Core Insights - On November 17, 2025, Alibaba-W (09988), the Tracker Fund of Hong Kong (02800), and SMIC (00981) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 6.484 billion, 3.356 billion, and 2.080 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) led the trading volume, with amounts of 3.686 billion, 1.774 billion, and 1.599 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 6.484 billion, net buy of 868 million - Tracker Fund of Hong Kong (02800): 3.356 billion, net buy of 3.180 billion - SMIC (00981): 2.080 billion, net sell of 29.1529 million - Tencent Holdings (00700): 1.735 billion, net sell of 1.8 billion - Xiaomi Group-W (01810): 1.577 billion, net buy of 435 million - Huahong Semiconductor (01347): 1.571 billion, net buy of 85.3433 million - Ganfeng Lithium (01772): 1.209 billion, net sell of 88.1303 million - Horizon Robotics-W (09660): 842 million, net buy of 60.0033 million - Pop Mart (09992): 824 million, net buy of 219 million - Jingtaik Holdings (02228): 806 million, net buy of 60.6432 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading amount: - Alibaba-W (09988): 3.686 billion, net buy of 1.202 billion - SMIC (00981): 1.774 billion, net sell of 44.1418 million - Tencent Holdings (00700): 1.599 billion, net buy of 258 million - Xiaomi Group-W (01810): 1.372 billion, net sell of 15.5 million - Huahong Semiconductor (01347): 1.054 billion, net sell of 74.6878 million - Ganfeng Lithium (01772): 708 million, net buy of 4.5961 million - Meituan-W (03690): 612 million, net buy of 248 million - Tracker Fund of Hong Kong (02800): 547 million, net buy of 546 million - XPeng Motors-W (09868): 532 million, net sell of 52.5404 million - China Mobile (00941): 491 million, net sell of 18.3796 million [2]

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 ...

Core Viewpoint - Apple and Tencent have reached an agreement where Apple will charge a 15% fee on virtual goods sold through WeChat mini-programs, marking a resolution to their ongoing dispute over payment processing and revenue sharing [5][28]. Group 1: Background and Context - The conflict began when Apple accused WeChat and Douyin of "tax evasion" regarding their mini-programs, which allowed users to bypass Apple's payment system [8][10]. - On iOS, Apple mandates that in-app purchases must use Apple Pay, which incurs a fee of 15% to 30%, while WeChat mini-programs had been circumventing this requirement [14][16]. - The gaming sector is particularly lucrative, with mini-game revenue reaching 16.6 billion yuan in the first half of 2024, a year-on-year increase of 60.5%, and in-app purchases rising by 81.56% to 9.1 billion yuan [20]. Group 2: Agreement Details - The agreement stipulates that Apple will uniformly charge a 15% fee on virtual goods sold through WeChat mini-programs, while physical goods like food delivery will not be subject to this fee [32][33]. - Developers will need to register as Apple developers and submit their mini-programs for approval, which may lead to longer wait times for approval due to increased demand [35][39]. Group 3: Implications for Stakeholders - For Tencent, the agreement is beneficial as it opens up a revenue stream from iOS mini-programs, which previously did not generate income due to the lack of a payment agreement with Apple [41][43]. - Developers may initially resist integrating Apple Pay due to the associated fees, but the streamlined payment process could enhance user payment willingness in the long run [48][54]. - Apple stands to gain from the additional 15% fee on virtual goods, which could signal a shift in its revenue strategy amid increasing scrutiny and complaints regarding its commission rates [57][63].

Group 1: Industry Developments - Century Huatong has received approval from the Shenzhen Stock Exchange to withdraw its risk warning, confirming compliance with the stock listing rules [3] - Tencent has reached a 15% revenue share agreement with Apple for WeChat mini-program payments, marking a significant collaboration between the two companies [6][7] - NetEase's game "Where Winds Meet" has achieved over 500,000 players within 40 minutes of its overseas launch, ranking in the top 5 most played games on Steam [8] Group 2: Company Performance - Tencent's Q3 2025 report shows game revenue of 63.6 billion yuan, a 22% year-on-year increase, driven by new game launches and sustained performance of existing titles [9] - Century Huatong's subsidiary, DianDian Interactive, has seen significant success with its game "Whiteout Survival," achieving over 200 million downloads and topping revenue charts for 15 consecutive months [3][4] - The new strategy mobile game "Kingshot" has generated over 400 million USD (approximately 2.8 billion yuan) since its launch in February 2025 [4] Group 3: Legal and Regulatory Matters - Giant Network has assisted law enforcement in breaking a cheating case related to its game "Supernatural Action Group," leading to the arrest of three suspects involved in the distribution of cheating software [11] - CyberAgent has reached a friendly settlement with Konami regarding a patent lawsuit over the game "Uma Musume," which involved a claim for 4 billion yen (approximately 185 million yuan) [12] Group 4: Strategic Partnerships and New Releases - NCsoft plans to collaborate with Chinese companies to launch mobile versions of "Lineage" and "Aion," targeting a 2026 release in mainland China [14] - Valve has launched new hardware products, including the Steam Machine, which aims to expand its gaming hardware ecosystem [13]

Core Viewpoint - The Hang Seng Index closed down approximately 0.71%, while the Hang Seng Tech Index fell by about 0.96%, indicating a negative trend in the Hong Kong stock market [1] Group 1: Company Performance - Lenovo Group and Trip.com Group both experienced declines of over 3% [1] - Baidu Group and Li Auto saw declines exceeding 2% [1] - Bilibili and Tongcheng Travel dropped by more than 1% [1] - Semiconductor Manufacturing International Corporation (SMIC) and Tencent Holdings had slight decreases [1] - Hua Hong Semiconductor and Meituan experienced slight increases [1]

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]

Core Insights - The "Million Talents Gathering in South Guangdong - Cultural Industry Talent Fair" aims to connect cultural talents with industry resources, featuring over 18,000 quality job positions from more than 300 companies in the cultural sector [1][2][3] Group 1: Event Overview - The event includes three main components: a lecture hall, policy showcases, and a specialized recruitment fair for the cultural industry [2] - The recruitment fair attracted a record number of attendees, with over 8,000 positions available on-site and more than 10,000 online [2] - The job offerings target recent graduates, with monthly salaries ranging from 6,000 to 20,000 yuan, highlighting Guangdong's commitment to attracting talent [2] Group 2: Industry Focus - The cultural industry in Guangdong is experiencing significant growth, with a complete industrial chain in gaming, contributing to a billion-level industry ecosystem [5] - Guangdong's cultural industry has maintained its position as the largest in China for 22 consecutive years, with a projected revenue of 2.5 trillion yuan in 2024 [5] - The new cultural economy sectors, including digital creativity and online gaming, are showing strong competitive advantages, with a 10.5% revenue growth in new cultural formats [5] Group 3: Talent Attraction Policies - The "Million Talents Gathering in South Guangdong" initiative is part of a broader strategy to attract and retain talent, with various policies aimed at high-level professionals in the cultural sector [8][9] - Local governments are implementing supportive measures, such as housing subsidies and free accommodation for job seekers, to enhance the talent retention environment [9] - The initiative reflects a shift from a focus on population growth to prioritizing talent development, aligning with the government's investment in human resources [9][10]