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]

11月15日，由广东省委宣传部、广东省人力资源和社会保障厅联合主办的"百万英才汇南粤——文化产 业人才荟"在粤港澳大湾区（广东）人才港启动。本次活动融合招聘对接、政策推介、创意展示与智慧 分享于一体，汇聚超百家文化名企，发布超1.8万个优质岗位，搭建了一个文化产业人才汇聚的平台。 11月7日至8日，习近平总书记再次亲临广东视察，指导广东科学谋划未来5年目标、任务和举措。他指 出，"要精准落实党中央决策部署，着力稳就业、稳企业、稳市场、稳预期"。 深情牵挂，殷殷嘱托。久久为功，勇毅前行。就业是经济发展的"晴雨表"、社会稳定的"压舱石"。今年 以来，广东实施"百万英才汇南粤"行动计划，截至7月中旬已吸纳超过100万应届高校毕业生留粤来粤就 业创业，进一步夯实广东现代化产业体系的人才基座、人才底座，充分彰显经济大省挑大梁的责任担 当。 诚意引才 文化产业与优秀人才"双向奔赴" 南粤文化潮，天下英才聚。 "百万英才汇南粤——文化产业人才荟"分为粤港澳大湾区人才港大讲堂、文化产业政策展示与创意市 集、"百万英才汇南粤"文化产业专场招聘会三大板块，致力于推动文化人才与产业资源高效链接。 "中国游戏产业要看广州、深圳，希望 ...

摩根大通发表研报指，腾讯第三季业绩稳健，并揭示了其在社交世代中关于AI代理(agentic AI)的长期愿 景。该行认为，腾讯旗下的微信在获取应用内交易流量方面处于有利位置，生成式AI将显著提升此潜 力。摩通预计，生成式AI整合至微信后，可能在2030年产生690亿至4260亿元的增量收入，这将为其对 腾讯2030年的盈利预估，带来约10%至56%的调涨。 摩通认为，当前的人工智能芯片供应短缺，不会对此长期投资机会构成结构性阻碍，维持该股"增持"评 级，并将目标价从685港元上调至750港元。 ...

Core Insights - The report by Qimai Data highlights the top mobile games for October 2025, showcasing both download and revenue rankings, with Tencent's games dominating the revenue chart [1][2]. Download Rankings - "Delta Action" topped the download chart for October, followed by "Valorant: Source Action" and "Honor of Kings" in second and third places respectively [1]. - Six new games entered the download rankings, including "Plants vs. Zombies 3," which launched on September 26, 2025, and achieved over 18 million pre-registrations [1]. Revenue Rankings - Tencent's "Honor of Kings" ranked first in revenue, with "Delta Action" in second and "Dungeon & Fighter: Origin" rising four places to third [1][2]. - The revenue rankings featured a total of 12 games from Tencent and 5 from NetEase, indicating Tencent's strong market presence [2]. Game Categories - The majority of the games in the rankings were action games, with 9 entries, followed by adventure games with 4 entries [2]. - The new entries in the revenue rankings included five games, with NetEase's "Rate of the Land" celebrating its tenth anniversary and maintaining market interest through events and updates [3]. Market Trends - There is a growing trend among developers to explore lightweight versions of heavy SLG games due to rising traffic costs and the rapid growth of the mini-game market [3]. - Yishijie, a key player in the simulation and management game sector, has successfully launched multiple products in the mini-game space, achieving significant revenue milestones [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for Tencent Holdings [2][6] Core Insights - Tencent's Q3 2025 performance exceeded expectations with revenue of 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5% [1] - The company's AI ecosystem continues to accelerate, enhancing various business lines including gaming, advertising, and social networking [6][39] - The report forecasts revenue growth for 2025-2027, projecting revenues of 753.5 billion, 832.5 billion, and 907.7 billion yuan respectively, with adjusted net profits of 260.2 billion, 293.6 billion, and 325.4 billion yuan [6][39] Business Segment Performance 1. Online Gaming - Q3 2025 revenue from online gaming reached 63.6 billion yuan, a 23% year-on-year increase, driven by strong domestic and international performance [10][14] - Domestic gaming revenue grew 15% to 42.8 billion yuan, while international gaming revenue surged 43% to 20.8 billion yuan [10][16] 2. Social Networking - Social networking revenue for Q3 2025 was 32.3 billion yuan, a 5% year-on-year increase, slightly below expectations [18] - The growth was primarily driven by paid music subscriptions and video live streaming services [18] 3. Marketing Services - Marketing services revenue reached 36.2 billion yuan in Q3 2025, a 21% year-on-year increase, benefiting from improved ad exposure and AI-driven optimization [23][24] 4. Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services was 58.2 billion yuan, a 10% year-on-year increase, supported by growth in commercial payments and demand for AI-related services [29] 5. Profitability and AI Integration - The company achieved a gross profit of 108.8 billion yuan in Q3 2025, with a gross margin of 56.4%, reflecting improvements in high-margin businesses [36] - Significant investments in AI are expected to enhance operational efficiency and drive future growth across various segments [36][39]

Group 1 - The core viewpoint is that Tencent Holdings is expected to see a boost in first-half earnings due to increased profitability in both the company and its e-commerce business [1]