments leading to improved user engagement and operational efficiency [2][5] - The integration of AI into Tencent's ecosystem is evident, with features like "search and listen" in QQ Music and "AI minutes" in Tencent Meeting, indicating a shift towards a more interconnected AI-driven environment [5][6] Advertising Revenue - AI has significantly contributed to Tencent's advertising revenue, with marketing services income increasing by 21% to 36.24 billion, driven by AI-enhanced advertising technologies that improved ECPM (effective cost per thousand impressions) [6][8] - The click-through rates for AI-driven ads have reportedly increased to 3.0%, showcasing the potential for further growth in advertising effectiveness [8] WeChat Ecosystem - WeChat's monthly active accounts grew by 2% to 1.414 billion, with WeChat Mini Programs and WeChat Stores driving commercial monetization [9][10] - WeChat Stores have seen a significant increase in active sellers and transaction volumes, with monthly sales doubling and the number of new sellers growing by 35% [10] ToB Business Growth - Tencent's ToB (business-to-business) services grew by 10% to 58.17 billion, supported by increased revenue from consumer loans, commercial payments, and enterprise services [14][16] - The financial technology segment, which includes payment and wealth management services, is closely tied to consumer spending trends, indicating potential for future growth as market conditions improve [16] Gaming Performance - Tencent's gaming revenue rose by 22.8% to 63.6 billion, with strong performance from established titles like "Honor of Kings" and "Peacekeeper Elite" [22][23] - The international gaming segment saw a remarkable 43% increase in revenue to 20.8 billion, driven by successful acquisitions and the performance of new titles [27][28] Future Prospects - Tencent is preparing for future growth with several new game launches in the pipeline, including "Honor of Kings World" and "Under the Human," which are expected to contribute to long-term development [28]

南都讯 11月15日，由广东省委宣传部、广东省人力资源和社会保障厅联合主办的"百万英才汇南粤—— 文化产业人才荟"，在粤港澳大湾区（广东）人才港正式拉开帷幕。本次活动包含粤港澳大湾区人才港 大讲堂、文化产业政策展示和创意市集以及"百万英才汇南粤"文化产业专场招聘会三大部分。 在粤港澳大湾区人才港大讲堂上，来自数字艺术、影视、游戏设计、传媒运营等领域的知名嘉宾带来主 题演讲，分享文化产业发展趋势与人才成长路径。 "机遇是遇见对的人" 机遇集团计划未来把总部迁至广东 "机遇就是在对的时间、对的地点、遇见对的人、做对的事。"在上海沉浸机遇科技开发有限公司董事长 兼CEO胡世辉的主旨演讲中，他这样定义"机遇"。 腾讯游戏数据专家刘岩带来《产教融合新范式：以算法大赛为桥，破解游戏AI人才"供需错位"难题》主 题分享。他围绕游戏业务发展、AI技术演进与人才招聘之间的现实矛盾，提出了以"算法大赛"为纽带， 推动产业与教育深度融合的新思路。 他在发言中坚定指出，广东是创新创业的"超级大厂"，并正式宣布企业将把总部迁至广东，积极响应广 东省推动高质量发展的政策导向。 胡世辉认为，广东不仅具备雄厚的经济基础，更是中国改革开放的最 ...