Core Insights - The National Press and Publication Administration released the approval information for domestic online games in September 2025, granting a total of 156 licenses, including 145 domestic and 11 imported games [1] Group 1: Game Approvals - A total of 156 online games received approval, with significant contributions from major companies such as Tencent, NetEase, miHoYo, Lingxi Interactive, 37 Interactive Entertainment, and Kaiying Network [1] - Notable products that received approval include Tencent's "Return Ring," miHoYo's "Honkai: Inheritance Spirit," and NetEase's "Starry Friends Sunny Day" among others [1] Group 2: Changes in Approval Information - Nine games had changes in their approval information, including Game Science's "Black Myth: Wukong," which received an Xbox version license, and Shanghai Shulong Technology's "Legendary World: Unmatched," which added a client version [1] Group 3: Imported Games - The list of approved imported games includes notable titles such as Hazelight Studios' "It Takes Two," Nexon's "Dave the Diver," and Sony's "Astro Bot" [1]

当游戏不再只是"闯关升级"的娱乐载体，当美育不再局限于城市课堂的三尺讲台，二者的碰撞正催生公益领域的全新可能。 2025年活动期间，《冲呀！饼干人：王国》推出了一场别开生面的美育公益实践。通过在游戏中推出"游戏礼包捐"活动与"松鼠公益市集"，其以创新 互动为桥梁，搭建起一个儿童创意反哺、玩家深度参与、公益专业落地的闭环生态，让美育的种子在公益土壤中生根发芽。 创新互动，构建可持续的参与机制 在游戏与公益结合的探索中，如何实现用户的持续参与，是行业长期关注的议题。《冲呀！饼干人：王国》2025年的公益探索，通过"内容融 合"与"场景闭环"给出了全新的解法。 近日，腾讯成长守护联合超核玩家、腾讯公益共同发起了"游戏礼包捐"活动。《冲呀！饼干人：王国》积极参与，将乡村孩子们围绕"饼干人"主题创 作的画作，1:1复刻为游戏内的"公益糖衣"（即主角皮肤）。玩家捐赠6元，即可获得全套限定外观，而所有善款将全部用于支持"未来调色盘计划"，帮助 乡村儿童美育事业发展。 这一机制不仅完成了资源的流转，更建立起一种价值的双向提升：孩子们的创作被重新诠释，从课堂画纸跃入数字世界，被赋予跨越场域的意义；玩 家则在公益行为中，既收获独 ...

Major Events - Chery Automobile (09973) has received a subscription rate of 308.18 times for its Hong Kong public offering [1] - Sinopec Oilfield Services (01033) has officially signed a contract for the second phase of the Ratawi oil field and inter-well pipeline project in Iraq [1] - Heng Rui Medicine (01276) has signed a licensing agreement for the Trastuzumab project with Glenmark Specialty [1] - AsiaInfo Technologies (01675) has signed a cooperation contract with Alibaba Cloud for a capability center [1] - Baidu Biotechnology-B (02315) has received approval from the Shanghai Stock Exchange's Science and Technology Innovation Board for its A-share issuance [1] Financial Data - Chow Tai Fook Enterprises (00659) reported a 3.73% year-on-year increase in net profit attributable to shareholders, reaching HKD 2.162 billion, with a final dividend of HKD 0.35 per share [1] - Nine Dragons Paper (02689) reported a 135.4% year-on-year increase in profit attributable to equity holders, amounting to approximately HKD 1.767 billion [1] - Datang New Energy Group (00559) announced an annual profit of HKD 33.614 million, marking a return to profitability [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 858,000 shares at a cost of approximately HKD 550 million on September 24 [1] - Anta Sports (02020) spent HKD 188 million to repurchase 2.003 million shares on September 24 [1] - Midea Group (00300) repurchased 1.3541 million A-shares for approximately HKD 99.9934 million on September 24 [1] - Lianlian Digital (02598) plans to repurchase H-shares in the open market [1] - Giant Bio (02367) saw its controlling shareholder increase holdings by 2.0066 million shares [1] - New天绿色能源 (00956) received an increase of 1 million H-shares from its shareholder, Great Wall Life Insurance [1]

Group 1 - The National Press and Publication Administration issued approval for 156 game titles in September, including 145 domestic and 11 imported games [1] - Notable companies receiving approvals include Tencent, NetEase, miHoYo, Lingxi Interactive, and 37 Interactive Entertainment [1] - Key products approved include Tencent's "Return," miHoYo's "Honkai: Resonance Spirit," and NetEase's "Starry Sky: Sunny Day" among others [1][3] Group 2 - Tencent's "Return" is the first time-loop RPG in China, featuring an open world and high narrative freedom, with over 8 million views on its first trailer [3] - MiHoYo's "Honkai: Resonance Spirit" is a new adventure strategy game under the "Honkai" IP, with over 4.07 million pre-registrations [5] - NetEase's "Starry Sky: Sunny Day" is a new life simulation game that supports cross-platform play and features over 120 mini-party games [5]

今日上榜个股中，阿里巴巴-W、腾讯控股、山高控股等8只股同时上榜港股通（深）、港股通（沪）成 交活跃股， 阿里巴巴-W合计成交额251.68亿港元，成交净买入53.39亿港元，腾讯控股合计成交额62.00 亿港元，成交净买入26.51亿港元。小米集团-W合计成交额39.15亿港元，成交净卖出3.15亿港元。 从连续性进行统计， 有2只股获南向资金连续3天以上净买入，连续净买入天数较多的有阿里巴巴-W、 中芯国际，连续净买入天数分别为24天、4天。以其间净买入金额统计，净买入金额最多的是阿里巴巴- W，合计净买入为674.54亿港元，其次是中芯国际合计净买入为16.01亿港元。（数据宝） 9月24日南向资金成交活跃股 9月24日恒生指数上涨1.37%，南向资金全天合计成交金额为1533.58亿港元，其中，买入成交835.31亿 港元，卖出成交698.27亿港元，合计净买入金额137.05亿港元。具体来看，港股通（深）累计成交金额 545.59亿港元，买入成交315.19亿港元，卖出成交230.40亿港元，合计净买入金额84.80亿港元；港股通 （沪）累计成交金额987.99亿港元，买入成交520.12亿港元，卖 ...

（原标题：港股通（深）净买入84.80亿港元） 9月24日恒生指数上涨1.37%，报收26518.65点，全天南向资金通过港股通渠道合计净买入137.05亿港元。 证券时报•数据宝统计，9月24日港股通全天合计成交金额为1533.58亿港元，成交净买入137.05亿港元。 具体来看，沪市港股通成交金额987.99亿 港元，成交净买入52.25亿港元；深市港股通成交金额545.59亿港元，成交净买入84.80亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，阿里巴巴-W成交额为160.93亿港元，成交金额居首；其次是中芯国际、山高控股，成交金额 分别为62.37亿港元、47.93亿港元。以净买卖金额统计，阿里巴巴-W净买入额为25.68亿港元，净买入金额居首，该股收盘股价上涨9.16%。净卖 出金额最多的是小米集团-W，净卖出4.33亿港元，收盘股价上涨2.62%。 深市港股通前十大成交活跃股中，成交额居首的是阿里巴巴-W，成交金额90.75亿港元；其次是中芯国际、腾讯控股，成交金额分别为36.83亿港 元、25.47亿港元。以净买卖金额统计，有9只股为净买入，净买入金额最多的是阿里巴巴-W，净买入27. ...

Core Insights - Tencent Holdings has been actively repurchasing its shares, with a total of 2,498,000 shares bought back since August 18, amounting to HKD 15.417 billion, resulting in a stock price increase of 9.54% during this period [1][2] Summary by Category Share Buyback Activity - On September 24, Tencent repurchased 858,000 shares at prices ranging from HKD 628.500 to HKD 650.500, totaling HKD 550.352 million [1] - The stock closed at HKD 648.500 on the same day, reflecting a 2.05% increase with a total trading volume of HKD 11.855 billion [1] - Year-to-date, Tencent has conducted 90 buybacks, acquiring a total of 11.4 million shares for a cumulative amount of HKD 55.460 billion [2] Price Performance - The stock has shown a cumulative increase of 9.54% since the beginning of the buyback program on August 18 [1] - The highest buyback price recorded during this period was HKD 664.000, while the lowest was HKD 586.000 [2][3]

Core Viewpoint - The company, Zhongke Jiangnan, is enhancing its collaboration with Tencent and Huawei in the digital government sector, focusing on innovative applications of artificial intelligence in finance [1] Group 1: Collaboration with Tencent - Zhongke Jiangnan is a key ecological partner of Tencent, aiming to deepen the application of AI technology in the finance sector [1] - The collaboration will leverage Tencent Cloud's AI model capabilities combined with Zhongke Jiangnan's industry insights to create intelligent financial solutions [1] Group 2: Partnership with Huawei - The company is recognized as a "preferred solution development partner" by Huawei [1] - Joint solutions have been released with Huawei, including an integrated financial budget management solution and a financial big data solution based on Huawei Cloud [1] - Core products have been adapted to the HarmonyOS system [1] Group 3: Future Growth and Innovation - The company is focused on continuous innovation and iteration of its mature technologies to drive future revenue and profit growth [1]

元宝，已经"入侵"微信生态的各个角落。 用户可以让元宝帮你总结公众号文章核心观点，解答视频中的专业问题，甚至把它当作随身百科全书的智能顾问。 这意味着，微信生态池中的内容场景，已然全量接入了元宝，向后者开放。 而在更早的时候，微信先是在搜一搜场景中，直接挂上元宝的服务入口，更是随后直接开放了功能，让用户可以将元宝添加为好友，以Chatbot的形式内 嵌至用户的聊天页面。 足见在AI时代，微信正在不竭余力地为元宝输血，从而尽可能地将元宝推向更广泛更普遍的人群中。 就在上周五，腾讯元宝AI，宣布其现已全量上线公众号和视频号评论区。用户在公众号、视频号评论区使用时，只需在文章评论区输入@符号，选择官 方"元宝"即可召唤AI助手，输入想提问的问题后，元宝便能作出相应回答。 当然，也不只是微信。整个腾讯，全部动了以来。 3月，元宝宣布与腾讯文档正式打通，5月，元宝先是与腾讯新闻完成功能对接，后与微信读书、起点读书实现打通...... 肉眼可见，包括微信在内，几乎腾讯系所有的主流TO C应用，都向元宝开放了自身核心场景，目的只有一个，那就是快速催熟元宝的做大。 这就是腾讯当前的第一要务。 无论是PC时代的QQ，还是移动互 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report focuses on the commercialization progress of AI applications, highlighting significant advancements in various sectors, including large models, AI video, AI programming, and enterprise-level AI software [4][28] - The report emphasizes the rapid growth in token consumption for AI applications, indicating accelerated commercialization and the emergence of new revenue streams [4][15] - Key companies in the AI space are experiencing substantial valuation increases, with several achieving over $1 billion in annual recurring revenue (ARR) [16][21] Summary by Sections 1. AI Application Overview: Acceleration of Commercialization - AI applications are witnessing a significant increase in token consumption, reflecting faster commercialization progress [4] - Major models like OpenAI have achieved an ARR of $12 billion, while AI video tools are approaching the $100 million ARR milestone [4][15] 2. Internet Giants: Recommendation System Upgrades + Chatbot - Companies like Google, OpenAI, and Meta are enhancing their recommendation systems and developing independent AI applications [4][26] - The integration of AI chatbots into traditional applications is becoming a core area for computational consumption [14] 3. AI Programming: One of the Hottest Application Directions - AI programming tools are gaining traction, with companies like Anysphere achieving an ARR of $500 million [17] - The commercialization of AI programming is accelerating, with several startups reaching significant revenue milestones [17][18] 4. Enterprise-Level AI: Still Awaiting Large-Scale Implementation - The report notes that while enterprise AI has a large potential market, its commercialization has been slower compared to other sectors [4][25] - Companies are expected to see significant acceleration in AI implementation by 2026 [17] 5. AI Creative Tools: Initial Commercialization of AI Video - AI video tools are beginning to show revenue potential, with companies like Synthesia reaching an ARR of $100 million [15][21] - The report highlights the impact of AI on content creation in education and gaming [4][28] 6. Domestic AI Application Progress - By mid-2025, China's public cloud service market for large models is projected to reach 537 trillion tokens, indicating robust growth in AI applications domestically [4] 7. Key Company Valuation Table - The report provides a detailed valuation table for key companies in the AI sector, showcasing significant increases in their market valuations and ARR figures [16][22]