Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]

21世纪经济报道记者 曹媛 深圳报道 四家企业的差异化AI布局也"浮出水面"——华为致力于给千行百业提供"超级底座"，腾讯重塑C端服务打造"超级入口"，平安打 造专业领域"超级客服"，比亚迪以AI重构出行打造"超级终端"。 尽管定位不同、行业各异，但这四家企业正以多元路径推动AI深度融入千行百业，既体现出深圳"场景应用最开放、算力供给最 普惠、产业生态最健全、创新创业最便捷"的发展优势，也折射出我国AI产业从技术突破到场景落地的最新趋势。 在"深圳创新四姐妹"等企业的带动作用下，深圳人工智能产业创业氛围浓厚、科技创新力强。《深圳市加快打造人工智能先锋 城市行动计划（2025—2026年）》中明确，到2026年，深圳全市人工智能企业数量超3000家，独角兽企业超10家，产业规模年 均增长超20%。 11月的深圳，被誉为"中国科技第一展"的高交会与"中国规模最大金融盛会之一"的深圳金博会相继闭幕。高交会作为全球科技成 果的"首发秀场"，此次意向成交与投融资金额突破1700亿元；金博会是金融赋能实体的"实践窗口"，此次部分项目意向与投融 资金额达10.55亿元。 记者注意到，在这两大顶级展会上，"深圳创新四姐妹"（ ...

11月21日，恒生指数收出六连阴，六日累计跌幅达6.84%。在市场连续调整之际，上市公司回购出现"井 喷"。 公告显示，11月21日，中国石油化工股份、中远海发等再次入市回购了公司H股。 龙头公司领衔 本轮港股回购潮呈现"行业覆盖面广、龙头企业领衔"的特点。11月21日入市回购的港股企业中，各领域 头部企业成为主力军。 科技板块，腾讯控股于11月21日斥资6.36亿港元回购104.2万股股份，腾讯年内已累计回购7482.8万股， 占授权回购时已发行股份的0.81%，累计回购金额达635.08亿港元，无论是回购规模还是频次，均稳居 港股市场首位；小米集团-W11月21日再度出手，回购数量800万股，回购金额3.03亿港元，年内累计回 购金额已达23.48亿港元。 快手科技于11月21日回购75万股，回购金额约4777.14万港元。年内已累计回购约510.16万股，占授权回 购股份总数的0.1191%，累计回购金额约22.47亿港元。 此外，蒙牛乳业11月21日斥资290.6万港元回购20万股H股股份；金山软件11月21日斥资约999.59万港元 回购34.7万股H股股份；瑞声科技11月21日斥资1109.77万 ...

Group 1 - The US stock market saw a collective rebound with the Dow Jones increasing by over 1%, the S&P 500 rising by 0.98%, and the Nasdaq gaining 0.88% [1] - Major technology stocks experienced mixed results, with Google up over 3%, Intel rising more than 2%, and Apple increasing nearly 2%, while Oracle fell over 5% and Netflix, Microsoft, AMD, and Tesla dropped more than 1% [1] - Popular Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 1.23%, XPeng increasing over 1%, Future rising over 3%, and Dongzi gaining nearly 2% [1] Group 2 - Analysts from Bank of America suggest that the close collaboration between tech giants and OpenAI may lead to potential troubles for these companies [2] - Many large companies are simultaneously competing with OpenAI while seeking partnerships with the AI research firm [3] - OpenAI's expenditures are significantly disproportionate to its revenues, indicating that it may take decades to match current spending levels [4] Group 3 - Tencent has repurchased over 2.3 billion HKD worth of shares in the last four days, acquiring a total of 409,900 shares at prices ranging from 606.5 to 669.0 HKD, amounting to 2.543 billion HKD (approximately 2.315 billion RMB) [5] - Year-to-date, Tencent has repurchased 125 million shares for a total of 57.7 billion RMB, ranking second in the Hong Kong stock buyback list, with HSBC leading at over 60 billion RMB [5]

Core Viewpoint - The recent withdrawal of NetEase games from OPPO's app store highlights a growing tension between game developers and traditional Android distribution channels, primarily due to high revenue sharing models that limit profit margins for developers [1][4][15]. Group 1: Game Withdrawal from OPPO - NetEase games, including popular titles like "Onmyoji: Yokai House" and "Fantasy Westward Journey," will cease operations on OPPO channels starting from November 2024, with a complete withdrawal expected by October 2025 [1]. - This trend of withdrawing from OPPO channels began last year and reflects a broader industry shift away from traditional Android distribution methods [1][4]. Group 2: Revenue Sharing Issues - The high revenue sharing model, often referred to as "Android tax," has become a critical issue for game developers, with reports indicating that Android channels take up to 50% of revenue, significantly higher than the 30% typically charged by platforms like Apple's App Store [6][15]. - The "hardcore alliance" established by major Android manufacturers in 2014 set a standard revenue share of 50% for game developers, which has persisted in the industry [8]. Group 3: Alternative Distribution Models - Developers are increasingly exploring alternative distribution methods, such as using platforms like TapTap, which do not charge revenue shares, allowing for greater profitability [10][12]. - Successful titles like "Genshin Impact" and "Awakening of Nations" have demonstrated that it is possible to achieve significant revenue without relying on traditional Android channels [12][14]. Group 4: Industry Evolution - The gaming industry is transitioning from a "traffic-driven" model to a "content-driven" model, where the quality of the game itself becomes the primary factor in attracting users [14]. - Despite the shift, the costs associated with customer acquisition through alternative channels have increased, as seen in NetEase's substantial advertising expenditures [14][15].

Core Insights - The article discusses the limitations of current AI models in portraying complex moral characters, particularly villains, highlighting a significant shortcoming in creative generation and understanding of social psychology [3][4]. Group 1: Moral RolePlay Framework - The "Moral RolePlay" benchmark developed by Tencent and Sun Yat-sen University systematically evaluates AI's ability to simulate diverse moral roles, especially antagonists [3][10]. - The evaluation framework includes four character categories ranging from "Moral Paragon" to "Villain," with 800 carefully selected character profiles and 77 personality traits to assess the consistency and nuance of AI's persona expression [10][12]. Group 2: AI Performance Evaluation - A large-scale assessment of 18 mainstream AI models revealed that general conversational ability does not correlate with the ability to portray villains effectively [21][22]. - The performance scores for villain roles dropped significantly from Level 1 (3.21) to Level 4 (2.62), indicating a clear decline in the models' ability to express selfish behaviors, which was identified as a major challenge [22][23]. Group 3: Insights on Negative Traits - Negative traits were found to incur the highest average penalties in performance evaluations, with traits like "Hypocritical" and "Deceitful" leading to the most significant score deductions [29][31]. - The analysis indicates that AI struggles to authentically simulate negative characteristics due to conflicts with its training objectives focused on being helpful and sincere [32]. Group 4: Future Directions - The research highlights a critical limitation in current AI alignment methods, suggesting that overly "good" models trained for safety cannot accurately simulate the full spectrum of human psychology [38]. - Future alignment technologies need to be more context-aware, capable of distinguishing between generating harmful content and simulating antagonistic roles in fictional contexts [38].

微信生态正悄然发生一场革命，这一次，腾讯电商要动真格了。 "发个朋友圈自拍都能带上商品链接，朋友一旦购买我就能获得佣金。"一位刚加入微信推客的宝妈表示，这种零门槛的赚钱方式让她在照顾孩子的同时多了 一份收入。 在传统电商平台竞争白热化的今天，微信推客以其独特优势快速崛起。不同于淘宝、京东等传统电商的"人找货"模式，微信电商创造了"货找人"的新路径， 让每个普通用户都能成为分销节点。 商品卡片功能让用户的每一条朋友圈、每一条聊天消息都可能成为销售渠道。即使是分享日常生活，也可以附带商品链接，实现"生活化电商"。 直播间转发功能解决了内容创作的痛点。"以前自己搞直播累得半死还不一定有人看，现在我可以直接转发热门直播间，任何成交都与我有关。"一位资深推 客表示。 最引人注目的是礼物蓝包功能，这一创新设计让传统红包有了营销价值。用户在群内发放礼物蓝包，无论接收者是否获奖，都会与推客建立关联，实现"关 系染色"。 微信推客不是第三方开发的推广平台，而是腾讯官方推出的电商推广模式。这一身份决定了它与市场上其他推广方式的本质区别。 官方背景意味着合法合规的保障。腾讯不仅为推客平台提供技术支持，更开放了一系列核心功能权限，这 ...

Group 1 - Xiaomi Group has made personnel adjustments in its public relations department, with Xu Jieyun taking over as the new head while Wang Hua is reassigned to the Wuhan regional headquarters [4] - Miniso has launched the "IP Genius Youth Plan," offering annual salaries between 1 million to 10 million to attract top IP creators globally, aiming to enhance its original IP incubation [5] - Geely is integrating its intelligent driving teams, with the Zeekr team transitioning to a newly established joint venture focused on intelligent driving solutions [8] Group 2 - Xiaomi's intelligent driving team has grown to over 1,800 members, with significant investment in AI research, exceeding 7 billion in 2025 [8][9] - NIO's CEO Li Bin commented on the competitive landscape of the automotive industry, stating that the competition in smart electric vehicles is entering a critical phase [15] - Genspark has completed a $275 million Series B funding round, achieving a post-money valuation of $1.25 billion [21] Group 3 - The global market for OLED tablet panels is expected to grow by 39% year-on-year by 2026, reaching 15 million units, driven by strong demand [33] - The China Passenger Car Association forecasts that retail sales of narrow passenger vehicles in November will be around 2.25 million units, with new energy vehicles expected to reach 1.35 million units [33]

Core Viewpoint - Growth investors seek stocks with above-average financial growth, but identifying stocks that can fulfill their potential is challenging due to associated risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system helps identify promising growth stocks by analyzing real growth prospects beyond traditional metrics [2] - Tencent Holding Ltd. is highlighted as a recommended growth stock with a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for attracting investor attention, with double-digit growth preferred as an indicator of strong prospects [3] - Tencent's historical EPS growth rate is 18.3%, with projected growth for this year at 20.2%, surpassing the industry average of 13.4% [4] Group 3: Cash Flow Growth - High cash flow growth is essential for growth-oriented companies, enabling them to fund new projects without external financing [5] - Tencent's year-over-year cash flow growth is 30.1%, significantly higher than the industry average of -7.3% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 14.1%, compared to the industry average of 11.9% [6] Group 4: Earnings Estimate Revisions - Positive trends in earnings estimate revisions correlate strongly with near-term stock price movements [7] - Tencent has seen a 28.8% increase in current-year earnings estimates over the past month [7] Group 5: Overall Assessment - Tencent has achieved a Growth Score of B and a Zacks Rank 1 due to positive earnings estimate revisions, indicating potential outperformance and suitability for growth investors [9]

Group 1: Market Overview - On November 20, the Hong Kong stock market saw a net inflow of capital from Northbound trading amounting to HKD 159.92 billion, with HK Stock Connect (Shanghai) contributing HKD 78.08 billion and HK Stock Connect (Shenzhen) contributing HKD 81.84 billion [2] - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988), while the most net sold stocks were Ganfeng Lithium (01772) and SMIC (00981) [2] Group 2: Stock Performance - Xiaomi Group-W (01810) experienced a net outflow of HKD 85.62 million, while the Tracker Fund of Hong Kong (02800) had a net inflow of HKD 47.25 billion [3] - Alibaba-W (09988) saw a net inflow of HKD 1.86 billion, and Tencent Holdings (00700) had a net outflow of HKD 671 million [3] Group 3: Sector Insights - Northbound funds showed strong interest in Hong Kong ETFs, with the Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) receiving significant net inflows of HKD 74.19 billion and HKD 19.13 billion respectively [6] - Ganfeng Lithium (01772) faced a net outflow of HKD 25.87 million, while SMIC (00981) had a net outflow of HKD 33.64 million [5][8] Group 4: Company-Specific Developments - Alibaba-W (09988) launched its official AI assistant, Qianwen APP, which is expected to enhance its AI application capabilities and drive revenue growth [6] - Xpeng Motors-W (09868) is projected to see a 40% revenue growth in 2026, with expectations of achieving breakeven for the first time [7] - Ganfeng Lithium (01772) is expected to face a global lithium supply surplus of 76,000 tons and 54,000 tons in the next two years, with prices stabilizing between RMB 75,000 to 90,000 per ton [8]