在广东科技馆的领益智造展台，上海证券报记者看到展台工作人员正在给一群"老外"介绍其展出的擅长 精密分拣的领珑机器人和专攻高精度搬运的磐石机器人。"我们在高交会第一天就接待了来自日本、德 国及东南亚、北美等国家和地区的海外投资人。"领益制造相关负责人对记者表示，"这些海外机构投资 人较为关注公司是否会向全球其他市场拓展，机器人能在哪些场景应用，能否进入工程生产线等问 题。" 在龙华展区，乐聚机器人展示的5G-A人形机器人"夸父"，以高度拟人的奔跑姿态，成为本届高交会上 的亮点。来自加拿大、美国、巴西等国家和地区的海外商客围拢在展台周围，不停地向工作人员发 问："人形机器人能否在复杂物流仓库里进行巡检？""除了奔跑，它的双臂能否执行精细的装配作业？" 全球资本"寻宝"高交会 谁会是下一个"腾讯""比亚迪"？ ◎记者 唐燕飞 何漪 中国国际高新技术成果交易会（下称"高交会"）既是前沿科技的秀场，也是全球资本"寻宝"的舞台。一 大批高新技术龙头企业，如腾讯、比亚迪，都是从高交会的舞台起步，从初创企业成长为具有世界影响 力的"巨无霸"。11月14日，第二十七届高交会在深圳拉开帷幕，国际知名投融资机构和投资家如约而 至。 ...

Investment Rating - The report assigns a favorable investment rating to the Chinese internet sector, highlighting its attractiveness compared to U.S. tech stocks due to lower valuations and promising earnings growth [1][2]. Core Insights - The Chinese internet stocks have risen due to improved sentiment, catch-up effects, and relatively low valuations, with a projected PE ratio of 17 times for 2025, significantly lower than the 31 times for U.S. tech stocks [1][2]. - The consumption market in China is experiencing significant emotional consumption growth, with online retail growth at 6.3%, surpassing offline growth of 3.7% [1][4]. - AI technology is being widely applied across various sectors, including e-commerce recommendations, game design, and education, with companies like Alibaba leveraging AI to enhance cloud services and user engagement [5][18]. Summary by Sections 1. Overall Performance of the Internet Industry - The Chinese internet sector has seen a stock price increase of approximately 37% from the beginning of 2025, despite a 19% decline in profit expectations due to pressures from e-commerce and retail investments [2]. 2. Changes in the Consumption Market - Emotional consumption has become a highlight, particularly in gaming, music, and tourism, with a notable increase in online retail driven by algorithm optimization and a growing number of online shoppers [3][4]. 3. AI Development in China - China is advancing in AI through self-developed chips and local GPU efficiency, with Alibaba Cloud experiencing a growth increase from 18% to 26% in recent quarters [5]. 4. Development of Instant Retail - Instant retail has emerged as a significant trend, with companies like JD and Alibaba increasing their investments in food delivery, although growth rates have slowed due to seasonal factors and regulatory influences [6]. 5. Competition in the Food Delivery Sector - The food delivery market is highly competitive, with low-price strategies affecting user experience and merchant profits, while machine retail is accelerating the shift from offline to online [7]. 6. Regulatory Changes in Platform Economy - The government has implemented new policies to encourage healthy competition and protect small businesses, resulting in a more manageable regulatory environment for internet companies [8]. 7. Policy Environment for the Gaming Industry - The gaming industry has seen a positive shift in policy, with a significant increase in the issuance of new game licenses and recognition of efforts to protect minors [9]. 8. Future Focus of the Gaming Industry - The gaming sector should focus on evergreen games and the launch of new titles, with major companies expected to continue leveraging their IPs for sustained performance [10]. 9. Recent Changes in Long Video Industry Regulations - New measures from the broadcasting authority aim to enhance content supply in the long video sector, which could increase user subscriptions [11]. 10. Impact of New Advertising Regulations - The new advertising tax policy may increase marketing costs for certain industries, posing a potential downside risk for the advertising sector [12]. 11. Current Status and Future of the Education Sector - The education market remains robust despite economic challenges, with a significant demand-supply gap expected to drive long-term growth [13]. 12. Opportunities for Chinese Internet Companies Overseas - Chinese online games have a competitive edge due to lower development costs and a large talent pool, enabling them to expand internationally [14][15]. 13. Recent Developments in Cross-Border E-commerce - Cross-border e-commerce GMV has stabilized and shows signs of recovery, driven by innovative business models and improved logistics efficiency [16]. 14. Impact of ChatGPT on E-commerce - The introduction of ChatGPT's e-commerce features may have limited impact on China's e-commerce landscape, as major platforms already dominate traffic [17]. 15. Growth Potential and Competition in the Domestic Gaming Industry - The domestic gaming industry is expected to grow at around 5% in the coming years, with AI playing a crucial role in game development and player interaction [18][19].

Tencent Holdings Q3 2023 Earnings Call Summary Industry and Company Overview - The document discusses Tencent Holdings, a leading technology and entertainment company in China, focusing on its Q3 2023 earnings performance and strategic initiatives in the gaming and advertising sectors. Key Points and Arguments Financial Performance - Tencent reported a strong Q3 performance with revenue growth of 15% year-over-year, exceeding market expectations of 12%-13% [3] - Non-GAAP profit reached 70.6 billion, up 18% year-over-year, also surpassing expectations [3] - Domestic gaming revenue grew by 15%, driven by the success of "Delta Action" and stable growth from long-term games like "Honor of Kings" and "Peacekeeper Elite" [2][3] - Overseas gaming revenue saw a significant increase of 43%, primarily due to one-time acquisitions and upfront payments for buyout games [2][3] Advertising Business - Advertising revenue growth reached 21%, higher than market expectations, supported by a significant increase in AI marketing penetration [2][4] - eCPM (effective cost per mille) increased by approximately 10%, contributing to the overall growth in advertising revenue [4] Gross Margin and Cost Management - Gross margin for Q3 was 56.4%, driven by value-added services and advertising business [2][7] - The performance of self-developed games and high-margin products like video accounts contributed to the gross margin increase [7] - R&D expenses rose by 28% year-over-year, partially offsetting revenue and gross margin growth [7] Deferred Revenue and Future Outlook - As of the end of Q3, Tencent's deferred gaming revenue reached 122 billion, a year-over-year increase of nearly 15%, providing strong support for future performance [8] - The company anticipates a significant increase in capital expenditures in Q4, indicating continued investment in AI initiatives [8] AI Strategy and Impact - Tencent's ongoing investment in AI technologies, including mixed reality images and 3D modeling, has reached an industry-leading level, positively impacting advertising performance [5] - AI applications in advertising have significantly improved conversion rates and ad display opportunities [5] Regulatory Environment and Compliance - Tencent has made progress in compliance with Apple's 15% commission policy for iOS app payments, which is lower than the 30% rate for apps [6][9] - The short-term impact on Tencent's mini-program games is expected to be minimal, with a potential positive effect on the ecosystem in the medium term [10] Strategic Innovations in Gaming - Highlights for Tencent's gaming business in 2025 include the accelerated release of "Delta Action" on PC, a gradual recovery of the PC market, and innovative gameplay to enhance daily active users (DAU) and user engagement [11][12] - The focus on user-generated content (UGC) and new gameplay innovations is expected to drive continued growth [12] Investment Recommendations - Based on the robust fundamentals, ongoing breakthroughs in gaming, and the integration of AI with advertising, Tencent is recommended for continued investment, with expectations of a higher valuation premium compared to the industry [12][13] Additional Important Insights - The overall sentiment regarding Tencent's future performance remains optimistic, with a strong emphasis on its strategic positioning in AI and gaming sectors [8][12]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings, with a target price based on adjusted PE ratios of 21X for 2025, 18X for 2026, and 16X for 2027 [5]. Core Insights - Tencent's overall performance in Q3 2025 exceeded expectations, with a revenue growth of 15% year-on-year and a gross profit increase of 22%, driven primarily by strong growth in gaming and advertising revenues [1][2]. - The company's strategic investments in AI are beginning to yield results, enhancing efficiency across various business scenarios, including targeted advertising and user engagement in gaming [2]. - The report highlights the robust performance of Tencent's value-added services, particularly in overseas gaming, which saw a 43% year-on-year revenue increase [3]. Summary by Sections Overall Performance - In Q3 2025, Tencent's revenue reached 750.2 billion RMB, with Non-IFRS net profit also increasing by 18% year-on-year, surpassing Bloomberg consensus estimates [1][5]. Value-Added Services - Revenue from value-added services grew by 16% to 959 billion RMB, with domestic game revenue contributing significantly, particularly from long-standing titles like "Honor of Kings" and "Peacekeeper Elite" [3]. Marketing Services - Marketing services revenue rose by 21% to 362 billion RMB, driven by increased user engagement and improvements in advertising effectiveness due to AI [4]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue increased by 10% to 582 billion RMB, with notable growth in cloud services and commercial payment activities [5]. Financial Forecast - The report projects revenues of 750.2 billion RMB for 2025, 835.3 billion RMB for 2026, and 915.5 billion RMB for 2027, with corresponding Non-IFRS net profits of 260.3 billion RMB, 300.7 billion RMB, and 335.3 billion RMB respectively [6].

计算机周报 20251116 叙事的逆转：中美大模型差距是否在拉大？ 2025 年 11 月 16 日 ➢ AI Agent：1）办公：金山办公、合合信息、福昕软件、三六零；2）编程： 卓易信息、普元信息、金现代等；3）终端 AI：中科创达、萤石网络等；4）ERP/ CRM：金蝶国际、用友网络、能科科技、赛意信息、鼎捷数智、汉得信息、中软 国际、光云科技等；5）OA：泛微网络、致远互联等；6）司法：金桥信息、华宇 软件等；7）金融/财税：同花顺、新大陆、新致软件、税友股份、京北方等；8） 教育：科大讯飞、佳发教育等；9）医疗：讯飞医疗、创业惠康、卫宁健康等； 10）客服：梦网科技、彩讯股份等；11）AIGC：万兴科技、美图、快手等。 ⚫ 市场回顾 本周（11.10-11.14）沪深 300 指数下跌 1.08%，中小板指数下跌 1.71%，创业 板指数下跌 3.01%，计算机（中信）板块下跌 3.72%。板块个股涨幅前五名分别 为：海峡创新、恒银科技、安博通、中安科、鸿泉技术；跌幅前五名分别为：淳 中科技、鼎捷数智、格尔软件、凌志软件、金溢科技。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 凌志软件：11 月 10 日消 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [46] Core Insights - Tencent's Q3 2025 revenue reached 192.9 billion RMB, a year-over-year increase of 15% and a quarter-over-quarter increase of 5% [9][17] - The company's operating profit was 63.6 billion RMB, up 19% year-over-year and 6% quarter-over-quarter [9][17] - Net profit attributable to shareholders was 63.1 billion RMB, also reflecting a 19% year-over-year increase and a 13% quarter-over-quarter increase [9][17] - Non-IFRS operating profit and net profit both grew by 18% year-over-year, reaching 72.6 billion RMB and 70.6 billion RMB respectively [9][17] Summary by Sections 1. Operational Data - WeChat's monthly active users (MAU) reached 1.414 billion, growing 2.3% year-over-year and 0.2% quarter-over-quarter [10] - QQ's smart terminal MAU continued to decline year-over-year [10] - Paid value-added service accounts reached 265 million, stable compared to the previous year [10] 2. Overall Performance - Gross margin improved to 56.4%, up 3.28 percentage points year-over-year [21] - Non-IFRS operating profit and net profit both increased by 18% year-over-year [17][21] 3. Value-Added Services - Game revenue grew by 23% year-over-year, with domestic and international markets increasing by 15% and 43% respectively [29] - Tencent Video maintained a leading position with 114 million video subscribers [29] - Online music service revenue increased by 27.2% year-over-year to 6.97 billion RMB [29] 4. Marketing Services - Marketing services revenue grew by 21% year-over-year to 36.2 billion RMB [38] - AI applications enhanced advertising click-through and conversion rates [38] 5. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year to 58.2 billion RMB [41] - The average payment transaction amount increased, and the business maintained the lowest bad debt ratio in the industry [41] 6. Profit Forecast and Investment Rating - Revenue forecasts for 2025-2027 are 753.9 billion, 847.4 billion, and 931.4 billion RMB respectively [42] - Non-IFRS net profit forecasts for the same period are 260 billion, 298.9 billion, and 338.1 billion RMB [42] - The target market value for Tencent in 2025 is set at 6.6 trillion RMB, corresponding to a target price of 791 HKD [42]

以下文章来源于中国企业家杂志 ，作者张文静 只有一次，他没有谦虚。提起网易那笔收获百倍回报的投资，他坐在椅子上，微微晃了晃身子，脸 上露出狡黠的神色，说"那当然，我是谁啊？我做游戏出身的呀，我可懂游戏了。"他将这次成功归 功于他懂游戏。 从步步高"退休"20多年后，段永平近日罕见露面，与投资者社区雪球创始人、董事长方三文进行了 一场深度对话，尽管内容并未超出过去他散见于各个社交平台的观点，但仍受到了投资者、企业经 营者的热捧。 段永平的独特性在于他于实业、投资的双重成功。实业领域，他创立小霸王品牌，后成立步步高公 司。投资领域，他也创下了诸多成功案例，包括长期持有网易、苹果、茅台等公司股权。人们将他 视为"中国的巴菲特"，试图从他的只言片语中探得企业经营、投资的真经。 01 胸无"大"志 段永平出生于江西南昌，童年时跟随父母下放至江西安福县，辗转于各个农村，上中学的时候搬回 了南昌旁边的石岗，后来考上浙江大学。小时候虽然吃过不少苦，父母却并不太管他，给了他充分 的安全感，所以他从小就习惯自己做决策。 段永平有一个习惯，遇到不喜欢做的事、不合适的地方，他会迅速离开。1982年，段永平大学毕 业，被分到北京电子管 ...

Group 1 - The State Council emphasizes enhancing the adaptability of supply and demand in consumer goods to further promote consumption policies [2][3] - The meeting highlights the importance of aligning consumption upgrades with industrial upgrades, focusing on high-quality supply to meet diverse demands [3] - There is a push for innovation in new technologies and business models, particularly in key industries, to develop new products and value-added services [3] Group 2 - The China Securities Regulatory Commission (CSRC) stresses the significance of the 14th Five-Year Plan period for establishing a robust financial foundation and enhancing market resilience [4] - The CSRC aims to improve the quality and value of listed companies while ensuring effective regulatory enforcement and deeper market openness [4] Group 3 - The Shanghai Stock Exchange is monitoring stocks with severe abnormal fluctuations, including companies like HeFu China and Huasheng Lithium [5] - HeFu China reported a cumulative increase of 256.29% over twelve trading days, significantly outpacing industry and index growth, leading to a trading suspension [5] Group 4 - Samsung Electronics has raised the prices of certain memory chips by up to 60% due to a supply shortage driven by the AI data center construction boom [6] - Analysts predict a potential price increase of 40% to 50% for contracts in the upcoming quarter [6] Group 5 - The U.S. government has signed an executive order to eliminate "reciprocal tariffs" on certain agricultural products, responding to domestic demand and inflation pressures [7] - This adjustment is seen as a reaction to recent electoral losses for the Republican Party, reflecting voter dissatisfaction with rising prices [7] Group 6 - The upcoming LPR announcement on November 20 is highly anticipated, alongside significant earnings reports from major companies like Nvidia and Baidu [9] - The market is closely watching these developments for insights into future economic and monetary policy directions [9] Group 7 - A total of 56 companies will have their restricted shares unlocked this week, amounting to 5.109 billion shares with a total market value of approximately 983.46 billion yuan [13][14] - The companies with the highest unlock values include Ruijie Networks (480.34 billion yuan) and Innovation New Materials (96.31 billion yuan) [14]

潮汕话属于闽南语方言的一支，虽然使用人口超千万，但由于 数据稀缺、声调复杂（8个声调）和口音差异等，在人工智能 和语音识别领域被归类为"低资源语言"，在ASR开发上技术难 度较大。 作者： 陈月芹 封图：本报资料室 11月中旬，微信的语音转文字功能悄然启动了对潮汕话的支持，这是继粤语之后开放的第二种汉语方言。 经济观察报记者实测发现，用户将微信版本更新至最新版本后，在聊天窗口中，可以选择"按住说话"并上滑直接转成文字发送，或长按语音消息"转文 字"，即可实现潮汕话和普通话双向互译。 不少用户在社交媒体上分享了发送"你吃饭了没""你在干什么"等简短潮汕话的实测效果，并为微信点赞；也有用户称小众方言的加密通话已被破解。不 过，目前微信对部分长难句、俚语、带口音的潮汕话的识别仍不够精准。 自动语音识别（ASR），是一种通过特征提取、模式匹配和模型训练等技术将人类语音转换为文本或命令的系统。原生支持潮汕话ASR，则被视为用 户增长进入成熟期后，微信提升特定、高需求用户群体粘性的策略。 诞生于2011年1月的微信在14年间突飞猛进，早已成为国民级超级应用。根据腾讯Q3财报，微信及Weixin的合并月活跃账户数（MAU） ...

11月中旬，微信的语音转文字功能悄然启动了对潮汕话的支持，这是继粤语之后开放的第二种汉语方 言。 经济观察报 记者 陈月芹 经济观察报记者实测发现，用户将微信版本更新至最新版本后，在聊天窗口中，可以选择"按住说话"并 上滑直接转成文字发送，或长按语音消息"转文字"，即可实现潮汕话和普通话双向互译。 不少用户在社交媒体上分享了发送"你吃饭了没""你在干什么"等简短潮汕话的实测效果，并为微信点 赞；也有用户称小众方言的加密通话已被破解。不过，目前微信对部分长难句、俚语、带口音的潮汕话 的识别仍不够精准。 自动语音识别（ASR），是一种通过特征提取、模式匹配和模型训练等技术将人类语音转换为文本或命 令的系统。原生支持潮汕话ASR，则被视为用户增长进入成熟期后，微信提升特定、高需求用户群体粘 性的策略。 陈月芹 从普通话到潮汕话，微信的自动语音识别开发走过了6年时间。这一功能从2019年6月上线，最初仅支持 普通话，次年9月即上线粤语语音转文字功能，直到2025年11月才将方言识别范围拓展到潮汕话。 潮汕话属于闽南语方言的一支，虽然使用人口超千万，但由于数据稀缺、声调复杂（8个声调）和口音 差异等，在人工智能和语音识 ...