港股成交明显回落，美联储12月降息并非"板上钉钉"。 日前，香港上市的互联网企业三季度业绩披露拉开帷幕，腾讯控股（00700.HK）、京东集团 （09618.HK）、哔哩哔哩（09626.HK）都公布了超越市场预期的业绩。 然而这三只龙头股却出现了连续三个交易日的下跌，恒生科技指数也继续下跌，这种现象让部分投资者 无所适从。11月17日，恒生科技指数跌0.96%，报收5756.88点；恒生指数跌0.71%，报收26384点，成交 2176亿港元，与9月、10月某些日子突破4000亿港元形成鲜明对比。当日，腾讯控股、京东集团、哔哩 哔哩分别下跌0.7%、1.28%和1.91%。 腾讯控股过去多次公布业绩超预期之后，股价都高开高走并且连续上涨，为何此次却连跌？有业内人士 称，此前股价上涨已经提前反映了业绩增长，部分提前布局的投资者选择在好消息公布后获利了结。还 有业内人士认为，港股大盘三次突破27000点后回调，成交也持续萎缩，随着美联储12月降息的不确 定，港股接下来可能进入震荡时期，等降息消息落地后成交和波动幅度将会回升。 互联网龙头股业绩超预期 11月13日盘后，腾讯控股公布2025年第三季度财报。期内，公 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 36.86 亿元 | +12.02 亿元 | | 中芯国际(00981) | 17.74 亿元 | -4414.18 万元 | | 腾讯控股(00700) | 15.99 亿元 | +2.58 亿元 | | 小米集团-W(01810) | 13.72 亿元 | -1.55 亿元 | | 华虹半导体(01347) | 10.54 亿元 | -7468.78 万元 | | 赣锋锂业(01772) | 7.08 亿元 | +459.61 万元 | | 美团-W(03690) | 6.12 亿元 | +2.48 亿元 | | 盈富基金(02800) | 5.47 亿元 | +5.46 亿元 | | 小鹏汽车-W(09868) | 5.32 亿元 | -5254.04 万元 | | 中国移动(00941) | 4.91 亿元 | -1837.96 万元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 64.84 亿元 | ...

格隆汇新股 腾讯投出一家创新药IPO，估值37亿，来自江苏扬州 原创 阅读全文 ...

以下文章来源于差评X.PIN ，作者差评君 差评X.PIN . Debug The World，关注科技、数码、汽车、产经、游戏，传播能改变世界的科技互联网信息。 本文来自微信公众号： 差评X.PIN ，作者：刺猬，编辑：莽山烙铁头、面线 ，题图来自：视觉中 国 一年多的拉锯战，苹果和腾讯终于握手言和了——苹果要在微信小程序收 15% 的" 税 "。 这件事，大家最有印象的应该是去年那个热搜谣言，说 iPhone16 不支持微信了，手机和社交软件二 选一。 我给大家简单回顾下。 去年 8 月彭博社爆料，苹果开始敲打微信和抖音，说你们小程序小游戏在"偷税漏税"。 什么叫"偷税漏税"？ 众所周知，安卓用户在小游戏上氪金，可以直接调取微信支付。 开发者想收钱？只能想办法：跳转客服发链接、引导到公众号、跳转 H5 页面，来调用微信支付。 比如你氪一袋宝石，它会跳转到客服对话，然后客服给你一个链接，你用微信付钱。 而 iOS 端，按照苹果的规矩，App 内购买虚拟商品必须走苹果支付，这样它能抽成 15%～30%。 但因为一直没和苹果谈拢税，微信小程序绕开了这套规则——iOS 端压根不提供虚拟支付功能。 这苹果能不急吗？ ...

21世纪经济报道 吴立洋 天气转凉，来看本周游戏行业有哪些新的动态。 国内公司方面，A股游戏龙头世纪华通发布公告，关于撤销其他风险警示的申请已获得深圳证券交易所 审核同意；"小程序合作伙伴计划"(Mini Apps Partner Program)，据报道腾讯已与苹果就微信小程序支付 达成15%抽成协议；网易《燕云十六声》海外版上线，四十分钟玩家数突破50万；腾讯发布2025Q3财 报，游戏业务收入636亿元，同比增长22%；西山居郭炜炜CEO发布公开信，反思《解限机》在线玩家 持续下滑问题。 世纪华通摘帽 11月10日晚间，ST华通发布公告称，公司关于撤销其他风险警示的申请已获得深圳证券交易所审核同 意。此前在11月7日，世纪华通在对照《股票上市规则》逐项自查后，确认符合申请撤销公司股票其他 风险警示的条件，已向深交所提交了"摘帽"申请。 南财点评：在世纪华通旗下的诸多业务板块中，于2018年自Funplus处收购的点点互动，是其近年来业 绩持续走高的核心引擎。该公司由Funplus前COO陈琦掌舵，长期深耕海外市场与模拟经营品类，在被 收购后，点点互动逐渐搭建起自研SLG团队，并于2023年推出现象级产品 ...

【#恒生科技指数收盘跌约1%# 携程集团跌超3%】香港恒生指数收盘跌0.71%，恒生科技指数跌 0.96%。联想集团、携程集团跌超3%，百度集团、理想汽车跌逾2%，哔哩哔哩、同程旅行跌超1%，中 芯国际、腾讯控股小幅下跌；华虹半导体、美团小幅上涨。（智通财经） ...

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [48]. Core Viewpoints - The report is optimistic about the recovery of the film market driven by imported films and the improvement in IP (Intellectual Property) sentiment. The release of "Demon Slayer" on November 14 met expectations, and upcoming films like "Zootopia 2" and "Avatar 3" are anticipated to further boost the market. The report also highlights a clear policy turning point for series, indicating long-term improvements in the sector [2][6]. - The media sector experienced a decline of 1.36% last week, underperforming the CSI 300 index, which fell by 1.08%. The media sector ranked 25th among all sectors [9][10]. - The total market value of the media industry is approximately 1,959.53 billion yuan, with a circulating market value of about 1,785.10 billion yuan [3]. Market Performance Overview - The media sector's absolute performance over the past month is +3.1%, +28.2% over six months, and +72.0% over twelve months. Relative performance is +1.0% for one month, +12.1% for six months, and +43.7% for twelve months [4]. - The film market has seen a total box office of 40.65 billion yuan and total audience attendance of 1.071 billion, recovering approximately 75% of the box office and 69% of attendance compared to the same period in 2019 [21][24]. Key Company Announcements - Tencent reported Q3 revenue of 192.87 billion yuan, a 15% year-on-year increase, with game revenue contributing significantly to this growth [35]. - Bilibili's Q3 revenue reached 7.69 billion yuan, showing a 5% year-on-year increase, with a notable recovery in its gaming segment [36][37].

Core Viewpoint - The report from China Merchants Securities International raises Tencent Holdings' target price by 9% to HKD 766, maintaining a "Buy" rating, driven by improved earnings forecasts and operational efficiencies from AI [1] Financial Projections - Tencent's revenue is projected to grow by 14% and 10% year-on-year for the fiscal years 2025 and 2026, respectively [1] - Non-IFRS net profit is expected to increase by 17% and 15% for the same fiscal years [1] Valuation Metrics - The forecasted price-to-earnings (P/E) ratio for Tencent is 21x and 19x for the fiscal years 2025 and 2026, which is above the average plus one standard deviation [1] - In comparison, the P/E ratios for Chinese peers are 17x and 15x, while U.S. peers are at 28x for both years [1] Competitive Advantages - Tencent benefits from a strong social network moat and advancements in AI technology [1] - The company is expected to see profit and valuation upside from AI-driven initiatives, advertising, AI product commercialization, and overseas opportunities [1] Key Risks - Major risks identified include macroeconomic factors, consumer behavior, regulatory challenges, competition, and product pipeline issues [1]

证券研究报告|投资策略周报 [Table_Date] 2025 年 11 月 17 日 [Table_Title] 腾讯三季度净利润同比增长 47%，冰雪季新疆、内蒙古旅游热度 显著提升 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 腾讯发布第三季度财报：净利润 532.3 亿元，同比 增长 47%。 财报显示，腾讯控股第三季度营收 1671.9 亿元，同比增长 8%， 市场预估 1679.3 亿元；第三季度净利润 532.3 亿元人民币，同 比增长 47%，市场预估 453.3 亿元人民币；非国际财务报告准则 公司权益持有人应占盈利 598.1 亿元，同比增长 33%。增值服务 业务第三季的收入同比增长 9%至人民币 826.95 亿元。其中国际 市场游戏收入145亿元，同比增长9%；本土游戏收入373亿元， 同比增长14%；社交网络收入309亿元，同比增长4%。截至2024 年 9 月 30 日，微信及 WeChat 合并月活账户数 13.82 亿，同比增 长 3%；QQ 移动终端月活账户数 5.62 亿，同比增长 0.7%；收费 增值服务注册账户数 2.65 亿 ...

Core Viewpoint - The report from China Merchants Securities International raises the target price for Tencent Holdings (00700) by 9% to HKD 766, maintaining a "Buy" rating, driven by improved earnings forecasts and operational efficiencies from AI [1] Financial Projections - Tencent's revenue is projected to grow by 14% and 10% year-on-year for the fiscal years 2025 and 2026, respectively [1] - Non-IFRS net profit is expected to increase by 17% and 15% year-on-year for the same periods [1] Valuation Metrics - The forecasted price-to-earnings (P/E) ratio for Tencent in fiscal years 2025 and 2026 is 21x and 19x, respectively, which is above the average by +1 standard deviation [1] - In comparison, the P/E ratios for Chinese peers are 17x and 15x, while U.S. peers are at 28x for both years [1] Growth Drivers - The report highlights several growth drivers for Tencent, including strong community network advantages, AI technology, commercialization of AI products, advertising, and overseas opportunities [1] - AI-driven efficiency improvements are expected to enhance profit margins, contributing to potential upside in earnings and valuation [1] Risks Identified - Key risks mentioned include macroeconomic factors, consumer behavior, regulatory challenges, competition, and product pipeline issues [1]