Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The anime and game adaptation industry is a vital and dynamic segment of the cultural creative industry, driven by the rise of digital entertainment and the two-dimensional culture [4][5] - The industry encompasses a full value chain, including copyright acquisition, content development, technical implementation, marketing, and user operation [4][5] - The market size of the anime game adaptation industry in China has surpassed 100 billion RMB, with a compound annual growth rate (CAGR) of over 15% [16][17] - The industry is expected to continue its rapid growth, potentially exceeding 200 billion RMB in the next five years, fueled by technological advancements and a large user base [21] Industry Overview - The anime game adaptation industry involves transforming anime works into games and vice versa, requiring deep understanding and innovative design to retain the original spirit while enhancing user experience [4][5] - Key business models include IP licensing for game development, game IP licensing for animation production, and the development of derivative products [6][7] - The industry chain includes content creation, copyright operation, technical development, distribution channels, and marketing strategies [8][9] Market Demand Analysis - The target user demographic primarily consists of individuals aged 15 to 35, with a slight male predominance, although female engagement is increasing [24][27] - Users exhibit diverse interests, including two-dimensional culture, competitive gaming, and immersive storytelling, with a strong inclination towards high-quality content and innovative gameplay [28][30] - The demand for anime adaptation games focuses on faithful story representation and character development, while game adaptation anime seeks to deepen narrative and character backgrounds [33][36] Competitive Landscape - Major players like Tencent, NetEase, and Bilibili dominate the market, leveraging extensive IP resources and advanced technology to maintain a competitive edge [46][47] - The industry is characterized by frequent collaborations and alliances among anime production companies, game developers, and technology service providers [48] - Successful adaptation cases, such as "Honor of Kings" and "Douluo Dalu," highlight the importance of high-quality content and user community engagement [51][52] Technological Development Trends - The application of VR and AR technologies enhances user immersion and interactivity in anime game adaptations [58] - AI plays a crucial role in content creation, user behavior analysis, and personalized recommendations, significantly improving production quality and efficiency [59] Future Development Outlook and Strategic Recommendations - The market is projected to grow steadily, with a focus on content diversification and user segmentation to meet varied consumer demands [61] - Companies should prioritize original content development and IP protection to enhance brand competitiveness and user loyalty [67] - Strengthening cross-industry collaborations and expanding into international markets are essential for sustained growth and cultural exchange [70]

效率模式延续熟悉的三栏布局，消息列表与聊天窗口一体化呈现，适配职场人士高效办公需求。 而经典模式则精准复刻2014年前的设计，纵向窄面板、独立聊天窗口原汁原味，连个性签名、天气提示 这些细节都逐一还原。（快科技） 昨日，腾讯QQ官宣PC端经典模式回归，瞬间引爆全网热议。对此，腾讯公关总监张军发文回应经典版 QQ回归："偏好，有时候是一种轮回。" 据悉，本次回归的经典版QQ最亮眼的莫过于双模式自由切换。 【#经典版QQ只能在PC端体验#】经典版QQ已经回归，但你只能在PC上体验。 对于一些网友的提问，腾讯客服表示，目前手机QQ的最新版本已包含所需功能，暂时没有推出经典模 式的计划。若需要切换经典模式，仍可通过电脑QQ操作。 ...

Market Overview - On December 9, Hong Kong stocks experienced volatility, with the Hang Seng Index and Hang Seng Tech Index falling by 1.29% and 1.9% respectively [1][8] - Major tech stocks saw collective declines, with Xiaomi Group-W down over 3%, Kuaishou-W and Meituan-W down over 2%, Alibaba-W down over 1%, and Tencent Holdings stabilizing at a 0.41% drop [1][8] ETF Performance - The Hong Kong Internet ETF (513770), a key tool for AI investment, saw a price drop of 1.09%, while the Hong Kong Large Cap 30 ETF (520560) fell by 1.37% [1][8] - Both ETFs experienced significant premium trading, indicating active buying interest during price dips [1][8] Investment Insights - The approval by Trump for Nvidia to deliver H200 to Chinese clients is expected to enhance China's overall computing power supply, benefiting domestic cloud service providers and promoting AI applications among companies like Tencent and Alibaba [3][10] - Analysts remain optimistic about the internet sector's cyclical properties combined with the upward trend in AI, suggesting that major players will likely lead any technological advancements [3][10] - The upcoming Federal Reserve interest rate decision is anticipated to be a "hawkish rate cut," which may temporarily suppress Hong Kong stock rebounds but could enhance the long-term investment appeal of the tech sector [3][10] Fund Inflows - Recent data indicates significant capital inflows into the Hong Kong Internet ETF (513770) and the Hong Kong Large Cap 30 ETF (520560), with net inflows of 164 million and 35.16 million respectively [4][11] - The top holdings in these ETFs include Alibaba-W and Tencent Holdings, with respective weights of 18.74% and 14.84% for the Internet ETF, and 16.74% and 14.89% for the Large Cap ETF [4][11] ETF Characteristics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily invests in leading internet companies, with over 73% of its top 10 holdings focused on AI cloud computing and applications [6][13] - The fund has a scale exceeding 10 billion, with an average daily trading volume of over 600 million, providing good liquidity and supporting T+0 trading without QDII restrictions [6][14] - The Hong Kong Large Cap 30 ETF (520560) employs a "technology + dividend" strategy, balancing high-growth tech stocks with stable dividend-paying companies, making it an ideal long-term investment tool [6][14]

有业内人士认为，虽然腾讯第三季度实现了超预期的业绩，但近期走势弱于港股大盘；不过， 随着美联储降息比较确定，如果港股出现明显反弹，腾讯等这些科技股龙头依然是比较稳妥的 选择。 红蚁资本投资总监李泽铭向第一财经记者表示，腾讯近期表现相对疲弱，股价跌破600港元后， 已位于多条均线下方，同时跌破10月中旬及11月中旬的低点。 资料图。本文来源 ：第一 财经 作者 李隽 腾讯一度跌破600港元，香港科技股能否重拾升势？ 12月9日下午，腾讯控股（00700.HK）一度跌破600港元大关，最低触及596港元；恒生科技指 数则出现缩量下跌的情况，跌幅逼近2%，小米集团（01810.HK）、百度集团（09888.HK）等 部分个股跌幅超过3%。 李泽铭称，展望后市行情，市场期待的外部催化则包括美联储进一步降息、流动性预期改善， 美国总统特朗普提名美联储新任候选人，以及人工智能AI应用落地带来的投资回报。在科技板 块整体调整过程中，若寻求风险较低、具备反弹潜力的标的，腾讯控股依然是比较好的选择。 光大证券国际策略师伍礼贤向第一财经分析，近期港股整体回落过程中，恒生科技指数表现相 对稳健，此前科技股已提前调整，因此在大盘进一 ...

12月9日，南下资金净买入港股5.31亿港元。 其中，净买入腾讯控股8.77亿、小米集团-W 5.39亿、阿里巴巴-W 4.25亿、农业银行3.06亿、华虹半导体2.5亿、信达生物1.79亿。 净卖出泡泡玛特5.74亿、中芯国际1.18亿。 | | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -1.6% | 0.83 | 41.15 Z | 阿里巴巴-W | | 小米集团-W | -3.1% | 1.56 | 33.21 亿 | 腾讯控股 | | 腾讯控股 | -0.4% | 11.26 | 29.30 Z | 中芯国际 | | 中芯国际 | -4.1% | -1.33 | 28.06亿 | 小米集团-W | | 泡泡玛特 | -5.0% | -4.38 | 18.80亿 | 泡泡玛特 | | 农业银行 | 0.9% | 3.07 | 11.14亿 | 卡班未合体 | | 南方恒生科技 | -1.8% | -0.44 | 10.84亿 | 中国海洋石油 | | 华虹未合体 | ...

Core Insights - On December 9, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.115 billion, 3.321 billion, and 2.930 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) led the trading volume, with amounts of 3.237 billion, 1.987 billion, and 1.503 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.115 billion, net inflow of 83.45 million [2] - Xiaomi Group-W (01810): Trading amount of 3.321 billion, net inflow of 156 million [2] - Tencent Holdings (00700): Trading amount of 2.930 billion, net inflow of 1.126 billion [2] - SMIC (00981): Trading amount of 2.806 billion, net outflow of 133 million [2] - Pop Mart (09992): Trading amount of 1.880 billion, net outflow of 438 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.237 billion, net inflow of 342 million [2] - Tencent Holdings (00700): Trading amount of 1.987 billion, net outflow of 248 million [2] - SMIC (00981): Trading amount of 1.503 billion, net inflow of 14.69 million [2] - Xiaomi Group-W (01810): Trading amount of 1.203 billion, net inflow of 384 million [2] - Pop Mart (09992): Trading amount of 1.016 billion, net outflow of 136 million [2]

" AI的风终于吹到了PCG。 " 作者丨 成妍菁 编辑丨 董子博 雷峰网独家获悉，腾讯PCG（平台与内容事业群）的业务单元——OVBU（腾讯在线视频业务）内部完成 了一轮组织架构调整。 据一位接近腾讯的内部人士表示，OVBU在内部新成立了一个技术部，与视频业务强相关的资源也会合并 到其中，包括部分AIGC业务，其余调整则是对转码级别和中台部分。 有知情人士称，新成立的技术部，将会作为视频平台的上游，将直接参与内容的生产和创造，通过技术手 段直接驱动内容的生成和效率提升。 腾讯OVBU（在线视频业务单元）于2021年4月成立，隶属于平台与内容事业群（PCG），其核心决策小 组由孙忠怀、王娟、马延琨组成。 此次架构变动为腾讯OVBU上一轮组织调整的延续，据业内人士猜测，本次调整在于全面拥抱AI，强化 OVBU在视频工业化、AI生成等核心领域的投入与决心。 （本文作者长期关注互联网大公司变动，以及当下的热门议题，欢迎加微信 Who123start 交流。） 第八届 GAIR 全球人工智能与机器人大会 2025年12月12-13日，第八届GAIR全球人工智能与机器人大会，将在深圳南山·博林天瑞喜来登酒店举 办。 今 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has launched the HKEX Technology 100 Index, marking its first technology-focused stock index for Hong Kong stocks [1][2] Group 1: Index Composition and Criteria - The HKEX Technology 100 Index includes the largest 100 technology companies listed on the Hong Kong Stock Exchange, covering sectors such as artificial intelligence, biotechnology, electric vehicles, information technology, internet, and robotics [1] - Component stocks must meet specific liquidity and R&D growth criteria: an average daily trading volume of at least HKD 20 million over the past six months and either R&D spending exceeding 3% of revenue or revenue growth exceeding 5% over the past two years [1][2] - Notable companies included in the index are Tencent Holdings, Alibaba Group, BYD Company, and Meituan, among others [1] Group 2: Index Calculation and Adjustment - The index uses a free-float market capitalization weighting method, with a maximum weight of 12% for any single component stock [2] - Component stocks will be adjusted biannually in June and December, with data cut-off dates on the last trading day of April and October each year [2] - Stocks with an average daily trading amount below HKD 20 million over the past six months or those ranking in the bottom 10% by trading volume will be excluded [2] Group 3: Market Implications - The index aims to identify technology stocks with market momentum and growth potential, which may enhance the development of related products in the mainland Chinese market [2] - It addresses the strong demand from mainland investors for opportunities in the Hong Kong technology sector, aligning with the investment needs of southbound capital [2]

人工智能生成，广告的技术演进与模式变革 人工智能，尤其是以大语言模型和多模态模型为代表的生成式智能，正在全球范围内重塑广告系统的底 层逻辑。当前，数字广告技术已经从上一代的程序化广告推荐系统，向能够理解用户意图、分析用户情 感和行为的智能广告系统演进。广告不再仅是页面中的插图或文字，逐步演化为由人工智能"理解用户 需求、生成内容、决定投放"的完整闭环。不仅如此，生成式智能技术在广告创意生成、智能投放、智 能审核等环节都有广泛应用。以谷歌为例，2025年I/O大会[ I/O大会（Innovatio n in t he Open）即Google 开发者大会，于2025年8月13日召开，聚焦 Google 创新技术，Android、AI、web、cloud 等领域最新动 态。]上发布的"AI模式"将Gemini模型深度嵌入搜索、推荐与广告生成流程中，展示了广告从"被动呈 现"到"主动交互"的彻底转变。腾讯AI广告创意平台——"妙思"借自主研发的混元大模型打通创意制 作、投放流程与广告审核多个环节。 广告的投放逻辑发生质变。如在跨境电商广告投放中，生成式智能技术已被广泛应用于人群洞察、素材 生成与多平台投放策略优化， ...

智通财经APP获悉，12月9日，香港交易及结算所有限公司宣布推出香港交易所科技100指数。港交所科 技100是集团推出的首只港股指数。 据悉，该指数在编制规则中明确设置流动性硬指标与研发成长性软门槛：成分股需满足过去六个月日均 成交额不低于2000万港元，且过去两年研发投入占比超3%或营收年增超5%。 根据港交所公告，港交所科技100指数是一只追踪香港交易所上市市值最大的100家科技公司表现的宽基 股票指数。其成分股涵盖人工智能、生物科技与制药、电动汽车与智能驾驶、信息科技、互联网及机器 人六大创新主题，依据《上市规则》第18A章上市的生物科技公司或第18C章上市的特专科技公司亦符 合纳入资格。 在编制方法上，港交所方面表示，在评估公司是否符合科技主题时，主要考虑因素包括其核心业务性 质、收入分布及行业分类。指数采用流通市值加权法计算，每只成份股的比重上限设定为12%。指数成 份股每半年(6月及12月)调整一次，数据截止日期分别为每年4月及10月的最后一个交易日。 这一门槛设计便于挑选出具备市场热度和成长性确定的科技标的，也将进一步推动港股相关产品在中国 内地市场的发展，契合南向资金对科技板块的配置需求，满足 ...