智通财经APP获悉，科技股普遍承压，截至发稿，金山软件(03888)跌2.53%，报30.8港元；腾讯控股 (00700)跌2.2%，报622.5港元；阿里巴巴-W(09988)跌0.13%，报154.7港元，早盘一度涨超2%。 东吴证券认为，港股科技短期仍在调整。自10月初开始，美股AI泡沫叙事再起，叠加近期产业缺乏新 催化剂，港股AI科技类股票上涨动能不足。英伟达财报临近，市场仍在等待信号。该行认为从中长期 看当前位置港股科技吸引力凸显。 消息面上，隔夜美股市场再遭猛烈抛售，其中大型科技股多数下跌。有分析称，目前投资者正在更加深 入地审视人工智能热潮的基本面。近几周来，对于科技股估值过高的担忧情绪一直主导着市场。此外， 美联储持续释放"鹰派"信号，增加12月潜在降息的不确定性。据悉，利率期货市场对美联储12月降息25 个基点的预期从之前的70%下降至40%。 ...

Core Insights - The Chinese video cloud market is projected to reach $5.23 billion in the first half of 2025, showing a year-on-year growth of 8.9% [1] - The AI-driven segments, particularly real-time interaction and smart media production, have seen significant growth, with a market size of $40 million and a triple-digit percentage increase year-on-year [1] - The integration of AI models into video cloud services is reshaping the industry, creating new growth paths and enhancing production efficiency [4][12] Market Overview - The video cloud infrastructure and solutions market in China is expected to reach $4.18 billion and $1.06 billion respectively in the first half of 2025 [6] - The video live streaming service market has seen a combined market share increase to 67.3% among major players like Tencent Cloud, Alibaba Cloud, and Huawei Cloud [6] - The audio-visual communication cloud service market remains stable with a combined market share of 80.9% for key players including Agora and Tencent Cloud [8] Emerging Trends - The demand for video cloud services is stabilizing, driven by cost reductions for major short video and live e-commerce platforms, alongside growing overseas demand [1][5] - The rise of AI applications in social and entertainment sectors is rapidly penetrating content production scenarios, creating a new video cloud AI track [1][4] - The introduction of AIGC video tools is transforming media production processes, enhancing efficiency and user experience in various applications such as live sports events [4] Competitive Landscape - The video on demand cloud service market (excluding basic bandwidth) has seen a market share increase to 68.4% for major players like Alibaba Cloud and Tencent Cloud [10] - The video cloud industry is witnessing the establishment of barriers and differentiated practices among service providers, particularly in edge resource management and network connectivity [12]

Investment Rating - The report maintains a "Buy" rating for the media industry, particularly focusing on AI applications and cultural exports [6]. Core Insights - The media industry experienced a weekly decline of 1.36%, ranking 25th among industries. Notable performers included Zhidaimai and Mingchen Health, while Tencent Holdings showed a weekly increase of 1.10% [1][12][19]. - AI applications are gaining traction, with Deepseek leading domestic web traffic among AI products, achieving 356.44 million monthly visits in October, a 7.36% increase [2][23][25]. - In the gaming sector, Tencent's "Honor of Kings" saw a 32% month-over-month revenue increase due to the launch of its S41 season [3][28]. - The film industry reported a total box office of 381 million yuan for the week of November 8-14, with "Demon Slayer: Infinity Castle Chapter" leading at 136 million yuan [4][39]. Summary by Sections Market Performance - The media industry saw a decline of 1.36% from November 8 to November 14, with the gaming sector down 2.71% and the advertising sector up 0.73% [12][19]. Key Industry Data AI Applications - The top five AI products globally in October were ChatGPT, New Bing, Gemini, Deepseek, and GitHub Copilot. Deepseek led domestic traffic with 356.44 million visits [2][24][25]. Gaming Data - In the iOS gaming sales chart as of November 15, "Delta Force," "Honor of Kings," and "Three Kingdoms: Strategize" were the top three games. Tencent's "Honor of Kings" revenue increased significantly due to seasonal events [3][26][28]. Film Data - The total box office for the week was 381 million yuan, with "Demon Slayer" accounting for 35.6% of the total. Upcoming films include "Wild Times" and "Zootopia 2" [4][38][39]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on sectors such as gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kying Network, and Bilibili [5][9].

AI 驱动广告 eCPM 攀升，期待王者 IP 贡献 游戏增量 ——腾讯控股（0700.HK）25Q3 点评 腾讯控股 00700.HK 公司研究 | 季报点评 | | 买入（维持） | | --- | --- | | 股价（2025年11月14日） | 641 港元 | | 目标价格 | 664.22 港元 | | 52 周最高价/最低价 | 683/361.64 港元 | | 总股本/流通 H 股（万股） | 914,477/914,477 | | H 股市值（百万港币） | 5,861,798 | | 国家/地区 | 中国 | | 行业 | 传媒 | | 报告发布日期 | 2025 年 11 月 18 日 | ⚫ 我们预期游戏、广告增速提升比预期持续性更长，期待《王者荣耀世界》（定档春 季）、《粒粒的小人国》等头部游戏贡献 26 年增量。预计 25~27 年 IFRS 归母净利 润为 2260/2611/2970 亿元（25~27 年原值为 2231/2577/2970 亿元，因根据财报调 整游戏、广告、支付等假设，我们调整盈利预测）。采用 SOTP 估值，给予对应目 标价 664.22 港币（605. ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [3][39] Core Views - The company continues to release strong performance and possesses significant business barriers. The integration of AI is enhancing the company's gaming and advertising business, leading to continuous breakthroughs in models and applications [3][39] - The overall ecosystem of the company remains robust, with revenue growth in online gaming, social platforms, advertising, and fintech [3][39] Summary by Sections 1. Revenue and Profit Performance - In Q3 2025, the company achieved total revenue of 192.9 billion yuan, a year-on-year increase of 15%, exceeding Bloomberg's consensus estimate of 188.8 billion yuan. Non-IFRS net profit reached 70.6 billion yuan, up 18% year-on-year, also surpassing expectations [9][14] - The overall gross margin for Q3 was 56%, an increase of 2.6 percentage points year-on-year [36] 1.1 Online Gaming Revenue - Q3 2025 online gaming revenue was 63.6 billion yuan, a year-on-year increase of 22.8%. Domestic gaming revenue was 42.8 billion yuan, up 15%, exceeding expectations [19][20] 1.2 Social Network Revenue - Q3 2025 social network revenue was 32.3 billion yuan, a year-on-year increase of 4.5%, driven by growth in mini-game platform service fees and paid membership revenues [23] 1.3 Advertising Revenue - Q3 2025 advertising revenue was 36.2 billion yuan, a year-on-year increase of 21%, benefiting from increased ad exposure and AI-driven improvements in ad effectiveness [25] 1.4 Fintech and Enterprise Services Revenue - Q3 2025 fintech and enterprise services revenue was 58.2 billion yuan, a year-on-year increase of 9.6%, supported by growth in consumer loan services and business payment activities [27] 2. User Engagement Metrics - The combined monthly active users (MAU) of WeChat reached 400 million, a year-on-year increase of 2%. QQ's mobile MAU was 517 million, down 8% year-on-year [30] 3. Margin Improvements - All business segments saw improvements in gross margins, with the advertising business achieving a gross margin of 57%, up 4.0 percentage points year-on-year [36] 4. AI Investment Impact - Increased investment in AI has led to higher sales and management expenses, with sales expenses rising to 11.5 billion yuan, up 22% year-on-year [37] 5. Earnings Forecast and Valuation - The report forecasts adjusted net profits of 255.5 billion yuan, 285.8 billion yuan, and 318.2 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 21, 19, and 17 times [39]

为了攻克这一难题， 腾讯内容算法中心 联合清华大学， 近期提出 ReSeek 框架，它不是对 RAG 的简单改进，而是对 Search Agent 核心逻辑的一次重塑。 ReSeek 的关键在于引入了动态自我修正机制，允许智能体在执行过程中主动评估每一步行动的有效性。一旦发现路径无效或信息错误，它就能及时回溯并探索新 的可能性，从而避免「一条路走到黑」。 为了同时解决 知识的实时性和推理的复杂性 这两大挑战，搜索智能体（Search Agent）应运而生。它与 RAG 的核心区别在于，Search Agent 能够通过与实时搜索 引擎进行多轮交互来分解并执行复杂任务。这种能力在人物画像构建，偏好搜索等任务中至关重要，因为它能模拟人类专家进行深度、实时的资料挖掘。 但 Search Agent 经常面临着一个棘手的瓶颈： 缺乏过程中的自我纠错能力。 现有的智能体一旦在推理早期因一个模糊的查询而走上错误的路径，就会基于这个错 误结果继续执行，引发连锁式错误（Cascading Errors），最终导致整个任务失败。 论文地址：https://arxiv.org/pdf/2510.00568 开源模型及数据集地址： ...

Group 1 - The gaming sector experienced a morning surge on November 18, with the gaming ETF (159869) rising over 1%, indicating a positive market sentiment towards leading A-share gaming companies [1] - As of November 17, the gaming ETF (159869) had a product scale of 11.242 billion yuan, facilitating investors' access to top gaming stocks in the A-share market [1] - Tencent reported its Q3 2025 earnings on November 13, with total revenue from its online gaming business reaching 63.6 billion yuan, driven by a 43% year-on-year increase in international market revenue, which surpassed 20.8 billion yuan for the first time [1] Group 2 - According to a report from China International Capital Corporation (CICC), the gaming industry is entering a new content cycle supported by favorable policies, which is expected to accelerate the development of the cultural industry [1] - The 15th Five-Year Plan emphasizes the importance of cultural prosperity as a hallmark of Chinese modernization, advocating for a conducive cultural ecosystem and enhanced original content creation across various cultural sectors [1] - The gaming industry has demonstrated its potential during the policy-friendly period, with a noticeable recovery in supply-side dynamics and an increase in content richness, contributing to the resilience of gaming companies' fundamentals [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.14%, COSCO Shipping Energy (01138) at 69.18%, and GCL-Poly Energy (01330) at 69.09% [1][2] - Xiaomi Group-W (01810), Pop Mart (09992), and Industrial and Commercial Bank of China (01398) saw the largest increases in holding amounts over the last five trading days, with increases of +34.20 billion, +12.67 billion, and +11.24 billion respectively [1][2] - The largest decreases in holding amounts were observed in the Tracker Fund of Hong Kong (02800) at -58.33 billion, Alibaba Group-W (09988) at -40.89 billion, and Hang Seng China Enterprises Index (02828) at -18.98 billion [1][3] Group 1: Top Holding Ratios - China Telecom (00728) has a holding ratio of 72.14% with 10.013 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.18% with 0.897 billion shares [2] - GCL-Poly Energy (01330) has a holding ratio of 69.09% with 0.279 billion shares [2] Group 2: Recent Increases in Holdings - Xiaomi Group-W (01810) increased by +34.20 billion with a change of +81.51 million shares [2] - Pop Mart (09992) increased by +12.67 billion with a change of +5.83 million shares [2] - Industrial and Commercial Bank of China (01398) increased by +11.24 billion with a change of +172.61 million shares [2] Group 3: Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -58.33 billion with a change of -219.93 million shares [3] - Alibaba Group-W (09988) decreased by -40.89 billion with a change of -26.39 million shares [3] - Hang Seng China Enterprises Index (02828) decreased by -18.98 billion with a change of -19.89 million shares [3]

智通财经APP获悉，11月13日,阿里巴巴-W（09988）、小米集团-W（01810）、华润万象生活 （01209）南向资金净流入金额位列市场前三，分别净流入13.15 亿、7.77 亿、6.71 亿 盈富基金（02800）、恒生中国企业（02828）、腾讯控股（00700）南向资金净流出金额位列市场前 三，分别净流出-62.19 亿、-22.83 亿、-8.78 亿 在净流出比方面，中集集团（02039）、绿城管理控股（09979）、361度（01361） 以-59.72%、-56.62%、-56.52%位列市场前三。 | 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 南方港美科技(03442) | 88.11% | 1.10 亿 | 9.435（+0.05%） | | 南方东西精选(03441) | 74.90% | 1930.75 万 | 10.580（-0.47%） | | 至源控股(00990) | 62.95% | 1787.74 万 | 0.760（+1.33%） | | 深圳高速公路股份 | 60.48% | 645.88 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,202.97, down by 181.31 points or 0.69% on November 17 [1] - The index's trading volume was 57.9075 million, with a daily average price of 26,284.82 [1] - The 52-week high for the index was 27,275.90, while the low was 18,856.77 [1] Major Blue-Chip Stocks Performance - Most large-cap stocks experienced declines, with HSBC Holdings closing at HKD 110.738, down 1.21% from the Hong Kong close [2] - Tencent Holdings closed at HKD 629.180, down 1.15% from the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) saw a decrease of HKD 4.500, or 0.70%, with an ADR price of HKD 629.180, which is HKD 7.320 lower than its Hong Kong stock price [3] - HSBC Holdings (00005) dropped by HKD 0.800, or 0.71%, with an ADR price of HKD 110.738, which is HKD 1.362 lower than its Hong Kong stock price [3] - Other notable declines included AIA Group (01299) down by 1.28% and China Construction Bank (00939) down by 1.32% [3]