Core Insights - In November 2025, 33 Chinese companies ranked in the global mobile game publisher revenue TOP 100, collectively generating $1.95 billion, accounting for 35.8% of the total revenue of the global TOP 100 mobile game publishers [1] Group 1: Company Performance - Tencent maintained its position as the top global mobile game publisher, driven by strong performance from its flagship products [1] - The game "Delta Action" launched a new season on November 13, achieving record daily revenue and topping the global mobile game sales chart for two consecutive days [1] - In November, "Delta Action" saw a month-on-month revenue increase of 12%, nearing $80 million, with a cumulative revenue of $450 million [1] - Tencent's "Delta Action" continues to lead the global shooting game segment, being one of its highest-grossing mobile games, second only to "Honor of Kings" [1] Group 2: Competitor Analysis - Diandian Interactive secured the second position in the global mobile game publisher revenue ranking, solidifying its status as a leading Chinese mobile game company [1] - Lemon Microfun demonstrated steady revenue growth, successfully ranking third in the publisher revenue list, showcasing its strength in the synthesis game segment [1] - Tencent's "Honor of Kings" and "Delta Action" retained the top two spots in the Chinese App Store mobile game revenue ranking [2]

新浪科技讯 12月8日晚间消息， 今日，腾讯QQ宣布QQ经典模式回归。官方表示，熟悉的QQ又回来 了。 新浪科技讯 12月8日晚间消息， 今日，腾讯QQ宣布QQ经典模式回归。官方表示，熟悉的QQ又回来 了。 据介绍，PC端QQ支持双模式切换，用户可自定义消息列表和聊天窗口的分合，新版本PC端QQ还支持 批量导入表情包、导入历史版本聊天记录等。 责任编辑：何俊熹 据介绍，PC端QQ支持双模式切换，用户可自定义消息列表和聊天窗口的分合，新版本PC端QQ还支持 批量导入表情包、导入历史版本聊天记录等。 责任编辑：何俊熹 ...

Core Viewpoint - Tencent QQ has announced the return of the classic QQ mode, generating significant user interest and anticipation [1] Group 1: New Features and User Experience - The classic version of QQ on PC introduces several exciting new features and optimizations, enhancing the user experience [3] - PC QQ supports dual mode switching, allowing users to customize the message list and chat window layout [3] Group 2: Customization and Aesthetics - The classic version of QQ features bold innovations in color matching, with a fully open color palette offering various theme color schemes to meet diverse aesthetic needs [5] - Users can customize themes and bubble colors, creating a personalized QQ interface for unique chat experiences [5] Group 3: Enhanced Functionality - The optimization of the channel function aims to provide a smoother and more efficient user experience in QQ's important communication and interaction space [5] - The classic version supports batch importing of emoji packs, allowing users to import a large number of favorite emojis at once, making chats more lively [5] - Users can also import historical chat records, which is beneficial for those who have lost chat history due to device changes or accidental deletions [5]

Core Insights - On December 8, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 3.564 billion, 2.962 billion, and 2.618 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) led the trading volume, with amounts of 3.583 billion, 2.324 billion, and 1.980 billion respectively [1] Southbound Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 3.564 billion with a net buying amount of +412 million [2] - SMIC (00981) recorded a trading amount of 2.962 billion with a net buying amount of +666 million [2] - Xiaomi Group-W (01810) had a trading amount of 2.618 billion with a net buying amount of +201 million [2] - Pop Mart (09992) achieved a trading amount of 2.348 billion with a net buying amount of +302 million [2] - Tencent Holdings (00700) had a trading amount of 1.531 billion with a net buying amount of +33.99 million [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 3.583 billion with a net selling amount of -515 million [2] - Xiaomi Group-W (01810) recorded a trading amount of 2.324 billion with a net buying amount of +972 million [2] - Tencent Holdings (00700) had a trading amount of 1.980 billion with a net selling amount of -796 million [2] - SMIC (00981) achieved a trading amount of 1.623 billion with a net selling amount of -199 million [2] - Pop Mart (09992) had a trading amount of 1.282 billion with a net buying amount of +130 million [2]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Core Insights - The Hong Kong stock market saw a net inflow of 15.4 billion HKD from northbound trading on December 8, with the Shanghai-Hong Kong Stock Connect contributing 11.08 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 4.32 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Xiaomi Group-W (01810), Semiconductor Manufacturing International Corporation (00981), and Pop Mart (09992) [1] - The most sold stocks were Tencent (00700), Hua Hong Semiconductor (01347), and Alibaba Group-W (09988) [1] Group 2: Detailed Stock Transactions - Xiaomi Group-W had a net inflow of 11.73 billion HKD, supported by a Goldman Sachs report predicting more AI developments in its ecosystem [4] - Semiconductor Manufacturing International Corporation received a net inflow of 4.66 billion HKD, while Hua Hong Semiconductor faced a net outflow of 2.08 billion HKD [4] - Pop Mart saw a net inflow of 4.32 billion HKD, with Citigroup highlighting the untapped value of its core IP Labubu [5] Group 3: Banking Sector Insights - Agricultural Bank (01288) experienced a net inflow of 2.91 billion HKD, while China Construction Bank (00939) faced a net outflow of 31.55 million HKD [5] - Analysts believe that the negative impact of asset risks on banks' financial indicators is diminishing, suggesting potential for valuation increases in the banking sector [5] Group 4: Technology Sector Trends - Meituan-W (03690) had a net inflow of 1.22 billion HKD, while Alibaba-W and Tencent faced net outflows of 1.03 billion HKD and 7.62 billion HKD, respectively [6] - The technology sector is experiencing a divergence, with expectations of a significant increase in the probability of a Federal Reserve rate cut in December [6]

(本文来自第一财经) 南向资金净买入15.40亿港元，小米集团-W、中芯国际、泡泡玛特净买入额位列前三，分别获净买入 11.73亿港元、4.67亿港元、4.32亿港元。净卖出方面，腾讯控股、华虹半导体、中国平安分别遭净卖出 7.62亿港元、2.09亿港元、1.80亿港元。 ...

(本文来自第一财经) 南向资金今日净买入15.40亿港元，小米集团-W、中芯国际、泡泡玛特净买入额位列前三，分别获净买 入11.73亿港元、4.67亿港元、4.32亿港元。净卖出方面，腾讯控股、华虹半导体、中国平安分别遭净卖 出7.62亿港元、2.09亿港元、1.80亿港元。 ...

Core Insights - Tencent's TenPay Global and Mastercard Move have partnered to facilitate quick and transparent digital remittances to Weixin Pay, enhancing cross-border payment capabilities for users globally [1][2] - The integration aims to create a seamless pathway for international transactions into mainland China, leveraging Mastercard Move's extensive network [2][3] - The partnership will provide access to over 1.4 billion Weixin and WeChat users, allowing for rapid money transfers through various financial institutions [4][5] Group 1 - The collaboration is designed to meet the growing money transfer needs of a globally connected user base, ensuring swift and safe fund transfers [3][6] - Mastercard Move connects to approximately ten billion endpoints worldwide, including bank accounts and digital wallets, enhancing the reach of the service [3] - The partnership aims to embed financial services into everyday life, expanding access and empowering users in the digital economy [5][6] Group 2 - TenPay Global's integration with international payment partners and global users aims to deliver comprehensive solutions for cross-border remittances and commerce [6] - The partnership reflects the increasing importance of digital wallets in the Asia Pacific region, providing users with fast and secure access to funds [5][6] - Mastercard's enhancements to its commercial payment offerings in October 2025 further support the initiative to modernize payments across the region [7]

（文章来源：每日经济新闻） 每经AI快讯，12月8日，南向资金净买入约15.40亿港元。小米集团-W、中芯国际分别获净买入约11.73 亿港元、4.67亿港元；腾讯控股遭净卖出7.62亿港元。 ...